If you travel a lot for your business, you probably rely on your mobile devices to stay connected and productive. How do you compare to the stats in the infographic below?

Business Traveler’s Mobile Dependence Infographic created by PC Housing

(Note: This post today is written by Kelsey Arnold of Social Media Today. And, like the politicians say on the ads, “I approved this message.” Tim)

For entrepreneurs with the right strategy, this is an exciting year to launch a new business with high growth potential. The JOBS Act that was recently signed into law and the emergence of crowd funding related sites like IndieGogo and Kickstarter offer interesting alternatives to early funding, although not straight investment.

The social web is drastically changing the way young companies get noticed, monetize, and begin to grow. It is now easier than ever for someone with an idea and some ambition to create a business, with financial support easily available on the Internet. Crowd-funding sites are growing exponentially, and are proving to be extremely successful for some. Pebble Smart Watch, for example, has raised over $10 million in funding, though their initial goal was $100,000.

Youtube now allows users to solicit donations on the platform and link back to campaigns on Kickstarter and Indiegogo, helping to make these fundraising campaigns viral. The reach of YouTube is practically infinite: “[The site’s] 490 million users upload more video content in a 60 day period than the three major U.S television networks created in 60 years,” claims IBM’s CMO Study.

Many worry about the risks that accompany these crowd-funding solutions, citing insufficient protection for investors. Small business lawyer Antone Johnson worries about what investors stand to lose, writing, “The lack of transparency is justified by limiting the amount of capital any one investor can lose, and/or the amount the company can raise, to figures small enough to meet someone’s arbitrary standard of relative harmlessness. If that sounds reasonable to you, I’d be happy to confiscate $100 apiece from 10,000 readers to walk away a millionaire while leaving you with no recourse.” The crowd-funding system has some maturing to do before it can protect both the entrepreneur and the investor.

Though it may seem like The JOBS ACT and crowd-funding sites will serve to increase the funds available to entrepreneurs, fundraising overall is on a downward slope since last year. The LA Times reports, “U.S.-based companies raised $6.3 billion through 717 venture capital deals during the first quarter of 2012, an 18% decline in capital and 9% decline in deals from the same period last year.” The climate for new business ventures remains uncertain, and entrepreneurs need every edge available.

MyVenturePad.com is excited to share our newest free eBook on the changes venture funding is seeing in 2012. Download and read “Revolutions in Venture Funding” for expert advice on how to navigate the changing world of entrepreneurship. Jim Estill of Canrock Ventures , Tim Berry of Palo Alto Software, Mike Edelhart of the Tomorrow Project, and Antone Johnson, Attorney, all contributed to this resource. Read it for free now.

Crowdfunding image courtesy of Shutterstock

A strong business is built on relationships. Producing solid work is a given, but it is the people behind the work product, those that manage the process, and the expectations and outcomes that drive the success of a campaign. Keeping a client happy may seem more like the work of a psychologist sometimes, but there are a few sure-fire ways to manage the success of a campaign and thus the relationship.

1. Clear communication: Clear communication between the client and the service provider is paramount from the beginning. It is always better to over-inform a client rather than to under-inform them. Lack of communication can lead to all sorts of misunderstandings and unhappy clients. Follow up every verbal communication with a written note or email that recaps the discussion and actions steps so that there is always documentation.

2. Define the goals, roles, and expectations: A significant factor of clear communication is aligning goals of the project with what the client expects each step of the way, and defining who is responsible for what. A clear plan that clarifies the ideal outcome and action steps to achieving those outcomes should be outlined from the beginning. Thus, expectations are in black and white, objectives are clear, and accountability is assigned.

3. Set milestones: By breaking a project up and setting milestones, you create a roadmap for success by allowing your team to readjust the strategy if necessary. Milestones also allow you to demonstrate to the client that you are on track toward your goals. An informed client is a happier client.

4. Be upfront about incremental costs: After evaluating your project at certain milestones, you may decide a slight change of course is in order. Oftentimes, with a change of course comes a change in price. Be sure to clearly communicate any incremental costs to your client and get approval before proceeding. An unexpected bill can ruin a great relationship.

