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...]
Use price anchoring to boost sales
Nailing your pricing should be the focus of every small business owner. While big companies have entire departments dedicated to price optimization, we usually have to rely on our judgment and trial and error. Does this mean we are condemned to always price too high or too low? Absolutely not! There are many proven pricing strategies developed over decades of research that we can put to work immediately. Many are based on human psychology and have stood the test of time. One such strategy is … [Read more...]
Breaking the barriers to growth capital
Small businesses generally have a difficult time obtaining the financing they need to grow. Barriers to growth capital can seriously hinder an owner's plans for expansion. According to the Federal Deposit Insurance Corporation, the last 20 years have seen a significant decrease in banks’ lending to small business: In the mid-1990s, small business loans represented one third of all business loan balances; today it’s down to one in five. Last quarter, overall business lending grew at an … [Read more...]
The second million could kill your business
When your business reaches the million-dollar revenue mark, it’s a milestone to be celebrated. While it's fine to enjoy your moment in the spotlight, keep in mind that many unforeseen dangers lie ahead. The first million may have been hard, but the second million could kill your business. Managing small business growth the right way When you’re starting from zero and trying to build your business, 100 percent of your effort, energy and creativity are focused on growth: Acquiring new customers, … [Read more...]
Smooth out small business cash flow lumps
Only a perfect business receives cash from customers just in time to pay all of its bills. For most businesses, cash flow arrives in lumps with long dry spells in between. The weeks before one of these lumps can be very stressful as owners scramble to find desperately needed cash. While you may be willing to wait to get paid, many suppliers and employees won’t be so flexible. To avoid this stress, you need to use different tools and techniques to smooth out your cash lumps to be able to pay … [Read more...]
Are you cooking the books without knowing it?
Sometimes your business just doesn’t perform as well as you need it to. Spending 15-hour days at trade shows, pulling all-nighters to revamp your market strategy and tweaking your website all weekend don’t always guarantee a profit or cash flow boost. If you happen to be applying for a loan or line of credit or are in the process of selling your business, a few bad months could mean the difference between loan approval and rejection. When faced with this kind of pressure, some small-business … [Read more...]
Five ways to keep small business growth from killing your company
Can rapid small business growth actually lead to failure? Absolutely. Businesses close their doors every day because of too much success too soon. Keep an eye on your cash: Customers that provide large, unexpected orders aren’t always willing to pay cash in advance. Calculate how much cash your business needs to fulfill your new order volume Don’t divert cash from your current options to pay for the new growth; your new customers may not pay you on time or at all Obtain financing to … [Read more...]
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