Tips for Running a Business Online

If you have been operating an online business, by now you have noticed the huge potential there is to make huge sales through the internet. Understanding the markets, consumer expectations and great marketing efforts are just some of the important things to keep in mind when running a business online. You should also have a currency converter tool if you are dealing with international clients to make it easier to harmonize prices in different currencies.

Love what you do

If you do not get butterflies in the stomach when you think about how well your online business is doing, then there is a big problem. You should treat your online project like your baby, love it, nurture it and before long, you will start reaping the benefits of your hard work. When you love what you do, you will constantly think of ways to make it better and stronger.

Measure you progress

Always use whatever tools available to measure your progress. Wishful thinking is good for optimism but when it comes to running a business online, numbers do not lie. How many people do you have visiting your site in a day and how many of these are actual customers? And for those who don’t buy, what happens to them? Is there a good reason why they don’t buy? Constantly measuring and analyzing your website is the best way to keep up with consumer expectations and provide widely acceptable products and services.

Close projects that don’t work

Doing business is impossible without taking risks. Sometimes these risks end up proving more trouble than good. With online business, you often have such a short amount of time to make a great impression on internet users. If a project is not working, don’t waste anymore time, close it and move on to something better. Leaving debris floating around the internet is not good for your brand reputation. There are also hidden costs to keeping such failed projects running

Build a community

With online businesses, you need to have the backing of an online community if you want to success. You need a group of people vouching for your products or services in order to create a strong internet presence. You can build a positive reaction around your products by engaging with consumers through forums, blogs, social media sites and other interactive means online.

Check out the competitors

Being narrow minded is the worst mistake you can ever make as a businessperson. You need to be curious and constantly looking to learn more. There is no shame in opening a competitor website and even pretending to be a customer once in a while just to see the kind of service they offer. You need to know why a consumer would pick a competitor product over yours if you want to kick out the competition altogether. Do no assume you know everything. The internet is a massive well for new ideas and information and you can learn a great deal from others.

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How Can I Be In The Internet Marketing 5% Success Club?

If you believe the statistic that 95% of people who start out in internet marketing fail, I’m pretty confident in my assumption, you would like to be in the 5% group who succeeds.

Wishing and wanting to be in 5% group, won’t guaranteed your space. As there are things that you need to know and do, here’s my top nine:

1 – Know your purpose

Before you start your business, you have got to get completely clear on your purpose, your primary reason for starting an online business. If it is strong and compelling, it will act as your motivator, driver and inspiration to carry on, when the going gets tough.

2 – Come up with at least 10 other reasons to start/run your internet marketing business

Dan Kennedy once said, the reason why there aren’t more millionaires in America, is down to people not having enough reasons to do what’s necessary to become a millionaire.

If coming up with 10 other reasons, is easy for you, carry on until you can’t think of any more.

3 – Strengthen your dream

You need to ask yourself, what you can do right now and on an ongoing basis to strengthen your dream.

Here’s some ideas for you…

Affirmations

Visualization

Vision boards

Incantations

Afformations

Do what works best for you.

4 – Know where you are

In relation to starting and running an online business, where are you, mentally, physically, where are you at your skills.

5 – What do you need to do/know/have to get to where you want to be

List everything that comes to mind and plug those essential gaps.

6 – Create a plan

Most people have a belief that they have to a perfect plan before they get started. They spend days, weeks or months, trying to perfect it. Right now, a rough plan would do, more than likely you’re going to makes changes to it.

“A good plan executed today, is better than a perfect plan executed in a weeks’ time.”

General Patton.

7 – Work your plan and measure your results, adjusting your plan.

8 – Outsource

When you are ready, outsource the tasks that take up your time, especially the repetitive tasks.

9 – Continue the process. Tweak your plan until you get where you want to be.

Bonus tip

If you really want to be a success, take a leaf out of Grant Cardone’s book The 10X Rule and X10 everything. Multiply your goals, your productivity and your thoughts by a factor of 10.

