Attendee, Linda Roan (Transformational Coach and Medical Hypnotherapist) wrote to us to say,  “I can’t say enough about Jemma and the amazing workshop she gave this evening.  For $30.00 this evening was a great investment and you can quote me!!!!”

Among the many tips and advice she offered throughout the evening, Jemma helped her audience to understand that planning a website is a lot like putting together a business plan.  The more time and research you do prior to meeting a web developer, the easier it will be to communicate ideas to help the designer come up with a website that works for your business.  Jemma recommends the following:

• Come up with an Objective for your website, e.g., to generate leads.  If this is your objective, how will you obtain this objective and how will you measure if the site is meeting this goal?

• Determine your target market and what their needs are.  Where do they “hang out” online?

• Research your competition.  Look at at least six direct and six indirect competitors and write down what you like and dislike about their websites.

• Determine your budget.  Your budget should include money for market research, domain registration, hosting, ongoing marketing efforts and ongoing maintenance and updates.

• Interview several web designers and have a list of questions ready to ask including asking for a list of references.

• Make sure you have a contract with your designer that includes who owns what, milestones, project completion dates and any third party support maintenance and technical support.

Thanks Jemma once again for a terrific evening.  We’re looking forward to seeing you again Tuesday, January 24^th as the presenter for Social Media and other Online Marketing Tactics.

On Tuesday, January 31,Sandra de Leeux-Davis of  TwinLion Media Group Inc. presents Selling Goods and Services Online and February 7^th Denise Gervias of WSI Milton will discuss Measuring the Success of Your Website – Web Analytics and SEO.  Please call our office at 905-825-6000 ext. 7900 or visit our website for further information on our seminars.  Follow us on Twitter for the latest news, tips and advice!

Yet, the year did end on a positive note.  According to Ted Mallett, Vice-President & Chief Economist, Canadian Federation of Independent Business (CFIB), small business optimism increased: “CFIB’s Business Barometer Index climbed to 65.0, almost a point and a half above its November level. The Index has historically hovered between 65 and 70 when the economy is expanding, so the return to ‘near normal’ is seen as good news for Canada’s economic performance, which had lately been constrained by uncertainties in foreign markets.”

And according to the 2011 TD Canada Trust Small Business Survey, 50 per cent of business owners think 2012 will be a good year for their business and a further 13 per cent believe that 2012 might be their best year yet.

What are your plans for 2012?

With the onset of a new year it is time to consider the current economic environment and rethink your objectives and goals for the year.  Take time to reflect on what worked and get rid of what didn’t work in 2011.

Planning is the key.  What do you need to consider? Ask yourself:

• What takes up most of your time during the day?
• Do you shift your focus and goals continuously?
• What are your spending habits and should they be revised?
• Are you trying to do everything yourself?

Did you know that in 2011 entrepreneurs spent more time working on their businesses?  According to TD Canada Trust Small Business Survey, business owners spent an average of 48.7 hours per week, up slightly from 47.8 in 2010.

Your time is valuable and at a premium so start planning to save time. Spending time wisely is never a waste of time.

What about your business?

• Are you keeping an eye on the trends?
• What are the economic indicators?
• Has the business target market changed?
• Review last year’s successes and incorporate them into 2012.
• Review, revise or remove what did not work.

One way to test the market is to continually do research on what the current economic current indicators are and how they can have an impact on your business.  Statistics Canada has data that is updated on a monthly basis.

The market is constantly changing and so are the needs.  The benefit of knowing your market and understanding customers’ needs will help save you time and money.  It will also create new opportunities.  A well thought out plan will help make 2012 a successful year.

Each business is unique and has different needs. The Halton Region Small Business Centre is here to help.  Call and make an appointment to talk to one of our Small Business Consultants.  We can help direct you through the process.  Also, check out our schedule of upcoming seminars. Contact us at 1-866-442-5866, www.haltonsmallbusiness.ca, smallbusinesss@halton.ca or visit us at 1151 Bronte Road, Oakville. Don’t forget to follow us on Twitter @haltonecdev and Facebook at www.facebook.com/HaltonSBEC.

To get a clearer understanding of your competition, it is helpful to know that there are three types:  Direct, Indirect and Non-consumption.

• Direct competition is what comes to mind for most of us. These are the competitors that do the same thing as your business in the same way.