5. Alignment: Being aligned with your client, in terms of values, can go a long way towards a happy and healthy relationship. When your values are aligned with the organization, clients are more inclined to trust your judgment calls, value the way you look at situations and how you approach challenges.

6. Be responsive and proactive, not reactive: Never react immediately to a client’s feedback. Instead, consider it carefully, weigh the pros and cons and craft a response. Knee-jerk emotional reactions can cause more harm than good. Clients will be happier to know that you have thoroughly thought through an issue and crafted a strategic, action oriented, approach.

7. Follow up: Once a project is completed, follow up with your clients or recap what was successful and what could have been smoother for the next time around. Check in with them at intervals to ensure that the strategy or deliverable is still effective. Excellent customer service is about long-term happiness and success, not just finishing a project on time and on budget.

And if all of that doesn’t work, food is often the fastest way to a clients’ heart…but only as a back up plan!

Consulting with clients image courtesy of Shutterstock

National Small Business Week kicked off yesterday with a three-day educational and networking event in Washington, D.C., recognizing the accomplishments and contributions of small businesses across the country. If you couldn’t make it to Washington this year, you can still benefit by joining marketing expert John Jantsch for a free webinar he’s offering in celebration of the annual event.

The founder of the Duct Tape Marketing system, John will be giving you concrete suggestions on how you can grow your business. In “5 Ways to Use Online Tools to Drive More Sales,” participants will learn how to:

1. Use Online Calls to Action: Leverage calls to action on your individual website to get more of your customers to act offline.
2. Embrace O2O Advertising: Online advertising can easily be used to drive people to your offline business.
3. Employ Networked Networking: The addition of online tools and networks have made traditional networking more effective.
4. Form Local Social Groups: Create and facilitate local interest groups using online tools to dive awareness and sales.
5. Get Online and On the Go: Take advantage of mobile use to drive on the go folks to your business.

The webcast will be held on Wednesday, May 23 at 11 a.m. (Central time). John really knows his stuff, so this is a terrific opportunity to get sound marketing advice from one of the most respected names in the field. Click here to learn more or register.

Small business image courtesy of Shutterstock

It’s the question that everybody starting a small business asks. Do I need outside funding or can I bootstrap my business. If I do need funding, what kind do I need, and how to I get it?

Most businesses are actually financed by home equity or private savings. Attracting venture capital or angel investors is something that very few businesses will succeed at, though many will definitely try. And unlike investment money, borrowing will depend on collateral and guarantees over business ideas. So first and foremost, take a serious look at your financial situation and your business from a lender or investors  perspective. Be honest with yourself as you look at what sort of financing is feasible for your situation.

How do you know what the right funding is for your business type? In The Right funding for Your Business Type, Tim Berry discusses some funding options and their pros and cons. In a nutshell:

• Venture capital firms want repeat entrepreneurs and businesses with huge growth rates
• Angel investors are a lot like VCs but typically invest smaller amounts
• Commercial banks generally will loan money for working capital or expansion, but not usually to brand-new businesses
• SBA loans are available for various small business situations and populations, but still require collateral
• Friends and family financing can be a good fit, or fraught with problems
• Personal financing is great if you have the money and can put everything on the line.

For more details, read Tim’s full article. Or for another point of view, check out The Four Tiers of Small Business Financing.

Investment image from homepage courtesy of Shutterstock

Every year, the folks at Entrepreneur Magazine name an Entrepreneur of the Year. They’re looking for a person who makes a positive impact and improves their industry, employees, and community with a combination of ideas, leadership, and vision. The deadline for entries this year is June 15, so you’ve got plenty of time to enter and share your story.

