Want to Improve Sales and Customer Retention? Keep your Promises

December 15, 2012


The formula for success in small business is very simple – keep the promises you make to your customers. The relationship between customers and business owner is like an unwritten contract. Both parties expect the other to honor their side of the contract. In it, the business owner promises to sell his products or services at the advertised price with the best possible customer service. In return, the customer promises to keep giving business to you as long as you keep your side of the bargain.
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Filed Under: Customers, Marketing Tagged With: ,

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: ,

Why 8A certification is crucial for your business?

November 30, 2012


If you are looking for better options to enhance your business prospects and widen your commercial growth, then opting for federal schedule contracts can be the ideal opportunity for you. To opt for federal contracts and get benefited, your business must have an 8A certification.
Enrolling in the 8A programs will open the doors for a number of marketing avenues and a plethora of opportunities for you. If your business is lagging behind due to social or economical disadvantage, getting an 8A certification will rank you high among your competitors by providing you with the option to bid for federal contracts. If you are potential entrepreneur and trying to make your mark in the business world, SBA certification is the first step towards your success.
Following are the briefly discussed points, which throw light on the essence of 8A certification and explain the reason for its imperativeness in business:
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Filed Under: Sales 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: ,

What you must know about Employment Law in UK

November 17, 2012

Guest Post (Brought to you by CP Law)

The working environment around us is full of principles, rules, and regulations. Some people who work around you have a propensity of using aggressive behavior against others and some are very polite in nature. The main aspect of having the employment law in such working places is to ensure that every employee is working in the safe environment. If you are an employee or an employer, you have to obey the employment law within your state. It is very important that employees must understand their responsibility set out by the employment Law.

Get familiar with the legal rights for an employee:

The right to be paid maternity leave/casual leave/sick leave/sudden leave
A core and fundamental right is the national minimum wage
Greater holiday allowance
Parental leave
Right to work in flexible hours

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Filed Under: Employees, Management Tagged With:

Customer Reminders – A Powerful Tool to Improve Loyalty and Sales

November 9, 2012


Reminders can be powerful personal productivity tool when used properly. On the other hand, forgetting to use them can be lead to dire consequences. Just ask anyone who has forgotten spouse’s birthday or marriage anniversary or someone who has missed the bill payment. The financial and social penalties you have to pay as a result are not trivial.
Small business owners can help customers overcome these challenges by facilitating reminders and, in the process, improve customer loyalty and sales. You can find examples of savvy businesses using reminders for these benefits if you look carefully. When I go for regular dental visit they usually set the next appointment for 6 months out. They also send me a reminder about a week in advance as the appointment approaches. Most of the car oil change locations put stickers on the windshield showing when the next oil change is due.
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Filed Under: Customers, Marketing, Sales Tagged With: ,

How can you be Tough without being a Jerk to Succeed in Small Business?

November 2, 2012


There is a crucial difference between being tough and being a jerk when it comes to running small business. Many small business owners take it to the extreme when it comes to being tough and, as a result, end up alienating their employees and everyone else around them. In the previous post I described why you don’t have to be a jerk to succeed in business.
I have received interesting feedback from the readers on that post. Some of them maintained that when you have to deal with number of people, many of whom are out there to take advantage of you, you have no choice, but to be a “jerk”. This is where many of us get it wrong. While you don’t want to come out as too “soft” to make sure people do not take you for a ride, you don’t have to go to the other extreme either to succeed. There are ways by which you can portray yourself as tough and still be respected by people around you. Read on to find out how:
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Filed Under: Employees, Management Tagged With:

Do you have to be a Jerk to Succeed in Small Business?

October 27, 2012


All successful business people are jerks to some degree, right? Steve Jobs, one of the most brilliant and successful entrepreneurs, who is liked (worshiped) by many had personality that many of us would not be able to stand. He fired quarter of the team working on next generation computer called Lisa because they were not “A-players”. He even refused to pay the share of bonus he and his partner, Steve Wozniak, had received after laboring for 4 grueling days to meet the deadline to produce a prototype.
These and the stories of other successful people may make us think that the only way to succeed in entrepreneurship or in small business is to be a jerk and screw people of their fair share. But is that a fair assessment? Were they successful because they were jerks or is there more than what meets your eyes?
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Filed Under: Management Tagged With:

Do’s and Don’ts of Small Business Credit

October 20, 2012


If you have not paid much attention to business credit the time to do it is now. For small business owners, business credit is like a lifeline, an insurance against unexpected expenses that might come out of nowhere. Business credit gives you peace of mind with the knowledge that you will not have to scramble to borrow money on a short notice to meet emergency financial obligation.
Look no further than what Ford did before the great recession of 2009 hit the world. Ford had established a huge line of credit by mortgaging pretty much everything they had, including their namesake blue logo! When recession did arise and all the banks shut their doors to business loans Ford could borrow from the line of credit and continue investing for the future. When both, GM and Chrysler, filed for bankruptcy protection, Ford was not only able to avoid it, but position itself to take advantage of upturn.
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Filed Under: Finance Tagged With: , ,

Who Makes Better Small Business Manager – Internal or External Candidate?

October 13, 2012


My previous two posts on hiring a manager for small business received interesting feedback from the readers. Some made arguments both for internal promotion, while others said external candidate is the best choice. To recap, the first post focused on why you should promote a manager from inside . I believe this is the best course of action when small businesses need to fill in the manager vacancy. However, there is a case to be made for hiring an outsider as laid out in the second post based on suggestions received from the readers.
It appears which candidate will be a better choice depends on your particular situation – what state the business is and how the newly hired manager fits in that situation. Instead of looking at this choice in black and white, you need to take a step back and look at your needs and see how the manager will help you fulfill them. So here are my thoughts on when to hire each type of candidate.
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Filed Under: Employees, Management Tagged With: