Tag Archives: Business Advice

Tips for Effective Networking

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There are so many networking tips available out there, presuming to tell you how to do just about everything, that it can be easy to fall into total confusion about what makes sense for you.

So – when it comes to networking, let’s keep it really simple. Networking is nothing more than forming relationships, which is the same thing you do when you meet people and make friends. Granted, business networking is done expressly for the purpose of generating business leads and opportunities – but that’s fine as long as everyone involved understands that’s what’s going on.

And many of the same principles apply in business networking as they do in social settings.

Think of it like dating. When you’re on a date – especially a first date – you know (hopefully!) that you don’t want to sit there all night talking about yourself. Expressing interest in the other person not only helps you get to know that person, but it also helps you to come off as more interesting.

Networking-resized-600In business networking, asking questions and finding out about the other person’s business gives you the best opportunity to learn their needs and determine how you can bring them value. It also shows the other person that you’re interested in their needs, rather than just talking about yourself and your organization.

Chances are, of course, you will get the chance to make the case for yourself. How can you be prepared for your shot? One idea is to create a 30-second commercial for yourself and your business (you might want to have a 15-second version ready too, just in case time’s tight). You can base it on your mission or vision statement, and what you believe sets you apart from your competitors.

Create this pitch, know it well, and when you get your chance – you can make the case for yourself succinctly and effectively.

Sure, networking and dating are different in more ways than they’re alike – so let’s not take the comparison too far. But the process of forming relationships with others has some common elements, no matter what kind of relationship we’re talking about. And the best ones are always based on trust, understanding and mutual respect. If you approach networking in that way, you’re bound to get a great deal out of it!

Have a question about business planning, products, or services? Contact Business Development or leave a comment below.

ROI in Your Business

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Now that you’ve mapped out your marketing plan, you need to figure out what worked and what didn’t, in terms of attracting customers to your business. It’s important to determine which funds are being spent the right way in order to make sure you get as much return on your marketing investment as possible. There are a few ways you can do this, which we’ve outlined below. Be sure to take the time to do the research to determine your ROI, allowing you to tweak your marketing methods to maximize your presence in your target demographic.

The first and least expensive way is to survey your customers to find out how they learned about your business. When you are meeting with your customers, or when they are at the register, just simply ask “How did you hear about us?”  There are also other methods, such as web sites and software that allow you to survey those who go to your website. An example is Survey Monkey, a low cost online survey program which enables you to select the best plan for your business based on the number of online surveys you might want to send out over the course of a year.  Some of these methods do cost money, but can easily help you determine how effective your campaigns are.

Additional, inexpensive ways include:

  • Video monitoring and clipping services to determine TV viewerships
  • Setting up special web pages that are for the specific purpose of radio ad promotions so that you know which customers came from your radio listenership
  • Setting up Google analytics for your website
  • Setting up Facebook Insights for business or fan pages
  • Using Twitter to see how many followers you have and how interactive you are

Be sure to maintain a positive viewpoint along the way. This is a learning process and it may take a bit of tweaking to get your ROI just right. Try to think of ROI in other ways instead of the definitive “Return on Investment,” such as:

  • Re-Organizing Identity
  • Releasing of Information
  • Recognizing our Industry
  • Realizing obtainable income
  • Retiring old itinerary
  • Rewarding our interests

Soon enough, you’ll be on the path to your perfect ROI marketing equation.
Share your personal definition of ROI that you came up with by leaving a comment!

Have a question about business planning, products, or services? Contact Business Development or leave a comment below.

Cash Flow Options for Business

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This is a good time of year to examine your cash flow. Even if your sales are good, you still have to make sure the money is actually coming in on the schedule you need to meet your expenses and, hopefully, build up cash reserves.

If your cash flow could use a boost – and let’s face it, you would have lots of company – First Financial has several options you might want to consider. One is a line of credit. A very helpful option that’s there when you need it, many businesses access lines of credit to stem the effects of slow receivables or other short-term cash flow issues.

Personal credit is also an option for many business owners. You will need three years’ worth of both business and personal tax returns, and lenders will definitely take a keen interest in your business plan – since that tells a lot about how prepared you are to maintain business success and put yourself in a position to make your payments.

The good news here is that credit unions don’t simply pass judgment on your business plan. We help you with it. Our members are our owners, and we’re here to help make them more successful. So if we see issues with your business plan, our priority is to help address them so you can be more successful.

If you have a commercial mortgage, you might also consider refinancing it at today’s relatively low interest rates as a way of freeing up some capital on a month-to-month basis. That could make the difference in your ability to make crucial capital investments – perhaps an important piece of equipment or a technology upgrade that will allow you to win or successfully execute an opportunity for growth.

As the economy rebounds, many companies have a need to make fresh investments in employees, products and technology. Often, the state of your cash flow determines whether you can make these investments or will have to hold off. Talk to us about customized lending solutions that will allow you to shore up your cash flow and strengthen your business. We’re here to support your success!  Contact Business Development at business@firstffcu.com.

 

Having a Successful Business – Questions to Ask Yourself

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Having a successful business – what business owner can say they don’t want one? It’s not January anymore, but it’s still early enough in the year to prepare for a strong business year. We have a few key questions to ask yourself for having the successful business you desire.

