Interest Rates Heading Up is no good for businesses or consumers, but often they're inevitable. Here's how you can prepare. As the U.S. economy navigates a toxic mix of sluggish growth, high unemployment, rising inflation and trillion dollar budget deficits, increases in interest rates are a real possibility. Increasing rates are exactly what we don’t need. As interest rates go up, both consumers and businesses tend to spend less. People already in debt must divert money budgeted for other … [Read more...]
What The End Of Quantitative Easing 2 Means For Your Business
How will the end of the $600 billion economic stimulus package affect your business? The end of June 2011 marks the conclusion of the $600 billion economic stimulus program known as “Quantitative Easing 2” or “QE2.” It’s called “2” because it represents the second round of quantitative easing undertaken by the Federal Reserve after the financial crisis spurred by the collapse of Lehman Brothers. Before discussing what the implications are for your business, it’s important to understand what … [Read more...]
How The Federal Reserve Sets Interest Rates
Interest rates can determine if your business sinks or swims. Here's how the Federal Reserve determines them. Almost every person, company and government entity in the U.S. owes money to someone. According to the Federal Reserve, we currently owe—in aggregate—nearly $55 trillion. Just like consumers and governments, businesses use debt to finance day-to-day expenses and long-term investments. Non-financial business debt represents approximately $11 trillion of this total. This massive level … [Read more...]
Would You Pass The Marshmallow Test?
Can you delay your want for instant gratification? Here's how to teach yourself how to wait for the second marshmallow test. In 1972, psychologist Walter Mischel of Stanford University conducted a novel experiment. Researchers led children aged between four and six years into a room consisting of only a table and a chair. The researcher would place a marshmallow on the table in full view of the child, and as his or her mouth started watering, the researcher offered the child a choice: eat the … [Read more...]
Your Baby Boomer Employees Aren’t Going Anywhere Soon
Each generation has it's own culture, and they're starting to blur in the workplace. What does this mean for small biz? Our workforce can be divided into distinct groups based on year of birth. Each group is considered a “cultural” generation and these divisions are generally accepted. The Baby Boomer generation consists of people born after World War II from 1946 until 1964. Following the Baby Boomers is Generation X for people born from the late 1960s until the beginning of the 1980s. After … [Read more...]
What Size Sales Force Do You Need?
Is your sales force too small? Too large? Find out by using the incremental method suggest by expert Mike Periu. I recently had coffee with the owner of a distribution company that has enjoyed success in the past and has been trying to rekindle sales. We were talking about the key challenges he faced trying to increase revenues given the current state of the economy and afterwards he invited me to see his operations which were only a few blocks away. I agreed. When he opened the door to his … [Read more...]
Raising Financially Responsible Children
Like all good things in life, financial success is a double-edged sword, especially if you have kids. Here is a guide on Raising Financially Responsible Children. Most business owners want to achieve financial success. If you have already achieved it, then congratulations! Feel free to invite me for a spin in your new Lamborghini Aventador. Like all good things in life, financial success is a double-edged sword, especially if you have kids. Wealthy entrepreneurs face a tremendous dilemma: how … [Read more...]
How To Calculate The Size Of Your Sales Force
Growing your sales force too quickly can lead to wasted time, and money. Have you thought about the size of your sales force lately? If you grow your sales force too quickly it can be a huge problem. For starters, you may not have the expertise to manage it, and there may not be an established market or sales process in place for them to follow—leading to wasted time and money. It can also lead to frustration and disenchantment, which sooner or later morphs into high turnover. On the flip … [Read more...]
Give Your Startup An Edge With Startup Open
The Startup Open competition is designed to recognize new business success. Does your company have what it takes? The role that new businesses play in the success of our economy cannot be overstated. According to a recent study by the Kauffman Foundation, job growth in the U.S. is entirely driven by new companies. Using data from the Business Dynamics Statistics, a dataset compiled by the U.S. Census Bureau, the Kauffman Foundation analyzed both new companies—defined as those in business less … [Read more...]
Should You Scale Your Business?
When small businesses are faced with an opportunity to grow, the prospect can be scary. Here is want to consider first before you Scale your business. My friend Eric* has a problem that many business owners face. He has been running his small business profitably for over five years. He hasn’t achieved much growth on an annualized basis but the company generates sufficient cash flow to give him a comfortable standard of living, keep his eight employees happy and fulfill his customers’ requests. … [Read more...]
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