Social Networking Archives

Be an “Opportunist” and Put the “O” Back in SWOT

Did you ever catch a baseball at a professional baseball game. I had attended Dodger games since I was a kid, and never even got close. The odds of catching a ball changed depending on where you sat. However, no matter how great the odds were, I would bring my ball glove. Nothing came close, except when I became a father.

Then one day, I was walking down the steps behind home plate with a Carnation frozen shake (my favorite Dodger concession) in each hand. Before reaching my family, I heard the crowd cheer above me when a foul ball hit the upper level. The fans failed to catch it letting it escaped down to my level about twenty steps above me. As I turned, I watched a baseball bounce down the steps toward me. To heck with the malts, I dropped them splattering on the ground and fell to one knee to field the grounder like I was taught in Little League. My opportunity had come and I was ready.

Most small and medium-sized businesses probably don’t prepare a strategic plan. If you did, you would probably include a common tool: SWOT. The SWOT tool looks at your company’s “Strengths, Weaknesses, Opportunities, and Threats. Many companies usually list the SW, and T. But opportunities? That can be tough. The probably with this is that companies only look to their existing markets, and not leverage their product or expertise in other markets.

Take music for example: Songwriters and producers are banging their heads on the wall trying to get a share of a shrinking market. Yet, they don’t realize that they may have the tools to use music in a different way. Take Song Pong, for example. Song Pong is a music based social media game allowing users to communicate through music. The players can pose a challenge, share favorite songs, or deliver dedications. Song Pong utilizes personal music libraries and the 26 million song in the iTune store.

Now, I am not saying that you should not pursue your passion, but sometimes your passion can be an opportunity that you have not discovered. Michael Gorton, owner of the Song Pong app focused on the connectivity of music instead of producing its content.

So, how do you start? You start by looking at the needs of the public. Start with what you are producing and what is needed. Discard with is not needed and us the tools of what is left to inquire into several new markets.

The Strategy of the “Argo” Writer and Why You Should Take Notice

Do you use “vertical” logic to solve a problem? This classic method for problem solving works out a solutions using a step-by-step method until a person arrives at a conclusion. Engineers I’ve known, have used this approach.

Or do you address problems “horizontally”? That is, having a thousand ideas but being unconcerned with how to implement the strategy of arriving at your destination.

Many will look at these two approaches and say the first is more left brain, the second more right brain. However, the better approach is to use both sides of your brain and think more entrepreneurial.

This appears to be the thinking of Joshuah Bearman, the “Argo” writer according to a Los Angeles Times article. According to the article, “Argo” prompted Bearman, …to think about storytelling in a different way–and to go entrepreneurial with his latest project, a tale of San Diego drug smuggler called ‘Coronado High’.” According to the article, Bearman negotiated a trifecta revenue package with publishing with GQ magazine( print), Atavist (a digital e-book publisher), and Sony Pictures (movie). These avenues displayed different “colors” of the project serving different audiences.

This strategy pushes Bearman into his own “Blue Ocean” by distinguishing his project from other journalists, novelists, and screenwriters. Though these multiple platforms operate separately, they will complement each other making this project greater than the sum of its parts. Why? Because one person hearing the audio version may want to see the movie, for example.

Some say that other writers will not be able to duplicate Bearman’s strategy because of his “Argo” clout, but I disagree. In business, there is always an industry leader that tests the water. If Bearman is successful, these(and other) publishers will be looking for other authors to replicate the success.

Multimedia is hear to stay, but the industry leader will be the person who can change with it. Multimedia platforms are not stagnant and demand a dynamic entrepreneur to change with them.

Internet Content Generation: Is Your Business More Exciting than Accounting? I Doubt It?

One day I was having lunch with one of my entertainment clients. As we spoke of relationships she said, “My biggest fear is marrying someone like an accountant.” She then realized who she was speaking to and partially retracted the statement. Too late.

I write about 1-2 articles every week. People ask, “What do your write about in accounting? It is so boring!”

Well, anything can be boring, but Ekaterina Walter’s article, Content Generation for Small Businesses gives some good pointers on how you can promote your business through submitting meaningful content. She interviewed Ricardo Bueno and Lisa Horn, experts in this area.

Content as Customer Education: She quotes Ricardo that you must educate your audience. That is true, but you must be careful of the level of education. In my case, to quote tax code sections will lose my audience, so I display my expertise in common terms and analogies. Your audience can grasp your message if it taps into an experience that are familiar with. As seen above, I displayed points with anecdotes, little stories that illustrate my point.
Don’t Sell: Your web page should display your products, and your blog should display your expertise. Don’t be afraid to offer some tips in your industry.
Engage, entertain, and build a community: I agree with her point, but many might find it hard to entertain. The first step is to not take yourself so seriously. Poke fun at yourself by writing about awkward experiences, if it supports your theme.
Be consistent, and feed the monster: This is my suggestion. You must be disciplined. Once you established yourself as a noteworthy source for information, your followers will desire you to write consistently.

