Too Much, Too Fast – Lessons from JC Penney Failure for Small Business

April 13, 2013

Too much too fast - lessons from JC Penney failure - 2
By now, most in the business community have heard about the ouster of Ron Johnson as CEO of JC Penney after only 17 months on the job. This was a stunning reversal of fortune for Ron Johnson who was regarded as retail Guru based on his accomplishments in transforming Target to “Cheap Chick” retailer and hugely successful launch of Apple Stores. When he was hired at JC Penney he was viewed as a savior who would rescue JC Penney from the downfall it was experiencing for several years.

However, things have not turned out to be that way. In 17 months JC Penney has been in complete turmoil. Sales in 2012 declined 25% compared to prior year representing a staggering $4.3 Billion in lost sales. In 2012 it recorded loss of $1 Billion. No other company has seen such a precipitous loss of value in this short time. So, what went wrong and what lessons can small business owner learn from this?
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Filed Under: Management, Strategy Tagged With: ,

Tips to Organize Business Finance Weekly to Enjoy Long Term Benefits

March 18, 2013

Tips to organize business finance weekly

Most entrepreneurs think that adequate finance is the key to success in business. But that’s not true! It is actually the business owner who is the key because it is she or he who decides how to ensure adequate finance for proper functioning of the operations. In order to ensure this sufficiency, it is vital to keep the financial records up-to-date as well as organized so that it becomes easy to track. So, here are some tips for you to follow on a weekly basis so that you can better understand the financial status of your business and maintain it smartly.

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Filed Under: Management Tagged With: ,

Blockbuster Failure!! How Can You Avoid Similar Fate

March 3, 2013

Blockbuster Failure! Hot to avoid similar fate
Blockbuster, the ubiquitous video rental chain of the bygone era, announced recently that they will close 300 stores in U.S. and lay off 3,000 employees. This is after they have already closed hundreds of stores over the years. The latest round of closing will leave them with only 500 stores, down from 9,100 at the peak of their business. This is one of the blockbuster failures in the American business history!  To be fair, they are not alone. Recent times have seen number of successful retail businesses wipe out from the landscape – Borders, Circuit City, the list goes on.

Blockbuster was one of the great success stories in how to build an empire by putting number of small rivals out of business throughout the country. Starting with a humble beginning they went on to consolidate the video rental industry to be the eight hundred pound gorilla. And yet, they were not immune to the law of natural business cycle when new competitors came along. There are important lessons to be learned from Blockbuster to ensure your small business does not meet the same fate.
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First Time Landlords – Should you Lease your Property Through an Agency?

February 23, 2013

Should you lease your property through an agency 2
In recent years, increase in house prices has ushered in a new age of inexperienced landlords trying to cash in on the boom – if you’re reading this you may even be one yourself. It is worth considering your options, then, especially if you are inexperienced, and asking yourself the question, should I lease my property through an agency?
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Filed Under: Management Tagged With: ,

How to Revitalise Your Salon Business for Next-to-Nothing

February 16, 2013

How to revitalize your salon business
Get your salon equipment right, and the rest will follow. Of course, all stylists are looking to strike a balance between low cost salon equipment and high end products, but there doesn’t necessarily need to be a trade-off between the two.
You can save money and retain your favourite supplies – it’s possible! But it’s also possible to get creative with your boutique’s budget. Read on for more information on how to revitalise your salon for next-to-nothing.
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Filed Under: Management, Purchasing Tagged With: , , ,

You CAN Handle The Truth: Five Legal Myths Small Business Owners Should Avoid

January 19, 2013

We’ve all dreamt about standing up in front of a packed courtroom and shouting the words, “You can’t handle the truth!” But when it comes time to protecting our small businesses and our personal assets, reenacting A Few Good Men won’t get us very far.

There are several legal myths that small business owners commonly believe in. These myths aren’t only dangerous to our companies, but they can be dangerous to our personal livelihoods. Take a look at the five legal myths below to make sure your company isn’t sinking into hot water.
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Filed Under: Management Tagged With:

Top 10 Blog Articles from 2012

January 5, 2013


As we herald into 2013 I thought it would be worthwhile to revisit the stories we produced in 2012 and the response we received from the readers. Here are the top 10 articles, in no particular order that got the most attention, discussion, controversy and response.
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Filed Under: Employees, Finance, Management, Marketing, Operations, Sales, Strategy, Technology, Uncategorized Tagged With: , , , , ,

9 Tips for Protecting Your Business from Outrageous Personal Injury Claims

December 29, 2012

Personal injury attorneys and legal referral lines advertise everywhere from benches at bus stops to the radio, television, newspaper and Internet. Apparently there’s big money in getting injured! Although some personal injury claims are legitimate and their subsequent lawsuits justified, others are simply born out of greed. Why? Unfortunately, for too many people, the thought of earning an easy buck by suing someone for an injury that may or may not exist is more attractive than actually working to earn that dollar.

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The 10 Best and Worst States for Small Business

December 8, 2012

Thinking of starting a small business? Our infographic breaks down the best and worst states for business by real change in GDP, top level state income tax, and number of INC 5000 businesses. Whether you’re starting a web firm or a traditional brick and mortar business, this infographic provides highly-useful information with regard to the incorporation decision process. Local economic climates and state taxes can be a heavy burden on web startups and other small businesses. Making the right decision can save you thousands of dollars in the end; it did for us.

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Filed Under: Management, Strategy Tagged With: ,

Do you know about IRS form 1099K?

November 25, 2012


Come January, the festive season will be over and will soon be followed by the tax season. Small business owners will start sending and receiving form 1099’s showing the money paid and received for the services they rendered in the year 2012. One of the newer forms that IRS has introduced is 1099K starting in 2011. Sellers of items on E-commerce sites such as eBay and Etsy, that include many home-based merchants, are the typical recipients of this form. Many of them were caught by surprise last year upon receiving this form. There was also lot of confusion surrounding the form resulting from the instructions provided by IRS on this form (What else did you expect from IRS?)
So what is form 1099K and what does it include?
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Filed Under: Finance, Management Tagged With: ,