Should Your Business Extend Credit?

It’s a growing small business dilemma: Do you need to offer your customers credit? If you sell to consumers, you can offer lay-away plans and other simple ways patrons can pay for their purchases before they receive them. You’re not expected to offer credit other than processing standard credit cards. The situation is more complex when you’re selling to businesses since standard business-to-business credit terms are Net 30, meaning the balance is due by the customer 30 days after the date on the invoice.

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Five Ways Web Design Has Changed To The Advantage of Small Businesses

Web design has changed significantly. What are the changes, and how can you to take advantage of them? Let me tell you a story.

In 1999, the Internet bubble was at its peak. New companies — all planning to become “the next big thing” — were launched daily. These companies were famous for two things — thinking BIG and massive “burn rates.” “Burn rate” refers to the rate a company goes through money. They were spending hundreds of thousands on programming to produce web sites considered mediocre by today’s standards.

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Small business and the wonderful world of niches

One of the things Sears Roebuck became famous for is their Craftsmen tools, especially their socket wrenches, which are mechanical wrenches. Once, when I was buying one of these wrenches I was confronted with options of “Good,” “Better” and “Best,” a strategy for which Sears is also famous. When I asked about the difference between the Better and Best models I was told that the Best model had more notches, or teeth, inside the mechanism. This would allow for finer adjustments to be made when tightening a bolt or nut. Plus, in a tight situation, the extra notches make the Best model work, well, best.

For the past 30 years, the marketplace has increasingly become like that “Best” socket wrench; every year, it acquires more notches. Except in the case of the marketplace, notches are called niches (I prefer “nitch,” but some say “neesh” – tomato, tomahto). And just as increasing the notches in a mechanical wrench allows for finer adjustments, niches create finer and more elegant ways to serve customers, which they like – a lot.

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Small firms: Obama doesn’t understand us

Nearly 60 percent of small business owners think the Obama administration doesn’t understand the needs of small firms, according to a recent survey conducted by City Business Journals Network.

More than 40 percent are less optimistic about the national economy than they were when President Barack Obama took office, compared with 26 percent who are more optimistic. Nearly half think Obama will serve only one term in office. When asked their political affiliation, 42 percent said they were Republicans, 34 percent said they were independents and 16 percent said they were Democrats.

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Small Business Optimism is Down, but Sharp Upturn Expected

The NFIB’s latest report on small business sentiment is out. The NFIB’s Optimism Index is one of the longest standing indices of small business sentiment, and so I tend to place a lot of weight on it.

It shows that conditions and sentiment are not a pretty sight among small businesses.

Although there have been some tiny signals — albeit weak signals — from other sources suggesting things may be looking up in the economy, you wouldn’t know it from looking at the NFIB report. First of all, there’s this chart:

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For small business, Cash is no longer King – it’s the Emperor

For generations, business owners have learned that while Profit may be the Queen of business, Cash is King. And there is never a moment in the life of any business, large or small, when this generally accepted truth doesn’t apply. But in 2009, or anytime the economy slows, small businesses must elevate Cash to an even more supreme level. Consequently, these days, and for the foreseeable future,

Cash is Emperor.

Any Questions?

Blasingame’s 3rd Law of Small Business states: “It’s redundant to say, ‘undercapitalized small business.’” There are at least two reasons this statement is a law and not a maxim:

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Don’t forsake your small business marketing strategy

It’s virtually automatic, sadly, that when the economy softens, businesses cut marketing first. And like many reactions, this one is almost always the wrong thing to do.

Marketing shouldn’t be an expense. When properly created and executed, marketing should result in more dollars in than dollars out. But before you get the idea that I’m some kind of Ivory Tower egghead, believe me, I understand how difficult it is to commit marketing dollars when dollar availability is declining due to a recession.

That’s why marketing in the 21st century is so exciting. Small businesses have sooo many more ways to penetrate the market including, and especially, on-line marketing. This universe has many characteristics that are perfect for a small business’ need to be efficient and flexible. For example:

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Can social media be dangerous to your small business?

Social media for individuals is as easy as falling off of a log. But for a business, could social media actually be dangerous? In my opinion, absolutely.

“Blasphemy!” you cry. “Heretic!” you say. Guilty as charged. But remember, Martin Luther was a heretic with a blasphemous message. But today’s heretic may be tomorrow’s prophet.

For a business like mine, which creates content for the consumption of an audience, social networking is pretty logical. But for a Main Street business, like a restaurant, dry cleaners, contractor, etc., these folks struggle to create an effective social media strategy, if they even try at all. And by effective, I mean one that brings in business without shifting too many resources – especially time – from classic strategies that have worked. And that’s where the problem arises.

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How The New Stimulus Plan Could Affect Your Small Business

It seems like everyone but you and I are getting a bailout these days. However, President Obama signed into law “The American Recovery and Reinvestment Act of 2009″ and it contains numerous tax provisions aimed at small businesses.

