Small Business Revitalization Blog

When Different Equals Depth

Sat, 28 Aug 2010 06:48:00 GMT

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Cirque du Soleil created a circus like no other. They delved deep into what is really important to an audience about going to the circus and created a profoundly moving and meaningful experience which far surpasses the common definition of ‘circus’.

One way to create a real and distinctive point of difference in your business is to go deeply into your industry and reinvent it from scratch. Inspired by Cirque du Soleil, here are seven questions you could ask to create a totally new way of doing business in your industry:

What is the most remarkable, memorable experience we could have our audience (ie ideal client) experience?
How do you keep the experience fresh for your performers and audience when you are running the same show day after day after day?
How can you integrate the creative abilities of each individual artist (staff, suppliers, clients…)?
What content (products/services) can you create and generate using different cultures, talents and abilities that are not traditionally used in your industry?
Where can you remove the curtains that sit between artist and audience? What could that create?
What story can you tell that will engage, energise and evoke a response from your audience?
Who can you partner with to create innovative directions for your upcoming projects?

The success of Cirque du Soleil is multi-faceted - the questions above are only just scratching the surface! Take a company you admire for their capacity to be different and deconstruct their approach… you’ll discover multiple layers of useful questions to ask along the way!

What company do you most admire for their capacity to be profitably different? What do you think makes them so phenomenal?

Want Massive Business Growth? Be Different!

Sat, 28 Aug 2010 06:11:00 GMT

Lemmings Tshirt

Have you ever noticed that society encourages us to fit in and follow everyone else and then we start a business and find that what’s actually required for success is to be the difference we truly be? The challenge is we have become so brainwashed in the meantime that working out the points of difference or unique selling proposition in our business feels impossibly difficult.

Here are three simple ways I teach business owners how to create a business that is genuinely different:

1.   Be willing to have more than one unique selling proposition (USP) or point of difference – a combination of ten or more differentiating factors is sooooooo much harder for competitors to copy. (And it’s a lot more fun to talk about ten differences rather than just one – you can tailor your comments to your audience more easily.)

2.   Consider your personal contribution to the solutions you are offering to your clients. What is there in your personal experience or expertise which can create possibilities that competitors just won’t see because their personal experiences are different? (I often work with highly stressed business owners – this is a direct result of teaching myself to recover from severe burn-out!)

3.   Use creative thinking techniques to develop new ideas in all areas of your business. Your points of difference don’t all need to be customer facing – some of the best innovations occur behind the scenes but they create a marketable point of difference because you are raising the bar to entry in your industry.

As Mark Twain so neatly put it: 'Whenever you find yourself on the side of the majority, it is time to pause and reflect.' Come play with being distinctively different at the next Revive Business Coaching Playshop and we'll discover everything that's awesome about your business! If you can't be there in person, the detailed Playbook and recording will be available for purchase after the event!

Share your thoughts below: "What is the most challenging part of creating a distinctively different and profitable business for you?"

What is Cloud Computing?

Tue, 17 Aug 2010 01:20:00 GMT

Today we're talking all things Cloud Computing with guest blogger Linda Gaiao from Cloud VBS... if you've ever wondered if there's an easier way to run your small business computing take a look at this!

Who would have thought that the words cloud and computing would ever go together? Or that this would be where the next generation of computers would be heading?

Back to the beginning
From the 1950’s most large scale and powerful computer systems used for critical applications were referred to as mainframe computers. End user’s would send and receive information that was relayed backwards and forwards from the mainframe to their screen and they worked on a “dumb” terminal with no computing power. All business information and software were housed by the main frame and were centrally managed.

In the 1970’s and 1980’s minicomputers became popular. The trend was now for each individual user to have their own desktop or laptop, with their information stored locally on their individual machine which had the computing power. In business more employees equalled more need to share information across the computers (data networking). The volume of data and the space to store it were fast becoming requirements too.

With the growth of the internet and e-businesses in the 1990’s, high volumes of visitors were performing transactions online which needed to be processed by high powered computers. This is where web servers became popular, and started the move back towards centralised computing.

Fast forward to today
The level of security on the internet and on data centre servers is now way superior to what any individual user or business can provide in house. Servers are now able to host multiple operating systems and thereby operate not as a single computer but as a number of virtual machines.

