small business – wLw

Tense times for small business owners who import from China

wLw — Wed, 19 Feb 2020 11:00:43 +0000

Anne Harper, CEO of OMG Accessories, says many of the products she sells are made outside of Wuhan, where the coronavirus has been heavily concentrated.

CNBC

As the number of confirmed coronavirus cases and deaths around the world continues to rise, small business owners that import from China are on edge.

Kyle Kirshner has been doing business in China for several years, and knew to stock up on supplies ahead of the Lunar New Year. The owner of Kyndley sells outdoor products online via Amazon and imports 90% of his goods from China. He has about three months’ supply of items and right now is unable to order more of his most popular product, a backpack cooler, to sell online.

“We’re a little worried about that, because we are one of the best sellers on Amazon in that category,” Kirshner said. “I contacted my manufacturer today and their factories are closed right now.”

Kirshner expects his supply will be impacted within the next month if things don’t turn around. And if he doesn’t have product to list on Amazon, his rankings may drop.

“If we don’t have product, and we lose our ranking, then nobody can see our product and we won’t have any sales,” he said.

Charlene Anderson finds herself in a similar position. The owner of the Anderson Group works with distributors who import the products she sells on Amazon from China. She’s been selling arts and crafts supplies on the site for nearly two decades, working as a solo entrepreneur. She keeps just 30 days’ supply stored in Amazon’s warehouses, due to costs, and an additional 30 days’ worth in her office. But in two months, if she can’t access imported goods from China, she’s going to have to get creative.

“I am getting information now from my distributors in the U.S. that they will be delayed in importing from China … if we can’t get more, we can’t get more,” Anderson said. “I am in a better situation than many Amazon third-party sellers in that I source products from many places besides China, including the U.S., U.K., Germany, India, Israel and more. If I had only products from China, I would be in a much more precarious situation.”

Anderson is based in Jackson Hole, Wyoming, and like Kirshner, her main concern is running out of product to list on Amazon.

“You lose ranking and momentum if you go out of stock — there’s no mechanism to say I am backordered until a certain date,” she said. “This is my whole income stream, and I’m not in big trouble yet. But if I can’t reorder, it will be a bit worrying.”

The coronavirus outbreak comes at a time when small business optimism, by several measures, continues to be strong.

In fact, the National Federation of Independent Business cited coronavirus concerns in its latest read on small business optimism released last week, noting that the biggest risk to the record run of optimism being experienced right now nationwide is the global implications of the deadly outbreak. The Federal Reserve is monitoring the situation, as are advocacy groups like the NFIB.

Kyle Kirshner, owner of Kyndley

CNBC

OMG Accessories is a lifestyle brand for kids that imports most of its signature unicorn backpacks and accessories from China. Anne Harper, its CEO, said the items are made outside of Wuhan where the virus has been heavily concentrated, and she was sure to stock up ahead of the Lunar New Year, like Kirshner.

While Harper has enough supply to last her through her busiest time, the back-to-school shopping season, her factory reopening date keeps getting pushed back, and is now set for the end of this week.

“I communicate every day with my overseas partner,” Harper said. “We are day-to-day following up and making sure everything is moving along. We’re just hopeful that they will find a solution to the outbreak.”

It’s another blow for U.S. importers in recent years, after dealing with port closures in Los Angeles and tariffs, which Harper continues to face on imported handbags — the bulk of her business.

“As a business owner, I just have to do my best to take whatever comes our way and work through it as a company,” she said. “We’ve continued to grow every year, regardless of the tariff situation or port strikes, we’ve always managed to get ourselves out of that situation and make the best of it.”

Working From Home and Making Money Online is NOW The Only Way!

So what is the QUICKEST way to start a Work from Home, Make Money Online job starting right now?!?. AND has the least learning curve, smallest financial outlay and QUICKEST time to profit?

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This Is The Secret Ingredient For Small Business Success

wLw — Wed, 19 Feb 2020 07:29:58 +0000

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Confidence is the key ingredient for small business success.

