Small business (SMB) leaders, chamber professionals and exhibitors from several counties came together this week in Livonia to discuss tips, best practices and other solutions to some of the most pressing issues facing SMBs today.
Three panel discussions covered hot topics like “Managing the Modern Workforce,” “Weathering a Crisis with your Reputation Intact” and “Building a Resilient, Recession-Ready Small Business” while Google’s Michigan/Detroit Digital Coach Katrina Turnbow talked about how to effectively use social media and digital marketing and Amanda Toy, the Chamber’s VP of membership and partnerships, who has spent more than 15 years in nonprofit management and sales, shared specific strategies to increase sales and grow.
Michigan Economic Development Corporation Chief Executive & Competitiveness Officer Quentin Messer, Jr. introduced the MEDC and provided an overview of new and existing state resources for small businesses while the organization’s business development managers were on hand to answer questions 1-on-1.
Here are a few top takeaways for small to mid-size employers from the event:
Managing the Modern Workforce – moderated by WDIV’s Christy McDonald with key tips from HR and workforce leaders Amy Bouque of Kelly Services, Ryan Hundt of the Michigan Works! Association and Julie Mann from NEOGEN, included:
- Flexibility is king. Compensation isn’t going away in importance, but finding ways to be more flexible in workplace arrangements that also work for your business and customers can be a game changer in talent recruitment and retention. This even applies in positions and environments where physical presence is essential. Be open to the possibilities. If it’s not hybrid or work-from-home opportunities, can it be shift timing or the ability to leave when needed to pick up a child from school or daycare? Work to build a culture of performance, not presence.
- Ask your employees – you may be surprised. Strive to build personal connections and creating the space for understanding what’s most important to your employees. Sometimes the simplest of changes can make a big difference. Being willing to listen and learn is key. A smaller business often has the advantage here.
- Generation gaps can bring opportunities. With the possibility of 4-5 very different generations in the workplace – from Boomers to Zoomers – there can be communications and expectations challenges. Trying mentoring and reverse mentoring opportunities are great ways to build rapport. There is so much for us each all to learn.
Driving Growth Through Digital Marketing and Social Media Strategies – this tools workshop with the dynamic Katrina Turnbow, Google’s Detroit/Michigan digital coach and founder/CEO of Kanopi Social, offered this:
- Not being online isn’t an option anymore. Whether your small business is B to C or B to B, the vast majority of businesses and consumers look for information online – whether researching and comparing or buying direct. It’s essential to have a digital presence. There are lots of free or discounted resources and trainings that can help too.
- Understand your customer journey. Knowing how they can or want to interact with you and what their experience is, can help hone your approach, strategy and content, including how you tell your story of what you do.
- Know your customer demographics and audience. Given that search engines like Google are organized and ranked specifically to answer questions, it’s more important than ever to know who you are speaking to and trying to reach and what you have to offer with a specific “call to action.”
Weathering a Crisis with Your Reputation Intact – crisis and PR counselors Matt Friedman of Tanner Friedman, John Truscott of Truscott Rossman and Amy Adamy of the Lansing Board of Water and Light, with Sara Wurfel of the Michigan Chamber moderating, offered these insights:
- If you ignore it, it will not go away. In an increasingly digital age and when trust and credibility have been shrinking, it’s essential to understand the potential scope of an issue and respond accordingly. The narrative will be told with or without you, so it’s best to help make sure you are providing facts, information and resources.
- Prepare with basics now. Too often simple things that can be done relatively easily now are overlooked and are way harder when timing is urgent. Make sure you have the tools to communicate with your audiences if something happens – do you have after-hours and mobiles or other contact information for all your employees and key customers or stakeholders? What about the log-ins and passwords to your website and social media? Make sure this information is compiled and kept updated.
- Remember the audience closest to you. Make sure your employees are among the first to know when there’s an issue and what to do/how to respond. They’re often your frontlines and can help prevent rumors and speculation.
Strategic Sales Success – keynote speaker Amanda Toy, jumping in for strategist Shari Pash after a family emergency, offered the following tips from Shari’s presentation:
- Focus on “attention economics.” To grow sales, it’s essential to cut through the clutter and the information overload customers get every hour of every day. Ask the right questions that help understand their priorities, motivations and WHY, make sure they see or experience a WIIFM, or “what’s in it for me,” using positive emotions.
- Create client/customer profiles. Truly map out and understand who your customers are now, what their buying pattern looks like and the reasons for their purchases. This allows you to focus on retention and determining the DNA of your best client prospects.
- Maximize your CRM (Customer Relationship Management) technology. Make sure to record and document your interactions. More and better data = the more strategic and intentional you can be and the stronger customer relationship you can build.
Building a Resilient, Recession-Ready Small Business – panel discussion moderated by WXYZ’s Chuck Stokes with these tips from financial and business counselors Jeff Allen of Maner Costerisan, Chip Hoebeke of Rehmann and Joel Rahn of Independent Bank:
- Forecasting is the key. Conducting at least 13-week cash flow projections is the best way to anticipate what’s ahead and to be proactive when other steps are needed before it’s too late. Be mindful of all known and anticipated expenses as well as likely revenue in the door.
- Staying close to your service providers and professional advisors can make a big difference. Don’t be afraid to update your business partners – from your banker, insurance provider, accountant, attorney, etc. Good communication and being in close contact builds strong, trusting relationships. They can often help problem solve or identify options too. Ask questions – are you under- or over-insured? Is your line of credit too big or too small?
- Know your customers and their industries. Reading up and researching what may be happening in certain industry segments can often provide essential insights that may be missed otherwise and help assure you can be more proactive on potential trouble spots.
A special thanks to all panelists and speakers who shared their time and talents while offering realistic, actionable ideas and information. And a very big thanks again to our sponsors – Consumers Energy and MEDC – who helped make this event possible.