The Industry Word
Funny, isn’t it, how the grass tends to look greener from the other side. It’s the same in business as well as in personal affairs. If I look around, I can spot five companies in five minutes that “seem” to be doing better than mine. They appear to have accomplished more, in less time, and seem to be doing better than my company. The fact is, that may or may not be true. Often things just LOOK greener. But there is one good thing that tends to come out of “grass-is-greener” musing: it inspires me to set...
Will great things finally start to happen in franchising in 2013? Should you become the owner of a franchise business in 2013? What are some of the trends in franchising? Let’s dig in... Employment Jobs aren’t what they used to be. The days of working for the same company for 30...
The storm that hit the East Coast of the U.S. on October 29 created devastation for individuals and businesses. Many companies were forced to remain closed for days or even longer because of damage to business facilities, employees being unable to get to work due to the failure of public transportation systems, closures of bridges and tunnels, power outages and long gas lines. Here is what companies should know about tax and financial opportunities to help recover from this storm and the lessons for everyone going forward. Tax relief The IRS...
The other day I had coffee with a former student, now in her late 20s, whose first taste of startups and entrepreneurship was in a class I used to teach at the University of Oregon. The class included—of course—a hard look at cash flow and business numbers. But she told me she had no idea how important the numbers were until she actually started her own business. “Back then, in class, it seemed like theory to me,” she said. “Like the business numbers were something that the bankers and accountants worried about,...
Now that 2012 is wrapping up, we have the opportunity to take a breath, evaluate where the year has taken us in relation to our business goals and create a game plan for how we will move forward towards success in the new year. A business mentor may just be the perfect means to helping you create that plan. A study by the U.S. Small Business Administration, SBA ED Resources 10-11 Impact Study Final Report, found that small business clients who had received 3 or more hours of mentoring reported higher revenues and increased business growths....
Do you think it’s too late to attract holiday shoppers into your business? Whether you’re a retailer, a restaurant or a service provider such as a spa or hair salon, there are still plenty of holiday dollars to be had. The spending doesn’t stop after Christmas, either—consumers with gift cards or gift cash in their pockets are out in droves, eager to treat themselves, celebrate and splurge. How can you attract customers to your business for the holidays? Try these tactics. 1. Focus...
The definition of fundable is the capability of being funded or being bankable. A company’s fundability is crucial to obtaining the necessary funds needed to operate, develop and grow a business. Unfortunately, the most common mistake business owners make is applying for financing before their company is even ready. Why not know in advance if you qualify for funding before actually applying? Instead of relying on personal credit, why not establish a fundable company that can get the financing it needs based on its own creditworthiness....
If you’re like most business owners, you are always looking for places to promote your business online. After all, you don’t have the advantage of huge brands that are household names. You have to work at getting visibility. Here is a handy checklist of 12 places to get visibility – make sure you have these covered if they apply to your business: OFFLINE PLACES Customer Receipts: Put your website URL on your receipts to build awareness and loyalty. Provide the URL to a survey (make sure the URL is short) on your website....
A significant number of the people that I’ve provided franchise advice to over the years have insisted on looking at franchises that have a recognizable brand name. I understand why they start their franchise business searches with “the brand” in mind, but do you? You will if you read this post. Definition of a brand Legendary marketer Seth Godin* has a great definition: A brand is the set of expectations, memories, stories and relationships that, taken together, account for a consumer’s decision to choose one product...
Confession: I wish I’d come up with the term lean startup. I love the term and, for that matter, the idea behind it. Credit for that goes to Eric Ries, author of the book The Lean Startup, and Steve Blank, blogger, entrepreneur, and sometimes professor (at Stanford and Berkeley both, no less, which I guess is also a feat) who’s adapted it and popularized it along with Eric. If you’re curious, here is the Wikipedia definition: “The Lean Startup … relies on validated learning, scientific experimentation, and...
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by smallbiztrends, Guest Blogger on Tuesday, January 8, 2013 - 19:28