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Business Line

The Importance of Social Media Tracking

It’s a well-known fact that being active on social networks can be advantageous to building your business and your customer relationships. Your marketing strategies should therefore include networking as a significant factor in marketing your brand. However I can’t put enough stress on the importance of Social Media Tracking because sooner or later you need to take a look at the return on your efforts. Participating is all very well but in the end it all comes down to revenue generation versus the cost to your business.

Here are a few tips to help you decide on the best strategies for your business.

Are you in the right place?

There is only a limited amount of time that can be made available for your online activities and hence it is vital that you don’t waste time that’s better spent elsewhere. Almost every business needs to be online but there is no need to be everywhere. You only need to be in the places that are right for you. Look at it this way, if you’re at a party where the guests are devout vegans then talking about your interest in the latest beef barbeque recipes would well and truly fall on deaf ears. So ask yourself these questions:

Is the site relevant?

There are numerous free sites that you can join but they are not necessarily all relevant to your business. For example, there is a plethora of free blogging sites but you only need one or two to promote your business. It’s much better for your business to have a strong presence on one or two relevant sites than to be one of many everywhere.

Can you beat the competition?

There are millions of businesses with an online presence and getting noticed can be difficult, particularly if you’re new to the game and are still trying to introduce your startup business ideas. A perfect example is YouTube. Yes millions of people do indeed watch the videos but will you be able to make your business stand out from the competition? Do some planning before you decide to jump in.

Is your time well spent?

Keeping track of the cost of your offline marketing activities is simple. One look at your bills will tell you exactly how much you’ve spent. What’s often overlooked however is the hidden cost of your online marketing activities. As the saying goes; time is money and what you need to measure is the cost of the time invested on your social media marketing versus the return on that investment.

Putting a price on your online activities.

You will need to make a budget allocation for the cost of your time invested in your online activities as much as you make a budget allocation for your actual marketing costs. A few simple steps can help with this.

Quantify your online time

Start by analysing the time spent on your various online activities over the past year and note them in order of your most profitable business ideas to the worst results achieved. Based on this analysis estimate the time that you are likely to spend on various activities in the next twelve months and allocate it to individual projects.

Cost your effort

Put a realistic hourly rate on your time. You can either vary this rate depending on the complexity of a task or use a base rate and vary the duration of a task. The latter tends to be the simplest approach.

Tracking your costs versus benefits

As I’ve said in the introduction; Participating in Social Media is all very well but in the end it all comes down to revenue generation versus the cost to your business.

Budgeting for a Social Media Presence

Divide the time allocated to each one of next year’s projects by task. A simple but effective time allocation principle is:

25% reading – keeping up to date by reading online material, including what’s being said about you and related or competing businesses.

50% communication – replying to comments on your blog, emailing, re-tweeting interesting articles, etc

25% creating content – writing blog posts, Facebook updates, creating videos, etc. Creating regular new content is vital to being found by the Search Engines.

Now apply your base rate to each task within a project.

Monitor your progress

Track your results for each activity e.g.

– use Google Analytics to check the performance of your blog

– calculate the conversion rate for your Facebook ads

– monitor the views of your YouTube videos

Check the ROI of time invested on your Social Media Strategies and make regular adjustments to your budget projections as needed.

I hope this article is of help to you. Do you use any form of Social Media Tracking to measure the results of your efforts? I’d love to get …

