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How Do American Small Business Owners Balance Work and Life? [INFOGRAPHIC]

Last Updated: July 15, 2019

Running your own business and setting your own hours is the American dream. While it is a lot of work, it’s not impossible–and it doesn’t have to mean sacrificing time spent with family or never getting to partake in the activities you enjoy.

Although it’s very common for small business owners to work more than the standard 40-hour work week, over half of American small business owners report that they are in a better financial situation since beginning their own business while still maintaining a work-life balance.

Check out the following infographic with information compiled from a survey by OnDeck that provides some statistics about the American small business owner. Does any of this resonate with you?

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Infographic created by
OnDeck

How Much Money Are You Losing From Missed Calls?

Last Updated: April 20, 2017

Do you even notice your phone buzzing in your pocket or ringing on your desk anymore? Many business owners find themselves tuning out their ringing phones for the sake of their own time, energy, and sanity. After all, an endless stream of phone calls comes with the territory of owning a small business—and a good chunk of the time, they’re useless calls from solicitors. Usually, though, there are a lot of customer calls mixed in there. So if you’re just letting your phone ring and not picking up, you could be losing a bunch of business.
It’s perfectly understandable that you don’t want to tie yourself up talking to telemarketers all day. You’re busy, and you simply don’t have time to waste on unwelcome calls. However, by ignoring all incoming calls, you’re putting yourself at a disadvantage. Rock, meet hard place.
In this post, we’ll look at how missed calls impact your business and what you can do to reduce them. Let’s jump in!

Missed Calls = Lost Money

Did you know that roughly 30% of our clients’ incoming calls go to voicemail? That’s not good, especially when you consider a recent report from Forbes telling us the overwhelming majority of callers hang up as soon as they reach voicemail.
It’s truly unfortunate, particularly because you do have a good chance of turning a caller into a customer: Our proprietary data shows that approximately 60% of answered calls turn into successful sales.
Using these statistics, we’ve broken down roughly how much revenue you’re missing out on by not answering the phone. You can see the numbers in the table below:

Missed Calls and Lost Revenue

Is it safe to assume you don’t want to lose thousands upon thousands of dollars in revenue each year? Then you have to find a way to answer customer calls without wasting all your time on pesky solicitors. If only we had some tips for you…

How to Answer Only the Calls You Want

It actually is possible to answer your customers’ calls without dealing with the annoyance of telemarketers. You have a couple of options:

  • Use a spam-blocking app on your phone that blocks known solicitors. It may not block spam calls 100% of the time, but it will significantly reduce the number you receive.
  • Hire a call answering service to answer your phone for you. They’ll answer all your calls, represent your business with professionalism, and take messages from customers. They may even be able to perform other secretarial duties like scheduling appointments and answering basic customer service questions. This frees you up big time.
  • Stop using your personal cell phone number as your business number. Get a separate line or a forwarding number to use for all of your business needs. This won’t actually cut down on solicitation calls, but at least you won’t be bothered by them when you’re spending time with your family at home.
  • Take advantage of Prospect Genius’s CallTrax line or a similar call-tracking service. You’ll benefit from our extensive list of blocked numbers, which is constantly updated to keep unwanted callers from wasting our clients’ time.

Get an Exclusive Discount on Business Answering Services!

To help business owners solve their problem with missed calls, Prospect Genius has partnered with a company called Professional Answering Service, Inc. Their experienced management and well-trained staff are available to:

  • Answer your phone remotely
  • Dispatch urgent customer calls when needed
  • Take detailed messages
  • Schedule customer service calls and appointments
  • And more!

The best part? Prospect Genius clients have access to Professional Answering Service, Inc. at an exclusive rate! If you think your business could benefit from an affordable answering service, get in touch with us and we’ll help you set everything up.

4 Tips for Small Business Owners to Balance Work and Life

Last Updated: April 13, 2017

As a small business owner, do you find it hard to balance work and life? Do you feel like you’re never able to turn off your work phone or throw a ball around with your kids? It may not surprise you to hear that many small business owners have the same difficulties. In fact, according to a study by The Alternative Board, entrepreneurs in the U.S. often work far more than the average adult: 30% work more than 50 hours per week, and 19% work more than 60!
Needless to say, you’re not the only one who’s struggling to balance work and life in a healthy way. That’s why we want to help. We don’t claim to have all the answers—or to even be masters of the work-life balance ourselves—but here are some tips we’ve found useful in our own lives. Good luck!

