Small Business Loans For the Small Business Owner

June 13, 2018 by

In the United States,  small-minority-owned businesses play a significant role in the economy. There are approximately 1 million minority-owned businesses and $254 billion in payroll, an increase of 7% from 2014 to 2015. State government officials want these businesses to succeed because of the importance they play in their local economies.

Funding for some of these businesses is made possible through small business loans that government agencies make available to owners that are unable to secure them through the usual channels. These loans provide critical capital they need to cover payroll or to provide the fuel to start the business.

For these small business owners, an increase in operational costs can affect them significantly.  The constant increase of health care coverage for their employees is a constant source of capital worries.  These loans would allow them to weather the storm or the short deficit they experience due to these expenses.

Through a health insurance survey, small business owners were asked whether health insurance costs are of concern to them. 80% of those business owners said to be afraid of any increase, especially since the trend is an increase of 18% in health care coverage from one year to the next.  They believe an increase of even 10% in health coverage premiums can make it impossible for them to offer their employees any health insurance coverage at all. These loans from state governments would allow them to continue with their business operations without having the constant worry of whether or not they can make payroll that month.

For many small businesses, their competitive edge they need to level the plane field with big companies is their ability to woo and retain talented employees. These businesses offer an array of incentives and other perks that many big companies cannot offer.

One of the many advantages small business owners have over the big firms is the close relationships the small owner can form with their employees. Employees in a small business interact with each other on a more personal level, and that is something many employees look for when looking for a job.

The flexibility small businesses offer their employees is not something to take lightly.  If a small company allows its employees to work from home when there’s an emergency, or a child is sick and they need to care for them, the flexibility is worth something to the employee.

A small company allows more independence and gives their employees more control over their work.  They are not micro-managed every single day or are constantly required to ask permission from upper management if they want to do something outside the “box”.

Small business owners have to think differently if they want to woo and keep talented employees, but it is not impossible to do it if they have the capital to back them up.

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

Online Marketing Without Breaking the Bank

May 9, 2018 by

For a small business owner, having a big marketing budget is out of the question. Having to meet payroll every month and, and having the cash necessary to cover accounts payable, is already a feat in itself.

For many small business owners, their ability to do their online marketing is closely tied to the amount of money they can spend. It also plays an important role in its execution.  Online marketing can be done well without breaking your finances.

Here are some of the best options you have to list and promote your business and start building that relationship you need to keep and attract customers.

  1. Website – Start by having a website that shows what your business does.  Simplicity is a good thing when you start with a website that will promote your business, upcoming events or news in the future.
  2. Google My Business – can allow you to post what’s new in your business, add photos and lets you start building a relationship with your new and existing customers. It’s a free Google listing that will show your business to people searching for your business or business related to yours.
  3. Social Media – There are many social media platforms that you can use to promote your business for free. Try to do it free but if you are able to afford it, pay to advertise locally first and see how the experiment goes.  You can always take the advertising nationally if that’s what you need later on.
  4. Content – Quality, tailored content that speaks about and for your business is a great way to promote it.  Keep the content relevant, and fresh.  Articles that have been posted two or three years ago and are still showing on your website is a sure way to lose prospective customers.
  5. Word of Mouth and Customer Service – Businesses that are local and rely on local customers to prosper, can take advantage of their location by providing excellent customer service to their customers. Word of mouth is a powerful advertising component that many businesses can use to advertise without spending a penny.
  6. Consistency – Consistency is not something you can buy, but if you don’t have the consistency to do your marketing on a regular basis, it doesn’t matter how much you are spending on advertising or other venues to promote your business.  The marketing has to start with you, be constant.

A good business with a good product still needs to advertise.  Perhaps the product will sell itself — eventually — but the business has to promote it to introduce it to their customers or prospective customers.

A marketing strategy that works for a business does not necessarily mean it will work for you. Marketing can be a very specific strategy for a specific industry. Trying a strategic marketing idea to gauge the ROI for your business can be a very first good step, but remember your business does not be married to it. Explore other ideas or other strategies and choose the one that you think is the best solution.

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

When Hiring An Employee

April 23, 2018 by

The challenges small business owners face are a bit different from the challenges the big guys deal on a daily basis. 

The small business owner has the capability and the luxury to meet and know the employees that work for them.  Some of the challenges a small business owner faces when dealing with employees are whether he/she is challenging their employees and keeping them interested in remaining with the company. 

