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December 2011 Archive
I’ve done a series of business planning tutorials that are available as online video tutorials on business planning here on a different part of this community.sba.gov site. The goal is to help real people with real business planning. That’s not just for the relatively few who have to submit a business plan to a bank or investor. That’s for everybody who wants to manage better, optimize, and steer a business. Real planning is a process, not just a document. Here is a list of the 13 videos in the series. If you...
by sdoodala, Community Moderator on 04/30/2012 - 18:59
Are you interested in environmental responsibility and stewardship? Think you’ve got the skills to turn this into a career? Becoming a “green consultant” might be the ideal home-based business opportunity you’ve been looking for. According to Rieva Lesonsky, CEO of GrowBiz Media, green consultants who help businesses assess their environmental footprint and develop sustainable strategies are poised to be the next hot industry, growing 9.4 percent per year to $30 billion in 2016. The environmental industry is, of course...
by sdoodala, Community Moderator on 04/30/2012 - 18:59
Looking to realize your dream and open a restaurant business? Now may be just the time to do it. Earlier this year the National Restaurant Association predicted that after a three-year period of negative sales growth, the restaurant business would post positive growth and reach a record $604 billion in sales. Opening a restaurant or food service business requires research, planning, capital (not always as much as you think), business acumen, and perseverance. It also requires a number of legal and regulatory considerations, during both the...
by Caron_Beesley, Guest Blogger on 05/30/2012 - 12:30
Why do credit ratings play such an essential role in our everyday lives? Credit ratings are essential because they indicate how likely an individual, a business, a city, a county, a state, or even a country is able to repay a debt. Each one of these entities has a credit rating and depending on positive or negative factors, a rating can be upgraded or downgraded. For example, the U.S. had always maintained a top tier AAA credit rating. But recently, one of the major credit-rating agencies, Standard & Poor, downgraded our country’s...
by Caron_Beesley, Guest Blogger on 05/30/2012 - 12:30
Why do credit ratings play such an essential role in our everyday lives? Credit ratings are essential because they indicate how likely an individual, a business, a city, a county, a state, or even a country is able to repay a debt. Each one of these entities has a credit rating and depending on positive or negative factors, a rating can be upgraded or downgraded. For example, the U.S. had always maintained a top tier AAA credit rating. But recently, one of the major credit-rating agencies, Standard & Poor, downgraded our country’s...
by sdoodala, Community Moderator on 03/02/2012 - 16:05
Preparing invoices can be a taxing and costly process for small business owners. For example, if you are a solo business owner or just don’t have the staff to develop tough internal controls, then you’re may well be spending too much time creating manual paper-based invoices. The resulting longer billing cycle may delay the collection of payments and ultimately impact cash flow. In fact, a 2009 survey by finance systems specialists, CODA, showed that 25 percent of small and medium businesses estimate that at least $5,000 a month in...
by Karen Mills, SBA Administrator on 12/22/2011 - 15:36
Yesterday, I spoke with Zalmi Duchman, the founder and owner of The Fresh Diet in Florida. His business cooks and delivers freshly prepared, healthy meals directly to customer doors each day. He talked about how, if Congress doesn’t act, a tax increase will hurt both his hardworking employees and small businesses, like his, that rely on consumers to have money to buy their goods and services. He said that when his employees open their paycheck and see that it got lower, they’ll turn to him and ask why. That...
by sdoodala, Community Moderator on 03/02/2012 - 16:09
Most of us in our business lives are required to deliver some form of presentation, and most of us breathe a deep sigh of relief when it’s over, when spotlight is off and we can sit back down. But if your business success hangs on your ability to deliver a knockout sales presentation, then it’s worth spending some time refining and perfecting your technique. Here are some tips for upping the ante and going beyond a one-way sales presentation by assessing your delivery, building rapport, using alternatives to PowerPoint, and finding...
by danielc, Former Moderator on 12/21/2011 - 14:45
This week, SBA Deputy Administrator Marie Johns held a roundtable in New York City with Sergio Fernández de Córdova, Founder of Fuel Outdoor and member of the SBA’s Council on Underserved Communities (CUC). The conversation with entrepreneurs and small business owners focused on President Obama’s American Jobs Act, and how the SBA can improve the flow of capital to entrepreneurs and small business owners. While many topics were discussed, two main issues were how to increase awareness of the SBA, and how to make it...