Getty

Can you guess what the key ingredient is for small business success? I know what you’re thinking. No, it’s not funding, and it's not a business plan. It’s confidence. A fascinating new study by Kabbage revealed that entrepreneurs, specifically small business owners, are battling underconfidence. The research shows that the majority of small businesses believe their revenue growth underperforms their peers. Specifically, 60% of respondents ranked their revenue growth below the 50th percentile of similarly sized companies. Yet, when comparing their actual cash flow and revenue data with the analysis drawn from the Kabbage Small Business Revenue Index, the information indicates that the vast majority of respondents have healthy revenue performance. The question is, why are these business owners feeling pessimistic about their company's performance, and how is it impacting their decision making?

Why small business owners feel underconfident

According to the APA Dictionary of Psychology, underconfidence is defined as, “a cognitive bias characterized by an underestimation of one’s ability to perform a task successfully or by an underrating of one’s performance relative to that of others.” Most of the time, underconfidence leads people to avoid opportunities that could lead to small business success. Or worse, to give up. According to UC Berkeley-Haas management professor Don A. Moore, there is a reason these small business owners tend to downplay their performance. “Having studied the effects that confidence levels have on decision-making for over 20 years, I’ve found entrepreneurs are often overconfident,” Moore said. “However, this study shows the potential for small business owners to err on the side of under-placing their performance when comparing themselves to others. The likely reason for this is that people tend to rate themselves below average on difficult tasks. Simply put, people assume they’re worse than others when a task is hard. Both running a small business and benchmarking performance without solid data are difficult tasks, and respondents showed underconfidence despite sharing similar struggles.”

How underconfidence affects decision making

Underconfidence also affects decision making. Moore states that “People who demonstrate underconfidence are more likely to opt-out of or choose to exit a competition when, in fact, they would have succeeded had they persisted.” In other words, the primary distinction between those who persist and those who give up is self-confidence. The good news for small business owners is that self-confidence is something you can improve upon. All you need are focus and determination. There are additional benefits to fostering self-confidence. According to Albert Bandura’s social cognitive theory, people who exhibit more self-confidence also experience less stress, expend more effort, persevere longer on activities and are more resilient when facing adverse situations.

The cure for underconfidence

The best remedy for underconfidence isn't overconfidence but rather seeking more accurate and dependable information. Providing small businesses with access to benchmarking systems and analysis like what is available to large companies may help them more accurately estimate their performance. "There is no question that technology advancements will empower small businesses with smarter systems to better analyze and understand their business performance," said Kabbage Chief Revenue Officer Laura Goldberg. "What's most exciting is the potential for technology to fuel greater confidence in entrepreneurs and their businesses and to provide the encouragement to keep growing."

While these findings suggest that small business owners may carry unfounded self-doubt about the financial health of their businesses, the message is clear. Small businesses need appropriate resources to analyze and compare their cash-flow performance against their peers. Mix one part data, one part self-confidence and one part persistence, and you'll get the ultimate recipe for small business success.

For more from Caroline Castrillon, check out her guide: 5 Signs It’s Time to Leave Your Soul-Sucking Job!

Confidence is the key ingredient for small business success.

Getty

Can you guess what the key ingredient is for small business success? I know what you’re thinking. No, it’s not funding, and it’s not a business plan. It’s confidence. A fascinating new study by Kabbage revealed that entrepreneurs, specifically small business owners, are battling underconfidence. The research shows that the majority of small businesses believe their revenue growth underperforms their peers. Specifically, 60% of respondents ranked their revenue growth below the 50th percentile of similarly sized companies. Yet, when comparing their actual cash flow and revenue data with the analysis drawn from the Kabbage Small Business Revenue Index, the information indicates that the vast majority of respondents have healthy revenue performance. The question is, why are these business owners feeling pessimistic about their company’s performance, and how is it impacting their decision making?

