The Problems Plaguing The Small Business Owner

March 22, 2016 by

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For many small business owners sales and marketing are not the only problems they have to contend for the success of their business.  Not long ago, the idea of  online marketing, online retail, and having a social media presence for their business was a remote possibility for them. Now, the small business owner has realized the importance of utilizing the web to expand, promote and acquire the sales required for its survival. As a small business owner, what is a big problem within your business? Is it the amount the taxes you have to pay every year, the paperwork, or hiring the right people for your business?  Follow the links below to learn what are some of the problems plaguing the small business owner in the United States.

3 Growth Challenges Facing Small Businesses Right Now

Hiring is simultaneously one of the biggest opportunities and one of the biggest challenges small businesses have. Expanding your staff is necessary for taking your company to the next level of growth, and the right hire can help your sales skyrocket. On the other hand, it can be incredibly difficult to find the perfect candidate, and if that person turns out to be the wrong choice, it can cost a lot of time and money to replace him or her.

Based on recently released studies and reports, here’s what you need to know about the current state of small business hiring and growth, and what challenges business owners are dealing with.

Seventy percent of small businesses experience problems during the hiring process.

Small businesses were responsible for nearly half of all new U.S. jobs in 2015, and yet the vast majority said that the hiring process takes longer and is more difficult than they expect, found an ADP survey. ADP polled more than 1,000 owners and managers of companies that had fewer than 50 employees, finding that the biggest specific challenges were longer hiring cycles (34 percent), a loss of productivity (28 percent) and new employees not meeting expectations (25 percent).

DIY IT: What Your Small Business Needs to Know

Cybersecurity is an issue that’s probably on the mind of every business owner. The growing list of corporate data breaches, coupled with the more-secure EMV credit card chip technology that emerged last year, has made businesses and consumers alike highly aware of the security risks that exist in today’s world.

Despite numerous studies and statistics on hackers targeting small businesses, many owners still have an, “It won’t happen to me” attitude about security. This is a dangerous way of thinking that could ultimately leave your business open to a whole host of potential risks.

“Many small business owners underestimate how vulnerable they are to security threats,” said Sanjay Castelino, vice president of marketing at Spiceworks, a provider of information technology solutions. “Our recent IT security report shows business owners are facing a number of threats from malware to phishing to ransomware, and the attackers range from lone hackers to rogue employees. Once [a business is] successfully attacked, earning back customer trust and fixing the damage is often too costly for small companies.”

What Many Small Businesses Call Their Biggest Challenge

The 2015 Small Business Credit Survey Report on Employer Firms, released March 3 by seven Federal Reserve Banks, contains disturbing news.

Twenty-two percent of small businesses with annual revenues over $10 million identified compliance with government regulations as the biggest challenge they faced over the past 12 months. That’s up from only four percent in a similar but smaller survey last year.

Participants in the 2015 survey ranked government regulations as more problematic than credit availability, cash flow, the cost of running a business, taxes, and other problems.

For an overview of how government regulations continue to climb, see The Heritage Foundation’s “Red Tape Rising: Six Years of Escalating Regulation Under Obama.”

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Do You Have Salespeople or Order Takers?

March 2, 2016 by

business (9)It’s 2016 and just like small business owners all over Northeastern Ohio you’re vowing that this is the year you’re  going to focus on increasing sales.  This is the year the sales department is finally going to “get it in gear”.  Then, just as you did in 2015, 2014, 2013…, you dig  out the old goals and ideas.

For the sake of this article we’re going to assume the sales plan you have is a solid one.  (It may not be, which is a subject for another time.)  So, if it’s a good plan why hasn’t it worked all these years?  The problem with even the best sales plan is that it’s only as good as the people who execute it.

Most small businesses have order takers rather than salespeople.  This isn’t just a matter of semantics.  There’s a real difference in attitude, aptitude and mindset between the two – a difference which will increase or decrease your bottom line.

Order takers

Attitude – He sees his job as giving the customer just what they order.  They tell him what they want, he puts the order in and the transaction is complete.  His attitude is that his role in the sales process is a passive one.  He doesn’t believe that customers would get a greater benefit if he took a more active position.