A bored employee that is not being challenged, or is not utilized well looks for a company that will challenge him.  Research has found that Millennials are one of the groups that expect to be challenged and is not afraid to voice their discontent with the status quo if their skills are not being used. If an employee is happy working for your company, don’t be afraid to ask them for any input as to improvements you can make to the internal culture of the business even though he is happy working there.  If an employee is leaving the company, make it your job to find out why and whether there was anything you could have done differently.

Many companies have great salaries and incentives to lure top talent to their business, and although a great salary is one of the incentives you can use to attract them to your company,  it’s not enough to keep them.

There is a lot of research out there that mention the idea of group collaboration and state the fact that many employees prefer and enjoy the challenge of being part of a team.  While this may be true for many startups, every company is different and the goals they want to achieve are not those of a startup.  As a small business owner, the possibility of change is easier for you.  You can implement change in the company and see it through without looking for approval from the top guys, or even input if the changes are working.

As a business student, you learn that company culture is one of the hardest changes to make, and one of the things hardest to monitor.

Having the right company culture begins by hiring the right people.  It is no longer enough to have the computer skills needed for a job, good interpersonal skills have become a prerequisite for many companies for any position within the organization.

As a small business owner, there are many challenges when hiring employees.  Fortunately for you, the power and control are yours.

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

Small Business Owners Challenges

February 5, 2018 by

According to the United States Small Business Administration (SBA), a small business is defined as an independent business with less than 500 employees, and according to them 99.7% of the United States economy is comprised by small business.

Every year, there are thousands of new business in this country in every industry, but there are many others that go under as well. Whole industries are being created thanks to the innovations and smart decisions many entrepreneurs make every single day, and the capacity of many of these entrepreneurs to think smartly and make decisions that impact their business favorably is outstanding.

But, as with everything else, small business owners make mistakes that can impact their business and profits and can leave them with many unanswerable questions. Sometimes, they can catch those mistakes and move forward with their business, but other times those mistakes can be too costly and cannot be solved quickly enough.

One of the biggest mistakes 90% of owners make is not knowing or understanding the importance of their numbers.  They don’t know if or which of their customers generate a profit, nor do they know how much a profit it is.  They don’t understand a fundamental concept — if you don’t have a profit margin, you can’t sustain a business.

The margin is simply how much out of every dollar a business earns it actually gets to keep.  For example: $1.00 (earned) minus $.90 (expenses) equals $.10 (profit).  The profit margin is 10%.  Many owners keep investing money, not understanding this straightforward tenet, hoping to “get the company on its feet”.  However, there’s no reasonable, mathematical way for that to happen if there’s no profit (margins can be either positive or negative). 

Owners should always know their margins if they’re positive or negative at the very least because the volume of a business doesn’t give an accurate picture of its financial health.  A company with $5 million in revenue can actually be losing money if it has a negative margin.

Another of those mistakes that small business owners do not take into consideration, is their competition.  Every business in the country and around the world has a competitor. Not thinking about the competition can leave a small business owner wondering where it went wrong while leaving their competitor reaping the benefits of their mistakes.

As a small business owner, you do many of the tasks your company or small business needs doing, and the responsibility to have them done come to rest at your desk.  Knowing when you need to hire extra help, and hiring the right people for the job can become an invaluable asset for your business.

It is never too late to start the business of your dream.  Knowing ahead of time that it will be extremely difficult and stressful, but giving you the rewards you always wanted.

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

Small Business News

October 18, 2017 by

Facebook advertising has proven to be the way to go for some small businesses.  There are others that swear the ads don’t work. The only thing that most online users agree is the fact that if you have a small or big business, or if you are in the spotlight, politics is the last thing you want to be promoting.

As a small business owner providing goods or services to many clients, the last thing you want to do is promote one political view over another.  Stick to business.  Remember that we want clients to spend money with us, regardless of their party affiliation.

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

Small Business Saturday: Big, and getting bigger

It’s not yet Halloween, but for many small businesses, planning for the holiday season has started in full force. If you own a small business, it’s time to start getting ready for one of the most important days of the year.

In all my years working with entrepreneurs and writing about entrepreneurship, Small Business Saturday — falling this year on Nov. 25 — is the most transformative campaign for small businesses I have ever seen.

Since its inception in 2010, this special day — the Saturday after Thanksgiving— has become the biggest sales day of the year for many small companies. For the big day last year, an estimated 112 million Americans shopped at small businesses and independent restaurants, spending about $15.4 billion, according to American Express. That’s about one-third of the American public buying at small businesses and a whole lot of cash infused into local economies.