How does CLOUD fit into this?
In the IT world CLOUD is a word used to describe the internet. CLOUD computing is essentially a computer accessed through the internet. The computer lives on a server in a data centre and uses the server’s awesome power, security and data storage function to operate. As an end user your mini computer is now a thin client (“dumb” machine), which will connect via the internet to your CLOUD computer on the backend super computers.
This marks a full circle in the IT world – back to a centralised computing model.

A true virtual PC!
Imagine being able to access your full computer and everything loaded on it from any device at any time, form anywhere in the world....
With CLOUD computing the possibilities and advantages for business are enormous.
•   Increase or decrease computer processing power and data storage capacity at the click of a button.
•   Software (Office) and operating systems (XP, Windows7) upgrades are done automatically without purchasing or loading.
•   Security is robust and centrally managed (SAS 70 certification).
•   Maintenance on the server is performed by the host.
•   Services are pay as you go (similar to an electricity bill).
•   Lower capital and operating costs.
•   Scalability as business grows.
•   Thin clients are reliable, need minimal maintenance and have a longer lifespan.
•   Access to your business information from any device (PC), anywhere in the world.

For more information: contact Lynda Gaiao
Business: Cloud VBS (Virtual Business Solutions)
Phone:      +61 7 5502 8106
Website:   www.cloudvbs.com au

If you are looking to run any sort of 'virtual' business then its time to investigate cloud computing... how much easier can you make your IT?

What if I am WRONG?

Sun, 04 Jul 2010 12:35:00 GMT

Today’s Small Business blog post answers a business mindset question from Caroline in the UK, who posted this question at www.AskLisaMurray.com:

“I am relatively new into running my own business, having worked in a large corporate previously. How do you overcome the mental challenge of that little voice that says - you aren't good enough or - what if you advise someone and you get it wrong etc!”

Great question, and one that all of us who make the transition from employee to business owner ask ourselves more than once!! Here are a couple of simple strategies for overcoming the anxiety monkey that sits on your shoulder just waiting for you to make a mistake…

Most of us have been raised to believe we have to be good enough… we have to deserve… we have to perform… we have to deliver… we have to continually prove ourselves... we have to…………. (the list is never ending!).

So the first step is to recognize that the little voice inside our head probably did not originally belong to us. I use a simple tool of sending all of those niggling negative thoughts back to wherever they came from (with consciousness attached). If you do that every time you have some doubts, that little voice has absolutely no power and you’ll find those thoughts will disappear. You don't have to know who gave them to you, but you do need to be willing to choose another reality!

The second strategy I use is to ask some questions that change the energy of these thoughts and create new realities…

What if you didn’t have to prove anything to anybody in relation to your business? Who would you be? How would you conduct your business? What choices would you make? What other possibilities could you create and generate which go way beyond what you can imagine right now…?

What if there was no right or wrong? I see business as a series of choices… it is my job to offer my clients a range of possibilities they may not have thought of yet… and it is my clients job to make the choice that will work best for them. I may guide them towards an effective model for making a choice, but I don’t make the choice for them. Ultimately, all clients are responsible for their own business decisions and your contract and insurances should cover that clearly.

If they are into judgment and making you (as the consultant or coach) into their scapegoat it’s worth asking if they really are your ideal client!! Of course, if you have made a mistake, do whatever is required to resolve the issue fairly - your reputation rests upon it! Most people will be very decent if you are proactive and committed to finding a solution that works for the client.

Got a small business question? Ask it at www.AskLisaMurray.com

Creative Empire Building

Mon, 14 Jun 2010 22:32:00 GMT

Have you ever wondered how Richard Branson built his empire from nothing? What’s certain is that when he was 19 and larking about with his student newspaper he didn’t sit down and write out a business plan that included owning a couple of airlines, a space program, an island paradise and a financial institution or two!

At 19 Branson was just like most small business owners… thinking really creatively about where income could come from so he could pay the bills. So what changed? Those who dare to think big with their businesses are adept at taking the next step…

What’s different about their next step is that it is the step beyond what they can see clearly now. Leaders who live large are willing to take steps into the unknown. If you want to live a life larger than any movie star or business guru, this is the first and only step you need to take… and you’ll need to take a lot of them!!

So what’s the use of a business plan or strategic plan if stepping beyond the obvious is all that’s required? Well, this morning I woke up at 4am (sleepless in Brisbane) dreaming intricate details of the products I’m creating for BlissTribe.

