7 Interesting Ways Small Business can Use Social Media

February 18, 2012


When small business owners hear about social media their attention immediately goes to Facebook and Twitter. They think of social media as a place where customers go to gossip and complain about their businesses or where business owners can go to publicize their products. This limited view doesn’t do full justice to the potential social media holds for small businesses. There is lot more to social media than just Facebook postings and Twitter broadcasts. We showed how you can use other interesting social media tools as well as some emerging social media tools in earlier posts. In this post we will review how you can use those and other tools in interesting ways to improve your business.
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How to Make Daily Deals Work for your Business

February 14, 2012


Daily deals facilitated by companies like Groupon and Living Social are double-edged swords for businesses. On one hand, they help you get new customers and improve sales. On the other hand, you end up with high operating expenses and dissatisfied customers, if not done right. Reading the horror stories that some businesses experienced you might think that it is never a good idea to work with daily deal companies. While this reaction is understandable, it may be extreme and may result in you losing out on the benefits offered by daily deals. We think with the right approach and proper planning you can make daily deals work for your business. Below we provide tips on how to do it.
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What Type of Business is “Right” for You?

January 31, 2012


Is there such a thing as “right” business for you? It is a fact that not everyone is suitable to become a small business owner. There are signs that tell you whether you will succeed in owning a small business. But once you know that you have what it takes to be a small business owner, can you take it one step further and figure out which type of business will be a good fit? I think the answer is YES.
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How do You know if your Business Idea will Succeed

January 24, 2012


Majority of small businesses fail in the first three years. As remarkable as this statistic is, it doesn’t stop number of aspiring entrepreneurs from pursuing their dream of owning a business. They think about their idea as the best thing since sliced bread was invented and are convinced that there is a huge untapped market out there that nobody as cracked. They have run their idea by close confidants and got their endorsement. Uncle Bob likes their product and Aunt Ann can’t wait to get her hand on it. There is only one problem. It is still an idea in your head!!!

So how do you go past this “pie in the sky” idea stage and make it a reality? Even more important, how do you know that this idea will succeed and will not leave you with agony and angst when it’s all over?
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7 Common Mistakes that Impact Cash Flow and How to Avoid Them

January 3, 2012


Cash flow is a lifeblood for small business. Fail to plan properly for the month-end cash flow needs and you will start losing your sleep when the time arrives to write paychecks for employees or to pay vendor bills. That’s why it is very important to keep a keen eye on money coming in and going out, and plan for those times when you will need sizeable cash outflow. Not only that, but you have to take into account unexpected emergencies that will force you to spend money here and now. In earlier post, we showed how managing your inventory, account payables and receivables can help you better manage your cash flow.
In addition to those tips, you should also look at the obvious as well as not-so-easy-to-find ways in which small business owners squander cash and end up in dire situations. Here are examples of the mistakes many small business owners make and how you can avoid them.
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Smart Cash Flow Strategies for Small Business Owners

December 11, 2011


Cash flow management is one of the most important tasks small business owners need to pay attention to. If you are not paying attention to how your business generates and spends cash you may end up in real trouble, real fast. Cash flow management touches many parts of business, including inventory management, accounts payable, accounts receivable and so on. Below we provide you with insights that will help manage your cash flow better.
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Filed Under: Finance, Management Tagged With: ,

Tips for Setting Up Merchant Account to Accept Credit Cards

November 27, 2011


This blog post is written by Shannon Martin.
Most small businesses are overpaying for credit card processing. In our conversations with number of small business owners we have not come across a single owner who does not hate credit card processing companies for the exorbitant amount of money they charge. That is why it is important to do your homework before you sign up with the merchant processing company. In this post we provide useful tips you should keep in mind when talking to credit card service providers.
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Filed Under: Finance Tagged With: , ,

Framework for Deciding What NOT to do

September 28, 2011


In the previous post we highlighted that the most difficult decisions you will ever make are the ones where you decide NOT to move forward. By focusing your resources and energy on narrowly you can achieve number of benefits and get higher return on your investment of time, money or effort. We mentioned how Apple has succeeded to become the most valuable company in the U.S. by applying this principle, while GM had floundered by spreading resources over multiple brands with lot of overlaps.
You should use this approach in decision making every step of the way. If you take a step back and think about the decision in terms of cost vs. benefit of the current choice and evaluate it against alternatives you can improve the odds of making the right choice. You can use this principle in number of different areas as shown below.
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5 Warning Signs that Tell you if your Business is Headed for Trouble

August 24, 2011


“I didn’t know we were in such a bad shape! How could this happen?” How many times have you heard this from a small business owner whose business is shutting down? For small business owners it is imperative to stay on top of the business like a hawk. Otherwise it is not surprising to wake up one day and find that you are not able to pay your employees or make interest payment to the bank.
We mentioned in earlier post that you have to be able to tell how your business is doing even when someone asks you in the middle of the night. We suggested that you identify key parameters for your business and look at daily, weekly and monthly reports.
We have been asked by number of small business owners if there are simple warning signs that can tell them if the business is headed for trouble – something akin to early warning system. In response, we have come up with 5 metrics that can tell you exactly that. By keeping a keen eye on these metrics you can detect potential problems well in advance and take appropriate actions to correct the path.
Here are those 5 metrics along with explanation of how to calculate them:
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15 Simple Cost Reduction Techniques for Small Business Owners

August 21, 2011


In the previous post we showed a systematic approach you can use to reduce cost in small business while still keeping your foundation intact allowing you to take advantage of the upturn in economy when it happens. We suggested that you should take surgical knife approach to cost reduction as opposed to using machete.
By applying this approach your business may come up with tactics that will be different from some other type of business. You have to tailor the systematic approach to your business and situation. However, there are common tactics that can be employed by almost all types of businesses. Below we describe those techniques categorized by stages in the cost reduction approach.
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