Missouri Small Business and Technology Development Centers Blog

I heard on a business news radio show yesterday that the next big thing in energy conservation is a light bulb that will last 20 years with average use. It will only cost us $3 per year to use — its cost will be $60. Sounds like a deal, but it will be a while before it hits the marketplace. In the meantime, from our Environmental Assistance Center, come these 20 tips to help you save both energy and money in your business. Great advice and easy to implement. Go to www.missouribusiness.net, click on April newsletter, and scroll down to Going Green to get started.

One of the Missouri Small Business & Technology Development Center’s great partners is a program called Trade Adjustment Assistance for Firms (TAA), which is a federal program that provides financial assistance to manufacturers affected by import competition. This program is funded by the Economic Development Administration within the U.S. Department of Commerce. That funding may be provided to pay up to 50 percent for technical assistance and other expertise that improves a manufacturer’s production and bottom line.

One recent real-world example comes from the Missouri program. The Mid-America TAA organization has provided assistance to a Joplin tool and die manufacturer with projects that include state-of-the art software for CAD, CAM, CMM inspection and DNC wireless control of the programs driving the machines throughout the shop. The assistance resulted in quality improvements and reduced lead time for the products.

Now the program is assisting the company with the implementation of ISO 9001:2008 to be completed in 2012, another milestone that will ensure that the company will continue to be more productive and competitive. In addition, TAA assistance enabled the company to purchase software and provide employee training on new equipment.

The ultimate result? Job increases of 30 percent and sales increases of 25 percent. This small company is on the path to some BIG successes.

Could this program help your company? Find out more by calling The Mid-America Trade Adjustment Assistance for Firms Program at 800/551-8222.

In our last post, we mentioned the possible advantages of considering an applicant’s veteran status when hiring. Here are a few more reasons it may be good to give a veteran your highest consideration:

These are tough times. Resilience is an attribute, and few people possess as much resilience as veterans. As a result of their training, they can adjust to changing conditions, meet challenges with confidence and problem solve a variety of situations. In addition, their values of honor and integrity are important in today’s “what’s in it for me” environment.

By virtue of their experience, veterans are good planners. Whether setting up a supply depot or engaging the enemy or designing a training program for your employees, members of the military achieve the desired outcomes through a variety of carefully designed and implemented plans.

Running a business requires making tough choices, particularly these days when resources are slim and competition is always growing. Military personnel make tough calls every day. They learn to live with the outcomes of those choices, and they learn how to improve their decision making from their experience. That’s invaluable when remaining agile and responsive sometimes means having to make adjustments later. (more…)

We’ll be hiring some new staff in our program in the coming weeks, and I’ve been thinking about new ways to consider candidates beyond the traditional combination of education, experience and attitude. In other words, what kind of intangibles should I screen for in looking at our applicants?

As I’ve done some reading on the topic, I’ve identified a few themes that are interesting and, perhaps, promising in terms of looking at applicants with fresh eyes.

TIME magazine had an article not too long ago about the skills that returning veterans have acquired in our most recent conflicts. Due to the nature of the combat in Iraq and Afghanistan, members of the military have had to employ a more direct, more personal and more community- and project-based approach, which has literally forced the acquisition of leadership, negotiation and problem-solving skills. Veterans have been trained to see a task through to completion, a quality that is always valuable, regardless of the job. And military experience is a great background for teaching a worker how to follow as well as lead as the task demands. (more…)

I volunteer for a local non-profit that has raised nearly $1 million in the past three years. One of my responsibilities is to check the mail a few times a week and write acknowledgement letters for donations before turning the proceeds over to our treasurer for processing and deposit.

Recently, I received a frantic email from a local business owner stating that he had mistakenly mailed us a check that was meant for his commercial landlord. He was alerted to this after receiving our acknowledgement letter. He was emailing us to chastise us for cashing a check that was clearly meant for someone else.

Fortunately, our treasurer keeps very good records, including scanning each check we receive. A third volunteer enters the information into a comprehensive spreadsheet. We keep these duplicate records because we feel it’s particularly important that we are transparent and absolutely correct in handling these very generous donations. In several cases, our back-up system has saved us much time and effort, as well as confusion, so we are glad we do it. (more…)

So Facebook is changing again, according to this morning’s news. The timeline will no longer be optional. Every action users take will be visible unless certain criteria are specified that block the posting of the information.

In other words, what was never really private is even less private than before.

Having done some research recently on social media policies for businesses, I am reminded by this Facebook change about the importance of monitoring not only what information you personally provide through social media, but also what information your employees, partners, customers, vendors and business associates share about your company.

Put another way, what conclusions will others make about you and your company based on those you are connected to via social media? It reminds me of the caution our parents always gave us about hanging out with the “wrong kids.”

That’s why it’s always a good idea to investigate anyone who reaches out to you or your company via social media. Whether they should or not, social media users form impressions of you based on your connections and followers.

For instance, if your connections include users who contribute worthwhile content, positive comments and thoughtful insights, it’s good to keep them close. They will likely lead you to other similar connections, and those can be good for your reputation as well as your business.

Steer away from users with strong opinions. You may agree, but is it worth the risk of having your organization associated with controversial issues? (more…)

The American Consumers Newsletter, released regularly by New Strategist Publications, is a goldmine of consumer behavior information. These folks are really skilled at spotting trends by studying all of the latest demographic and buying behavior sources and distilling that into quick reads that provide the latest information on who is doing what with their money.