Aptitude – She’s in the position by default, she didn’t seek it out as a career.  It may have been the only job available at the time or one she simply fell into.  She doesn’t really want to be a salesman, but “it’s a job that pays the bills”.

Mindset – His mindset is static and he fights innovation, believing “things are fine just the way they are”.  He sits in his office waiting for “new” business to come from the company’s existing lead sources (i.e. a RFP, an incoming call or a web request).  He plays solitaire on his computer waiting for the customer or prospect to come to him. 

Salespeople

Attitude – She believes she and the customer (or prospect) are a team, one which identifies problems and finds answers.  Her job is to take an active role in finding and helping people whose lives, jobs and companies would benefit from her product or service.

Aptitude – He likes and wants to sell, seeing it as an opportunity to make a good life for himself and his family.  He has an appreciation of the skills needed to be successful in the profession and works on developing them. 

Mindset – He enjoys his job and likes the challenges of the sales process.  He takes pleasure in “not being stuck in an office” and seeks out chances to interact face to face with future and existing clients.  His mindset is that he’s an expert concerning the product or service and others can benefit from his knowledge.

The question to ask yourself is, “Do I have salespeople or do I have order takers?”  If you have order takers, chance are you’ll be dusting off that unused sales plan about this time next year too.  It doesn’t have to be that way, make 2016 the year you add some salesmen to your work force.

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Small Business Financial News

February 18, 2016 by

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Depending on what news you read small business in the United States might be doing great or it may not.  According to CNBC -small business confidence is at the lowest since February 2014.  If you instead look at the survey conducted by Gallup at the beginning of this year for Wells Fargo, you will find that small business optimism jumped 13 points to reach the highest level in a year.

As a small business owner you have to decide for yourself – Bank statements handy — whether the economy and your optimism are at a good point at this time for you and your business.  Your industry may be doing extremely well while others industries are collapsing, or you may be ready to hire employees this year independently of what the polls are telling you. You know your small business better than anyone, make decisions that benefit your business and those working for you. Everything else will fall into place.

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

Small businesses in best financial shape in eight years

Most small business owners are feeling good about their financial situation, and that’s improved their outlook for the coming year.

That’s according to a quarterly survey of small business owners conducted in January by Gallup for Wells Fargo. This survey’s index of small business optimism jumped 13 points from November to 67, its highest level in a year.

These results run counter to what the National Federation of Independent Business found in its January survey of its members. NFIB’s small business indexfell last month to its lowest level in two years. The questions in each survey are slightly different, so that might account for some of the difference in the results.

The most noteworthy finding in the Wells Fargo survey was that two-thirds of small business owners rated their financial situation as good. That’s the highest percentage in eight years. More than 70 percent expect their financial situation will be good 12 months from now.

What small businesses can learn from a big business’s mistakes

It’s not hard to think of big businesses that have run into problems trying to grow in an economy that’s expanding in low single digits and where organic growth is very hard to generate. Mergers and acquisitions are increasingly becoming the best way to deliver the rapid growth that owners want and investors demand. Unfortunately merging and acquiring is a minefield – no matter how big or small the numbers involved might be.

The list of businesses that have overreached by borrowing money to buy a rival is long. Think of Hewlett Packard’s $5 billion write-off following its $11 billion acquisition of the software group Autonomy. Or Quaker’s disastrous takeover of Snapple, a deal which ended up costing Quaker $2 million for every day it owned the soft-drink group. Then there was the telecommunications giant Sprint, which ended up writing off a staggering $29.5 billion after buying Nextel. Its due diligence and haste to make the deal happen resulted in one of the biggest write-downs in corporate history.

Are the Conservatives losing the small business vote?

Government cuts alongside changes to tax returns, pensions and taxes on dividends is leading to a growing sense of outrage among entrepreneurs.

hen the first Conservative majority government in nearly 20 years came into power last May, there were high hopes among business owners. The Tories had assiduously courted support from SMEs during the election campaign, even launching a small business manifesto, pledging to cut red tape and review business rates.

With Cameron et al in Downing Street, many business owners breathed a sigh of relief. Among them was Richard Merrin, managing director of communications business Spreckley. “The biggest inhibitor over the past year was the prospect of the general election itself,” says Merrin. “It was no surprise to me that the very next day we saw an immediate uplift in new business inquiries and there is no doubt that the more business friendly Tories gaining an outright majority added to that confidence.”

