As good as some of the indicators are for small business in today's economy, the truth is that small businesses are facing increasingly stiff economic and governmental situations. With the way that the recession happened there has been an increase in governmental oversight and regulations put on small businesses in order to make sure that they aren't harming the economy as a whole. They are also facing increased taxes in order to try and make up the huge federal government deficit.
However, another factor that has been driving up the price of doing business has been the inflated price of business supplies, which has steadily been rising. In today's economy companies need to be more focused then ever on their core revenue raising activities rather then worrying about supply chain and technical issues. This means you must make sure your phones work, registers work, and your supply chain is impregnable.
However there are companies out there who assist in making these kinds of things easier for you. An example would be Network Merchant Supplies, a company I discovered on a Seattle Newspaper site which can be found here. They are key innovators in the industry and have an extremely reliable and adept support staff which can solve just about any issue you might have with logistics. This company has over 20 years of experience and utilize a state-of-the-art manufacturing facility which can handle just about any business supply needs that you would require.
If you are looking for a small business supplier to cover all of your business supply needs you might want to look into using this company as yours. Keeping yourself well-stocked and with access to a good supply chain will give your business a distinct competitive advantage.
Wednesday, November 30, 2011
Tuesday, November 29, 2011
Influencers in Small Business
I believe I have made the point of speaking about networking in my blog and how it can be used to great advantage. Networking can link you with people of experience, with people with capital, or with people who run the services that you might need. These people can also serve as examples for the budding entrepreneur to learn some good business strategies and tactics. Many times these people are called influencers, as they can affect how your small business operates. The top men and women in small business influencing people were listed on a website that I stumbled across and the list can be found here.
An influencer doesn't have to be another small business owner, he/she just has to be someone who positively affects the small business environment. This could include government officials, academics, journalists, or even lowly hourly employees.
This article has many top business leaders, but none more prominent in my opinion then John T. Hewitt. Hewitt started two of the worlds three biggest tax consulting companies. With 42 years of experience, Mr. Hewitt has assisted countless small businesses in finding tax breaks in order to increase their revenue stream. He has been named in Accounting Today as most influential person... 10 times! He has assisted over 3000 franchisees in making affordable and attainable financial goals. He is by far one of the most useful influential people to know when consulting tax issues with your business. He is just one example among many of useful contacts for the budding entrepreneur.
An influencer doesn't have to be another small business owner, he/she just has to be someone who positively affects the small business environment. This could include government officials, academics, journalists, or even lowly hourly employees.
This article has many top business leaders, but none more prominent in my opinion then John T. Hewitt. Hewitt started two of the worlds three biggest tax consulting companies. With 42 years of experience, Mr. Hewitt has assisted countless small businesses in finding tax breaks in order to increase their revenue stream. He has been named in Accounting Today as most influential person... 10 times! He has assisted over 3000 franchisees in making affordable and attainable financial goals. He is by far one of the most useful influential people to know when consulting tax issues with your business. He is just one example among many of useful contacts for the budding entrepreneur.
Sunday, November 27, 2011
Small Business Facebook Pages
As I talked about the rise of social media marketing and other relevant online methods of advertising I found a new website which lists some of the best Facebook pages that small businesses have produced. These were judged by a panel of judges amongst 1400 submissions, and they rated them on many categories. None of these businesses had a very large budget, just the drive and creativity to create a great Facebook page to promote their business. The rankings that this panel of judges, who are experts at social media, can be seen here.
As we are the great Facebook generation, it is generally a good idea to appeal to the place where most people of the current generation are looking at the majority of the time. This means they must advertise via Facebook, because as a college student I can tell you that we check Facebook more then we check our email accounts. As a matter of fact Facebook is open on my list of tabs as I write this article.
Truthfully I hope that looking at these pages will help someone to design a very successful Facebook page to support their small business. The usage of colors, words, creativity and other artistic elements really make these pages stand out from the pack. They also utilize sound business strategies utilizing calls to action for the consumer and clever marketing schemes to generate a viral campaign. These factors combined with the thought that goes into the product that is being presented present a compelling argument for using Facebook as an advertising medium.
