12 Tips for Running Your Business

Running your own business is hard.  Ask anyone who has made it past the first 5 years.  My long-time friend, Gordon West, owner of Strongbar Industries attests to that.  Over his 30+ years as the second generation owner/operator of the family business he has seen more than his share of crazy:  From banks making irrational demands, through multiple recessions to COVID.  Through it all he has continued looking forward.

Gordon has spoken to students in my class at George Brown College a few times.  These students are learning how to start their own small business.  Hearing from successful business owners such as Gordon really helps put the 'real' into 'reality'.  He gave his OK with me sharing them and so today, here are Gordon's 12 tips for running your own business:

1. Know your numbers. Cashflow is the heart of every business. Keep your eye on these metrics:
• Money in/Money out
• Inventory balance and Turn:  You need to know what sells and how many times you turn over your inventory
• Profitability:  Are you making a profit or are you discounting yourself to death
• Profit margins:  Are you making enough to cover all your costs with something left over for yourself
2. Do what you like;  Hire what you don't.  You got into business because you were passionate about something.  As a business owner you are responsible for things beyond that. You need to understand those things but you should hire expertise for those things that take time away from the things that grow your business
3. Get a Business Coach/Mentor. Be accountable to someone other than yourself.  It's easy to slip.  A business coach helps you navigate the tough times and celebrate the good times.
4. Never stop learning!  Read up on your industry, the economy, business trends. Especially keep up on technology...it evolves fast!
5. Be the leader.  If you have employees, they look to you for direction.  Be decisive and direct.  
6. Be your brand! You are your brand and you need to communicate that everywhere and all the time. In email, be grammatically correct and write in complete sentences.  Dress professionally, especially in front of customers. 
7. Be on time! Follow this rule: 10 minutes early is on time;  On time is late!
8. Don't waste time!  Especially on social media and email notifications
9. Keep a record of every verbal communication. Write everything down.  It keeps others honest.
10. Have a succession plan.  Be ready for un-foreseen occurrences. Buy life insurance;  Have a Will and Power of Attorney.
11. Prepare for the unexpected.  Think about the 'what if' scenarios'.  The Cashflow can be a simple and useful analysis tool when looking at various revenue situations. 
12. Visit your bank in person.  Get to know the people;  let them get to know you.  

Thanks Gordon for sharing these with my students.  They are richer for it!

Until next time...

Chris

Google My Business: Ground Zero for Online Marketing

Ground Zero, the foundation for every business that wants to be found online is Google My Business.  It's the first thing I recommend to all starting-up business owners.  There are a lot of online tutorials for how to access your My Business listing page but basically once you are logged into your Google Account, search for the 'My Business' icon and you'll be directed to your main page.  From there, it is relatively straightforward to follow each of the steps to completely and accurately set up your My Business page.

From your My Business page, your Google Reviews are visible and accessible.  Your online reputation matters.  Both to the search engines and to real people.  Ask for reviews and respond to them right from your My Business Page.

Build up your content two ways on your My Business page.  First, upload photos and videos.  They can be of anything related to your business.  The more content you post, the more of an authority you become and again that benefits both your customers and the search engines.

Second, you can create posts.  Like blog posts, you can share your opinion on various topics related to your business.  Take advantage of this feature with regular updates.

There are other valuable features available and as you gain experience, you'll learn how to take advantage of them.  For more on Google My Business, here's an informative infographic:

Until next time...

Chris Morales

3 Social Media Predictions for 2021

I love predictions!  Here are 3 for Social Media in 2021...I'll check back February 2022:

1. People will continue to spend more time with their devices
2. Trust will be hard to come by
3. Reach and engagement will be an uphill battle

Until next time...

Chris Morales

Helping Startups Get Started Online

You've been itching to start your own business  You have an idea that you know will just crush it.  You've done your homework:  Analyzed your strengths and weakness;  Assessed your potential market;  Prepared your Business Plan. 

You've read all about online marketing.  You know you need a website.  And you've read all the success stories about how Instagram and Facebook can connect you with your most rabid fans.  And of course there are Google AdWords to wrap your head around.  Now you're ready to take the leap of faith but...how do you get from concept to market?

After listening to countless first-time business owners over the past 5 years voice their stress over online marketing, I realized that there was a need to help them take their first step.  I've put together the Small Business Online Marketing Startup Kit to help first-time small business startups get started.  This Kit includes all the basics to set up a professional online presence.  Plus, I've included a special bonus to make sure you have the knowledge to grow:

• Brand Logo:  Your brand is what your customers will see first.  It is important to have a strong brand identity.  We will design your Brand Logo and give you all the versions you need across all online platforms
• Google My Business:  This is the heart of your online presence.  Setting this up properly is the first step in setting up a professional online presence so that you can be found by potential customers when they search for your business (Includes Keywords)
• Website:  This is your online home.  We set up a simple yet robust presence that tells your customers who you are and what your products or services can do for them.  We write content that is relevant to your business...and to the search engines so that you get served up most effectively (Content Marketing)
• Instagram:  We set up your Instagram page using your Brand Logo and linking back to your website.  We'll show you how to post photos and short videos (Social Media Marketing)
• Facebook:  We set up your Facebook page and integrate it with your Instagram page and your website.  We'll show you how to leverage these two key Social Media platforms

And there's more...

Included in the Small Business Online Marketing Startup Kit in addition to the 45 minute Virtual Kickoff meeting is an additional 60 minutes of consulting!

The Small Business Online Marketing Startup Kit is $799.  It includes all of this:  Brand Logo, Google My Business, Website, Instagram, Facebook and 60 minutes of consulting!

Contact me at chris@chrismorales.ca to sign up and book your Kickoff Meeting.