Any industry can benefit from content. Any business can benefit from content. The real question is whether you have what it takes to compete on this level in the 21st century.

Are You Anti-Social Networking, or Is Your Social Networking, Not Working?

Almost two years ago, I invited my social networking guy, Gregg Towsley (of WSI Quality Solutions), to speak at the Association of Strategic Planning, Los Angeles Chapter dinner. He showed my CPA business consultant company’s social profile before and after I hired his him. The screen shot that got a big laugh was my Facebook photo as a CPA business consultant. The before picture was me and my family hiking in Costa Rica. The after picture was me with a blazer, open shirt, leaning against a tree. People laughed and said it was a a make-over.

Afterward, I spoke to Gregg and another social network provider and labelled their industry as individual companies acting as street “criers” proclaiming the benefits of social networking to a world who was passing by them. Every now and then, they would get a shilling tossed into their hat, almost never from CPA business consultants.

That day has gone, and the advent of social networking is about to mature. And you, like the CPA business consultants of the world, can benefit. The article Why You Can’t Escape Social Media Marketing Any More by Brian Proffitt speaks of the current trends. Brian speaks of the social media management tool, HootSuite.

Now Brian cites some “experts” who say that “inbound marketing” is the new thing because it negates the law of who pays the most gets the most from SEO (search engine optimization-bringing people to your site.) Inbound marketing is the concept of earning the attention of prospects by driving them to your site.

They state this fact because with “inbound marketing, there is really a greater value placed on developing relevant content and being genuine.

In other words, the content of this business consulting article will drive people to your web site like it may have done to you.

The experts article advises that you take a deeper cost/benefit look at the following in regards to inbound marketing:

1. Inbound Marketing Strategy and Analysis: They state to review, analyze, and adapt your strategy to improve results. (2 hours per month) As a CPA business consultant, I look at my traffic frequently. However, I could do better.

2. Blogging: As I am doing here, blog. It is a big part in lead generation. My topics as a CPA business consultant include: business finances, strategic planning, personal finances, tax planning, and health care.

3. Search Engine Optimization (SEO): This includes key-word research. As you can guess, CPA business consultant would be a key phrase that would identify us.

4. Pay Per Click (PPC): We don’t pay for my leads, we can’t afford it. I bet the terms CPA, or business consultant costs a lot per click.

5. Social Media: The experts state two hours a day. That is too much for a small business, unless they can hire people to do it for them.

6. Advanced Content/Social Media Campaigns: Webinars, videos, etc. We started monthly videos teaching business concepts called The LA CPA Video blog.

7. Lead Nurturing: This is hard to do even for a CPA business consultant. It takes time and organization to follow up on leads.

If this is all new to you, then you can’t waste any time. You must hire a consultant or teach yourself. You main competitor will be one who has already done this, and you will be shocked on why customers are flocking to his business, not your business.

Charlie’s Angels and the 21st Century Small Business Service Environment

Remeber the original 1970’s Charlie’s Angels TV program with Ferrah Fawcett? John Forsythe was the boss you heard, but never saw. He would speak through a telephone speaker box to his three female crime fighters. Now that is the ultimate in remote business operations. I don’t think I could ever text any of my bookkeepers or accountants to drop-kick some thug.

Elizabeth Sile talks about running a business remotely in her article, How to Run a Business Remotely. We rare pretty good at running remotely because I chose over ten years ago when very few companies were operating in such a way.

Our style not only accomondates the employees who mostly work remotely (their home or client’s office), but also our clients because of our ability to work paperless. This is not to say that nobody can go into the office. There are some things that must be operated from the office.

However, taking Ms. Sile’s suggestions. These are her points:

Make the right hires: This is the most important of all the points. As Jim Collins says, “You must have the right persons on the bus.” Small business must hire the right people to the right job. If you are bogged down by family hires, you have to make tough decisions.

Use technology to your advantage: This point has been our biggest advantage because we developed systems of virtual filing cabinets and attached scanned documents that speed up our services. Small business must weigh each investment about its logical benefit and payback.

Communication is key: This is obvious, but should not be the small business’s first concern. There are so many ways people communicate remotely. Implementing a system will not be a big task. What is more important is the frequency and style of communication. Text messages could be misinterpreted so choose wisely.

My addition: Think scalable: I am always thinking about our systems and how they will work when we land those next couple of clients. As a small business that has a high profile on the internet, we get prospects every week. Many times these prospects require a short timeframe. I always hire people before my bookkeepers and accountants are over worked. Small business must always have a eye on the horizon to grow.

All of this entails a strategy. Set out the strategy of where you are going and use the tactics laid out above to be a striving small business in the 21st Century.

