Archive for February, 2009

How Should A Small Business Promote Itself Without Breaking The Bank?

February 25th, 2009 admin

A smart small business will always look for the most cost effective approach to promoting itself …. especially in today’s tough economic times. There are lots of ways to accomplish this so don’t restrict yourself. Just be smart.

That said … Press releases can be very effective because they enable reporters to talk about your company without the big investment in advertising. Plus, since it’s the reporter saying good things about you, there is a high level of third-party credibility – ultra important these days.

PR “can” be a very effective tool if used in the right context. It really comes down to the type of product or service your selling, where you’re targeting your PR, and the role you play in the final production of your piece (whether it be on the news, radio, or in a magazine or newspaper. You really need to keep your hand on the final work to ensure the media story doesn’t misuse your words which may harm your business more than help.

PR is fine as far as it goes, but it only goes so far. Consumers don’t read PR much, so the word needs to get out through more than just one media.

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Invoice Factoring How To Finance Growth Without Banks Or Debt

February 25th, 2009 admin

Writen by Marco Terry

There are few bigger challenges for business owners and managers than waiting 30 to 60 days to get paid by their customers. Although large businesses can usually afford it, smaller businesses can’t afford the wait. As a matter of fact, waiting to get paid on their invoices can create cash flow problems that affect the owners ability to meet payroll or pay the company’s bills. This problem can be more frustrating if the business has a number of orders that it cannot fulfill because its cash is tied up in unpaid invoices.

How can invoice factoring help you?

Invoice factoring, also known as accounts receivable factoring, is a financial tool that allows small business owners to capitalize on the power of their slow paying invoices. It allows you to turn your invoices into immediate cash, enabling you to fund your business operations. Although it is not a well-known fact, invoices from strong credit worthy commercial clients are excellent collateral, especially for factoring companies. Although most banks won’t take invoices ? factoring companies are more than willing to provide you with financing based on them.

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Celebrating A Small Business Milestone

February 25th, 2009 admin

Writen by Caroline Jordan

There are many milestones on the long road of business ownership?one of the most important milestones is the five year mark. Many businesses never make it to that milestone, somewhere along the way they fall by the wayside. Other businesses make it to the five year mark barely hanging on. Those who make it to the five year mark with a strong, healthy business and their own sanity, have something truly worth celebrating.

And so it is with great pleasure that I celebrate a milestone for my own business, founded five years ago today. My business is strong and growing. My cash flow is positive. And (arguably) I remain in full possession of my sanity?opinions may vary.

Here are some of the valuable lessons I learned along the way:

1. Life (and business) is like a compost heap. The more you heap on it, the richer it gets. Mistakes, successes, new skills?keep mixing them in and you end up with a powerful mixture that helps you and your business grow.

2. Focus relentlessly on the problem you solve for your customer. No one will hire you or buy from you just because they like having you around. Find ways to solve their problems and they’ll keep coming back for more.

3.

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Importance Of Website Audience Analysis

February 24th, 2009 admin

Writen by Gene DeFazzio

Analyzing the Website Audience

The webmaster should analyze his prospective audience in light of the message he is attempting to convey. You must be concerned with the range of ages represented in your visitors, the education and experience of this audience and their knowledge and opinions on your main theme.

You must adapt your website as specifically as possible to the audience that you are trying to reach. You will need more than a superficial knowledge of your target audience. What are their intrests, are they educated or uneducated, are they experienced or inexperienced, what are their opinions and prejudices and what is their economic and social level.

The webmaster should never fail to consider the emotional state of his audience. Establish a common ground of feeling. You must analyze and utilize their motives and intrests if you are to relate what you have to say to their habits of thought and feeling. To do this you must know as much as possible about the behavior and needs of the people who will be visiting your website.

Often, the subject of your website will give you a hint as to the character of your visitors. If they are intrested enough to visit your website then you can expect that they have an intrest in what you have to offer.

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Congress and Credit Card Regulations

February 24th, 2009 admin

All government regulation comes with costs. The businesses being regulated have to deal with those costs one way or another, and eventually, consumers pay, such as through increased prices, reduced service, fewer choices and/or less innovation.

That goes for credit cards as well.

In December, the Federal Reserve, along with the Office of Thrift Supervision and the National Credit Union Administration, proposed various rules and regulations on the credit card industry. Those restrictions might sound good or even boost consumer protections, but again, it must be understood that any new rules and regulations come with costs. On the credit front, that can mean that an already tight credit market just grows tighter, with consequences for consumers, small businesses and the overall economy.

The Federal Reserve’s rules would take effect in mid-2010. But that’s just not quick enough for many members of Congress. That came through in a congressional hearing last week. Many are pushing an accelerated implementation of these rules and regulations on the credit card industry.

But that would just make a bad situation even worse. At least by giving the industry some time to adjust to new rules, the negative impact might be softened to some degree.

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11 Things Small Business Owners Can Learn From Will Rogers

February 24th, 2009 admin

Writen by David Handler

1. “Never miss a good chance to shut up.” ? As the saying goes, you never learn anything while you’re talking. Make sure to listen more?to your customers, employees and advisors.

2. “If you’re riding ahead of the herd, take a look back every now and then to make sure it’s still there.” ? Always remember, the definition of a leader is someone who has followers.

3. “You’ve got to go out on a limb sometimes, because that’s where the fruit is.” ? Always playing it safe will keep you from achieving all you’re meant to in your small business.

4. “Don’t let yesterday use up too much of today.” ? What’s done is done. Learn from the past, then let it go, so you can accomplish greater things tomorrow.

5. “You must judge a man’s greatness by how much he will be missed.” ? Obviously, America missed Will Rogers tremendously. If tomorrow never comes, what will friends say about you?

