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Written by Financial Post

Created: 17 February 2012

Hits: 2293

In the current tough economic and capital markets environments, small to mid-sized business are looking for ways to enhance investors’ value. That can be done by answering the classic question businesses large and small are asked by smart investors: Where do you really make your money?

While most private companies produce some form of financial statements, which are an invaluable check on the overall health of the business, much detail is hidden in the numbers. Doing the analyses to answer this question and then figure out how to increase stakeholders value doesn’t have to be difficult. It can be done on a sampling basis and need not become a huge, time-consuming exercise tying up staff and resources. Here are some simple steps to achieve this: ... Read more

Written by Small Biz Trends

Created: 17 February 2012

Hits: 3254

By Susan Payton February 9, 2012

As small business owners, we’re all strapped for cash and we hate spending unnecessarily. That being said, not everything should be DIY (do-it-yourself). Sometimes trying to save money and do things yourself costs you more in lost time and lost business than you saved in cash.

Consider handing these over to the experts:

1. Business Cards

Sure, Vistaprint and other sites have free templates you can customize to create your own business cards, but do you really want to use a template that hundreds of other companies have also used? The point of your business card is to stand out and be memorable – and you simply can’t do that with a cut and paste template.

Alternative: Good designers can be cheaper than you’d expect.  Especially if you choose a relatively new freelancer (perhaps a college student) or use a crowdsourcing tool like 99designs. You can also save by bundling several projects together, such as your business cards, brochures and direct mailers.

2. Website

While you no longer have to be a programmer to design a good website, you still should have some sense for design and layout. Content management systems (CMS), while useful tools, don’t make it foolproof to goof up on your website design. And with basic CMS functions, you may not know about more advanced features that let you add in descriptions and metatags.

Alternative: If you insist on designing your own site, go with a do-it-yourself content management system that provides ample customer support so that you can get feedback and help, making your site more user friendly. Try Weebly, SnapPages or Yola. Or ask for referrals for a good web designer based on your needs. Realize that if all you need is a simple 4-page website, the cost won’t be astronomical.

3. Mobile Apps

There’s a reason there are over 500,000 iTunes apps, many of which have few to no users. Companies that have no business creating apps are doing so. There are DIY app design programs like AppMakr, but they don’t help you with mobile app strategy, and without that – your app is useless. After all, do we really need a store locator app for your brand? Doesn’t Google Maps do that? What are you really trying to accomplish with your app?

Alternative: Find a mobile app developer with experience in your space. If you’re in the travel industry, find a designer who’s created other travel apps. Let the developer guide you to building an effective mobile app strategy rather than being stubborn about how your future app will be more popular than Angry Birds. It’s simply not happening.

4. Content

I could write books about the companies who undervalue good content. Suffice it to say, a lot of brands want content that will help them connect to customers, but they don’t want to pay its worth. Job boards like Elance are filled with writing gigs promising to pay a whopping $4 for 600 words (I’m not joking). If you devalue writing this much, you probably don’t get the overall content marketing thing. You pay to have a professional writer to create content that reflects positively on your company. For $4, you simply can’t guarantee that it won’t be riddled with typos and run-on sentences. Is it worth the savings to have to rewrite it?

Alternative: If you can’t afford a full-time writer or marketing staffer, outsource your writing to a freelancer or a firm. Look for a company or writer that’s written about your industry before and negotiate a rate for bulk numbers of articles.

5. Software

Sure, there are plenty of freeware programs available and you’ll get a lot done with Google Docs and a free membership to Basecamp. But when you need software to fill a hole that the freebies can’t, it’s time to invest. Paying a nominal fee for accounting software will prevent a major headache, as will project management software.

Alternative: Rather than paying a big chunk of cash for accounting software like QuickBooks to install on your computer, try the online edition for a lower monthly fee (QuickBooks Online starts at $12.95 a month). You’ll constantly get upgrades, which keeps you from having to shell out another few hundred on the latest and greatest edition.

Written by Entrepreneur

Created: 17 February 2012

Hits: 2422

Here's a dirty little secret of entrepreneurship: It's not usually all glamour and a fat cash register at first. Most business owners need a commitment to doing whatever it takes to get over the hump, to where their business makes enough to fully support their family.

I once profiled a successful young entrepreneur who opened a trendy shoe boutique in downtown Seattle. I learned that the store barely survived its first year. It was in a bit of an out-of-the-way location, and people weren't coming.

She went to her dad, also an entrepreneur, to ask for a loan. He refused. Instead, he told her if she really had a passion to make this business happen, she should get a bank loan or a side job to keep it afloat until the store's revenues improved. This chic young woman then spent a year on a grueling schedule: She worked as a bar-back -- hauling in crates of beer bottles into the wee hours -- and ran her store during the day, until it threw off enough cash that she could quit.

Sometimes, it's not about whether you have a great idea or that you don't believe in your dream. It's a question of what you're willing to do to get through the tough times to where you make a profit.

For instance, in 2008, when young entrepreneur Matt Wilson started the online community Under30CEO, his mother was struggling to make ends meet with a flagging real estate business. To help her and keep his business afloat, he dug ditches for 12 hours a day.

Recently, a friend who opened a co-working space in the Seattle area not long ago confessed to me guiltily that she was taking some technical writing gigs on the side for some immediate income.

I told her that story about the shoe-boutique owner.

And me? I typed scripts at night two years while I built my freelance-writing business, way back when.

It seems like entrepreneurs are always ashamed to say they're holding down another job -- or two -- while they launch. Instead, I think business owners should be proud that they have such an intense level of belief in their vision that they'll do whatever it takes to see it to success.

Written by Small Biz trends

Created: 17 February 2012

Hits: 2749

By Diane Helbig - February 16, 2012

So, what do you want for your business? Increased revenue? More Clients? And what do you do to get what you want? You make sure other people/companies are getting what they need. That’s where you focus your energies.

The mistake many businesses make is focusing on what they need. The other day I was meeting with a banker. The management of the institution had set up sales goals that were completely unrealistic; high numbers for business loans, unmanageable methods and expectations, and pitting employees against each other. The situation was untenable. It’s a clear example of a company looking inward when it should be looking out.

Read more: How To Get The Sales You Want