Why small business owners feel underconfident

How underconfidence affects decision making

The cure for underconfidence

The best remedy for underconfidence isn’t overconfidence but rather seeking more accurate and dependable information. Providing small businesses with access to benchmarking systems and analysis like what is available to large companies may help them more accurately estimate their performance. “There is no question that technology advancements will empower small businesses with smarter systems to better analyze and understand their business performance,” said Kabbage Chief Revenue Officer Laura Goldberg. “What’s most exciting is the potential for technology to fuel greater confidence in entrepreneurs and their businesses and to provide the encouragement to keep growing.”

While these findings suggest that small business owners may carry unfounded self-doubt about the financial health of their businesses, the message is clear. Small businesses need appropriate resources to analyze and compare their cash-flow performance against their peers. Mix one part data, one part self-confidence and one part persistence, and you’ll get the ultimate recipe for small business success.

For more from Caroline Castrillon, check out her guide: 5 Signs It’s Time to Leave Your Soul-Sucking Job!

Working From Home and Making Money Online is NOW The Only Way!

So what is the QUICKEST way to start a Work from Home, Make Money Online job starting right now?!?. AND has the least learning curve, smallest financial outlay and QUICKEST time to profit?

The post This Is The Secret Ingredient For Small Business Success appeared first on wLw.

Lesson 17 – Local Search Engine Directories

wLw — Wed, 08 Jun 2016 17:12:44 +0000

In this set of lessons, we want to talk about search engine directories and review sites. These are actually, large sometimes internationally run sites built with local small businesses in mind. Local businesses are typically allowed to sign up at no cost and list their business. The advantage to the business is that many of these sites are trusted by consumers because of the review system in place. In other words, many of the directory sites allow consumers to rate their experience with the businesses.

When you are competing in your local area it is a good idea to sign up for as many of these directory sites as possible. Consumers have different directory sites that they choose to use and being listed in all of them gives you the opportunity to be found. If you recall, in other lessons, we have said that the key with online marketing is that you want to be everyplace that your prospect is.

Another reason for signing up for the directory sites is that they are given favorable treatment for some keywords in the search engines. That means that many times, when a consumer is searching for a particular product or service, they could see one of the directory sites in the top ten search results. Additionally, these directory sites help you gain ranking power for the Google Places local directory which we will talk about in a future lesson. In the same vein, when you connect your listings to your website or blog, your ranking power is helped then also.

You may have used some of these sites as a consumer. You will recognize some of their names: 1) Yelp.com; 2) Citysearch.com; 3) Insiderpages.com; 4) YellowPages.com and 5) Angieslist.com. In all there are well over 100 local directory sites that a company could be listed in. You’ll want to make sure that your profile is filled out completely in all of the directories; however, the best way to complete this task is to contact us and allow us to help you with them. Because we work with the directories, we will know how to structure your listings, integrate them with your website and determine your best keywords to give you the maximum benefit for the listings.

In our next lesson, we will discuss the most important of all of the online business directories: Google Places. Call today so what we can help you to start getting more customers from being found in all of the directory listings for your chosen keywords.

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Lesson 5 – Using Media Advertising Carefully

wLw — Mon, 06 Jun 2016 15:55:54 +0000

In our last lesson we discussed the building of joint ventures and strategic marketing alliances. We opened the possibility of using them to build our database so that we will be able to market to the prospects we collect for a long time to come. One of the things that small businesses need to have is a way to reach lots of people very quickly. Once you have grown your business to a certain level, it will be necessary to use media advertising. However, media advertising does require that some very important thinking be done before it is fully used.

One of the things that companies must do is to put in a very reliable, simple to understand tracking system. This is because when you step up to media advertising, you will be spending a considerable amount more money than you spend on the web or with PR. With a good tracking system, you will know where each of your new customers is coming from; you will also know how they came to decide on your company. When you do this consistently, you will be able to know the return on your advertising investment.

