Six Characteristics of Success-oriented Small Business Owners

By Susan McGrath

Are you highly motivated, caring and curious? If so, you are part of a special breed of success-oriented small business owners, according to Mark D Wolf, director of the New York based Guardian Life Small Business Research Institute.

And if you effectively balance your personal and business goals, take advantage of others’ expertise and continually seek to learn the best practices exhibited by peer companies, you are even more likely to achieve business success.

The Guardian Institute surveyed owners of over 1,100 small business owners in its recent study “The Guardian Life Index.” It identified six dimensions of owners who projected revenue increases and business expansion, even as the recession peaked in the US.

According to the study, success-oriented small business owners are:

• Collaborative – they are able to build strong personal relationships, delegate effectively and are committed to creating opportunities for others.
• Self-fulfilled – they place a high value on the personal fulfillment and gratification that they gain from their business.
• Future-focused – they plan for both the short and long-term future and are focused on cash flow.
• Curious – they are open to learning how others run their business and actively seek best practice insights regarding management, business innovation, prospecting and employee attraction, motivation and retention.
• Tech-savvy – technology is a key point of leverage for success-oriented small business owners. They intensively value their company’s website and are significantly more likely to rely on technology for business effectiveness and efficiency.
• Action oriented – success-oriented small business owners are more proactive in taking initiative to build their business. They are more committed than others to taking their business to the next level, differentiating themselves from their competitors and having an exit strategy.  They also see adversity as a means to help them move forward.

According to Patricia Green, PhD, the special academic advisor to the Guardian Institute, successful SME owners are lifelong learners, and the most valuable point of the six dimensions is that they can all be learned.

More information about the characteristics of successful small business owners is available from the Guardian Life Small Business Research Institute.

MORE GREAT POSTS BY SUSAN MCGRATH:

• Why the Do Not Call Register Could Strangle Small Business
• Quotas for Women on Boards

Susan Wareham McGrath - McGrath Career Management Susan Wareham McGrath is the owner of McGrath Career Management, a national career consulting and HRM agency. She is also General Manager of McGrath Migration Lawyers, one of Australia’s longest established corporate and individual migration advisory firms, which has assisted thousands of businesses and individual clients since its inception in 1983. Because we can expect to work for at least 45 years, Susan believes we should make our careers work for us, rather than working as wage slaves just to pay the bills. And as the owner of two businesses herself, she is passionate about supporting other small business owners to get their HR and recruitment processes right the first time! Susan is tertiary qualified in psychology and human resource management, holds a post graduate qualification in public policy development and is a nationally accredited trainer. She is a strong advocate for the personal and professional development of women, and she is an Advisory Board Member of the Australian Businesswomen’s Network. Email: susan@susanwareham.com Website: www.susanwareham.com Twitter: www.twitter.com/Susan_McGrath Blog: www.susanwareham.com LinkedIn: au.linkedin.com/in/susanwmcgrath Member Profile: See Susan’s Member Profile

National Small Business Summit – Join us in Brisbane on 8 July

Join David Koch, the host of Channel Seven’s Sunrise, and the Kochie’s Business Builders TV team of business experts as they host this year’s COSBOA National Small Business Summit.

I attended last year and found it very beneficial from two perspectives:

•    Firstly, Networking.  I met numerous contacts that I’ve gone on to do business with. These were excellent quality contacts who were truly there to collaborate and network (I find that to be the case when people are willing to pay a fair price for a conference; the quality of the business is done better).

•    Secondly, the speakers this year are looking really good. If’s a very full day of panels and talks (see some of the main ones below). There aren’t many places where small business can come together with big business and government to tackle small business issues.

For these reasons, and because we’ve arranged a special 25% bonus,  I recommend you make your way there next week.

Your ABN Discount
Mention ABN when you register to get 25% off the going rate. This discount applies to both the full day event as well as the Gala Dinner. Register here.

