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How Will Your Garden Grow?

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It is often useful to look backward before one moves forward.   We may be surprised to learn that our agrarian past holds valuable lessons that can be directly transferred to today’s fast-paced,  high-tech,  high-stakes and unsentimental business environment.   In Summer 2011  I read about a farmer in Georgia named Bobby Kirk,  who made national news when he wisely pointed out that it was too hot to fish.   Summers are hot in Georgia,   so I’m sure he was right.   Bobby Kirk’s folksy observation made me think about things I’ve read that compare farming and gardening to finding clients and creating more business.   Here’s a distillation of some Farmer’s Almanac-type wisdom that I’ve picked up along the way.  I hope you find it useful.

I. Plant seeds so that you will reap a harvest.
Whatever actions you take that will grow and nurture your business venture are the seeds.  Update your assumptions regarding client motivations for hiring your type of services or customer preferences in your product category.  Update your info on competitive activity.  Attend a workshop or take a course for professional development.  Read one business book per quarter,  to sharpen your skills and get some inspiration.

II. Tend your garden.
Plants,  prospects and colleagues all have their preferred form of follow-up actions.  They all want to hear from you! Plants like sunshine,  fertilizer and water.  Prospective clients who showed more than a passing interest in your services would appreciate a call or email from you,  inviting them to lunch so that you can get to know each other better and explore how your expertise can address their business needs.  The colleague who asked you to provide a reference or answer a question would like to hear from you also,  preferably within one week.  Research shows that it takes six contacts to establish the foundation of a meaningful relationship.  Follow-up,  follow-up,  follow-up in anticipation of your harvest.
III. Last year’s crop is history.
Weather,  predators and pestilence can wipe out a garden.  Shifting business priorities,  tight budgets and competitive activity can hurt your business.  Whether you have a farm,  a consultancy or an auto repair shop,  last year’s crop is just that.  Glean available lessons from your bumper crop or plague of locusts and use that knowledge to reconfigure your strategy and work smarter next time around.
IV. The more seeds planted,  the bigger the harvest.
If you expect to grow your business you must plant more seeds,  or the harvest will be meager.   Stay focused and discover and/or create money-making opportunities.

V. Plant what you want to harvest.
If you want basil and tomatoes in August,  then plant them in May.  Who do you want to be your clients?  Learn the best way to approach them and persuade them to meet with you.  Monitor which products/services are selling and to whom.  Is there a niche market you can develop? Which categories of clients will be most profitable to your business and how can you access them or increase your access? Analyze your financials,  brainstorm options,  formulate a strategy,  plant seeds,  follow-up and reap your harvest.

Thanks for reading,
Kim

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The Luck of the Freelancer

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St. Patrick’s Day was celebrated on March 17 and in Suffolk County,   St. Paddy’s  Day is a very big deal.  There is a huge parade,  bakeries sell Irish soda bread throughout the month  (it’s great toasted and slathered with lots of butter),  bars sell green beer and some grocery stores even sell green bagels.  The city declares a holiday  (officially called Evacuation Day)  and the parking meters are off.

So it got me thinking about four-leaf clovers and good luck and all of that.  Like most people,   I am convinced that success in life and business is impacted by luck.   Being born to a wealthy and influential family,  having loving and supportive parents,  being exceptionally talented in science or with languages,  getting seated next to a potential client at a dinner party—that’s all random good luck that no one can control.

A  recent LinkedIn survey of 7,000 of their members found that 84%  believe in career luck.   Both Napoleon Bonaparte and former U.S. president Dwight D. Eisenhower were quoted as saying they preferred a lucky general to a smart one.   I mean,  why is it that some people always manage to be in the right place at the right time?

Some experts claim that we have a hand in creating our luck,  good or bad.   A recent study by Richard Wiseman,  Professor of Psychology at the University of Hertfordshire in the UK,  demonstrated that simply believing that one is lucky can create positive outcomes.   Wiseman studied two groups of people: one group whose members considered themselves to be  “lucky”  and another group whose members considered themselves to be  “unlucky”.

He gave participants in each group a newspaper and instructed all to as quickly as possible,  go through the paper and report how many photographs were to be found within.   The results were interesting.   The  “lucky”  study subjects reported back their  (correct)  answers within seconds,  much faster than the  “unlucky”  subjects reported back their  (often incorrect)  answers.   What accounted for the difference?  On page two of the paper there appeared an advertisement with this message:  “Stop counting.  There are 43 photographs in this newspaper.”

