The Blog

News and Musings from Randy Ellison

Wednesday
20Jan2010

Sun Belt Small Business Growth

DateWednesday, January 20, 2010 at 5:25PM

According to a new study from Portfolio.com and American City Business Journals, Austin Texas is the best metropolitan area in the U.S. for starting a small business. The city's population growth, employment rate and burgeoning small-business growth helped it earn the No. 1 spot. It was followed by Baton Rouge, La., Raleigh, N.C., Charleston, S.C., and Portland, Maine.

Last place… Detroit.

Sad to see that my hometown of Nashville came in at #28, but that is an improvement over last year’s ranking of 33.

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Friday
08Jan2010

Cautiously Optimistic: Outlook For 2010

DateFriday, January 8, 2010 at 9:51PM

On the heels of Christmas, all eyes turn to the economy and the outlook for 2010. This time of year, organizations big and small look to implementing, or in some cases, completing their business/operational plans and this year’s outlook is significantly brighter than last year.

Last year, I bet that the economy would improve in the 3rd and 4th quarter. Fortunately, it did begin to rebound in the 3rd quarter. There was simply too much money pumped into the system for it not to improve.

So what can we expect from 2010?

Improvement. Despite the recent negative employment news, it definitely looks like the employment market has hit bottom and by February we should start to see signs of an improving labor market. Based on the Fall numbers, auto manufacturers should start to become profitable again, but overall consumer spending will remain weak and choppy. Too much wealth has been destroyed in this recession and it will take some time for real income to rise, which is necessary for strong retail growth.

The dollar remains weak giving strength to exports, local and state government continues to struggle, and commercial real estate continues to tank.

On the plus side, the first half of the year looks positive, especially for stocks. However, inflation or fears of inflation and higher rates becomes the story of the second half of the year.

2010 looks positive. It is 2011 that I’m worried about.

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Wednesday
23Dec2009

I Am The “IT” Department

DateWednesday, December 23, 2009 at 12:47PM

Technology makes this a great time to be a small business. Rapid advances of technology have made it easier for small business owners to compete with the "big boys" on a newly leveled playing field.

From online postage to inexpensive accounting programs to easy web hosting and development, small businesses can operate nimbly, effectively and on par with larger competitors.

Want a great example? Barbara Heinrich, owner of Local Motion in Minneapolis, built her own mobile-phone application through BuildAnApp to display her hours, location and pictures of new arrivals. Several services have cropped up recently to help small businesses develop iPhone applications so that they can participate in the mobile market including:

If you are looking for a tool to maintain regular contact with customers that are on the go, you should probably check out one of these tools. Remember, you don’t have to be Southwest, CNBC or Amazon to have your own iPhone app.

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Tuesday
15Dec2009

Perceived Loudness

DateTuesday, December 15, 2009 at 11:38PM

The House of Representatives approved a measure to modulate television commercial loudness. A similar bill is headed to the Senate. If the bill becomes law, the FCC would be required to adopt Advanced Television Systems Committee guidelines for correcting loudness within one year, and to begin enforcing those standards the following year.

Here’s a great 2007 article from MSNBC that details why some TV commercials may appear louder than others. In short, they are rarely louder.

As is usually the case, legislators are better off not trying to solve a perceived consumer irritant. It is never as easy as just saying, keep the sounds levels even. There’s always a backstory and the opportunities for “unintended consequences” multiplies in direct proportion to the number of proposed bills drafted to right a wrong.

Plus, don’t we have bigger fish to fry right now?

AuthorTargoz Strategic Marketing | CommentPost a Comment | Reference4 References |
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Monday
07Dec2009

Eating What You Kill

DateMonday, December 7, 2009 at 11:59PM

Chris Brogan, president of New Marketing Labs and the co-author of Trust Agents, offers up some great advice for new business owners.

  • Focus on what you need to drive the business, not the “trappings” of a company.
  • Keep your metrics simple, and focus on value.
  • Use sweat instead of credit.

In business for just one year, New Marketing Labs is not only profitable, they are growing. These three key are definitely part of their winning formula. For me, working within your means and staying very lean are keys for success.  It’s nice to see that others agree.