What Not to Do on Your Facebook Small-Business Page

More entrepreneurs are tapping into the world’s largest social media network: There are more than 70 million businesses now on Facebook, up from about 18 million in 2013, according to chief operating officer Sheryl Sandberg during a recent investor call.

Facebook gives businesses a platform to showcase new products and services, promote specials and provide customer service. But with these benefits comes the potential for mistakes that can damage your brand.

Here are five common small-business mistakes to avoid on your Facebook business page.

1. Don’t post too often

Most industries should aim to post no more than once or twice a day to avoid overcrowding followers’ news feeds, says Cheryl Friedenberg, president of High Key Impact, LLC, a small-business marketing consulting firm.

There are exceptions, though. For example, it’s appropriate for restaurants to post frequently about food specials, happy hours or live music events, or for medical businesses to post about recent health studies, Friedenberg says.

“I don’t think people mind seeing more of those types of posts throughout the day,” she says.

Survey: Small businesses’ appetite for financing weakens

Small businesses’ appetite for financing has weakened in the second half of the year, along with their revenue outlook.

That’s the finding of a survey of small companies released Wednesday by researchers at Pepperdine University’s Graziadio School of Business and Management and Dun & Bradstreet Corp. An index compiled from the survey that measures companies’ demand for capital has fallen more than 10 percent in the third quarter, registering at 36.2 versus 40.4 in the second quarter.

The survey, which questioned 1,176 businesses, is in line with other recent indicators of slowing activity at small businesses. The payroll provider ADP reported this month that its small business customers cut jobs during September. While that was due in part to Hurricanes Harvey and Irma, companies have generally slowed their hiring.

 

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

Small Business and Funding

October 4, 2017 by

When the time comes for small business owners to finance a part of their business through a loan, things can get quite complicated.  Many banks – especially for small businesses- look into your personal finances to see if you have the credit and trustworthiness to hand you money. Personal credit scores and ending balances for the month in your checking account means something for the banks, and being aware of that fact can make your chances of getting a loan much greater.

For this and other stories, follow the links below.

The GOP says its business tax plan will help workers and small businesses. It won’t.

Instead, it’s a gift to people with lots of capital.

To understand the business tax provisions in the Trump tax proposals, begin with F. Scott Fitzgerald’s insight that the rich are different from you and me — they have more money.

In particular, they have more capital. (Ever polite, economists call piles of money that have been invested “capital.”) Business tax reform really is an exercise in how we should tax capital income — that is, returns on investments. And because the rich have lots more capital than do you or I, the benefits of the multitrillion-dollar business tax cuts proposed by the Trump administration’s tax “framework” necessarily will be vacuumed up by the most affluent Americans. Business tax reform has only a modest connection to the economic future of working stiffs, and the small connection that does exist is a second-order effect.

Small business jobs hurt as hurricanes close retailers

NEW YORK — Hurricanes that swept the southern U.S. last month shut many retailers and put hiring on hold at small businesses.

That’s the finding of payroll provider ADP, which said Wednesday that its small business customers cut 7,000 jobs during September. Many small and independent retailers in Texas and Florida had to close before and during Hurricanes Harvey and Irma, and many suffered significant damage from wind, rain and flooding. That slowed hiring, and employees at some stores were laid off. The Labor Department reported a jump in applications for unemployment benefits following the storms.

The hurricanes also curtailed overall hiring, ADP said, counting 135,000 new jobs at companies of all sizes, the smallest gain in nearly a year. Without the storm, hiring would likely have been closer to the average monthly pace of 185,000 for the last two years, said Mark Zandi, chief economist at Moody’s Analytics, which helps compile the ADP reports.

7 Things About Funding Sources that Small Business Owners Don’t Know — But Should

Getting funding for your small business is essential but not always as straightforward as you might think. Here are 7 things about funding sources you might not know about but should.

Small Business Funding Facts

You Need to Keep a Positive Ending Balance

Hanna Kassis works for Segway Financial. He says a small business should not only have money in a bank account before they apply for a loan, but a specific amount at month’s end.

“Lenders want to see that you’ve got a positive ending balance,” he says. “Say you’re anticipating needing a merchant cash advance at the end of the month, go put $500 dollars in your bank account.”

Your Personal Credit Score Affects Your Business Financing

 

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

Marketing Your Small Business The Smart Way

September 26, 2017 by

We all probably heard the saying” Think outside the Box” and for marketers and small businesses, that means finding creative, smart and financially achievable goals without spending too much time and money.  Marketing your small business doesn’t mean writing big checks for companies to market your business, or promote your services.  Creativity nowadays is something every small business owner can do without breaking the bank.

