Network Solutions® listened to customers and has teamed with Microsoft® to offer a new hosting package for Windows SharePoint Services (WSS), the leading document management and sharing tool for small businesses that syncs seamlessly with Microsoft® Office applications.

These days there are many Software as a Service (SaaS) products out on the market. Ones for billing, ones for project management, ones for selling and customer service. There are also a few for handling your accounting needs. This is a very tough nut to crack since many are first reticent to put data into the cloud, much less their financial information, and then they have to contend with the Intuit Quickbooks ownership of the market place.

This is why I was skeptical when I heard about what Outright was planning to do but in true Agile software methodology they started with the basics and have stayed on a constant improvement path adding features and functionality incrementally. My business was evaluating the move off of Quickbooks which is used on our network and doesn’t give access to our team or accountant like the web product does. This provided me an opportunity to evaluate lots of other services (which will be for a later post).

What I liked about Outright

Two simple messages – Save Time and Save Money. You are really speaking my language. Accounting package can suck your life away because of the complexity many have and the time it takes to learn everything properly. I want my accountant to be helping me with tax planning and cash flow management not training me on how to properly enter vendors and reconcile the checkbook.

Integration with other SaaS tools – They have started with two big ones – Freshbooks and Shoeboxed. We use Freshbooks for invoicing but our expensing is done separately and shoeboxed is not a vendor of ours.

Techcrunch has a nice update on the addition of Expensify “Getting started with the site is quite easy, because Outright has recently partnered with a number of financial services: you can import invoices from Freshbooks, receipts from Shoeboxed, your PayPal transaction history, as well as your credit card transactions through a deal with Expensify, which supports 94% of US credit cards. You only have to do this once — once you’ve linked your account, they’ll keep automatically updating until you unlink them.

Killer Tax Planning Tool – One of the big areas many new entrepreneurs and freelancers screw up is in the tax area. For years they have been used to their employer taking out taxes and they just took their W-2 and did their taxes. With a new business there are all kinds of tax benefits to using expenses and also planning your cash flow so the right amount goes to the IRS quarterly so you don’t get spanked the following year with a tax bill plus penalties that make you cry and ask yourself why you are doing this in the first place.

What I didn’t like about Outright (but they can change this and innovate to fix this stuff)

No Connectivity to banking accounts – This was my deal breaker. Despite my love-hate relationship with Quickbooks some times, they do this part flawlessly and I am able to quickly go through the month and match deposits to client billing and categorize the expenses with a final reconcile button that takes me about 60-90 minutes a month to do my books.

Granted, I think I have become spoiled to this functionality because Quickbooks has been doing it for so long and I can get this online though the personal budgeting tool Mint.com so I am really kind of expecting it. Despite the enormous complexities of integration behind the scenes I am willing to wait for this but many other non-technical people who have this in other products will look for it.

Then again, this product is FREE and has some great functionality already so I can’t completely put them to task.

Tax planning only covers Schedule C – For the uninitiated, Schedule C is for a Sole Proprietorship and not partnerships or corporations. I won’t go into a business law discussion but a sole proprietorship is the most basic form a business and many firms are usually formed as LLC or Subchapter-S corporations for liability protection and tax advantages. My firm is S-Corporation and all partners get K-1’s at the end of the year that go into our tax returns.

Inability to bring in balance sheet items from previous year – You may go, huh? The plain english translation of that statement is basically this could be old receivables from customers that haven’t paid yet (or may never pay) that you will need to write off. This can offset your tax liability in a big way so your estimated taxes in the tax planner are just that – estimated. If you have complexities like this you should engage an accountant who can give you a better picture of tax planning for this year and next.

Who is this Smart Working Tool for?

I would say at this point in their life, Outright absolutely perfect for the independent contractor or freelancer who has a very simple cash-in, cash-out approach with no employees. Outright is FREE, which takes away any cost objections. Plus, if you can leverage Freshbooks and Shoeboxed to automate the sync to Outright, this can work really well. Oh yeah, did I mention that is FREE to use?

Check it out today and if you are current user of Outright, please leave a comment on your opinion of the service and if we missed anything.

- Terri Holley (Creative Marketing Solutions)
- Brent Leary (CRM Essentials)
- Danilo Bogdanovic (Loudoun Scene)
- Joanna Pineda (Matrix Group International)

This is the first time ever that the amount of time spent online globally on social networks has exceeded all other time, according to a Nielsen study. The working definition of social media being used for this panel is: content published online that is intended to provide value.

What is the most compelling thing in social media?

For Danilo Bogdanovic, it’s the ability to  engage with his customers.