Let’s take a look at some quick lessons you can learn from some past winners:

• Don’t give up: 2011 Entrepreneur of the Year Lee Rhodes was a mother of three fighting lung cancer when she was inspired to start glassybaby. If she could overcome those odds, imagine what you can do!
• Ignore the naysayers: People told Rhodes she wouldn’t be able to make a success of a business that sold just one product. She proved them wrong. So did 2008 winner Devon Rifkin, of the Great American Hanger Company, who’s company makes and sells… hangers.
• Empower your team: 2012 Entrepreneur of the Year Daniel Lubetzky, maker of KIND Healthy Snacks,  gives every employee stock options. Every employee gets a sense of ownership.
• Have a cause: Lubetsky is a social entrepreneur who’s companies operate on a “not-only-for-profit” business model, with an economic as well as social bottom line. Rhodes subscribes to this model as well, giving a large percentage of her revenue to programs for cancer patients.
• Find a problem: Rick Alden, of Skullcandy, was Entrepreneur of the Year in 2010. In his acceptance speech he stressed the importance of finding creative solutions to existing problems.

Next year we’d love to feature lessons fellow entrepreneurs could learn from your story. Just click here to enter for a chance to be named Entrepreneur Magazine’s Entrepreneur of 2012.

Winner image on homepage courtesy of Shutterstock

Fundraising is one of the most vital aspects of any organization. Whether you need money for an educational, scientific, philanthropic, creative, or business-related cause, comprehensive knowledge of how and where to solicit funds is essential. WeDidIt helps nonprofit organizations raise money through engaging crowdfunding campaigns. But for the past twelve months, we’ve been coming at fundraising from all angles in order to finance our own business as well as advise our nonprofit clients in fundraising.

In our initial conversations with our current clients, one of their biggest concerns was that online fundraising – and crowdfunding in particular – is a new(ish) model of raising money. They were concerned that if they launched a WeDidIt campaign, the fundraising they did with us would be a replacement to previous methods of fundraising. This isn’t the case at all. Crowdfunding is an excellent way to reach potential donors who you wouldn’t have access to through more traditional channels.

An important rule in raising money that we tell our clients and follow ourselves is that you should capitalize on every opportunity to raise funds that you can. As we continue to grow our own company, we’re continually seeking new opportunities to raise funds outside of our general sales operation.

Here are the five sources we used and considered for raising capital:

1. Business Plan Competitions. After we finalized our business plan, we researched and applied to several business plan competitions and eventually won the MillerCoors Urban Entrepreneur Series. A solid business plan is a must if you’re thinking of entering a competition, so get yourself some good business plan software to improve your chances.

2. Business Accelerator/Incubator Programs. We’ve applied to at least a dozen accelerator programs over the last 12 months from TechStars New York to Y-Combinator in Silicon Valley. Although we didn’t join any of the accelerators, the interviews and process was rewarding because it made us think about our startup venture in very productive ways.

3. Crowdfunding Project. We launched a crowdfunding campaign directed at our friends and family through our own software and website. The costs were minimal and the returns were better than we’d expected. We raised 127% of our funding goal and showed the world that crowdfunding does work.

4. Investors, Friends & Family. We reached out to people we knew that we thought could help. This wasn’t always asking for hard cash, but for networking opportunities and advice as to where to look for funding. When courting investors, make it a priority to get in bed with investors who can also add strategic value to your startup or organization. Great investors have money AND experience. Use them both!

5. Bank Loan. Loans are one of those resources that make the most sense when your organization has sufficient enough cashflow to handle your monthly loan payments. If you’re a startup still discovering your business model, loans may not be for you. But if you’re fortunate enough to have significant cashflow already, a loan can provide you smart capital without the loss of equity.

Seize as many opportunities to raise capital as you can and don’t think that one fundraising project will replace another. It’s like when you were younger – if you get an allowance, that’s good. If you get a job, that’s great. If you can get an allowance and have a job, you’re doing it right.

To learn more about WeDidIt, check out their Small Business Spotlight featured on Up and Running last week.

Fundraising image courtesty of Shutterstock

If you’ve never been to a business plan competition or angel conference, you really should try to find one to attend. They’re excellent networking events and great opportunities to see what other entrepreneurs are up to. But more importantly, they give you the rare chance to hear what potential investors like and don’t like about businesses,  business plans, and pitches.

At last week’s Willamette Angel Conference, five finalist companies presented their 10 minute pitches to the audience and investors. The investment fund members had already conducted a six-week due diligence process prior to choosing these finalist, so they were quite familiar with all the details of the businesses. If you’re even considering seeking funding from investors, here are some things we learned last week that should be helpful.

