Taxes, Economy, and Productivity In the Workplace

July 1, 2016 by

business (6)

For many people considering starting their own business, the statistics are not very encouraging.  According to an article in Forbes magazine, 7 out of 10 small businesses survive at least 2 years in the United States, and although some people believe those are grim statistics and do not reflect the real reasons why many business close their doors after two years, the truth is many do close their doors and that’s what counts.  Choosing the best state and the best people to help you start your business seem to be key if you want to succeed.

The Growing Gig Economy’s Impact On Small Business

There’s a trendy term making its way through the business world: the gig economy. As a small business owner, you’ve likely heard it being thrown around at networking events or read about it in industry publications. But what does it mean, and how does it affect your business? In this article, we’ll discuss exactly what the term “gig economy” refers to and how it’s shaping today’s small businesses.

Defining the Gig Economy

There was a time when the word “gig” conjured images of a garage band booking a concert at your local bar and grill. Now, however, the word refers to any project an independent professional completes in exchange for pay.

It can be concluded, then, that the term “gig economy” references the increasing trend in today’s business world toward hiring independent contractors (think interims, consultants, freelancers) as an integral part of companies’ task forces.

State Ranks 10th Worst For Small Business Taxes

Connecticut ranked 10th worst in the country for small business taxes, according to a report issued Wednesday. It is the fourth straight year for that ranking.

The Small Business and Entrepreneurship Council (SBEC) ranked Connecticut 41st of the 50 U.S. states in its annual Small Business Tax Index. The last time the state wasn’t ranked in the bottom 10 was 2012 when it was 40th. The report is issued just ahead of the new fiscal year, which begins July 1. Connecticut did not pass any new taxes in its budget set to take effect Friday.

SBEC uses 25 measures to create a ratings system for the index. The measures include the state’s personal income tax rate, taxes applied to LLCs and other types of companies, gas and internet taxes, among other factors.

Connecticut’s index rating was 65.467, which put it between Nebraska with a 57.933 and Maine at 65.492. South Dakota ranked first at 12.114 and California was last with a rating of 84.547. In addition to Maine, Vermont was another New England state that rated below Connecticut.

7 Small-Business Owners Share Their Best Productivity Tips (Infographic)

Efficiency is a buzzword often bandied about in the office, but what does it actually mean and why is it so important?

Merriam-Webster defines it as “the ability to do something or produce something without wasting materials, time, or energy.” In other words, efficiency — rooted in the Latin verb efficere, which means “to accomplish” — is essentially making haste without waste. In the results now-focused world of business, it’s accomplishing things quickly without frittering away company time or money, both of which many entrepreneurs cannot afford to lose.

To help you mind your business — and, by extension, your bottom line — in good time, the folks at Make It Cheaper, a service that helps small and medium-sized businesses negotiate cheaper rates on insurance, broadband and electricity, have rounded up seven key efficiency lessons from a host of entrepreneurs. From delegating tasks to avoiding distractions, check them out in the short and, yes, efficient infographic below.

 

Filed Under: Ohio Business News Tagged With: , , , , , , , , , , , , , , ,

Apps And Tips To Help Your Small Business

June 21, 2016 by

Customer Relationship Management business chart on a digital tab

There is always the dream for many people to have their own business and be their own boss.  You either will succeed on your terms or not.  A small business for many people is a scary idea that they better not contemplate.  But, if you are like the millions of entrepreneurs in the United States, you need to try, and it is never too late according to many small business owners.  The paperwork, and costs  associated with starting a small business have been declining over the years, making it more feasible for an individual to open shop.  For free advice and other related articles to starting your own business, follow the links below.

Facebook Messenger Is Actually Helping Small Businesses Boost Sales

According to the company’s director of small business.

Facebook has built its reputation on its ability to get granular. Because the social network knows so much about its 1.6 billion users, marketers can use the platform to target highly curated groups of people.

But small–business owners should think on an even more individual level, says Dan Levy, the company’s vice president of small business. He repeatedly sees companies missing out on a valuable, and inexpensive, tool: Messaging.

For better or for worse, over the last decade the phone call has gone the way of the Dodo. Millennials may have driven the trend, but by this point Gen Xers and even Baby Boomers would often rather text than talk. This extends to their interactions as consumers. “Small-business owners are telling me, ‘I’m getting more sales leads over Messenger than I get over the phone,’” Levy says.