For Joanna Pineda, the last few employees that she’s hired has been found via social media tools like Craigslist, Twitter, LinkedIn, etc.

For Terri Holley, she’s a social media enthusiast and a certified and professional life coach. Social media excites her because for a small business, it gives her a more level playing field. Allows her to reach out to her targeted audience without paying a high price. She’s able to listen to the social media space and find out what the people want. This enables her to reach out, talk to them and optimize to their needs.

For Brent Leary, social media has allowed him to travel to a social media conference in Buenos Aires where he spoke after someone found him via a tweet that linked to a podcast. It has enabled him to be connected with others in remarkable ways and thinks that it works in incredible ways and also to listen.

How has social media helped to create shifts?

According to Holley, there have been fundamental shifts in marketing. We want to be better informed before making decisions and expect it from the vendors and want to be invited to engage in getting the information. Social media is the ability for businesses to have conversations with web 2.0 consumers. The technologies created, including blogs, podcasts, etc are all tools to achieve this end.

Pineda emphasizes that these additional platforms that can be used for conversations should NOT be used for advertising purposes. It’s still for conversation. There is a high distrust for traditional advertising. You need to be a provider and consumer of the technology within the game.

Leary says that 93% of all Americans surveyed think that brands should be using social media. There is a high expectation for brands to be using it and a high propensity for additional and better service.

Bogdanovic references Anthony Pappas’s presentation that said 61% of consumers get their first impression online. Word of Mouth Marketing has also leapfrogged online. Everything is being talked about online.

How did you form a listening strategy?

First thing is to know who is talking about you. Set up some Google Alerts and search for your company name, product name, generic names, brands, etc to get notified when people are talking about them. Also set up a Twitter search to keep track of the conversation. Start following the trail and look at what bloggers are talking about you, who has a lot of followers, what dialogue is taking place. Then decide whether or not to engage.

By listening, people are leaving behinds crumbs on various sites and are asking companies to listen and find out what’s on their minds. Often times when brands ask people questions, you’re asking questions that you want certain answers for. These other conversations on other sites can lead to other discoveries. You want to have customers feel comfortable with you to talk about your product.

Pineda gave an example where she is dealing with a client who is publishing a book but yet has no attention or leads towards potential sales. Has hired several agencies to help promote him & his books, including a social media consultant. But the point is that the client wasn’t selling any books. Pineda’s company worked to help figure out what the client’s need is and find out how everything integrates so that the message and the brand are consistent and that you’re sharing things on different platforms so that people will follow you.

Holley’s big thing is helping companies understand how to have conversations with customers. Use this space to show people how you are as a human being not just as an object. A content marketing strategy is essential and that the message needs to be the same as the brand.

Bogdanovic states that you need to find out who your audience is and what their needs are. If you are trying to write a blog post and ask what you should write about, then you don’t know who your audience is.

You need to figure out which platform is professional and personal. Some people may prefer Twitter to be professional while Facebook is personal. Determine the lines and decide which platform goes for which.

- Jeremy Brown (RapidAdvance)
- Edward Tuvin (Capital Bank)
- Denise O’Berry (The Small Business Edge Corp)
- Shannon Nash (Nash Management)

Where does small business get financing?

According to Jeremy Brown,  the Wall Street Journal said that in 2004, 46% of small business owners used credit cards to finance their business. He suggests that there isn’t a one best solution. There are a variety of solutions to explore. There is no right or wrong solution to raise capital. But you need to look at what suits you and your business. RapidAdvance provides a cash-based system where the potential recipient is a just established company (~1 year). The product factors in a certain period of payment and looks at a percentage of the business that comes from credit cards and also what the business can afford to pay back based on cash flow. Companies that use RapidAdvance are for expansion purposes. It’s not a loan so there’s no personal guarantee. Can be more expensive than a traditional bank loan.

In seeking a loan, what’s the best way to present your case?

Edward Tuvin says that you should take the time and show that you care when applying for a loan. Don’t go into a small Rockville bank with a Bank of America loan application – just not sensitive to the process. Make sure that you write and understand your business plan in-depth so that when you’re asked questions, you’re going to have the answers, not the answers given by someone else who may have wrote the business plan. Make sure that you understand the talk of the lender – you have only ONE shot. Make sure you convince the lender that you’re going to pay the loan back, but you’re going to be the winner of this horse race.

Every business doesn’t need a business plan for a loan, but it’s really important for owners to go through a business plan exercise to understand who their competitors are.

What’s the best way to manage the cash flow needs of our business?