Follow the links  below for more news about small business

Think Small Business To Help America’s Middle And Working Classes Win Big

 In spite of a rebounding and more robust economy, many in the lower middle and working classes remain anxious and concerned about their futures. There has been low and slow wage growth and, as we discussed in our last blog, the changing nature of jobs, the middle class and the American Dream have pushed a large part of the workforce toward a gloomy perspective.

There have been various proposals to make the economy work better for America’s workers. The Trump administration suggests that a restrictive skills-based immigration bill (the RAISE act) that considerably reduces the number of immigrants will increase the chances for more and higher paying jobs. The Administration has also asserted that cutting corporate taxes will stimulate job creation and wage growth.

Small businesses expand, invest despite gridlock in Washington

Small business owners are tired of sitting on their hands while Washington dithers.

Despite lingering uncertainty over tax and health care policy, U.S. entrepreneurs are moving ahead with investment and expansion plans that could juice economic growth.

Thirty-two percent of small businesses are planning capital outlays in the next three to six months, the strongest reading since 2006, according to the National Federation of Independent Business’s August survey. And 27% say the next three months is a “good time to expand,” the largest share in 13 years.

A September survey of economists by the National Association for Business Economics, out Monday, predicts that business investment overall — by small and larger companies — will grow 4.4% this year, up from their 3% median estimate in December. Businesses that expand, buy new equipment or build new structures typically hire workers to operate the machines or occupy buildings, while the factories that make the products generally need to staff up as well.

Huge List of National Holidays for Marketing in a Small Business

National Kick Butt Day is coming up. Bet you never heard of that one, did you? Today it seems as if there are national holidays, a national day or national month for everything. In fact, there are over a thousand national holidays, national weeks and national months. Add bank holidays and major religious holidays, and you have one crowded calendar!

National days of observance have become trendy and popular in part because companies have learned to use them for marketing. Just look at social media. Judging from the hashtags for various food days, people days, pet days, medical condition days, military days or industry days — it seems like every single day is a national holiday or national day of observance on Twitter and Instagram.

If you’ve ever wondered, “what national holiday is today?” — we’ve got you covered. Our hand-picked list of national holidays for marketing appears below. But before we get to that list of national days, we have some advice.

 

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

Best Business Practices

September 11, 2017 by

For a small business owner, scaling a business can be a dream and a challenge.  Having the proper foundation can be rewarding and can prove to be an asset for your business. If you are thinking about  branching out, having a team around you can prove to be an incredible asset you cannot do without.  Having the team know the goals of the company and what is expected of them has been proven to be essential for the growth of any small business.  The accountability that is expected of every member of the team can impact the growth and profits of the company, make sure every member of your team knows the expectations and the accountability when working for your business.

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

Best Practices For Marketing Your Small Business On Twitter

Twitter has come a long way since its 2006 launch, becoming a top player for business marketing, where even small business owners can grow their presence using Twitter’s comprehensive strategies. Twitter for Businessexplains how small business owners can seize the potential of Twitter to build business influence and growth. Be smart and gain savvy knowledge through the Best Practices for B2B Marketers on Twitter e-book, as even small businesses should look to foster relationships through social media beyond the consumer level. Try these five best practices to begin marketing your small business on Twitter.

Keep it short and simple

It may seem distinctive to have a Twitter handle that stands out and is unique, but no one will remember an overly complicated handle with numbers or special characters, especially if it doesn’t define your businessor location. A short Twitter handle that’s a logical right fit makes your business easy to find.

The 9 Essential Email Marketing Best Practices You Need to Know

Since the first email was sent in 1971, the medium has become the prime form of communication for most marketers.

Say what you want about social media or good old-fashioned sales calls – email as a marketing method has proven time and time again that it is simple, fast, affordable, and effective.

Though email marketing has been around for years, it has continued to evolve, with marketers looking for small tips & tricks they can use to boost their open and click-through rates.

Often, however, it’s best to go back to basics.

In this article, I’ll share with you the pillars of email marketing best practices, ranging from simple foundational advice to more technical tricks you can implement.

Best business practices from 7 leading businesswomen of today

The world of business has changed immensely. For the present generation, it’s not surprising to see their mothers take work trips, sleep off with the laptop’s light intensifying the stress lines on their face, or perhaps even miss birthdays and other celebrations. Is woman the new man? If she is, then is she the kind of man who was frowned upon barely a generation ago for being too left-brained? In the world of active feminism, it’s a tough question to ask, but one that must be raised nonetheless. The answer must be found objectively and individually. For now, let’s learn the definition of success, work-life balance, and more from some of the best female business leaders today.

