Over here, over there, I see OPMB everywhere!!!

Tis the season small business owners should look to plan for the New Year while we take time off to share with our friends and family.  Happy Holidays to All

In the coming year you should put getting Other People's Money for your Business on your, Can't do without list!

This week I want to tell you about:

6 Ways OPMB Can Help Attract More Prospects

The 411

Props

Hook Ups

6 Ways OPMB Can Help Attract More Customers

OPMB, Other People's Money for Business is what you want to finance any business activity you take on.  Everything you do for your business cost you money or time.  So when you borrow money try to do so to pay for an activity that will bring you in more money and profit.  Here are 6 ways you can use OPMB, the money you borrow to earn money by attracting more prospects.

• 1. Use OPMB to Fund a Special Event

What is your big event that you put on for your customers, their family and friends?  How about an appreciation dinner, dance, show or performance?  What can you do once a year that your target market will attend and bring in good will for your company?  For clothing companies it could be a fashion show.  How about a bike rodeo for a bicycle store? 

Whatever the event your money is made in getting the list of attendees and marketing to them later.  Imagine your event attracting current customers who bring their friends and family.  Now you have names of prospects you can sell.  This event may cost thousands to set up so borrow the money to do this and keep your cash reserves for operations cost.

• 2. Use OPMB to Fund a Periodic Event

Every three months you should have an event to at the very least remind people that you are still in business.   Link these events to the broader things going on in the world.  You could have a periodic event to celebrate the seasons, (summer sale, fall closeout, winter wonderland, and spring sale).  Celebrate sports, (football, baseball, basketball, tennis, soccer, and fishing).   Celebrate holidays, (MLK Day, Valentine's Day, African History Month, Mother's Day, Father's Day, Independence Day, Back to School, Halloween, Thanksgiving, Christmas, Kwanzaa, Hanukah, and so on).          When you write the budget, add in how much new business you will attract by selling products and services that fit the event.

• 3. Use OPMB to Fund a New Target Market

Let's say you have sold quite a bit of products and services to your target market.  So now may be a good time to go after that second target market you held back until your primary market was addressed.  Now is the time to design material and events to attract your secondary market.  You will need additional funding to do this with, OPMB is the way.

For example, you have reached parents to buy for their children, now go after grandparents.  Ask yourself who is the second largest group of people who buy from me?

• 4. Use OPMB to Fund a New Product or Service

If you have a product that doesn't have a service, develop a service.  If you have a service that doesn't have a product, develop a product.  If you sell clothes, develop an image consulting service.  You can help your customers pick clothes that compliment their body type and lifestyle.

If you have an image consulting service develop a clothing line or write a book about image consulting.  Too busy to write a book, get a ghost writer to write it for you.

• 5. Use OPMB to Fund New Staff

Are you bogged down in detail and finding it hard to focus on bringing in new business?  If you are feeling overwhelmed, then you can clone yourself or hand over operations to an assistant.  Funding this new position for a few months will give you a chance to increase sales to pay for the new position out of revenue.

• 6. Use OPMB to Fund Personal Selling

Here's the best for last strategy for using credit to fund activities to bring in new prospects.  Hire commissioned sales people.  Commissioned sales people are paid out of the new business they bring in so their commission check doesn't cost you a penny.  But you do need money for the sales material and events you have them conduct.  Here is where you can tie all of the other activities together by having sales people at all annual events, periodic events, talk to new markets, and sell new products or services.

Boy! After all of that writing and outthinking myself I need a little fun. 

The 411  

 An Idea Waiting for You To Join

Last Blog I told you about the offer to join the BetterBizBuilders.com, and help to build a community of 10,000 people who will network, buy and refer business to each other.  That idea is still waiting for you to join.  http://www.betterbizbuilders.com/

 THE NEXT THE PILOT CONFERENCE CALL

The TAX DRx will be our guest at the next call.  E mail me your questions and I will address them.

The PILOT Conference Call is a monthly call.  It will be held on the second Thursday of each month. The next PILOT call will be

Thursday,

January 10, 2008,

at 9:15pm. 

616 597-8000

Access Code 644932#

It's the end of the year and now is the time to check your business and personal taxes.  Call my guy, Hudson, the Tax Dr at 877 908-1040 or visit his website at http://www.taxdrx.com/

The Tax Drx also has a profile on BBB

Carlton Campbell has a business offer you should check out.  If you come in contact with lots of people you can sell them personalized coffee mugs, mouse pads and other imprintable products that Carlton will set you up with.  Check out his profile or go to his website http://www.personalizedphotogiftonline.com/

PROPS

Props go out to the Fall St Albans WIBO Class of 2007.  They will be graduating in January 2008

HOOK UPS

If you haven't separated your personal from your business credit, what are you waiting for? 

Hook up with me at This e-mail address is being protected from spam bots, you need JavaScript enabled to view it

PILOT YOUR BUSINESS CREDIT TO ACCEPTANCE

 Get Continuous Waves of Business Credit and Loans.

 The acronym is P.I.L.O.T. These are the 5 steps you need to take to separate your personal from your business credit.

 Prepare your business for credit by registering the business as a corporation or Limited Liability Company; set up a business bank account and business phone

 Identify products and services your business needs that you can buy using trade credit

 Let's build a business finance and marketing plan before you ask for your business credit rating

 Object to co-signing for business credit using your personal credit and social security number

 Tighten up your business credit rating by submitting this information to the business credit reporting agencies.

 So there are the 5 steps I will badger you about until you have used PILOT to navigate your business to economic success.  E mail me at This e-mail address is being protected from spam bots, you need JavaScript enabled to view it

Remember to

Ask for what you want

Prepare to receive it

Give thanks to God

And

Share your good

Fortune with others

See you on the site http://www.betterbizbuilders.com/

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