For instance, in a recent release, we found these highlights:

In a study of the fastest-growing states, Washington, DC, tops the list at 2.7 percent growth in the past year, well ahead of the second fastest-growing state – Texas. Researchers believe the reason for the growth in DC is the capital’s “wired” culture, with plentiful jobs and even more plentiful opportunities for social connections.

Evidently our search behavior online is a leading indicator of consumer spending and could lend a hand to those working to spot consumer trends, particularly those that appear to be slower in evolving, such as weddings, having children or buying homes. It’s early in this field of study, but it appears that our internet searches can give retailers and others a “heads-up” about where we will spend our money.

The Census Bureau has released data that indicates full-time enrollment in four-year colleges is declining. Private schools are seeing an even greater decline. What’s up? Enrollment in two-year colleges and in graduate schools. (more…)

Now, from the category of feeling the customer’s pain, comes the following.

This time of year we all make resolutions to exercise more, but the weather in many parts of the world makes it difficult to get outside and maintain our running, walking or biking routines. The most common answer is the treadmill or bike in a nearby gym or in our basement. But, oh, the boredom. At least when you are running through your neighborhood or biking on the trail, you have something interesting to look at as you go by. On a treadmill or stationery bike, you have limited choices among something to read or a handful of television stations.

Now, Virtual Active and Bit Gym are providing another option. They have created a free app that allows users to travel virtually through famous cities at their own pace as they walk, run or bike in one place.

After choosing a workout type, users will see videos shot from a first-person perspective as they move through well-known locales. If the device is then placed on a bike or treadmill, the app monitors the speed at which the user is “moving” and adjusts the video display accordingly. Ten different videos are currently available at the cost of $7.99, but the app is free.

This is a great example of entrepreneurs identifying a common need among the millions of us who try to maintain a consistent exercise routine and then finding a way to meet that need in an economical and unique way. They have helped us treat the pain of boredom that comes with indoor stationery exercise, offering us another option to break up the routine and keep moving – virtually – through places we’ve always wanted to visit.

You can learn more at www.bitgym.com or www.vafitness.com.

With the advent of the New Year, millions of Americans make predictable resolutions to take better care of themselves. The advertising industry rakes in billions of dollars in revenue promoting a wide array of lifestyle approaches, more natural products and tips for healthy living.

According to Jeff Hilton, cofounder of Integrated Marketing Group, an agency that specializes in the natural health products industry, those clients are appealing to the demographic he refers to as LOHAS – the Lifestyles of Health and Sustainability market. Hilton says that nearly one-third of the nation’s consumers fit this demographic – well-educated and willing to spend sometimes substantial resources on sustainable living, healthy lifestyles and ecological products. These are the folks who shop at Whole Foods markets as opposed to the more traditional Kroger’s or IGA-type stores. They buy more organic products, and they appear to like more natural approaches to ingredients and packaging.

This comparison reveals a strategic marketing decision that offers an important lesson. When you enter a Whole Foods or Trader Joe’s store, you immediately sense the difference. These stores – and most any health-food store you might visit – have a more rustic “feel.” The packaging of products is not as slick as in a traditional food store, and the walls and colors and textures in the store displays evoke a rough and outdoor setting. All of that plays into the consumers’ desire to have a closer encounter with natural products. And they are willing to pay the price because they feel they are doing something good – and more authentic — for themselves and their families. According to Ronn Torossian, author of a great new book on public relations, For Immediate Release, a traditional grocery store will sell about $400 per square foot, while Whole Foods will sell more than $800 a square foot.

The lesson is that when attempting to appeal to a specific demographic such as LOHAS, the message has to be fully integrated not only into the product, but into the packaging, the environment, the advertising, the social media and the buying experience itself.

Who is your LOHAS? How can you reach them more effectively in the message you send? Are you consistent on all of your messaging platforms?

Make a New Year’s resolution to ensure that your products – and your communications to promote them – are well-integrated and true to your mission and values. And prepare for a prosperous 2012!

One of my favorite things during the holiday season is the number of stores in our community that go all-out in terms of creating a wonderful, warm, welcoming and often nostalgic shopping environment. I tend to frequent shops that offer something special just for coming in. That something special might be mulled cider to sip while I shop, carolers, holiday give-aways, partnerships with a local non-profit seeking assistance during the holidays or a special discount for bringing in a food item for the local food pantry. Features like that might be especially important this year.

Although there was only a 1.1 percent uptick in retail sales in September, a research firm specializing in the retail industry foresees only a possible 3 percent increase in retail sales this coming holiday season compared to 2010, according to the website Main Street. That projected improvement would be lower than the 4.1 percent retail sales increase in holiday sales nationwide between the 2009 and 2010 seasons.

“The persistently high unemployment and fuel rates along with consumers’ conservative purchasing attitudes will affect spending this holiday season more than in recent years,” says Bill Martin, co-founder of the research firm ShopperTrak, based in Chicago.

With an increasing number of shoppers relying on online connections, the trend in shopping via the keyboard is expected to put a 2.2 percent dent in the number of people shopping in stores from a year ago. This trend will be accentuated by fuel costs and unemployment.

To counter this expected drop in traffic, store owners who want to build relationships with clientele should consider scheduling more in-store special events and themed promotions such as those mentioned above.