1. Keep Strict Work Hours

Set strict work hours and stick to them. Don’t check your e-mail or answer your business phone after these hours, and devote this time solely to your family. If you have trouble holding yourself accountable, have your spouse keep you in check. You may also want to set an e-mail auto-reply after a specific time (e.g. 7 or 8 PM) so you won’t be distracted by incoming notifications. This will also let customers and employees know you’re not ignoring them and you’ll follow up with them in the morning.

2. Schedule Family Meals

The concept of “family time” might be too vague to achieve, especially during your busy season. Creating a more specific and defined goal will make accomplishing it more likely. Try scheduling at least one meal to eat with your family every day. Even if you can’t make it home in time for dinner, you can aim for breakfast or lunch. The goal is to enjoy some uninterrupted face time with your family at least once a day.

3. Delegate Work Responsibilities

Hire someone and delegate responsibilities so you aren’t juggling everything all at once. We understand it’s difficult for some business owners to trust another person to answer e-mails or keep the books. However, it’s something you have to do if you want to keep your sanity. You can put your mind at ease by giving this individual low-level tasks at first and gradually building up their skills. When you delegate, you’ll be able to step away from your work more often without worrying about tasks falling through the cracks.

4. Prioritize Work Tasks

First thing every morning, identify the top five or six tasks you must complete by the end of the day. By doing this, you’ll focus your energy on the most important tasks during the workday. Then, once they’re complete, you won’t feel guilty about stepping away and unplugging for the night.
We hope these tips help you balance work and life better! Don’t hesitate to reach out if you have any questions.

How You Can Use Word of Mouth to Edge Out the Competition

Last Updated: March 9, 2017

Does it feel like David vs. Goliath out there for your small business?
Big companies may be able to outspend you on ad campaigns and merchandising, but there are areas where ad spend has no power. One such area is word of mouth. Glowing reviews and personal referrals are just as good as—if not better than—any marketing money can buy. As long as you consistently deliver satisfying products and/or services, there will inevitably be some chatter about you. Your customers will mention you in conversation and may even give your name when asked for a referral.
In other words, big companies may have a leg up on spending, but no one has a monopoly on customer satisfaction.
Here’s how you can leverage word of mouth and give your small business the competitive edge it needs.

Online Reviews Are the New Word of Mouth

It’s easy to spread word of mouth through the digital grapevine. With the prominence of online communities like Facebook, Yelp, HomeAdvisor, Angie’s List, and even Google Maps, word travels fast.
Online, word of mouth exists in the form of customer reviews. You can establish your brand reputation just by delivering a memorable experience that customers will want to write about.

READ: How to Get More Customer Reviews Just by Asking for Them

Whether they’re on your social media pages or your directory listings, customer reviews are like word of mouth from strangers. In fact, a recent study revealed that 84% of people trust online reviews as much as recommendations from their friends. So if you’re a small business owner, all you have to do is wow your customers and ask them to leave you reviews online. The reviews will speak for themselves, as long as you have enough of them.
Here are some tricks to help you get started on collecting enough customer reviews:

  • Use an on-page feedback form or button right on your website.
  • Ask the customer directly during your interactions, and mention which site (e.g. Facebook, Yelp, etc.) you prefer them to use.
  • Send reminders in follow-up e-mails and even invoices.
  • Offer incentives for leaving a review, like coupons or small freebies.

