Congratulations!

You’ve made it all the way to step 30 of 30 Steps to Build a Better Business. 

The last thing that you need to do at the end of any action you’ve taken to improve your business, is to plan what you’re going to do next. Maybe you’ve gotten the basics in order and you’re ready to move on to bigger and better improvement projects. Or  perhaps you need to monitor the changes you’ve put in place for a while and tweak them until they’re just where you want them to be. Maybe you need a little assistance getting through the steps, because you’ve gotten stuck somewhere, or there’s something you’re just not getting.

Whatever the case, now is the perfect time to draft a plan for what you want to do next.  Schedule some time to speak with your accountant and/or attorney about any changes you’ve made during this time that may have an impact on your company’s legal or tax obligations. Be sure to treat yourself for sticking with the 30 Steps to Build a Better Business… you deserve it for all your hard work! If you haven’t yet completed all of the 30 Steps, prioritize which ones you need to revisit or tackle next.

I’d love to get your feedback on 30 Steps to Build a Better Business. Send me an email with your comments, questions, and suggestions for 30 Steps to Build a Better Business, so that I can use them to continue improving my own business.

If you’re looking for an even more focused, more hands-on approach to improving your small business operations and performance, or if you want one-on-one assistance going through all 30 Steps to Build a Better Business, call or email me to get started.

photo by Dunechaser (Flickr)

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Advertising and marketing are the most common methods for getting your business noticed by the public. But they require your own effort and money, and the person receiving them is aware that you are the one telling them how great your business is.

In this step to Building a Better Business, we’ll briefly discuss some proven methods for getting an unbiased third party to help you increase the general public’s awareness of your business. While marketing and advertising is effective, your business can get even more exposure if it’s mentioned in a publication with a much larger audience than you have access to. Here are some suggestions to help you get press for your small business without spending  a dime.

• Read David Frey’s list of 20 ways to make your small business newsworthy  

• Reach out to local bloggers and journalists that may be interested in covering a story about your business

• Send out a press release to local newspapers, business journals, and trade magazines – before you do, read PRWeb’s tips and tricks for writing press releases

• Subscribe to a service like Peter Shankman’s Help a Reporter Out (HARO), and respond to requests for expertise or opinions on a subject area related to your business

• Use social media tools to send out newsworthy information to your friends and customers. Or use a social media PR service like Pitch Engine to reach an even larger online audience

photo by azn_racer_fan (Flickr)

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Today’s step to Building a Better Business is a lesson straight from the 90’s comedy-movie classic, Boomerang. Take a look at the good advice John Witherspoon has to offer Eddie Murphy in this scene from the flick:

Coordinating is the key to more than impressing others with your, um… fashion sense, it’s also the secret to creating a solid, professional look for your company’s marketing materials.

Take some time to review the marketing materials you currently have – the list below will give you some ideas of what you should be looking at.

1. company logo
2. business cards
3. letterhead
4. envelopes
5. postcards
6. brochures or pamphlets
7. flyers
8. invoices
9. menus
10. signage
11. a print-out of your website or blog’s  home page
12. sales or other informative presentations about your business
13. company-branded folders, mugs, pens, and other paraphernalia 

Get a sample of each of the above items that you have and compare them with one another. Are the colors and imagery the same on each of them? Is the business logo, tagline, and slogan consistently represented? Are the graphics, fonts, and styles the same? Is the same sensory experience invoked by each of them? Do they all look like they came from the same company?

If you answered no to any of the previous questions, you’ve got a good idea of how you need to revamp your marketing materials. Consult a graphic designer or corporate identity specialist to assist you in making any updates or changes. If you don’t have any of the materials listed above, or you have only a few of them, it may be time to consider investing in more marketing materials, or starting from scratch with materials that truly reflect a consistent, coordinated image of your business.

photo by bitsandbobbins (Flickr)

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I’m not a big proponent of incurring a lot of debt to fund or build your business. But even if you’re a small business owner that is completely committed to bootstrap-financing your venture, there will come a time when you’ll need more cash than you currently have to continue growing your business, or you won’t want to tie up all of your cash in the business. At times like that, you’ll need ready access to business credit.