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Monday
30Nov2009

Give Them What They Want

DateMonday, November 30, 2009 at 8:50PM

"Deceptively simple" but astute advice to small-business owners from USA TODAY columnist Steve Strauss: Ask customers what they want and then give it to them. There are lots of ways to solicit customer opinions, Strauss writes, including one-to-one chats, questionnaires and telemarketing.

Asking them what they want is deceptively simple. Believing what they tell you… that can be difficult. It is always easier to attack the message or the messenger than to own up to your customers opinion of your products and service. Don’t blame the messenger. Own your customer’s thoughts on your products and service. Those comments may be the spark that leads to increased customer retention, improved sales and the development of new products.  Don’t just ask, learn from your customers and your bottom-line will thank you.

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Sunday
22Nov2009

Protect Your Brand, Customers and Reputation. It’s All You Have

DateSunday, November 22, 2009 at 8:47PM

In a tough economy, everyone is looking for ways to increase revenue. Organizations are making tough choices, customers are making tougher choices, and your people are doing everything they can to keep things moving forward.

This represents one of the most dangerous times for any business.

The tendency to do anything to increase revenue is tempting. But these short-term fixes can irreparably destroy the trust your customers, employees and peers have in your brand.

So how do you know if you are going too far?

Easy, ask your customers and your employees.  Marketing research is the only way to know what you’re your customers and employees are willing to accept.

Trust is built on two-way communication. It's about listening. To build trust, you have to clearly understand what your customers want and need from you and how they will react to new offerings or to changes in existing offerings.

Companies that listen to consumers, employees, and stakeholders will continue to produce excellent goods and services that will not compromise the quality and value that they expect from your brand.

Those who don’t listen are risking the one thing that will get them through the recession, their customers.

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Tuesday
17Nov2009

Do You Know What’s Around The Corner?

DateTuesday, November 17, 2009 at 3:24PM

"Regardless of how you go about innovating, make sure you're continually pursuing the next thing, because a company's commitment to staying relevant must never cease," writes Steve McKee, president of McKee Wallwork Cleveland Advertising.

As McKee notes in the article, you must understand how customers view and interact with your brand or service to understand what’s next for your business. And knowing what’s next is the only way you can stay ahead of the competition.

Customers and markets are always changing and staying ahead of the curve is imperative if you want to stay in business.

Many businesses start out as innovators, win awards, and over time fall behind.

Just like mutual funds, past performance does not guarantee future results. Even if you have customers tied up in long term contracts, you will eventually have to convince them to renew. Will you have something new and innovative to share or will you be relying on your previous service and relationship?

Continually innovating and growing will not only keep a business relevant; it will also give customers another reason to stay.

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Monday
09Nov2009

Saying Goodbye Is Never Easy, But It Can Be Profitable

DateMonday, November 9, 2009 at 10:00PM

Letting someone go is one of the most dreaded and difficult tasks that a small business owner will encounter.

Firing a customer is doubly difficult.

In this tough market, many small businesses are cutting loose demanding, resource-draining customers who want deep discounts or pay their bills late.

Dropping these "high-maintenance" clients reduces frustration and allows entrepreneurs to devote their time to more profitable clients.

So how do you know if you need to fire a customer?

If you have customers that don't get the value that you are adding, don't appreciate your service, or have unreasonable demands, you should think long and hard about continuing the relationship. 

Not only do these types of customers eat up a lot of time, they do not create any positive word of mouth for your business. They also frustrate your staff. By forcing your employees to deal with these people, you are sending them a message that their professionalism, values or sense of quality don’t matter.

Letting a customer go is never easy, but sometimes it just has to be done.

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Sunday
01Nov2009

Hope, prayer and a charge card

DateSunday, November 1, 2009 at 9:50PM

Credit cards have always been a source of credit for startups, but other options are disappearing as banks withhold traditional loans and fail to buy into the Small Business Administration's loan-guarantee program. The 22 big banks that received government-bailout funds have cut their lending to small businesses by $8 billion since April when the government made them start reporting it.

Almost 60% of small business owners have used a credit card in the past year for business capital, according to a recent survey by the National Small Business Association (NSBA). In contrast, 45% of those polled had a bank loan. As traditional loans dry up and lenders such as JPMorgan Chase hoard cash and build reserves or just file bankruptcy, business owners are doing what they always do. They are finding another to way to succeed and to make things work.

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