If you need additional help, you can download my “The Most Important Thing You Need To Know… Before Starting an Online Business” report here http://onlinebuymobile.com/

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Mobile Marketing for your eBusiness

Are you making the most from your mobile website? Do you have a dedicated mobile marketing campaign as part of your overall digital marketing campaign?

Clearly the adoption of smartphones continues to rise globally, with smartphone owners representing two-thirds of the total population in the US alone. And these numbers are rapidly increasing in other developed countries, too. Mobile marketers need to be ready to reach these mobile customers. Business on mobile devices continues to grow rapidly. Projections for retail sales on smartphones and tablets will total $115 billion in 2015 (Forrester).

Google’s consumer barometer on the behaviour of Irish mobile consumers authenticates why you need to be on top of your game with your mobile marketing exploits. Your ebusiness needs to effectively address the shift in increasing web traffic and sales from mobile devices right now. Here are the facts of the google report that apply to your ebusiness and the future of it’s success. People are very savvy shoppers, with 23% of consumers using their smartphone when looking for information on upcoming purchases. 14% of shoppers do in-store research, 15% do a location search, which influences their buying decisions. 7% of consumers have reportedly had problems when navigating mobile site and 31% sometimes which needs to be addressed. Location based searches are proving to be a big draw for small and medium enterprises. This information is critical in formulating these businesses mobile strategies. 19% of consumers plan their purchases, 26% are specific to product needs and 7% are location searches. 34% of consumers look for local information. Businesses need to have a flawless mobile website with a quick loading time that makes for an excellent user experience to maximise on online revenue. The google gods are proactively inciting the benefits of good quality mobile sites. Your ebusiness will reap the rewards.

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5 Must-Have Features of a Small Business Phone System

Running a business – big or small – is incredibly tough, but it can be rewarding. Even more tough is getting all of your equipment in place, like a computer network, phone system or one of the many other tools you’ll need to operate.

One thing you absolutely need when it comes to making sales and generating leads is a reliable phone system. If you don’t have a way to contact potential customers or clients, or a way for them to reach you, then you won’t have much business. While email and online contact certainly work great, sometimes you just need to speak to a person directly to get things ironed out.

A modern phone system in today’s hyper-connected world involves using VOIP, or Voice Over IP, communication devices and software to talk to people via the Internet. This includes programs like Skype or Google Chat on the consumer side of things and services like Vonage, 8×8 or Jive for business.

Before making a commitment and setting up a VOIP phone system – or any system for that matter – it makes sense to understand a little bit about it first. In particular, you’ll need to know system requirements and limitations to ensure you get the most of your new service.

Know Your Equipment

Before choosing a system and having it installed or activated, do your research. This may seem pretty straightforward, but a lot of people skip over this step.

Compare prices and reliability when choosing a VOIP service provider. Ensure your Internet connection and bandwidth can handle your incoming and outgoing call loads. Know how many people will be working at a given time and how much equipment or hardware you’ll need to accommodate them.

Depending on how often you’re calling clients, you might want to skip that unlimited plan VOIP companies are offering, especially if you’re a small business with fewer needs. You never want to overpay for service.

Identify Bandwidth Limitations

Since VOIP services require an active Internet connection to work properly, you’ll need to be sure that you not only have a reliable connection in place, but also one that provides the proper bandwidth. You’ll need to figure out the amount of voice traffic that your system will be handling.

You can calculate the amount of bandwidth you’ll need yourself by taking a look at your current PBX (private branch exchange) system if you have one in place.

The reason you need to know this is because every time someone picks up a VOIP phone, it ties up a certain amount of bandwidth on your network. You’ll want to be sure there’s enough for everyone to be working at the same time. If not, you could experience call drops, shoddy connections and poor sound quality.

Establish an After-Hours System

No one works 24/7; you need some down time and so do your employees. Make absolutely sure you have an after-hours system in place that can take calls when no one is available. This could include contact information for sending an email, a voicemail system or even forwarding calls to a personal number.

If you do set up a voicemail account, be sure to offer explicit instructions for how callers can get in touch later. If that means informing them to leave their contact information and promising to call back, then do so.