On Work-life balance – Sheryl Sandberg, CEO | Facebook

“You know, there has never been a 24-hour period in five years when I have not responded to e-mail at Facebook. I am not saying it’s easy. I work long hours. I am saying that I was able to mould those hours around the needs of my family, and that matters. I really encourage other people at Facebook to mould hours around themselves too.”

 

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

Happiness and Company Culture

August 28, 2017 by

Small businesses have many positive things going on for them.  The owners have total control of what’s going on in their business and take care of things personally and quickly.  Many of them do not look for ways to pass the blame onto others, they are the owners after all. The business succeeds or fails because of them.  If they plan carefully and consider the advantages of having a team around them, then the chances of success increases.

The beginning of any business is hard.  Lots of hard work, and maybe loss of income can become quite a strain for many small owners.  That is some of the reasons a third of the small businesses that start do not make it past the first two years according to the Small business administration.  And half of those businesses do not make it past the 5th. year.

A business plan before starting a business, and a financial plan to weather the first years should be a necessity for many small owners.  The difficulties that you will encounter the first years of the business are always unexpected. You know you will have difficulties but don’t know what they are.  Later on, the good and bad experiences you encounter will give you the experience and the forbearance to weather the storms.

There are millions of small businesses across the United States.  Some grow to become great, powerful companies, and a lot of them do not.  What is it then that makes some companies thrived while others go under?  For many people great companies show a handful of characteristics that makes them great, but as always great or good means something entirely different for people.

But for  companies to succeed, the first thing to remember is that employees play a crucial part in the success of any business.  Employees that understand that they are working for a company , and that they are supposed to be a team, not sole individuals with different purposes, make a better company.  They as a team, have a more happy, positive company culture, and research has shown time and again that employee’s happiness plays an important role in the success of the company.  Happy individuals that know the company’s philosophy, and are on board, will make the company a better place all around.

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

The United States Unemployment Rate

August 10, 2017 by

The Bureau of Labor Statistics’ website gives you a clear idea of the United States unemployment rate in this country.  Certainly, it is the lowest unemployment rate for the last ten years in the United States and many economists predict the economy still has room to grow.

So, if employment is not an issue for many workers, what are some of the perks you can offer to attract and keep quality employees for your business?

Businesses across the globe understand that employees can make or break a business, which one do you want to be? What are some of the benefits you can include in hiring an employee for your business?

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

The Smaller the Small Business, the Bigger the Insurance Discontent: J.D. Power

Not all small businesses are the same when it comes to customer satisfaction with their commercial insurance. There are actually widening satisfaction gaps among small businesses of different sizes, according to the J.D. Power 2017 U.S. Small Commercial Insurance Study.

The study found that the gaps in overall satisfaction among micro- (fewer than five employees) or smaller-size (five-10 employees) small businesses and larger-size (11-50) small businesses have never been wider. While there has been significant year-over-year improvement in overall satisfaction among customers in the larger-size group, there have been sharp declines in satisfaction among customers in both smaller-size groups.

“The small business market has been the best growth area for property and casualty insurance carriers in a stagnant, soft cycle marketplace,” said Greg Hoeg, vice president of U.S. insurance operations at J.D. Power. “Our data shows that the small commercial market is still ripe for competition. While looking at the small business market in aggregate shows relatively steady levels of customer satisfaction year over year, the serious gap between very small businesses and larger small businesses could present an opportunity for those carriers that get the small business formula just right.”

What Kind Of Small Business Employees Do You Need To Grow Your Company?

Many small businesses benefit from hiring employees. At some point, you may decide that you need more hands on deck at your company. When that time comes, you might not know where to start. You want individuals who will make a difference in business operations. What kind of small business employees do you need to grow your company?

Knowing what to look for in a candidate is not as easy as it might seem. After 30 years in entrepreneurship, I’ll be the first to admit that looking for employees to hire can be tough. When hiring an employee, you need to know what characteristics to look for.

What Kind Of Small Business Employees Do You Need To Grow Your Company?

There are many different types of employees in a business. Companies have leaders, followers, go-getters, and employees who do the bare minimum.

You will have employees who struggle from time-to-time or lose motivation. Highs and lows are inevitable in life. But with the right attributes, your employees will use their skills to grow your company.

Whether you’re hiring your first employee or ready to give a pep talk to your current workforce, consider the following characteristics.

 

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