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Hello Alaska,
Hello Alaska, I mine blogs and newsletters daily to come up with my weekly topic. Every now and then I find a nugget that I don't just want to pick through, but address in its entirety. Here is such an article. It was posted by Sales specialist Julie Steelman, who has some advice on how women can avoid common business mistakes. My ever so humble opinion is posted in red. Mistake 1: Running your business impulsively
It's great to have heart, intuition and creativity. But those don't necessarily lead to profit and profit growth. If you're averse to numbers, think of your financial statement as a garden. Your money needs care, watering, weeding, fertilizing and pruning. Don't avoid looking at your sales numbers or how much you've spent. Money is the life force of your business. Tend to it. This analogy must go back to the rumor that money grows on trees! BTW, it does not! You business finances do not require watering, fertilizing, or weeding, nor do they require sun and rain, but they should grow anyway. YOU are the life force of your business and please bring your heart, intuition, creativity and hard work to the table. Understanding and managing your finances properly is vital for the success of your company, so either hire an expert to manage this function for you, or educate yourself on this matter by taking classes such as "Profit Mastery" at your local SBDC. Mistake 2: Setting prices too low
Some female owners set their prices according to what they think their customers will pay - and then resent them for paying too little. Instead, come up with a price that takes into account the percentage you want to make on each sale, how much your costs are, "invisibles" such as the things you do above and beyond the call of duty for customers, and how much your competitors are charging. Consider whether you'll focus on volume selling or selling less at a higher price. Find a price that feels right to you, one that you can broadcast with 100 percent confidence. Find a price that feels right? Come again?!?! That's a business strategy? Determening a price has very little to do with feeling and much more with identifying costs, overhead, profit margins and industry standards in your community. I think most entrepreneurs understand this concept.
Mistake 3: Avoiding sales and selling
Here's something many female owners don't know: Women are natural-born salespeople. Being a masterful salesperson requires many of the traits women possess innately, such as great communication, a strong conscience, and the desire to serve. It's time to rethink selling, because you can't run a successful company if you don't have robust and growing sales. Think of selling as a conversation. Be enthusiastic and genuine. Share stories about how you and others were transformed by using your products and services. Help your customers solve a problem. Could not agree more!!
Mistake 4: Underutilizing social media
Do your eyes glaze over when you hear the phrase social media? I hope not! Change the way you think about it. Think of social media as a way to help others and provide value to your customers and potential customers. If you post blogs, videos and podcasts, that's fine. Right?!?! But those one-way communiqués don't start conversations. Instead, host interactive events, chats and conversations that engage your customers and serve their needs. If you're a social media novice, it's time to learn how to really take advantage of it and hire someone to help you do it. All social media are interactive vehicles to engage your current, or potential customers; henceforth the name "social". However, there is a direct correlation between how interactive your campaign is and how responsive and involved your audience becomes. Depending on the size of the business and your experience level with social media, hiring someone to set up your platforms and educate you on how to utilize them effectively is a viable option. Farming out the daily maintenance could be, if your income and strategic/business plan supports it.
Mistake 5: Getting by instead of getting ahead
When you start using some of the smart tools that the big boys of business use, you'll find all the money you'll ever need. WTH!?!? Please share these secret tools with me so I may use them! Female business owners sometimes feel that making payroll and earning a small profit is good enough. Especially early on, not a bad idea! You deserve much more, and you can get there by mapping out a plan for this year that increases last year's revenue by 25 percent. Figure out how many sales you need in each month, taking natural fluctuations into account. For low sales months, plan promotions that will help you meet your sales quota for that month. Having the goal of increasing your business by 25 percent each year will change the way you feel about yourself and your business. Soooooo, I want more money, decide how much more and devise a plan to obtain it. Seems simple enough...............Really? That's it? That's the advice? You need to want the money and it will come? Although 25% profit increases are not unheard of, smaller gains over longer periods are easier to attain, cost less and are more sustainable. I defer to a quote by Darren Rowse, the founder of Problogger: "There are no magic wands, no hidden tricks and no secret handshakes that can bring you immediate success, but with time, energy and determination you can get there. "
I don't mean to rake Julie over the coals, or be condescending (much), but frankly my friends I was flabbergasted and a little offended that Ms. Steelman has such little regard for the abilities of female entrepreneurs and dummied down this article to such a degree as to provide very little usable information. Am I a little hard on JS and way off base here, or do I simply have too much faith in the female Alaskan entrepreneur? I'd love to hear from you. Click Klaus@buyalaska.com to set me straight. I will post your responses in the next week's newsletter and I'll see you then!