Over the weekend we had done some creative brainstorming on BlissTribe and this had clearly carried over into my subconscious. Last night those plans showed me the next steps beyond my waking imagination…that’s why I create plans!! I use plans to dream and to create… to develop my ideas beyond what I can see now… to catch glimpses of what else is possible and to discover what those ‘next steps’ could look like.

Does this make planning sound just a little more interesting and appealing to you? If you want to accelerate your business with ease… the Revive Business Coaching Planning Playshop on 21 June could be just the catalyst you require!

Motivating Staff – (Empty) Words Are Not Enough!

Thu, 10 Jun 2010 02:29:00 GMT

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In the course of my somewhat chequered career in marketing and sales, I worked for a range of small – medium businesses. One of the oft quoted platitudes from business owners was “we’re family here” – mostly said to entice employees to work enormous hours for no extra cash, to make unreasonable demands rather than requests and to create a general sense of guilt – as in: ‘we gave you a job…you owe us everything’ . This approach is often coupled with vague promises of future rewards.

It makes you wonder what type of family these people had!! As an employee, working conditions like that generally bring the response: “ If that’s how you treat your family, I’d rather be an orphan!”

So let’s ask the multimillion dollar question that most business owners are really wanting to answer when they behave like this: “What does it take to have employees do their best work and for everyone to profit?”

Well, integrity is a good start. In western countries slave labour has been abolished for quite some time. So if you truly intend to create a workplace that feels like home in the best possible sense then it’s time to get creative!

Carmen’s Fine Foods in Australia provides an inspiring example of what’s possible. Ever had the pleasure of an office nanny… your car washed every fortnight… or a boss who actually asks ‘on a scale of one to ten, how stressed are you?’ each week and then does something about it? Hmmm I didn’t think so!! (And for the scrooges out there… Carmen’s has virtually NO staff turnover… ) wouldn’t you rather invest in keeping your team loving their work, than hating you and leaving as a result??

Just a thought… as someone who has sat on both sides of the fence… (maybe its time to dismantle the fence too!!).

If 'we're family here' is a value you hold in your business, what are you doing to uphold it? Please share your creative ideas here...

Rework Your Business Strategies

Mon, 07 Jun 2010 21:37:00 GMT

If you are tired of throwing out your strategies time after time (or you need to throw out the ones you've got and revitalise your business!), the phenomenally useful book “Rework”, written by the founders of 37Signals, offers some of the best advice on business strategy I have seen in a long time… consider these five little gems (and there's more Rework inspiration at www.onstartups.com) :

“Great businesses have a point of view, not just a product or service.” If you ever wondered where to find your twenty of so points of difference to your competitors, this is a fantastic place to start!

“You have the most information when you’re doing something, not before you've done it.” The best way to answer your strategy questions is to put your toe in the water and get real customer feedback. Don’t just imagine… test and measure!!

“Saying yes when you should say no leaves no bandwidth available for the great rather than the merely good.” What’s NOT in your strategic plan matters more than what is in some ways!!

“The longer it takes to develop, the less likely it is to launch.” Quick wins… quick wins… quick wins are the key to getting traction and profits quickly. I launched a product for BlissTribe before I had a website… I was testing the BlissTribe concept and playing with ideas… now I know it has great legs and is worth putting lots of time into!!

“A business without a path to profit is a hobby.” This is my favourite… I see this happening every day with new businesses… the funny thing is an hour or two spent on developing your business model (ie the plan of where your profits come from) will solve it!!

If you want some different perspectives on Accelerating Your Business strategically, the next Revive Playshop is for you. 21 June 2010 in Brisbane, Australia – miss it and you’ll miss out on insights that will make your business more profitable than you can imagine!!

There's more Rework inspiration at www.onstartups.com too - what's your best strategic business advice? Share it below...

When Change Is The Only Constant...

Mon, 07 Jun 2010 21:49:00 GMT

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Change is the only constant we have and the acceleration of change in the last 20 years makes you wonder what else is coming… can we really go any faster? Change isn’t like a tap, we can’t turn it off when we have enough! So what are our other choices?

A common response is to go into controlling everything we can in the hope that we can ‘manage’ the change. My preferred response is to go with the flow and create and generate more than we think possible with the possibilities and potentialities available to us as the winds of time shift and blow.

