Business lessons that are not taught in business schools

I have huge respect for these smart and suave MBA guys and believe me that they are the smartest people I have ever met in my life. But I hate when I am being told that you need to have an MBA degree in marketing to be able to be a successful entrepreneur. Yes, the MBA course does include some topics on how to build a profitable brand, what mistakes that you should be avoiding while promoting a brand and others interesting things but what I still believe is that these are not just enough. Theoretical knowledge can help you land on a good paying job but running a business is a different ball of wax altogether. You need to have practical experience and you need to make mistakes just to learn from it. This is the kind of knowledge that you may not find in your MBA syllabus. Here in this article, we are going to share the business lessons that many business owners have learnt the hard way:

business school
Image Source

Do not stick to a single business plan always: Since we are living in a society where the perceptions of people are changing faster than the speed of light, you should embrace agile marketing. Your marketing plan should be as flexible as possible. If you stick to your business plan just because you have some emotional attachment with it, you are making a great mistake. I have seen innumerable companies that started as something but eventually emerged as something else. Now, would they be able to make it that large had they stuck to their business plan? I had great doubts on it. So, you need to change with the changes of the market in order to survive.

kindle
Image Source

Create your niche: I know how tough it is for you to make your mark felt as a newcomer when the market is already overcrowded. Since we are still in a recession, it is all the more difficult for a business owner to make his place secured. So, the only way out is to create your own market. Remember how amazon.com took a huge risk when they launched Kindle. There were not many takers in its early days as people were new to this concept. They educated people, taught them how to use it and now they are the market leader in the ebook reader niche.

Rebrand to Explore More: It is really tough for a company to launch and market a product which is not directly aligned with their existing brand image. This will lead to unnecessary confusion and therefore, it makes sense if you split your brand and create two different brands so that people can relate to the product and the company easily. But this is by far the most difficult part. As you are going to split the company, you are going to need double manpower, and have to invest double amount for marketing purpose.

Do not take your customers for Granted: This is another common misconception that is ruling the minds of marketers. They believe that they know everything about the market and their targeted audience. And they launch the product without doing any kind of market survey and eventually found that either there is no such demand of their service or the demand is far beyond their expectation.

It is not just big, it is all about the Brand: Just having large number of employees working under your banner does not necessarily qualify you as a big company. You are here to build a big brand and not a big company. Google does not have a large number of employees; rather they have a comparatively small team of highly efficient and motivated people. So, focus on creating a big brand rather than creating a body shop.

Author Bio: Michael Evans is a passionate writer and he is currently associated with http://www.insidershostreview.com/.

Should you hire new or experienced talent for your small business?

Let’s talk about some job creation.

Hiring the right employees is a critical component of starting a successful small business. Without the right staff, there’s no way that a small business can grow and thrive into a robust and dynamic enterprise. Entrepreneurs tend to select certain kinds of employees onto their teams when they start a business, namely self-starters—highly motivated and talented individuals who have a passion for their field and a willingness to help achieve the entrepreneur’s vision.

super talent
Image by morrosv7

However small business owners looking to hire are faced with quite a challenge when searching for talented employees: anyone looking for work will try to market themselves as a self-starter and willing to work for a new enterprise. With millions out of work, entrepreneurs have a huge pool of talent to choose from, and that talent comes out in different ways depending on the candidate. Some potential hires have years of experience and obvious talent in their field, and their time-tested expertise could have serious value for a small business. On the other hand there are also some young professionals fresh out of college who have huge potential to grow with a new company and lend their new skills.

This begs the question of who makes a better candidate for a small business, new talent or veteran talent? Let’s consider the options.

Pros and cons of hiring new talent

There’s a lot for entrepreneurs to like when it comes to new talent. Ambitious college grads can make for great employees in any small business because they’re hungry to prove themselves. With little to no prior work experience, these newbies surely know that any employer would be taking a risk by hiring them. That knowledge could play out in a number of advantageous ways for a small business owner. Perhaps the new hire would take more risks in an effort to prove their worth, which could include trying out unorthodox measures to produce results.