Wiseman concluded that the   “unlucky”  study subjects were blind to their opportunity to succeed because they became too focused on looking for exactly what they were looking for,  to the exclusion of what would help them achieve their goal.   For example,  perhaps  “unlucky”  Freelancers attend networking events in search of their idealized version of the perfect client and as a result ignore others in the room who might also be potential clients.

“Lucky”  people,  on the other hand,  are much more relaxed and open,  willing and able to see what resources lie in their path—like the ad on page two of the newspaper that gave them the winning advantage.  Furthermore,   a strong work ethic is said to increase our chances to create and/or take advantage of good fortune.   Bill Gates got lucky for sure,  but he and Paul Allen also shut themselves up in a room,  rolled up their sleeves and worked very long hours to put themselves in a position to grab the brass ring when it came around.   They also had great faith in the marketability of their ideas,   which is said to be another magnet for good luck.

“Nevertheless,  since our free will must not be denied,  I estimate that even if fortune is the arbiter of half our actions,  she still allows us to control the other half,  or thereabouts.”   Niccolo Machiavelli,  in a 1513 letter to Lorenzo de’Medici

So how can we attract a healthy chunk of  the good fortune that floats through the atmosphere?  Listen to Machiavelli and Professor Wiseman,   Paul Allen and Bill Gates.   Once you know in your gut that your product,  service or idea has good potential to find a client base,  trust your instincts and vigorously pursue and promote what you’ve got.   Work hard and be ready when the good fortune rolls around,  as Machiavelli advised his patron Lorenzo de’Medici.   Most of all,  take off the blinders and see the gold nuggets that may lie within your reach,  as Wiseman’s study demonstrated.   Maybe look for a four-leaf clover and have some soda bread too,   just for good measure.

Good luck to you and thanks for reading,

Kim

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Heads-up: Google + Business Pages

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At last it is here.  The business page option for Google Plus was rolled out in November of last year.  The early adapters are still figuring it out,  but the consensus is that Google + is an innovative and useful social marketing tool for Freelancers,  business owners and our customers.   Google + combines and enhances the business-friendly social networking features of Facebook,  LinkedIn and Twitter and presents it all in one platform.

You’ll be able to share links,  location data,  photos,  videos and have interactive two-way conversations on the Plus platform.  Ian Schafer,  founder of the Manhattan digital marketing agency Deep Focus,  says  “Integrating with Google + is essential right now,  because of its impact on Google search results.  Experimentation will give businesses  (especially small ones)  a leg up on their competition.”

But all is not rosy.  First of all,  you need a Gmail address to set up and access the service.  On top of that,  there is as yet no cross-platform integration with other Google services.  Plus doesn’t mesh with Analytics,  Blogger or YouTube.  The company vows that full integration is on the horizon,  but an arrival date has not been promised.

As with all social media,  you must sign up  (with Gmail)  and create a profile.  Like LinkedIn,  describing your services is the name of the game.  The  “About”  tab is especially important,  for this is how visitors to your page will elect to invite you to connect with them  (or not).  Present an informative,  compelling profile and tell the story of you and your products and services.  You may provide a link to your website.

Like Facebook,  photos figure prominently in you Plus profile.  Before you sign up,  create five photos of yourself in action as you provide different aspects of your services,  sit on a panel,  speak or teach,  take a meeting or whatever.  Those photos will be uploaded to the Photo Strip,  which is displayed beneath your business name and tag line on your home page.

Next you can populate the  “Circles”,  “Sparks” and  “Hangout”  sections.  Circles are grouping categories for your connections.  Hangout lets you set up various group events and invite contacts from your Circles and also the public to interact in useful and engaging ways.  Sparks is a streaming feature that lets you choose to receive info that keeps you updated on business issues of interest to you.

Invite clients and professional contacts to join Circles that you will designate.  You get to curate what information is shared with contacts based on the Circle you place them in and that decision will be determined by their relationship to you and your business.  You may designate Circles for clients,  peers and colleagues,  members of your business advisory board,  friends,  press updates,  or whatever categories seem appropriate.