Ken Crite: It’s never too soon to start small business

Small firms accounted for 64 percent of the net new jobs created between 1993 and 2011 (or 11.8 million of the 18.5 million net new jobs). Since the latest recession, from mid-2009 to 2011, small businesses have accounted for 67 percent of the net new jobs.

With this in mind, if the focus was on the development and/or expansion of small businesses, we should experience a more rapid rebuild of the economy.

When large corporations expand and create 50 new jobs, there are several hundred applications, leaving the majority of the applicants in the same situation that they were in prior to applying.

If half of the applicants decided to start their own small business and hired only one additional employee, the job creation and development increases dramatically.

10 Must-Have Apps for Your Small Business

Today, tablets and mobile phones are enabling every industry, every line of business and every employee to work in astounding new ways. This capacity is fueling a new generation of apps, delivering more power, more insight and more capability to businesses than ever before.

This is true for businesses of all sizes – both large and small. Leveraging the right kinds of apps can make for a cohesive business ecosystem valuable in increasing productivity, streamlining business processes, and instilling creativity overall. So where to start? This slideshow offers a look at some of the best types of apps for kicking your small business off the ground or to a higher level.

Mind Mapping

The practice of mind mapping goes beyond the brainstorming exercises you did in elementary school. When you’re beginning a business, it’s important to think through everything and being able to collect your thoughts in a flexible way, especially when you’re on the go, is valuable.

 

Filed Under: Ohio Business News Tagged With: , , , , , , , , , , , , , , , , , , , ,

Small Business Tips And Information

June 15, 2016 by

59948705

The United States unemployment rate to date is 4.7%, and that’s a rate many considered full employment.  And although the unemployment rate is very low, many people wonder if it is because many people have stopped looking for jobs because they are frustrated with the jobs available to them.  The economy though seems to be growing, but at a smaller rate than the previous two years.  Up to date, the U.S  economy has grown only an 0.8%, when historically has grown 3% in a year.  More than 750 thousand jobs have been added this year, and people are wondering if the economy is not stalling.  For more about small business news, follow the link below.

Every Small Business Owner Should Know The 80/20 Rule

Alternately referred to as the Pareto principle or the law of the vital few, the 80/20 principle is one of the most important concepts in modern entrepreneurship. The term dates back to the 1940s, when the principle was named after pioneering Italian economist Vilfredo Pareto. In brief, the principle states that 80 percent of the effects are derived from 20 percent of the causes. Here are three different ways the 80/20 rule applies to modern-day business practices.

Training Your Staff

Regardless of industry, the success of any for-profit organization depends on the training and talent of its sales staff. To ensure that your sales staff is in the best possible position to succeed, they must receive training that allows them to overcome the objections of potential customers. As noted in this Entrepreneur interview, the best way to meet that objective is to teach your team the 20 percent of the knowledge they’ll need to answer 80 percent of consumer inquiries. Using the 80/20 rule, your training program will be compact enough to get new staffers up to speed as quickly as possible.

Pursuing Leads

The most commonly cited example of the 80/20 rule in business is that 80 percent of your company’s profits will come from 20 percent of your customer base. In order to maximize your company’s profitability, you should pour over your sales data to find what your most lucrative customers have in common. Whether its geography, age or marital status, you will find a commonality among your biggest purchasers, and once you do, you can adjust your marketing strategy to target that specific demographic.

Gene Marks: Here’s how one small business is controlling its healthcare costs.

The numbers are starting to come in and it’s not looking good. Healthcare premiums for both individuals and businesses of all sizes are going up again in 2017.

By a lot.

This is the time of year when insurance companies in each state request approval from regulators to set premiums for the following years. And big increases are being requested. How big? Humana is asking to raise rates by as much as 65 percent in Georgia and 38 percent in Pennsylvania. Providence Health wants to increase rates by almost 30 percent in Oregon. Insurers in Indiana, New Mexico and Maine have all requested rate increases north of 20 percent. Let’s not go into the reasons why all this is happening – there are many. What’s more important is facing up to the fact that healthcare is going to cost my small business a lot more next year. And, like every other business owner in the country, I’m struggling with what to do. How can I keep this huge cost under control?

