Wednesday, November 26, 2008

Marketing Tips shared at the Greater Philadelphia Chamber of Commerce

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Be sure to join us next month as we share more tips with our Montthly Breakfast with Fran event from 7:30 am - 10:00 am on Tuesday, December 16th, 2008!

Friday, November 14, 2008

Nicole's Commentary 14 November 2008

With the new year looming, now is the time to plan for the next 3-5 years of growth. While we were discussing the foundation with a fellow business owner, she said "The last few years I have been working as an employee. My business has not been set up right so I have a lot of fear. Even though I can't afford you, I can't afford to not have you if I want to grow my business". She has been in business over 15 years, but she did not incorporate the business, there is no an accounting system, and she did not track her customers. One method to get over the fear of success is to lay a solid foundation.

Even though, the newsletter is distributed to 1200 business owners, only 240 (20%) choose to open and read the newsletter. For those owners who want to save both time and money, here are a few ways to lay a solid foundation for success!

1) Build your network and garner quality recommendations (see marketing tips above). Business relationships, on average, take 18-24 months. Join us at the Greater Philadelphia Chamber to associate with like minded businesses who understand that we have to grow together. This is where the relationships are built to do business at the next level. The Greater Philadelphia Chamber and The Enterprise Center exposed my business to the President of an 18 year old, large minority owned firm with over 500 employees. Now that is a person I want to associate with.
2) Set up your DUNS number to enter the www.CCR.gov database. This is the database that corporations and the federal, local, state government use to find qualified vendors for procurement opportunities. As I learned at the Supplier Diversity Network, there are 1.43 million companies registered with Dun and Bradstreet but only 471,000 are in CCR. That means my business eliminated a million competitors by just registering!
3) Build your business credit. My first company loan will be a small one just so we can establish a credit history and show that Newman Networks has the accounting systems in place to handle expected capacity. Michael Bing from The Enterprise Capital Corporation, (another relationship that started a few years ago) my application is on it's way!
4) Become minority and/or women owned certified with the City of Philadelphia. This is a free service and the newly created Office of Economic Opportunity has made the application process much easier. I personally use this as a credible guide to show my business is incorporated, licensed properly, has a business bank account and has the business mindset to get the job done.

For me, the best way to get over my apprehensions is to go out and just do it!

Tuesday, November 4, 2008

Attitude is everything

Success in life is determined mainly by your attitude. Network Marketing taught me that 80% of success is determined by attitude and only 20% is determined by skill. Attitude is what drives the underlying philosophy into behaviors. Applying these behaviors over time creates habits.

Business ownership offers the choice to live your passion. The philosophies that make your character will determine the success of your business. The philosophies that I hold in my heart are:

1) We are all connected. Newman Networks exists to build relationships and we do this by connecting people. If you view my profile on www.linkedin.com, I guarantee we know at least 1 person in common. On average every person knows 300 people. 300 people multiplied by the 300 people they know, multiplied by the 300 people they know equals 27 million people. As the Philadelphia community is a 5% fraction of that number, we can truly adhere to our tagline as the City of Brotherly Love.

2) People do business with people. The average business relationship takes 18-24 months with at least 5 separate exposures (that is why networking is critical). Knowing who knows who vastly shortens the relationship building timeline which means business can move at a faster pace. J.P Getty said “the wealthy build networks while everyone else looks for work”. We are now positioned to use technology tools like DiversePhilly, Facebook and LinkedIn to build and connect our networks.

3) Live life in the mindset of abundance. The current financial crisis on the country has had a negative affect on the bottom line but a positive effect on my approach. The nature of business is cyclical and I have learned to have the same attitude in a recession as I did in a surplus. The marketing budget and the church collection plate should not dry up in a recession. I learned a long time ago, that when we close our hand to hold onto our possessions, we also close our hand to the abundance that the Creator wishes to provide. Relationship building through marketing creates the momentum that will drive the success of your business.

Those philosophies allow us (Newman Networks, RSVP Me Inc, and Eatible Delights) to appreciate the supporters and clients who continue to give on November 23rd, 2008 from 3-6PM at The Gathering Place even in the face of a recession!