• Indirect competition fulfills the same need, but in a different way. The consumer only has to have their need satisfied by one competitor or the other.

• Non-consumption competition is what most of us think about the least and is probably the hardest to quantify, but represents the number of people who fit the profile of consumers in your target market, but still choose not to buy your product from you or your competitors.

The practical example I use most with my small business clients is that of family entertainment. My family has a set budget every week for entertainment. I have lots of options to have that need met.

• If we decide we want to go bowling and there are two bowling establishments close to our home, those two businesses are in direct competition for our spending. The need I have identified is bowling. The money in my family’s budget in earmarked for it so now we need to choose which of the alleys we want to go to. We are going to choose based on price and features.

• When the money in our household was budgeted, bowling wasn’t the identified need, family entertainment was. So that budget represented opportunity for all different kinds of family entertainment venues. Suddenly the bowling alleys, movie theatres, mini putt parks and climbing gyms were all in indirect competition. If we go to mini putt this week, the opportunity is gone for the bowling alley to win my business.

• We could decide that while the money was intended for family entertainment, we would rather put this week’s allowance in the bank for a future family vacation or a new big screen television for the living room. Or, if money is tight, we might reallocate the funds. My family may have represented a qualified buyer in the identified target market of these entertainment venues, but I’m still not spending my money on them.  This is an example of non-consumption.

Assessing your competition is an important part of your market research and business planning. Look at what your competition is doing well – you might be able to learn from them. Look at what your competition is doing poorly – this might be something for you to avoid. Find out where there is a place for you to position your business among your competition – then set your business up for success.

For more information, check out our Steps to Success seminar series, including Market Research and Business Plan Basics.

The Small Business Centre Team wishes you a Happy Holiday

Season’s Greetings!

It’s hard to believe that another year has ended and we are already planning for 2012.

This has been a busy year at Halton Small Business Centre.  In 2012, we:

• welcomed new staff to our team
• continued to pass on knowledge to the small business community through our seminars, workshops and networking events
• became a community partner with the Canadian Youth Business Foundation
• introduced entrepreneurship week as part of our services
• surpassed 1,000 followers on Twitter and
• gave our Centre a ‘makeover’

Here’s what 2011 looked like for us:

We have exciting new programs planned for 2012.  We invite you to come into our Centre, visit our website and follow us on our Social Media channels for all the details!

From all of us at the Halton Small Business Centre,

Best Wishes for the Holiday Season!

Education can change the world, as Nelson Mandela has shown. It can also have an impact on you and your business.

Today we live in an extremely competitive world that is constantly changing.  Consumers are highly educated.  Before making a purchase, they research products and pricing. As an entrepreneur, you need to keep pace with technology, innovation and new trends.

Education is now a necessity.  There are many different types of educational opportunities, depending on your needs, your budget and the time you have available.. While it is not always easy finding the time to take a course or seminar, it is imperative that you plan ahead and make time.

The Halton Region Small Business Centre knows the importance of education.  In 2012 we are offering a new four-part series entitled “Steps to Success,” designed for new business owners. The series covers four key business topics:

• Market Research – Identifies the why and how of conducting market research for your business.

• Business Plan Basics – Introduces the concepts of a business plan from the executive summary to the financial overview.  Provides examples of templates that can be used for your business.

• Understanding Financial Statements – Demonstrates how to record and maintain financial records including balance sheets, cash flow and income statements.

• ABCs of Marketing – Explains some cost effective marketing options for your small business.

We will also continue to offer our “Starting a Small Business” sessions which are designed for start-up entrepreneurs and small business owners.  These sessions cover business structure, registration, regulations, licenses, tax and financing.

The Small Business Centre will also offer seminars designed for existing small business owners under the “Growing Your Business” section.  Topics covered will be:

• New Media Marketing Tools – Explains new tools to help you reach a wider audience, build brand awareness, improve customer service and understand your customers better.

• Media Relations and Opportunities – Shares tips about working with the media – writing a news release, preparing for a media interview and building a relationship with the media.

• Applications and Recoveries of the GST/HST – Explains when to register, recovery strategies, restricted input tax credits and common audit exposures.

• How to Do Business with the Government – Teaches how to write an effective proposal as well as how to market your goods and services to the government.

• Planning Your Exit Strategy – Are you planning to retire or move to another business venture? Deciding how you will exit is an important decision.