What's cooking at the Anchorage SBDC?
Visit the SBDC Facebook page to find an event, or class in your area.
Back by popular demand, the corrections and additions to last week's Farmer's Market list - The Anchorage "Center Market" Recently moved from the University Center to the Sears Mall in Midtown, just behind the Carrs store at the corner of Benson and Denali. Wed 11 am - 6 pm Sat 10 am - 4 pm The Fairbanks Downtown Market Golden Heart Plaza Mondays 4 pm - 8 pm Wasilla City Market 300 North Willow Saturdays and Sunday's 9am - 3pm Juneau Farmer's & Artists Market Arts and Culture Center Juneau Changed their times to Sundays at12-3PM (or later if it's busy!) Homer Yurt Village Market Crafters, musicians and food vendors Sat and Sun with a different theme each week. Booth space is 10 x10 and only $15. Contact at homeryurtvillage@gmail.com.
Thank you for sending me this information!
Start celebrating the biggest weekend of the summer early! Kenai Landing is hosting a true Alaskan style event - Salmon Bake with Hobo Jim on July 2nd, 3 - 7PM. Enjoy the "Alaska's State Balladeer" in an Alaskan Historic property, with a traditional Salmon Bake dinner, on the riverfront of one of Alaska's most popular rivers. To make it even sweeter, receive 20% off any room or RV spot at Kenai Landing when you purchase tickets to salmon bake/concert. This offer is good for any nights booked between July 1 - 5. Tickets are $24 per person and must be purchased in advance by phone. Please call 907-690-2807 or 1-800-478-0400 for information or reservations. Visit http://www.kenailanding.com for more information on the Kenai Landing.
------------------------------------------------------- Never Sets Film Festival (NSFF) is looking for community partners throughout Urban and Rural Alaska who can help host festival screenings in their own respective communities this coming August and September. Every borough across the state is welcome to participate in this great opportunity to give a voice to the visual storytellers of Alaska. Participation includes finding a functional venue and digital projector in the interested community, promoting the event to the community as a whole, and helping providing volunteers in that community who are willing to help out. Please refer any interested groups/individuals to info@neversets.org, or to Woodruff Laputka, the festival director, @ Woodruff@LKFilms.com. For more information, visit online @ www.NeverSets.Org ------------------------------------------------------- Alpine Lodge $99 Weekend Special! Enjoy the beautiful summer in Fairbanks (yes, they actually have one) for only $99 a night on Fri, Sat and Sun. Book your Room Today at www.akalpinelodge.com, or call my pal Shelley at 9070328-6375 to hook you up! ------------------------------------------------------- The Weeping Willow. an all-natural, organic, and eco-friendly store supporting your everyday needs in Hoitt's Plaza at 1616 Cushman St. Fairbanks, is having an event July 14th called Hoitt Plaza Festival. Co-sponsor's include HomeGrown Market, Johnson's Family Farm, Alaska Center for Natural Medicine, Alaskan Earth Mamas, Alaska's Angels Farm, Curves, Julia's Solstice Cafe, and Sipping Streams Tea Company. Proceeds will go to Big-Brothers - Big-Sisters of Alaska. It will be a day to support local businesses, raise some money for BB-BS, and have fun in the process. This all-ages event will be from 11a-4p with plenty of local vendors, games, raffles, giveaways and food, as well as a live broadcast with KYSC 96.9FM Radio from 11:30 - 1:30. Any questions, please contact Terry Hoffmaster, owner of The Weeping Willow by phone at: (907)-750-8337, or via Email: terryhoffmaster@theweepingwillow.biz -------------------------------------------------------
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