Tim Horton was a Canadian national hero and hockey player with a career that spanned 24 seasons, 4 Stanley Cups and millions of fans. When he wasn’t on the ice, he was an entrepreneur. In 1964 at the age of 34 he started the Tim Hortons Doughnut Shop. By 1967, he had grown it to over 40 locations with partner Ron Joyce. Using franchising as a growth strategy, the company expanded aggressively, becoming a multimillion-dollar business in a few short years. That’s when things got … [Read more...]
Get ready to throw out your old POS system
Credit card fraud is a massive problem. More than a quarter of all credit card holders in the world have been the victim of fraud during the last 5 years. 42 percent of U.S. credit card holders have been victims, the second-highest rate in the world (Mexico is first). Credit card fraud is easy to perpetrate for several reasons but it’s mainly due to a card’s underlying technology – the magnetic stripe. Using magnetism to record information was first invented during World War II and IBM developed … [Read more...]
Where will the economy be this fall?
As the summer starts winding down, it’s a perfect time to evaluate the health of the economy. Chances are that your business will perform better if the economy improves. Knowing what will happen over the remainder of 2014 and 2015 will help you make better decisions related to pricing, sales, hiring and borrowing. You don’t need to be an economist or get bogged down in reams of data. Just focus on these 5 key signals: Interest rates Since the financial crisis of 2008 the Federal Reserve has … [Read more...]
How to make an extra $5,000 per month
Most consultants that I meet aren’t expecting to make $10 million per year offering their services. As professionals they want to make a healthy six-figure income. But the constraints on their time – both selling and executing their consulting – make it difficult to scale their businesses. They reach a sales-plateau with little hope of generating more revenues beyond that maximum level. This can lead to frustration and disenchantment; especially if that plateau isn’t enough to support the … [Read more...]
How open should you be about your company’s finances?
Some years ago I hired an attorney to represent me on a small matter. He was young and very successful, expanding and running television commercials promoting his exploding law practice. After we agreed to work together it came time to pay him his fee. At that point his elderly father came in to collect my payment. I was a little perplexed, since there were dozens of employees just outside his office. The attorney looked at me and said “What? You don’t think I’m stupid enough to actually trust … [Read more...]
Should a small business barter?
Cash is king but what do you do if your business needs something desperately and can’t afford it? Take a cue from the past and barter your way to what you need. Bartering has existed since the beginning of history, where people exchange goods or services. It predates the existence of money and is still used extensively today with billions of dollars worth of time and products changing hands every week. Should a small business barter to pay for what it wants? Should a small business barter … [Read more...]
Non-bank loans: Quick, easy…and addictive?
Sara Ashley O'Brien from CNNMoney wrote this great article on the changing landscape of small business loans. She interviewed me for the article where I provide this piece of advice: "Small business owners need to carefully evaluate lending options and understand that not all lenders are created equal," said small business adviser Mike Periu. "It's up to the borrower to do their homework." Read the entire article on CNNMoney here. … [Read more...]
Use big data for small business to crack the pricing code
Pricing is the most difficult element of a company’s marketing mix to get right. Few small businesses take a scientific approach to pricing, instead relying on trial and error as well as the owner’s gut. Slugging around with unscientific pricing experiments can easily cost a company thousands of dollars a month in lost profits. Even worse it can lead to lost customers that otherwise would have stayed if the proper pricing were used. Up until recently, only very large companies could afford the … [Read more...]
Small business profits can be good, bad or just plain ugly
At its most basic a business exists to make profits. You can’t have anything else – jobs, products, and a sense of accomplishment – unless you can turn a profit. Many businesses these days are doing just that – making big profits. During the first 3 months of 2014, U.S. corporate profits were over $1.5 trillion; this is even after deducting falling inventory and equipment values. That’s nearly $17 billion daily! While this sounds great, just because a company is making a profit doesn’t mean … [Read more...]
For the SBA, bigger means smaller
Maria Contreras-Sweet, the newly appointed Administrator of the Small Business Administration, recently announced an updated formula for defining “small” at the SBA. The bottom line is that starting July 14th thousands of companies that were considered too big to qualify for SBA programs will now be considered small. This new status means access to cheaper financing and new sales opportunities. It’s kind of a big deal. SBA small business size standards: how the SBA measures the size of your … [Read more...]
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