Get Started: Money, Regulation Are Small Business Challenges

MONEY, REGULATIONS CHALLENGE BUSINESSES, SURVEY FINDS

Small businesses are still struggling to get the money they need and to comply with government regulations, according to a survey by Babson College.

Company owners who took part in the survey said they’ve been able to get only about 40 percent of the money they requested from all sources, including loans and investor funding. The nearly 1,900 survey participants sought a median amount of $100,000, but received only $40,500. The survey also found that banks are companies’ primary source of funding.

Finding money has long been difficult for small businesses, particularly young ones. However, getting loans has been even tougher since the recession because banks are extremely cautious about lending in general.

Businesses that seek funding are most likely to use it to supplement their cash flow or to buy real estate or equipment. Only about 8 percent of the owners said they wanted money so they could hire more staffers — a finding that’s in line with other surveys that have shown owners are conservative about expanding their payrolls.

 

Filed Under: Ohio Business News Tagged With: , , , , , , , , , , , , ,

The State of Small Business Today

June 3, 2016 by

64002400

Many small businesses where the minimum wage has increased, are dealing with issues that they believed are detrimental to the growth of their companies.  Federal law regulation about overtime pay went into effect December 1, 2015, making this another issue to overcome.  As a small business owner, is 2016 a better or worse year for you?

To read more about this and other news, follow the links below.

What You Need to Know About the New Federal Overtime Rules 

Scheduled to go into effect Dec. 1, 2016, the new rule changes overtime regulations under the Fair Labor Standards Act’s minimum wage and overtime protections. Previously, employees were excluded if they were salaried, earned at least $455 per week ($23,660 per year) or were in positions considered executive, administrative or professional. Now, those exemptions will be lifted and the pay threshold for overtime protections will be raised to $913 per week, or an annual salary of $47,476. That pay threshold will be updated once every three years, indexed to wage growth over time.A rule change announced May 18 by the U.S. Department of Labor (U.S. DOL) would expand overtime protections to an estimated 4.2 million workers, extending the rule to cover those making less than $47,476 per year and removing long-standing exemptions in the law. Business News Daily dug into the specifics of the new regulation and spoke with labor policy experts and human resources professionals about the anticipated effects of the change, for both employers and workers.

Paychex Sees Small Business Job Growth Dip in May

The pace of small business job growth dropped slightly in May after a strong start earlier in the year, according to a new report from the payroll giant Paychex.

The Paychex | IHS Small Business Jobs Index, which the company compiles with the research firm IHS, declined 0.18 percent in May, from 100.77 to 100.59. Nevertheless, the pace of small business employment growth has increased 0.22 percent since the beginning of 2016.

“It’s roughly flat compared to a year ago, but the pace of small business job growth slowed a bit in May after a pretty hot start in ’16,” said Paychex president and CEO Martin Mucci. “We had a good start, but it’s dropped off a little bit. We’ll see if it’s a trend or not, but at this point we still feel like we’ve got pretty good job growth in small business, despite a little slowdown in May.”

Instagram targets small business ad revenue

SAN FRANCISCO — In a major bid to ramp up advertising revenue, Instagram is rolling out new features for small- and medium-sized businesses including the ability to buy an ad within the mobile app.

“This is really the first time you can advertise like this within the app,” James Quarles, Instagram’s global head of business and brand development, told USA TODAY.

“We have millions of businesses, great community members, and today we want to help them to have the capability to be a business on Instagram, not just be an account,” he said.

 

Filed Under: Ohio Business News Tagged With: , , , , , , , , , , , , , , , , , , , , , ,

The Decline of Workplace Productivity

June 1, 2016 by

business (1)Productivity is the quality, state, or fact of being able to generate, create, enhance, or bring forth goods and services- (dictionary.com).  And unfortunately, according to the U.S. Bureau of Labor Statistics productivity in the workplace is declining and has been for many years, with no clear solution.   You can finger point and blame a group, a department, or even specific individuals, but the truth is productivity in the workplace is declining and management has very few solutions to the problem.

For more about this and other topics, follow the links below.

