On November 6, 2008, the 3rd Annual MISTIC Science, Technology & Innovation Awards took place at the Vancouver Island Conference Centre during National Technology Week. Thirty-six finalists were selected from 105 nominations in 12 awards categories. Finalists and winners that were celebrated at the gala event represented the MISTIC region, encompassing Mill Bay in the south to the tip of Vancouver Island in the north, and including communities on the Sunshine Coast.
The gala event was attended by 310 individuals, including Jeff Thomas, Snuneymuxw First Nations; Honourable Ida Chong, Ministry of Technology, Trade and Economic Development; and Dean Rockwell, CEO, BC Innovation Council. Several Mayors and Council and other dignitaries were in attendance.
MISTIC presented these awards to highlight and recognize companies and individuals that have demonstrated passion, commitment, sound business practices and innovative thinking. The gala event brought these activities to the forefront and provided acknowledgment and gratitude to the diverse innovators, entrepreneurs, businesses and staff for their determination, hard work and creativity.
An economic downturn is a phase of the business cycle in which the economy as a whole is in decline.This phase basically marks the end of the period of growth in the business cycle. Economic downturns are characterized by decreased levels of consumer purchases (especially of durable goods) and, subsequently, reduced levels of production by businesses.
While economic downturns are admittedly difficult, and are formidable obstacles to small businesses that are trying to survive and grow, an economic downturn can open up opportunities. A well-managed company can realize the opportunity to gain market share by taking customers away from their competitors. Resourceful entrepreneurs capture the available opportunities, from an economic downturn, by developing alternate methods of doing business that were never implemented during a prior growth period.
The challenge of successfully navigating your business through an economic downturn lies in the realignment of your business with current economic realities. Specifically, you, as the business owner, need to renew a focus on your core clients/customers, reduce your operating expenses, conserve cash, and manage more proactively, rather than reactively, is paramount.
Here are best practices that will help you to successfully navigate your business through an economic downturn:
Goals:
The primary goal of any business owner is to survive the current economic downturn and to develop a leaner, more cost-effective and more efficient operation. The secondary goal is to grow the business even during this current economic downturn.
Objectives:
• Conserve cash.
• Protect assets.
• Reduce costs.
• Improve efficiencies.
• Grow customer base.
Required Action:
• Do not panic… History shows that economic downturns do not last forever. Remain calm and act in a rational manner as you refocus your attention on resizing your company to the current economic conditions.
• Focus on what YOU can control… Don’t let the media’s rhetoric concerning recessions and economic slowdown deter you from achieving business success. It´s a trap! Why? Because the condition of the economy is beyond your control. Surviving economic downturns requires a focus on what you can control, i.e. your relevant business activities.
• Communicate, communicate, and communicate! Beware of the pitfall of trying to do too much on your own. It is a difficult task indeed to survive and to grow your business solely with your own efforts. Solicit ideas and seek the help of other people (your employees, suppliers, lenders, customers, and advisors). Communicate honestly and consistently. Effective two-way communication is the key.
• Negotiate, negotiate, and negotiate! The value of a strong negotiation skill set cannot be overstated. Negotiating better deals and contracts is an absolute must for realigning and resizing your company to the current economic conditions. The key to success is not only knowing how to develop a win-win approach in negotiations with all parties, but also keeping in mind the fact that you want a favorable outcome for yourself too.
Recommended Best Practice Activities:
The Nuts and Bolts… The following list of recommended best practice activities is critical for your business’ survival and for its growth during an economic downturn. The actual financial health of your particular business, at the outset of the economic downturn, will dictate the priority and urgency of the implementation of the following best practice activities.
1. Diligently monitor your cash flow: Forecast your cash flow monthly to ensure that expenses and planned expenditures are in line with accounts receivable. Include cash flow statements into your monthly financial reporting. Project cash requirements three-to- six months in advance. The key is to know how to monitor, protect, control, and put cash to work.
2. Carefully convert your inventories: Convert excess, obsolete, and slow-moving inventory items into cash. Consider returning excess and slow-moving items back to the suppliers. Close-out or inventory reduction sales work well to resize your inventory. Also, consider narrowing your product offerings. Well-timed order placement helps to reduce excess inventory levels and occasional material shortages. The key is to reduce the amount of your inventory without losing sales.
