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People often throw around the phrase, “time is money,” referencing the fact that time is something that is of value – an item that you will never get back once it is spent.  There are only so many hours in the day and if you are not careful, you will find yourself wasting time on meaningless activities.  You have to learn how to be selective on how and when your time will be allocated.

One of the first steps to guarding your time is understanding its value.  When thinking about the value of your time, it should not be some abstract number.  Dan Kennedy created a formula that will give you an actual dollar amount of what your time is worth per hour.

Here is his formula:

Base income target (the amount you plan to take out of your business this year) ÷ work hours in a year (220 days x 3 = 1,760) = what your time is worth/hour

The calculation takes into consideration that you will only have three productive hours in a day. While that might seem outrageous, it is probably closer to reality than you would care to admit. In fact, studies that track executives’ time have continuously come up with this same number.

After calculating the dollar value of your time, you will probably be a little more careful on how you spend it.

Find out where the smart Northern Virginia business owners are gathering, by visiting Glazer-Kennedy-Virginia.com.

People living and working in the United States have the ability to control their success.  The harder they work, the more they can prosper.  This entrepreneur spirit stems from the free enterprise culture that exists within our borders.

Free enterprise is a term that is often thrown around in the political realm, but what does it actually mean and what impact will it have on our society?

According to a book that is definitely worth reading by Arthur C. Brooks, “The Battle: How the Fight between Free Enterprise and Big Government Will Shape America’s Future,” you can define free enterprise simply as the system of values and laws that encourages industry, celebrates liberty, limits government and respects private property and cultivates individual opportunity.

How many countries give people the chance to completely reinvent themselves? In the United States, a person can make a concerted effort to work harder to obtain the success they have always wanted.  They are not constrained by their past, but can take measures to ensure a better future.

When people are able to earn their success, it brings a sense of happiness. According to Mr. Brooks, that is why you will witness so many wealthy entrepreneurs continuing to work hard.

To find out where the smart Northern Virginia business owners are gathering, visit Glazer-Kennedy-Virginia.com.

When you think about social media, your mind might go to your teenagers who are constantly on Facebook or YouTube.  However, a recent study by Nielsen paints a different picture of the major demographic of social media.

After tracking the online activity of 200,000 users and comparing this information to the prior year, researchers discovered something that is rather interesting.  The social media audience is more mature and culturally diverse than most people realize.  Based on the study, twice as many people ages 50+ are using social media than individuals under age 18.  As a business owner, this demographic information is crucial.

Getting involved in social media doesn’t have to be a daunting task. It is easy to sign up for a free Facebook or Twitter account. Plus, it is just as simple to set up your profile.

If you don’t have online video on your website, you might also want to consider adding this feature.  According to Nielsen, there was a sharp increase from 2009 to 2010 in the viewing of online videos.  Web video is a great way to catch the attention of prospects visiting your website.

To stay competitive in this day and age, you need to stay on top of marketing trends.  Social media is one of these trends.

Find out where the smart Northern Virginia business owners are gathering, by visiting Glazer-Kennedy-Virginia.com.

When asked as a child what he wanted to do when he grew up, selling high-end trash cans probably didn’t make Frank Yang’s list.  However, for Mr. Yang, he has been able to build an entire business around an otherwise boring household item.

It is hard to imagine that someone would be able to sell trash cans for a hefty price tag of $100 to $200, but that is exactly what Mr. Yang’s company, simplehuman, has been able to accomplish.  The company has grown over the last ten years and now employs sixty people and utilizes two warehouses.  In addition to selling high-end trash cans, simplehuman also produces automatic soap dispensers, dish-drying racks and shower caddies.

Don’t be afraid to tryout an idea.
How exactly did Mr. Yang get the brilliant idea of creating a trash can that is more of a piece of art than an average everyday waste basket?  In college, Mr. Yang came up with the idea of creating a high-end trash can and in 2000, decided to take a go at it.  He used his father’s garage as a workshop and presented his design at a house wares trade show.  Shortly after, the orders came flooding in.