Workplace productivity declines: Blame millennials (employers agree)

A report by the Dallas Fed was released this morning, showing a significant decline in factory activity during the month of May. With this decline came serious concerns about an increase in labor costs coupled with a lack of productivity from workers.

Akin Oyedele of the Business Insider reported that “most other regional manufacturing indexes, including those from New York, Richmond and Chicago showed that the sector’s rebound is taking longer than anticipated.”

It is alarming to find that Dallas is not the only city to be facing manufacturing decline. “Like Dallas, there was also renewed slowdown in Chicago after a few months of recovery,” said Oyedele.People expressed concerns towards the Department of Labor’s recent changes in salary, with an overtime increase of $47,476 from $23,660 spiking business costs. The overtime salary complaint was heightened by frustrations that workers were not using their time productively, with specific complaints directed towards the younger employees.

Chika Uwazie: How to Increase Workplace Productivity

Wow, it’s another week and instead of seeing happy motivated employees eager to get back to work after the weekend; you see a zombie like crowd just shuffling their way through the doors and into their cubicles. They come to work emotionless, far from motivated and definitely not eager to get back to work. Some even go as far as wearing a T-Shirt that says “I Hate Mondays” (We get it!)

Now, many Nigerian employers do not see that these are the signs of an unmotivated workforce. In case you didn’t know, an unmotivated workforce is an unproductive workforce and an unproductive workforce is the number one killer of business success (we do not want that do we?).

Is Coffee Really Toxic to Workplace Productivity?

Coffee is the staple requirement for any good programmer, and it’s a great way to build your network. But the real cost of those coffees is higher than the price at the till.

In the Observer, writer Isaac Morehouse made a provocative proposition: the habit of grabbing coffee with colleagues or partners “just to chat” is killing our productivity.

“Let’s grab coffee and chat.”

According to Isaac Morehouse, those five words can be damning. Morehouse’s opinion is that when you become known for doing interesting things, like starting a business or writing intriguing articles, lots of people want to have coffee with you. Most of the time, he says, it’s a bad idea.

Morehouse continues:

“Face to face meetings can be valuable. There’s an energy that you don’t get any other way. But the cost is very high, and it’s rare to gain that energy with a stranger. Unless you know from interactions over email, social media, or phone that you and this person have mutual interests and will both be spurred to beneficial action by a coffee meeting, avoid it.”

 

Filed Under: Ohio Business News Tagged With: , , , , , , , , , , , , , ,

Busy and Productive Aren’t the Same Thing

June 1, 2016 by

business (11)It’s confusing.  There’s a big difference between being busy and being productive, but many people think they’re the same thing – especially small business owners.  They often mistake a busy employee for a productive one, usually to the business’s disadvantage.  Thousands of businesses have closed because, while they may have been busy, they weren’t productive.

This isn’t just playing with words; there’s a marked distinction between the concepts, and the actions which go with them.  A difference that’s important for owners to understand.  Many don’t have a good working knowledge of the process of or requirements for genuine productivity.

Usually, because they don’t “get it” they don’t make it a priority.  They aren’t good at managing it.  They don’t track it or, worse yet, even expect it out of their employees (or themselves, but that’s another article).  Therefore, let’s look at what it is and why it matters.

Simply put – productivity is the amount of value (money) produced divided by the amount of costs (i.e. time, supplies, personal) required to do so.  It’s calculated by dividing the output created during a specific time by the total cost used to produce it.  This formula can be used to measure the yield of many things: shifts, individuals, products, machines, crews, etc.

But, how does it actually work?  Let’s look at a composite example.

Sam had a successful machine shop with a 1st and 2nd shift.  He wanted to increase his volume, but didn’t know how to get to the next level.  He believed his employees were as productive as they could be, because when he was on the shop floor they always seemed busy.   

He was skeptical when Tim, an outside professional, challenged his beliefs.  Tim was able to document, using the formula for productivity, that the 2nd shift was more productive, therefore more profitable, than the 1st shift.  He was also able to determine the reasons why. 

Even though they worked the same total hours the 2nd shift had higher output, used fewer materials, took less time to do a job and had a smaller amount of rework.  In addition, they had lower employee turnover, fewer call offs and not as much tardiness or early clock outs. 