About the Small Business Summit
Outstanding small business summit delivering access to emerging business ideas and techniques, including workshops packed with practical tips and tricks to help small businesses boost revenue, find new markets and manage their business more effectively.

Special guests include:

• From the US, social media thought leader Richard Binhammer, who is a core member of Dell’s Social Media Advisory Council and part of the team that has helped Dell adopt social media tools as a profitable business channel and corporate reputation builder.
• Kelly Baker, founder of Edible Blooms and Small Business of the Year Award Winner, who will reveal how she built one of Australia’s fastest growing gift websites.
• Jon Dee, founder and managing director of Do Something, NSW Australian of the Year for 2010 and author of Sustainable Growth, who will share how some of the best in business have achieved their sustainability goals.  He will highlight how small business can take this experience and apply it to achieve real dollar savings and a market edge.
• The Kochie’s Business Builders regular team, including marketing expert, Linda Hailey; finance expert, Julia Bickerstaff; growth expert, Natalie Archer; cash flow expert, Matthew Nolan; online marketing expert Dave Chaffey; and technology expert, Pete Blasina.

Here’s a link to details of all these speakers and the program.

It’s a great opportunity to network with entrepreneurs and business owners converging from all over Australia, as well as take home some great ideas and connections to boost your business.

After the main event, there is a networking Gala Dinner spectacular hosted by David Koch that features inspirational Australian small business success stories.

I hope you’ll join me. Come by Stand 19 to say hello!

Sincereley,

Suzi Dafnis

Does Julia Gillard really believe that “Women Don’t Lead”?

by Suzi Dafnis

In a move that puts to bed once and for all her statement at  AIM’s Women in Management Great Debate in 2005 that “This is Australia – women don’t lead”, Julia Gillard today made history by becoming Australia’s first female Prime Minister.

In an environment where:

• less than 50% of ASX200 companies have women on their boards
• the percentage of female directors in those organisations is only 8.7% and
• the gender wage gap is steadily increasing,

Ms Gillard’s appointment both inspirational and a very welcome wakeup call to corporate Australia.

“This is Australia – women don’t lead”

Along with ABN Advisory Board members and herVoice champions Amy Lyden and Susan McGrath I’ll soon be writing to Ms Gillard, to congratulate her on her appointment and introduce the Australian Businesswomen’s Network as Australia’s peak representative body for Australian businesswomen and female entrepreneurs.

I’d like to include a list of public policy issues of concern to our members in that letter, so if you’d like your voice to be heard and your issue included in the list, please contact me via policy@abn.org.au, or on 1300 720 120. Or, better still, add a COMMENT below.

Best wishes,

Suzi Dafnis
P. S. The 2010 AIM Women in Management Great Debate will be held in Canberra on 2 July and Sydney on 27 August. I hope you’ll join me. Who knows who will say what?

City of Sydney Awards – The search is on for Sydney’s best businesses

The search is on for Sydney’s best businesses.

Nominations are now open for the 2010 City of Sydney business awards.

This year, Sydney’s best bike business will be recognised for the first time. This new category acknowledges the increasing number of manufacturers, distributors and retailers of bicycles and their accessories in the Local Government Area.

The City of Sydney Business Awards celebrate the best small businesses in the City of Sydney Area. It has 20 categories, including cafes and restaurants, retail beauty, healthcare and fitness, specialty retail, tourism, IT, and Education and Environmental Businesses, that will share in $25,000 in prizes.

“There are more than 20,000 small and medium businesses across the inner city who are the heart of our local villages by driving economic growth, employment and connecting communities.  The awards acknowledge business leadership in sustainability, fair trade and social responsibility, as well as compliment our Sustainable Sydney 2030 plan. I encourage all local businesses to enter,” said Lord Mayor, Clover Moore.

Eligible businesses include those employing less than 200 full-time employees within the City of Sydney Local Government Area. More than 600 businesses were nominated in 2009, attracting more than 35,000 votes.  “The fate of more than 600 businesses will be put into the hands of local residents and shoppers to tell us their favourite businesses and start voting,” stated Lord Mayor.