A great feature to enable for a system like this is voicemail-to-email transcription, which most VOIP and business PBX systems provide. The system will automatically transcribe new voicemails that customers leave and send them to you via email or text message. No more fumbling with the voicemail system or trying to write down contact information. It’s all sent directly to you.

Activate a Call-Waiting Service

During business hours, you do not want to send potential clients or existing customers to voicemail. This could give them the wrong idea about your business.

Set up a call-waiting service so your customer is automatically connected to the first available representative. This also allows you and your staff to put contacts on hold for a period of time if you’re super busy.

Use a Hosted PBX System

A Private Branch Exchange, or PBX, system is like an operator for business phone lines. It connects and manages various extensions throughout a company. This is how automated systems direct your call to the appropriate department when you phone in.

There are two types of PBX systems available: hosted and on-site. A hosted PBX system is primarily handled by the VOIP provider and all of the equipment is in a remote location. An on-site PBX is located somewhere on the business property and requires an active team to manage it.

It’s always better to go with a hosted PBX system as opposed to an on-site one because it’s cheaper and less time-consuming. Not to mention, if you set up an on-site system, you’ll need to hire an IT team to manage it.

Don’t Throw Out Old Hardware

If you’re simply making the switch to VOIP or have old hardware lying around, then don’t toss it. There are analog-to-digital converters that allow traditional LAN phones to work with VOIP services. There are even PBX converters if you already have a PBX system in place.

Don’t waste money picking up brand-new hardware if you don’t have to.

The right phone system will help your small business run smoothly and improve your image.

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Benefits Of Exporting For A Small Business Introduction

Starting and running a profitable small business is difficult for anyone. There is more competition in the market than ever before, and it is becoming increasingly difficult for companies to make a profit. There are a lot of companies looking at exporting as a way to increase their income and profits. However, many companies simply do not know how to get started with selling in other nations. Here are several things that companies should do to begin exporting and the benefits of exporting over the long term.

New Customers

One of the biggest benefits to exporting products is the fact that it opens up a business to new customers across the world. There are many nations in the world growing at a faster rate than the United States. This represents a huge opportunity to gain market share by opening a product line in a new country. For example, opening a business in Brazil could open up a company to hundreds of millions of new customers. In order to increase sales, many companies are starting to look at countries around the world with strong economies and growing populations. In order to take advantage of this trend, companies should start investing in exporting products overseas today.

Higher Revenue

Revenue is one of the most essential metrics that any company must report on. In many markets, companies have already saturated their target market with products and advertising. It makes more sense for businesses to look at customers across the world with little exposure to the products they sell. There is a much higher return on investment with marketing to customers who have never been exposed to products. Companies should always keep their return on investment in mind when spending money on marketing their products and services. Many businesses mistakenly believe that marketing is always money well spent. However, many times it does little to move the needle in terms of increased sales. Exporting is a great way to increase revenue in a company for a little invested capital.

Higher Profits

Another great reason to export products to other nations is that the profit margins are typically higher. The currency exchange is generally beneficial to domestic companies that sell their products internationally. Not only can this save money on taxes, but this can also result in higher overall profits for the business. Margin erosion is something that every business must fight against. By exporting products across the world, companies can take a great first step in improving margin over the long run. With this increase in profits and sales overall, companies can set themselves up in a much better financial position in the future by exporting products around the world. Many companies have found doing business in Brazil is more profitable than they imagined.

Brand Name Recognition

The brand name of a company is one of the most important and valuable assets to protect. Expanding into overseas markets increases the brand name recognition of a company across the world. This can pay great dividends down the line in several different ways. There are many studies that show companies with a strong brand name are more profitable over the long run than companies who do not have a strong brand. Investing in overseas markets is a benefit in both the long and short term for a business. Business in Brazil, or other nations, can be a financial windfall that companies profit from for many years.

Conclusion

With the competitive business environment today, it is important that small businesses do everything they can in order to gain sales and profits. There are many opportunities around the world to gain market share by exporting products. There are a lot of benefits to exporting for a small business. Not only will this increase sales and profits, but this will also increase the brand name recognition for the company. Exporting is one of the most important decisions that a company can make. Although there are some initial investments required, over the long run this can be a great way for a company to increase its profits.