 

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Small Business Confidence in The United States

February 9, 2016 by

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2016 has not been kind to the stock market. The quarter of a percent increase to the interest rate last year scared many people, even though analysts predicted the change would not be felt too much.  Globally, the markets are not doing any better than the US market, and commerce has slow down across the country and industries.  But despite all these issues, and despite the fact the small business confidence it at its lowest since 2014, the small business community feel confident about the labor market in this country.

For more about this follow the links below.

US small business confidence at two-year low

U.S. small business confidence fell in January to its lowest level in nearly two years amid worries about the near-term outlook for business conditions and sales growth, consistent with a recent slowdown in economic growth.

The National Federation of Independent Business said on Tuesday its Small Business Optimism Index fell 1.3 points to 93.9 last month, the weakest reading since February 2014. Still, small businesses remained fairly upbeat about the labor market.

The NFIB said there was little sign that a stock market selloff and December’s interest rate hike by the Federal Reserve, the first in nearly a decade, had impacted confidence. Owners’ perceptions of business conditions in six months weakened sharply as did their views of expected sales.

Workers Are Ready To Quit; Small Business Pay Hikes Hit 8-Year High

Americans are ready to quit, while small firms are hiking pay rapidly despite weak sales and gloomy forecasts. Business continue to trim inventories too.

Job Openings Jump; More Workers Quit

Job openings rose to 5.61 million in December from 5.35 million in November, the Labor Department said in its JOLTS survey. The number of hires climbed to 5.36 million from November’s 5.26 million. That’s the highest since September 2004.

Total separations climbed to 5.1 million. Quits hit a 10-year high of 3.06 million, up sharply from November’s 2.86 million. That suggests workers are growing more confident about finding other, better employment.

Wholesale Destockpiling Continues

December wholesales inventories fell 0.3% vs. the 0.2% drop expected. November stockpiles were revised from -0.3% to -0.4%. Meanwhile, wholesale sales fell 0.3% after tumbling 1.3% in November. The data suggest inventories were a slightly larger drag on Q4 GDP than first thought. Q4 GDP growth was initially estimated at a 0.7% annual rate, with other data also signaling downward revisions.

Rural businesses are struggling to recruit young people

Poor public transport, sluggish broadband and a talent drain to big cities is making it hard for countryside enterprises to survive

​face a number of challenges with running my rural Indian cookery school in Somerset. So when I had a chance to question George Osborne at the recent Federation of Small Businesses policy conference in London, I asked: “What assistance will there be to attract skilled young people to settle and take jobs in rural areas?”

Osborne suggested broadband was the answer, much to our amusement. His response missed the point: we do need better broadband, poor internet speeds are an ongoing problem in rural areas, but it isn’t the solution to attracting young talent.

To recruit young people I’m competing with a talent drain into the cities. Many young people who grow up in rural Somerset leave for university in Bristol, Bath and Cardiff and never return. Poor public transport links and living costs put them off. The majority of new people moving to my village are retirees.

 

 

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Use Your Business as a Personal Bank (and Ruin It)

February 4, 2016 by

business (11)Too many small business owners don’t understand the difference between personal and business money.  They don’t “get it” to the point of undermining their success.  Countless people have driven their thriving business into bankruptcy or severely limited its growth.

They have the same basic mindset – my business money is just an extension of my personal money.  While there are a variety of ways this thinking affects their actions there are 2 behaviors which are the most common.

Run everything through the business

They believe the business can and should absorb the costs of personal items (i.e. kid’s college tuition, boats, cars for family not working in the company, vacations).  But, that’s what personal money – salaries, savings accounts and loans – should be used for. 

They use the company account as a bank that provides interest free loans, which never get paid back.  Putting aside the tax consequences if they get caught, the bottom line is that most small companies can’t support the cost (overhead) of personal items. 

Money isn’t unlimited and too often the business starts to suffer.  The money to buy a needed piece of machinery, hire more personnel or a new service truck is tied up in the home basement remodel, a family country club membership and a new motorcycle.