Denise O’Berry says that you should do a cash-flow budget that looks out 6 to 12 months and projects what money will come in to pay off expenses. You need to base some of this on your past track record but also what kind of marketing strategies are going to be taken during this time period – and need to be conservative. O’Berry loves to look out 12 months to cover all expenses that may not occur regularly – 9 out of 10 times, you’re going to see any and all expenses. Also make sure you include your cash target for every month. Actively participate in this process.

You are not a bank. You need to make sure that you’re doing everything to manage your receivables and have your customers pay your invoice as quickly as possible. Make sure you put a due date on your invoices.

Is it necessary to have a software program to manage your financial projections?

Shannon Nash thinks that it’s great to have a program to enter in the numbers to help you project – but it’s not great to tell your story. YOU need to tell the story. Don’t be afraid of the numbers. Embrace the numbers. The software program is a tool.

Some small businesses can’t afford an accountant or financial advisor. Nash suggests that you check out SCORE.

SCORE is a bunch of retired executives around the country that will help you with your business plan for FREE. Nash recommends you set up an appointment with a SCORE counselor and then talk to your smartest friend and see if they’re going to buy into the program.

- John Arnold (Contant Contact)
- Marissa Levin (Information Experts)
- Ramon Ray (SmallBizTechnology)
- Bob London (London, Ink)

What are some important steps needed for a brand? Some small businesses think they don’t need a brand.

According to Marissa Levin, there is a three-prong approach to branding: you can brand product & services, brand your organization and brand your leadership (including your  CEO & all other management). Branding is NOT about getting your product/service out there. You definitely don’t want to be the best kept secret in the industry. Levin goes on to talk about brand equity and says that everyday businesses are growing brand equity. Anytime anyone has a positive or negative experience, that is affecting your brand equity and constitutes a brand experience. It’s better to build a brand and market it within the industry/community while making sure you deliver on your brand promise.

Levin also states that it’s good for small businesses to reach out to their financial backers as well. It’s important to emphasize your brand to the banks and establish relationships when you’re on a good situation and doing well because when the time comes and you need money, banks will be cautious in providing financial capital to you. You need to emphasize that they are supporting a strong, solid brand in the marketplace and this can be done during the good times. Don’t wait for the bad times to talk to partners.

Bob London agrees with everything Levin states and has a theory called “inside-out” branding: your brand is your reputation and what people say about you when you’re not in the room. With “inside-out” branding, it’s all about how you execute on all the touchpoints with the community. Branding is how you execute as a small business.

Ramon Ray thinks that there are some key things to address with your brand: you should make sure you have a great product, understand the needs of your customers, have a relationship, take “no” gracefully or with a “but”, and listen – use your ears, not just your mouth.

John Arnold thinks that from an online perspective, you need to keep your brand simple. It needs to translate across a variety of digital mediums – your website, email, social media, mobile, etc. How does your brand translate across a one-to-many relationship? Don’t let your customers force you to compete with other companies by forcing it into a brand identity that it is not. Keep it simple so it translates easily.

How do you find your customers?

Arnold says that identifying customers and lead generation are totally different things. You can buy leads, but you don’t want leads…you want QUALIFIED leads. Small businesses needs sales today, not in the long-term. Acquiring customers is what it’s all about. Need to find a method that will result in you giving value but getting money from it. You need to make sure your marketing dollars spent online are less than what you’re making. You eed to have a communication strategy that is effectively and over the course of the business cycle. Work on your acquisition marketing/discovery marketing. Once you’ve acquired customers, spend less money during the buying life cycle.

Ray says that SEO and search engine marketing is very important because you build websites, but need someone to find you. Email marketing is also very important for finding new customers – may not be wanting to buy now, but will sign up for a newsletter for business later. Wants businesses to put their phone number on their website. Needs to have empowered websites that is a tool/asset that will help bring in new customers.

Levin says people are in the habit of hiding behind our Facebook profile. There is nothing more valuable than a face-to-face communication. Need to connect on a personal level and have conversation that won’t happen in a comment box in relation to a status update. Person-to-person relationship can’t happen digitally. Authenticity in real life is way better than experiencing it online – there is no replication.

London says we shouldn’t go nuts with social media. If you’re looking to base your entire business over social media, then that’s a different story. It’s not necessary. Panel is composed of four small businesses and no one is fully engaged in social media.

How do you convert?

Ray says that you need to be flexible & listen. You need to then follow-up on any leads – really important to say “how can I meet your needs?”. Be a true resource – don’t be fake.

