Part of running a successful small business is learning how to negotiate both with your customers and with your vendors.
There is a fine line between asking for a deal and asking for too much. Just as you would not want your customers to make unfair demands about price, you should not make such demands of your vendors.
That being said, there is nothing wrong with trying to negotiate a better price, especially for items that you purchase on a regular basis.
Operating a business out of your home has its advantages and disadvantages.
Along with the convenience comes the friends who don’t understand why you can’t just drop everything. There are ways that you can manage some of the distractions that come with working at home.
The first is to lay down a set of rules, and then stick to them.
Reality: Everyone you ask for money — the Small Business Administration, bank loan officers and venture capitalists — will ask if you have a business plan. "A business plan is more than a document, it's a process that enables an individual, and more importantly a team, to come together and commit to a business adventure of significant personal and professional risk," says Engel.
In order for your small business to grow, you need to ensure that your reputation is not simply maintained, but enhanced in the eyes of your regular and prospective clients.
It only takes a single incident to mar your reputation forever.
When the economy slows down and bouts of panic start to cloud your mind, it is better to think and act rather than just react to the situation.
In fact, a slow economy is the right time to pick up some good employees without having to pay through the nose. Here are some hiring tips that you can implement in a slow economy.
Small business owners wear many different hats. And, most would prefer to do what they love to do.
Bookkeeping and invoicing rarely falls under that umbrella. But, alas, it must be done.
When you operate a small business you are often an essential cog in the daily operations. In fact, it is not uncommon for a small business owner to be their only employee.
Contrary to popular belief owning and operating a small business often leaves you less room for navigating personal emergencies.
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When you start a small business, the idea of hiring employees can be overwhelming. You may be concerned about your ability to pay these employees regularly.
Additionally, you may be worried about your ability to trust them with your business and manage them effectively. For this reason, many people hire family members to work for them.
Starting and running a small business can be financially difficult. That is why it is important to know where you can effectively cut costs.
Correctly budgeting your money and knowing where to save money can mean the difference between small business success and failure.
Choosing a name for your business is not a decision that should be taken lightly. If your business’ name doesn’t properly reflect the types of services offered, you could lose out on lots of potential customers.
Your company name should also have a proper tone for your type of business. Below is an example.
You want to hire the best people for your small business, but at this time you just can’t pay the same high salaries as some bigger companies. That doesn’t necessarily put you out of the running for some of the best talent.
If you can’t match the salaries of some of your competition, then beat them by offering perks that potential employees will find hard to resist.
More and more employees are taking advantage of telecommuting. This allows the employee to work at home - and it can work well in many situations.
If you have not considered offering this option to your employees, now may be the perfect time due to the high cost of gas.
