The TOP 7 Mistakes Businesses Make When Buying A Website

June 30, 2008 | 1 Comment

Over the years of working with Fortune 500 companies and small businesses I have seen it all when it comes to websites. I have seen corporations spend thousands sometimes hundreds of thousands of dollars more for a company website than they should. I have seen sites that don’t match brand, take forever to load, SEO that doesn’t matter ("I am number one on Marketing Strategy Experts Who Work On Venus"), and even navigation issues that you would think don’t exist this day and age. As a business owner or person in charge of buying a company website; If you remember these 7 mistakes you will save money, be more profitable, and have happier customers.

The TOP 7 Mistakes Businesses Make When Buying A Website

Have no idea about the technology - This particular mistake drives me crazy as someone who has bridged the gap between technology and business for almost 20 years. Typically technology companies target the marketing or communications department of an organization and not the information technology department when selling website and design services. This gives the company an advantage because normally business oriented departments have no idea about asp, html, java script, flash etc. Even more troubling is they have no idea about how long it takes to write an application or what it would cost in real dollars. I sat in one meeting where the Marketing group actually cared more about the person’s shoes than the technical part of the presentation. Now, I can appreciate shoes, but in the end not paying attention and not including the Information technology department in the buying decision meant they spent 500 thousand dollars on a site that should have cost 10 thousand.
No consensus on what the website is for - Some people think a website is a digital brochure. Or, some want to ’sell stuff’ on the site while others want to put up a site for people to call in so they can then ’sell stuff.’ The website can be used for both, but to be truly effective, you need to have a goal in mind. What do you want your customer to do? What is it there for? This is important because if you don’t know, you can bet that a vendor or other supplier will come along and decide for you. This may or may not work to your best benefit.
Don’t know your place in the market - BestBuy and Walmart have been caught using location specific pricing, so why would you think web developers and designers are any different. Your place and status in the market determine what companies charge you for their services. If you are at the top of the market don’t expect too many people offering bargain web development and design services to you. At one company the prices they were quoted were 30-40% higher than another company of less stature and profit. A typical way they do this is by pricing the services separately (coding, visual design, meta data, and SEO strategy). You need to do the price research outside of your company structure. Be sure not to send requests from name@millionaire.com for example.
Forget to shop around - You would never buy a car without shopping around? Right? Time and time again companies buy from someone they heard on the radio, or a referral from someone, or my favorite, from who their competitor used. I have heard things like "Their site looks pretty good. Who did they use?" Just because someone used a company does not mean they are a value for what you need. Maybe the company the referral came from for example paid way to much as well. If you take anything away from this point please get several quotes and stay anonymous otherwise you have to go back and read mistake number 3.
Get stuck on Form VS Function - Say it isn’t so! People buy based on looks just like they pick their mates. Well, some do and some don’t. Always remember who your company is and who your customers are when building a site. Be careful to not have your preference override your customers. If you are a fashion magazine then it may be important that your site be beautiful, but if it does not function as well you will loose customers to sites that do. You need to always balance speed, function, and design for typical websites. It is worth mentioning that the more complex your form and function the more your site will cost.
Don’t ask the hard questions - The more questions you ask, the better your understanding of what you are getting will be and for what costs. If you are new to technology make the vendor explain in detail anything you do not understand until you do. Be sure you ask several times what is included in the proposal and what is professional services or extra. You would never spend thousands of dollars of your own money without some detail and clarification. Right?
Don’t ask for working client sites - I have seen this one more times that I care to mention. Typically it looks like this. A vendor comes in to propose developing your website and shows you all these beautiful sites. You sit there totally amazed not knowing that they are just mock-ups made by expert designers and not actual working sites. Always ask for sites that you can look at and see on your own from the Internet. If it is an intranet site ask to visit at least one of their client sites. If they offer their intranet site, press again for a client site and let the vendor know this is a requirement for the project.

If you remember these 7 mistakes and take action to address them, you can easily save thousands of dollars on your next company website. If you have more specific questions or want to know more issues that come up in web design send us an email.

