Bloggy Business Today

One of the biggest decisions that a person will have in the modern world when it comes to their business is whether they want to go online or offline. This actually applies just as much to established small business as it does to business that is just getting started because whereas a starting business is looking to establish a market presence, established businesses are looking to expand that market presence and it can be done through both online and offline channels.

There is really no good answer to this question aside from evaluating the relative strengths of both fields and deciding which one is better for your start up or expansion, so let’s give that a try right now.

When you are working in the online field, you can reach a lot more people for a lot less money, but at the same time many have argued that an online capture is less effective than an offline capture because of the tangible and sometimes personal nature of the latter. However, a failure online is easier to swallow because of the simple fact that a failure online is a lot cheaper.

So the online field is cheaper and wider, but the offline field likely will get you higher quality leads and captures. It’s a tough choice and one that is ultimately decided by your resource level for start up or expansion as well as the amount of effort that you are willing to put in.

This is the first in an ongoing series about simplifying economic and investment principles for your everyday business needs.

One of the best ways to increase employee morale and attract high quality candidates to your company is by offering an employee benefit package. Though employee benefits vary from business to business, most packages include some combination of medical insurance (health, dental and vision) and a retirement plan. The most commonly used retirement plan is a 401(k) plan.

But what exactly is a 401(k) plan?

The phrase”401(k)” refers to the section of the IRS code from whence it originated. First available in 1981, a 401(k) plan typically offers an assortment of mutual fund investments that employees can use to earmark a portion of their income toward retirement.

It is a common misconception that a 401(k) plan is an investment itself. It is not. The 401(k) is the piggy bank you put your hard-earned money into. To use another analogy, the 401(k) is the aquarium, not the fish. It facilitates your ability to save on a regular basis.

There are many benefits to investing in a 401(k). First, the savings are done a pre-tax basis. This means that for tax purposes, you are reducing your adjustable gross income (AGI) by the amount of your contributions. This will allow you to reduce your tax liability year in and year out.

Second, many employers make a matching contribution up to a certain percentage. This is a powerful benefit as essentially your employer is adding “free money” to your retirement portfolio. After a certain number of years with a company, you are “vested” and the money is yours to keep should you change jobs.

Third, your retirement savings will grow tax deferred until you begin withdrawing your savings during retirement. For those of you who are in your 20s or 30s, your investments will grow for several years without triggering any tax consequences.

Lastly, one of the main benefits of a 401k is choice. The plans offered by many companies include conservative mutual fund choices (money markets and bond funds), moderate (blue-chip income stock funds) and more aggressive choices (small cap and international funds).

Do yourself and your future a favor in 2008. Take the time to speak with your Human Resources contact and learn about the power of your tax-deferred investment savings.

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Have you watched the pitchers in a Major League Baseball game recently? If you watch closely, you will see that every player seems to fill a role, providing a specialization that fills a particular need of the team. One pitcher starts the game, another faces a handful of batters in the middle innings, another for the late innings, and yet another comes in to close the game. Teams do this not just for convenience or to spread around the work, but also to keep from spreading their resources too thin. This concept of specialization is one that many business owners should take to heart.

One of the main reasons many businesses fail is because they try to do too many things. And it usually starts out innocently enough. In the spirit of “keeping the customer happy,” businesses often allow themselves to do work outiside of their defimed area. Before they know it, they have veered too far off the intended path and are no longer able to provide the same level of service in their core competency.

In many cases, it’s better off to simply turn down business or refer a customer to one of your competitors. This will demonstrate your commitment to your company’s product.

There are many advantages to having a specialty, or niche, and sticking with it.

First, having a niche allows you to become an expert at what you do. After a while, your customers will see you as the go-to company in your area. While other companies are scrambling to be all things to all people, you can pick your spots.

Second, having a specialty allows you to keep your resources (human, equipment, etc.) on a clearly defined goal.

Third, starting your business with a clearly defined niche allows you to pursue growth at a more deliberate and steady pace. As you accumulate success after success in your defined specialty, you can more leisurely add other areas of expertise to your core business competencies. This will allow you to keep youor growth under control and give you the opportunity to expand only when you are ready.

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As a business owner, public speaking engagements offer a great opportunity to spread the gospel about your business and position yourself as an expert in your industry. At the same, public speaking makes many professionals anxious and nervous.

Here are some helpful hints to make your presentations more persuasive, effective and stress-free in 2008.

Join a Toastmasters group: These organizatiions exist for the express purpose of helping individuals improve their public speaking skills. These clubs are available in most major towns and cities, and there is little cost to join and particpiate. These groups help train speakers in a number of different styles of rhetoric and communication. After one has completed the Toastmasters program, he or she is then eligible to speak on the Toastmasters circuit. This could be a great opportunity for a business owner looking for more visibility in the local community.

Ask for feedback – Your colleagues and peers are often the greatest source of advice when it comes to critiquing your speaking and presentation skills. After all, these are the people that you work with every day. They hear you speak all the time and probably know your strengths and weaknesses best.

Prepare and practice – Know what you’re going to say before you say it. Use a note card or a sheet of paper to create an outline for your speech. If you have a map of where you’re going or where you’ve been, you’ll know how to find your way back on course should you get lost. Practice your prersentations as many times as you can. Do it while driving or while walking somewhere. Practicer it in the mirror when you’re shaving in the morning.

Observe others – There are a lot of exciting public speakers out there,. Go see a motivational speaker at your local convention center if the opportunity presents itself. Or turn on the television and watch the presidential debates this year to see one of the greatest public speakers in recent memory — Barack Obama. Regardless of your political beliefs, you have to be impressed with the way Obama can a work a crowd into a frenzy. Don’t be afraid to borrow the techniques of others and make them your own.

Be yourself — When in doubt, keep it simple and be yourself. Speak in a way that is most comfortable to you. People will appreciate a speaker that is genuine and speaks from the heart.

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So the Super Bowl was kinda boring. The Patriots are the greatest team ever. Blah. Blah, blah.

But at least the commercials were good. Did you see the Pepsi commercial in sign language? Pretty cool, right? In fact, in recent years many viewers look forward more to the ultra-creative 30-second spots more than the big game itself.

Should you consider a television-based marketing approach for your business in 2008?

Wait, you don’t have $3 million dollars to burn or a fancy Chicago ad agency in your corner. Don’t worry. You should still consider using commercials as a tool to brand your product or service.

Here are a few tips for creative an effective television presence:

Consider your local cable provider first – Many stations will at no cost allow you to use their production facilities to cut and edit your commercial, … assuming you agree to buy a certain number of ads. Your customers won’t know how much you spent on these ads (which can be as little as $1 apiece in smaller markets), but will be duly impressed by your effort

Don’t star in your own commercial – It may seem like it makes sense to be the main character in your own commercial, but often these low-quality homemade commercials come across as cheesy and aggressively self-serving. Check out some of these tacky ( and funny) local spots collected on YouTube and you’ll see what I mean.

Don’t reinvent the wheel – There are hundreds of companies (like Spot Runner) that offer a library of pre-packaged tv ads to fit any number of business models. They’re pretty affordable and will save you loads of time.

Tell your customers what you’re doing – That is, if they don’t tell you first. With so many other advertising techniques, it’s very difficult to track the effectiveness of your marketing. Despite what you may hear, people watch television now more than ever. Including the commercials. A lot of times, people will have a soft spot in their heart for a local company on tv. Tap in to that feel-good local pride by making an ad that celebrates your product and your community.

Here are some of the 5 Best Superbowl Ads.

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