Stamping Is My Business!

Quote of the Week

"Not just your investment portfolio but your whole life needs to be diversified."

 - Benjamin Tobias, CPA and financial planner, Tobias Financial Advisors

Merry Christmas!

Liz, Baby John and I would just like to take this opportunity to wish you and yours the Merriest of Christmases.  May your holiday be filled with joy.

Quote of the Week

"Starting is easy.  Finishing is hard."

 - Unknown

PERSONAL FINANCE SATURDAY - Enjoy the Holidays Without Breaking the Bank!

Here are 12 easy, festive ways to create family memories without stressing -- and each costs less than $15:

http://www.bankrate.com/brm/news/cheap/20051213a1.asp

Critical Security Updates for Explorer and Firefox Released!

Microsoft announced early this week they've discovered a major security flaw which affects all versions of Internet Explorer versions 5 thru 8.  Yesterday, they released a patch to fix it.  It's very important for everyone to download this patch.  Here's how:

1. In your browser window, go to Tools, Windows Update

2. Click "Check for Updates" on the left side of the window that pops up

3. The patch will appear as a "High Priority Update" named "Security Update for Internet Explorer," followed by your version number.

4. It should already be checked, so just click "Install Updates"

5. The update should load quickly as it is very small.  You'll need to reboot your computer after it does.

Firefox has also issued updates of Versions 2 and 3 of their browser to fix what they call, "critical vulnerabilities."

The new versions of Firefox are versions 3.0.5 and 2.0.0.19.  If you're not running one of these two versions, you should run an update. 

And remember, after this update, Mozilla will no longer be providing updates or support for Firefox 2.  They are also discontinuing their Phishing Protection for Firefox 2 users, and recommend you upgrade to Firefox 3.

IN DEPTH - Guidelines for Entrepreneurs Explained, pt. 8

This is the eighth in a series of In Depth articles examining Norm Brodsky's 'Top Ten Guidelines for Entrepreneurs.'

• Identify your true competitors.  And treat them with respect.

Many stamping business owners feel like they're in competition with every single person or business selling rubber stamping and scrapbooking supplies.  Unfortunately, that assumption is incorrect AND it makes your job a LOT harder.

You're not in competition with every other business out there because you're not trying to get every single customer out there (or, at least, you shouldn't be).

For example, as an independent business owner, you can't compete with the box stores on price.  Therefore, you shouldn't go out of your way to compete for the customers who place a premium on price.

You need to decide what, exactly, the priority is for the customers you want.  Then, you need to be the best at providing whatever that thing is.  This is the nature of running a niche business.

Once you know what your customers' priority is, you can then identify who you're REALLY in competition with.  They're the businesses who also provide that thing.  It'll be a much smaller list.

Finally, figure out what they're doing... and top it!

Remember, it's better to be #1 for a smaller group than #100 for a larger one.

Quote of the Week

"Fix the problem, not the blame."

 - Unknown

PERSONAL FINANCE SATURDAY - Can You Save Money With Store Brands Without Sacrificing Taste?

We all know that store and generic foods are less expensive than their brand-name couterparts, but lots of consumers refuse to buy them because they believe they're sacrificing quality and/or taste.  Not so, says a new study.  Watch the report below:

And the Winner of the NaBloPoMo Contest is...

Kathleen Innes!

Congratulations to Kathleen, who wins a $50 SIMB Gift Certificate! 

Kathleen was one of many stamping business owners who blogged every day between November 4th and 30th.  I'm happy to report that Kathleen is still posting every day at www.stampjourney.com.

Many of the SBO's who participated in this contest have reported increased search rankings AND traffic to their blogs.  So, even though Kathleen won the contest, all of you who took up this challenge are winners!

Look for more challenges coming soon!

Quote of the Week

"Marketing is a habit, not an event."

 - Unknown

Last Day to Submit NaBloPoMo Contest Entries!

Just a quick reminder that today is the last day to submit your name and blog address for our National Blog Posting Month Contest.

If you were able to post to your blog every day from November 4th thru 30th, send me an e-mail with your name and blog address.

If your name is chosen tomorrow, you'll win a $50 SIMB Gift Certificate!

Good luck!

 

PERSONAL FINANCE SATURDAY - Saving for Retirement

Recent economic news has lots of people scared.  Even if the downturn in the economy isn't affecting you directly, you've probably thought about the need to to a little belt-tightening.

When you begin to assess where you can cut back, lots of people think retirement savings is a good place to start.  After all, you're not going to need the money anytime soon.  And, besides, you can always play catchup.  Right?

Wrong!

Most financial planners agree that saving for your retirement is one of the most important things you can do, and, unless the circumstances are dire, one of the last things you should cut back on.

To find out more, and to learn how much you should be saving now, click here for a great article from Fidelity and Bankrate.com.

IN DEPTH - Guidelines for Entrepreneurs Explained, pt. 7

This is the seventh in a series of In Depth articles examining Norm Brodsky's 'Top Ten Guidelines for Entrepreneurs.'

• Don't focus on the top line.  Gross margin is the most important part of an income statement.

Too often, stamping business owners focus on sales as the primary indicator of their success.  The problem is, sales is not necessarily an indicator of profitability.  In fact, I know of several stamping business owners who are among the top sellers in their company, but are nowhere near as profitable as other SBOs who sell far less.

Gross margin, the profit you make after covering your costs, is a much more important, and more telling, number.  It's the number that's going to determine how long you'll stay in business.  And I promise you this:  if you don't know how much money you're actually making in your stamping business, you're not making as much as you think.

So, if you're not currently keeping track of your profit, now is a great time to start.  You'll make more money, and you'll be in business a LOT longer!

Do You Know What Your Customers Want?

In any customer-driven business, the key to survivnig and thriving is knowing what your customers needs are. 

The problem is, those needs are always changing, and what worked last year, may not work this year.  In fact, what worked last month, may not work this month.

For that reason, its crucial to continuously take the pulse of your customers.  And one of the easiest ways to do that is with surveys.

Using sites like SurveyMonkey or widgets like Vizu, you can conduct single or multiple-question surveys by e-mail or just post them to your blog.  The important thing is you conduct them, look at the results and respond appropriately.

What's your favorite survey question?  Let us know by posting to the Comments section below!

Black Friday/Cyber Monday Sales Up! What Can You Expect Next?

The numbers are out... and they look pretty good!  According to comScore, Americans spent $3 million more online this Black Friday they did last year, AND they spent $113 million more on Cyber Monday 2008 than last year!

Another interesting part of the ComScore report is that spending was actually down pre-Thanksgiving.  Basically, it looks like consumers were waiting to spend their money.

You may find your customers do that same thing.  So, if you had a slow November, don't be discouraged!  In all likelihood, your customers will follow a similar buying pattern as the general public. 

Keep promoting your product and services right through December and finish the year off with a bang!