3. Timely collection of your accounts receivable: This asset should be converted to cash as quickly as possible. Offer prompt payment discounts to encourage timely payments. Make changes in the terms of sale for slow paying customers (i.e. changing net 30 day terms to COD). Invoicing is an important part of your cash flow management. The first rule of invoicing is to do it as soon as possible after products are shipped and/or after services are delivered. Place an emphasis on reducing billing errors. Most customers delay payments because an invoice had errors, and therefore, will not pay until they receive a corrected copy. Email or fax your invoices to save on mailing time. Post the payments that you have received and make deposits more frequently. The key is to develop an efficient collection system that generates timely payments and one that gives you advance warning of problems.
4. Re-focus your attention on your existing clients/customers: Make customer satisfaction your priority. A regular review of your customers’ buying history and frequency of purchases can reveal some interesting facts about your customers’ buying habits. Consider signing long-term contracts with your core clients/customers which will add to your security. Offer a discount for upfront cash payments. The key is to do what it takes to keep your current customers loyal.
5. Re-negotiate with your suppliers, lenders, and landlord:
i) Suppliers: Always keep your negotiations on the level of need, saying that your company has reviewed its cost structure and has determined that it needs to lower supplier costs. . Tell the supplier that you value the relationship you have developed, but that you need to receive a cost reduction immediately. Ask your supplier for a lower material price, a longer payment cycle, and the elimination of finance charges. Also, see if you can buy material from them on a consignment basis. In return for their price concessions, be willing to agree to a long-term contract. Explore the idea of bartering as a form of payment.
ii) Lenders: Everything in business finance is negotiable and your relationship with a bank is no exception. The first step to successful renegotiations is to convince your lenders that you can ultimately pay off the renegotiated loan. You must point out to your lenders why it would be in their best interest to agree to a new arrangement. Showing them your business plan and your action plan that includes your cost-savings initiatives, along with “the how” and “the when” of the implementation of your plan is the best way to achieve this goal. Explain to them that you will need their cooperation to insure that you can survive, as well as, grow your business during the economic downturn. Negotiated items include: the rate of interest, the required security to cover the loan, and the beginning date for repayment. A beginning date for repayment could be immediate, within several months or as long as a year. The key is to realize that your lender will work with you, but that frequent and continual communications with them is critical.
iii) Landlord: Meet with your landlord. Explain your need to have them extend the term of your lease at a reduced cost. Make sure you have a clause in the lease agreement that entitles you to have the right to sublet any or all of the leased space.
6. Re-evaluate your staffing requirements: This is a very critical area. Salaries/wages are a major expense of doing business. Therefore, any reduction in the hours worked through work schedule changes, short-term layoffs or permanent layoffs has an immediate cost saving benefit. Most companies ramped up hiring new employees in the good times, only to find that they are currently overstaffed due to slow sales during the economic downturn. In terms of down-sizing your staff, be very careful not to reduce your staff to a level that forces you to skimp on customer service and quality. Consider the use of part-timers or the current trend of outsourcing certain functions to independent contractors.
7. Shop for better insurances rates: Get quotations from other insurance agents for comparable coverage to determine whether or not your present insurance carrier is competitive. Also, consider revising your coverage to reduce premium costs. The key is to have the right balance-to be adequately insured, but not under or over insured.
8. Re-evaluate your advertising: Contrary to the other cost-cutting initiatives, evaluate the possibility of increasing your advertising expenditures. This tactic realizes the advantage of the reduced “noise” and congestion (fewer advertisers) in the marketplace. The downturn period a great opportunity to increase brand awareness and create additional demand for your product/service offerings.
9. Seek the help of outside advisors: The use of an advisory board comprised of your CPA, attorney, and business consultant offers you objectivity and provides you with professional advice and guidance. Their collective experience in working with similar situations in past economic downturns is invaluable.
10. Review your other expenses: Target an across-the-board cost-cutting initiative of 10-15%. Attempt to eliminate unnecessary expenses. Tightening your belt in order to weather the downturn makes practical, financial sense.
Proactively managing your business through an economic downturn is an enormous challenge and is critical for your survival. However, through well-planned initiatives, an economic downturn can create tremendous opportunity for your company to gain greater market share. In order to take advantage of this growth opportunity, you must act quickly to implement the above best business practices to continue realigning and resizing your company to the current economic conditions.
Terry H. Hill is the founder and managing partner of Legacy Associates, Inc, a business consulting and advisory services firm. A veteran chief executive, Terry works directly with business owners of privately held companies on the issues and challenges that they face in each stage of their business life cycle. To find out how he can help you take your business to the next level, visit his site at http://www.legacyai.com
To download a copy of this article, click on this link: http://www.legacyai.com/Article_Downturn.html.