Investors love good teams.
The first comments after each presentation were, without fail, about the management team. The panel clearly wanted to see motivated, experienced leaders behind the businesses before they’d consider investing.

Get investors to get more investors.
When presenting companies had interest from other investors or had already secured some investment, it was a definite plus for the Willamette angels. It validates the business, and the fact that it’s got money in the bank already doesn’t hurt either!

Be in the right place at the right time.
Several times, investors commented on pitches that were for products that met an emerging consumer need or were coming at the right time. Play up how much people need your product to get investors on board.

Be aware of the competition.
One negative note investors sounded more than once had to do with competition. Some businesses had a low barrier to entry, others were looking to get into an already crowded space. Investors appeared wary of putting their money into these businesses.

Show how it will scale.
Several of the entrepreneurs who presented were asked pointed questions about whether their business would be able to scale up efficiently. It seems like a high-class problem to have to worry about meeting high demand, but investors know that many businesses fail because they can’t ramp up fast enough.

It’s all about the exit.
Investors loved the pitch that presented multiple exit possibilities, and appeared less interested in businesses that didn’t have a clear exit plan. Don’t forget to include how and when you plan to exit, and who potential buyers might be.

Don’t forget sales and marketing.
Even the best ideas won’t sell themselves. Investors know this and they expect you to know it too. Several times presenters were asked for more information about their marketing plans and what they’d do if their products didn’t simply sell themselves.

As you can see, a few hours spent at an event like an angel conference could make the difference between wowing  investors or leaving them cold. Whether you follow the advice above or seek out a local angel conference to attend, pay attention to what investors are looking for and make sure you give it to them.

In product design, mistakes are costly, and the longer it takes to discover a problem, the more costly it becomes.

I came across an article written by Dr. David M. Anderson about Design for Manufacturability where he talks about “The Rule of 10“.  He claims that it costs 10 times more to find and repair a defect at the next stage of assembly, and then it costs 10 times more at each subsequent stage of assembly. So following his rule of 10 it goes something like this…

While you can have your own multiplier, whether it be 10, 6, or anywhere in between, the principle is right on.  I would actually  take this concept and back up in time to the engineering stages of a product.

You should have a cost target in mind from day one of engineering, and not just a “throw a dart at the wall” cost target, but a true educated guess as to what you believe the product should cost.

As time progresses during the engineering, any items that could/should have been taken care of at a previous stage are just collecting money until they show their ugly head. If these items end up requiring a redesign to any tooling or fixtures, then you could potentially be looking at $1,000′s to change the design.

This isn’t to say that mistakes can never happen. We’re all human, after all. But it is saying that you should catch those mistakes as early as possible. Bring your manufacturing team into the Product Design stage so that concurrent engineering can take place and you will be able to utilize the knowledge that they bring to your team (you chose them for a reason didn’t you?).

Blueprint image from homepage courtesy of Shutterstock

When asked what’s the most important thing to a website owner for building their site, often the response revolves around ad revenues or social media management tools. But both of these answers ignore the most fundamental part of ensuring long-term growth: trust between the site and the visitors. Without trust, why should readers return? Why would they give you an email address or open an email from you? Trust is critical, and the best way to earn it is with quality website content that readers or customers can rely on.

Bear in mind that building trust with quality website content is highly dependent upon the kind of website you’re managing. If yours is a news site, make sure your news is trustworthy and reliable. If yours is a site with a strong voice — humor or opinion pieces, for example — deliver consistent results so the readers know what they’re getting every time. If your website acts as a storefront, you still need company and product information that shows customers you are trustworthy.

No matter what type of website or blog you own, though, all can benefit from following some important copy essentials. Use the checklist below to make sure the quality of your website content meets the goal of building trust with your visitors.

Basic Grammar and Spelling

If you want to avoid setting off warning bells with your readers right away, then please do a quick spell check and review for basic grammar. Your readers are smarter than you may think. They pick up on those issues, creating an immediate credibility issue for you.