P.S. We have had several people ask questions about site developers that we can recommend and what our site runs. If you need a quote on a site let us know and we can forward your email and introduce you to some great developers. To answer the second question, Our site is a base Revolution template by Brian Gardner that has been heavily modified by US for SEO and readability. It is 100% WordPress driven and published through windows live writer. Plug-ins we use are sharthis, sphere related content, askimet spam, Google analytics, Google sitemaps, wpseo (modified by us), Post Plug-in Library, Similar Posts, wordbook, WordPress automatic upgrade ,and IPHONE Auto Formatter.

Posted by Mark F | Filed Under Feature Marketing Article, Full Marketing BLOG

Back to Basics Business Innovation Checklist

June 29, 2008 | Leave a Comment

How do most businesses begin? Small. Sometimes they are an idea born from a hobby, a passion, or a skill…and then they progress and grow. Bill Gates’ behemoth of a global corporation, Microsoft, started in his garage! Your own business could go the way of Microsoft, or it could thrive and sustain itself from your home or within your neighborhood. What do Microsoft and the 20-years-and-still-counting neighborhood vacuum repair shop have in common? Each started as an idea — a dream — and progressed to an initial business plan modeled from the original vision or idea into a working, profit-making, viable and enduring business.

When established businesses invite innovations, the process is similar to that of setting up a business to begin with. The success rate of your business innovation (you know, stuff like progressive profits and the future growth potential of your business) is all about your ability and willingness as a business owner to understand business operations and make decisions that most decisively and positively benefit your business. Good business planning entails developing and maintaining a vision of the future while also concurrently recognizing present resources and financial realities. Your business innovation plan should also take into strong consideration myriad foreseeable changes within and outside the business that will affect growth and future viability.

After a few years in business, you may feel like the basics are old hat; you have more important things to do! However, the basics are what take you to where you most want to go. Akin to eating well and health, the basics ensure you a healthy bottom line.

Before moving onto your next big innovation, take a moment to assess all the known facts and possible contingencies of moving in this direction, and know without question all that is involved. This checklist will be invaluable in helping you with your initial planning.

Identify the advantages and disadvantages of making this change in your business.
Be absolutely honest and unwavering in assessing your company’s current skills and the skills needed to move into this new area.
Be as forthright and truthful in assessing your business skills. Consider your experiences and your qualifications for completing marketing, financing, planning and management functions. Think about outside partners who can advise you.
Do whatever level of market research it takes to identify the market for product(s) or service(s) of the type of product or service you are expecting to sell and/or provide your customer base.
Give your new service or product a name and, if appropriate, a logo that is descriptive, appropriate, catchy, even hip, and certainly memorable.
Establish a system that fits this new product or service. What accountability needs to be put into place? How will you accomplish this?
Design an advertising and promotion program that stays within your budget and effectively delivers your sales message to your target audience. Utilize an outside marketing consultant if your budget allows and you feel their expertise will achieve your sales delivery goals.

This is a start. You and your partners may also come up with other items to add along the way. The bottom line is to know exactly where you are going, have realistic goals and a workable plan, and maintain your focus every step of the way.

For a strategic view of your new plans, give us a call. We can offer a third-party, objective view that may help uncover issues you haven’t considered.

Posted by Mark F | Filed Under Feature Marketing Article, Full Marketing BLOG

Selling a Business - Get a Letter of Intent Prior to Due Diligence

June 29, 2008 | Leave a Comment

Written by Dave Kauppi

The purpose of a letter of intent is to define the economic terms and conditions that apply to the pending business sale if the due diligence results in no material differences in the condition of the seller’s business. In simple terms, it means that if I go over your books and records in great detail and I verify that everything you had previously presented checks out, I am willing to pay you X dollars for your business under the set of Y terms. Below is a sample Letter of Intent.

Mr. X. X. LastName
Address 1
Address 2
City, ST Zip

PERSONAL & CONFIDENTIAL
Re: Purchase of Assets of ABC Corp.

Dear Mr. LastName:

The purpose of this letter is to set forth the general terms and conditions of the proposed purchase by NEWCO, a corporation ("Buyer") of substantially all of the assets of ABC Corp., an Illinois corporation ("Seller").