The winner of the 2009 Takeaway Food & Catering Services Award, Fresh Catering’s Director Peter McCloskey said, “The Awards gave us an opportunity to profile our business in front of a whole new market.”

Nominations opened 16 June 2010 and close on 30 July 2010.

For more information, to nominate and vote go to www.sydneybusinessawards.com.au

Media Contact: 
For more information about the Business Awards contact:

Leanne Lincoln
                                                                                                                                           02 9265 9910 or llincoln@cityofsydney.nsw.gov.au

Are you working to your strengths? Are you living your best life?

I’ve got some bad news…

Studies in over 35 developed countries have shown that women have become more stressed and less happy despite securing greater opportunity, greater achievement, greater influence, more free time and more money over the past four decades.

The same research has revealed men, by contrast, get happier as they age.

Apparently we also focus on our weaknesses (and trying to fix them) rather than working to our strengths.

What a drag!

But here’s the good news..

Next week, strengths and leadership expert, and author of Find Your Strongest Life – What the Happiest and Most Successful Women Do Differently,  Marcus Buckingham will be in Sydney to present a morning workshop to help women discover our strengths and the roles that will make us most happy.

Over 400 women are expected to attend this morning presentation, which includes a panel discussion by three successful businesswomen.

Quote "ABN" to save $50

SPECIAL ABN DISCOUNT OFFER

We’re proud to support this event, presented by Business Connect.  And, we’ve arranged a $50 discount for ABN clients. Register for the seminar, being held in Sydney on 23 June 2010, at www.businessconnect.com.au or call 1300 721 778.

QUOTE ABN to save $50 off the full price of the program.

Are you working to your strengths? Take the Test.

Take the Find Your Strongest Life test here… just for fun, and perhaps some illumination.

To complete Buckingham’s Strong Life Test, visit http://www.stronglifetest.com

About his message, Buckingham says:

“When we look at what makes people engaged and fulfilled with their lives, everyone from economists to psychologists seems to agree that the feeling of self-efficacy, feeling valued and effective and in your ’strength zone’ is critical—that the happiest, most successful people are those who have figured out ways to play to the best of themselves in each part of their lives.”

Watch this video from US Fox Business TV for an insight into the core message.

A couple of tips from the video:

• Stop focusing on your flaws and failures
• Allow people to start thinking about the strengths you bring
• How to make the most contribution from your strengths

Sounds good to me.

About Marcus Buckingham

Marcus Buckingham has dedicated his career to helping individuals discover and capitalise on their personal strengths.  Hailed as a visionary by corporations such as Toyota, Coca-Cola, Master Foods, Microsoft and Disney, he has helped to usher in the “strengths revolution”, persuasively arguing that people are dramatically more effective, fulfilled and successful when they are able to focus on the best of themselves.

Business Awards Help Raise the Profile of Women in Business

For many years the Telstra Business Women’s Awards have been an opportunity for the community to highlight the achievements of Australia’s businesswomen.

The nomination period for this year’s awards is now open (closes Monday 21 June at 5.00pm) and I’ve nominated four women, and will likely nominate more before nominations close.

Here’s why I nominate every year:

• There are women doing great work and making big changes, and I think they need to be recognised
• A nomination is an acknowledgement, regardless of the outcome. So, by nominating you’re saying to another “I think you’re doing a good thing”
• As a previous finalist I know how confronting applying for such and award can be, especially if you’re not used to ‘tooting your own horn’. I’m all about helping people step out of their comfort zone.
• It’s through supporting awards like these that company will get behind the huge task of mounting, managing and executing these programs

You can make a difference to an inspiring woman in your life by nominating them today.

The Australian Businesswomen’s Network is proud to support the program. Many ABN members have been past nominees, finalists and winners. And we’re very proud to say that this year a number of members are again nominated.

I encourage you to nominate someone that inspires you. Nominations are now open.

Hurry before they close on Monday 21 June.