• First Steps in Exporting – Highlights resources, programs and services including market research, export planning and practical issues.

• The New Importer – Canada Border Services Agency will deliver this seminar outlining the importing process, how duty is determined, government contacts and trade programs.

Let us help you make education a priority in 2012.  It will not only enhance your business but it will help you to feel more confident.   Education empowers!

The Halton Region Small Business Centre is here to help.  Check out our schedule of upcoming seminars.  For more information about any of Halton Region’s Small Business Centre resources and services, and how we can help direct you to the right resources, contact us at 1-866-4HALTON (42-5866), www.haltonsmallbusiness.ca, smallbusinesss@halton.ca or visit us at 1151 Bronte Road, Oakville. Don’t forget to follow us on Twitter @haltonecdev and Facebook at www.facebook.com/HaltonSBEC.

Creating and sticking to a budget can feel a lot like finding and sticking to a diet.   Many small business owners love the work they do but sitting down to look at their budget is about as appealing as doing 100 sit-ups and eating a bowl of spinach.

Here are some tips to make things a little simpler and hopefully help you achieve your resolution to achieve financial health for your small business.

• Understand the reason for doing a budget.

The goal of creating a budget is to get a clear picture of how much you expect to earn and how much you expect to spend in the upcoming year and then to decide how you will invest the balance so that your business continues to grow.

• Estimate Sales.

If you’ve been in business, this may be a little easier for you.  If you’re just starting out, forecasting sales can be difficult.  Information from sources such as your competition, neighbouring businesses, suppliers, downtown BIAs, associations and directories may be helpful.  I always recommend that clients do a worst case scenario — be as realistic as possible.

• Estimate every conceivable cost.

Be sure you include advertising, legal, transportation, insurances, rent, phone, utilities, payroll and loan payments.  Make sure you have savings to cover at least six months of business expenses.

• Don’t forget to pay yourself.  Remember you have to cover your personal expenses as well as your business expenses.

Once you’ve got all of this documented you’ll be able to see exactly what you have to earn in order to cover your personal and business expenses.  As with your business plan, your budget can change over time.  Review your budget regularly and make adjustments as necessary.   Microsoft offers a template to help you track your expenses.

Check out these other resources:

• RBC Small Business Cash Flow Tool
• Scotia Cash Flow for Business Tool
• Drafting your budget from Entrepreneur.com
• Cash flow template and other resources from CYBF

Please contact our Centre if you need assistance creating or reviewing your budget.  We may even refer you to one of the several accountants and bookkeepers who volunteer through our Access to Professionals program to provide a free consultation on budgeting.   When you think about it, doing a budget is actually easier than sticking to a diet.  So grab a bag of chips (or carrot sticks!), roll up your sleeves and start crunching.

Have you been successful in your efforts to achieve financial health? Have tips to share about how you succeeded? Tell us about it! At the end of the month we’ll submit all entries into a draw for a chance to win a voucher for one of our upcoming seminars (value $25).

And don’t forget to follow us on Twitter for daily tips!

John Norcross, University of Scranton

Are you a “resolutioner”? New Year’s Day is only five weeks away. This a time when many of us start to think about our goals, the things in life we wish we did better, the things we want to achieve, the places we want to go. Unfortunately, many of us start out as resolutioners, with incredible enthusiasm in January, only to see that enthusiasm wane by early February.

Whether in your personal life, or in your business, sticking to a resolution requires more than good intentions.  You need a plan, with specific, realistic and measurable goals and a timetable to reach those goals.

Goals aren’t just a “nice to have” or an exercise to keep coaches and consultants employed. They are absolutely paramount to help you define and achieve success for your small business. Clearly defined targets help you laser line your efforts to reach them. You’ll know when to push harder, when to focus your efforts on a specific task, and when to step back, admire your accomplishments and celebrate.

In my role as a consultant, I find that there is nothing more disheartening than meeting someone who is busy all the time but still isn’t making any money. When you identify that sales are slow, it’s easy for you to see the correlation when profits are non–existent. However, if you open your shop every day, work hard to meet the needs of 50 customers daily, and still don’t make any money, it may be harder to see the problem. If you have 50 customers, but actually need 70 to break even, you will never make money. You need to understand your own business case and define realistic benchmarks that you can work toward.