Unless they are long-standing readers with whom you’ve already developed a relationship, you may find a strong correlation between high exit rates from your pages that have spelling and grammar problems. Most web browsers even have spell check, so there’s no excuse for bad spelling these days. Spell check does not correct grammar (such as using “their” when “they’re” or “there” should have been used), so either learn your weak areas and improve them or have someone with a strong grammar background review every sentence before publishing to your site.

Consistent Presentation

Your site is its own brand. If readers skip from one page to the next and get a different sense of the kind of information they’re reading, they will be less likely to connect with your site’s brand or, in other words, your site’s unique message and way of presenting information.

No matter what kind of information your site contains — funny, informative, product-based — the presentation should be consistent. If you use images, make sure to use them consistently. If you have a distinct voice (style of writing) in your posts, try to deliver this voice every time.

Neutral Opinion…Maybe

Unless your website is geared specifically towards strong opinion or humor pieces, it’s important to keep a neutral tone. As soon as a reader is aware of a bias, they tend to immediately over-compensate and over-filter your message. So keep your message balanced when possible, presenting facts, points, and counter-points.

Keeping a neutral tone will mean something slightly different for sales copy. You want to make your product sound phenomenal, but do so without sounding pushy or overly opinionated. Instead, give facts, comparisons, statistics, and customer reviews to make your point in a matter-of-fact tone. Show how your product or services can improve a client’s lifestyle, using strong verbs and powerful words, but without sounding desperate.

Resources for Following

Make it easy for readers to stay in touch. Give them an RSS feed, social media links, and a way to enroll to follow your blog via email. Every site that provides a consistent stream of fresh content should provide a simple way for anyone to subscribe. If you have a WordPress or Joomla site, adding plugins to make subscriptions simple is a breeze.

Then you have to make sure you update your social media consistently. This means that any time you post new content or you have a discount or company update to broadcast, you broadcast it via Twitter, Facebook, and  Google+ (to name just a few options). Most of this can be managed automatically with plugins for whatever platform you’re using. Being timely with your posts and updates lets clients know that you are a serious, legitimate company that cares about informing and keeping up with clients.

Legitimate Content

Be sure that any content you place on your website, any posts you publish, or even your social media updates only contain information that is relevant to your readers and customers. If your readers keep seeing content that is not useful or is uninteresting to them, they will quit paying attention to you. Keep in mind, though, that you will inevitably post content that readers do not like. If this happens and you see a stream of negative comments, respond kindly to comments and know to avoid content of a similar nature in the future.

Also make sure the source of your information is something that your readers can trust. This includes resources you provide for your readers. Whether you provide a link to more information, an infographic, or just images on your posts, make sure the sources are trustworthy. This will depend strongly upon your readers and the type content on your site. News pieces should have quotes from respected sources and products should have reviews from trusted third parties (and real people).

Careful Ad Selection

When possible, be selective about what advertisements are displayed on your site. Just about every automatic advertising system, banner, or text, has a method for helping provide high quality ads. It can be incredibly distracting when someone is reading about one topic and the ads are completely irrelevant. This conflict unfortunately reflects on your company even if you have no control over which ads are displayed, since Google ads often look for the search terms or inbound links to generate the ad content.

But you can generally control which ads are displayed for sidebar banners and other key areas of your site since you may be selling these directly. The key here is to make sure these advertisements are ideal for your customers. Some companies will pay to put an ad on your site just to help with search engine optimization, but are these the kinds of ads that will help your readers ? This also goes for placing affiliate links within your content. Make sure you check out each affiliate before agreeing to a partnership. Then make sure the link fits with the content of the post. Finally, make sure that you limit that amount of affiliate links in the content of each page, since too many will make you look like a spam/scam artist.

Final Thoughts

Trust is the most important commodity for any website. The instant readers quit trusting your content, for whatever reason, you’ve lost them — probably for good. Trust is one aspect that can almost never be earned again with a reader or customer, depending on the level of betrayal. From proper spelling and grammar to careful selection of ads, everything you do should be to build trust. In turn, this trust will translate to long-term relationships between you and your readers or customers, meaning more revenue for you.

Trust image courtesy of Shutterstock