SBA Advocacy Chief Economist Chad Moutray covers the small business impact of the stimulus package at a high level on the SBA’s Small Business Watchdog blog.

Here is a great nerdy (I have a degree in Accounting so I can tease) summary from the Journal of Accountancy:

Bonus depreciation: IRC section 168(k) is amended to extend the 50% first-year bonus depreciation through 2009 (through 2010 for certain transportation property and aircraft).

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Social Networks bigger than Email?

This article is a little old as it was from March, but I just find it amazing. The article below was written by Dave Kaminski. He talks about the use of social networking and social media. Social Networking sites such as Facebook and Twitter are used more than email is. It is important to consider though that most social network platforms have a message component built in. So this could be replacing regualr email.

The stat that was shocking though, is that 1 out of every 11 minutes one spends online is on Facebook. WOW! This is starting to prove what many others have known all along that social networks are being used by consumers, and they need to be paid attention to my companies, organizations, or anyone who wants to reach out to individuals.

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Verizon, Forbes Revamp Small Business Sites

Major business information publishers and service suppliers are more interested than ever in extending a helping hand to small business owners. On April 16, verizon-logoVerizon will officially announce a major makeover of the Verizon Small Business Center, focused on a new “Collaboration Center” that features a library of applications, hosted services, news, resources and professional networking. A few details:

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Four of the Hardest Small Businesses to Run (and Four of the Most Successful)

Starting your own small business is one of the most exciting, rewarding, and challenging endeavors you’ll undertake. And, it’s going to take some real foresight, research and dedication to keep the doors of your first business open. In fact, more than 50 percent of small businesses fail with in the first year of business, and 95 percent fail within the first five years, reports the Small Business Administration (SBA).

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Small Business Podcasting Sadly Underutilized

The hype over this thing called podcasting tipped long ago. So much so that you either don’t hear much about it anymore in the media or you hear that it’s so last year. While it’s true, the bloom of newness is off the podcasting rose, the usefulness as a marketing tool for the small business is better than ever.

Looking at the traditional podcast format, much like a radio show hosted by a passionate host, a lot of small business folks miss the potential for their business. Let me break down what podcasting is from a marketing point of view. It’s the use of simple tools to create multi-media content, engage prospects and customers alike, and open doors to strategic partners like never before. If any of those things sound like useful objectives, then podcasting is for you. (I won’t even mention the possibilities for using this approach to create products.)

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The Americans with Disabilities Act (ADA) - Highlights for Small Businesses

The Americans with Disabilities Act of 1990 (ADA or The Act) gives civil rights protections to individuals with disabilities similar to those provided to individuals on the basis of race, color, sex, national origin, age, and religion. It guarantees equal opportunity for individuals with disabilities in public accommodations, employment, transportation, state and local government services, and telecommunications. Integration of individuals with disabilities into the mainstream of society is fundamental to the purposes of the ADA.

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Whatever your thoughts on the stimulus bill, it has some implications for small business.

It may take years for us to truly understand what is included in the recently passed economic stimulus legislation, but for now, these points are worth noting.

The bill provides $730 million to the U.S. Small Business Administration and makes changes to the agency’s lending and investment programs so that they can reach more small businesses that need help. The funding includes:

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Can Twitter Really Help Your Small Business?

You've probably heard of Twitter, even if you aren't sure what it is. Twitter is a free social networking and micro-blogging service--think public instant messenger stream. From your mobile device or computer you send updates called tweets, which are text posts of up to 140 characters. Your tweets can be read by others, and you can sign up to follow the messages others write so that you can get short, quick updates from them.

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Twitter For Business

I have been getting a lot of questions about Twitter and how to use it to further your business. People are even curious if Twitter even has a place in the marketing mix. So to answer like the true consultant that I am... IT DEPENDS!!!

In my opinion, it works better in the B-to-B format where a company can mention what they are doing and the followers (if potential customers) can think, I could use that too. I have not seen it as effective when marketing to consumers but that does not mean that it could not work.

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Networking in an economic downturn

Weathering the recession will necessitate business owners adjust their marketing tactics to reach consumers who have become more penny-pinching in their purchasing decisions. Because referrals are the most cost-efficient marketing method to increase a company’s bottom line, a business owner’s network could be the critical factor that separates winners from losers in this fragile economy.

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Statistics Can Deceive When It Comes to Small-Business Jobs

So I'd say that I'm drowning in information lately, except that 1) you wouldn't be very sympathetic, because you are too; and 2) it's not information that oftenit's often half information or fake information, or merely good intentions.

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How to Ensure That Your Small Business Is Adequately Insured

You might have endured great pains to take your small business to greater heights - but if you do not have adequate insurance protection, then you could lose everything in one fell swoop.

Here are some tips to ensure that you have the right insurance for your small business.

Insure Your Inventory

You should have adequate insurance for your inventory so that in case of any theft or damage to your inventory, you can recover your investment without suffering a loss.

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