Most new talent will come straight from a university, so they approach work from a more academic and theoretical standpoint. That’s both an advantage and a drawback. On the one hand, the new hire might approach a job with more enthusiasm than someone who’s been in the in the industry for years. They can tackle industry problems with a fresh set of eyes unclouded from years of job experience. But at the same time these new hires are the greenest of the green employees—they might contribute a lot to your small business, but you’ll have to show them the ropes of the business along the way.

Pros and cons of hiring veteran talent

Hiring veteran talent is an entirely different story. For veterans in the industry, their assets boil down to one word: experience. And new talent can only do so much to compete against someone with years of hands-on knowledge under their belts.

Let’s say you’re opening a small business in web marketing. As the leader behind the enterprise, you definitely want to hire new talent that understands the digital landscape because they grew up with the web and know it better than older marketers. But you also need seasoned marketing veterans, people who know how to pitch information to people and know how to do it well. The medium of marketing might be different than traditional print marketing, but the same tactics still apply. The veteran marketer would be a much more valuable asset to the company in this example because their experience in the general marketing field can help you determine the best course of action.

You’ve heard what I have to say on the matter, now I want to know what you think. Do you prefer hiring new or seasoned talent for your small business? Let me know!

About the Author: Karen Smith writes online business advice and web marketing strategy for a number of publications. She also writes about online education, particularly how to earn a business degree online. Feel free to send Karen and questions or comments you might have!

How Small Businesses Should Approach Online Reputation Management

In the past, small businesses didn’t have to worry about terms such as “online PR”, “SEO”, or “reputation management” But with the constant shift towards the Internet, it has become increasingly important to stay aware of your online presence. Whether you realize it or not, a poor reputation can have lasting effects on your small business. However, you don’t need extensive technical know-how or years of experience in public relations; simply take advantage of the online reputation management resources around you. The following tips can help you manage your presence and what others and saying about your business:

Monitor Your Presence

Use Search Engines:
To get an idea of your current online reputation, you’ll want to first perform an assessment on your name and brand. Use search engines such as Google or Bing to search your business’s name and relevant keywords, and look at what appears in the first few search results. If there are any negative results or links that reflect poorly on your business, then this may be a sign of the damage control ahead of you.

Check Social Media:
Search engine results are not the only place where your business can appear. More and more customers are using social media to fuel their dialogue about niches, industries, and relevant businesses. Therefore, you’ll also want to check on social media platforms such as Facebook and Twitter in order to gauge what others are saying about your name. Depending on your business, you’ll also want to expand your search towards more niche-specific sites, such as Yelp and Foursquare.

Set Up Alerts:
Even if your search engine results are free from any bad reviews or sentiments, there’s no reason why it cannot appear in the future. Google Alerts are a great way to keep tabs on your business’s name and niche, as it sends recurring emails straight to your inbox. In addition, there are a variety of other tools, such as Social Mention that can help you manage the dialogue through social media channels.

Manage your Reputation

Deal with Negative Content:
If you encounter any bad press or links in search results, then you may want to try to remove the content, if possible. Try reaching out to the owner of the site or blog, and ask politely if they can remove any harmful information related to your site. This practice also applies to social media – if someone has tagged you in an embarrassing status update or picture, then you may want to disassociate yourself with the content as quickly as possible. But this process can be tricky – if the owner is unresponsive or refuses, then you may want to avoid pressing the issue, as this can result in more harm than good.

Own Your Name:
One great way to build up your online reputation is to make sure that you “own” your name as much as possible. For example, your business should have a website, along with a blog, that prominently displays its name in the URL. Doing so will provide your business with a credible platform through which it can produce good content and counter any negative press. In addition, you’ll want to make sure that you own all social media accounts associated with your business, to ensure that no one else can speak for your name. In general, make sure that you follow good SEO practices, so you can maintain an authoritative position in searches for your name and business.

Grow your Online Name

If you’re looking to progress your online presence, then you’ll want to take proactive measures to grow your reputation. Make sure that you respond to feedback, reviews, or comments received on any social media channel. Doing so will demonstrate that you are involved with your community, along with your audience. In addition, if you possess a blog or social media account, you’ll want to produce consistent content on these channels, as this will boost your authority. In general, conduct your online practices as you would online, and your business will gain the benefits of such positive practices.