Small Business and the Social Media Complaint Game

Last week, I joined a conference call with an individual that can help my client’s entertainment business. What we found out after the call was that this individual and his company had two scathing unanswered criticisms reported online. Immediately, red flags went up.

Then yesterday, a client set up a meeting with another individual in the entertainment industry. When I looked up his name, guess what? In bold print was a scathing feedback on Yelp, it too was unanswered.

Courtney Rubin’s article, Why Every Minute Counts When It Comes to Social Media Complaints reminded me of the social media dangers in any industry. She wrote, “A whopping 88 percent of customers said that if confronted with unanswered complaints on a company’s social media site, they’d be either somewhat less likely or far less likely to do business with the company in the future.”

Any a small business, especially in the entertainment industry, must be vigilant about what is posted on line. If you grow to a size where the Twitter and Face Book comments become too numerous, you may have to hire a company to do this for you.

So, let’s say you are a small company and don’t have the resources to hire a company to find these comments. What I suggest is you do it yourself. Type your name, or your company’s name with the term, “scam,” “Ripoff,” or “review” and see what comes up. Make sure you go through a few pages and not just page one.

If you find one, address it professionally. Take the high road, and reply to the concern. Use the platform to state your company’s values like how customer satisfaction comes first. Don’t beat up on the complainer no matter how abusive they are. Give examples on how you remedied issues.

Another thing you can do is have some of your good customers write a response to the posting, along with yours. The positive comments should outweigh the negative one.

Any small business, and especially one in the entertainment industry, should be aware of what is said about them in social media. Don’t be a ostrich and ignore it.

Artists’ Futures are Truly in Their Hands

I was twenty-one in 1978 when I got my first part-time CPA accounting job while studying at UCLA. The adding machine I used had a crank…really.

Over the last year or so, I have written about apps that help business people run their businesses better. Recently, I came across Artistgrowth that literally puts “organization” in the hands of the artist, manager, and others in the music world.

The app helps you manage your schedule, gigs, and tours. In addition, it helps you and your CPA manage your finances by allowing you to photograph your receipts and attach it to a report. The app also has a portal that connects you to many different informational sources, videos, etc. that discuss such things as promotion, songwriting, and instrument repair.

The Action Packs section helps you implement the knowledge you learned in the informational sources. I thought the business plan pack was very superficial, but at least it displays the basic concept. (These packs are limited depending on your subscription level.)

Before jumping on your phone and buying it, step back and think about what you and your music business lack. The problems with apps is that they offer a whole list of bells and whistles that you may not need.

I have written several times during the last year that now is the best time in the last 100 years to start a business because of all the resources available online. This app seems to be one of those gems that a music professional can leverage. The boundaries that separated CPAs, managers, and even artists are changing. The things that one person used to be responsible for, may no longer exist. If you have the ambition and maturity, you can evolve your role to further your career and maybe save you a lot of money and grief.

I am not saying that you should replace your CPA or manager with this app. However, by assuming some of the lower level responsibilities, you can empower your CPA to provide higher level services that could multiply the financial return of this app.

Changes: Bowie Was Right, Look Out You Rock n Rollers

“Still don’t know what I was waiting for

And my times was running wild

A million dead-end streets and

Every time I thought I’d got it made

It seemed the taste was not so sweet.”

–David Bowie, Changes from the Hunky Dory album

This song ran through my head when I read the article, Just-in-time strategy for a turbulent world by Lowell L. Bryan. Bryan tackles the corporate world, but the same principles would apply to artists or small businesses. Basically, change is good and time can be on your side.

One unique concept he proposes in his article is “for businesses to take full advantage of their best opportunities without taking unnecessary risks.” Bryan implements this concept by advocating that businesses set up a portfolio of initiatives.

In a nutshell, his concept states that businesses should not develop a single-minded strategy that requires a bucket full of resources. Instead, develop smaller pilot programs at much smaller price tags, and re-evaluate constantly. The small business or artist will be able to switch directions quicker because they will not be so heavily invested in any one.

This concept can be achieved more today, than any time in the last one hundred years because of technology. Technology, most notably the Internet, allows artists and small businesses to reach their target audiences in real time. This ability will accelerate changes and require an artist or small business to adapt quickly.

So, how do you get started? Using Bryan’s illustrations, all initiatives should adapt the artist’s and small business’s core competencies. In other words, you have to know what you don’t know. If you are developing your core competency, than the time frame can be much shorter, even less than one year. The risk would be lower.

Conversely, if you are venturing into unfamiliar territories, then your time frame should be 2-3 years before it comes to fruition. The less you know about an initiative, the larger the risk.

But, should you invest entirely in longer time frames? The answer obviously is no. You have to make sure you balance your longer term initiatives with your immediate ones so you can provide adequate cash flow for all of them.