About The Author
An author, speaker, and consultant, Terry H. Hill is the founder and managing partner of Legacy Associates, Inc., a business consulting and advisory services firm based in Sarasota, Florida. A veteran chief executive, Terry works directly with business owners of privately held companies on the issues and challenges that they face in each stage of their business life cycle. Terry is the author of the business desk-reference book, How to Jump Start Your Business. He hosts the Business Insights from Legacy Blog at http://blog.legacyai.comand writes a bi-monthly eNewsletter, “Business Insights from Legacy eZine.”
By signing up for Business Insights from Legacy eZine at http://tinyurl.com/2t4fxsyou can keep abreast of the latest tips, tactics, and best business practices. You will, also, receive the free eBook, Jump Start Your Knowledge of Business.
Are you focusing your search engine optimization efforts on getting tons of traffic from the search engines?
If you answered yes, then I am about to tell you something completely different from other Internet Marketers.
Forget about getting tons of traffic from the search engines. Get LESS traffic that converts MORE!
The Secret to Turning Keywords into Conversions is to Keep Your Keywords Focused
For example, if your site sells an all-natural remedy for acid stomach problems…
You start to do your keyword research and you discover that the keyword phrase “natural remedies” has 288 daily searches. But it has over 2,000,000 sites competing for it.
While the phrase, “acid reflux natural remedies” has 67 daily searches with just over 11,000 competing sites.
Do you want to spend all your time and effort trying to optimize your website for the first keyword phrase?
You may get more searches, but you’ll never know how many of those searchers want to buy your stomach acid remedy. Not to mention the HUGE number of competitors the keyword has!
Or would you go for the second term, which only has 67 people searching for it — knowing those 67 people are looking for EXACTLY what you offer? And, it has a MUCH lower competition number to boot!
Obviously, the second term is better!
Sure, you might get less traffic — but the visitors you DO get will be MUCH more likely to buy your product.
Why You Will Make More Money with Less Traffic That Converts More
People search the Internet to find a solution to a problem and not necessarily to buy something. So what problems will they solve by coming to your website?
Think of a keyword as a “problem statement” that someone would type into the search engines.
When you can match your keywords to the exact problems they’re trying to solve. You’ll attract the BEST visitors to your site so you can focus all your optimization efforts on them!
Here are some more keyword research tips that will help you turn keywords into conversions…
Top Search Engine Optimization Tips for Finding Highly Focused Keywords That Will Bring the Absolute Best Buyers to Your Website:
Check your server logs. See what keyword phrases people are actually using to find your site. If there’s something relevant that you’ve overlooked, build a page focused on that keyword phrase.
Also look for keywords that are causing people to leave right away because they’re not finding what they’re looking for. Ditch those keywords immediately.
Look for “intention.” Say you sell cross-country ski equipment. People can come to your website looking for different things.
For instance: They’re looking to buy a specific product
They’re looking for product reviews
They want information on how to get started in cross-country skiing
They want used or discount equipment
They want to know what kind of equipment will be best for them
They want to know what’s new and hot in cross-country ski equipment
Same products — far different intentions!
If you optimize a page (or pages) for each different problem people are trying to solve, you’ll give them what they’re looking for…
That means they’ll stay on your site longer — and you’ll have a better chance of getting them into the sales process.
Check out your competition. What keywords are your competitors optimizing for, and on what pages?
You can spy on them by going to their websites and looking at their code!
In your web browser, just go to View on the main menu and click on Source or Page Source to “look under the hood” of any competitor’s site. Then you can see what they’re doing right and what you could do better.
Find your best keywords with pay-per-click advertising. This is the fastest way to find out just how well different keywords perform.
Pay-per-click lets you run ads based on two or three different keywords at the same time. This enables you can track which ones convert best. Make sure the ads click through to pages that relate directly to the keywords.
Focus your SEO efforts on the specific keywords that describe EXACTLY what problem each page solves. Don’t be tempted by more general keywords with higher traffic numbers. They’ll never send you the traffic you want.
Follow these search engine optimization tips and you will turn keywords into conversions.
Keywords: how to make money online, how to start internet business, ways to make money online, internet marketing course, online marketing course, internet marketing training course, web marketing course, how to start an internet business, e business strategy, online small business course
About The Author
Derek Gehl helps over 1.8 million Internet business owners per month create incomes of $100,000 to $2.5 MILLION or more per year. Now you can discover the exact roadmap - broken into 6 easy-to-follow steps - that Derek uses to make money on the Internet in record time with minimal investment at: http://www.marketingtips.com/tipsltr.html?s_cid=PRLEAD
You want more revenue and you want it fast. The marketing experts tell you to “create a compelling offer.” You immediately think “Sale.”