However, neither shift had a productivity rating over 70%.  Sam admitted that both shift foremen had talked to him about making some changes to increase the efficiency of their crews, but he hadn’t listened.  He’d thought the employee’s busyness was equal to their effectiveness.

An owner should be able to recognize which work creates value.  Typically, this means thinking and behaving differently than he has in the past.  Replacing busy work with productive work can take time and diligence, but it usually results in happier employees, higher profit and increased happiness for the owner. 

Filed Under: coaching Tagged With: , , , , , , , , , , , , , , ,

Small Business Social Media, Cybersecurity, And Social Networking

May 20, 2016 by

54642287Many people around the globe are willing to give a lot of private information about themselves if it means they will get something of value in return.  Researchers found that among these, millennial are the most willing demographic to give information about themselves.  And although the information is of value to these companies, millennials do not seem too concerned whether this information will be use ethically or not.

To read more about this and other topics follow the links below.

What Small Businesses Need to Know About the Future of Cybersecurity and Hackers

Q: What should small businesses know about for the future of cybersecurity?

A: The truest way to frame the future of cybersecurity is to expect constant change. With estimates ranging from 20 to 50 billion connected devices coming online between now and 2020, the attack surface is expanding at an exponential rate. This fact along with hyper-connectivity brought on by new technologies like 5G will amplify the appetite of bad actors as they try new techniques to attack and disrupt your business. Our industry will continue to take on these new challenges through continuous innovation and recasting how security solutions are built and deployed.

To help thwart the efforts of cybercriminals who target businesses like yours, make it a point to stay informed of what’s going on in cybersecurity and how it may impact your business. Part of staying informed would include how contemporary security solutions are addressing these cybersecurity challenges. I would suggest taking an hour or two each week to understand the cybersecurity trends that are impacting your specific industry (health, finance, manufacturing, retail, etc.) and along the lines of the size of our business.

Why Social Networking Matters For Small Business Owners

Getting the word out about your company is one of the biggest challenges for small business owners today. No matter how great your product is, it can be hard to get noticed when your marketing budget is a fraction of the size of your bigger competitors.

Fortunately, there are a few things you can do to even the score. With websites like LinkedIn, Facebook, Twitter, Instagram, Periscope, and more being developed each day, it has never been easier to get more bang for your buck and to use social networking to your advantage.

People Give Money to People

It’s an old fundraising adage that people give money to people. This is not to say that a great idea doesn’t help, but at the end of the day the thing that’s going to attract customers to your brand and keep them coming back is a personal connection.

Social networking helps you make a personal connection by allowing you to give your followers access to a behind-the-scenes look at your business. The swanky Providence-based restaurant North’s Twitter feed is a great example of this kind of approach—almost every post has an image of a new menu, fresh ingredients, or a delicious-looking new dish. Including images is a key strategy for increasing intimacy and creating more effective and shareable social media content.

3 signs your small business should forego social media, and what to do instead

Wait — you thought every business needs a social media presence? Columnist Jordan Kasteler explains why being on Facebook, Twitter or YouTube may not be the right answer for a small business.

If you’re a small business owner, the title of this article may not sit well with you. After all, there’s no shortage of online articles and blog posts insisting that it’s necessary for businesses of all sizes to maintain a social media presence.

Admittedly, having a professionally crafted social media presence does benefit many large companies worldwide. Social media, when done right, can give a brand or a public figure an effective “voice” and let their personality shine. (Even Bernie Sanders can attest to social media’s branding abilities.)

Effective social media practices also can make a company more visible, as well as build trust with its consumers.

However, all this being said, a huge problem exists for small businesses that spend time and effort on social media: The return on investment is often lacking.

Countless small businesses don’t have the ability to do social media right. Is yours one of them? Here are three signs that you need to be getting out of the social media arena:

 

 

 

Filed Under: Ohio Business News Tagged With: , , , , , , , , , , , , ,

Small Business Lending – Are The Terms In Your Favor?

May 4, 2016 by

donk1-300x266

Many small business owners try to keep cash in hand to cover payroll and any other contingencies they may have month in and month out.  If some small businesses have problems meeting payroll that month, they have to come with a solution right away.  Small business loans are a solution for them, but sometimes the terms of the loan are not worth the trouble. Small businesses are the most susceptible to scams, or poor loan rates that eventually are more harmful than not.  Before you signed on a loan that you really need, be careful what you are signing for, understand the terms, and borrow only what you need and not more.  Shop around first, and if a bank is not offering the best terms for you, there are many others that will want to work with you, and your business.