Today, simplehuman products are sold at The Container Store, Bed Bath and Beyond, Williams-Sonoma and Crate & Barrel.

Recognize an opportunity and be willing to change.
A lot can be learned from this 38-year-old entrepreneur.  He recognized an opportunity and wasn’t afraid to go after it.  Mr. Yang has also understood the importance of changing with the times.  According to a USA Today article, “Lowly trash can gets respect at Frank Yang’s simplehuman,” the company has an entire floor in one of its warehouses devoted to research.  Even though the economy might be slow, Mr. Yang and his company are still looking for new products to create and sell.

For Mr. Yang, focus is crucial.  simplehuman focuses on select products and works hard to ward off companies that offer cheap, imitation versions.

Are you a Northern Virginia business owner?

To find out where the smart Northern Virginia business owners are gathering, visit Glazer-Kennedy-Virginia.com.

One of the most fatal business mistakes that someone can make is not tracking leads.  It is amazing that even with programs that make it simple to track prospects, business owners are still letting leads slip through their fingers.  That is potential revenue lost and marketing dollars that went down the drain.

To maximize your advertising budget and to get more people walking through the door, you must have a tracking system in place.  This system needs to monitor where your leads are coming from and how long it is taking these leads to contact you after being exposed to your marketing message, but that’s not all. You also need to track how long it takes from the initial contact to the point in time when that person becomes a customer.

Depending on your type of business, it could take months from the time that someone hears your message and becomes a client.  This is information you need to know.  If you don’t track your leads, you might quit your marketing efforts too early.  How many businesses don’t follow through after the initial contact made by a lead? Don’t be one of them.

If you don’t have a tracking system in place, you need to get one.  You also need to create a follow up marketing campaign that will allow you to stay in constant contact with your leads.  There are many programs out there that are completely automated, so there is no excuse for not getting something implemented.

To find out where the smart Northern Virginia business owners are gathering, visit Glazer-Kennedy-Virginia.com.

There are people who will only drink Starbucks coffee or diet Coke (not Pepsi).  Some people will only do their grocery shopping at Safeway or gas up at Chevron. Most likely you have certain brands that you gravitate to and stores you frequent.  These are products and services that you wouldn’t stray from.  They are the obvious choice for you.  You can take this same concept and apply it to your business.

Business owners often complain that they don’t know how to market themselves.  They whine that consumers aren’t spending like they used to and that competition is fierce.  Instead of working on differentiating their business from the other one down the street, they basically throw their hands up in the air and declare – “I give up!” Maybe they don’t say those actual words, but their actions make this statement.

It starts with your marketing message.
Too often, business owners engage in nothing more than random chance marketing. They look at what all the other businesses in their area are doing and copy them. The problem is how do you know if these marketing messages are working? Just because other people are shouting the same message, it doesn’t mean it is an effective one.

As a business owner, you need to position yourself so that you are the one and only choice for your prospects.  You can accomplish this by creating a compelling marketing message that will provoke your prospects to call you first.  When you draft your ads, think about what would get them to stop their search and contact you. Is it a free offer, such as a CD or a book? Is it something else that they will consider valuable?

It continues with your follow up marketing.
Once you get your customers to walk in the door, your work doesn’t stop there.  You need to stay in front of them even when you are done helping them.  That means you need to remain in constant contact, whether that is through a newsletter, social media or mailed postcards. You need to keep your position as their obvious choice – one in which they won’t stray from.

To find out where the smart Northern Virginia business owners are gathering, visit Glazer-Kennedy-Virginia.com.

The Kogi Korean BBQ taco truck received national attention last year after growing its business using Twitter.  According to the Los Angeles Times, the founder, Mark Manguera, got the idea of putting Korean BBQ inside a taco. As if that idea wasn’t “outside the box” enough, Manguera decided to sell these tacos from a van and to use social media to create buzz.

The result?

Just months after starting the business, the van started drawing crowds of over 400 people wanting to buy one of the infamous tacos.  A continuous Twitter feed would alert fans to where the van would appear next.