Through interactions with those in your Circles,  you may refine your understanding of what contacts would like to know about your business,  how your services can be packaged and marketed and/or what clients value most about your services and how you can become even more valuable.

Like the LinkedIn Answers forum,  questions can be posted and Google+ members can offer answers.  It’s a great way to expand your connections and build relationships by sharing your expertise.  Visit http://findpeopleonplus.com to find professionals in your target markets and find out what’s on their mind,  how you can help and who you want to invite into a Circle.

Hangout is a very intriguing feature of Plus.  It one-ups Facebook and the Skype connection.  Real-time interactive communication is possible on Hangout and with a larger audience.  Reportedly,  the Dalai Lama recently hosted a Hangout with Anglican Archbishop Desmond Tutu with an audience of millions. 

 With Hangout,  those of us who teach now have a way to present our courses and workshops in a free online classroom that will host up to 10 students in a group class.  Private consulting sessions are also possible with clients who live anywhere there is internet access.

So check out Google+ and consider the benefits for your business.  49 million hits were made on Plus in December 2011 and analysts predict that Plus will have 400 million users by year-end 2012.  Google is the word’s biggest search engine and inbound links are increasingly important in search engine marketing.  A well-thought out and crafted Google+ page has the potential to draw in prospects with the money and motive to join your client roster,  the best Circle of all.

Thanks for reading,

Kim

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Business Books to Read Summer 2011

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Our Summer idyll will end in just a couple of weeks, but there’s still time to squeeze in some all-important professional development and maybe a meeting with a promising prospect, too.  Freelancers cannot afford to merely work hard when September rolls around.  We must also work smart.  I’m lucky to have discovered a trove of worthwhile business books that will make me smarter and I’m happy to pass along my take on what I’ve read.

The books will teach us effective ways to turn prospects into clients (sell only to VITOs),  how to devise business goals and strategies that will ensure our long-term success (because the red ocean is where you’ll drown)  and that  y=f(x) —and how to apply that formula to make both our own and our clients’ business processes operate more efficiently and profitably (what’s your sigma?).

The Borders book chain is going out of business, so why not make the most of that sad event and scoop up a few titles on the cheap? What’s not left on the shelves at Borders can be checked out of your local library.  Get started now on creating both a strong fourth quarter and laying the groundwork for a financially healthy 2012.

The Secrets of VITO: Think and Sell Like a CEO (2002)  Anthony Parinello
If Freelancers expect to convince decision-makers to award us assignments,  it is imperative that we understand what motivates them to hire us.  This astute and sophisticated book helps Freelancers understand the standard concerns,  priorities and mindset of the typical CEO or organization leader.  Learn how to win trust and convey expertise.  Learn smart ways to approach, persuade,  negotiate with and sell to those who can either veto or green-light our projects.

Blue Ocean Strategy (2005)  W. Chan Kim and Renee Mauborgne

Blue Oceans represent untapped markets and undiscovered customer preferences.  Who knew they craved Sony’s Walkman or Apple’s iPod until the marketing campaign told them so?  Red Oceans represent mature,  shrinking and highly competitive markets.  Remain there and your business will surely operate in the red and perish. This classic guide to innovative strategy development shows Freelancers,  business owners,  corporate execs and nonprofit organization leaders how to pursue fearless, rational and uncomplicated approaches that will redefine and energize strategic direction,  articulation of the value proposition, the business model and marketing.

Six Sigma for Dummies (2005)  Neil DeCarlo, Craig Gygi and Bruce Williams

Six Sigma is a highly sophisticated and exacting data-driven process improvement system that was originally designed for manufacturing companies.  However,  the system can be successfully applied to service delivery as well,  from hospitals and health clinics to restaurants and financial institutions.  Six Sigma will substantively minimize errors and inefficient practices in product manufacturing and service delivery systems.  The material is complex,  but the book is well-written and very clear.  I found that anyone whose work involves operations,  strategy or finance will benefit from exposure to the basics of Six Sigma, whether or not you become formally trained in its tenets.  You’re bound to gain useful insights on how to accurately measure, assess and streamline the delivery of your organization’s products or services.

Thanks for reading,
Kim

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Summer Reading List

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For just about all of us,  the school year Summer Break meant having fun: hanging out with friends,  going on picnics and trips to the beach,  summer camp and family vacations.  Yet Summer was not all fun.  When I reached high school,  Mom and Dad made sure I got a job every year,  so I would earn some money and learn the habit of saving when they insisted that I bank half of my paycheck each week.