You wonder how big the sale should be. How much can I afford to give away before the sale starts costing me money? How will I word the sale materials so customers don’t take advantage of me? The worries start and you realize you have a huge task to pull off this sale and generate real revenue.
Unfortunately, in our crowded market place, a compelling offer has become synonymous with a “sale.” There are other, better alternatives to motivate customers to buy from you.
This article will show you six options that will accomplish your goal of getting more revenues. These options will build a stronger relationship with your customers that the sale will not accomplish.
The Limitations of the “Sale”
The fundamental problem with most sales is that they are good for the business but not necessarily good for the customer.
A sale usually starts with a business problem you want your customers to solve for you. You need more cash. You have excess inventory. You need to meet sales quotas. You want to get ready for new merchandise. Your sale is asking the customer to solve your business problem.
There will always be customers who don’t mind being used. Their agenda coincides with your agenda. Quid pro quo.
When you create your offering around something they really value, however, they look on your offering differently. It becomes more than just a customer transaction. It is the start or the continuation of a relationship that will result in sales now and in the future. The customer’s primary concern is always how the product or service benefits them and makes their life better.
Six Alternative Offerings
Convenience
Structure your offering around customer convenience and you have a motivation that does not require sales or discounts. At my daughter’s school recently, the uniform company came to the school to sell uniforms. The parent’s alternative was to drive 30 miles into the city to purchase the uniforms at the company’s store. Parents were lined up forty deep to purchase the uniforms at regular prices. This store made convenience a motivator for the parents to shop.
Enhance Your Expertise
If your customers are buying your expertise, by enhancing that know-how you give them additional motivation to buy your product or service. Suppose you were in the copywriting business. You announce to your customers that you had just completed a copywriting campaign that generated thousands of dollars for a particular business. Customers now see doing business with you as even more desirable. No discounts; no sales!
Self-Esteem and Praise from Others
Those who market golf equipment say the main motivation for customer purchases is praise from others. “Great shot, Bob. You’re really driving the ball well!” If your product or service involves these types of motivations, repackage your offering to foster self-esteem and praise from others. It has more power than a sale!
Tapping into Social Issues (Idealism)
I recently worked with an acupuncture clinic. This form of Chinese medicine can heal many ailments and injuries. We chose to focus their acupuncture marketing on the treatments on athletic injuries because of the current scandals involving the use of harmful drugs and steroids. We presented their offering as a safe and natural alternative to more harmful drugs. By presenting an ideal alternative to a current social issue, no sale or discount was required. You can appeal to your customer’s idealism.
Popularity
People want to be part of the “in-group.” They want acceptance. By repackaging your offering to emphasize the popularity of your product or service, you give people another motive for wanting to buy from your business.
Scarcity
Scarcity is another motive that drives customers. It can be expressed in limited product or service quantities; limited editions; selective lines of products; preferred customer programs; limited time; or taking advantage of opportunities. There is some greed in all of us. If we feel we are going to lose out, we get very motivated.
Conclusion
This article has shown you six alternatives to generate more revenue that don’t involve a sale. When you need a compelling offer, start with the motivations that drive your customers to buy from you and then emphasize these motivations. You will find these motives are just as effective as a sale. They will also help you build a better relationship with your customers because you’re doing it for them!
Jonathan Marino an internet marketer and founder of http://www.cblinkus.com,new internet marketing concepts newsletter to discover the REAL strategies and Insider Tips
Many companies and their decision-makers require written proposals, and if you are like many sales people, you probably shudder at the thought of this request. However, writing a good proposal doesn’t have to be painful providing you keep a few points in mind.
First, recognize that closing the sale in a business proposal is a process, not an event. It doesn’t occur just because you have asked for a commitment or because you have presented all the features and benefits of your product or service. When a customer or prospects agrees to do business with you after reviewing your proposal, it means that you have addressed their key issues and demonstrated exactly how your solution will benefit their company. This requires a bit of strategic planning.
Unfortunately, too many sales people spend too much time talking about their company, product or service at the beginning of the proposal. The drawback with this approach is that decision-makers are extremely busy which means they don’t want to waste their time reading something that has little or no relevance to their situation. Salespeople will argue that this information is critical and that they need to present it in order to show how their solution is appropriate to the customer’s situation. While this is true, it is essential to direct your initial focus on the customer and demonstrate that you have a good understanding of your prospect’s issues and concerns.
Great proposals often start with an executive summary which highlights the prospect’s current situation or problem and how this issue is affecting the company. This means you need to ask your prospect key questions during your conversations. In the hundreds of sales training workshops I have conducted over the years, I have discovered that the vast majority of sales people fail to ask their prospects sufficient insightful, thought-provoking questions. As a result, they fail to understand the negative impact of a particular problem on the company’s business. However, stating the impact of the problem in your proposal can reinforce to the decision-maker, the importance of implementing a solution.
