Think your sales department is doing all it can to convert credit card processing sales leads or VoIP sales leads into paying customers? Think again. When it comes to maximizing lead generation efforts, perceived success rates are much higher than real statistics indicate, according to our recent study. (more…)

Having written hundreds of business plans, I’ve found that some of our clients insist upon receiving business plan documents of more than thirty pages, not including financial charts.  The end-result is a document with too many pages of additional market research, a lengthy product and/or service description, and other elements such as company history and client background.

To create a solid, streamlined business plan that speaks of the core components needed in a professional document, I have been taught, by experienced mentors and business planning blog writers (such as Guy Kawasaki) that a business plan should rarely exceed 25 pages.

We aim to earn the satisfaction of every client we work with, but emphasize that less is often more.  From my experience, 20-25 pages is frequently the perfect length; if a concept and its market cannot be explained and demonstrated fairly briefly, then either the writer does not properly understand the product or market, or not enough effort is being spent in the pursuit of brevity.

Major sections of a business plan, excluding financial charts and tables, should include a tailored, non-template executive summary (one page in length, no more), products and services description, a vision or mission statement, market analysis and industry overview, a branding and advertising strategy, ownership and operations, and competition in the marketplace.

Remember: pages and pages of market research only hide what the actual product or service is; thus, if it is needed in the marketplace, a 10-page market analysis is only making the business plan more jumbled and confusing to the reader.  If the product or service is needed, 10 pages of research should not be necessary.

Is Canada the newest entrepreneurial frontier? Maybe. Globally, the country has the highest population of entrepreneurs within its working population (15.9% compared to 10.1% in the U.S.*). By some measures, it’s easier to start a business in Canada than in almost any other large-economy country: Canada ranks #1 among the G-7 and OECD countries for fewest number of procedures required to start a business and for the fewest number of days required get a new business off the ground. (more…)

With news that retail sales rose 2.7% in August (higher than the 2% increase many experts predicted), many small business owners are breathing a sigh of relief.  Nearly every business blogger has done some version of the “Recession-proof Companies” post, but what many fail to address is how you as a small business owner can translate these successful strategies for your own company. Should you dedicate more budget to online marketing efforts, position your brand differently, or employ several brand building strategies at once? Here’s a look at a few industries that have managed to slide through the past years relatively unscathed by the economic woes plaguing many businesses- and how you can use their secrets of success.

Fast Food

“Fast casual dining” (fast food restaurants) have done well over the past years. The success of businesses that offer lower-priced fare is often attributed to customers’ increasing desire for bargains, which sounds right- until you consider the case of McDonalds, which attributes a same-store sales rise of 2.6% to the launch of it’s McCafe line of espresso and coffee drinks. Conventional wisdom dictates that customers would forgo fancy coffee beverages the more financially stretched they become. But McDonalds turned what could have been a huge disadvantage into a marketing ploy: instead of going out the $5 lattes to save cash, just switch to a cheaper version. The $100 million campaign placed McDonalds as the cash-conscious alternative to Starbucks and other high-end coffee retailers.

Steal this Strategy: McDonalds’s strategy is a great example of turning lemons into lemonade. Even if you can’t position your product as the cash-saving equivalent of a pricier or luxury item, you can probably think of creative ways to turn a perceived hurdle into a successful marketing strategy. Online marketing efforts, pay per click ads, and related strategies can shift customer perception of your product in a relatively short span of time.

Beer

Alcohol is often touted as a “recession proof” product, even though this isn’t entirely the case- “value sector” brands tend to see sales increase or remain steady because drinkers mid-market beverages downgrade to more cost effective alternatives. Brands on the high end, where customer loyalty is the strongest, tend to sustain minimal damage during rough economic times, according to Beer Business Daily. Illustrative of this trend is the case of Chicago brewer Goose Island, which seen an increase in sales of its $8 and up bottles at local bars.