Once your tracking systems are in place, you will need to take a careful look at who your actual customer is. Certain forms of media will work better than others given a specific demographic. There are a number of choices that you will have available to you, that you will need to have a good handle on which situations require the medium you are thinking about using. There is no reason to use radio, if your prospects will respond better to direct mail. In a later lesson, we will review each kind of media advertising and then outline the scenarios in which each one works most effectively.

In our next lesson, we will discuss how you can leap frog past using paid media, and use PR instead as it is more cost effective for small companies. We would like to help you before you decide on a costly ad in the yellow pages, on radio or on television. Call us today so that we can show you a situational analysis and where your company will fit.

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First Steps in an Effective Marketing Campaign – Part I

wLw — Thu, 02 Jun 2016 12:41:44 +0000

When you are setting out to decide on how you want to market your business on the internet, you will have a number of options available to you. You can use search engine optimization (SEO), video marketing, email marketing, social media marketing or even pay per click marketing. All of these methods can be effective for your business when done carefully. However, each of the methods do have a cost associated with them in terms of time and budgeted dollars.

Because of this fact, you will want to make sure that when you choose to engage in them, that you do so in ways that give your business the opportunity to profit from getting a message in front of buyers. The easiest way to make all of your advertising more powerful and effective is to make sure that you give the person hearing it a reason to come to your location. This reason should differentiate you from all of the other options that they may have. If that ‘reason’ is one that matters to the buyer or prospect, then your advertising, in whatever form that you have chosen to use, will be effective when it reaches the eyes and ears of the prospect.

In marketing terminology, this is called having a USP or unique selling proposition. When you state a unique selling proposition, you are staking out territory in your prospect’s mind and making a decision about where you are positioning your business or product. This will determine, more than anything else, whether or not a prospect chooses to do business with you.

The reason for this is very simple. Advertising and messaging is now affordable for small businesses to do and even to copy. That means that if even if you are able to gain an advantage by being the first to engage in video marketing, social media or SEO, it will not be difficult for a competitor to do the same. Therefore, when you choose to use these methods, you will need to make sure that your message is heard effectively.

Although it is vital for you to engage in mobile marketing, video marketing, SEO and social media, it is even more important to be doing so with a message that differentiates your business in a way that matters to the prospective buyer. Without this, buyers will have no reason in their minds, as to why they should come to your business. What follows is disastrous.

That means that you can only compete on the basis of how often you can lower your price. If you do not compete on the basis of the value your business provides, it will be very difficult to ask for a premium price for your best products and services. These are the products and services that often provide the most profit for your business.

Our company works with businesses to determine how to position themselves on the basis of the value they provide. We do that prior to any of our internet marketing campaigns so that your business gets the maximum effect from every resource you expend whether it is time or money. Call us today so that we can help you to be effective in every marketing medium you choose to engage in.

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Lesson 9 – Building Your Presence through Publication

wLw — Sun, 22 May 2016 10:19:57 +0000

In our last lesson, we discussed basic internet promotion. We concluded by outlining the basic places where your customers and prospects might be online, stating that you want to make sure that you have a visible presence on those platforms. In most cases, having multiple corporate sites online makes sense: website, social media, and forums. However one aspect of business that is going unnoticed is publication in books, e-books and trade publications.

Businesses need to make themselves available in print, not just because it will increase awareness of their personal brand. But also when they become available to solve problems that people are having they place themselves and their company in the position as being an expert. And should the readers actually get the help they needed they will also further solidify their brand.

There are three ways to approach publication:

1.) Find the problem that your product or service solves and write about it.
2.) Write about your company and how it solved its own problems
3.) Write a book to others in your niche or industry

Most business books are written as #2 indicates which can work for certain companies in certain industries. However, companies can truly benefit from #1, which is solving customer problems. The reason that this is so effective is that readers are typically not interested in the story of a small business unless it is very well known. On the other hand, they are interested in solving their own problems. Therefore business owners who are willing to spell out to readers how to get relief in some areas stand a good chance of being able to pick up new customers.