1. Purchase and Sale of Assets. At the Closing (as hereinafter defined), Buyer will purchase all of the assets including accounts receivable but not cash on hand and rights of Seller, including all real and personal property, contract rights, patents and intellectual property. All of the assets to be purchased are referred to below as the "Purchased Assets."

2. Liabilities. Buyer will assume no liabilities of Seller except the following ("Assumed Liabilities"):

The obligations of Seller arising under purchase orders from the Seller’s customers in the ordinary course of business, sales orders issued to Seller’s suppliers in the ordinary course of business, leases of personal property.

3. Purchase Price. As consideration for the Purchased Assets, Buyer will assume the Assumed Liabilities and will pay to Seller the amount equal to the following: ___________________ ($__________) dollars (the "Purchase Price").

Payment is to be made as follows: $ ___________in cash at the Closing, and the remainder by delivery of the Buyer’s promissory note in the principal amount of __________

The _______-year _____________ interest bearing note at the Prime Rate on the date of Closing will be issued by BUYER with interest paid quarterly and principal paid as a balloon payment at the end of the seven year term.

Employment Contract. Buyer and Seller will enter into an employment agreement which will provide for employment as Consultant and provide Seller with an annual salary of ___________ and such other normal fringe benefits as shall be mutually agreed upon and set forth in the employment agreement. In addition to the base annual salary, Seller will receive ___% commission on sales in excess of $ ______________ . The employment agreement will be for a three-year term. Basis of commissions shall be mutually agreed upon.

Recognizing that Mr. Last Name is a valuable resource to the well being of the ongoing business of SELLER, BUYER expects his daily cooperation as part of the total purchase price for at least the first six months after the closing. The employment agreement will require a minimum of _____ days and a maximum of _____ days per year.

4. Conditions. The purchase and sale of the Purchased Assets contemplated by this letter of intent will be subject to terms and conditions customary to transactions of the type, including, without limitation, the following:

No change occurring prior to the Closing which materially and adversely affects the Business, Purchased Assets, financial condition, and prospects of Seller; Completion of Buyer’s examination of the financial condition, properties and business of Seller which examination shall not have revealed the existence of any fact, matter or circumstance which in Buyer’s judgment could materially and adversely affect the Business;
Buyer obtaining financing for the purchase of Purchased Assets at terms which are acceptable to the buyer; and
Both parties agree to a Definitive Purchase Agreement.

5. Complete Access. Following the acceptance of the letter of intent by the Seller until the Closing, Seller will give to Buyer and its representatives complete access to all of its books, records, financial statements and other documents and materials relating to the Business and to Seller’s customers and suppliers.

6. Confidentiality. The information furnished by Seller to Buyer and its employees, advisors and consultants pursuant to Section 6 shall be subject to the provisions of the confidentiality agreement. Until the Closing, Buyer will at all times hold and cause its employees, advisors, and consultants to hold in strict confidence all confidential documents and information concerning Seller which have been or will be furnished by Seller to Buyer or its employees, advisors and consultants in connection with the transactions contemplated by this letter of intent.

If the transactions contemplated by this letter of intent are not consummated, regardless of the reason therefor, such as confidence will be maintained by Buyer, except to the extent such information (a) was previously known to Buyer prior to disclosure by Seller, (b) is in the public domain through no fault of Buyer, (c) is acquired by Buyer from a third party not known by Buyer to be under an obligation of confidence to Seller, or (d) is required by law or legal process to be disclosed.

Such documents and information will not be used to the detriment of Seller or otherwise in any other manner and all documents, materials and other written information provided by Seller to Buyer, including all copies and extracts thereof, will be returned to Seller immediately upon its written request.

7. Expenses. Buyer and Seller will be responsible for the payment of their respective expenses and professional fees incurring in connection with the negotiation an consummation of the transactions contemplated by this letter of intent, except as may be otherwise provided in the Purchase Agreement (as defined below).

8. No Other Negotiations; Brokers. Seller acknowledges that Buyer has incurred and will incur significant costs in reviewing and analyzing Seller’s business and proceeding in good faith to purchase the Purchased Assets as described herein.