Also,  students at my college-prep public high school were required to read two books  (from the school’s list)  over the Summer and submit a book report for each when we returned to school in September.  I’ve always been an avid reader,  so the reading assignment was never a chore for me  (although I disliked writing the book reports).

This year,  I decided to renew that tradition and get into some business-themed books.  It had been a while since I’d mined that category and I had the appetite to make up for lost time.  Here are three books I’ve read since June.  Maybe you’d like to suggest a few titles that you’ve found to be useful?

TouchPoints  (2011)     Douglas Conant and Mette Norgaard

Freelancers,  corporate execs,  nonprofit organization leaders and business owners all require leadership training.  This excellent and informative book provides first-rate lessons for experienced leaders and those new to the club.  Learn how to create a leadership model that reflects your unique style and values,  rather than merely mimicking a cookie-cutter template.  Learn how communication skills promote leadership skills.  Explore the existential question of why you choose to lead.

Knowing Your Value  (2011)     Mika Brzezinski

Although this book’s intent is to confirm that women deserve to receive appropriate financial reward for their professional gifts and teach them how to successfully negotiate a raise,  salary or contract fee  (and other perks)  that accurately reflect the value they bring to the organization for which they work,  I recommend this useful and enjoyable book for both genders.  The Haves are shamelessly using the weak economy to withhold money from the Have-nots and that means we all need to learn how and when and under what conditions we can respectfully request money and recognition  (plus a good title!).

Black Faces in White Places  (2011)     Randal Pinkett and Jeffrey Robinson

The title of this book is misleading.  It is not primarily a book about survival strategies designed to assist people of color who work in Euro-American dominated environments.  Randal Pinkett was the winning contestant on  “The Apprentice”  in 2005  and he is the only African-American to be named the winner.  The authors do speculate as to why no other  “Apprentice”  winner has ever been asked to consider sharing the prize.  Was it subtle racism?  Only Trump knows.  But who among us has not been treated unfairly at some point?  The authors posit that the most reliable way to triumph in life and business is to deliver excellence and that is the subject of this well-written,  dense and absorbing book.  Pinkett and Robinson  (who run a lucrative consulting firm)  provide a detailed roadmap that is applicable to Freelancers,  business owners and all professionals of all races.  Learn to identify your passions and your purpose,  nurture beneficial relationships,  develop and consistently deliver excellence and give back generously,  to pay it forward and mentor others.

I’ll be back next week with the rest of my Summer reading list.

Thanks for reading,

Kim

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Launch Your Part-time Business

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Here’s a sampling of part-time business suggestions that will jump start your brainstorming and get ideas flowing for a business you can run while also keeping your nine to five.  Oh,  and do be sure to keep your business activities separate from your job,  meaning,  don’t tell your boss and co-workers what you’re up to.

Baker

First,  decide if you’re a bread baker or a pastry chef: will it be baguettes and croissants,  or cupcakes and pies?  You can sell your wares at neighborhood street fairs and farmer’s markets.  Do some market research and take a tour of local venues,  to see what sells in which marketplace,  at what prices and to which customers.  Check the licensing requirements of your state and city health departments and also find a commercial kitchen to give yourself the capacity for high-volume baking.

Bookkeeper

Those with experience in corporate finance departments,  payroll departments or accounts payable/receivable are the best candidates to set themselves up in a tidy little part-time bookkeeping business.  Brush up on your QuickBooks skills and promote yourself to Freelancers,  churches and small businesses.  Join your neighborhood business association to meet potential clients.

Caterer

Are you a fabulous cook who knows how to serve and present food elegantly and efficiently?  Does the prospect of preparing Christmas dinner for 12 or a buffet Easter brunch for 50 fill you with excitement and make your organizational skills shine?  If that is the case,  then catering on the side may be an ideal money-making and creative outlet for you.  Hone your chops by taking over the preparations for a few large family events.  Graduate to getting hired for dinner or cocktail parties held by friends of friends.  Consider renting commercial kitchen space to make cooking for large events easier.