Use the company as an ATM

Another way of using business money as personal money is raiding the coffers.  They may or may not run any personal items through the books, but believe the cash assets are fair game.  They unofficially take money out in addition to officially paying themselves a salary and bonuses. 

Some owners take “just a little” cash.  One took $30 a day out of petty cash for pocket money.  He was shocked when the accountant pointed out he was getting a $7,500 bump in salary ($30 x 5 days a week x 50 weeks a year).  A raise he hadn’t formally given himself, because the company couldn’t afford it.  Others take larger amounts, sometimes hundreds or thousands.

But, regardless of how the cash is siphoned off it takes money to make money and if the business doesn’t have enough operating capital, at best, it becomes impossible to grow it.  At worst, the financial hole is dug too deep; it can’t survive the drain and folds.

No matter how it’s done using the business as a personal bank is short-sighted and self-defeating.  Everyone knows, or should know, the story of killing the goose who laid the golden eggs, and yet many don’t learn from it.  It’s unfortunate, because when used properly business money can be parlayed into bigger profits, which means a higher salary and increased bonuses.

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The State Of The Small Business Community

February 3, 2016 by

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Taxes Due are just around the corner and  tax breaks, deductions and the cost of doing business are, if done properly a financial break to your business. You should take advantage of those deductions by talking to an accountant that knows your business well. An accountant is one of the people around your business that you should be very acquainted with, and your business should be of importance to them.  Getting the best advice — if not cheaply- can be to your advantage.

Follow the links for more news about this and other topics.

The Top 6 Small-Business Trends on the Rise

Join us in a city near you at Entrepreneur’s Accelerate Your Business event series kicking off Feb 23. View cities and dates »

2016 is a promising year for small business owners and entrepreneurs. The development of modern business technology gives small businesses the opportunity to develop low-cost, enterprise-quality products and services.

Social media, Internet marketing and ecommerce empower your business to reach potential customers in untapped markets all over the world. Staying informed on the latest trends in small business is crucial to maintaining relevance in the ever-evolving world of commerce.

Here are six small business trends you should be aware of in 2016.

1. Millennials

With its oldest members now entering their early 30s, the millennial generation is reinventing the way businesses manage the workplace and its employees. A report published by the U.S. Chamber of Commerce Foundation describes the social and economic impact posed by the people born between 1982 and 1999.

Small business hiring rebounds, despite rough 2016 start

Despite the worst January for the stock market since 2009, plummeting oil prices and concerns about an economic slowdown in China, U.S. small business hiring bounced last month, according to the Paychex-IHS Small Business Jobs Index.

The index, released Tuesday, rebounded 0.28 percent to 100.65 from December, matching the highest rate of small business hiring since May and offsetting the growth-rate declines of 2015. A reading above 100 indicates growth.

Marty Mucci, president and CEO at Paychex, said there was “nice growth” across the U.S., adding “most regions and states saw a bump up.”

Texas lost 0.47 percent to cede first place among states to Washington, with the impact of depressed lower oil prices taking their toll. Despite a 1.28 percent drop in January, Dallas maintained its top ranking among metropolitan areas for the 16th consecutive month.

Small business bill one step closer to passing

Small businesses are one step closer to having a say at the table of the Securities and Exchange Commission, or as it is more commonly known as, the SEC.

Monday the House of Representative passed the SEC small business advocate Act of 2015.

The bill was introduced by Delaware Congressman John Carney.

If successful, the bill would establish an office of the Advocate for Small Business Capital Formation and formalize a Small Business Advisory Committee.

Essentially what that means is it would offer a clear avenue of communication to SEC leadership on issues affecting small businesses by having a designated representative to advocate their needs.

Top 20 Tax Deductions for Small Business

On Wall Street, there’s a saying that past performance is no guarantee of future results. When it comes to taxes, however, past performance is a great indicator of the types of deductions that businesses typically take each year.

Last winter the IRS released data on Schedule C filers. Here are some of the most popular tax deductions for small business that were claimed by sole proprietors as determined by the dollar amounts, starting with the largest category. The same types of deductions can be claimed by other entities — C corporations, S corporations, partnerships, and limited liability companies (LLCs) (although there may be slightly different rules for some deductions). See which of these tax deductions for small business apply for your 2015 tax return.