Therefore, for a period of ___________ (___) days commencing on the date of Seller’s acceptance of this letter of intent unless Buyer notifies Seller in writing that negotiations in respect to the transactions contemplated hereby have terminated, neither Seller nor it shareholders will directly or indirectly solicit or make or entertain any offer or proposal from or to a third party regarding the sale or possible sale of Purchased Assets or a sale of the stock of Seller or discuss in any manner any such sale with any third party or provide any information concerning the Purchased Assets to any third party.

In the event that Seller or any shareholder receives any inquiry from a third party with respect to such a sale or possible sale, Seller will notify Buyer and inform such a party of Seller’s obligations under Section 8. It is understood that XYZ Merger Group, Inc. has acted as broker on behalf of Buyer and that Buyer shall be responsible for the payment of any and all fees and expenses due to such a firm.

9. Closing. It is anticipated that the closing of the transactions contemplated by this letter of intent (the "Closing") will occur _____________ (__) days following the date of execution of the Purchase Agreement, but in no event later than ______________________________.

10. Public Announcement. The parties will make a joint public announcement transactions described herein, with the content and timing of such an announcement to be mutually agreed upon by parties. Each party will consult with the other party prior to issuing any press release or otherwise making any public statement with respect to the transactions contemplated by this letter of intent and will not issue any such release or make any such statement over the reasonable objection of the other party, except as required by law.

The parties will proceed diligently to negotiate in good faith towards the preparation and execution of a definitive agreement (the "Purchase Agreement") containing the agreed-upon terms and conditions as well as the customary warranties, representations, covenants, and indemnifications normally associated with the purchase and sale of assets. It is understood that except for the provisions of Sections 6, 7, 8 and 10, this letter of intent is not legally binding on either Buyer or Seller, but that it is intended only to evidence the good faith intent of the Buyer and Seller to proceed toward the transactions contemplated hereby, subject to the negotiation of certain terms and conditions not dealt with herein.

If the terms set forth in this letter meet with your approval, please indicate your acceptance by signing both copies of this letter and returning one to the undersigned. Upon the return of an executed copy of this letter, we will instruct our attorneys to proceed with the preparation of the Purchase Agreement and related documents. Our offer to enter into this letter of intent will remain open until the close of business on _________________.

Very truly yours,
__________________________

Agreed to and accepted on this ____ day of _____________, 20____.

By:___________________________

Its___________________________

The Letter of Intent is non-binding so that if the buyer discovers some surprises, he can walk away with no penalty or he can attempt to renegotiate the previously stated terms and conditions. The seller should do his negotiating or have his advisor do the negotiating prior to counter signing the LOI because a smart buyer will try to lock you up for a period of 45 to 90 days while he performs his due diligence. This lock up means that you are not allowed to invite any other bidders into the mix until the period expires or until either party has canceled the LOI. Once the due diligence is completed, then the deal is memorialized by a much more detailed definitive purchase agreement.

Dave Kauppi is the editor of The Exit Strategist Newsletter, a Merger and Acquisition Advisor and President of MidMarket Capital, representing owners in the sale of privately held businesses. They provide Wall Street style investment banking services to lower mid market companies at a size appropriate fee structure.

Posted by Mark F | Filed Under Feature Marketing Article, Full Marketing BLOG

engadget.com

June 24, 2008 | Leave a Comment

Okay, call us nerds, but we love tech stuff! I’m not nearly as ‘into’ it as Mark is, but I really enjoy engadget.com’s top-rated blog.

Learn about Dig Dug quilted pillows (for the Gen-Xer in your life), the latest BIG LETTER, OVERSIZED KEYBOARD (for the Boomer in your life), Samsung’s Soulful Dinosaur (for kids of all ages), and much, much more. Want to know more about the latest in internet dating, be sure to go there now!

When I speak about blogging the first thing I hear is… Who has time to read blogs? I always reply… anyone who has a problem and is looking for a solution!

Engadget is one of the best exceptions… it is pure info-tainment where you get to know about cool new things in the world of tech in 5 minutes or less. The posts are smart, simple and always populated with colorful photos.