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Personal Finance: 4 Reasons Our Students Should Learn it in School

When people don’t have a basic understanding of personal finance, the results can be devastating. The negative impacts aren’t just felt by the individual, but also by their family members and community. If students were learning personal finance in school, they wouldn’t find themselves in these terrible positions as adults. Still not convinced? Here are 4 reasons students must learn personal finance.

1. It is a Practical Life Skill

Not only is understanding personal finance a necessary life skill, it is a skill that kids need to learn as early as possible. By the time they are 16, many kids own cars, have jobs, and bank accounts. This means budgeting for gas and car insurance, reconciling bank statements, tracking expenses, and filling out tax forms. Once they are 18, students may be renting apartments and receiving credit card offers. There are students who will receive help and guidance from their parents on these matters, but unfortunately many will not. If these skills aren’t learned at home, they simply must be taught in the school.

2. Students Who Learn Young Are Less Likely to Develop Bad Habits

A large part of personal finance education is teaching young people to track their spending, to create and stick to a budget, and to spend money. Students also learn about credit, interest rates, and how to identify a good offer of credit and one that is predatory. These programs also teach students about investments. Ultimately, students who are well educated in personal finance know…

The importance of saving money for emergencies
How to budget so that they do not run out of money
The importance of investing for their retirement
How to determine whether or not an interest rate is fair
How to avoid predatory creditors such as buy here pay here retailers, pay day and title lenders, pawn shops, and high interest credit cards
How to set savings goals to pay for wanted items and experiences

How to resist temptation to borrow money or purchase things on credit that are not absolute necessities

3. Too Many Entities Prey on Students who Lack Financial Knowledge

It is a well known fact that finance companies target students with credit card offers. These marketing campaigns often began the moment the student turns 18. These companies use slick marketing tactics to appeal to young people. They promise students the ability to get what they want now and pay for it later, and they do so by depicting images of young people living the good life. Students are offered low introductory rates which often jump into the double digits after just a few short months. Students who do not understand how credit works can find themselves in thousands of dollars in debt by the time they graduate. Much of this can be avoided with just a bit of education.

4. Students Who Do Not Learn These Skills Are at Risk of Financial Abuse

Students who receive education in personal finance are more likely to remain in control of their own money, and they are more likely to recognize and put a stop to financial exploitation and abuse if it happens to them. This means they are less likely to fall victim to unscrupulous contractors, or duped by other con artists. Students who have this knowledge are also more likely to have their own bank accounts, and to establish a healthy credit rating. This financial independence makes it easier for them to leave abusive situations, and less likely to allow an abusive partner to control their finances.

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How to Work Out Sales Projections

In the context of business planning, it would be fair to say that producing financial projections is the most teeth-clenching, hair –tearing, sweat-inducing, sanity-defying task of them all. This is particularly true with regard to sales or revenue calculations. The business is judged by its sales, and your sales projections set the standard for profits and growth. I have been asked countless times ‘how do I predict the sales, how am I supposed to know what revenue I am going to make’? There is a fine distinction, but a very important one, between predicting sales and projecting sales. The first one allures to pure guesswork, of the gazing into a crystal ball variety. The second one, however, involves a much more scientific approach. Same difference, I hear you say – what does this mean in practical terms?

Well, the methodology involved in achieving sound sales projections usually involves some or all of the following elements:

Defining Operational Limitations

Simply put, if the business possesses only one piece of equipment capable of producing a maximum of 500 units in a week – that will define your maximum amount of weekly sales, no matter what. Similarly, you will have limitations in manpower – for example if you are a sole trader providing a service, you will only be able to put a fixed number of hours into the business, even if you assume that orders are flooding in continuously. Define all your limitations. They may involve working space size, stock turnover, transport capability or warehousing capacity. This will help you define your assumptions on which your financial projections, and in particular sales, will be based.