Steal this Strategy: The lesson here is that it can pay to position yourself either at the top or at the bottom of a specific market. Companies that produce niche products or those with a cult following seem to be less likely to lose business to mid- or low-market brands because loyalty is so strong. Building customer relationships can be as simple as offering special promotions to repeat clients or customers, initiating an email marketing effort, or ramping up a social media marketing campaign.

Pharmaceuticals

Medical News Today reports that revenues of pharmaceutical companies actively developing new drugs grew to $89.7 billion last year. Though some have pointed out that pharmaceutical industry growth in the US is “not sustainable” the current numbers show that explosive revenue growth is possible, even in a down economy.

Steal this Strategy: Not all drug companies are making piles of money. The largest profits seem to be reserved for those companies that place the most importance on growth: developing new therapies, obtaining new patents, and bringing new drugs to market. Innovation in any industry is key for long term success, but it can also drive short-term revenue, as well. Now is the time to evaluate growth strategies and get customers excited about new product or service offerings.

Technology

Some of the industries thriving in the recession are easy calls- people always need to eat, and take care of health needs, for example. Success in bargain markets is equally easy to predict. Don’t despair if your business isn’t serving a “steady demand” industry or producing low-cost goods. High-end retailers can also fare well in an economic downturn if they are strategic with sales and marketing efforts. Apple, the stylish innovator that brought the world the iPod, the iPhone, and a whole host of other sleek, easy-interface devices is the perfect example of a high-end brand doing better than expected in an economic decline.

Steal this Strategy: Apple capitalizes on all of the strategies employed by the other companies described: customers are fiercely loyal (even if prices are high), it positions itself as a “better” alternative to existing offerings (PCs, music players, etc.) and it manages to create huge excitement for even less than monumental innovations (iTunes 9). It does all of these things incredibly well. The lesson here: combine your strengths into a comprehensive marketing and sales strategy. Focusing on one technique might work well, but integrating several well-targeted efforts might work even better.

It’s always been a slightly antagonistic cocktail party trick of mine to get a conversation going about a well-known business or technology that I know for a fact is founded by a female entrepreneur and see if the person I’m discussing this topic with also knows this. You’d be surprised how often I wear a smug smirk on my face when their eyes betray them and they backpedal regarding their misconception.

Since, it’s quite a feat to become an entrepreneur in today’s landscape of financial success, people go right back to the glass ceiling conception about businesses. The uphill battle to make a profit out of a start-up has always been perceived as a boy’s club, but there have been exceptions of women breaking through this glass ceiling and planting a flag for female entrepreneurship. Arianna Huffington, Oprah Winfrey, Coco Chanel, Estee Lauder, and Debbi Fields are just a few names synonymous with women and successful businesses. These are, of course, classic examples and might not have the same relevance when you look at today’s business landscape. Can women be entrepreneurs in the world of developing technology and Web 2.0? The answer is still, “yes.”

I’ve mentioned a few times that innovation has replaced imitation in today’s internet landscape. I’m amazed when it’s a shock to anyone I talk to that one of the big Web 2.0 innovations that’s making waves was created by a woman. Currently the following are some of my favorites to point out:

Caterina Fake - formerly founded www.Flickr.com. Currently is responsible for www.Hunch.com which is a site that helps users make better decisions.

Eileen Gittins – responsible for www.Blurb.com which helps users publish their own photo books, cookbooks, and portfolios.

Elaine Wherry and Sandy Jen – responsible for www.Meebo.com which connects multiple instant messaging platforms in one interface.

Gina Bianchini – responsible for www.Ning.com which enables users to create their own social networks.

These are my four favorites because these are four of the more innovative uses of the internet’s current abilities to reach and aid the public in using available technology to its fullest extent. I have to give these ladies credit for not only seeing an opening for a great idea and going for it, but having the foresight to make that idea lasting and successful in this current landscape that has the pitfalls of a rocky financial climate. If nothing else, I also have to congratulate them for making cocktail parties even more fun for me.