Posted by Mark F | Filed Under Feature Marketing Article, Full Marketing BLOG, Tina Recommends

June 23rd 2008

June 23, 2008 | Leave a Comment

We are approaching our 9^th anniversary for the one80 group. Amazing how time flies and how wonderful it is to have a walking, talking reminder of how long it has been.

For those of you who don’t know the story… I gave my notice to my employer and two weeks later found out I was expecting Chance. That’s right, being the overachiever I am… I got married, started a business and created a baby all at almost the same time!

What does this have to do with you?

It has to do with achieving more than we really think we can. You see, when you are in love with what you do, who you do it for and what you are creating, the energy comes so you can create. When we get into a funk and are gasping for energy it’s hard to get moving so we experience this crazy, hazy feeling of effort. Pretty soon, that feeling of being effort-full is the norm. Then we paint that feeling on anything else we think about doing. Soon, we have cut back what we think we can achieve by a third, a half… by all accounts… way too much!

What would happen if you had so much energy when you bounced out of bed that you could sail through your day? What would you get accomplished?

I know a secret… a lot. And, with a LOT less EFFORT!

Hugs-

Tina

P.S. On a scale of 1 to 10, where do you fall on the spectrum? 10 is bouncing out of bed, can’t wait for the day, Tigger 10 Energy and 1 is Eyore One dragging around trying more than achieving. Not a 10? Find something you are passionate about and plug in!

Posted by Mark F | Filed Under Notes From Marketing Expert Tina Ferguson

Roads to Revenue

June 23, 2008 | Leave a Comment

Last weekend I drove all the way over to Fort Worth to the Texas Christian University campus to attend a writing class with a wonderful woman named Carmen Goldthwaite. As I pulled up to the beautiful campus dotted with beautiful, expansive oak trees I could feel that this would be a special day.

I entered the class to see seven other smiling faces, including Carmen’s. She has been writing stories about Texas Women Pioneers in all fields for her new, statewide newspaper column, "Texas Dames^(TM)," and her column will soon be a book by the same name.

I signed up for the course when I received the TCU continuing education catalog. There was something that really drew me to it, and as I sat there, another woman mentioned the same feeling and said, "It just kept coming back to me."

For many years I have read books about how to submit magazine queries, how to get your PR noticed, yet most of my success has come from face-to-face talks with reporters. The class would offer another perspective… how to submit cold and get published.

Carmen shared wonderful insights and practical tips about how to work in the publishing field. I enjoyed her colorful stories and how she shared about her colorful friends…"He is profane, so I won’t share it just like he said it."

I enjoyed Carmen’s information so much that I wanted more at the end of the two hours.

I approached her after class and asked if she had anything else I could have that would give me more of the wisdom she shared in the class. At the time I signed up for this class, I also signed up for her class about "How Not to Sit Alone at a Book Signing," but since more people dream of writing a book than actually do I was the only one who signed up and the class was canceled. After hearing her wonderful information, I definitely wanted to know what she was going to say in the next class!

"Do you have any books or programs with more information?" I asked giddy with excitement and yearning for more.

"No, I only teach classes," she replied with a warm smile.

"Okay, thanks. I really enjoyed the class!" I said as my heart dropped.

On the long trek home (while we live in what is known as the DFW Metroplex, Fort Worth is nearly 50 miles from where we live), I thought about my experience. It suddenly struck me that we all have an opportunity to offer our wisdom in many different ways (which wasn’t new), and that if we never offer them then that isn’t our loss, it’s our clients’ losses (that was the new part). The more roads to revenue you have, the easier it is for people to ‘buy’ into you. The more people can experience you, get a taste of you, the easier it is for them to stair-step up and up and up.

I have heard other consultants say it is our responsibility to serve our clients and prospects by making it easy for them to buy what they want, but I also have seen many people create all kinds of products just to have them sitting on the shelf collecting dust!

I thought about how I’ve bought things in the past. There are about a dozen or so people that I have bought virtually everything they have ever produced. I thought of these people and thought about how I used these products.