I am the first to admit that this isn’t always easy. That project you are in love with that just isn’t working? Could it be time to dump it and move onto something that will flow with ease? (I did that with a whole business once – best choice I ever made!!!) That business alliance that never quite delivers what you expected…? Maybe it’s time to let it go and open the doors for new business relationships that are more rewarding… (Done that too…)

In the past month I’ve had massive changes in my life and business… I’ve launched BlissTribe (v. exciting!!), sadly put my darling little dog to sleep (heartbreaking), made a choice to move in with my Darling (which means a move to the Gold Coast, a new Brisbane office and a quick reno on the house so I can rent it out!) … it’s enough to make your head spin with delirium!!! So, here’s what I do when it all gets too much:

Pull right back on what I’m promising people so that I have time for rest and reviving me. Ensure there is time for nurturing, play and creativity (this feeds my ability to regenerate myself and keep moving through the overwhelm).
Take more time off no matter what the business is demanding of me… nothing is more important to me than keeping myself in a flow state – from that I can see clearly what is required and everything works. When I’m being a control freak, nothing works and I quietly have small meltdowns (not pretty!!).
Make lists… and get stuff done in power hour blocks.
Stay in the flow… if something isn’t working I move on and then go back to it later to see what’s possible.
Ask a lot of questions of the ‘What would it take for ………………………. to happen with joy and ease?’ variety. (That’s how I found a roofing company at my neighbors just by looking out the window at the right time… a great builder who can start tomorrow and a set of French doors in 20 minutes… yep, asking questions can save you a lot of time!!!)

I'm sure none of you have ever been in a situation like this... lol... so what do you do to move through the craziness of a life filled with change? Please share your thoughts below...

Your Purpose… What If You Already Knew The Answer?

Wed, 26 May 2010 00:54:00 GMT

Have you ever been in a place where you knew there was something more to life, but you didn’t know what was missing? Up until my late twenties I always felt something driving me, showing me the next part of the puzzle, but not really knowing what it all meant. For someone who is pretty good at connecting dots, I thought I must have collected a few bits from other people’s puzzles by mistake! There weren’t many visionary insights happening… and my purpose was as clear as mud.

Then in my thirties, I knew clearly I was here for a greater purpose, but still had no idea of where to start in connecting it all together. This was a time when I explored many different ideas and jobs, looking without success for the place where I ‘fit’ with ease and joy.

Fortunately, by the time I turned 40, I had gained a whole lot of clarity (thanks to a Life Direction reading with a very talented psychic) and in the past couple of years have made massive steps towards living my bliss every single day. (It’s true; life really does begin at 40!!)

This week I had a strong sense I needed a big cleanup. So I went through all of my old notebooks and journals and cleared out everything that was not energetically aligned with where I am going. What was truly fascinating was to see, so many times, how I had written about parts of my purpose, but without actually recognizing the significance of what I’d discovered. When I combine that with awareness of how so many of my jobs and life experiences have prepared me for precisely what I’m doing, it all starts to become a little spooky!! It seems I knew a whole lot more than I thought!!

So, if you don’t know what to do with your life here’s my ‘in hindsight’ thoughts on speeding up that process of discovery…

•   Take note of ideas that repeatedly arise… I’ve known since I was about 27 that I would have a career as a writer… but being the sensitive soul that I am, wasn’t brave enough to write anything much until I was 40 and it became really clear that writing was a requirement for my bliss, rather than an ‘optional extra’.

•   Write (!) a journal regularly and use it to explore what you most love. When I saw all those small snippets of ideas I’d had, my purpose began to seem so obvious to me – how could I not have seen it? Most often your purpose is connected with what brings you joy and happiness… of course, you can choose to suffer, but why would you if your path could be filled with bliss instead?

•   Think about all of the things that are easy for you. Often what is easy for you is difficult for others… don’t think too hard, but maybe there are some money-making possibilities here for you? Also, have you noticed that a lot of people spend their entire life doing stuff that is hard or challenging rather than interesting and joyful? What if you were here to have an easy life where you do what comes naturally… would that be a whole lot more fun?

•   Spend time being creative… even if you think you aren’t! (Maybe your definition is a little too narrow – creative and artistic are two different things!) Creative energy feeds your soul and enables you to explore the non-linear/non-logical parts of your life. Generally this is where those synchronistic connections are made and you discover the missing bits of the puzzle.