Social Media Strategy – My tips from CEBIT

Last week I presented on a panel for CEBIT,  the leading business event in the Asia Pacific region for Information and Communications Technology driving business strategy.

I’d prepared some key points to share with those attending.  (My summarised notes below).

In the last month I’ve spoken to groups for AIM (Australian Institute of Management), FILEX (the national fitness industry conference), to an in-house team of 60 marketers for one of our big communications companies and, last week, at CEBIT.

While I enjoy these presentations and am always excited to share from my experience what works when it comes to social media, I get frustrated by some of the questions I get.

For example:

• How much time should I spend on social media?
• What can I expect my ROI to be?
• Does this Social Media stuff really work?

To me, these questions are like asking:

How much time should I spend on customer service or on communication with clients?

or

How much can I expect to make if I get into conversation with my clients and make them really happy?

What I’m hearing beneath the subtext of these questions is “I realise the world had changed but do I really have to change what I’m doing and get on board with the new world of business? If I just keep questioning social media’s validity maybe it’ll all ‘blow over’ and I won’t have to have been a part of this fad.”

To me, Social Media is not a marketing trick or magic formula. And, it’s definitely not a fad. It’s a way of doing business that allows you the incomparable opportunity to be a part of your customers lives like you’ve never been before.

Here are some notes here to explain my scribbles.
1. @suzidafnis – That’s me on Twitter. I attended SXSW in March and it was fun and interesting to hear people introduce themselves not as Polly Smith from TooHotShoes but as @toohotshoes … (In fact I wrote a post about this recently). So, that’s me @suzidafnis.

2. My take on Social Media is that it’s not a marketing strategy or tool (though of course it can and should be used to market your business and you), it is a WAY of doing business. And, while the tools and platforms may change, the ability for customers to interact with us and to be more intimately connected to our businesses is an incredible opportunity that social media presents.

3. In the last few weeks I’ve given numerous presentations on Social Media to groups of small-business owners as well as large corporations. Regardless of the size of business there is power in having a social media strategy and a clear understanding of how your clients are using social media tools, and what the opportunities are for you and your business.

4. Social Media strategy, like business strategy, starts not with the tactics or tools, but with the overarching business goals. The tools change (and they change pretty quickly) so get your strategy ‘nailed’ and then choose how you will execute and what tools will support that execution.

5. The Australian Businesswomen’s Network is used as a case study of a small business using social media.

Since 2006 we have used may social media tools (blogs, wikis, webinars, audio, video, bookmarking, Flickr, YouTube, social networks). Our goal: to reach our wide-spread community (including those in rural and country areas) and to be provide them with education and resources using these tools.

Like many small businesses we have limited resources and social media has allowed us to reach farther/do more than traditional media.

6. Key things to Consider when designing your Social Media Strategy

i) Listen and keep listening

Before you launch into a social media plan it’s worth spending time researching what your clients and prospects are saying about you, about your business, about your industry,  your competitor. What problems are they encountering that you can solve? Listening will help you determine your strategy – but continued listening will keep you engaged and on top of what your audience wants and needs

ii) Talk
It’s easy to talk at customers. We’ve been doing it for years with traditional marketing. But talking with intention to really solve their problems, to answering the questions that you discover in the listening stage – is what I refer to here as ‘talk’

iii) Be part of your community
Again, traditionally we were quite separate from our customers – they lived in their world and we in our world. With social media I can be as close as I like to my customer and their daily lives – depending on how much I want to engage with them.

iv) Deposits/Withdrawals
This concept comes from The Whuffie Factor by Tara Hunt. Do your actions add to or take away from the relationship bank? Are you giving or taking and what is the right balance for a successful social media relationship?

v) Customer experience
Social Media has been said to be all about customer service. I agree it sure impacts customer service and that, by building better relationships with your customers your customer service is heightened. (If you haven’t yet pre-ordered your copy of Delivering Happiness by Zappo’s founder Tony Hsieh, I highly recommend you do. Zappos is THE model for customer service and they have used social media extremely well to build relationships.