For more about this and other topics follow the links below.

SMALL BUSINESS ALTERNATIVE LENDING: Alternative roads to capital will add billions to the small business lending market.

Small businesses are the backbone of the US economy. Small businesses — businesses with less than 500 employees — represent 99% of US companies, 54% of total sales, and 55% of all jobs, according to the US Small Business Administration. And these businesses need capital in order to grow.

But small businesses are underfunded — only half of small businesses with $100,000 to $1 million of annual revenue received at least some of the financing they applied for from large banks in late 2015. This is partially because banks have retreated from this segment because issuing loans to small businesses using the traditional underwriting model is expensive. This leaves a massive amount of unfulfilled loans that we estimate reached $96.5 billion in Q4 2015.

Alternative lending companies have stepped in to capitalize on the opportunity available in helping meet more small business’ lending needs. Alternative small business lending platforms use machine learning and digital tools to extend credit to a wide array of small businesses quickly and efficiently, particularly to those that have been rejected by banks. Alternative small business lending companies provide digital platforms that connect small business borrowers to capital using nontraditional means.

Small Business Loan Approval Rates Surge

Big banks have long been accused of turning a blind eye to small businesses’ credit needs, but things are changing for the better now.

According to the Biz2Credit Small Business Lending Index, March 2016, the monthly analysis of more than 1,000 small business loan applications on Biz2Credit.com, loan approval rates at big banks and institutional lenders has hit new highs.

By contrast, approval rates declined slightly for small banks, credit unions, and alternative lenders.

Key Highlights

Some of the top findings of the monthly study include the following:

  • Big banks approved 23 percent funding requests in March, up two-tenths of a percent from February 2016,
  • Institutional lenders improved their approval rates to 62.8 percent, up from 62.7 percent in February,

Chase Quietly Launches Its Online Small-Business Loan Platform

Following months of behind-the-scenes work with OnDeck Capital, JPMorgan Chase has quietly started offering online loans to its existing small-business customers.

The New York megabank launched its digital lending platform on a limited basis last week, spokeswoman MaryJane Rogers confirmed Monday.

Existing Chase small-business customers are being prescreened, and some of them are being invited to apply for loans of up to $250,000, according to Brian Geary, director of platform solutions at OnDeck.

JPMorgan has roughly 4 million small-business customers. The bank declined to say how many of those clients have received invitations to apply for a loan, or when its online lending platform will be opened to a broader group of prospective applicants.

 

Filed Under: Ohio Business News Tagged With: , , , , , , , , , , , , , , , , ,

Non-traditional Small Business Loan Lenders – Be Very Careful

May 4, 2016 by

59948705Not too long ago there were only a few options when a small business (SMB) owner needed a loan.  There were banks, savings and loans or credit unions.  If you didn’t qualify for a traditional loan there was always your brother-in-law who knew a guy, who knew a guy.  But, as gangster movies have taught us, that never goes well.

But, now with internet banking the choices have grown.  There are hundreds, possibly thousands, of non-traditional lenders.  They operate entirely online and are offering loans to SMBs who are considered too risky by traditional banks.  They can be just what you need or ruin your company.  Remember the lessons of the Great Recession? 

It was fueled, in part, by the housing loan industry: greed, aggressive lending practices, bad underwriting, poor regulation, dishonesty and matching customers with unsuitable products.  They put people into houses they couldn’t possibly afford with loans they didn’t understand.

There’s limited regulation of online SMB lending companies and many are following in the housing loan industry’s footsteps.  The unscrupulous ones are giving money to owners who don’t understand the loan’s terms and will never be able to service the debt.  It’s up to you, the borrower, to protect yourself by knowing what you’re getting into.

Look for companies who are transparent.  The pricing and terms (i.e. one time charges, upfront costs, administrative and origination fees) should be easy to find and understand.  The annual percentage rate (APR), which shows the loan’s true and total cost, should be prominent. 