Floral designer

If you’ve always known how to compose a pretty bouquet,  upgrade and refine your natural abilities by taking a flower arranging course at an adult learning center or community college.  Next,  identify good flower market and floral supply wholesalers,  so you can provide a wide selection of fresh and exotic blooms arranged in the loveliest vases and still earn a good profit margin.  Promote your services to those celebrating anniversaries,  births,  christenings,  graduations or other special occasions.  Form a strategic partnership with a (part-time) caterer who needs to decorate a party.

Gardener

Do you have a green thumb?  Do you know people who have no time for yard work?  There is money in mowing lawns,  trimming hedges,  tending window boxes, weeding and coaxing roses to bloom.   My mother’s uncle started a part-time gardening business which he ran for at least 20 years.  My father worked with him on many spring and summer evenings throughout my childhood.  The more artistically inclined can create a niche in landscape design for residential clients and neighborhood merchants.  Remember to include Christmas decorating in your list of services.

Hair stylist

So maybe you were a hairdressing school dropout? Pick up those scissors again and revive your skills,  so you can offer wash,  cut,  blow-out and maybe even color and straightening services at your kitchen sink or the client’s.  Friends and friends of friends who need makeovers,  or maybe just maintenance,  will appreciate both your talent and at-home discount prices.

Photographer

If you’re a clever shutterbug,  invest in a good digital camera,  become a Photoshop expert and  pull together a portfolio of your work to show to prospective clients.  You may even want to specialize in a niche,  like weddings  or family reunions.  Form a strategic partnership with a web designer who creates sites for Freelancers  and make money taking the all-important website photo.

Tutor/coach

Are you a good teacher?  What is your area of expertise—golf, tennis, algebra or languages? Open an account at Craig’s List,  to advertise your services.  Those who teach an academic subject should also contact local parent’s groups, neighborhood blogs and local schools.  My brother’s wife has taught piano for several years and she’s quite busy.  She is a full-time wife and mother of four.

Thanks for reading,

Kim

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Having it Both Ways with a Job and a Business

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To my readers in the weekly paycheck world: do you sometimes wonder what it would be like to chuck your day job,  become the captain of your destiny and start a business of your own?  Maybe you have a special creative talent,  something you do that makes you feel proud and fulfilled,  something that friends and colleagues always compliment you on?

Maybe you already daydream about starting a business,  but fear that you don’t have the resources or temperament to grow it into your primary source of income?  Perhaps you need a few extra dollars each month,  because your paycheck is no longer big enough as prices at the gas pump and grocery store continue to rise?

You can have it both ways and start a part-time,  on the side business while you continue to work full-time and enjoy the security of a regular paycheck and health benefits.  People have done it for years and for all sorts of reasons,  mostly as a cash flow safety net,  but also to provide an outlet for a creative talent.

Former full-time employee and part-time business owner Felicia Joy has coined the term  “hybrid entrepreneurship”  and she defines the process as  “the act of working a full-time job while building a business part-time.”  Joy explains it all for you in her new book  “Hybrid Entrepreneurship: How the Middle Class Can Beat the Slow Economy” (2011).

Joy advises that although your part-time business venture will not be your main source of income to still treat its launch seriously.  She recommends that you write a business plan to ensure that you cover all bases,  such as devising a good marketing strategy,  identifying your target customers,  perfecting the business model and assessing start-up costs.

Furthermore,  Joy says it’s important to create a professional image for your business: print business cards,  build a website,  have appropriate print collaterals,  open a separate business email account and maybe also have a separate business telephone line.

Network for your business venture,  so you will meet peers with whom you can form strategic partnerships and referral relationships that will help you to grow your business more quickly.  Join a professional association related to your business,  to receive access to information and other resources that will help you grow as an entrepreneur.

At work,  volunteer to take on assignments and lead projects that will help you acquire skills that you’ll need in your business,  such as sales,  operations,  bookkeeping or marketing.  As Joy says  “Learn to leverage your day job in a way that helps you in your business and also helps you at your job.”

Next week,  I’ll give a few examples of part-time businesses that you may want to start.

Thanks for reading,

Kim

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The Data Driven Payoff

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Because the February-March session sold out,  I have been invited to reprise my three-part workshop  “Become Your Own Boss: Effective Business Plan Writing”  at Boston Center for Adult Education 122 Arlington Street Boston MA on three Mondays,  May 9, 16 & 23 from 5:30 PM – 7:30 PM.  For more information or to register please visit http://bit.ly/becomeyourown59  or call 617.267.4430.