One of the very first tasks you accomplished in Step 1 of Building a Better Business was obtaining a DUNS number from Dun & Bradstreet (D&B). D&B  (along with Experian and BusinessCredit USA) provides business credit reporting information just as Equifax, Experian, and  TransUnion provide credit info for individuals. But simply having a DUNS number is not enough to establish a credit file for your company. For that, you’ll need to have other companies that you do business with provide payment information to D&B and the other business credit reporting services on your behalf.

The most likely companies to do this are the companies from which you regularly purchase supplies and materials used in your business. In Step 13 of Building a Better Business, we discussed establishing payment terms with your suppliers, that is, paying them by invoice or installment.

Once you’ve established regular, on-time payment track records with the suppliers that offer you terms, approach them or someone in their Accounts Receivable or Collections department about providing positive payment information to D&B and the other credit reporting agencies. This information will be added to your credit file, and will result in a more favorable risk assessment when you apply for a loan or line of credit from a bank. Alternatively, you could ask for the same suppliers to provide a certified letter or statement denoting your good payment standing with their company, and include it with your loan or line of credit application.

Just like personal credit, it takes some time to establish good business credit, but only a few mistakes to mess it up. So once you identify which of your suppliers will report your payments to business credit reporting agencies, make sure you pay them on time.

Visit the links below for more information on building and maintaining your business credit:

• Factors D&B uses to calculate your Paydex score 
• FAQ about D&B
• Business Credit USA’s site
• Entrepreneur.com article – The ABCs of Business Credit
• Smart Money article – 5 Things to Know about Small Business Plastic 
• Experian’s business credit site

photo by Andres Rueda (Flickr)

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Whenever I got out of town on a long trip, and especially if I’m going out of the country, I make sure  that before I leave, I’ve given some vital information to people I can depend on in case of any emergency.

As a small business owner, you should have a similar contingency plan in place for your business. Should you ever become incapacitated, stranded on a desert island, or hung up in an airport on the other side of the country in a snowstorm, you’ll definitely appreciate having someone that can continue to run and manage your business in your absence.

If you’re married, your spouse is the most likely person you’ll need to depend on.  So talk with your husband or wife and arrange time for your spouse to work in your business for a few weeks each year, or whatever is feasible given your schedules. While it may be an inconvenience, and require some juggling around for one or both of you, it’s a good bit of insurance to train someone close to you to on the basic processes of your business, and introduce them as the ‘heir apparent’ to the other  people involved in it - like your employees, accountant, or attorney. 

If you’re single, then think of someone you trust and can depend on like an older child, parent, other relative, or close friend. If you’re ever in a jam, you’ll at least know that your business won’t just disappear without you being there.

photo by aldoaldoz (Flickr)

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Birds of a feather, flock together. And when they do, they tend to share all sorts of resources and information with each other that make them better prepared than birds that are flying solo. In this step to Building a Better Business, your goal is to find a flock, or an association, to join and join it.

Almost every industry, profession, or trade that exists has a related association. To find an association that is relevant for your business, perform an Internet search on the term that best describes your business type or industry, followed by the word ‘association’.

Identify the ones that seem to be the most credible and offer the most benefits, have sizeable memberships, and have a chapter or group in the city or state where your business  is located. Narrow down the list and select the one you’d most like to join. Most associations offer the option to join online, and many memberships costs $100 or less, but the advantages of joining an association are many, and include:

• Access to the latest research, innovation, and trends relevant to your business type or industry
• A source for meeting and interacting with other business owners in your field
• Access to training, resources, and services at a reduced cost, or for free
• An additional source of credibility (i.e., differentiator) for you and your business

photo by CharlieGentle (Flickr)

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