There are a number of types of goals:

Sales Goals: Your sales goal is a mix of your break even point and your target profit margin. Every good entrepreneur should know the critical break event point needed to achieve to keep the business operating in the black. Most of us, however, are not in business to break even. We want to make a profit. You need to know the exact number of sales you need to reach your profit goal.

New Client Goals: Growing your sales pipeline involves adding brand new clients to your existing roster. Set regular goals on the number of new clients you are trying to bring. Choose a specific prospect by name and work to land the client you really want.

Repeat Client Goals: Don’t take your repeat customers  for granted. They know your product, they have been happy with your work. You know if they paid their bill on time. Intentionally fostering and growing your relationship will keep your business on track. Find ways to reward your current clients and set goals related to increasing the frequency at which they place orders and/or the size of each order.

New Initiative or Project Goals: Goals exist beyond just sales and orders. A goal may also represent a project or initiative you want to implement. There may be a new computer system you want in place, a new piece of ad creative you want to put into the market, or a meeting room that needs to be painted. Setting these goals intentionally can help ensure they aren’t lost in the hustle and bustle of running the other parts of your business.

Here are some tips:

• Define the benchmarks for your goals in ways that can be broken down and measured: “Close $6,000 in sales,” is less tangible than, “Close six deals with new clients of at least $1,000 each by December 2012”.

• When you set a target, follow the fundamental principles of goal setting. Provide clear plans on how you can and will achieve it. Identify the budget, time allocations and resources required, and define the measureable outcome.

• Set goals on various timelines. Big picture goals, such as, “open three locations in Canada by the end of 2016,” are great for long-term planning, but do little to guide our efforts in day–to-day operations. That big future goal likely has hundreds of more closely attainable ones that are just as important for paving the way in the short term.

Remember, your business is not a New Year’s Resolution. The consequences of not persevering to reach your business goals are greater than the consequences of giving up on your efforts to lose 10 pounds or master the guitar before January 14^th. Create and re-visit your goals often. Be aware of the tasks you need to execute and plan time in your schedule for them. When you reach your goals, celebrate your successes, and start planning for round two.

Did you meet your goals in 2011? Have tips to share about how you succeeded? Tell us about it! At the end of the month we’ll submit all entries into a draw for a chance to win a voucher for one of our upcoming seminars (value $25).

And don’t forget to follow us on Twitter for daily tips!

You will need to take into consideration:

• demographics (age)
• location
• lifestyles (income)
• behaviour (spending habits)
• family status
• education

All of the above will help you to create an accurate picture of who your client is and how you can reach them.   Sounds easy right?   It would be if our economy and world would just stop revolving.   Unfortunately trends change things and along with that change so do your customer’s needs.  I have observed over the past few decades how the marketplace can swing quickly from one side to the other.   It is because of this that you need to continually research your market and be prepared to be flexible.

Today’s customers are more educated and competition is high for their attention.   They view things from a very different perspective because wants vs. needs are constantly changing.  With the Internet at their fingertips, they can research and find out what they need and keep up-to-date with market trends so you need to as well.

If you are an existing business you should be asking your present clients what they love about your service or product.  They are the real experts here.   You can use their information to help expand or perfect your service or product.

Budget is also something that can affect our marketing efforts.  Doing the leg work and researching your market can help you to not only save money but use time effectively.   Hitting the bull’s eye takes precision and accuracy but when you do hit it you can feel the success of your efforts.

Focus your efforts on finding the right customer.  Don’t just aim for the board and wish.  Aim for the bull’s eye and hit the centre.  Do your market research!

The Halton Region Small Business Centre is here to help.  Check out our schedule of upcoming seminars, including Marketing and our online tutorial, Marketing Strategies for Success.

What are cloud services? Cloud computing is basically storing data on a remote server rather than your desktop or company server.  Many of us have already used cloud computing in some way or another on a personal basis for several years either through gmail or hotmail. As the survey results indicate, now more than ever, small and medium-sized businesses are using web-based technologies to replace traditional software programs.

Cloud based software can do everything from inventory management, order production and invoicing to accounts receivable, customer resource management and more.  Just about any business function you can think of can be handled through cloud services.

Benefits  

Cost Savings – If you are starting up and can’t afford a suite of software, you have the option of paying monthly fees to a cloud-based company for the service you require.  As your customer base grows, you can expand your requirements.