In our next lesson we will discuss how companies can develop an educational portion of their business for more positive PR and additional profits. Call us today so that we can show you how to begin to incorporate publication into your marketing mix.

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Lesson 19 – Google Places – Online Customer Reviews

wLw — Fri, 22 Apr 2016 15:17:16 +0000

Google Places is the most widely used of all of the local business directory sites. Much of that has to do with Google getting over 65% of all of the search traffic. When consumers are looking for information, many use it without even thinking about their choice of search engine.

Because Google Places’ directory listings often show up first before the top ten web pages, it is an important opportunity for every local small business to participate. In our last lesson we discussed the importance of making sure that you fill your Google Places profile out completely and carefully, so that you get the maximum advantage from your most productive keywords.

One aspect of Google Places that every business owner needs to be aware of is that consumers are encouraged to share their reviews of the businesses that are listed. That means that if a customer has an exceptionally good experience at your business, they will have the opportunity write a review. That review will show up in your actual Google Places listing.

However, the opposite is also true. When customers have a bad experience, they will be empowered to leave a review about your site on the Google Places page. This scenario is now amplified because Google has now tied their social network to their business directory. Therefore, the customer who reviews your business will be potentially sharing that review with their personal or professional network.

The nature of reviews online is such that most of the people who respond tend to do so when they have a bad experience. Those who have the experience that they were expecting or that they feel they paid for are unlikely to respond. Therefore, you will need to make sure to either have a staff person monitor your Google Places listing, or you will need to make it part of something you do personally if you don’t have a staff. One bad review on your Google Places listing could be enough to discourage a prospect from trying out your product or service.

When you do get a negative review there is no need to panic. Google Places gives you the opportunity to answer the person who left the review. Additionally, Google is taking steps to make sure that the review that is left is authentic by connecting the permission to write a review to their social network.

In our next lesson, we will discuss what you can do when you have negative information that appears in the other business directory listings as well as in the top ten search results. Call us today if you have already noticed negative listings near your keywords or in your Google Places reviews. We will share the best practices of other companies like yours when they too have received negative reviews.

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Lesson 2 – How to Make More Profits without Spending More Money on Advertising

wLw — Sat, 23 Jan 2016 04:10:36 +0000

As a small business, you obviously have to be aware of how much money you are spending on advertising. In addition to that, there is no guarantee that the capital that you spend will end in higher profits. The traditional thinking with respect to spending on advertising tends to go according to this logic.

1) Our company spends 100 and gets 30 prospects

2) Of those 30 prospects 10 become customers

3) Those 10 customers give us $5 in profit

4) Therefore, if we want to double our profit to $10, we need to spend twice as much (200) on advertising and promotion.

While this formula could possibly bring success there are other things that we need to do before we spend an additional sum. Is there a way that we can get more than 30 prospects? Is there a way that we can convert more than 10 of the 30 prospects? Is there a way that we can get more than $5 from the 10 new customers?

The fact is that if we can increase any of those percentages, we will have been able to increase our profits without spending any additional money on advertising. Additionally, when we do decide to do more spending, we will have learned how to get more profit for the money that we spend.

Whether your business sells from its internet site or from its front door, the biggest challenge for you isn’t how to get more traffic until you are maximizing the traffic that you are currently getting. Here are some ways to think about whether or not you are maximizing your traffic:

First, are you carefully tracking your leads and prospects when they come to your business? Do you know how they found you?

Second, once they are on your website or in your store, do you know how many decide to buy?

Third, those that do decide to buy, are you and your staff taking advantage of opportunities to sell them something of more value or something that will make their original purchase more valuable?

In the next lesson, we will discuss another way that you can generate more sales without additional advertising expense: building a customer database. However, if nailing down your upsell and cross sells is important to your business right now, we can help you. Call today so that we can show you how to make sure you are getting the most from your sales process whether it is from your website or from your store.

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