Posts Tagged small business
Make Money During Your Down Time
Today I found an article at MainStreet.com that can apply to both small business owners and their small businesses. In “4 Ways to Make Money on a Day Off,” Stacy Baker gives a few pointers on how to use your free time to bring in—or save—a little money. Her ideas are geared toward individuals, but I think they can apply to businesses as well.
Baker describes how one can turn their passions and hobbies into money-making ventures. Many small business owners have already done this—a lot of startups were the result of someone wanting to turn their hobby into a job. But your small business can also make a little extra money by catering to its customers’ passions. Classes or workshops are a great example of this. If you provide goods to a particular group, you can also offer them the chance to enjoy using these goods at your store. Cooking classes, wine tastings, scrapbooking workshops, and sport training sessions are just some of the activities your business can offer during its off time that can help bring in a little extra money and market your store.
Next, Baker suggests working within your network to gain valuable resources for your business. Try starting a relationship with another business owner in your community that will be advantageous to both of you. Find someone whose expertise or products you need, and who also can benefit from what you and your business offer. This type of relationship is very opportunistic from a marketing viewpoint, and you’ll also save money in the process.
Check out Baker’s full article at http://www.mainstreet.com/article/smart-spending/bargains/deals/4-ways-make-money-day.
1 comment July 16, 2009
State of Small Business Webinar Follow-Up
We hope you had a chance to check out last week’s Grow Smart Business webinar. If not, you can view the recorded webinar here. According to the speakers and Network Solutions® CEO Roy Dunbar, most small business owners have a positive outlook on the current and future state of small businesses. Lisa Barone recently posted an article at Small Business Trends™ that does a great job of summarizing the discussions that occurred during the webinar. Check out “Webinar: State of Small Businesses in the United States” for highlights.
For more information on the state of small businesses, head over to GrowSmartBusiness.com. To share your opinions on the future of small businesses, visit MySolutionSpot.com.
2 comments May 8, 2009
How Do You Approach Time Management?
An article was recently posted at Small Business Trends™ that explored how small business owners can benefit from focusing their thoughts on a few particular subjects. Check out Anita Campbell’s article, “A Brain Map for How to Spend Executive Time,” to see how Mark Hurd, CEO of HP, spends his thinking time. Then ponder how you, a small business owner or manager, spend your time.
According to Campbell, small business owners should split their thinking time between internal and extrernal business factors. We want to hear your thoughts. Do you find yourelf dividing your time equally, or do you tend to focus more on one area of business than others? How have you overcome the difficulty of managing your time?
Add comment April 27, 2009
Free Small Business Planner
The U.S. Small Business Administration is an extremely valuable resource for entrepreneurs. It provides several services and tools to help small business owners achieve success.
One extremely beneficial tool provided by the U.S. Small Business Administration is the Small Business Planner. This planner provides a variety of information to guide small business owners through every phase of the business lifecycle. To access the Small Business Planner, click here.
Add comment April 21, 2009
Professional Development Can Help Your Business Succeed
“Small business owners have challenges in growing business revenues. Half report moderate or no success in doing this.” – The Small Business Success Index* (SBSI)
The statement above is quite frightening; however, many entrepreneurs neglect to take heed of its warning. Rather, they go on to use their limited capital on unnecessary investments, thinking they’ll reap the rewards in upcoming years. In many cases, their rate of return is much lower than anticipated, and instead of basking in their newfound wealth, they struggle to make ends meet. The SBSI explains, “The ability to overcome challenges around capital and marketing can have a major impact on small business success.”
In the effort to control cost and achieve business success, “a plurality of business owners expect to hold spend steady through 2009; [however] 23% plan to increase this in the area of professional development.” So why is professional development such a worthwhile investment? The answer is simple. A well-educated workplace makes well-educated decisions.
Free Professional Development Opportunities
If you wish to engage in professional development but do not have the funds to do so, you’re in luck. Many consulting agencies and professional organizations now offer complimentary Webinars almost on a daily basis. You may also access sites like MySolutionSpot.com and SolutionsArePower.com, both of which offer relevant and industry-specific information for free. The more you educate yourself, the more likely you will be able to overcome your challenges.
*The Small Business Success Index, an ongoing measurement of the overall health of U.S. small businesses, was commissioned by Network Solutions, LLC and the University of Maryland’s Robert H. Smith School of Business. To take the survey yourself, click here.
Add comment April 15, 2009
Do Mature Businesses Have an Advantage Over Startups?