•   Follow your intuition. Many sensitive people find their environment so overstimulating and overwhelming that intuition gets thrown out the window in favour of being a control freak of magnitude. When I follow the energy each day and ask questions about “what’s next?” my life and business flow with ease. When I try to control what’s happening, often nothing does!

All of these ideas sound simple, but when you put them together, they create a very powerful flow of blissful living in purposeful ways. So, when you think about your purpose now, do you go “oooooohh Yeah!” or “Oh Hell!”? It’s just a choice you know. (Because you do know… deep inside you it is all there, just waiting for you to recognize it.)

Strategy OR Tactics – What Does Your Business Need Right Now?

Wed, 12 May 2010 03:07:00 GMT

Many people I coach want to focus on the tactics… the ‘how’ of what they are doing ( eg those really big decisions, like ‘will I use Facebook or Twitter?’). The truth is, tactics are easily copied by your competitors, but a really smart strategy is a lot more difficult to ‘borrow’.

Building a strong business starts with smart strategies… finding those ‘AHA’ pieces that deliver the goods for your business… creating ideas that are hard to copy because they come from the heart… from the authentic core that drives your business vision.

Transforming an average business into an outstanding one is all about authenticity… buzz… and creativity. Traditional strategic planning doesn’t exactly address these topics all that well, so I’m going to suggest you play with the Revive Business Coaching approach to strategic planning – I promise it will be a lot more fun!!

Here’s a small taste of our process… what would it take for you to answer these questions from your heart, rather from a space of what you think is possible? When you allow your energy to soar, your business will rise with you! Creating new potentials is what revitalizing your strategy enables…when we allow ourselves to dream audaciously and love new perspectives!

Authenticity:
•   If anything was possible, what would people most LOVE about your business?
Buzz:
•   What it would take for your business to transform your industry?
Creativity:
•   What could be possible if your vision was a thousand times bigger?

Tip: Think BIG picture rather than small tactical choices… if your business could be phenomenal, what would it look like? How would it change the world?

Want to re-energise your business strategy? Click here to discover two great opportunities for more business bliss!

Are Creativity & Cashflow Connected?

Tue, 04 May 2010 22:26:00 GMT

I love the magic of nature! From the depths of muddy swamps come the most stunning lotus flowers, held by stalks that bend with ease but rarely break no matter how much pressure is applied!

When you feel like your business is sinking into a quagmire or your day has become a puddle of putridness, it’s time to depend on that central core of creativity and resilience that brings the beauty and brilliance back into your business.

Personally I have found that whenever my cashflow gets tight, it’s because I’m not allowing my creativity to shine through. (And I’m not talking about creative accounting here!) Through observing my business closely, I have discovered that the energy of money and the energy of creativity seem to be closely aligned! Sounds a little strange, but take a few moments to consider the possibilities…

When you are in a creative, exuberant, abundant space in your business you meet exactly the right people at exactly the right time, everything flows and you are a wellspring of ideas. When you are feeling stressed, stretched and like it is all a struggle, you can’t connect or create with ease… people feel your distress and they stay away!

So how do you move from stressed and strungout to creative, connected and cashed up? Here’s three simple tools that will allow you and your business to bloom like a lotus:

Nurture yourself first… do whatever it takes to have one hour a day for you and one day a week where you don’t for a moment think about work or business. Make a list of playful, creative fun things and do whatever your body is asking of you each day… this creates the space for you to be the amazing creative abundant YOU that you truly are!
Take a few hours to revisit where your business is at (As a business coach I can help you do this if you would like a fresh perspective!) – so often we get caught up in the doing, that we forget to look at the stars and create new energy and new ideas for our projects… what can you create today that will bring abundance and joy to your life and business?
Do something different! If what you’ve been doing isn’t working, it’s time for a change… Surprise and delight your customers… offer something new! Take yourself to an event or activity you wouldn’t normally do… and discover a whole lot of new connections. Find some new friends online and be generous in how you connect… there are endless opportunities, what will you do differently today?

