How to do Market Research?

A recurring question amongst small business owners is this: Does a small business owner need to know how to do market research?

The short answer is – yes, absolutely! No business can operate successfully without knowing something about the market(s) it is working in.

However, the term “market research” is more often than not associated with terms like “statistically significant” and “sample size”, followed closely by “very expensive”! Those three by themselves, let alone any of the other technical terms usually associated with scientific research, are enough to make any small business owner throw their hands up in despair and run for cover.

So unless you have a qualification in statistics, or enough money to employ a market research company, the likelihood of a small business being able to get directly involved in a formal market research project is remote to say the least.

Yet your small business still needs information on the market it is operating in. So where to from here?

Well, its a sure bet that every small business owner, after running his or her business for a while, intuitively knows quite a lot about the market – prices, suppliers, competing companies, geographical distribution etc etc are factors that a small business owner will deal with on a daily basis.

The trick then is for the small business owner to try to put all this intuitive knowledge into a meaningful framework that will not only help them make good marketing decisions, but will also highlight areas where information is deficient.

The ideal framework for this kind of information can be found at The Small Business Marketing Toolbox. Here the small business owner will find a step by step process for developing a marketing plan unique to their business, utilising their own knowledge and filling in the gaps using methods that involve the business’s brains trust, and not the owners trust fund!

Market research is a key element in running a successful business and it doesn’t need to cost an arm and a leg. On the other hand, market research is not an end in itself – it needs to be used and incorporated in a marketing plan that will give a business direction and a competitive advantage. The good news is that any small business owner, using The Small Business Marketing Toolbox can easily and quickly put together a marketing plan that they can use to achieve their goals.

Dead Wood, Good Wood and Gold

The toughest test of a business traversing an economy in crisis may be how they choose to manage one of their valuable assets, their staff. Retrenchment, cutbacks and downsizing are the bitter pills many managers are forced to swallow in these times and as much as you would like to weed out the non-performers, slackers and delinquents amongst your ranks you have to follow protocol or you will be facing a lawsuit before you know it!

The focus must therefore turn rather to a more positive approach. How do you retain the employees who are worth their weight in gold?

Each business can identify individuals who are willing to do what it takes to make your business successful against the odds. The people with vision and grit, who pick up an extra task or two, suggest time or cost cutting improvements, maintain an optimistic viewpoint and focus on the finishing line.

Enthusiasm is critical in protecting these human assets. We spend thousands on securing our business’s physical assets in insurance, security and alarms yet often neglect the vital employees who make it happen on a daily basis.

Employers and managers should ensure valued staff receives appropriate respect in an environment where achievements are acknowledged with heartfelt recognition. Research in a major listed organization has shown that the single biggest reason why people resigned was because they felt that “their contribution was not valued”. Training can also be a useful anchor in keeping good people as can cross-training which broadens their skills base for future promotion within the business. In addition to this a mentoring programme which draws prize staff closer to management in strategizing, making key decisions and analyzing results will encourage loyalty as the staff can then perceive potential for future advancement.

Ensuring that the business has clear vision, objectives which are regularly and widely communicated and clearly understood at all levels is vital. As is feedback which is another essential tool to empower loyal staff and align efforts at all levels to a united end goal. The fact is, money is important but alone it is not enough. You really want your team to buy-in to the big picture.

Invest in some of the efforts shared above and you may find even the seasoned malingerers will become enthused by the powerful energy that these new activities will manifest.

Highly committed, competent people who are confident of their value in your business are worth their weight in gold. In these challenging economic times you really can forge ahead with impressive results when a team is supported in doing what they are good at.

To find out more about a practical step-by-step programme for small businesses visit TheSmallBusinessToolbox.com now!

Your Business needs a Toolbox

Every business needs a toolbox – some literally need a toolbox (if you are a plumber, carpenter etc), but all businesses, especially small businesses and entrepreneurial start ups, need a business toolbox that can supply the business owner with the skills and knowledge to run and grow the business.

A busy small business owner in particular needs to pay attention to areas of the business that may seem of secondary importance right now, but that are vital to the continued health and growth of the business.
Too busy running the business to put together a meaningful and practical marketing plan? Too tied up to take a bit of time to consider growth strategies for your business, or the consequences of continuing on the path you are currently on?