About the Author: Sara Fletcher is a professional blogger who writes on a variety of topics, ranging from SEO, social media and business. She loves to learn all she can about online marketing, and is always looking for the next writing opportunity.

Writers vs. Industry Experts: How to Make Sure You Hiring Both in Your Writer

It is no secret that guest posting is becoming more and more popular for businesses. While marketing the content on your own website is important, it’s also important that you have content spread out across the web by contributing guest article. Doing so offers several very large benefits:

  • Your content is put in front of the eyes of a new audience interested in your industry.
  • You get to show off your expertise through great articles.
  • You will form connections with other companies across the web.
  • Your article will likely get extra promotion if it is posted on a site with a greater following.
  • You will get a backlink for your article; thus improving your SEO.
  • If you create a partnership, you could likely get content from other websites. This will help cut down on the workload for you while bringing a new audience (the audience of the author or the company where the author came from) to your site.

hiring a writer

Because contributing guest articles does offer so many features, more and more companies are starting to hire full-time writers. In the majority of cases these writers work from home and are given a certain number of articles to write per month or per quarter. It’s also important that if your company is going to hire writers you’re hiring writers that can write about topics related to your industry. This then begs that inevitable question: Am I hiring someone who is a good writer, someone who is an expert in my field, or someone who can do both?

The Writer’s Your Company Needs and Why It’s Tough to Find Them

Most company owners will tell you that hiring is one of the most stressful aspects of running a business, especially if you’re still in the startup stages. It can be tough to interview for a position that you yourself don’t know much about, and this is the boat that many companies are in when it comes time to hire writers to contribute guest posts because the professions is still fairly new.

Unfortunately, there are a lot of bad writers our there. Everyone wants in on the guest-posting phenomenon because it usually allows you to work from home—and writing is easy. Anybody can write a page or two about a topic because all they have to do is Google it and find some information, right? Wrong. It is this mentality that has made hiring great writers difficult for businesses.

Even if you can manage to find someone who really is creative and can really write, you need to make sue that they can write about your industry. You don’t want your writer simply spinning articles—you want your writer out there showing new audiences that your company has original ideas and can analyze top industry news.

How to Make Sure Your Writers Know What to Write and Not Just How

Below are a few steps to ensure that you have this type of writer representing your company:

1. Experience Matters When It Comes to Writers

It can be very difficult for someone right out of college to understand how to write blog content and to understand fully a subject matter, making experience important. For example, college graduates usually graduate with an English degree, making him/her a great writer, or a business (or any industry) degree, making him/her and expert in the field. However, you can absolutely take a college graduate and give them a chance to get that experience. It is highly recommended that you hire them on as an intern or freelance writer first to see if a). He/she actually likes the work or b). He/she can handle both the writing style and the content.

2. If You See a Great Article, Do Some Research on the Author

Many guest contributors don’t actually work for a company, but are simply freelancing or trying to gain visibility for his/her own personal website. Therefore, if you see an article that you think is great, spend some time doing research on the author. Read the byline to see if the writer already works for a company, and then find him/her on social media. If you see that he/she has written several articles like the one that caught your eye, reach out and make a connection!

3. Give Topics/Websites That Require a Writer to Read the News In Your Industry

As a full-time writer myself, I know that one of the most difficult aspects of the job is coming up with great topics. If you’re hiring someone new to the business and they aren’t overly familiar with your industry yet, tell him/her what you want them to write. This will force your writer to read the news and begin to find websites that offer great information. Let them know where they can find the authoritative voices online.

4. Talk With Experts In the Field about Great Writers

Any business that has gone through hiring guest contributors before will understand how difficult it can be to find good writers. Talk with them and see if they know any freelancer writers who might be interested in doing work for you. This will be a bit more difficult because companies typically don’t want their writers writing for the competition, but it’s usually worth a try!

5. Make Sure the Writer Has Experience With Internet Writing.

Internet writing is very different than other types of writing because you need to focus on SEO, promotion through social media, blog style, and target audience. Although this is not going to guarantee that a writer is an expert in your niche, it will guarantee that the writer understands how online content works.