The power of influence. Cialdini’s principles are more pertinent than ever before.

Having the best product or service, the newsiest, shiniest and most innovative business does not, unfortunately, always give us the edge when it comes to getting clients to take up our offer, comply with our requests and do business with us.

In any business situation, however, there are moments where the opportunity to move someone towards saying yes to your request are heightened.

Recognising these moments and the correct action to take at those moments is the science of persuasion and the understanding of what influences us and how we are influenced.

In 1995 (yep, that long ago) I read a book called Influence, by Dr Robert Cialdini. Since them I have reread and referenced it many times. And, today, when economic circumstances are such that there is some lack of confidence in what the future holds, when our customers could be frozen in inaction purely out of fear of an unpredictable economic climate, the lessons from Dr Cialdini’s book are more pertinent than ever before.

That’s why I am extremely excited that on 15 June Dr Cialdini is my guest on BOOKED for Lunch – our webinar series with the world’s best business book authors and thinkers.

I’m thrilled that Dr Cialdini is going to be able to share with you the practical and powerful opportunities that the six universal influence principles (which I’ve summarised below) present to you and your business.

They are truly gold! And, if implemented correctly, they are proven to move people closer to a Yes response to our proposals, our invitations, our businesses.

Robert Cialdini’s Six Principles of Influence

1. Reciprocation – The obligation to give back what others give us
2. Scarcity – The idea that something is rare or diminishing in its availability is more attractive
3. Authority – the idea that we’re much more willing to follow the lead of someone that is a legitimately constituted authority
4. Commitment – the idea that once we’ve taken a position on an issue we are more likely to say yes to a decision that is consistent with that commitment
5. Liking – opal are much more willing to say yes to a request from someone they know and like
6. Social Proof – we’re much more willing to say yes to a request when we have information when someone around us

On 15 June we’ll take a look at how to put these principles into practice.

Master, or even just better comprehend, these and I promise your effectiveness as a communicator and leader will be boosted. They’ve been hugely beneficial to me over the years in countless situations.

For more information on the upcoming webinar with Robert Cialdini visit the Australian Businesswomen’s Network website.

About Dr Cialdini

Dr. Robert Cialdini has spent his entire career researching the science of influence earning him an international reputation as an expert in the fields of persuasion, compliance, and negotiation.

His books, including Influence: Science & Practice, and Yes – 50 Scientifically Proven Ways to Be Persuasive, are the results of years of study into the reasons why people comply with requests in business settings.

Dr. Cialdini is President of INFLUENCE AT WORK, an international consulting, strategic planning and training organisation based on the Six Principles of Influence.

Below is a video with Dr Cialdini.

BOOKED for Lunch – with Robert Cialdini

15 June 2010
12.00pm- 1.00pm AEST
Webinar – Presented by the Australian Businesswomen’s Network and GoToWebinar
Register today for BOOKED for Lunch

Craig Emerson, Small Business Minister talks to ABN about Small Business Initiatives

Interview by Susan McGrath, Special Projects Advisor

As Australia’s peak representative body for female entrepreneurs and women in business, the ABN recently met with the Hon Craig Emerson, Minister for Small Business, Independent Contractors and the Service Economy, to garner his thoughts about the future of small business in Australia – and to find out whether the Rudd Government has moved on from its policy of ignoring the specific needs of female business owners.

Susan Wareham McGrath, Advisory Board Member and National Special Projects Manager interviewed Minister Emerson, and reports that she was heartened by his thoughts about the future of small business in Australia; but less than impressed with his Government’s continued refusal to address the specific needs of female business owners.

ABN: Minister, what are your thoughts about the future of small business as we emerge from the downtown, albeit slowly?