Defining the Market Limitations

If your target market is, for example, men in Ireland between ages of 18-24, then the maximum possible number of sales to this target group is your limitation, which has to be worked into your financial projections. Similarly, the geographical spread might be another limitation. If you are working on a local basis and your reach is a 30 mile radius, working out the maximum sales output within this area will help you define a realistic sales target, which again will help shape your financial projections. Also, undertake a thorough research of the competition. How are they doing? You can benchmark your projections against sales that are achieved by more mature players in the market, another important indication of whether your financial projections make sense in the real world.

Where does the growth come from?

Financial projections usually span over 3-5 years. Where does the growth come from? Again, if you are showing an increase in sales over time, make sure this involves sound principles. This may involve for example:

Introduction of a marketing campaign, resulting in higher sales
Introduction of an additional sales person, resulting in higher sales
Selling to new market segments or new markets
Introduction of additional product lines
Introduction of additional sales channels (e.g. online/offline)
Introduction of additional features (added value)
Introduction of bundled packages (added value)
Price increase based on e.g. greater brand recognition
Introduction of special lines (limited edition)

What else?

Be mindful of seasonality. If you have, for example, a tourist orientated business the bulk of the sales would be generated in the summer. Make sure your projections reflect any market trends that are specific to your product or service, include any rise and fall in demand that can be reasonably foreseen. Be mindful of technological advances and consider how they may impact and influence sales of your product or service, and ultimately – can introduction of new technologies increase your sales by increasing their appeal/adding value.

What if I have an online business?

In many ways, an online shop is very much like a physical shop. You need to be able to project how many people are likely to visit your shop, and out of those visitors, how many are likely to end up making a purchase. A good place to start is to utilise one of the many free web analytics tools ( http://www.inc.com/guides/12/2010/11-best-web-analytics-tools.html )available. Have a look at similar websites to yours and work with the numbers you extract from your research – such as the number of Unique Visitors and the bounce rate. You can use this research to work out your assumptions and limitations.

In summary, the answer to what makes a good realistic sales projections lies within the specifics of your business. Work out your limitations and what is realistic within your target market and the necessary ‘how to’ structure for your calculations will become apparent.

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Marrying Online and Offline Marketing Efforts for Success

As the world becomes increasingly dominated by the internet, more and more businesses are turning to online-only techniques to turn interested consumers into clients or customers. Newspapers and radio, the two main avenues for off-line advertising in the past, are dwindling and network TV is close on their heels.

But as the Internet continues to grow, evolve, and change, the effectiveness of both on-and-offline marketing campaigns are fluid. In fact, many current marketers may be surprised to learn that most effective approach is an integrated one, where online and off-line advertising work in tandem, converting more often than either one on its own.

An Integrated Approach

Did you know that graphic ads such as billboards and even business cards can be used to drive both organic and direct traffic to your website? According to Levy Online, a Vegas-based marketing agency, the increased recognition from billboards and television ads can provide a huge boost to branded Google searches, leading clients directly to your product or service. A prime example of this is local attorney Adam S. Kutner. Despite an incredibly saturated and competitive local market, Kutner has built online success by investing in offline ads.

Although these types of brand-building mediums differ greatly in reach and size, they share a common goal: getting eyes on your website. They should be eye-catching and give just enough information to entice people to look for more information. No one sees a billboard or picks up a business card and instantly signs a contract or makes a purchase. Consumers need time to feel comfortable with a company or professional individual before they open their wallets.

The vast majority of consumers have mobile devices with them most of the time, which provides the perfect opportunity for them to look for more information immediately. A billboard that prominently displays the website address will encourage the viewer to pick up their phone or tablet – hopefully not while driving – and get more information about what the company has to offer. A simple business card can contain a printed QR code that makes it even easier for them to find their way to your company’s site.

Radio and TV Still Potent Channels

Television shows, movies and music will never disappear as forms of entertainment for the general public (though the landscape may be shifting, with Netflix and Hulu carving out a substantial niche.) Buying ad time and put your name in front of millions of people at the same time. With a professionally crafted presentation, people should be inspired to take action based on its content. This will require a bit of an investment, both in high caliber video production and buying ad time.