As we are the great Facebook generation, it is generally a good idea to appeal to the place where most people of the current generation are looking at the majority of the time. This means they must advertise via Facebook, because as a college student I can tell you that we check Facebook more then we check our email accounts. As a matter of fact Facebook is open on my list of tabs as I write this article.
Truthfully I hope that looking at these pages will help someone to design a very successful Facebook page to support their small business. The usage of colors, words, creativity and other artistic elements really make these pages stand out from the pack. They also utilize sound business strategies utilizing calls to action for the consumer and clever marketing schemes to generate a viral campaign. These factors combined with the thought that goes into the product that is being presented present a compelling argument for using Facebook as an advertising medium.
Saturday, November 26, 2011
Other Trends in 2011
Now in my last post I discussed the tech trends that were revolutionizing the small business landscape. In this post I'd like to discuss, arguably the most important thing, which is all the topics that come into focus when you are financing your small business at this time. I have probably said a hundred times during my blogging posts that the secret to a small business is making it sustainable. To make a business however you need to have the start-up capital to finance your next great idea. As this USA Today article discusses here, the world of 2011 is not all doom and gloom for new businesses.
The Great Recession is receding according to all signals. This doesn't mean we will have a boom again, but it does mean that things are optimal for opening up a new business to grab market share before maybe another boom. The purse strings have been drawn a little bit tighter on the large loans that are provided out to businesses by larger companies but this has only forced the savvy entrepreneur to find new ways of finding money such as peer to peer loans.
However the most promising sign that things are looking up for small businesses may be the fact that consumers are looking at local places to spend their money, rather then at the larger chains. This means that if a small business manages to ingratiate itself with its community, they may see huge market share gains in their local market. This just proves that a small business integrating with their community is not just a smart social move, but a good financial one as well.
The Great Recession is receding according to all signals. This doesn't mean we will have a boom again, but it does mean that things are optimal for opening up a new business to grab market share before maybe another boom. The purse strings have been drawn a little bit tighter on the large loans that are provided out to businesses by larger companies but this has only forced the savvy entrepreneur to find new ways of finding money such as peer to peer loans.
However the most promising sign that things are looking up for small businesses may be the fact that consumers are looking at local places to spend their money, rather then at the larger chains. This means that if a small business manages to ingratiate itself with its community, they may see huge market share gains in their local market. This just proves that a small business integrating with their community is not just a smart social move, but a good financial one as well.
Friday, November 25, 2011
Predictions For Small Biz In 2011
As we are ending the year of 2011, it is always good to notice trends that are affecting small businesses, and to see the changes that are taking place. It is also good to find out how accurate some of these predictions of what will change, because with the speed the world works at now, you don't want to be left in the dark. In 2011, according to mashable, there are a few tech trends which will probably end up affecting small businesses profoundly.
1- There is the rise of website spending. This will lead to an increased source of revenue from websites and other like materials. It will also mean that you must take the opportunity to revamp your website to make your products easily findable, and make your website easily findable.
2- The rise of the smartphone generation of small business owners. Nearly 49% of small business owners utilize smartphones to plan out and execute their business plans. So learn to utilize your apps and your cell phone well.
3- The rise of social shopping and E-commerce events. These lead to a greater risk because of the group buying aspect, but they also may promote a better return. It enables you to widen your customer base and appeal to people who aren't in your local market. This can be a huge competitive advantage if utilized properly.
4- More focused social media efforts. The more targeted advertising and other campaigns to promote your products thru Twitter, Facebook, and other social media outlets. This will only expand in the future.
5- The rise of cloud computing. There are more people using web-based software for office work then ever before, and the cloud enables you to coordinate a groups efforts in order to achieve your goal.
Stay observant of these tech trends to maximize utilization of technology in your company.
1- There is the rise of website spending. This will lead to an increased source of revenue from websites and other like materials. It will also mean that you must take the opportunity to revamp your website to make your products easily findable, and make your website easily findable.
2- The rise of the smartphone generation of small business owners. Nearly 49% of small business owners utilize smartphones to plan out and execute their business plans. So learn to utilize your apps and your cell phone well.
