The financial health of a small business is one of the best indicators of its potential for long-term growth and success. The Federal Reserve Bank of Chicago recently published the results of its Small Business Financial Health Analysis. The results show that business owners who are knowledgeable about business finance tend to have companies with greater revenues and profits, more employees and generally have more success. The first step towards improving small business financial literacy is … [Read more...]
How to evaluate the Cuba opportunity for small businesses
Since President Obama announced his intention to restore diplomatic relations with the government of Cuba, there has been tremendous speculation regarding the opportunity for U.S. businesses. Much of this speculation assumes that the law codifying the U.S. embargo will be changed and U.S. companies will be permitted to invest. Many analysts have arrived at the conclusion that Cuba represents a lucrative opportunity for U.S. businesses because: There are over 11 million consumers with nearly … [Read more...]
What to do when you disagree with your investors
Having a disagreement with your company’s investors is one of the most difficult challenges that any small business owner can face. It’s stressful, time-consuming and the stakes can be very high. It’s quite common to see the founders of successful businesses kicked out of their own companies due to disagreements with their funders. Like any challenge you face, it’s important to understand your options and take a careful, gradual approach to resolving the conflict as amicably and as quickly as … [Read more...]
The most profitable way to sell online
Alibaba, the Chinese e-commerce giant expects to facilitate the sale of $420 billion worth of goods this year, up from $170 billion in 2012. The company founded by Jack Ma in his apartment 15 years ago has become the largest online seller on earth, dwarfing companies like Amazon and eBay. Their main business – the Alibaba marketplace – connects small and medium sized businesses with buyers inside and outside of China. While Alibaba’s success is unique, the form part of a largely trend – namely … [Read more...]
Are you ready to put the family in family business?
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...]
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...]
The Secret to Boosting Profits
Every small business has its payment and pricing mistakes. Fixing these small errors could increase your profitability by 20 percent. The Secret to Boosting Profits by 20 Percent No company can run a perfect operation. The challenge is to minimize the cost to your business of the errors that occur. A common mistake that many companies make is miscalculating the amount of money to collect from customers. A recent study indicates that on average companies lose about $10,000 for every $1 million … [Read more...]
How Satellite Media Tours Can Boost Business
Satellite media tours can be a great way to reach millions of consumers in just a few hours. There are many tools available when it comes time to let the world know what you do. Communication vehicles like websites, social media updates, press releases, whitepapers, press conferences and more, can be very effective—when used in combination—to win new business and raise your profile. In many cases they are far more effective than paying for advertising. Well, there is one more tool you should … [Read more...]
Why Local Businesses Should Beef Up Their E-commerce Strategy
E-commerce Strategy: Don't get left behind. You can harness new technologies even if you're not selling to customers across the world. When experts discuss the power of technology for business growth, they usually talk about feats like selling to customers on the other side of the planet. This use of technology is very effective if your goal is to grow beyond your naturally-defined borders, but there are millions of successful businesses that operate locally and have no interest in selling … [Read more...]
Social Media Blunders To Learn From
These recent social media flubs could have been avoided with a little planning. Here are 3 Social Media Blunders To Learn From Many small businesses have jumped feet first into the social media sea without a complete understanding of how it works, how it will make money, or how to use it effectively. And as companies large and small experiment, many mistakes will be made. In the hopes that your company hasn't yet made these errors, let’s talk a look at some recent blunders that can easily be … [Read more...]