Hourly Billing - There is Another Way

Attorneys have had a distinct impact on the business world in many ways. One of the most influential is the spread of hourly billing to other industries. Most of us have needed the services of a good attorney at some point during our lives. There are certainly many outstanding attorneys who provide valuable services for complex legal situations.

Yet, the industry practice of myopic hourly billing is a flawed model. If I have a legal dilemma, I can contact an attorney who responds by stating that the charges will be $200 per hour plus expenses. This quote gives me no parameters at all regarding an upside limit to solve my legal issue. Then, I get a maddening bill which covers the following:

* Research - 400.00
* Client Consultation - 200.00
* Answered Phone Call - 15.00
* Copies (6) - .60
* Stamp (1) - .44
Total Due - 616.04

In other industries, the copies and stamps are a business expense and applied to company overhead. Responding to a phone call is simply a part of providing excellent customer service. In providing professional services, there is often a risk of a project, which seems small, escalating into a much larger project. Generating a profit becomes difficult when the time spent far exceeds the original quote.

What if this situation could be handled in another way for a win/win solution? The service provider could tell the client, "Based on the information you provided, my estimate is $500 to $800." If the scope changes, I will contact you with a revised estimate. Now you can effectively budget for this project. As a professional, it is my responsibility for ensuring this project is completed within budget.

With a defined range, the client can perform a brief analysis. Is solving this legal situation worth $800 to me? Has this solution created $800 of value? The problem with hourly billing is two-fold:

1) There are no parameters at all as to the overall cost.
2) Different professionals work at different speeds based upon ability, experience, and motivation. One attorney can effectively complete a project in three hours when others use six to nine.

In any transaction, clients are ultimately paying for value not time. Simply trading time for payment provides a limited view of business development. Yet, making an effort to ensure the services provided equal or significantly exceed the cost is the best way to provide valuable service worthy of referrals or repeat business. Think about it - are there alternatives to hourly billing? I think you know the answer.

The Importance of Website Content

When many companies decide to develop or expand their website, they focus on the site's visual presentation. The look and presentation of a site is important. Yet, the visual appearance alone will not generate revenue. When someone shows up for a job interview, a nice suit will not guarantee the new position. In both situations, a poor appearance can lose the opportunity. To secure new business revenue or a job, there must be solid content.

The importance of content is key to the homepage's effectiveness. This first impression needs to capture the viewer's attention in less than 5 seconds. A viewer needs a reason to explore the site or they will find a site worthy of their valuable time. Above the scroll bar, the viewer should see content that is benefits-oriented and results-driven. What does that mean? The initial content needs to show how life will be better as a result of using the product or service. Web shoppers are looking to solve a problem whether how to get the spots off their carpet or generate more business revenue.

Once attention is captured, then supporting material can be provided. Background on the company, full descriptions of products or services, and biographies. Yet, keep this stuff off the homepage. Focus first on generating attention, and then justify that attention with supporting material. If you keep this approach in mind, you will find that your web hits and phone calls will increase. So, spend plenty of time developing your content. Place the wording on equal footing with appearance. When a good appearance is combined with solid ideas, a winning combination exists.

Make a Move for Economic Growth

Did you know that the economy grew at 7.4% in the 3rd Quarter of 2009? This growth rate is the fastest since 1984. You would never know it by listening to all the economic malaise these days.

The Dow Jones stock market index is up over 3,000 points since its low of 6,440 in March. Since January, home resales are up over 10% and new home sales are up
over 20%.

We don't need to wait for Washington DC to spend more money on a stimulus to start taking risks again. Risk is what defines entrepreneurship - not excessive risk, yet reasonable risk.

The main reason that our economy contracted was the excessive and bizarre risk-taking in the housing market. Unfortunately, far too many business people have over-reacted by moving to the other extreme on the risk scale.

Thus, the economic fundamentals are now sound. So, let's starting taking normal risks again and get our whole economy moving forward.

The Importance of a Good Business Plan

Taking the time to prepare a solid business plan is a vital first step in starting or expanding a business. A business plan pulls all the pieces together into one document. This plan will assist your effort to make crucial decisions in the early stages.

Good Plans Include:

Research
Performing demographic research that assist in site selection, marketing investment and strategy. Through the Internet and subscription databases, information can be compiled, which saves money, saves time, and increases your potential for success.

Complete Sections
The three most important areas of business need to be fully developed - operations, marketing, and finance. How will the business manage on a daily basis? What methods will generate sufficient revenue? Does the financial structure make sense?

Presentation
A business plan is a sales document. It presents a picture of your idea to lenders or investors who will sign a check to generate sufficient capital. By using color, graphs, tables, headings and more, your plan can have an appealing look, which inspires confidence.