Ever wondered whether you could put your iPhone to work for practical business purposes, like, say, credit card processing or tracking product shipments? The competition for the best iPhone Application (App, for short) has heated up since we cataloged our 10 favorites last year. In honor of Apple’s super-secret big announcement this week, here are our top picks for the best business iPhone apps:

EverNote: EverNote works like your brain would- if its contents were exported to your iPhone. This app takes any form of information- photos, written notes, voice recordings- and makes it searchable using technologies like optical character recognition. For example, you can take pictures of posters, magazine covers, business cards, or anything else and search the photo based on the content of the text.

WhatTasks: Quite possibly the easiest-to-use task manager in existence, WhatTasks allows you to group tasks (by client, location, etc) and prioritize them using a simple, uncomplicated interface. If your main complaint about task management apps is that it’s a task in itself to use them, look no further- this one’s actually worth it to use.

SugarSync: SugarSync is the iPhone app that accompanies Sharpcast’s Sync service. For $50/yearly, you’ll have access to 30GB of storage that is accessible and searchable on your phone. Changes to files on your computer (document revisions, etc.) are also reflected on your mobile device instantly.

PageOnce: PageOnce lets users view many different accounts (Facebook, Twitter, different email accounts, bank accounts, etc.) on one page. Sign up for the free account and then download the iPhone version, which allows you to access bank account, credit account, and invoicing account pages easily, no matter where you are.

iProcrastinate: If you work best on a deadline, this appropriately-named application is for you. You can group your tasks by due date, allowing you to prioritize your work. Tasks can be easily searched and can be identified by color coding (if you’re looking for something to do while putting off actually getting to work…) And yes, there is an “overdue” category for those that really procrastinate.

BeamME: The “greenest” business card is a virtual one. BeamMe is one of the better contact information transfer apps out there, allowing you to sent information via text or (more conveniently) via email from your phone in a few simple clicks.

Griffin iTalk: There are quite a few voice recording apps available, but iTalk gets our vote for its simple interface and easy compatibility with other Apple products. Use iTalk to record conversations (reporters like it for on-the-spot interviewing) or simple notes and to-do-list tasks.

MWare Mobile: MerchantWARE Mobile acts as a virtual credit card terminal, allowing you to process credit card transactions using only your phone and a connection to a WiFi or 3g network. MWare mobile gets our recommendation because no 3^rd party merchant account gateways are required, it’s easy, to use, it’s secure, and (best of all) it’s free.

FedEx Mobile: This easy-to-use application allows you full access to the range of FedEx services. You can arrange pickups, find a FedEx drop off location, or track outgoing product shipments directly from your phone.

mBox Fax: Faxing (strangely, to some) is still a very common method of transmitting information. Some companies that don’t want to invest in a machine can use this application to accept incoming faxes.

PointerRemote: The next time you need to make a presentation, use your phone as a remote. This tool works with both Microsoft’s PowerPoint and Apple’s Keynote. It also lets you view notes on your phone screen so you can discreetly navigate between slides and topics without craning your neck to read the large screen.

FreshBooks: FreshBooks, an invoicing and time monitoring software program, offers up some of its best features in this mobile application. You can track the time spent to complete specific projects and tasks for later invoicing, keep notes on entries, and monitor job costs when you’re working out of the office.

Any we missed? Share your finds with other business owners and entrepreneurs in the comments section.

As an online entrepreneur, you know that great ecommerce web design can make or break your sales numbers. But statistics like site visits, click throughs to item descriptions, and other numbers might not tell the whole story: according to BizReport and eWay Direct, the majority of shoppers- a whopping 70%- browse products, set aside items for purchase and then…vanish. It’s called shopping cart abandonment- the process of loading items into a cart and then either purposefully or inadvertently navigating away from the site before completing a purchase. (more…)