Accessibility and convenience – Data is accessible from any web connection.  You don’t need to be in your office to access your data.

Security – Large cloud companies have greater resources and can offer levels of security that your smaller business cannot.

Concerns

The main concern businesses have in moving to cloud-based operations is availability.  What will happen if the cloud service goes down and you have no access to your customers’ records, email or financial data?

Strategies

Here are some strategies to use to help navigate your “journey to the cloud.”

• Start out slowly with a small project or function
• Start with a trial period
• Ask your service provider questions such as:

• How is the data backed up?
• How many copies exist?
• How many different locations?
• For how long is the data retained?
• Do you offer an uptime guarantee?  An uptime guarantee is the amount of time that the server is guaranteed to be up and running.  Do your homework on this.  An uptime of 99% sounds great but what it actually means is that your server can be down for up to 3 days / year.
• If the server does go down or data is lost, how will I be compensated?
• Who at your company has access to my data?   If you go out of business or I wish to change companies, how will I obtain a usable copy of my data?

To learn more, read “10 questions every business must ask about cloud computing,” an easy to read and understand guide put together by iTeam Solutions.

With any new technology, there’s bound to be some trepidation. Take the time to learn something new, and you have a better chance of reaping the benefits and cost savings to your business.

Did you know? This week, November 15th – November 17^th, is Halton Entrepreneurship Week. To celebrate, HalTech & Halton Region Small Business Centre are presenting a week of events designed to provide learning experiences and networking opportunities that will inspire and educate you, whatever stage your business is at. Check out the schedule.

As a brand new business, you might find yourself asking “Is low paying work better than no work?” And you might answer your own question: “Sure, it’s not what I want to earn, but it could keep our start-up going.”

A dangerous side effect of discounting is that you risk lowering the market’s perception of your value.  For example, there is an armchair I really wanted for my living room.  I found the regular retail price of $199 fair, but to keep within my budget, I decided to delay my purchase. The chair went on sale – it was on the market for five days for $129. Yes, I bought the chair at that price, but in my mind, it will now only ever be valued at $129.  I would never consider buying a second one for $199. The same could happen for your product or service.

Here are my strategies:

Trade offs: Demonstrate to your customers that you can work on making your service affordable within their constraints, but not to the detriment of you or your product value. Practice a bit of give and take with your customers. I once experienced a success where I quoted a job for a client that was higher than they could afford. The job had substantial overhead expenses that I had to include in my quote. We discussed the price and decided which of those low margin overhead expenses (mostly equipment rentals) they could actually do themselves. I lowered the price, and managed to increase my profitability at the same time.

Don’t sell on price: Buyers have needs and wants that extend far beyond getting a low price. Hugo Boss and Mercedes-Benz wouldn’t exist if price was all that mattered.  These brands speak to emotions, to satisfying a particular client need. While you are selling, try to leave the pricing discussion out of the first meeting. Talk about the challenges you can help the client overcome. Ask powerful questions that assess their needs, and come back with a proposal that fulfills those needs.

Transparency in pricing – break it down: You should be confident in explaining why your prices are what they are. Early in my time as an entrepreneur, I would provide my clients with one big price tag for the whole job. It created the impression that I was asking for some arbitrary and large amount of money. I now break it down:

• how much do I charge for the planning?
• how much for research?
• how much for reporting?

With smaller segments of the project identified, it was easier for clients to see that there was value in each section. It also came in handy when discussing trade offs.

Make them earn it: If you are going to offer a discount, give it to your best customers. Great clients who use your product or service many times in the year already understand your value. They can represent a larger part of your revenue averaged out over a longer period of time. The stability that this can offer to your cash flow, and benefit that you don’t have the costs of acquiring them as a new customer, is worth something. Sharing your appreciation for a large volume order or repeat work can be great for your relationship. Sharing how or why you can justify this discount is still important for the customer to understand.

Pricing takes practice. The confidence to ask to be paid what you are worth takes practice. Work on developing the strategies and phrases you think will work for your specific business to maintain your value.

Did you know? November 15th – November 17^th is Entrepreneurship Week in Halton. This engaging series of seminars and events focuses on all things entrepreneurial.  The week of events provides learning experiences and networking opportunities that will inspire and educate you, whatever stage your business is at. Check out the schedule and register!