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Business Website

The Importance of a Business Plan in Starting a Restaurant

The first key to getting a restaurant up and running when you are starting with just a dream is to put together a solid plan. There are certainly some businesses where you can simply “wing it” when you launch the business but a restaurant is definitely not one of them!
There are several reasons you need to put together a written plan along with financial projections in order to get your restaurant funded and started. The first is that you will need to show a lot of people a written plan before you can move forward.
Not only will you need to show it to the bank (particularly an SBA lender) but many times a landlord will also request to see your business plan. You will also definitely need a written plan if you intend to raise money from an investor or if you are going to bring a partner who will contribute cash to the business. In short, your written plan will be requested a dozen or more times at the minimum between when you start and when you launch so having the best plan possible is critically important.
A plan is important to have beyond just the money raising aspect however. Your plan should be able to demonstrate that opening the business is going to make financial sense- that it will produce enough in profit to warrant the investment of time and money you will put into the venture.
A plan is also important for planning purposes, as it turns out. Your plan will tell you how much you can afford to spend on decorations, furniture fixtures, etc. and also how much to set aside to buy inventory, hire workers and cover deposits on leases, utilities and so on. Without a plan new business owners often end up coming up short and put the entire project in jeopardy.
The final consideration in putting a plan together is to make sure the concept and idea actually makes sense. You want to be sure there are enough people in the area who will be interested in the business and able and willing to come in and pay what you are going to ask for the types of things you are going to offer. Make sure the area can support what you want to do and having a well researched plan is your proof to yourself and your financial backers that the business can actually work.
It is much easier to get someone to invest in cold hard data that it is in wishy-washy ideas and vague statements about what “might” work.
While it is true that some businesses will fail even if they have a plan it is also true and much more likely that a business will never even get started if it has no plan at all. Therefore, if you are serious about starting your business the first step is to build a plan that will allow that dream to come true.…

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Money

The Importance of Being a Team Player in an Online Business

If you would like to generate wealth by being a team player, you need to:
• Have patience: Success does not happen overnight. Any online business with the intentions of earning money needs to have patience. Income does not simply roll in right away. Make certain you have mental strength to see things to the end. There are sufficient numbers of individuals on the Internet, moving from one cash-earning idea to another, searching for the ideal quick cash plan. Some folks say, “Well, I will join this business team if they can guarantee I will earn money in less than one month.” That is an unrealistic way of thinking. How much success do you think someone with that mindset will earn?
• Keep the Faith: It is extremely vital to have faith in what you believe in, in yourself and in all team leaders and members, and the online business plan. It might surprise you at just how quick hesitation or uncertainty could bring about a gushing effect that could potentially destroy any group effort. Negativity seems to spread faster than positive thinking, which seems odd because most people want optimism in life and business, but negative thoughts and doubting will spread quickly and devastatingly.
• Remain Teachable: It is important to be teachable and keep your mind open and to be capable of understanding and following directions provided by a team leader. The online business program you are involved with is created to assist you with earning money on the Internet. If you attempt to re-create your own plan and stop being a team player or decide not to join the team because you believe you know more than the leader does, you are sure to fail in any kind of business venture. Make certain you abide by the instructions offered to you and do not attempt to do things outside of the team. If you do that, you might as well forget about achieving any kind of monetary objectives you might have for your business or yourself.
• Look at the Entire Picture: Certainly, if someone joins an affiliate group with the intentions of generating wealth for him (or herself) and does not have goals set, he or she might not get far. However, if objectives are established and someone with experience and previous success leads the team, failure is less apt to occur. Let us say that you need to earn a certain amount of money and you have a deadline to come up with the funds, for instance, to pay for schooling. By being a team player and looking at the whole picture, your goals are achievable. Every group and online business consists of issues. There are no exceptions to this rule. If your regimen stagnates or hits road bumps, keep in mind the main reason you joined the team initially and ponder on it significantly. Consider that loved one you want to help later with a college fund, or think about a vacation that you want to take. Sometimes, if you concentrate on selfless objectives, you are more inspired to stick with something. It is important to look ahead though and create goals first.
• Be creative and productive: As with any company, whether it is an online business or offline operation, you will have to put in just as much time and effort as every other team member. The effort and time normally consists of marketing and getting web page visitors to be able to begin earning revenues in the first place. If the business you join has an excellent leader, being a team player will be simple and success will be in your future. Generally, advertising sources and marketing tools are provided to business members as an added benefit, which could consist of weekly Internet tutorials or courses and so forth. Expert online marketers are there to help each team member succeed. Of course, each person is responsible for his or her own failure or success. The leader offers information, sources, and the team players use what they receive, so the leader is not responsible if a person fails with an online business venture. The results you see are equal to the efforts you put into them.
• Be loyal and helpful” Numerous regimens have additional resources too, like forums. It is important while being a team player to be supportive of one another. Every person in a business group needs help from time to time. Offer each individual support is a great way to keep open communications and help everyone remain optimistic and inspired.
• Be a Go-Getter: It is important to have good self-motivation in your daily endeavors. When you join a team, you are promising the leader and each member that you will work just as hard as each of …