by sdoodala, Community Moderator on 03/02/2012 - 16:10
Buying a business is often perceived as a less risky option than starting your own business from scratch, however without proper research, due diligence, and consideration for the key legal steps and potential liabilities involved – it can be a risky path to venture down. For example, has the previous owner been in compliance with tax law? Is the business adequately insured? What are the terms of the seller’s commercial lease? These are just a few of the questions that you need to ask as you pursue the purchase of a business....
by Rieva, Guest Blogger on 12/20/2011 - 14:41
With everyone feeling festive this time of year, it’s a great time to think about how you can keep that feeling going the whole year long. Why not celebrate your customers? There are many ways to thank your customers for their business, make them feel special . . . which will make them more inclined to keep doing business with you. Here are some ideas. Special Events: The holiday season is a natural time to hold events at your business. You’ve probably already hosted a few. If not, try these next year: A retailer can serve...
by sdoodala, Community Moderator on 03/02/2012 - 16:12
It may sound obvious, but understanding gross margin is often overlooked by startups and new business owners. This can have a direct impact on your ability to effectively manage a growing business, price your products, and most importantly, make a profit. What is Gross Margin? Put simply, gross margin is the money left after you have covered all the variable (not fixed) costs associated with the sale of a product or service (such as wages, materials, etc.). But gross margin is so much more than that; it is a measure of your production...
by BarbaraWeltman, Guest Blogger on 12/15/2011 - 18:21
Health savings accounts (HSAs) aren’t new, but with rising health care costs they warrant a closer look. The reason: HSAs, combined with high-deductible health insurance, can provide coverage for you and your staff at dramatic savings over traditional health coverage. It has been estimated that the arrangement can lower costs by 40% and recent statistics from *AHIP.org show that the number of businesses using this health care option is growing. Is this plan right for your business? Overview of HSAsHealth savings accounts (HSAs) were...
by sdoodala, Community Moderator on 03/02/2012 - 16:13
Absenteeism in the workplace is a problem all managers encounter, and although absences are often due to legitimate reasons, they can get out of control if they’re not managed carefully. Persistent unexcused absenteeism, particularly when it involves just a few individuals, not only lowers productivity and increases everyone else’s workload, but it can precipitate a sour atmosphere in the workplace. It’s something that needs to nipped in the bud. Statistics vary on the monetary impact of absenteeism, but the...
by janied, Community Moderator on 12/15/2011 - 11:50
When a friend or family member asks what you do to help small businesses, what do you say? As a Procurement Center Representative (PCR), my focus is to work with federal agencies to ensure that small businesses receive the maximum possible opportunities to bid on contracts. As a Commercial Market Representative (CMR), I work with the large prime contractors by monitoring their compliance with subcontracting plans. As both a PCR and CMR, I counsel and train small business owners on how to do business with the federal government and/or...
by sdoodala, Community Moderator on 04/30/2012 - 18:59
Thinking of changing your business structure? There are many reasons why small businesses change the way their business is legally structured –gaining protection against personal liability, seeking a break from excessive bookkeeping, dissolving a partnership, and more. What are your options and what steps should you follow as you change your business structure? Changing from a Sole Proprietor to an LLC Sole proprietorships are one of the most common business structures among small business owners in the U.S. Sole proprietors, however,...
by TonyaWilson, Former Guest Blogger on 12/13/2011 - 13:29
As a marketer it’s extremely important to me that the branding I establish and the promises I make regarding our services are fulfilled on by our staff when the clients come in the door. Marketing and operations must be in sync. When marketing brings the client to the door, operations must open that door, fulfill on the expectation set and make the sale. Here, in his recent post*, Michael Bowers* District Director of the Ohio Small Business Development Center shares his position and experience on the importance of fulfilling on the...
by sdoodala, Community Moderator on 03/02/2012 - 16:15
The first sign that any business is in trouble often comes in the form of missed or late payroll. But missing payroll doesn’t always spell doom. In small business, cash flow is king and it can be quickly compromised by late receivables from tardy customers, seasonal lows, and of course, a general economic downturn. However, excuses aside, not paying your employees and associated payroll and employment taxes should be avoided at all costs. Here’s why: Unpaid employees can file a wage claim against you with their state. If...