Writing
Concise, business-oriented writing with solid syntax and grammar shows that you are serious about your business. Work with an experienced writer and see your business plan shine.

You wouldn't take a cross-country road trip without a map. So, don't take on the entrepreneurial journey without a business plan. A good plan will increase your potential for success and minimize your potential for defeat.

Watch Your Money with Search Engine Marketing

There is a new growth industry among us. Many companies want to convince you to write a check, appear on the 1st page of Google, and just watch your business grow. As in any industry, there are many credible companies with solid products that conduct their business in an ethical manner and produce good results. Yet, beware of the sharks that will take your money and provide little value in return.

The real story of gaining a strong online presence is a bit more complex. I have outlined some ways to improve your ranking with a solid investment of time over money.

* Optimize your site with good keywords. Go to a keyword index, such as www.wordtracker.com. You can find the keywords that online users search most often. Select three to five keywords for each page and have those words listed in the keyword section of your site's administrative functions. Then, make those words bold and place them at the beginning or end of a sentence. Bolding and placement will make it easier for search engine spiders to find these words.

* Use free classified directories as much as possible. Find ways to advertise your products or services online or possibly remotely. Place ads on Craig's List, Backpage, City Listing, GoGinzo and others. You might be surprised about how many credible customers are using these sites to look for products/services. However, there is a second reason to use these directories. Each time you place an ad, you have an online presence. If you place a free ad that says Copywriter in Denver on Craig's List, and a user does a search for the same phrase, then they may find your ad without logging into Craig's List at all.

* Make an effort to use social networking sites, such as LinkedIn, Facebook, and Digg. The more connections, associations and links that you make to solid sites, the better off you will be in terms of searchability. The true value of LinkedIn will not be from a former associate looking you up years later (although that might happen). The best benefit of these sites is from someone looking for your service and reading about expertise that you provide. The more connections or associations that you have, the easier it will be for someone to find you and your website.

* Lastly, blog, blog, blog. As a professional, you have knowledge and something to say that people will find valuable. Start your own blog and post frequently on other ones. It will increase your knowledge, make you more visible, and can be entertaining.

In summary, if you have the funds to pay a company to move you up the search engines, then consider it a valuable option. Yet, be careful that your service is one people often look for online. Also, as in many other things in life, research and know the company who will do the work.

If you follow these ideas listed here, you can substantially increase your web presence with an investment of time instead of money. This presence will not grow overnight. However, you will steadily build an online brand and increase your web hits by incrementally becoming more connected and visible in the crowded, yet crucial online marketplace.

Get Crazy

Generating revenue for your business is tough work. It often requires a focused and creative approach, in which sales and marketing occupies a high percentage (at least 40%) of your time. As businesspeople with a long list of other items, it becomes easy to tinker with the website, organize files, and continually answer e-mail. Of course, staying organized and responsive is important. However, unless you set aside solid blocks of time to market your business, make sales calls, and do whatever it takes to obtain more clients, your business can slide into trouble. Here are some key steps:

1) Place marketing time slots directly into your schedule and limit distractions
2) Set specific goals for leads generated, and networking contacts per week
3) Continually follow-up with all key contacts
4) Diversify your efforts with at least five defined marketing activities
5) Have fun and go for your goals!

10 Low-Cost Ways to Market your Business

In entrepreneurial business, generating sufficient revenue is the most important concern. Often business owners randomly shoot in the dark in an attempt to find that one marketing idea that will solve their issue. Instead, consider developing a plan with many ideas that can be implemented simultaneously, such as:

1) Databases - Develop a database of customers, prospects and key stakeholders. Send out a monthly e-blast to inform, inspire, and entertain.

2) Seminars - Host an educational event at your place of business or at a public venue to inform the public about the benefits of your product or service.

3) Associations - Join at least two associations, a chamber of commerce and an industry trade association and get fully connected throughout each organization.

4) Get Wired - Make sure your website is visually appealing, content rich, and optimized for access on several search engines.

5) Networking Partners - Make sure that you have a defined list of at least 12 networking partners with whom you can consistently exchange leads.

6) Mail - Despite online advances, the US Mail is alive and well. Develop a consistent and viable direct mail campaign using considerable repetition.

7) White Papers - Write an informative paper about important ideas in your industry and make it available for downloading on your website.

8) Media Releases - Send out media releases about new products, company updates, or key events to local newspapers.

9) Blog - Link a blog to your company website to create buzz.

10) Go Crazy - Get creative, persistent, and assertive in developing new clients - your business depends on it.

Give several of these ideas a chance at the same time. You may be surprised at how your marketing accelerates.