Have you hired writers to guest post in return for backlinks to your site? How did you make sure that you had someone who could write as well as someone who understood the buzz in your industry?

About the Author: Amanda DiSilvestro is a graduate of Illinois State University. Although she graduated with an English Education degree, she found herself working as a full-time blogger at Highervisibility.com, nationally recognized as one of the top seo firms in the country. Connect with HigherVisibility on Twitter to learn more!

For Small Business Owners: The Benefits of Outsourcing Payroll Services

Owning a small business is like walking a tight rope holding a cash register in one hand and a profits and losses ledger in the next. You’re constantly attempting to manage your multiple roles while remaining steady on a thin, tightly-stretched chunk of nylon. As a small business guru, you might be looking for any way to lighten the load, without putting a tremendous strain on your limited resources. This is where outsourcing your payroll services comes into play, and before you assume this expense isn’t necessary for your handful of employees, there are several benefits to this service. Here are a handful of reasons why turning to a professional payroll services provider is a wise investment.

Save Some Precious Time

Many companies hire an in-house payroll specialist or book keeper, while other intrepid owners take on this Herculean task themselves. If you’re a hands-on owner that has been keeping the books in order for years, imagine all of the family picnics, trips to the beach or snow fights you’ve missed in the name of tracking your costs and doing payroll. When you hire an outside company to handle your payroll, it frees up time to actually enjoy your life and interact with customers.

The Tax Man Cometh

Tax laws are constantly evolving, and without outside help or a degree in finance, it can be impossible for a small business owner to keep up. It’s estimated that the average business owner pays the IRS $845 in penalties simply because they aren’t aware of the latest tax laws concerning payroll. A reputable payroll services company provides a tax guarantee, which gives a peace of mind that greatly outweighs any added expense.

Reduce Your Long-Term Costs

The initial cost of hiring an outside payroll services company, including consultations and software improvements, is going to cost you a fair amount. Overtime, however, the money you’ll save on potential tax penalties, hiring an in-house bookkeeper or throwing your hands in the air to have your books balanced by a tax professional is well worth the start-up.

Keeping up with Technology

Last year, you installed the latest, user friendly payroll software available at your local big box department store. It set you back a pretty penny, but when you were able to keep accurate payroll records, including tax liabilities, it was well worth the added expense. Fast forward one year, and after recent tax changes, your expensive, out of date payroll software can potentially cost you hundreds or thousands of dollars in IRS penalties. The majority of payroll service companies implement the most up to date software, meaning you won’t be in trouble once tax time inevitably rolls around.

Employees Come and Go…

You’ve employed the same bookkeeper for years who knows your payroll system in and out. Unfortunately, he just handed you his two weeks’ notice. As you scramble to find his replacement, you realize his “system” is complicated and, realistically, it would take weeks for a new bookkeeper to get up to speed. A payroll service company isn’t your employee, and won’t walk into the office, throw down his ledger and move to Barbados on a whim.

Track Your Payroll Costs

With everything going on in your small business, it can difficult to keep track of every facet of the operation. Eliminate one major headache by outsourcing your payroll needs. You’ll know exactly—to the dollar—how much is spent keeping payroll straight each month, instead of discovering how much you overpaid at the end of the year.

A Brighter Future

You’ve spent 80 hours a week, plus weekends, growing your small business since day 1. The fruits of your labor are finally beginning to ripen, meaning you can expand and take on more employees. This is an exciting prospect, but also means your payroll just became a lot more complicated. Instead of hiring an additional bookkeeper and hoping for the best, put your worries to rest by outsourcing your payroll needs. As your business expands, you’ll require a team of professionals with the tools and knowledge to handle this exorbitant workload.

Outsourcing your payroll eliminates the burden many small business owners find too cumbersome to handle. If you’re still unsure about the return on your investment, ask a fellow business owner who has benefited from hiring an outside payroll services company; chances are he or she will tell you to make the change.

About the Author: Janice Harrison is a guest blogger and small business owner. For the first two years of owning her company, Janice completed payroll herself; however, as the business grew in size, she found it logical to outsource the task to professionals and advises all business owners to consider doing so.