According to The Small Business Success Index*, an ongoing study of U.S. small businesses, “mature businesses have an edge over startups and newer companies.” The study also claims that “being in a growing or mature industry has a direct bearing on a business’ competitiveness.”
Many startups and new businesses have limited access to capital, which makes it difficult for them to advertise as aggressively as mature businesses or invest a great deal of money into building their businesses. They also typically have a harder time gaining the recognition necessary to compete with more reputable businesses. However, their lack of a recognizability can be a good thing, as well. It allows them to take larger risks. For this reason, many new businesses rely on innovation to build awareness and gain a competitive edge.
In my opinion, a startup that can create a product or service, capable of meeting an unfilled and long-lasting demand for a large consumer group, can obtain – and even secure – a competitive advantage over a solid, mature business. Take look at Twitter™, MySpace® and Facebook®, for instance. They are among the most well-known Web sites worldwide, yet they were all launched fewer than 10 years ago. Their quick success was a result of their innovativeness. Of course, Twitter, MySpace and Facebook are not representative of the norm, but you get the idea.
I want your input on these findings. Do you think mature businesses have an edge over startups and newer companies? Please leave a comment.
*The Small Business Success Index, an ongoing measurement of the overall health of U.S. small businesses, was commissioned by Network Solutions, LLC and the University of Maryland’s Robert H. Smith School of Business. To take the survey yourself, click here.
1 comment April 10, 2009
Do Small Businesses Offer the Best Customer Service?
Everyone is familiar with the phrase “customer service.” We all have an idea of what good customer service entails, and we have all experienced our share of bad customer service in the past. Most business owners realize that customer service (or lack thereof) can either make or break their business; therefore, business owners are now focusing their efforts on building policies and practices that give their customers the best service possible.
Small businesses have an edge over large businesses because of the relationships they are able to build with their customers. According to the Small Business Success Index, an ongoing study conducted by Network Solutions, LLC, and the University of Maryland’s Robert H. Smith School of Business, “Customer service is an area where small businesses feel that they excel.” While most large businesses have customer bases that number into the thousands and beyond, small businesses usually have only a fraction of that. This gives small businesses an advantage when it comes to serving their customers and building customer loyalty. Since large businesses have such a high number of customers, they are often unable to cater to each customer’s individual needs. While it isn’t always possible, small businesses are more likely to be able to “bend” to meet their customers’ demands during special situations without compromising their business’s well being. Customers who frequent small businesses and receive this type of treatment are more likely to feel that their patronage is appreciated. They also feel confident that should any problems arise, the situation will be handed swiftly and respectfully. This combination results in lasting customer loyalty.
Small businesses can’t always offer the cheapest prices or the largest product selection. What they can offer, however, is unparalleled customer service. We would like to hear your thoughts on small businesses and their customer service. Do you notice a difference in customer service between small businesses and their larger counterparts? Do you prefer one over the other because of this reason? As a business owner, what have you done to ensure that your customers receive the best treatment?
*The Small Business Success Index, an ongoing measurement of the overall health of U.S. small businesses, was commissioned by Network Solutions, LLC and the University of Maryland’s Robert H. Smith School of Business. To take the survey yourself, click here.
3 comments April 8, 2009
The CEO of Network Solutions® Discusses Today’s Small Businesses
Roy Dunbar, CEO of Network Solutions®, recently sat down with Fox Business News to discuss the current state of small businesses. During his interview, Roy discussed the challenges and successes of today’s small business. Some of the information I gathered from watching includes these interesting tidbits:
- One of the largest challenges small businesses face is access to funding.
- The majority of small business owners have a positive outlook on their future.
- Small businesses create the majority of American jobs
To view the complete interview, visit http://growsmartbusiness.com/2009/04/small-business-success-index-on-fox-business-news.
Add comment April 2, 2009
Create Win-Win Situations with Contracts
Over at Small Business Trends™, Diane Helbig recently posted an article that explores the reasons small business owners should consider implementing contracts into their business procedures. “Death by Contract—Or Lack Thereof” discusses the ways in which setting up a contract can help a business and its clients get the most out of their relationships. Helbig also illustrates the benefits of setting up a contract between a business and its employees. It’s a good read for all business owners, but owners of small businesses that provide a service to their clients should especially take a look.
For more information on how client and employee contracts can help your business, visit MySolutionSpot™ and browse our selection of articles on business operations and procedures.
Add comment March 12, 2009
