David Chan

How Online Meetings Help Small Businesses

March 2010

Online meetings for any size business are smart, productive and downright cost-effective. But they are especially beneficial for small businesses, because they not only save your company money, they allow you to “be there”, without really “being there.”

One of the keys to success for any business is constant communications with your client. If you’re in sales you know all too well the importance of picking up the phone and calling your client on a regular basis. Of course, it’s also useful to drive or fly to meet your clients in person, as well. But, with the high cost of travel these days and the amount of time out of the office, sometimes you can accomplish an “in person” meeting by going online.

Online meetings are so easy and cost-effective these days, that it should be part of every small business’ toolkit. Here’s an illustration of how they work. Essentially both you and the client meet at a designated web “space.” This web space is a private area that only you, the client and other designated parties have permission to enter. Any of the parties can display their screens, collaboratively navigate web sites, share documents and even draw on the screen. In fact, you can also give control of your computer to the other party(ies) in order for them to point to something on your screen and vice versa.

Online meetings can also be useful for working with your team members or employees. Let’s say that you are working on spreadsheet budget and one of your employees lives an hour from the office or perhaps even in another state. With online meeting software, you can both be looking at and modifying your budget in real time just as if that person were sitting right next to you.

Online meetings can also be useful for training purposes. In my small business, I have team members in northern and southern California, as well as a few abroad. Every week, we all get online to train each other on new research techniques, marketing tools and even technical support.

Speaking of technical support, one of the side benefits of some of these tools is the ability to support someone remotely. On occasion one of our colleagues has a problem with email access or similar problems. We are able to join a meeting, have that person give the keyboard and mouse control to one of our technical staff and voila … problem solved. This is remote access feature is extremely valuable.

The cost of one online meeting will literally pay for itself by saving you the cost of travel. This is easily illustrated by how much it cost just to go from northern California to southern California, not even including hotel and meals. If you were to drive from San Francisco to LA for example, you could easily spend $200 in gas alone. Alternatively, flying might cost you about $300 and then add another $150 or so for hotel and then meals.

If you are a small business and you work with others; whether clients, employees, partners, etc., you cannot afford NOT to investigate using online meetings, especially if you can try them for free!

Small Business Tips for the Neophyte

February 2010

I have plenty of small business tips for the neophyte who is just starting out. Over my career I’ve probably started a dozen or so small businesses. Of course, not all of them have been successful, but I’ve learned a great deal about what to do and what to avoid. Probably the most important lesson that I’ve learned, though, is to not get too far ahead of yourself. There’s nothing wrong with thinking big, but every million dollar home run started with a lot of strikes and lucky singles.

The best small business tips come from careful planning. What do I mean by this? I don’t necessarily mean writing detailed business plans and complex spreadsheets, but really understanding the market you’re trying to address. How large is the market? Who are your competitors? Where can you find customers? I find it funny when people tell me of their next great idea and say that there’s no competition out there for their product. To me, that’s a bad sign. No competition could very well also mean nobody wants your product or service.

So, careful planning involves researching the viability and desirability of your product or service. The great news is that with the Internet, you’re able to dig pretty deep to find answers to your questions. For example, very few people realize the power that is at their fingertips with Google’s search engine and its advanced search options. In addition, Google has several tools that allow one to see “trends” and anticipate what people might be interested in. This tool is found at www.google.com/trends.

Other small business tips related to planning are creating proformas. A proforma is essentially a listing of all your sources of income and your expenses. This is where most small businesses fail. They (and I count myself in this category at times) put their rose colored glasses on and think that “all is good.” I’m going to sell TONS of this stuff and get rich. But, the devil is in the details. For example, how long will it be before you get paid? Do you have to extend credit or cash before you get paid? If you’re not paid for 30 days and you have to pay to get product immediately, you could have a cash flow problem.

A proforma does not have to be complex. In fact, the simpler, the better. As your company matures, it can get more sophisticated, of course, to keep up with the dynamics of your business. The most important small business tip here is to really look at and manage your expenses.

I was with a small startup company in the Valley that raised an astronomical $100 Million, while I was with them. Within a few years or so, the company had less than a tenth of that amount left. The reason? Virtually no sales, high payroll and expensive offices.

Whatever can go wrong, will go wrong! Have you ever heard of that phrase? My advice is to always have a contingency plan. If this product or service doesn’t fly, do I have enough cash to try another approach or how can I jettison a bad idea for another?

There are many more small business tips that I’ll share in the next article, especially as they relate to small business tools that will save you money.

Web Site Advertising for Local Businesses

January 2010

Web site advertising is the most efficient and cost effective option for small businesses these days. This is especially true for businesses who want exposure within their local market, city or county. Examples of local businesses include: real estate brokers, chiropractors, insurance agents and retail shops, to name a few.

There are a number of reasons why web site advertising is so effective. The most compelling reason is that the way people find businesses today has shifted dramatically over the last few years. It’s estimated that 70% or more of people now search for local businesses through online search engines, rather than the traditional methods.

Previously, people searched local listings in the newspaper and the yellow pages. These forms of discovery used to be very effective, especially since there really wasn’t much competition. However, the Internet and search engines such as Google, Bing and Yahoo have changed the game dramatically. These changes are not just about a local company listing, but also about the company’s listing in context to another company’s listing.

Here’s an example of context-related web site advertising for local businesses. Someone looking for a “Turkish restaurant in NYC” would likely key that phrase into one of the major search engines. Google might display 7 or more restaurant profiles matching those criteria. But, in addition to the restaurant profiles, there would likely be links to their websites, restaurant reviews, and perhaps even 3rd party websites offering discount coupons. This is an example of how the search engines provide substantially more value than a static “print” advertisement.

Website advertising for local businesses also has the distinct advantage of precise marketing analytics. Small, local businesses don’t have the luxury of wasting advertising dollars guessing which of their campaigns was successful. With website advertising, every click and ultimate purchase can be tracked right down to the exact wording that drove the customer to the company’s website. In addition, company’s can rotate ADs to determine which one motivates the most number of people to “click through.”

By now, many people have heard of the phrase “getting on the first page of Google.” Statistics suggest that 80% of people searching on the Internet do not go past the first page of search results. These results include both the “paid” advertising slots and the “free” or what is typically called “organic” slots / results.

Just as in the traditional advertising world (print, radio, TV), website advertising for local businesses requires a thoughtful approach to strategy. For example, in the old cable TV world, one might ask “How large of an audience will see my AD?” or “Can I target only three metro cities, instead of the whole county?” The same thought process is necessary for website advertising. The differences; however, are mind-boggling.

For example, with website advertising you can literally put an AD up “on demand.” No more back and forth negotiating or proofing / re-proofing with the cable company. You can precisely target your ADs to a county, city or even zip code. And, you can turn an AD on or off in seconds.

This is just a primer on why website advertising for local businesses is so compelling. There are a thousand more examples of the advertising power of this new channel. The $64,000 question is “Are you ready for the Internet?”