This is how they appeared in order of revenue spent. Which one of these do you fall into and what are your clients experiencing?

$$$$$ Has a Solution to My Problem & Created a Memorable Experience I Enjoyed and Wanted to Experience Again and Again - One particular person I spent thousands of dollars with offered a solution to a problem I had, and I enjoyed the experience so much that even if my problem wasn’t completely solved I still felt like I got value. I’ve purchased this person’s books, CDs and such and really don’t enjoy those as much - it’s the person that draws me. I feel that I am similar to this person in many ways and on many levels. I have referred this person thousands and thousands of dollars of business over the last few years. Value Rating: *****

$$$$ Has a Solution to My Problem & Creates a Fun Learning Experience - This person is a master teacher. In books, in seminars, in CDs, in DVDs… this person helps me see differently, which is something I enjoy doing. I feel I am similar to this person in many ways, but not in every way. I have met this person in person and the persona didn’t ‘match’ the books and such. Value Rating: *****

$$$ Has Information I Find Useful - This person helps me see what I do for my clients. We think very similarly in how we market and how we approach business. I am not going there for an answer to my problem, although I may do this in the next year or so as I make more changes in our business. Currently, I see this person as a resource, but I do not devour the information like I do the first two. I can let this information stack up. I feel that I think like this person and my be a bit like this person in other ways, but I do not feel a kinship. Value Rating: ****

$ Has a Solution to My Problem & Provides Useful , Timely Information - What I purchase from this person is one of the few things I tear open when I see it in the mail. This deals directly with the publishing industry, and is what I would call "insider" information presented in a way that appeals to my marketing brain. The key here is that it is timely. I would most likely buy more of this, but this is all that is available, and the next step up from this $50 product is nearly $7,000. Value Rating: *****

$ Has Information - This is the category for a book that can offer a solution. It has information. It offers no entertainment value. I might or might not find it useful. And I certainly wouldn’t refer people to it.

So what does all of this mean for you? Well, which level are you serving on?

Information only? Trying to compete with others who have similar information or, more importantly, what people perceive as the same information?

Solving a Problem? Are you solving a problem in a way that makes clients swoon? How can you make your experience more memorable? Are you doing it the way YOU want to do it or how your clients prefer to do it?

Creating an Experience? Are you creating an experience but doesn’t have the problem solving to back up the experience?

Solving a Problem Through An Experience? This is the one that builds buzz, keeps people talking, and gets you more referrals.

We could slice and dice this until the cows come home, but take these basics and ask yourself some questions and give yourself some HONEST answers about what you are offering your clients. Problem solvers will typically garner quite a few referrals. Useful information will draw in a hungry crowd. Combine useful information that solves a problem with a memorable experience and you have the basis for creating something big!

Here are some ways that you can turn your uniqueness into different Roads to Revenue - be sure you have an offering at every level!

Free - Always have something to give away that also solves a problem. Lots of people give away things for free that people could care less about.

$25 Bucks or Less - Give them a book, a CD, a DVD, anything that hits on the "everyone if they really wanted to can afford this" level.

$97 Bucks or Less - Offer more of you and your problem solving, useful information in a more in-depth, more personal style. Really give them a feel for who you are and what you can do to serve them.

$497 Bucks or Less - Create a program that puts your genius in a box. If you do something over and over again that is something that you charge $2,000 or more to do, then put your brain on paper and let people have access to it for a fraction of that amount. I have met more people in the last 90 days that are looking for passive revenue, and this is the level to focus on if you want passive income!

$2,997 Bucks or Less - The more you are with people, the more it costs. Create an intensive workshop where people have more access to you. This still falls into the problem-solving area, but it highly valuable to clients.

$19,997 Bucks or Less - This is where you transfer your genius to others so they can know what you know. Mentoring programs and such allow people who already believe in you to learn from you.

As a consultant, over the years I have stair-stepped my way up the dollars for hours value, but nothing can compete with taking your genius and putting it in a package where people can experience you without paying for you to show up!

It would have been nice to have a $97 Bucks or less product to buy, but that may not have been her intention for teaching the classes. She might have been there so that people could get to know her and then want to attend her Creativity Retreat. While I might have wanted to buy a product, that might not work for her to create products and such.