Old-Fashioned Word of Mouth Still Works, Too

While the dynamics of social media and online interactions change, people are still the same. They still want to hear from friends and family—people they trust—about their personal recommendations.
For instance, when looking for a team to install new windows, they’ll probably first turn to anyone they know who recently had a home renovation. Failing that, they’ll probably use Facebook, a virtual megaphone, to shout from the rooftop and ask for all of their online friends’ recommendations. Think about it: You’ve probably seen at least one friend on Facebook do that this week.
At the same time, people are often looking out for each other. If they recently had a positive experience with any business from a roofing contractor to a new restaurant in town, they’re likely to speak up if they think one of their friends or family members would appreciate it, too.
However, you can further encourage them to speak up by directly asking for referrals. Here are some of our suggestions:

  • Ask customers at the beginning of your working relationship so they unconsciously keep an eye out for things they like about you.
  • Offer referral bonuses and incentives, like giving customers a discount on their next purchase when they refer a friend.
  • Surprise customers with unexpected freebies and other perks that keep them happy and wanting to gush about you.
  • Make referrals easy by providing customers with a clear form to fill out. Minimizing guesswork or confusion will make them much more likely to follow through with a referral.

A Positive Experience Is Invaluable

Ultimately, leaving customers with a positive experience and a good impression is the best way to build your reputation.
Susan Ward of The Balance offers a simple guideline:

To get good word of mouth building about your small business, think about what makes up a pleasant customer experience in your case and make sure that all the elements that would contribute to such an experience are in their best shape.

When it comes to word of mouth, there’s no substitute for customer satisfaction. You’ll have the edge over the big guys by giving your customers the personal care, friendly service, and attention to detail only a small business can provide. Use this to your advantage! Give them an experience they’ll be raving about. 

How Local Search Empowers Small Businesses to Compete

Last Updated: February 9, 2017

How can a small business like yours compete with big brands? Four words: Focus on local search.
The fact that you operate on a local level can be your biggest strength in the battle against large corporations. Many big names rank nationally in organic search results; however, they don’t necessarily have the upper hand when it comes to local search. So if you leverage local search the right way, you can stay competitive with larger brands and come out on top. Here’s what you need to know.

Local Search May Be Replacing Organic

First of all, what do we mean by “organic search” and “local search”? Maybe you’ve seen these terms tossed around but you aren’t quite clear on what they mean. Here’s the gist, without putting you to sleep:

Organic search gives you results based solely on their relevance to your search terms. The opposite of organic search is paid search, which promotes paid advertisements that match your search terms. Learn more about organic vs. paid search here.

Local search, on the other hand, is a search that targets places in a specific location. On Google, you’ll see local results on the first search results page in what’s called a “local pack,” which shows a nearby map and several local businesses. Local searches can also be done on Google Maps itself.

Historically, organic search has been the cornerstone of search engine optimization (SEO). However, organic search rankings are now slipping in value. In 2016, the top two organic search results received, on average, only 25% of the clicks on search results pages, as compared to more than 50% in 2006.
This trend is significant, and it makes sense. Typically, when people are on the hunt for a nearby store, restaurant, or service provider, they’re not looking at organic results. Instead, they’re perusing local Google listings to see which businesses fit their needs, have good reviews from past customers, and are closer in proximity. The days of people walking down the street and exploring their neighborhoods for good businesses are, by and large, over. Now, people do a quick search before they leave home so they know exactly where to go.

Mobile Devices Are a Strong Force in Local Search

The uptick in local searches applies to people who are looking for local businesses on the go, as well. Instead of wasting time driving around aimlessly when looking for the closest gas station or coffee shop, they search their phones to find the nearest one.
As Jayson DeMers writes for Forbes,

In general, I suspect local search will rise in importance, and more local businesses will step up to take advantage of this. Mobile technology will become even more mobile with wearable devices and similar technologies, and cumulatively, user preference toward local results will grow. As most “local” businesses are small- to mid-sized businesses, these trends will work in their favor.

Here, DeMers draws a clear parallel between local and mobile. And it’s supported by Google’s own data, which shows that an entire one-third of all mobile searches are for local places. With more people using their mobile devices for local searches on the go, your small business’s Google Maps listing is increasingly likely to become visible.

Optimize Your Local Search Listings

Here’s the main takeaway for you: Corporations don’t have the monopoly on proximity anymore. Local search is a more democratic platform than organic search, giving small businesses a fair shot at appearing in local results—so long as your local listings are optimized.
Here are some ideas for making your Google listing as strong as possible:

And if you need any guidance on local search strategies, please don’t hesitate to reach out! Prospect Genius is always happy to help. Good luck!

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