The ads placed on TV or radio also need particular goals. While some companies may promote a particular product or service, most want to establish a long-term relationship with the customer or client. This allows them to sell multiple times to the same person. Using these spots to point people to the website or social media page online helps to build this type of trust and familiarity.

With so many options available to the modern marketer, integrating online and offline advertising makes sense. Not only do real-world ads, such as billboards and television commercials helps the general public recognize your company and develop a positive attitude toward it, but they can greatly increase the amount of traffic coming to your online sites. By formulating a cohesive goal, marketing techniques as divergent as a billboard and a scannable QR code can work together and lead to success.

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A taster of whats to come from Gary Brown at An Post’s #Growmybusiness 2015, Dublin & Cork

Tickets are selling fast book now: www.anpost.ie/growmybusiness

What Irish Businesses Can Learn From Michael Flatley

Every business, large or small, the length and breadth of the country, is looking to be different from its competitors in some way, shape or form. Every business wants to stand out from the crowd and be noticed, it wants to be the ‘purple cow in the field’, so to speak.

Businesses are looking to draw attention to themselves in order to attract customers. To do this, there is first a need for the business to develop a real point of difference, or as we marketers call it, a USP – unique selling point. The search for this elusive USP can be very daunting for many companies, particularly small businesses and SMEs, which tend to have limited marketing budgets and lesser resources.

The thinking seems to be that lots of money must be spent to achieve the stand out they so desire, yet this is not necessarily the case. It does, however, require a bit of thinking time. This thinking time should focus on ‘trying to do different things, rather than trying to do things differently’. Doing different things can be a game changer for small businesses, because it requires a genuine re-think and a change of mindset. This doesn’t have to cost money, instead it requires focus, a sense of purpose and, most importantly, a shift in attitude.

An attitude can’t be bought, but it can be generated, fostered, and put to use. You see, attitude is even more important than planning and strategising. So, begin by focusing on developing an attitude that encourages you to look at everything your business is doing and ask yourself, how can we be different, different in our approach to customers, different in our outlook? And can we embrace and foster a different attitude to our business? How can we be different to everyone else in our marketplace?

Very often, being different requires a bending of normal rules, or in some cases, a complete break with convention. However, in many cases, a very small change is all that’s required to give your business a distinct point of difference and to make it stand out. And here’s the good bit – it doesn’t always have to come at a cost. This is where Mr Flatley comes in.

Now, love him or loathe him, Michael Flatley is an extremely successful, multi talented individual. We’re all aware of his prowess as a dancer, but very few of us know that he’s also a very accomplished flautist and, in his younger days, he was a very talented and successful amateur boxer. So, take him on at your peril!

Being talented is obviously great, but it was his attitude that made Michael a global superstar, and a one man, dancing global brand. You see, Michael Flatley challenged the long established norms of traditional Irish dancing. He broke the rules and
became a hugely successful, mega rich superstar, and he did this by making one small change. He dared to be different from all of the other Irish dancers around him. How? Well, he simply unclamped his arms from his sides! Yes, imagine, he dared to raise his arms! And, simply by raising his arms, against all the old conventions of Irish dancing, Michael Flatley sprang into superstardom.

That one, beautifully simple act of raising his arms allowed him to jump higher, twist higher, kick higher, and it catapulted Irish dancing on to the global stage. So, you see, sometimes the smallest change and the slightest tweak in how you go about your business, can give you the edge and make you stand out from your competitors, without having to cost the earth.

So, dare to be different, especially if you’re a small business and don’t have lots of key decision makers to run your ideas by. Don’t be afraid, because if you make a change quickly, it can be reversed quickly. It is, of course, important to be nimble and flexible. That’s where small businesses have the advantage over bigger enterprises, because they can affect and implement changes and different practices relatively
quickly.

The Irish economy is full of small and dynamic businesses that are not just surviving, but thriving. They are thriving, because at the vanguard of their ethos, is an appetite for change, along with a strong desire to stand out and be different. If you dare to be different, and to be seen to be different, then you can’t help but stand out. And, if you stand out, you’ll be remarked on and you’ll be remembered. As a small business, you should be asking yourself, how can I make my business remarkable? How can I get prospects and customers alike to enthuse about something that we do that’s different?