Now that you have picked out your initiatives and time frames, how should you implement the plan? Bryan suggests four steps: Search, execute, monitor progress, and reassess the initiative portfolios. This procedure is no different than what I have been writing about all year. In any of your initiatives, you have to measure what you are doing against benchmarks and milestones. The old adage is if you can’t measure it, you can’t manage it.

Artists and small businesses should consider adapting this method of strategy in the fast-moving world. Who would have believed 20 years ago that you would be able to access the world in a little handheld device?

With FaceBook Music, You Don’t Need No Stinkin’ Payola

My father sang rockabilly in the 1950s under contract with Capitol Records. (Click here for a Bobby Norris sample.) When I was young, he told me stories of “payola.” Payola is the (illegal) practice of record companies (and I guess artists) paying discjockies to play their songs during the normal daily rotation.

Capitol Records, to his knowledge did not offer payola for him and his records didn’t sell much. However, with the rockabilly resurgence of today (nine years after his death), his music is making its way to loyal fans.

Carl Jacobson’s article Fans on Facebook: What to Do Next to Engage Your Fans, Increase Sales and Grow Relationships provided some ideas that my dad would have benefitted from if such an opportunity existed in the 1950s.

IDEA 1 – Be Ready to Sell Today! Carl’s idea, here, actually transends any art or commerce. Don’t launch your product of art until it is ready. This is one of the biggest errors authors make with their first book. They are so excited about getting their first book out that they fail to hire someone to read it and provide feedback. The result many times is the author blows his or her chance to sell a great story because it is poorly written. Carl suggests Mystore for Facebook to capture fan’s information. But, make sure your product is absolutely perfect. This concept transfers to any business, in that you should not reach out until you have perfected your strategy, product, and service.

IDEA 2 – Engage…Don’t Advertise This works with any business of relationship. People want to be involved; people want to contibute to a goal; people want to feel like they matter. Don’t lauch your music saying “Buy this!” Remember the advent of American Idol? FaceBook allows people to share their opinions, so ask them to.

IDEA 3 – The Virtual High-Five The FaceBook “like” gets a lot of traction these days. Thank and compliment others when the opportunity arises.

IDEA 4 – Reward Fans Then Ask Them to Reward Their Friends Freebees are nothing new in business. Just make sure you limit what you are providing to your fanbase.

IDEA 5 – Advertise Yourself to Fans of Similar Artists In business we call this strategic relationships. You can trade recommendations with other artists using MyStore. This can also work in other business contexts. Use complimentary companies to partner with in promotion. For example, let’s say you own a beauty salon. Women that go into beauty salons are concerned with their appearence. So, you may want to partner with a Yoga or Spinning instructor to advertise and offer combined deals. This way, your customer is enhancing her appearance in different ways.

With the proper use of social media(e.g., MyStore for FaceBook), you can reach your fans with investing just your time. Payola is Gonola.

Where Do We Go From Here? Strategic Planning In the Fog

The yellow bus lights glowed in the dark as my only beacon. I couldn’t see 20 feet in front of me on Highway 99 in the central California valley, but we had to get to Lake Huntington. The four cars packed with my companions followed my lead. At last, I saw the exit. Moving off the highway onto a dark farm road, my concern peaked. Where were the street signs behind the foggy shrouds? At last I stopped at an intersection and was able to see a sign, but only after I stood in the middle of a dark intersection looking almost straight up.

If you have been planning for the last three years, this story should sound like your attempt to plan strategically. Hugh Courtney’s Strategy under uncertainty lends us a flare in such dismal times. He offers a four-level framework for determining the level of uncertainty surrounding strategic decisions and for tailoring strategy to the uncertainty:

Level one: A clear enough future: Courtney states that managers can use the usual strategy tools in a clearer future as this. However, I see that medium and small businesses do not know what those tools are. The biggest private producers of jobs in this country, small business, usually work in a strategy void. Thus their decisions and plans are usually uninformed and a product of crises management even in the best of times.

Level two: Alternative futures: Outcomes are clear by hard to predict. Take the Ford Edsel, for example. The car seemed like a good strategy with a ready market, but it went the way of the do-do bird. This is where probability analysis can come in according to Courtney. For small businesses, look at the downside to each alternative. Is one downside greater? You may want to go the other way.

Level three: A range of futures:Taking Courtney’s cue, small businesses must limit their strategic options. Don’t take the shotgun approach and consider ten different strategies, for example, because you can. Your brain will explode, not a pretty site. Again, focus on the downside of your options.

Level four: True ambiguity: This option happens in an economic free-fall, or at least a controlled fall. More than ever, I recommend small business to take a Blue Ocean Strategy viewpoint and focus on the needs of your clients. Eliminate those attributes that your industry is providing clients that they can live with, e.g., meals on a commuter flight. You can take this approach for any other above levels, but at this level, it is usually a matter of survival. The wrong decision could land you in bankruptcy very quickly.