Top Tax Deductions for Small Business

Car and Truck Expenses

Most small businesses use a vehicle, such as a car, light truck or van. The cost of operating the vehicle for business is deductible only if there are required records to prove business usage. In deducting costs, the need to keep records of cost (e.g., gasoline, oil changes) is eliminated if you rely on the IRS standard mileage rate of 57.5 cents per mile in 2015 instead of deducting your actual outlays.

Salaries and Wages

While payments that sole proprietors, partners, and LLC members taken from the business are not salaries (they are nondeductible draws), payments to employees are deductible.

Cyber Security: Keeping Your Small Business Safe

These days, the only way to successfully run a small business is to be connected, and we do pretty much everything digitally. This means that we are using a number of devices in small businesses, and a lot of sensitive information is being stored on these devices. Is your sensitive information safe from hackers? Because they don’t always have a lot of money to invest in sophisticated security software, criminals are targeting more and more small businesses. They know that security is minimal, and that they can steal money, information, and more. Here are some tips you can use to improve cyber security for your small business.

    • Identify All Sensitive Data – It is important that you identify each and every piece of company data that is sensitive. This includes any financial records, employee records, consumer information, etc. You need to know exactly where this information is stored on all devices and severs, and that you have the proper protection in place to keep all of your data safe.
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Ohio’s Economy

January 27, 2016 by

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At the beginning of 2016, and even at the end of 2015, the global market has lost trillion of dollars, and the end of it doesn’t seem to be near.  The U.S economy and Ohio’s economy cannot do better than what is happening globally.  It is not surprising then to know that the unemployment rate increased in December of 2015, and with the quarter of a percent increase in interest rates, small business owners are a bit hesitant about hiring new employees, and have the challenge of meeting payroll month after month.

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

Ohio jobless rate climbs to 4.7% in December

Ohio’s unemployment rate ended 2015 by going in the wrong direction.

The state reported on Friday, Jan. 22, that the jobless rate rose to 4.7% in December from 4.5% in November.

Nonagricultural wage and salary employment increased 15,200 over the month, to 5,451,500 in December from a revised 5,436,300 in November, according to data from the Ohio Department of Job and Family Services.

However, the number of workers unemployed in Ohio in December was 269,000, up 14,000 from 255,000 in November. The number of unemployed has decreased by 23,000 in the past 12 months from 292,000, the state said. A year ago, in December 2014, Ohio’s unemployment rate was 5.1%

Goods-producing industries, at 900,000, added 3,500 jobs over the month, as job gains in manufacturing (+3,200) and construction (+500) outweighed job losses in mining and logging (-200).

Ohio ranks in bottom third nationally for financial stability of residents: CFED Scorecard

CLEVELAND, Ohio – Ohio ranks in the bottom third of the nation when it comes to the financial stability of its residents, according to a scorecard released Monday.

The 2016 Assets & Opportunity Scorecard ranks the 50 states and Washington, D.C., in a range of areas, from financial assets and income to businesses and jobs to education. Ohio ranks 36th out of 51. The Scorecard is done by the Corporation for Enterprise Development in Washington, D.C., or CFED, which is focused on empowering “low- and moderate-income people to build wealth.” Ohio ranked 35 last year.

The Scorecard refers to such measures of financial stability – most often based on analyses of government data — as outcome rankings. Of 61 outcomes, Ohio performed below the national average on several of them most often crucial to ensuring financial stability for a state’s residents, according to Lebaron Sims, research manager at CFED.

Small-business lending: The next fixed income frontier?

​Forget the U.S. government — how about lending to your neighborhood dentist instead?

That’s what firms like Direct Lending Investments aim to allow investors to do, albeit indirectly. The $450 million fund buys loans from nonbank lenders, and packages them in portfolio form for consumption by accredited investors (although it is attempting to transition into a more accessible closed-end fund).

The potential opportunity arises from a few different factors. Over the past several years, traditional bank lending has slowed, and yields on Treasurys and other ultrasafe bonds have fallen, which has increased the demand for nontraditional loans, resulting in outsized yields.

