October Tax Due Dates

BUSINESS TIPS OF THE MONTH

Marketing in a "Down Economy": Planning and Targeting Is Key.

If you are a Sonoma County business, you may or may not be feeling a downturn in your business at this point. Many small (especially service) businesses have so far been somewhat insulated from the events that have hit the real estate and consumer sales markets. However it is pretty much acknowledged that we are entering uncharted waters as far as our economy goes, so at the very least we should be anticipating a very challenging 2009 (and very likely beyond). So it is best to begin planning now to maximize your marketing efforts for the coming economic challenges.

The number one key for success in a difficult market is planning.

If you are not already doing business planning, now is the time to start. Look at your income for this year and create a set of projections for the coming year based on your current client/revenue base. Create goals for new business for 2009 that can be quantified into new customers/sales. Try to define as much as possible the "profile" of your ideal customer. And be realistic about what kind of growth you can accomplish in a challenging economy. Once you know exactly how much new business you need to generate to reach your goal, and to whom you are marketing, you can better plan a strategy to bring that new business to you.

The number two key for success in a difficult market is sustained, targeted marketing efforts.

Review your current marketing strategies and expenditures. Identify what is working for you and what is not. A common mistake small businesses often make is to cut back marketing when their money is tight. You should redouble your efforts in areas where you have had success and drop any expenditures that have not borne fruit (assuming you have given those efforts sufficient time to succeed).

There are several marketing strategies you can pursue that do not require a large investment of capital. And you should plan to have a several-pronged marketing strategy.

1. Referral Marketing. This is a process that takes time to cultivate, but for small businesses (especially in the tight-knit communities we have in the North Bay) it is perhaps the single most successful way to market your business without a large expenditure of capital. Join a single-person per profession structured "leads group" like BNI or LeTip. Then also get involved with at least one other business or social organization such as a Chamber of Commerce or Rotary or one of the several women's groups in the area (that last is assuming you are a woman, of course!)
    
2. Professional Organizations. If you have a targeted client base, look into what organizations they may have in the area. For instance, a court reporter's primary clientele is attorneys, so being involved in the Sonoma County Bar Association and advertising in their publications is a smart use of their marketing resources. And join your own profession's local organization if you have not already done so; these so called "competitors" can be great sources of referrals, especially if you specialize.
    
3. Mine Your Existing Client Database. Don't forget the easiest client sale: someone who is already your client! Target a mailing to your client base first thing in the new year (don't do it during the holidays; your mail is likely to get lost in the shuffle). Remind them you are out here and don't be shy about asking for their business and for referrals (in a nice way of course!) Consider including a promotional product in the mailing, or offer a discount for future services; these are low cost ways to give your clients a gift while keeping your name in front of them.

These are just three of a variety of different ideas for expanding your marketing efforts without breaking the bank. Perhaps the most important thing you can do is invest the time to educate yourself on what your marketing options are; either find a professional you trust to work with you or do homework on your own. There are a multitude of resources available to you in books and on the Internet on successful marketing for small businesses. If you work smarter on your marketing in 2009 you can continue to grow without sacrificing scarce resources. Happy Marketing!

By Caren Parnes
Enterprising Graphics
Phone: 707-758-5090
Email: caren@enterprisingraphics.com 

Caren has been in Marketing for a quarter of a century; as the owner of Enterprising Graphics, she specializes in helping small businesses find cost-effective solutions to reach their clients.

ORGANIZATIONS-PERSONAL TIDBITS

As some of you know, I am a member of Eastern Star (a fraternal Masonic organization). A few weeks ago my son Michael was initiated as a DeMolay member, which is the youth organization for young men (http://www.demolay.org). These young men do volunteer work within the community and learn how to be good public speakers. Some former DeMolay members were Mel Blanc, Paul Harvey, Walt Disney, Burl Ives, John Steinbeck, and John Wayne. It was really exciting to see him become part of a terrific organization.

GROWING MY BUSINESS

I am looking for customers who have small service or retail businesses who need monthly bookkeeping services. In this trying economy, it is very important to make sure the business accounting is properly maintained, so sound financial decisions can be made.

VIRTUAL JEANNIE VIRTUAL SPOTLIGHT

This month's spotlight is on Pamela DeMarco, who is an Associate Partner with LTC Financial Partners. She specializes in Long Term Care Insurance and provides us with some important facts about this topic as we approach "Long Term Care Awareness Month" in November.

November is Long Term Care Awareness Month.

Do people really need Long Term Care Insurance?

• In 2007, some 180,000 Americans received Long-Term Care Insurance benefits.*
• The total value of claims paid was $3.5 billion.*
• In the U.S. today, 40% of those receiving Long-Term Care benefits are between the ages of 18 & 64!**

So somebody's using it-and they aren't necessarily seniors!

Long-Term Care protection can be the piece of your financial structure that protects you from losing all that you have planned for and built throughout your adult life. No one can make a comprehensive and sensible decision without all the facts. Unfortunately, that is exactly what many people do. It costs nothing to get the information-but it could cost someone everything if they are caught unprotected.

As an independent agent specializing in Long Term Care solutions, I help my clients to understand their options, and find a solution that works for themselves and their families.

There are many possibilities for those solutions. It may be a policy, it may be something else, or a combination. Listening carefully, and communicating simply is key to determining the best solution for each individual.

Informed, clear and in control of their choices...

-that's how I define empowerment.

November's awareness month is an ideal time to get the facts.

Give yourself a gift-get informed! Please visit the website below for a good summary of Long-Term Care issues and the types of coverage available.

Pamela A. DeMarco, is a Certified Senior Advisor, and an Associate Partner with LTC Financial Partners (CA Lic#0E58627). You may reach her for further information at 707-838-3366, or visit her website at  http://www.pamelaltc.com. 

* American Association for Long-Term Care Insurance

**Met Life Mature Market Institute