The thing to remember is to create a business where YOU and your clients are happy with how they purchase ‘you.’ You can bet that I’ll be looking to attend Carmen’s retreat… I have a feeling she has a lot of wisdom to share!

Posted by Mark F | Filed Under Feature Marketing Article, Full Marketing BLOG

Success in Succession

June 22, 2008 | Leave a Comment

More than 70 percent of family-owned businesses do not survive the transition from founder to second generation. In most cases, the "killer" is taxes or family discord, both issues that a good family business succession plan can address.

Whether your company is one of the many thousands of family-owned businesses or it is a partnership, succession planning is sure to top your agenda next year. Why not think of it before you get to the point of actually planning to exit your company?

The issues that a succession plan will address, include:

Determining the needs of the owner, business and important parties,
Exploring the legal and financial options, including taxes
Recording and implementing the plan

A good way to do address these issues is to have a succession planning session.

That’s right. As if you were actually going through the real thing, go through “what if” scenarios and determine how you can realize both your exit strategy and the value you deserve to take with you when you leave the company. Not only that, it will help you put the people in place that will ensure your company will make it to the next year and the next. Ask pertinent questions to ensure financial safety nets are in place for you and the business. And, finally, ensure that you record all of your planning to provide a road map for your retirement.

Succession planning goes well beyond one meeting. It takes a serious look at an owner’s desire to leave a legacy. It also will help resolve conflicts with goals within the company. For example, if the company is to be sold for top dollar, it will need a high business valuation. This is difficult to achieve if the company is trying to pay the least amount of tax possible (showing the least amount of revenue each year).

Succession planning also provides a window for junior team members to step up to the table and earn a position with the company. By starting early, it gives both senior and junior members time to determine what’s best for the future.

Legal and financial issues enter the picture and, in some instances, drive the succession plan. In one case, the partners decided on an aggressive five-year plan where they increased the value of their business substantially, sold it and walked away millionaires. For them, this was the best succession plan. What’s yours?

Posted by Mark F | Filed Under Feature Marketing Article, Full Marketing BLOG

How to Decide Whether to Outsource or Hire Employees

June 20, 2008 | Leave a Comment

Hiring a full-time employee is a big decision for most small business owners. In many cases, you’ll be better off selecting another option rather than hiring a full-time employee and assuming the legally mandated responsibilities and costs involved. Savvy business owners exhaust all other options before making the decision to hire a full-time employee.

To Hire or Not to Hire

Here are a few important points to consider when you make this important decision for your business:

Carefully research the costs of hiring someone who meets your talent requirements. Assume you will have to pay a competitive salary or hourly rate, plus benefits.
Calculate the real up-front costs of recruiting and hiring:
- Advertising the position
- Employment agency fees
- Employee referral fees
- Your interviewing time and expense
- Your training time and expense
Consider all the hidden costs of hiring employees:
- Payroll taxes
- Legally mandated benefits like workers’ compensation, etc
Consider how difficult it will be to hire the kind of individual you’re looking for. Is the talent you’re looking for in high demand and in limited supply or is there an adequate supply of talent in the local marketplace?
Consider your own past performance in hiring employees. Have you had a lot of experience and success making hiring decisions? How many bad hiring decisions have you made in the last couple of years?
Remember how difficult it is to hire really good people!

Other Options

If you’ve determined that hiring a full-time employee is not the right decision for your business at this time, evaluate other options for getting the work done.

The most common alternatives to full-time hiring, along with their advantages and disadvantages, follow.