Closing the sale in a proposal means positioning your solution and demonstrating exactly how your prospect will benefit by using your product or service. Far too many sales people forget this critical element. They discuss many of the features and benefits of their solution but they fail to outline the impact of their solution on the prospect’s business. The challenge is that the majority of sales people do not discuss this with their prospect. Therefore, they cannot address it in their proposal.
Reduce the prospect’s risk. Many people would rather tolerate working with a vendor who is not performing well rather than make a change because of their fear of the unknown or the pain that is often associated with making a significant change. I once retained the services of a particular individual even though I was not completely satisfied with his work simply because I dreaded the hassle of finding a new vendor. If this is a potential concern of your prospects, then offer some type of reassurance or guarantee to reduce or eliminate this fear.
Closing the sale in a proposal also requires some form of action or commitment. Ending your proposal with a feeble statement such as, “If you have any questions please let us know” is not effective. It is essential that you clearly outline the next step(s) you expect from your prospect along with a time frame.
Lastly, keep your proposal as brief as possible. Unless your solution is extremely complex, you need to keep it short, clear and concise because executives simply don’t have time to read a fifty page document. Besides, short proposals are usually much easier to read and understand. I recall the very first proposal I was required to present. Because I didn’t know any better, I only included information that I felt was relevant to my prospect and was able to outline a thirty thousand dollar project in just three pages. After we reached an agreement I asked what influenced their decision and was told, “Your proposal was easy to understand.”
The bottom line? If you have asked your prospect enough of the right questions and positioned your solution in a manner that demonstrates exactly how your solution is the best one for your prospect, and removed the risk, you increase your ability to close the sale.
Kelley Robertson, author of The Secrets of Power Selling helps sales professionals and businesses discover new techniques to improve their sales and profits. Receive a FREE copy of 100 Ways to Increase Your Sales by subscribing to his free newsletter available at www.kelleyrobertson.com. Kelley conducts workshops and speaks regularly at sales meetings and conferences. For information on his programs contact him at 905-633-7750 or Kelley@RobertsonTrainingGroup.com .
Old Movies, Tapes, Music can be brought back to life
By Chris Bush The News Bulletin Apr 21 2007
History repeats itself, especially when it comes to advancing technology.
Forty years ago people converted old 78 RPM records to reel-to-reel tape.
Twenty years ago they swapped 16-mm and 8-mm home movie film onto videotape and LP records onto cassettes. As compacts discs gained popularity,
Consumers are again faced with converting old formats onto new ones like DVD, hard drives and flash memory storage formats that take up less space and offer more features and capability.
Allen and Lori Felker preserve old memories professionally with their new company Dreamations Video Productions, which they operate from their home on Somerset Drive in Nanaimo.
“We do pictures, slide scanning - a little bit of everything - and put it to video,” said Allen.
“Anyone can put their pictures in a flatbed scanner and throw them on a slide show. We do more than that. We actually can animate the photo itself, which adds to the actual viewing out of it.”
Felker was a former mobile music D.J. His grandfather was an Alberta farmer and musician. The family had photo albums filled with memories and lots of reel to reel audio tapes with his grandfather’s recordings of the five-piece band he played in - often with famous performers like country music singer Wilf Carter - and reels of home movies.
In 2002, his grandmother handed him the box filled with this memorabilia and told him to do something with it.
“I worked with some pretty basic software and produced my first video CD,” he said.
“It turned out rather well. We drove to Alberta and surprised everyone over the Christmas holidays with this video CD…We played it and my grandfather passed away three months after that. I was really happy to have produced it and got it done in time for him to see it.”
The Felker’s studio and equipment has expanded along with their business and he is now gearing up to do frame by frame film to digital conversions.
“The plan is by the end of October to be in possession of the equipment to do it,” he said.
“It needs a dedicated room because it’s going to run a lot longer and you can’t walk away from that old film. It breaks. It tears and it’s going to get eaten in the machine. It’s time consuming and it needs someone to sit there and watch it go through.”
Lori, who is an artist, handles most of the slide scanning and photo retouching.
Those interested can learn more about Dreamations at the company’s website, www.dreamations.ca, which features filming tips, an educational section discussing various video formats and list of services offered.
The sample below is a choice to have pictures as a straight slide show or to add music and transitions and to turn your boring slideshow into a real video. These videos are compressed for the internet and the original looks considerably better on DVD