So... let us all know how your blooming goes... the flatter your energy is the more important it is to have fun! Creativity is an essential step in reviving yourself and your business!
The Revive Business Coaching May Playshop is all about money… if you are feeling stuck this is a great opportunity to do something different, change some perspectives on money and meet some fellow business owners in a creative, playful environment… What would it take for magic to show up in your business today? Book here for ‘Show Me The Money’

What Do You Actually Do?

Sun, 18 Apr 2010 23:50:00 GMT

I’m still laughing because I’ve worked with people who were exactly like that – sadly none of the staff knew what they did either!! Although I always had a sneaking suspicicion that one business owner took a lot of nanna naps while he was upstairs ‘thinking creatively…’ Happily I no longer suffer these moments… the benefits of owning your own business!!

Ok, admit it, funny as that was, you’ve had moments of confusion in your business too! So, this week you can change that by:

- Get really clear on what you do for your clients and specifically why they love you.

- Get even clearer on what you don’t do – that is the simplest key to being more productive in your business.

- If you have a team, have some one on one chats and ask them ‘what do they do?’ You might be surprised by the answers!!

- Identify at least three tasks that are unnecessary in your business and drop them (regular meetings are always a great start!)

- Focus on one new project which has the capacity to be a flagship product or service for your business – do more great work!

Recently a client suggested I would just drop by a business she wanted to connect with and mention her business as a possible partner. I gently advised that my role as a business coach is to help you work on your business, not work in your business for you!! When you know your boundaries (often decided by what you are really really good at and what is easy…) you won’t settle for doing just anything!

So what is it that you do? Tell us about it here…

That YouTube That You Do So Well

Mon, 19 Apr 2010 00:18:00 GMT

Today we're welcoming Guest Blogger Lauren Neilson from ISP Media... enjoy!

YouTube is well known and well used. With something from just about every category you can think of from music, to charity and not-for-profit, through to education - it really does seem to have it all.

Now owned and run by Google, the site has a global reach with the functionality and brand awareness to back it up. But can it help you promote your business, products and services?

YouTube opens up a world of promise for business to promote their products and services, showcase your knowledge and expertise, monitor the success of advertising campaigns, encourage new interest from previously untapped or unreachable markets, enhance your brand awareness and more.

While there is a lot of time and effort involved, the broad ranging benefits of this channel are impressive and extremely cost effective.

It is very easy and free to open a YouTube account; however, you will need a Gmail account to sign up. If you do not have one they will happily walk you through the registration process (also free).

The site is very easy to use and has a familiar social media layout and feel to it. The navigation is clear and easy to follow and you can edit just about everything to suit you, from your colour scheme right through to your home page layout.

How can I use this site to benefit my business?

Create your own unique channel URL to direct users to that links back to your site and has your unique profile
Embed your web address on all video files that you upload to guide users to your main site
Integrate YouTube with your other Social Media tools (Twitter, Facebook)
Broadcast free training videos to encourage interest in your business
Embed your video files into your web site or blog
Showcase your TV advertising in another medium
Send a video message to clients to complement or introduce your eNewsletter
Visually launch new products simultaneously with your offline launch
Promote and showcase your services
Promote and showcase your products in action
Promote and showcase yourself
Broadcast seminar or speaking engagements
Tag your video files with keywords to increase your searchability
Categorise your video to make it easier for interested parties to find
Use the YouTube community as a global focus group
Get visual testimonials from your clients and put them on your blog and web site
Discover real time trends in your industry by subscribing to related channels
Guide clients to your video files anywhere in the world with the click of a mouse
Encourage people to subscribe to your channel and gain a new audience for your business
Utilise YouTube’s analytics tool, YouTube Insight, to hone your campaigns
And if you get really popular, consider selling product placement in your videos

If it is a bit much initially, then simply create your free account, beef up your profile and begin engaging with the YouTube community. You can do this through searching, watching, selecting favourites and adding subscriptions to your account. Then when you are ready to launch into video, you will not be the new kid on the block!

I would like to end with a polite warning - this tool has the ability to bend the time space continuum to suck your valuable time into a vortex! It is extremely easy to get lost in space and time with YouTube. Not only is the content intoxicating, it is just a hop, click and a jump over to the myriad of Google tools (toys) and if you are not careful, you can spend hours in the exhilarating maze that is Google!

My hot tip is to treat YouTube and Google (including its ever expanding applications) like your grocery shopping, i.e. only visit the items on your list, follow this rule and you should be able to avoid spending over your allocated time budget every time!