3- The rise of social shopping and E-commerce events. These lead to a greater risk because of the group buying aspect, but they also may promote a better return. It enables you to widen your customer base and appeal to people who aren't in your local market. This can be a huge competitive advantage if utilized properly.
4- More focused social media efforts. The more targeted advertising and other campaigns to promote your products thru Twitter, Facebook, and other social media outlets. This will only expand in the future.
5- The rise of cloud computing. There are more people using web-based software for office work then ever before, and the cloud enables you to coordinate a groups efforts in order to achieve your goal.
Stay observant of these tech trends to maximize utilization of technology in your company.
Wednesday, November 9, 2011
How To Become A Great Networker
The small business owner has the life of just sitting back and monitoring his business, without having to deal with customers right? He just sits back and lets his business make his money for him, while just going in to supervise things and make sure they are going right. This is definitely NOT the life of a small business owner, as a small business owner is constantly out and about networking to try and improve their network reach. By doing so they may get news of better deals, they may be able to make better deals, and they will be able to spread their brand all over the place. I recently ran into an article which shares some secrets about networking, with the customers, with businesses, and with associates. The article can be found here.
The main point of the article is quite simple however. A small business owner should set goals for himself to network with a certain amount of people every week which enables them to grow their social network at a steady pace. The true entrepreneur realizes that every opportunity to be around people is a networking opportunity which can lead to a very productive contact list. The obvious answer to the question of when should I network, is ALWAYS. You can never have too many contacts in your contact list.
If someone needs advice on how to network this article is by far one of the best I have ever read. Remember to try and constantly network if you want to be successful in small business as it is the only way to negate some of the advantages larger companies have.
The main point of the article is quite simple however. A small business owner should set goals for himself to network with a certain amount of people every week which enables them to grow their social network at a steady pace. The true entrepreneur realizes that every opportunity to be around people is a networking opportunity which can lead to a very productive contact list. The obvious answer to the question of when should I network, is ALWAYS. You can never have too many contacts in your contact list.
If someone needs advice on how to network this article is by far one of the best I have ever read. Remember to try and constantly network if you want to be successful in small business as it is the only way to negate some of the advantages larger companies have.
Tuesday, November 8, 2011
Success Rates of Entrepreneurs
I recently read an article that was listed in a publication that is named the Entrepreneur which should speak for itself in its credentials. This article involves a team of Harvard researchers who researched some hot questions about the whole process of entrepreneurship. They produced a 35 page report that breaks down the rates of successful entrepreneurship, which is boiled down to a summarized form on the web page, which can be read here.
The article showed that an entrepreneur who has tried once before has a 30% rate of success versus an entrepreneur who is new to the game who has only an 18% chance of success. However as if in contrast to this, venture capitalist forms are far more likely to fund an entrepreneur who has failed over one who has succeeded. Whether a company's success can be attested to entrepreneurial skill or luck, it was found that starting a company at the right time is a skill.
It was also discovered that one success will breed another success in general as they will reassure investors that they can persistently deliver that. It was discovered that companies started with venture capital money are far more likely to succeed then others. Most entrepreneurs were discovered to draw their inspiration from former employers. It is also strange to find that venture capitalists are less likely to loan money to someone even after they have gotten one loan from the venture capitalists and were successful.
I encourage anyone who is looking to find a way to lock up venture capital funding for their business to check out this website, and to check out the Harvard document which can be found here.
The article showed that an entrepreneur who has tried once before has a 30% rate of success versus an entrepreneur who is new to the game who has only an 18% chance of success. However as if in contrast to this, venture capitalist forms are far more likely to fund an entrepreneur who has failed over one who has succeeded. Whether a company's success can be attested to entrepreneurial skill or luck, it was found that starting a company at the right time is a skill.
It was also discovered that one success will breed another success in general as they will reassure investors that they can persistently deliver that. It was discovered that companies started with venture capital money are far more likely to succeed then others. Most entrepreneurs were discovered to draw their inspiration from former employers. It is also strange to find that venture capitalists are less likely to loan money to someone even after they have gotten one loan from the venture capitalists and were successful.
I encourage anyone who is looking to find a way to lock up venture capital funding for their business to check out this website, and to check out the Harvard document which can be found here.