CE: Small business has a strong future in this country. There’s no doubt small business has played a major part in helping get the Australian economy through the downturn. No doubt that small businesses have kept on staff, remembering the previous era of staff shortages and believing the sector will come out intact. This has had an important, sound consequence of putting a floor under unemployment in Australia. The original Budget forecast was for it to peak at 8.5% – we are now estimating 6.75%. This is due in a substantial part to small business keeping their staff – in some cases they’ve reduced hours, but that’s a lot better than having employees lose their job. As well as making an incredibly valuable economic contribution, this also equates to a valuable social contribution – the scourge of unemployment can last for a long time. It’s likely that small businesses will be rewarded by the loyalty of staff, who will stay on and contribute to profitability as recovery takes place.

Our stimulus package also assisted small business – the original cash payments, for example, helped stimulate the economy at a critical time; they helped avoid negative growth in two quarters in a row. If not for the stimulus, economic analysis indicates that the difference would have been a recession.

ABN: What do you see as growth industries over the next few years?

CE: One growth industry will be retailing. This will be driven by our strong population growth (in comparison with negative growth in some countries), which is higher than expected due to natural increase and our strong immigration program. This will lead to strong demand for retail goods and services. To remain competitive, retailers will however need to develop innovative ways of reaching customers.

Tourism and associated industries will also grow over the next few years.

In terms of women in business, we know that the majority of home-based businesses are run by women who can tap into a huge potential market. Our new broadband network will enable women in particular to develop online activities where they are currently unable to do so – currently downloading can take enormous time, but when our 100 megabits per second broadband network is implemented, women operating from home will be able to reach far more customers.

It’s easy to underestimate the digital revolution – business has increased opportunities to find better ways of contacting customers via the internet – especially young people. Finding ways of accessing a young customer base will require innovative thinking, for example to find sites they’re visiting and make contact with them there.

Another example is tourism. If you’re enquiring into accommodation, a one page website says nothing – and tourists are likely to say “I’m not going to ask”. They expect a virtual tour through the property – not easy to do if you don’t have an online presence. Online tourism is, to an extent, one area in which we could do better. We have relied too much on Australia’s natural assets, which has made us not as sharp as we could be.

China and India’s economic growth is creating a very large middle class in each country, which will want to go overseas on holidays and innovative online marketing is the ideal way to promote Australia to these potential tourists.

ABN: What about the green revolution?

CE: There is potential for the green revolution to become overcrowded. Good, innovative green offerings will be successful, but a lot of people are coming up with similar ideas.

ABN: Has the situation changed since your advice at our last meeting that the Government is not planning to provide any specific funding, programs or initiatives to women in small business?

CE: What we are trying to do is support small business, in which women play a very important role. It would be very difficult to exclude males, particularly where women and men own or run businesses together. We will continue to work to increase the economic context for small business to develop and focus on growth.

ABN: What trends and issues do you see arising for small business over the next year?

CE: The main trends and issues I see will relate to employment. Shortages of skilled staff will re-emerge in some states, particularly in Western Australia, where business organisations are already discussing staff shortages. Consequently, the attraction of skilled workers from eastern states to work in Western Australia will create some shortages in those areas.

Free webinar: What advertising entrepreneur Siimon Reynolds has to say say about success

What are the obstacles that get in the way of you and your success? In his new book, Why People Fail, Siimon Reynolds has identified 16 obstacles to success and has provided tips and strategies, exercises and processes to overcome them.

On 18 May Siimon is my guest on BOOKED for Lunch. BOOKED for Lunch are free lunch-time webinars with the worlds leading business book authors and thinkers.

During this free one-hour event Siimon will share the highlights of the book, giving us the key areas that we can focus on to move us closer to our goals.

And, during Q&A he’ll be able to answer your questions about achievement and success.

Here’s a short video I prepared that has more details.

Join us tomorrow at 12.00pm AEST.

Register online for this free webinar now.

or call us on 1300 720 120 today.

BOOKED for Lunch are free webinars with the world’s leading business book authors and thinkers. BOOKED for Lunch is presented by the Australian Businesswomen’s Network and GoToWebinar – Webinars Made Easy.

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