For instance, even as Treasury bonds returned basically nothing in 2015, Direct Lending Investments delivered an 11.7 return. This as the default rate on loans in the portfolio ran at 4.6 percent.

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How Is The Economy Doing In Ohio and The U.S?

January 12, 2016 by

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For many people the U.S economy is recovering,  while for others we are stagnant.  BP and Yahoo have announced a 5% and 10% workforce cuts respectively, while others assured us the U.S workforce added close to 300,000 thousand jobs in December.  It is no surprise then that Americans are ambivalent as to the state of the economy, but hope that the new year bring our small business a better one than last year.

For more business news follow the links below.

Workers in high demand in Ohio, Springfield

applicants in Ohio is as robust as it has been in the past five years, particularly in the trucking and nursing industries.

Ohio saw more online advertised job openings in one month — from Oct. 14 to Nov. 13 — than at any time since the state began tracking online job postings five years ago, according to a recent report from the Ohio Department of Job and Family Services.

Statewide, Ohio had 240,000 posted openings between those dates. In Springfield alone, more than 1,420 jobs openings were listed Monday on OhioMeansJobs.com, an online state-run help wanted page.

Locally, the areas where workers are most needed closely follow statewide trends. In the 12-county West Ohio area that includes Clark, Greene, Miami and Montgomery counties, heavy and tractor-trailer truck driving was the occupation with the most job ads, 1,912, according to the state’s monthly report.

The Key to Success, Revealed: Leveraging Business Intelligence Tools in 2016

Even with the proliferation of innovation in recent years, there are still business owners using Excel spreadsheets, pencil and paper, and manual logs to track business developments and record data. 

These business owners are so comfortable with their old ways of doing things that they’re afraid of making changes.

Sound familiar? If you’ve put off adopting business intelligence (BI) tools up until now, it’s time that you finally reconsider.

The Value of BI Solutions

There’s no clear or consistent definition for business intelligence, but some definitions are better than others.

According to datapine, a provider of one of the leading self-service BI tools, “Business intelligence tools are designed to help business people draw insights from past performance, predict future events and avoid obstacles even before they have taken place.” In other words, BI is about using past performance and data to predict future outcomes and conclusions.

BI is viewed pretty highly in corporate circles. This means you aren’t going to meet many business owners who are firmly against these tools. Nobody will stand outside your building picketing and protesting the implementation of a BI solution. The issue is that some business owners don’t fully understand the value of these solutions.

Workforce also grows across U.S; wages flatten

WASHINGTON — The U.S. economy entered 2016 with strong momentum as employers added 292,000 jobs in December, pushing the annual number last year to 2.7 million. 

The full-year number was slightly below the 3.1 million jobs added in 2014 but, taken together, they are the top two years for job growth since 1999.

Unemployment held steady in December at 5 percent and workforce participation rate rose slightly last month, to 62.6 percent from 62.5 percent, the Labor Department said Friday. The rate remains near a 40-year low.

Wage growth was mostly flat last month following some improvement over the second half of 2015. Looked over a 12-month range, worker pay grew slightly faster than the rate of inflation, in effect stretching workers’ earnings a bit further.

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Entrepreneurship – What Kind of Smart Are You?

January 11, 2016 by

business (7)There used to be only one kind of “smart”.  You took a test which measured your intelligence quotient (IQ) and were assigned a number based on the results.  The higher the number, the smarter you were and the more likely you were to be a success.  Fortunately, that way of thinking is now known to be flat out wrong.

We all know someone who is book smart, but no one can work with her because she’s completely clueless on how to interact with people.  Then there’s the charming, personality guy who doesn’t know how to turn a profit.  There are many kinds of intelligence. 

Word smart

Word smart people know how to communicate their ideas, visions and goals, which inspires others to support them. They’re able to create loyalty in employees, sell customers, write business plans, teach using funny and interesting stories, influence important people and raise money from investors.

Words matter.  Lack of communication, across the board in all industries, is the biggest complaint workers have about their bosses. It’s a fundamental part of human nature to want to know what’s going on and, more importantly, how we’re going to be affected by it.