Wednesday, November 2, 2011
Large Corporations Started During Recession Times
Again I decided to go back to using examples of businesses that today are extremely successful, that were started during recession times. Again this is meant to inspire all you young entrepreneurs out there to have the guts to go for the business you want and to make your dreams of working for yourself to come true. The list I used, which I excluded some previously mentioned companies from, can be found in its entirety here.
1) Burger King Corp. - The King was given burth in Miami, FL in 1954 and made it thru the recession and even invented its successful signature burger, the Whopper, to enable it to maintain profitability thru that time
2) IHOP Corp. - another star restaurant from the age after WWII, IHOP opened in July 1958 in Toluca Lake, California. They began franchising three years after opening, and today there are over 1300 locations in the US.
3) LexisNexis - a star research company that is a hub for law and media, the company originally made its computerized legal research during the 1973 oil crisis. The company, which is now based on the Internet, is used by 100 countries by professionals in law, government, education, and business.
4) FedEx Corp- one of the worlds best logistical delivery companies began its life on April 17, 1973, the owner Frederick W. Smith hoped to get a new contract with the Federal Reserve but failed. Still the company that delivered 186 packages to 25 cities on first day of operations now does more then 7.5 million shipments a day world wide.
These companies have stood the testament of time due to superior business planning and execution, and they serve as good examples for any young entrepreneur to base their company off of.
1) Burger King Corp. - The King was given burth in Miami, FL in 1954 and made it thru the recession and even invented its successful signature burger, the Whopper, to enable it to maintain profitability thru that time
2) IHOP Corp. - another star restaurant from the age after WWII, IHOP opened in July 1958 in Toluca Lake, California. They began franchising three years after opening, and today there are over 1300 locations in the US.
3) LexisNexis - a star research company that is a hub for law and media, the company originally made its computerized legal research during the 1973 oil crisis. The company, which is now based on the Internet, is used by 100 countries by professionals in law, government, education, and business.
4) FedEx Corp- one of the worlds best logistical delivery companies began its life on April 17, 1973, the owner Frederick W. Smith hoped to get a new contract with the Federal Reserve but failed. Still the company that delivered 186 packages to 25 cities on first day of operations now does more then 7.5 million shipments a day world wide.
These companies have stood the testament of time due to superior business planning and execution, and they serve as good examples for any young entrepreneur to base their company off of.
Tuesday, November 1, 2011
Strategic Vision in Small Business
After writing these blog posts that share advice with you from many sources, I decided to focus this blog post on what I believe is the most important aspect of any small business. That is the fact that I believe they should be planned for the long haul, so that you can come back ten years later and see a thriving and more successful business then when you started it. These are the kinds of businesses that stand the test of time and deliver the best value for their customers, workers, and owners. I found a post on a website that mirrors my views and it can be found in its entirety here.
From the first day that you are planning a business you must decide to set aside time for strategic business planning. It is recommended that you at least have quarterly, preferably monthly board meetings just to have a strategic planning session. Holding these meeting allows you to look critically at your business and use whatever measuring system you decide to use for success.
What needs to be measured differs from business to business, as some are more customer profit oriented, where as others are product oriented, and yet others service oriented. They all may have different metrics to measure by such as average number of customers, profit margin, and feedback on service. You must decide on a scale you agree can be used to measure success. If you are consistently meeting or exceeding your standards for success you know that you have a successful business model on your hands, and you can make subtle adjustments at strategy meetings to increase what you want from your business.
From the first day that you are planning a business you must decide to set aside time for strategic business planning. It is recommended that you at least have quarterly, preferably monthly board meetings just to have a strategic planning session. Holding these meeting allows you to look critically at your business and use whatever measuring system you decide to use for success.
What needs to be measured differs from business to business, as some are more customer profit oriented, where as others are product oriented, and yet others service oriented. They all may have different metrics to measure by such as average number of customers, profit margin, and feedback on service. You must decide on a scale you agree can be used to measure success. If you are consistently meeting or exceeding your standards for success you know that you have a successful business model on your hands, and you can make subtle adjustments at strategy meetings to increase what you want from your business.
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