Let me give you an example. A friend of mine was staying in a lovely little hotel in Kerry recently where he was bowled over by the service, the hospitality and, of course, the beautiful scenery. Now, all of the hotels and guesthouses in the immediate area share the same scenery. However, his hotel did something that, for him, was remarkable. Something that took a lot of thought on the part of the hotel, but was small and inexpensive. Having spent their first night in the hotel, he and his wife headed to their car the next morning, which was parked in the hotel car park. They were planning a drive around the scenic Ring of Kerry. When they got to the car, he noticed a small note on the windscreen that read – ‘We decided to give your windscreen a wash, so you can really enjoy the beautiful scenery.’ The note was duly signed by the hotel manager! Wonderful, small, and remarkable, because my friend hasn’t stopped talking about it, or the hotel, since he’s come back.

So, again, it doesn’t need to cost the earth to be different, or to be remarkable. It does require taking some time out with your partners and your staff and challenging each other to start being different in order to make your business stand out from the crowd. Being different sometimes requires you to challenge the norms, break the rules, and change how you go about your business. Sometimes a small change can make a huge impact. Just ask Michael Flatley!

Gary Brown is Executive Chairman of Target McConnells, one of Ireland’s largest
Advertising and Marketing Agencies.

Gary will be speaking at An Post’s #GrowMyBusiness events November 10th In Dublin and November 12th in Cork, Book your tickets now @ www.anpost.ie/growmybusiness

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5 Reasons Why Incubators are so Popular for SMBs

With the popularity of telecommuting and startup businesses, many people are finding that they no longer need a traditional brick and mortar office with all of the expenses that come with it. Instead, these people are turning to business incubators, a place where people can work with other people and receive the support services, work space, networking opportunities, training, and financial freedom they need to succeed.

Business incubators provide a laundry list of benefits to anyone who joins one; however, they’re extremely beneficial to SMBs who simply don’t have the knowledge, tools, or resources to take their companies to the next level. Check out the five reasons why business incubators are so popular for SMBs.

Work Space

Sometimes your business doesn’t require a brick and mortar office, but working at home or from a coffee shop can become mundane after a while. Business incubators provide coworking space that people find beneficial. These provide a shared working environment that allows people to be surrounded by other individuals and receive all the perks of an office, such as a printer, Wi-Fi, phone, conference rooms, and much more.

Support Services

When SMBs use a business incubator, they can receive support services that would otherwise be unobtainable or too expensive. Instead, you can rely on the other individuals in the business incubator to provide the support services you need, or you and the others can share on the expense of marketing, business insurance, legal, or other services that may be required.

Networking Opportunities

Every successful businessperson knows that networking is essential. With a business incubator, there are so many networking possibilities, which is why they will just continue to grow. Individuals using business incubators have easy access to successful entrepreneurs, financial professionals, or others that can help them boost their business. Plus, many incubators also host events, which provides even more opportunity for networking.

Training

Receiving the right training is important to continue taking your business further. However, sometimes this training can be too expensive or unavailable if trying to secure it on your own. However, with a business incubator, you can have access to training. Sometimes the incubator will provide training for certain topics or programs, or you can feed off the training from the other people you’re working with. Either way, it’s a win-win situation.

Financial Freedom

One of the biggest benefits of a business incubator is that SMBs receive financial freedom. Instead of trying to find the money to spend on rent, and instead of spending money on training, networking, and support services, as well as employee salaries and other business expenses, they receive all of this with a business incubator. This can significantly reduce the amount of money your business will spend, allowing you to either reinvest it back into your business or use it for profits.

The other financial benefit of business incubators is the help in securing future loans. Many incubators have built relationships with people looking to invest in business, and this provides you with an easier way to get connected to those who can provide the financing you need to take your company to the next level.

If you’re a small or medium-sized business, try to find a local business incubator in your area, and use this tool to help your business thrive.

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