As Freelance consultants,  we know that information is nearly as valuable to us as our skill set.  Information leads us to make smart decisions about all aspects of business: what services to offer,  identifying target client groups,  determining a profitable business model,  understanding how to market our services,  gaining a competitive edge.  That good information is integral to all that we do comes as no surprise,  but until now there was no scientific evidence to support that belief.

New research done by Erik Brynjolfsson,  economist at the Massachusetts Institute of Technology Sloan School of Business,  Heekyung Kim,  graduate student in economics at MIT Sloan School and Lorin Hitt,  economist at the University of Pennsylvania Wharton School of Business proves that good information really does put money in your pocket.

The three studied 179 large businesses and found that when decisions enacted were based on reliable data,  companies achieved a 5+ % higher productivity level than businesses that relied more on “experience and intuition” for decision making.  The higher productivity could not be attributed to other factors,  such as the use of more sophisticated technology.

In the study,  data driven decision making was not primarily based on merely collecting data,  but was closely linked to how the data was utilized.  In the April 24, 2011 New York Times,  Mr. Brynolfsson stated that business decisions based on data and analysis “have huge implications for competitiveness and growth”.

Thomas Davenport,  professor of information technology and management at Babson College in Massachusetts supported the conclusions reached regarding data driven business decisions in a book written with Jeanne Harris and Robert Morison, “Analytics at Work: Smarter Results” (2010),  concluding that companies that rely heavily on data analysis are likely to outperform those that do not.

The big question is,  which data do we choose to collect and analyze and how do we best apply it?  Curating data is big business.  “The biggest change facing corporations is the explosion of data”,  said David Grossman,  technology analyst at Stifel Nicolaus in the April 24 NY Times.  “The best business is in helping customers analyze and manage all that data”.

How does a Freelancer decide what to do with data available to us?  I propose that data presented here would guide readers with excellent proficiency in mathematics and possessed of an advanced degree in the subject to become data analysts!  All others might take a look at our P & L statements and examine gross revenue and fixed and variable expenses and analyze how much it costs to generate income and what can be trimmed to make the bottom line better.

Speaking of revenue,  do some research on the services that your target clients are contracting for these days.  Are you retaining clients and signing new ones, too?  How does your 2Q 2011 active client roster compare to 2Q 2010?  Do you need to tweak your business model to maintain your competitive edge,  or might it be wiser to seek a strategic partnership?

To help figure things out,  do a free online search of Google’s Key Word Tool or Wonder Wheel and type in a descriptive phrase of your core service.  How many prospects in your locale are searching for what you sell?  Next,  type in a phrase that describes the service you think might interest clients and see how many local searches it gets.  There you have it,  data driven analysis to guide your business decisions.

Use Google Analytics to track hits to your website and report which pages receive the most attention.  You can correlate that data to the number of follow-up requests you receive and  the conversion of that follow-up to new business.  Make further use of that data to evaluate the efficacy of your website and learn how you can enhance this important marketing tool.  Will adding multimedia to your website be useful?  Or will adding pages to give more information do the trick?  Or maybe you should just simplify the text and clarify and strengthen your message?  Listen to the data and find your answers.

Thanks for reading,

Kim

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Ask and You Might Receive

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Nearly all Freelancers are feeling the pain of the long slog through the sluggish economy.  Merely treading water is now considered a victory.  Even those fortunate  enough to have maintained robust billings are sensitive to the cash flow problems of their customers and fellow business owners.  Consequently,  the time is ripe to ask for a better deal,  for everything.  You may be pleasantly surprised at what people will do to keep your business.  To get the ball rolling,  all you’ll need are some creativity and moxie.

You’ll also need to remember that your goal is to both save money and build mutually beneficial business relationships,  especially when approaching fellow Freelancers or other small business owners.  Be assertive,  but considerate and respectful.  Don’t try to squeeze someone whose business may be hurting.  Think of benefits that will accrue to the other party and communicate that as you present your proposition.

The other party will appreciate that you’ve thought of their interests as well as you own,  so no matter what,  you’re likely to be seen in a positive light.  Even if you are unable to get what you want,  you’ll never lose by asking.  As they say,  it’s just business.

