Marketing a Small Family Business

August 15^th, 2008

            

While family owned businesses may seem insignificant, they account for over 1/3 of Fortune 500 companies and for 80% of all new job creation, 60% of employment, and 50% of gross domestic product.

Marketing a small family business and focusing efforts around those attributes is a strategic marketing choice and not so much done to save money or resources according to small business marketing and management writer Joanna L. Krotz.

She writes first and foremost that connecting family values to your company is a sign of stability and responsibility to potential clients, which has become more valuable in recent times, especially following the aftermath of major corporate scandals such as Enron.

"The family-ness factor works well in marketing," says Ira Bryck, who directs the Family Business Center at the University of Massachusetts in Amherst. "Just as long as the business is treated like a business and the family is treated like a family."

One family style marketing success story of recent history features Columbia Sportswear company owner Gert Boyle, whose parents founded the company in 1938. The ad campaign portrays "Mother Boyle", an aggressive but humorous character that emphasizes the matriarchal standard "One Tough Mother" and later "Don't forget who makes the pants in the family."

Techniques abound for promoting and marketing a family image for smaller, newer businesses. Highlighting history is a good method and has been used successfully by small businesses borne out of historical events such as natural disasters and Prohibition for example. Other methods include publishing company history in marketing materials.

However, family or no-family, nothing takes the place of a good business and marketing plan. In the end, customers will judge your business on the merits, so pricing, quality, and service are absolutely essential issues.

Posted by: Lisa Banks, Editor (Lisa)

Posted in: Business Articles | Small Business Marketing | Comments (0)

Do's and Don'ts of Cell Phone Etiquette

July 28^th, 2008

            

Besides e-mail and the Internet, cell phones may be the best invention since sliced bread. Small business owners are able to stay within reach if they're out of the office, and cell phones provide a certain level of personal security.

However, many have forgotten proper manners when discussing their business on the phone. How many times have you seen someone having a personal conversation in the middle of a crowd? Or, ever been in a movie when someone's phone rang?

These and many other transgressions are detailed by small business writer Joanna L. Krotz, a native New Yorker, who admits that a problem does exist. I find this almost stunning, considering their high tolerance of urban chatter and in-your-face attitude.

So, how do you make sure you're following proper cell phone etiquette? Some of it is common courtesy, such as shutting your phone off during a meeting, movie, show, etc. It's amazing how many people will not do this, and even actually answer the call!

According to Synovate, a market research group, 72% of Americans agree that the worst cell phone habit is having loud conversations in public. This leads to another etiquette point. Be at least 10 feet away from anyone or find a private spot before taking or making a call.

It is also suggested that you use an earpiece in high-traffic areas, which amplifies your voice so you do not have to speak so loud. And if you must take a call, keep it brief and to the point. Also, demand "quiet zones" or "phone-free areas" at work and in public spaces.

Finally, let all your friends know you have adopted proper cell phone etiquette and please, encourage them to do the same!

Posted by: Lisa Banks, Editor (Lisa)

Posted in: Business Articles | Small Business Best Practices | Comments (0)

Preparing Yourself to Weather a Stormy Economy

July 15^th, 2008

            

By most accounts, the U.S. economy is experiencing a tough time with the credit crisis and skyrocketing energy prices. The possibility exists, if it isn't happening already, for the nation's first recession since the September 11th tragedy.

Steps can be taken to protect yourself and your company from this, and be at the forefront once the economy recovers and more business returns.

First, and most important, is the protection of your personal assets. Some businesses will inevitably fail during a recession. If you are a sole proprietor or partnership, it may be wise to form an LLC or corporation to protect your home, car, etc. from creditors looking to satisfy their claims in the event your business does not make it.

Next, the difference between surviving a recession and going under depends a lot on cash flow, so keep a close eye on that. Be careful who you extend credit to for services and review and revise your collection policy.

Also, if your company is sound, you may want to apply for a line of credit if your business does not have one already.

Slow times are also no reason to slack off on marketing. Ask for referrals from current customers by offering discounts, or also get feedback. But be sure to reward them for their participation!

Beyond the above mentioned, trimming overhead and remaining optimistic can help you weather the storm. With soaring energy prices, upgrading equipment to more efficient models or making improvements to facilities are also important things to consider.

Posted by: Lisa Banks, Editor (Lisa)

Posted in: Business Articles | Small Business Best Practices | Comments (0)