The Value of Partnership

As I travel across the country meeting with small business owners, I often wonder what motivated him or her to find the courage to take the proverbial business leap of faith; to walk away from the security of the traditional 9 to 5? Secondly, I find myself wondering why, after making the giant decision to start a business, would he/she decide to go it alone?


For me, starting a business on my own was not all that inviting. You see, I have been at this a while and I know the work involved in successfully running a business (budget, personnel, contracts, licenses, website maintenance, strategy development…whew! I am exhausted just thinking about it). So, when I got ready to launch Marketing Cafe, I poked, prodded and shamelessly begged a few of my colleagues to join me in partnership but to my disappointment, they all passed. Nevertheless, I would not back down from the challenge and moved forward with starting my company. However, after continuous networking, I have been able to create formal and informal partnerships with other like-minded professionals. The result – We get more done in less time.


This is not to suggest that you partner with the first smiling face you meet with a business card and a bright idea. Partnership is a valuable offering that requires much due diligence to facilitate effectively. It requires you know your strengths and weaknesses so you know where you need the support of a partner. It requires a study of his/her personality, decision making skills and motivation. But most importantly, it requires that the team of you share a mission, vision and goal.

If you (or someone you know) are considering making this your year to start a business, I say Bravo! Definitely go for it....and consider partnering to achieve sustainability for the long haul. There are so many advantages to a duo versus a solo in business. Here are a few reasons to partner up:

1. There are many aspects to running a business. Operations, Financial, Human Resources and Marketing, just to name a few. Marketing , which is my specialty, is a full time job all by itself. After all, keeping your name and voice visible and relevant requires diligence, research and follow-through 24/7. Having a partner to focus on other core areas of the business allows you both to cover more ground in less time, more efficiently.


2. Creativity is often sacrificed when so much emphasis is placed on the execution of business tasks. Without the proper foundation and start in business, many budding business owners quickly find themselves in this place. Having a partner to balance the workload and share information, contacts and resources provides more opportunity for new and fresh ideas to flourish.


3. The need to have a digital/online presence is becoming more and more paramount. Being more “sociable” adds a few more hours to the work week. Behind the scenes, two can better manage the many requests for tweets and blogs to keep your company socially active through the web.


4. The first 3-5 years in business can be very demanding. Four-legs opposed to two can mean you cross the finish line a lot faster with more time and energy to devote to the growth phase of your business.


5. According to the SBA, only 11% of all small businesses seek/secure commercial funding, meaning the other 89% are self-funded or use private investors. Wouldn’t you want to have a partner to share in the start-up costs? I know I would.
   
   Happy reading and consider strategic partnerships as a way to expand your business in the new year.
   
   Melanie Robinson
   

2008 Coming to a Close: What's on the Marketing Horizon for '09?

Wow! 2008 has been one amazing and unforgettable year. For most, the feelings are bittersweet as we are filled with excitement and anticipation about ushering in a new President, yet many are trying to forget one of the worst economic climates since the great depression. We watched corporate powerhouses come tumbling down and our financial infrastructure pushed to the brink of catastrophic ruin. For most of us trying to keep our entrepreneurial sails a float, the road has been dark and scary to say the least. However, rather than retreat in defeat, we sharpen our skills, roll up our sleeves and prepare to fight another day. That is the spirit of the entrepreneur and many small businesses in this country. Recession be damned! We are here to stay.

Getting ready for the new year means we must adopt a "Yes We Can" attitude and be committed to taking care of the small and large tasks that crowd our inbox. To make sure you are ready to hit the ground running on Day 1 of the new year, here are a few important steps you can take now to save you time and money in '09:

1. Determine 2008 lessons learned - Take the time to assess what worked in 2008 and what didn't. There will be no time in the new year to continue down paths that did not yield the desired results. If you've got an ad campaign that is stale and not performing, kill it! Evaluate your marketing from head to toe to determine whether or not your efforts and dollars are being spent effectively. Take the findings from your evaluation and make smart and informed marketing decisions in 2009.


2. Get your house in order - If your customers are complaining of bad customer service, long hold times or botched orders, it could mean that you do not have a grasp on your business. Ever heard of putting the cart before the horse? Nothing can hurt your business more than a bad customer experience. Before you spend a dime on marketing and advertising, give 100% to cleaning up the areas of your business that need attention.


3. Focus on Retention- Too often businesses give so much attention to acquiring new customers, that they neglect to keep the ones they have satisfied. Be creative at keeping your current customers coming back. Implement a loyalty program for frequent customers or surprise a customer with a special birthday wish and discount on services. Remember, 65% of customers say they leave because they feel unappreciated (feelings of indifference). Take the time to let your customers know that you care about their business.


4. Get a plan - If you are the kind of person that buys into every advertising opportunity that is presented to you, it means you don't have a strategic vision for marketing your company's products or services. Not all advertising is worth your time and money. In order to determine what advertising is good for you, you must first know where you are going. With a clear set of goals and objectives, determining the right mix of advertising is easier and will prove to be more effective.


5. Determine a budget - If you don't have the money to find customers and tell them about your goods and services, why are you in business? Determining a budget to market your goods and services is essential to the longevity of your business. No matter how small the figure, getting real about what you can devote to your marketing efforts is a must in 2009. Start by calculating what you spent in 2008 on marketing. This is a reasonable place to start. Once you create your marketing plan as suggested in step 4, you will know what budget adjustments you need to make to support your goals.

I hope you find these tips and suggestions useful in making the most of your marketing efforts in the new year. I look forward to sharing more with you and learning more about you in 2009.

Happy Holidays,

Melanie Robinson