  • Think about bartering products or services.  What do you sell or do that suppliers and service providers might value for their businesses?  HR or IT services?  Graphics or PR or landscaping?  You’ll never know until you ask the question and get the dialogue started.  Make sure the exchange is of equivalent perceived value,  so that no one feels short-changed.
  • If you rent an office,  begin preparations now to campaign for a rent roll-back.  Commercial space is plentiful and most landlords want to keep a good tenant.  Be sure to pay your rent on time and otherwise cast yourself in a favorable light.  Get information on rents for comparable spaces in your area and determine what would be reasonable to pay for yours in the current economic climate.  Are their problems in the building?  If so,  make a list so that you can more effectively negotiate with your landlord at lease renewal time. 
  • When it’s time to advertise,  ask for a discount (try 10 %).  You’ll be more successful if the ad is larger and/or if you place multiple ads with that publication.  Ask also if you can be notified when remnant space is available,  which will save even more money.  You must be flexible and prepared to act quickly when taking remnant advertising space.  You might even spend more than you anticipated.  In exchange,  you just might get an eye-popping half page ad for the price of a quarter page.
  • Think about the products and services that you use all the time when doing business.  Do you ship items on a regular basis?  Do you travel frequently and stay at the same hotel?  If so,  then it’s time to ask for a loyalty or volume discount.  Have information about how often you use the service/product and how much you spend at the ready,  to support your case.
  • To preserve your cash flow,  request more flexible payment terms from suppliers and service providers.  Ask for 45-60 day terms,  or ask to pay half of the balance in 30 days and the remainder at 60 days.  The other party may not love it,  but the terms may nevertheless be extended in an effort to keep you as a customer.

Thanks for reading,

Kim

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Attention Shoppers! It’s Time to Invest in the Business

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Our  “new normal”  economy has regrettably resulted in sluggish business for most Freelancers and we are forced to watch our pennies.  The financial squeeze may tempt many to cease spending on all expenditures deemed nonessential,  but it’s wise to be strategic about what gets relegated to that category.

In fact,  judicious expenditures for the right business upgrades will help us to fight back against the recession and demonstrate to clients that our business remains viable.  If your credit line can handle it,  this is an ideal time to invest in your business by purchasing almost any type of equipment or promotional service.   Fourth quarter purchases are sweetened by the knowledge that the tax deductions will flow back to you a little faster.

So let’s go shopping!  There’s plenty of inventory in the stores,  despite diminished wholesale purchases,  and prices have never been better.  Now is an excellent time to replace or upgrade  computers and other IT equipment,  office furniture or even a company vehicle.  Commercial real estate is likewise more plentiful and hence affordable,  so if trading up has been on your wish list,  investigate options now.   Plus,  if a build-out is necessary,  those in the trades are ready and willing to provide quality work at competitive prices. 

Advertising space is likewise more plentiful and hence more affordable.  Discounts are available and payment terms are gentle.  Revisit publications and online sites that were previously out of your reach and ask what can be done for you now.  Do not be afraid to negotiate.  The buyer’s market is in full effect.

Now,  take a look at your website.  Does it look a little dull?  Maybe the text could use some sharpening?  Or perhaps you’d finally like to have a logo?  What might help your website to communicate your brand and core services more effectively,  or provide a compelling  “call to action”  to potential clients?  Web developers,  graphic artists and copywriters continue to be busy,  but not so much that they won’t take on smaller  jobs and do good work at a reasonable price.

The  “new normal”  economy also makes this an excellent time to hire,  if you can make the case that an extra body or two will increase revenue.  There are so many highly qualified professionals searching desperately for cash-generating projects that you will be able to hire someone (maybe part time?) to write your monthly newsletter,  manage social media,  cold call prospects and set appointments for your follow-up,  manage the books and accounts payable and receivable or just about anything else you need taken off your plate.

Finally,  our professional skills are our most valuable asset and also deserve investment.  I’ve seen more generous than expected early-bird registration discounts offered for numerous seminars,  since organizers are anxious to fill rooms.  Take advantage of this trend and sign up for training that perhaps you previously could not afford.  You may also want to have a few sessions with a business coach,  who may now offer money-saving incentives to stimulate business,  and work on other ways you can find competitive advantages for your business venture.

Thanks for reading,

Kim