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Warning: this post is all about the questions. It doesn’t include the answers. Asking the right questions is a good first step to getting the answers. Theoretically we should be able to measure the ROI (return on investment) of anything we do in our business. We talk about ROI, and return, and payback when we look at an ad campaign, direct mail, product development, purchasing some big-ticket item. We make assumptions about ROI all the time. But it’s not always easy, and our assumptions are not always correct. What about social...
According to Wikipedia an asset can be defined as a resource controlled by an entity as a result of past events and from which future economic benefits are expected to flow to the entity. Many startups rely on the use of personal assets to secure funding for the business. Although money is often tight during the early stages, the goal of a small business owner should be to not only increase sales revenues but to build the company’s creditworthiness. In particular, business credit is an asset and considered an economic resource that make...
We learn in grade school that it’s not right to copy others, and even as adults we know copying is usually frowned upon. But when it comes to business marketing, there’s nothing wrong with being a copycat—in fact, it’s downright good business. Looking at how your competitors market themselves can teach you what to do (and what not to do) with your own marketing strategy. Here’s how to be a successful marketing copycat. Start by determining your major competitors, and include both big companies and small...
Now that we're in the fourth quarter of the year, it's time to get ready for 2013. There is much to do from a financial, legal and tax perspective. In this article are guidelines for mapping out your company’s financial plans for 2013. In upcoming articles, you’ll see what legal steps you should take and last-minute tax planning moves you should make before the end of the year. Overview of budgeting Budgeting is a process in which you estimate the income you expect your company to receive as well as the expenses you expect...
Due diligence, the research part of buying a franchise, includes several different things. If you’ve never worked through the process of researching one before, there’s a pretty good chance that you’ll miss something. And, it all starts by knowing what to ask. Franchise research encompasses a lot of different things. Some of the obvious ones include: · Learning about the operation · Contacting existing franchisees · ...
For years now I’ve thought of business planning in terms of the special case that I call a business plan event. The business plan event is when you have to produce a business plan for some specific business hurdle or gateway. For example, a startup looking for either angel investors or venture capital needs a business plan to give to interested potential investors. And a business applying for commercial credit needs a business plan to present to the loan officer at the bank. Some other business plan events are the sale of a business, a...
A small business credit card should always be the credit card you use when making business purchases. Transactions such as paying for gas in a company car, buying office supplies or taking clients out for lunch are all acceptable ways to use a small business credit card. When it comes to personal credit cards, you should not use them for business expenses. This can potentially jeopardize the protection of the corporate veil because you are co-mingling funds. Did you know corporate veil piercing is the top litigated issue in corporate law today...
Have you all but given up on publicizing your small business to newspapers, TV, magazines and radio, instead focusing all your efforts on social media marketing? You could be making a big mistake. A study done this summer showed that despite the prevalence of social media, blogs and websites, Americans still find traditional media the most trustworthy source of information. Here’s what you need to know to get publicity in traditional media. 1. Find the right media outlets to target....
Every year, countless businesses across the country experience hurricanes, blizzards, power outages, fires, tornados, and other events that can temporarily disrupt activities and, in some cases, put them out of business. For instance, in *2010, there were 98,000 fires to nonresidential structures, resulting in $2.6 billion in property damage. Hopefully, business owners are smart enough to carry adequate insurance to offset their property losses and have business recovery plans that enable them to function again. But despite all the planning,...
Small businesses and big brands have used a variety of ways to grow their networks on sites like Facebook. Using images and videos to engage followers, running contests, offering discounts in exchange for Liking a page and engaging in active discussion are all some ways that businesses have built their followings on Facebook. Unfortunately, not all strategies are worthwhile or even permitted. It’s a dirty little secret that some businesses have resorted to “buying Likes” of their business Pages. But that could...
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by Tim Berry, Guest Blogger on Friday, November 2, 2012 - 02:27