Part-time employees: Hiring part-time employees costs less, because you don’t have to provide many of the costly benefits you must provide to full-time employees. However, using part-time employees can result in higher turnover and less committed workers.
Independent contractors: These are individuals who are self-employed and running their own businesses. Contractors typically possess special education or training, experience, or licenses. Using contractors allows you to avoid paying employee benefits, payroll taxes, and other costs associated with hiring employees. A disadvantage of using contractors is that they often work for other clients besides you, which means you may not have complete control over their work hours and commitments. You must also keep up with how the IRS qualifies contractors. The penalties for misclassifying an individual can be very costly and are incurred by the employer (you), not the contractor.
Temporary help: The biggest advantage of using temporaries is that they cost less because you don’t have to pay for benefits and employment taxes. Other benefits are that someone else recruits and qualifies the people you need and you don’t have to make a long-term commitment. If you decide to use temporary help, be aware that employment law requires you to provide temporary help with the same benefits as regular employees after they have worked for you for one year. Also, if you’re looking for technical or specialized skills, you may find it difficult to get the talent to work as temporaries.
Leased staff: Using leased staff is very similar to using temporary help, except that another business employs your workers. You pay the leasing agency a fee plus expenses, and they pay for employee benefits, withholding taxes, training, etc. Leasing is a viable option for small business owners who need specialized help in areas like human resources or accounting, or who simply want someone to take over administrative responsibilities for their entire staff.
Student interns or volunteers: Depending on the work you need done, you may be able get help for little or no cost. Interns or volunteers can be a great option if you have a project or assignment that offers people an opportunity to learn a new skill or get experience in your industry. For example, hiring an intern to conduct market or customer research would be a great project for many college or university business school students.

Posted by Mark F | Filed Under Feature Marketing Article, Full Marketing BLOG

Authorsmart.com and Jan B. King Notes

June 18, 2008 | Leave a Comment

A few of you emailed asking about Jan King and Authorsmart.com so I thought I would share my response in this week’s Marketing Mojo for those of you who wanted to ask and didn’t! I have heard so many publishing horror stories that if I can share this information and save any of you time and money, I will do it! In a nutshell, this is what I got from being a member of eWomenPublishingNetwork.com and working with Jan King, Gail Richards and the crew.

Jan worked with me on my book. I’m strategic and so is she so I loved working with her because she has a structure that made it super easy to follow. She maximizes time and effort, which means she gets things done in an efficient way. Again, loved it!

She was a very safe place for me to unfold myself, my work and my new vision. She ’sees’ your vulnerabilities and calls you on them; each step of the way encouraging you to be better and better. If you’ve been writing your book, then you already know how a book changes you. When I started I had five manuscripts I sent to her. Her advice was to combine my spiritual side with my business/marketing abilities. As I sent her my new chapters, she said, "Tina, I really think there’s another book you want to write." That is what led to my current book, which I did not intend to write, but actually helped me integrate at a much higher level. So, for me and in my experience, Jan King is the best.

As for what you get… you get so much! She will read each chapter and give you feedback. She is very direct… but that is best if you want the best (in my opinion). She has the patience of Job and is great about getting in and getting out. She will commit at whatever level you do. To me, I felt like I got SO much more than I paid for… and she is fine with that. In fact, the whole Authorsmart.com team is like that. It is amazing!

I know other people who sing Jan’s praises and I know others who have struggled with the whole book-writing process. To me, it really is up to the person… but Jan will stick with you every step of the way. If there is such a thing as a guardian angel for birthing books, it would be Jan King for sure!

Posted by Mark F | Filed Under Feature Marketing Article, Full Marketing BLOG, Tina Recommends

AuthorSTREAM.com

June 17, 2008 | Leave a Comment

What do you get when you cross Microsoft’s PowerPoint with a YouTube type of interface? The Web’s latest website dedicated to helping users share PowerPoint files, AuthorSTREAM. This presentation sharing engine not only allows you to upload your PowerPoint presentations online for free, but also assists you to share them with your friends, students or co-workers located across the globe.

authorSTREAM is a great online community that gives you access to numerous presentations on varied subjects uploaded by community members. You can find exciting presentations on just about any topic, rate them, post a comment and even embed them in your blog.

Is authorSTREAM for you?

authorSTREAM is for:

Educators looking to deliver their presentation to students over the web
Entertainers trying to reach out as many people as they can
Friends and families seeking to keep in touch by sharing their picture slideshows and greetings
Co-workers and classmates attempting to exchange content such as project presentations, homework assignments, etc.

Posted by Mark F | Filed Under Feature Marketing Article, Full Marketing BLOG

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