Arnold thinks that email is not very good for acquisition – would be considered “spam”. If you send out 10,000 emails to people who don’t want them, customers hate them, but if you send out 10,000 postcards, they’re thrown away. Hate is not one of the buyer values. Understand that not everyone is ready to buy all the time – you can spend money to automate your communication (expensive for small businesses) or rely on on-going communication, which needs to be valuable – inherent (facts, tips, product information) and valuable offers that are applicable now.

London says that in marketing, we have a habit of collecting business cards at events – what happens to all these contacts? On average, to gather a contact and get people to know your company, it costs you between $200-500 and you just wind up sticking them in a drawer. Believes that if you’re spending all this money to get people to your website, to hear you speak or get on a sales call, you should spend your time and money on nuturing that relationship and get them further down the sales cycle. It costs nothing to nurture a customer by staying in touch all the time.

Despite this there are some real benefits for a small business in using Twitter and one true caveat that will mention at the end of this post.

Six Small Business Benefits of Using Twitter

I recently came across this article from the Kherize5 Marketing Agency on Six Small Business Benefits of Using Twitter:

1. Expand Reach. As a small business it can be expensive to advertise to build awareness. Twitter allows you to search, converse and engage while at the same time gaining exposure for your product/service.

2. Interact with Customers. Most small businesses attract new business by word-of-mouth.  Tweeting with customers shows that you are attentive to their needs and do not stop after the sale is completed. This also provides almost instant feedback on your product/service and saves time and effort in researching reviews that customers may have posted on other sites.

3. Receive & Share Information. Following leaders in your industry will provide invaluable information that you inturn share with your followers and/or customers to show your level of involvement in your industry.

4. Offer Help. Searches assist in finding people who are in need of help.  Offering a solution allows you to showcase your area of expertise and engage people. This will take time to become a trusted information source however while interacting with people, it will expose your business offerings.

5. Enhance Email Marketing.  Whether you are currently utilizing email marketing campaigns or plan to in the future, Twitter is another source to further the campaign by driving people to the landing page for the email.

6. Meet Local People. One of the biggest benefits of Twitter is to meet-up with other local tweeters. This is not just another networking event where people just show up, Tweetups bring together a community of people that acquire and share information.

HOWEVER….Consider the Opportunity Cost of Twitter as You Integrate it into Your Small Business

While you think this might be a whole new sales channel, you should consider the opportunity cost of Twitter. Direct Marketing Observations blog defines it well – “Opportunity cost is a key concept in economics because it implies the choice between desirable, yet mutually exclusive results. Which is desirable? Making a cold call or reaching out via Twitter to someone you might get business from? Which is a more effective use of your time? Are the results mutually exclusive? Maybe. But not immediate.”

They go on to say “The notion of opportunity cost plays a crucial part in ensuring that scarce resources are used efficiently. If I have 2 phones and 2 computers with 2 Twitter accounts-which will be more efficient in the long run? Or the short run for that matter. Opportunity costs are not restricted to monetary or financial costs:  it can be the real cost of  lost output or lost time. Twitter can be quite  inefficient when it comes to working it into the prospecting flow of your work day and treating it like you would your outbound marketing. You have to know how to use it correctly. It compliments, but it doesn’t replace.”

You can easily just pick up the phone and reach out but like e-mail or web sites, it is a way to reach out and engage with current customers or start a conversation with a new customer that might see Twitter as its primary communication channel.

Are you Using Twitter? What has been your experience? Leave a comment.

So is your small business already using Twitter? What has been your experience? Please leave a comment and let’s have a conversation about this interesting topic.

1. Get an opportunity to network with small business owners and entrepreneurs – learn and grow your business at the same time!
2. Gain insight – including tips and strategies – from more than 20 of the nation’s top small business experts.
3. See Chris Anderson, editor-in-chief of Wired Magazine and author of The Long Tail and Free, as the conference keynote.
4. Walk away with executable, cost-effective ways to market, promote and grow your business.
5. Find out what others are doing to weather the current economic storm – and pick up strategies and tactics you can apply to your own business.
6. Learn how to navigate your way through what can be a financial maze from people who have done it – and succeeded.
7. Expand your marketing arsenal – figure out how to enhance your current promotional efforts by integrating social media.
8. Score lots of free stuff – including a free domain name from Network Solutions®, a copy of Chris Anderson’s best-selling book, Free, and business planning software from Palo Alto Software.
9. TODAY ONLY, REGISTER TO RECEIVE TWO ADMISSIONS FOR JUST $99 TOTAL – A SAVINGS OF NEARLY $500! But, you have to act fast – the offer is only good on Wednesday, September 9 from 12 a.m. EST to 11:59 p.m. EST. REGISTER NOW by using the promo code: GSB999 and clicking here!