They should be willing to answer clearly (no jargon) and completely (go over it as many times as you need) any questions you have.  They’ll provide, in writing on the website, full disclosure of all their products and services, and won’t try to steer you to ones that aren’t in your best interest.  There should be no hard up-sell or dismissal of your concerns.

Many lenders use brokers and salespeople who earn commissions from making loans.  There’s a growing problem with unscrupulous people giving SMB owners loans they have no hope of paying back – which usually results bankruptcy or re-borrowing.   An honest, ethical salesperson will reveal their commission structure and the borrower’s cost. 

Good business people take out bad loans.  Most get one with the full intention of paying it back, but then are unable to do so.  Ethical alternative lenders know the consequences of doing business with riskier customers and they work with responsible third-party debt collectors.  Their disclosures should plainly spell out your rights to fair collection practices. 

Nontraditional business loans are complex and hard to understand.  It’s easy for someone to get confused and make a bad decision.  It’s the responsibility of the SMB owner to make sure he has a fair lending experience.  Don’t put yourself in a no-win situation because you didn’t take the time to do your due diligence.

Filed Under: coaching Tagged With: , , , , , , , , , , , , , ,

Apps And Tools To Make Your Small Business Run Efficiently

April 28, 2016 by

Customer Relationship Management business chart on a digital tab

According to the Small business administration (SBA) small businesses in the United States have increased by 49% since the 1980s. and provide more than half the jobs in this country. And although small business owners employ many workers, their personal loads at work have increased. They do more than one job at any specific time, and their long hours seem to never be enough to catch up with the many things they have to accomplish daily.  If you find yourself in a similar situation, then this article might benefit you tremendously.  Read more by following the links below.

Top 10 mobile apps for business executives

Anyone with a smartphone or tablet knows that a good app can make life easier — and business executives are no exception. These are the top 10 consumer apps that business people turn to for day-to-day productivity.

Mobile apps for business executives

Apps make your life easier. You can place an order for nearly anything with the touch of a button, you can call a cab to your door or schedule an appointment all without talking to a live person. It seems only natural that as apps make our personal lives more efficient, they’re also making our business lives more productive and functional.

“Over the last five to 10 years we have seen enterprises move away from in-house apps to off-the-shelf or SaaS models. Many of these are consumer-grade services that are retrofitted to specific enterprise needs,” says Dan Rowinski, editor in chief of the Application Resource Center (ARC), publishers of the report and the editorial and research arm of app quality and testing company Applause.

4 Tools That Make Your Small Business Look Big

Being a small company has its benefits: You’re agile, able to change directions at a moment’s notice. You’ve got autonomy, as your business is independent of a giant conglomerate. No, you’re not attracting the same number of consumers as a household name business, but that doesn’t mean  you can’t look every bit as professional to the consumers you do reach. You can make your small business look big.

Build/Update your Website:

The U.S. Small Business Administration (SBA) estimated last year that 50 percent of all small businesses still didn’t have a website. Without a presence on the web, your small business can easily go unnoticed by potential customers. Now the good news: It’s easier than ever to create a website, especially one that your customers can access from their mobile devices. More than 75 percent of mobile phone users access the internet through them, and the number will rise to nearly 86 percent by 2018. Google now favors sites which work well on mobile in its search results: You definitely want to be one of the top results when people go looking.

KANSAS CITY — A little over a month ago, Tony Spagnoli, an aspiring coffee roaster in Philadelphia, discovered his fledgling business had received $3,500 from Mondelez International, Inc. Specifically, the money came from Triscuit Maker Fund, a project launched with crowdfunding web site Indiegogo to support artisanal food makers. On March 23, the cracker brand invested $250,000 to help fund 55 food makers’ campaigns on Indiegogo. Ranging from microbrewers to food trucks to small farms, the businesses represent a diverse scope of backgrounds, products, size of organization and geographic location across the United States and Canada.

“The timing of the Triscuit Maker Fund was just impeccable,” Mr. Spagnoli told Food Business News. “I had reached the point where I needed new capital to do some training and buy additional equipment, and I was also in the process of changing the brand name, so I had to redo a lot of collateral and the web site.”

 

Filed Under: Ohio Business News Tagged With: , , , , , , , , , , , , , , , , ,
« Previous Page
Next Page »