Business growth is always top of mind for me. Bringing it to the forefront is the fact that I am 2/3’s of the way through my Goldman Sachs 10,000 Small Businesses Back to the Classroom program. Back to the Classroom is an opportunity for 10KSB alumni to reconnect with the lessons and concepts of the 10KSB program as we navigate the current economic situation and our next business opportunity.

Each week of the four part series addresses the key learnings from program modules. For each session, we are required to attend webinars and growth group meetings.

In between sessions, we have homework. We continue to refine our new business opportunity.

And, unlike my last 10KSB experience, this one is national. Every section of 10KSB Back to the Classroom includes alumni from across the country. I engage with small business owners from Alabama, Maryland, Missouri, New York, North Carolina, Ohio and Oklahoma every few weeks. This is probs my favorite part.

Key Takeaways Thus Far From Back to the Classroom

1. Networking, even virtual, is a good. Even though this group might not be my buyers, they are inspiration. They know people who may be buyers.
2. Brainstorming with other small business owners who work in other industries is priceless. This group is energized and excited to help each other. The ideas shared and problems solved big and small help refine and shed new light to the strategy and execution.
3. Run the numbers. Work the scenarios. It is painful, like stick a needle in my eye, torture for me. However, with help from my business advisor, the time spent doing this was invaluable. The financial exercises are proof of my concept. The numbers less daunting than I expected.
4. Keep reading. Even if you don’t have the time, make time. I have four new books on my desk suggested by this group. Three I have never heard of.

Lastly, don’t undervalue the power of collaboration. I collaborate with my team on the daily. And, for that, I am blessed. But, collaborating with this group reminds me how valuable that is.

For business growth, you need lifelong learning. You need motivation. Small business owners are equally interested in positive outcomes for other small business owners. Keep calm and collaborate on.

Over the past three months, I have been honored to spend a great deal of time with a group of brilliant small business owners. These leaders’ businesses run the gamut from engineering services to inventors, executive recruiters to restaurants, and everything in between. The Goldman Sachs 10,000 Small Businesses program has allowed me to learn about these amazing folks, as well as from them.

During our classes and breaks, my classmates asked me some marketing questions, and I noticed that many of the inquiries were similar. So it seems natural to share these insights in a more public way, in the hopes that they will be helpful to other small business owners and leaders.

What percent of my budget should I allocate to marketing of a new product?

There is no specific formula to calculate this. We typically recommend 5% – 15% plus, depending on the category you are in, competition, customer, client, timing, etc. The world we live in is constantly changing from day to day. The global economy changes. So make sure you have done your due diligency on product, place and price in addition to promotion. It makes a difference.

How much of my time should I spend on marketing?

Dear small business owners, you know your business better than anyone. No one is more passionate or determined to make your business a success than you. There is no cookie-cutter answer to this question. What we do know is that your time is best spent on marketing strategy and not execution. Your time is your inventory. Spend it working on your business not in it. Whether it is an internal or external resource, have someone help you. Your business will thank you.

How quickly should I see results of marketing efforts?

Marketing is a marathon, not a sprint. It is a long term commitment. We tell our clients we are not successful unless we are growing your topline sales but we need time to gain real results. You need to continuously put your business or product in the right places to reach your target market over an extended period of time. Make sure you have defined your ROI reasonably and that you are tracking it on a consistent basis.

Can you guarantee me a four to one ratio topline sales return on my marketing investment? 

The answer is no. If an outside marketing partner, other than a media buying firm, is telling you otherwise, look for another partner.

I hope you found these questions and answers helpful. I could wax lyrical on branding and marketing all day long! If you have questions, don’t hesitate to contact me at julie@itsfrontporch.com or connect with me on LinkedIn. Happy marketing y’all!

It was my intention to write a prophetic post this week about the Texas bag law and the impact on Texans, small business and the progress on our slow road to being a sustainable nation. 

And, then, duh dun dah … Mr. Flu A happened in the middle of the night and Ms. Worst Diaper Rash in the history of ever (ITHOE) caused baby to scream, “Mommmmiieeeeee,” every time she is changed during the day which is every 20 minutes due to the severity of her raw booty’s condition.

Folks, mama needed to work ~ lots of deadlines and things to be done.

Small business owners can’t just go a hundred miles an hour the day after a sleepless night. They can’t drop everything to take their child to an early morning, unscheduled pediatrician’s appointment. They can’t run and cuddle their wailing baby at the drop of a hat in the middle of a work day … Or can they??

Friends, they can.

There are four must haves for every small business owner in case life takes an unexpected turn on an action-packed work day:

1. Highly, functioning virtual work space – Have the bunker ready at all times. High speed Internet, phone charger and all necessary supplies you use on a daily basis at the office. Thankfully I have a high quality color laser printer wired and ready in the home office and a pack of the 32 pound paper on hand at all times. We were able to complete the brand book we are presenting to a client today.   
   
2. The village – I mention it frequently. It takes a spouse that can stay home from work for a few hours with the sleeping baby while mama goes to the early morning doctor’s appointment with the other baby. It is extremely helpful if the spouse’s employer believes in their employees putting their families first in times of need. It also takes a doting daytime care giver to be there when mom can’t to console the aching baby.
3. Attitude of gratitude – It is easy to go down a dark hole and focus on all the things negative happening in your world. Instead, focus on the positive. Be grateful for all that is right. There are a million and one books, articles and studies showing that professionals with a positive attitude are more productive and successful. Put on your rose-colored rock star glasses and leave the tissue with lotion for the sickees.
4. And, last but not least, a dependable and adaptable team – When the work needs to be done – the client’s blog sm’ed by 8:30 a.m., the enewsletter draft to the client by noon, the conference call rescheduled, etc. – the work needs to be done. Make sure your team is as adaptable and reliable as you are and willing to step in and step up in a pinch.

Check, check, check and check! The kiddos are on the mend, deadlines were met, work got done and there is a new episode of American Idol on the DVR calling my name. Ciao for now!