Self smart

One of the abilities of the self smart person is the capacity to understand herself (i.e. motivations, limitations, strong points, fears, hopes, wants vs. needs, drives) through others’ eyes.  It’s impossible for us to see ourselves as others see us, we all have blind spots.  Some peoples’ spots are much larger than others – you know who they are. 

Successful entrepreneurs welcome people who challenge them, who “call them on their s***”.  Self smart people seek out feedback from others, it gives them insight, which they use to learn, grow and move forward. 

Number smart

Successful people comprehend profit, loss and margins.  They use financial information to make decisions and do their planning.  This occurs over the life span of the company, beginning with start-up costs and ending with exit strategies.

The lack of number smarts is the biggest problem most entrepreneurs have.  It’s estimated that 80% of businesses fail in the first 5 years because the owners weren’t aware of or didn’t care how vital it is to know and do the math. 

People smart

This kind of smart is having good social or people skills. It’s being able to read and interact with all types of individuals.  These are people who’re energized by and like to work with others. 

Their knack of effectively interacting with people shouldn’t be confused with an ability to communicate (word smart).  They often talk at, rather than with others.  They’re the personable “glad handers” who can efficiently work a group without really saying anything.

If you want to be a successful entrepreneur it helps to know which kinds of intelligence are your strengths and which are your weaknesses.  You can focus on your positives and learn to overcome or compensate for your negatives.  The more you know about them the better chance you have of achieving your goals. 

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2016 Small Business Outlook

December 30, 2015 by

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What’s your outlook for 2016? Did the interest rate increase change your outlook for 2016? Have some of the business decisions for next year changed, because of this increase?  Many business analysts believe small business owners are looking forward to a better 2016 despite the rate increase and a slow economy that didn’t see an increase in their revenues. At the end of the year though when many small business owners are reflecting about what they did right and what went wrong during the year, they are also planning about the next year, and so far the outlook is positive.

For more about this follow the links below.

Paid Leave Policies Can Level the Playing Field for Small Business

The fourth quarter is the busiest time of year for most small business owners. Many of them are working overtime to meet the holiday rush and tie up loose ends before the new year–which means they’re leaning more than ever on their employees to help get things done. This busy season reinforces what small business owners already know: good employees are their best assets, and keeping workers happy and healthy is key to a strong bottom line. Small business owners can take many different steps to retain talented and productive employees, like offering higher wages or health insurance. But what many people may not know is that paid leave can be an effective benefit to help attract and retain a talented workforce.

Paid leave has been a hot topic at the national and local level. Lawmakers around the country are weighing initiatives to allow workers to earn paid sick days or implement family medical leave insurance pools. Maryland’s Montgomery County recently approved a law allowing employees to accrue a limited number of paid sick days, and in the beltway, D.C. is weighing a law that would establish an insurance pool to provide up to 16 weeks of paid family leave.

Small Business Owners Bullish on 2016 Outlook

Small business owners are charging full speed ahead into 2016 despite some concerns over growth in the last year.

The Wells Fargo/Gallup Business Index, which is measured each economic quarter and measures small business owner optimism, says the overall index score fell by several points in 4Q. The report attributes the decline to a drop in the number of small business owners reporting increases in revenue.

While small business owners may feel somewhat negative about their progress (or lack thereof) in 2015, The Bank of America (BAC)Small Business Report says 78% plan to grow their business over the next five years, compared to 67% a year ago.

“There was a marked jump over a year ago, and while Millennials continue to be the most optimistic generation, there was notable increase across the board,” said Bank of America Small Business Executive Robb Hilson.

With 2016, we small-business owners get another chance to do it better

For all the good that happened in my business this year, 2015 also brought its share of frustrations.

Twenty-fifteen, you’ve been a good year, but I can’t say I’m altogether sad to see you go.

We had some great times, like the September afternoon when a client called from out of the blue to propose a much bigger contract. Wow! I felt on top of the world that day.

You also taught me some key lessons about business, and I finally broke free of a vendor relationship that simply wasn’t working for me. Looking back, I wonder why I stayed so long, and I am now much happier in my new arrangement.And then there was the economy. I can’t speak for others, but 2015 was the year I finally saw the unmistakable signs of a robust recovery, not the slow gains I’d seen in previous years emerging from the Great Recession.

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