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MARCH 2, 2009
ISSN 1947-105X | Vol. 3, No. 9
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BEST BUSINESS PRACTICES ISSUE
In This Issue:
From the Editor
I've said it before and I'll say it again... nothing is static and this
recession, too, shall pass. The world still goes 'round. People in business
still need other people in business. And there are micro-economies in
all walks of industry and profession that are largely unaffected. In fact,
I think this is a wonderful moment in time where all sorts of new beginnings
and opportunity are about to unfold. My article this week focuses on how
you can leverage a slow-down to your best advantage.
Yours in goodness and success!
Danielle Keister
Founder & CVO Virtual Assistance Chamber of Commerce
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FEATURE ARTICLE -
How to Turn Business Slow-Down into Opportunity
 If
business has slowed for you due to effects from the recession, don't panic.
A slow-down is actually a wonderful opportunity to improve your business
and make it stronger and more purposeful and financially successful than
ever before. Following are just some of the actions you can take to leverage
the gift of extra time you've been given.
Processes & Policies
- Systemize your processes. For each process
in your business, map out the details step-by-step. Besides being a
great start on that SOP (Standard Operating Procedures) manual you've
been meaning to get done forever, the act of diagramming things will
ferret out any gaps or inefficiencies that you can then correct or improve
upon.
- Automate repetitive steps. What actions
or steps are always the same in a process or workflow? What questions
do you answer over and over? What software can be used to manage and
deliver certain functions? The idea is to formalize in writing and consolidate
with tools so you aren't starting from scratch or reinventing the wheel
every time. Creating an FAQ (frequently asked questions) that you can
email to clients in PDF format or direct them to on your website is
an example of automation. Using an autoresponder
service to grow your mailing list and deliver sequential
messages automatically is another example.
- Switch to upfront payments. You don't
do yourself or anyone else any favors by allowing clients to be in debt
to you. By moving to advance fees, your cashflow will be immediately
improved, administration will go down (because you won't be dealing
with payment terms, collection hassles and chasing down monies due)
and clients will know what to expect and can budget much more easily.
- Stop billing by the hour. Focus on value
instead. Update all your offerings around packages of bundled value,
not hours. This way, when you're delivering results and expertise for
clients, you aren't cheating yourself out of being paid for that value
just because it doesn't take you as long.
Clients
- Get rid of bad clients. Complainers, nit-pickers,
late-payers, non-payers, clients who just don't get it, anyone you dread
hearing from or working with... These kinds of clients are unprofitable
and cost your business far more than you realize. You have to let go
of poor-fitting clients in order to make room and have more time and
energy for right-fitting ones.
- Get feedback from your clients. Make a
point of soliciting feedback from all your clients on their opinions
and experiences working with you. Create
a tool to collect the information. Not only is this a great
way to capture testimonials, but you'll glean invaluable information
about what clients want and where you can improve. Moving forward, be
sure to incorporate your feedback plan into your client relations as
an automatic part of your process.
- Get to know your target market better.
Invite someone from your target market to lunch and pick their brain.
Find some folks in your target market to interview
over the phone. Devise online surveys for your website. The
point is to always keep learning as much as you can about your target
market, what they want, and what their common interests, goals and obstacles
are so that you can hone your solutions to better fit their needs and
speak their language.
- Explore a new target market. If your current
target market is being hit by the recession or is otherwise not turning
out to be a profitable avenue, you might want to look into others. Just
remember that a profitable target market has to have a solid need for
what you offer, be able to afford you, and be easily found so that you
can find, market and interact with them.
Offerings & Marketing
- Innovate for your best, current clients.
It's a well-established fact that catering to existing clients costs
11x less than it does to drum up new ones. So ask yourself... are your
current clients aware of the other services you offer? Do you see a
consistent need within your current client-base and market that you
can create new offerings around? How can you hone your current offerings
to create even more value?
- Write at least one awesome white paper.
Create a report that deals with one specific common problem your target
market shares and allow it to be disseminated freely around the Internet.
It's called viral-marketing and it's a fabulous way to get the word
out and demonstrate your expertise, understanding and know-how. The
trick is to make it super relevent and high value.
- Create new and/or passive income streams.
You know your target market. What information can you bundle up for
them? What simple, stand-alone services can you offer them separately?
What DIY instructions or training can you create for those you can't
work with directly or who otherwise aren't ready to commit to your premium
one-on-one fees?
- Devise a simple marketing plan. Consistency
is key. Focus on just two or three activities and then commit to taking
action, following up and tracking results.
Invest in Yourself
- Brush up or learn something new. Now is
a great time to take that class you've been putting off. Increasing
your knowledge, updating your skills and learning new ones is always
smart business.
- It's a no brainer—hire a Virtual Assistant!
A Virtual Assistant can take on much of your back-end administrative
work and help you implement all of the ideas on this list. You'll then
have more time to do more marketing, strategizing, working with clients
and all of those other things that you do best.
RESOURCE: One of the best ways to become
indispensable to clients is to not only know your target market inside
out, but also understand what you are really providing to them.
"Understanding
Your Value: How to Craft Your Own Unique Value Proposition and Cash-In
on Value Billing Methodologies" is a workbook and study
guide designed to help professional service providers gain that deeper
understanding and communicate their value in ways that resonate more attractively
and meaningfully to clients. It also covers steps for profiling your ideal
client, identifying your target market, defining your value and then putting
it all together.
 About
the Author: Danielle Keister is a business advisor, innovator
and thought leader in the Virtual Assistance profession. A veteran Virtual
Assistant of 12+ years, her logical, no-nonsense approach to business
development has gained her recognition as one of the leaders in the field.
She loves what she does and is passionate about sharing her knowledge
and know-how with the world. She’s all about inspiring others to
reach for their highest excellence. When not taking care of clients in
her own Virtual Assistant practice, The
Relief Virtual Assistance, she is busy leading the Virtual
Assistance Chamber of Commerce.
© Copyright 2009, The
Portable Business™. All U.S. and International rights
reserved. You are granted permission to republish this article only if
used in its entirety with this copyright notice, title, article content,
resource, author's bio and links left intact.
Let's Connect!
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Hey! Send us your feedback. Did you find an article
insightful, helpful and informative? Have topic ideas you'd like to see
covered in future issues? Let us know! We'd love to hear from you.
Next No-Cost
Teleseminar: March 19, 2009
 Join
us on Thursday, March 19, for the next VACOC Guest Expert Teleseminar:
"Assert Yourself Today!" with assertiveness expert Nancy Stampahar.
Can you say "no?" Can you set boundaries and ask for what you
need? Do you speak up in meetings? Do you let people yell at you? When
you are served a cold meal in a restaurant, do you return it or eat the
cold food you are paying for? Are your clients treating you like an employee
or a collaborative business partner?
If you'd love to be more assertive and stand up for what you want in
your life and business, you'll definitely want to be on the call with
us!
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| The Portable
Business™ (formerly The Gritty Business Buzz™) is a
weekly electronic newsletter from the Virtual Assistance Chamber
of Commerce™ It is produced by our Virtual Assistant members
especially for the gritty, resourceful, fiercely determined small
business owners and independent professionals they serve--YOU!
Published every Monday. Our records indicate that
you are subscribed to this newsletter. To change your subscription,
see link at end of email.
EDITOR: Danielle
Keister, The
Relief Virtual Assistance
EDITORIAL ASSISTANT:
Denise Shears, Shears
Virtual Advantage
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