The GrowSmartBiz Conference will be held September 29, 2009, at the Renaissance Hotel in Washington, D.C. The event was created to highlight the findings from the Small Business Success Index (SBSI) – an ongoing measurement of the overall health of small businesses commissioned by the University of Maryland’s Robert H. Smith School of Business and Network Solutions, and to provide small businesses with tips, information and network opportunities that will help small businesses thrive in the current economy. The conference will focus on key areas of business that small businesses view as critical to their success according to the 1,500 small businesses that were interviewed for the Small Business Success Index.

For more information or to register for the event, visit the GrowSmartBiz Conference site.  Don’t forget to turn in your small business success story for the chance to have it posted on the GrowSmartBusiness Blog and to receive FREE admission to the GrowSmartBiz Conference. For more details visit: http://tinyurl.com/gsbiz.

55% of small businesses that blog have increased traffic

For many in the social media world, this is a “no duh”, but for small business owner thinking about blogging, this is some serious validation to what many of us have been preaching for the last few years.

Many small businesses have been asking themselves how to stand out in the leveled playing field of the web. In the early days it was awesome. You could put out a better looking web site and compete with companies 100 times bigger than you. You looked the same.

Then came social media and the ability to stop broadcasting and start communicating.

Many saw this as a perfect way to give great customer service and get their web site to be a lead generation engine and not just a digital brochure. However, bigger companies could throw their resources at this and build large communities and execute big campaigns.

This means that there were few channels left to show you are great to work with and know your business. This was were blogging came in.

The team at Inbound Marketing looked at data from 1,531 HubSpot customers (mostly small- and medium-sized businesses). 795 of the businesses in the sample blogged, 736 didn’t.

The data was crystal clear: Companies that blog have far better marketing results. Specifically, the average company that blogs has:

• 55% more visitors
  
• 97% more inbound links
  
• 434% more indexed pages

To review the report and look the graphics, check out the full article here.

These panelists will share their marketing tips, tricks and secrets; and discuss how they have developed and executed successful marketing campaigns and strategies; and provide insight on overcoming obstacles by focusing on innovation.

In addition to this topic and to Wired Editor-in-Chief and author Chris Anderson’s keynote, the conference will also focus on the following topics:
•    Raising Capital with Effective Finance Strategies
•    Stay Ahead in the Current Economy
•    Integrating Traditional Marketing with Social Media

The GrowSmartBiz Conference will be held on September 29 at the Renaissance Hotel in Washington, D.C. The event was created as a result of the Small Business Success Index (SBSI) – an ongoing measurement of the overall health of small businesses commissioned by the University of Maryland’s Robert H. Smith School of Business and Network Solutions. The conference will focus on key areas of business that small businesses view as critical to their success.

For more information or to register for the event, visit the GrowSmartBiz Conference site.  Don’t forget to turn in your small business success story for the chance to have it posted on the GrowSmartBusiness Blog and to receive FREE admission to the GrowSmartBiz Conference. For more details visit: http://growsmartbusiness.com.

Tell us your story! From August 11 through September 22, Network Solutions will select one small business success story from the entries each week to publish on the GrowSmartBusiness Blog, a site dedicated to furthering small business growth. Additionally, each of the eight winners will receive FREE admission to the GrowSmartBiz Conference – a premier educational and networking event designed to help small business owners successfully grow their enterprises – hosted on September 29, 2009 at the Renaissance Hotel in Washington, D.C.

Please submit all entries to growsmartbiz@networksolutions.com by Monday, September 21, 2009. All entries have a 500-word maximum and should include the challenges you have faced, especially given the recent economic downturn, and innovative ways you have overcome them.

Selections begin on August 11. The earlier you submit an entry, the more opportunities you have to be chosen! All entrants not selected will receive a discounted admission to the GrowSmartBiz Conference.

In addition to the Success Story of the Week contest, the GrowSmartBiz Conference wants your topic ideas for the fourth panel! If there is a topic you are particularly interested in hearing about, please suggest your topic or vote on others’ ideas athttp://growsmartbiz.ideascale.com/.

For more information on the GrowSmartBiz Conference, please visit: http://growsmartbusiness.com/small-business-conference/.

Disclaimer: All winners will be informed by a Network Solutions representative prior to their story being published on the GrowSmartBiz Blog. Network Solutions is not responsible for the winners’ travel accommodations.  If contest winners are unable to attend the GrowSmartBiz Conference for any reason, tickets are not redeemable for cash, merchandise, or any other item of value. In the event the winner cannot attend, ticket can be transferred to another party.

Entries not selected will be given a special code to register for the GrowSmartBiz Conference at a discounted rate.