About Lauren:
Lauren Neilson, co-founder of ISP Media - an internet marketing and web development business launched in 2000, has been has been researching, socialising, blogging, publishing, surfing, writing, commenting and more recently tweeting about internet marketing strategies for over 9 years. You can find Lauren and ISP Media on LinkedIn, Twitter, the ISP Media Blog and most other places where Australian business meets the web! Please feel welcome to get online and get social with Lauren and ISP Media!
Connect here: Email Twitter Blog Website LinkedIn - ISP Media Lauren Neilson's LinkedIn Profile

Common Small Business Pricing Mistakes

Tue, 06 Apr 2010 00:10:00 GMT

New business owners often get stuck when it comes to setting pricing. Pricing is determined by factors such as positioning, competition, market demand and, surprisingly, how you value yourself and the services and products that you offer!

Have you ever found yourself pricing a product or service in your business based on what you would pay in your current financial circumstances? Did you stop to think about whether your personal perspectives are in any way a good match for your ideal customer?

Pricing is a choice. But rarely do business owners exercise that choice with awareness of the potentials created by different price points. Let’s consider a brief case study…

Erin is a natural health practitioner who specializes in a couple of healing modalities. She is making $60 an hour and sees clients for 20 hours a week on average. This equates to $1200 a week – not quite enough to put her into GST territory, but getting close. By the time you take out taxes and costs of running the business (eg marketing, hiring space, training etc), Erin brings home closer to $30 a session - $600 a week is not a lot to live on!

So, let’s have a look at the common small business traps Erin has fallen into: She is doing what she loves and is great at, but is not reaping the financial rewards – she needs to charge what she is worth.

She is swapping time for hours – there is no leverage in her business – if she doesn’t work, nor does the business
She has not differentiated her service sufficiently so that clients will pay a premium.
She doesn’t believe people will pay more than she is charging – but she hasn’t tested a higher pricepoint.
She doesn’t like asking for money for helping people - her beliefs are in conflict with her purse!

Have you ever fallen into any of these traps? What choices did you make to improve your financial position? Share your story below – just click the Comment link.

Need inspiration for making more money in your business? Book your place for the April 19 2010 Playshop: ‘Show Me The Money’ – you’ll discover more about money and your business than you thought possible!!

Is Vision or Pricing Strategy Most Important?

Mon, 29 Mar 2010 09:38:00 GMT

(Kirsiri - a Passion Fest highliight!)

Are you better off having a strong vision and not so strong implementation, or a weaker vision and phenomenal implementation? For business owners this question can mean the difference between success and failure. Here’s a small case study that demonstrates exactly what the risks are…

I went to a local Passion Tasting Festival on the weekend. The idea of the festival was engaging. The publicity on the festival was great. The website was fabulous. The vision sounded intriguing. But…it was a complete fizzer…

The first warning sign was it cost me $100 a head to get in the door! Quite a daunting price, but I was primarily going as research for a new venture. When we arrived, we could see about 10 tents on a sports field – I could feel that $100 disappearing before my eyes. Once inside, we discovered that there truly was little to see besides a few market stalls, the occasional performance (an excellent tribal dance by Kitsiri!) and almost nothing new to discover when it comes to living your passion. What’s more, there were only about 10 other paying customers there…

So, what went wrong? Strong vision… but in a nutshell the pricing strategy was a failure! When you set pricing for anything, there are a few things to consider if you want to be successful…

* What is your end goal? Often there will be a trade-off between volume of transactions and gross profit – work out which one is most important to your business.

* What creates value for your customers? In this case, their stallholders required a high volume of traffic and festival visitors required a high volume of interesting things to see and do… both missed out!!

* If what you are doing isn’t working – change something!! It must have been clear some weeks ago that ticket sales were virtually nil. Instead of slugging it out and failing, what could have happened if the organizers were willing to sell tickets for $10 each? At least a few hundred people would have turned up… and stall holders and presenters would have been happy – a starting point for future events… I heard they were actually turning people away at the gate who didn’t want to pay the premium gate price of $125 a ticket!!

The lessons? Less rhetoric, more understanding of your customers. Less greed, more flexibility in your business model. Business really is that simple!!

Want to know more about pricing and how it can make your vision rock? Check out this month’s Playshop – it’s all about money!!