6. “Lettin’ the cat outta the bag is a whole lot easier ‘n puttin’ it back in.” ? New initiatives. Great opportunities. More products/services. Consider them all, and never lose your primary focus.

7. “Chaotic action is preferable to orderly inaction.” ? Many small business owners get trapped in “Ready, aim, aim, ready?,” and never fire.

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Business Debts Damage Sme Cashflow How Do You Manage Late Payers Effectively To Keep Solvent

February 24th, 2009 admin

Writen by Adrian Pepper

Somewhere in the first three months of running a small business, most people find that chasing late payments is a fact of their life. It is unpleasant and expensive to take non-paying customers to court. What is more, the drawn-out process distracts you from building your business. As bad debts lead to reduced cashflow and eventual bankruptcy, I take care to teach my start-up clients these easy steps to avoid late or missed payments.

Know what you are expecting to be paid for

The foundation to minimising bad debts is to ensure that every invoice that you issue helps your customer to pay promptly. At the time of making a sale, find out when their monthly accounts are closed and when their payments are processed then you can time your invoice to fit their payments cycle.

Your invoice should show: your business name, your contact details, a description of the products and services supplied, the quantity and type of goods, the price charged, the VAT (or sales tax) amount and your settlement terms. If the invoice is clear and carries the appropriate detail, you can quickly agree with your customer what they owe you when you deliver the goods.

Watch your customers’ accounts

As you issue invoices, add these to your accounts so that you can regularly check what money you are owed by each customer.

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Four Strategies On Finding Out What Visitors Think Of Your Website Information

February 23rd, 2009 admin

Writen by Chris Le Roy

The Internet is what I consider one of the most awesome things every created. I am of that generation that grew up with computers and the Internet has really been a god send for me as it allows me access to places and people I would never have had the opportunity to meet. It is also the source of some of the best information you could ever wish to garner. But! It is also the source of some of the worst information as well.

Website owners, just like you and me really need to carefully look at the material that we provide on our websites and consider the issue of whether everything we are providing is really what our visitors really want. So, the question is, how do we find out?

There are four simple key strategies you can use to find out whether the visitors to your site actually value your information. The four strategies are ?

1. Email the Visitors
2. Survey the Visitors
3. Put Feedback Ratings on the Page
4. Email to Friends buttons

These four strategies might seem obvious or simple but how many people actually use them.

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SBA Warns of Fraudulent Attempts to Obtain Bank Account Information from Small Businesses

February 23rd, 2009 admin

The U.S. Small Business Administration issued a scam alert last Wednesday to small businesses, warning them not to respond to letters falsely claiming to have been sent by the SBA asking for bank account information in order to qualify them for federal tax rebates. The fraudulent letters were sent out with what appears to be an SBA letterhead to small businesses across the country, advising recipients that they may be eligible for a tax rebate under the Economic Stimulus Act, and that SBA is assessing their eligibility for such a rebate. The letter asks the small business to provide the name of its bank and account number. These letters have not been sent by or authorized by the SBA, and all small businesses are strongly advised not to respond to them.

The scheme is similar in many ways to e-mail scams often referred to as “phishing” that seek personal data and financial account information that enables another party to access and individual’s bank accounts or to engage in identity theft. The SBA is working with the SBA Office of Inspector General to investigate this matter.

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Obama and Congress on Taxes

February 23rd, 2009 admin

Just in case you were not depressed enough over the economy and bad fiscal policy, check out a Wall Street Journal article over the weekend titled “Campaign Pledges Collide With New Fiscal Rality.”

The piece focuses on where President Obama and Congress seem to be headed on some key tax issues.

On those earning at least $250,000 annually – including, of course, many entrepreneurs and investors – the President seems ready to wait until 2011 to jack up their taxes, as opposed to the advice offered by House Speaker Nancy Pelosi (D-CA) to do it earlier. Now or in 22 months? Either way, it does not bode well for the economy.

How about jacking up taxes on overseas earnings by U.S. firms, and hiking taxes on hedge fund and private equity managers? Those are in the mix, and if one is looking to hit business and investment in a down economy, these are good ways to so.

How about imposing a new tax on business to pay for the broken and costly Superfund program?

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A Guide to Avoiding Foreclosure

February 23rd, 2009 admin

This resource isn’t purely for small businesses … it can be used by individuals facing foreclosure on their homes, as well yield ideas for small businesses facing financial threats and potential loss of their business.

Whether you’re in foreclosure now or worried about it in the future, the U.S. Department of Housing and Urban Development has put together information that can help.

Follow this link for information……

Guide To Avoid Foreclosure .

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9 Things You Must Do To Maximize Your Chances Of Obtaining A Small Business Loan

February 23rd, 2009 admin

Writen by Neil Best

To get approval for your small business loan application, you must be able to meet the lending criteria set down. Some organisations are more risk averse than others, and will therefore have more stringent criteria. To vastly increase your chances of a successful funding application, you will need to present the following information:

1. The reason for the loan. The lender will be looking for something that fits within the normal range and expertise of your business. The amount may cover a number of items, so you will need to cover each.

2. The amount required, and the repayment term of the small business loan you want. (e.g. $10,000 term 5 years, payable quarterly).

3. Details of how you will repay the amount borrowed. For example, “From the increase in profits of reduced running costs of the Whizzbang Go4It”

4. Details of security you will be able to offer to the lender. This will act as reassurance for the lender. If you’re not prepared to put up some aspect of security, then why should they?

5. You will need to include your business plan which will serve to answer essential questions relating to management capabilities, information about the market you operate in. What kind of business you are in etc.

6.

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