by Karen Mills, SBA Administrator on 12/08/2011 - 12:52
This article is co-authored by Gene Sperling, Director of the National Economic Council, and cross-posted on the White House blog. Today, we can do more to increase the amount of capital that flows into the hands of entrepreneurs at every stage in the growth of their companies. Helping these businesses grow is a top priority for the Obama Administration, as we know that small businesses create most of net new jobs that are added to the economy each year. We have an economic imperative to make sure we support...
by mheffner, Guest Blogger on 05/21/2012 - 13:41
Think your new tablet is strictly for entertainment purposes? Think again. Small businesses are rapidly finding innovative ways to use tablet computers (iPad, Kindle Fire, Playbook, etc.) to connect with clients, market while on the go, and enhance customer experiences. With the deluge of apps available in the marketplace geared toward tablet devices like the iPad, we small business owners can have the latest technology at a fraction of the cost of more traditional setups. Here are a few ways a tablet can help your business. 1. Cut Staffing...
by sdoodala, Community Moderator on 03/02/2012 - 16:16
Cloud computing is surely the buzz technology for the early 21st century. Yet, as red hot as it seems, confusion remains about what it is and what benefits it brings, as well as how secure it is for sharing and storing business information. Cloud computing may seem like a new technology, but in truth, we’ve all used cloud computing in some way, shape or form for years. Take Facebook, for example; this social sharing site stores your comments, photos, videos and so on right up there in the cloud. Gmail, Picasa, Flickr, and others all rely...
by sdoodala, Community Moderator on 04/30/2012 - 18:59
Making the right hiring decisions for your company is critical to your business success. But getting it right isn’t easy. We all know the negative consequences of making the wrong hire – it can lower your team’s morale, hinder productivity, and even impact customer relations. But did you know that the cost of replacing an experienced worker who doesn’t work out can cost 50 percent or more of that individual’s salary, and these costs go up if the employee has specialized skills such as nursing (Source: AARP). There...
by FranchiseKing, Guest Blogger on 12/06/2011 - 09:19
While I certainly can’t make this career decision for you, I can certainly help you put both choices into perspective. Let’s see what’s what… If you’re contemplating which direction you’d like to take in your professional life, you certainly have lots of choices; 1. Keep your current job (I’m assuming you have one) 2. Keep your current job, but ask for a promotion 3. Keep your current job, and look for a better one 4. Keep your job, and look for a way...
by sdoodala, Community Moderator on 04/30/2012 - 18:59
Although tax season is still a few weeks away, now is the time to take advantage of a basket of tax opportunities that can help your small business reduce its tax liability and save money come April 2012. Read on for seven tips that can help you maximize your deductions and claim the credits you deserve. Spend Some Money Before Deduction Limits are Cut – This is definitely the year to take advantage of the Section 179 deduction, which allows businesses to deduct expenses for a variety of capital equipment purchases including...
by Marie Johns, SBA Deputy Administrator on 12/02/2011 - 11:40
This oped originally ran in the Milwaukee Journal Sentinel on 12/1/2011. In 2006, Mark Anderson and Steven Horvath started MASTEQ, a machine shop in suburban Milwaukee that designs and manufactures tooling for foundries. Anderson was 28 at the time. Before starting the company, Anderson received instruction as part of a registered apprenticeship program at Milwaukee Area Technical College. He worked his way up through the ranks as a computer-based designer, where he met Horvath, who served as his boss and a mentor. The two decided to go into...
by Solovic, Former Guest Blogger on 12/01/2011 - 14:15
As we begin this holiday season, a lot of small business owners say they don’t feel much like celebrating. It’s been another tough year, and there isn’t much evidence the economy is going to get any better in the near future. As a result, many of the small business owners I’ve talked to aren’t planning a holiday party for their team this year. There simply isn’t enough in the budget for a seasonal soiree. While it’s understandable that cash-strapped...
by Caron_Beesley, Community Moderator on 04/30/2012 - 18:59
Here on SBA.gov we have amassed a catalog of blogs that offer a variety of proven techniques that small business owners can use to plan, execute and nurture their marketing efforts. We’ve touched on how to plan and budget your marketing activities, as well as how to craft a brand message that communicates the true value of your business. We’ve covered how to use email, online, event marketing, public relations and social media tactics to reach and engage with your customers. And that’s just the tip of the iceberg: there...
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by Tim Berry, Guest Blogger on 04/30/2012 - 18:59