The reality is that by not putting the building blocks of your business in place, you are seriously stacking the cards against your business surviving, or at the very least, prospering. But acquiring the skills and knowledge to run your business efficiently doesn’t have to be a major drag on your time and finances.

At www.thesmallbusinesstoolbox.com you will find a variety of toolboxes that can equip you with the knowledge and skills that will enable you to fine tune your business for optimum performance. You won’t need a degree in business administration to understand the material, and you won’t need a huge staff complement to activate the action plans that you derive from working with any of the toolboxes. What you will get is a structure and knowledge that will guide you in taking your business where you want it to go.

To find out more about a practical, step-by-step programme for your business visit thesmallbusinesstoolbox.com now!

Strategy the Nuts and Bolts

A small business with a strong sense of identity, knows who it is and where it is headed.

Its strategy may be a simple matter of “nuts and bolts”, so simple it can be written on a serviette or the classic “back of a cigarette box”.

Yet without this basic strategic framework any small business is much like a rudderless boat in a storm. No
matter how sturdy the craft it has no direction and will end up wherever the wind and currents send it!

A good strategic plan will create synergies both internally and externally and this increased momentum and energy will provide positive direction attracting both customers and alliances, which are essential to sustainable success for small business owners.

Bring your team together, use data already available within your business and brainstorm “what if’s” around new, cost effective way to create awareness, interest, desire, trial and conversion in your product or service.

It doesn’t have to be complex. What makes a good customer for you? What problems do they have that your product/service could solve? Where can you find these people i.e. where do they “hang out”? How can you get your story across in a way that has them listening e.g. what benefits can you offer in order to solve their problem?

Having answered these questions you’ll be able to allocate tasks against an action plan, track progress, monitor the budget and measure the results.

Success is achieved when the plan is used to breathe life and purpose into the business activities undertaken and exceptional success is found when the plan is revisited regularly all through the year, tweaking and amending until your individual success recipe is found!

Use TheSmallBusinessStrategicToolbox.com to assist you in determining your unique selling potential, bottle your small business’s individual character and decant it liberally to outclass your rivals.

The ‘NO’ Strategy

THE ‘NO’ STRATEGY

We have all met someone in life whose default response to requests is a flat and unemotionally delivered no.

We often think of these people as having disagreeable personalities with little interest in voluntarily assisting other, be it individuals, communities or charity projects.

If you are a good team player who would normally co-operate and compromise, putting others needs before your own, this blog is for you.

We cannot, and must not, be all things to all people and certainly will not get ahead if other people’s agendas always come before our own.

‘No’ as a response can be used very effectively but you need to learn to be comfortable using it.

Whether you need to buy yourself time to think clearly, block or delay a negotiation process or simply enable yourself to focus on a task at hand, it really is a good ideal for all small business owners to learn to say ‘no’.

If a Yes does not meet your own predetermined criteria (i.e. it will serve an identified purpose for you professionally or personally) you should be comfortable saying No. Particularly when a Yes will not facilitate growth, increase your network, provide spin-off, fit your budget or enable you to achieve a goal.

The question that begs asking of small business owners then is ”Why do we still find ourselves horridly uncomfortable saying ‘no’, to the point of finding it embarrassing to do so?”

Could it be that many of us want to be accommodating and agreeable so that others like us better? Do we feel others needs are more important than our own? Do small business owners want to be so accommodating that our Yes’s often have negative impact on our businesses but we say Yes anyway just to feel needed?

Be aware that repeatedly saying Yes to satisfy others’ needs is often a lifetime habit that can diminish your soul or essence, the core from where your personal power resonates. There is strength in refusal.

When you say No you feel confident because you have clearly identified goals and have the strength to focus on them until they are achieved, not allowing yourself to be distracted by anyone who asks nicely.

For the recipient a ‘no’ can be a sign of rejection, which will make them feel bad and they may very well withdraw their alliance. However, remember that when this happens you must be alerted that the individual is clearly not understanding your big picture and needs to be gently tethered back in line with some guidance and gentle discussion. No can reveal areas of vulnerability which need attention. This in turn gives momentum to a highly productive process.

Saying No is critical to success and easy to do when you are working towards a formal Strategic Plan for your business. It’s so much better to say No when you have clear reasons. Instead of being seen as obstreperous you will be seen as focused, confident and driving towards success. And, after all, isn’t that how you would like to be perceived?

To find out more about a practical step-by-step Strategic Programme for small businesses visit TheSmallBusinessToolbox.com now!