One Thursday night last year, the Los Angeles Times reported that “Kogi parked at 5:30 PM at the Japanese American National Museum on Central Avenue and 1st Street in Little Tokyo. By 7 PM, the truck had already served at least 400 people and a long line still snaked across the broad brick entrance to the museum.”

A recent update on this company stated that they were still attracting up to 250 people at each stop using Twitter.

Kogi isn’t the only company that discovered the huge benefits of social media.  There have been many others that have used social media to their advantage.

Here is what you can learn from companies, such as Kogi – don’t be afraid to try something new.  Avoid sticking with the same traditional forms of marketing.  Give social media a try and always look for innovative ways to spread the word about your products and services.

To find out where the smart Northern Virginia business owners are gathering, visit Glazer-Kennedy-Virginia.com.

The entrepreneurs who have found success appear to have similarities in their patterns of thought and behavior. One commonality they share is that they are not afraid to learn along the way.

Dan Kennedy put it well during a monthly coaching call when he said:

“You know, what we are talking about is that there really are two different types of people in the world:  The first, when he sees an idea will say, ‘I can’t do that,’ or ‘That won’t work in my business,’ or ‘They’ll never let me do that.’  The other type of person, when introduced to a new idea or strategy that has been successful in another business or niche, says, ‘You know, I may not understand everything that I just heard, but I do know that there may be a very valuable key there and if I can figure out how to use what I just heard in my practice/business it may be a real goldmine for me.’”

Smart entrepreneurs are able to learn by watching other successful people. They see good ideas and find ways to implement them into their businesses.  Savvy business owners also know the importance of leveraging other people’s experiences.

Always keep yourself open to learning from others.  Surround yourself by entrepreneurs and business owners who are smarter than you.

Take it one step further – look for people who are making five times more than you do now, because they obviously know something that you don’t.

To find out where the smart Northern Virginia business owners are gathering, visit Glazer-Kennedy-Virginia.com.

Running a business takes discipline.  You have to be able to manage the day-to-day operations of your company, but also need to find time to have a personal life.   In our previous blog post, What Happened to Having a Life Outside of Work?, we talked about protecting yourself from time vampires.” Guess what? Time vampires can attack through email, as well.

You might have the best intentions to tackle your daily projects, but when you sit down at your desk, you decide to quickly check your emails.  Maybe you grab your smartphone to see if anyone has sent you an email message.  You start to reply to one email, when another pops up, then another.  Now, a good hour has gone by and you still haven’t gotten any of your work done.  Even worse, you might end up losing an entire afternoon to emails.

Resist the urge to constantly check your emails!  Instead, set aside a certain block of time where you will read and reply to messages. Also, stop checking your email once your workday is done and that includes viewing messages on your smartphone.  This will allow you to have better control of your day.

To find out where the smart Northern Virginia business owners are gathering, visit Glazer-Kennedy-Virginia.com.

There is a different set of concerns that you contend with when you are the one in charge.  When you put in your time, 9 to 5, for someone else, it’s easier to leave work at the office.  You don’t lie in bed at night wondering if the lights will still be on in the morning.  You don’t fret over whether you will be able to make payroll this month.  Yet, for many small business owners, they are often consumed with this type of worry.

Here’s the problem with worry – when you are concerned about whether you are going to have a competent staff or if another customer will walk through the door, you are not going to be the best that you can be.  You cannot help someone when your mind is overcome with worry.

To be the best entrepreneur, spouse or parent you have to earn a profit – it’s just the way it works.  In order to eliminate your financial burden and that constant pressure you feel, you have to take action to ensure the dollars keep coming in.

How do you accomplish such a monumental task?  There are a few things you can do. Surround yourself with other successful entrepreneurs who appear to “get it” and are profitable.  Also, create a marketing machine that drives potential customers to you. You can learn more by reading the article, Virginia Small Business Owners, Make Yourself the Obvious Choice.

To find out where the smart Northern Virginia business owners are gathering, visit Glazer-Kennedy-Virginia.com.

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