As you review your business’ performance throughout the year – not just the last quarter but the entire year – how does it compare to the year before? Were your sales as strong? Was your cash flow healthy and consistent? Did you have the people and the resources you needed to meet your growth goals? Were they the right goals?

chart_bluesmooth2-resized-600With that in mind, look at your projections for the coming year. If you’re expecting to continue on having a successful business and a better year than last year, good – but are you sure you can do the things you need to do to meet those expectations? Do you have the capital you need? Do you have the staffing? Do you have the equipment? If you don’t have any of the above, you might want to talk to us about a working capital loan to help bridge the gap.

What if you’re not projecting as good a year as last year? If that’s the case, you need to consider whether you can improve your marketing to drive more business. Also: Can you improve your cash flow – perhaps by working differently with customers or adjusting your billing terms? There are financing options available for businesses who struggle with cash flow, but the first thing you want to do is see if you can make adjustments to improve it.

Maybe there are also some additional adjustments you can make over the course of the new year that will put you in a stronger position come next year. Throughout the process, use your business plan as a guide. If you don’t already have one, we have tools that can help and utilize small business resources like the SBA and SCORE. A Quickbooks Pro Advisor can also help you to analyze your numbers.

Planning is crucial. Following it up with smart action is essential. The result should be smart growth that puts you in a better position to succeed now and in the future. Having a successful business every year, is possible.

Have a question about business planning or loans?  Contact Business Development

Starting a Business in the Current Economy is Possible

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Our business experts continue with providing step-by-step advice on how to get started with owning a business. This month we will go over developing the mission statement for your business.

Everybody has a mission in life. Have you thought about what yours is, especially for your business? Your mission statement is your ideal snapshot photograph of what your business will be. Ask yourself these age-old questions in relation to your business: who, what, why and how. Frame these answers as the snapshots that make up your business portrait, thus creating the identity of your business.

The mission statement should identify:
• Who is the target audience?
• Who runs the business?
• What is the business?
• What is the product?
• Why does the business exist?
• How does the business operate?

Some guidelines:
• Your mission statement should be concise — approximately 50 words or less.
• It should motivate you and your employees to action.
• It should motivate potential customers to want to patronize your business.
• It should clearly express your identity and call to action.
• It should answer the top three wishes or desires you have for your organization.

Don’t let creating a mission statement be Mission: Impossible. Follow these easy steps to create one, and you’ll be even closer to Mission: Accomplished.

 

How to Start a Business in the Current Economy

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We at First Financial want to help you achieve your dreams of owning your own business using safe and realistic steps to guide you.  Over the coming weeks, our business experts will provide step-by-step advice on how to get started.  We can’t promise it’ll be easy to get started—but we can promise that we’ll be here every step of the way to get you to your destination.

Step One:  Form an intimate relationship with your industry

It’s important when starting your own business that you’ve experienced it at the employee level.  When you take the time to involve yourself in the industry, you are able to determine if it will be something that suits you and this economy.  The fewer surprises, the better.  Plus the experience not only provides you with knowledge and preparation, but also with credibility, which can help you market your business and secure financing.

Tip:  Want to open a business in which you have no industry experience?  Don’t let that deter you! If it’s feasible, take a year to throw yourself into it.  In the long-term, proverbial “big picture.” You’ll benefit from taking that extra year (or two!) to immerse and educate yourself in what the industry involves.  Take notes along the way.  Ask questions of your supervisors and coworkers.  Create a journal of all that you do so you can use this information not only in starting your business, but in later years to assess how far you’ve come.

Step Two:  Create a concept and research, research, research!

Just as you can never have too much experience, you can never do too much research.  Use resources both on-line and locally to provide you with a well-rounded assessment of your industry in your area.  Check out your potential competition—their websites, pricing, products and how they market themselves.  Decide what you like and dislike about each of these categories, and even ask what your friends and family think about it!  These can help you decide how you want your company to be conveyed, and how it can set you apart from the rest.  Check out if there are any local groups that specialize in networking specifically for your potential industry.  Check out Chambers of Commerce in local towns where you can also meet up with industry professionals.  But don’t forget to hit the books as well!  What kind of literature can you find on your business venture?

For Monmouth and Ocean Counties, not only do you have First Financial as a resource, but you also have SCORE, Monmouth Ocean Small Business Development Center (MOSBDC), and others.  SCORE is a nonprofit association that provides advice and guidance to entrepreneurs.  While they are a national association, they have a chapter here at the Jersey Shore.  For more information on how they can help your business grow, go to www.score.org.  MOSBDC is a national network of universities and colleges that advise small businesses.  Locally, they have offices at Brookdale Community College and Ocean County College.  Their website is www.mosbdc.com.  These are only two examples of organizations that dedicate themselves to helping small business owners start and flourish.

Tip:  Don’t overwhelm yourself!  This sounds like a lot, so start off slow with 1 hour per day of research, and maybe 2-3 hours per week of networking and face-to-face research.  (Just 10 hours per week to become more learned for your business path?  Sounds like a deal!).