Archive for May, 2008

Small Business Credit Card Benefits

Friday, May 30th, 2008
small business management
Debbie Dragon asked:


Many new small business owners do not have a credit card account specific to their business. They might use a personal credit card to make business related purchases every now and then, but the majority of new business owners overlook the value a business credit card may provide to their business.

There are many reasons why a small business owner would benefit from having a credit card account specifically reserved for their business use. First, though, let’s discuss the typical reasons why a small business owner would avoid a credit card!

Top 6 Reasons Small Businesses DON’T Have Credit Cards

1) Business owner is afraid that they will overspend if they have access to a credit card.

2) Business owner thinks it’s complicated to apply for and receive a credit card under the business name, or feel they don’t have strong enough credit to get one.

3) Business owner thinks finance charges and interest rates will be expensive and cost more money than the convenience of having a credit card is worth.

4) Small businesses don’t make enough purchases to require a credit card.

5) Business owner likes the control over spending by employees when a check or cash has to be issued for purchases.

6) Business owner applied for one and was denied.

Is the reason your small business doesn’t have a credit card found on this list? If so, you might be surprised how the benefits of having a credit card for your business can help propel your business forward.

Credit Card Benefits for the Small Business Owner

While many of the reasons small business owners decide not to get a credit card for their businesses are valid, there are many advantages to the businesses that do decide to get a credit card.

When you make all of your business purchases and pay for each expense related to the company on a single credit card, you have an easier time with your bookkeeping. You can simply refer to your credit card statement each month, or on a quarterly or annual basis in order to see your purchases and expenses at a glance. You can cut one check each month to pay for all of the purchases, making it much easier to manage your business checking account, also.

Having a company credit card allows you to get additional cards in key employee names. If your office manager handles the office supply purchases, you can give her a card to make those purchases with, for example. There is less time required of you to approve or deny his or her orders and no need to cut a check when the manager is ready to place the order. Simply give the employees with cards a spending allowance and you can quickly monitor the spending of each employee by glancing at the card statements.

If you select a credit card for your business that offers a rewards program, you will benefit further by achieving the rewards under that benefit. As a business owner, you would decide if you have reason to purchase airline tickets, or if you would benefit better from a card with cash back or special merchandise purchases with the points you’ve earned.

Having a business credit card opens the door to many opportunities for your business that you wouldn’t have if you avoided having a card. Be sure to take these benefits and advantages in consideration when deciding whether or not to apply for a business credit card. If you fear your business credit isn’t strong enough for a card at this time, you can opt for a prepaid card or a secured credit card to build your company credit history. You’ll still receive all of the benefits and conveniences of a credit card, you’ll just need to take the extra step of funding a prepaid card before you can use it.



Carolyn

Why give North Korea free oil and not help Small Business in New Orleans?

Friday, May 30th, 2008
small business management
ShortBus 43 asked:


Small Business is the backbone of the community. Yet 70% of the SB set aside was spent on self management. (Housing claim investigators etc.) And less than 3% of Business got a dime.

The Senate hearing on Katrina had the head of the SBA under the lights. Looks like all the money went to waste.

And now after shafting New Orleans we agree to supply North Korea with oil at tax payers expense.

Melinda

Active Directory & Server Management?

Friday, May 30th, 2008
small business management
smorapcs asked:


What is the difference between Active Directory & Server Management in Small Business Server 2003 Premium Edition R2? What I mean by that is they both have spots where you can set-up users and client computers. If I set-up a user or client computer on Server Managment it doesn’t show-up on Active Directory nor does it allow me to create one under the same name. Which one should I use? I am new to Small Business Server 2003 and I am just looking for information. I am not even sure if I set-up my domain correctly? Plus is their a special way I have to set-up my server (Domain) so my Vista Business systems can connect to it? Thanks.

Jerome

Small Business Credit Cards Offer Businesses Crucial Edge

Sunday, May 25th, 2008
small business management
Robert Alan asked:


So, you say you’ve got a small business and you’re looking for a credit instrument that could tailor itself to your business requirements? Well, your search ends here. Small business credit cards fit right in, helping you separate business and personal expenses.

A study by the Tower Group reports that two out of three small businesses use a small business credit

card for purchasing and financing. So why are small business credit cards so prevalent? Small business credit cards offer small businesses a crucial edge allowing small business owners to expand or limit the growth of their business, as needed, providing the flexibility necessary to match their company’s growth needs.

Small Business Credit Card Edge

Help with Your Cash Flow: The best use of borrowed finances is to assist with month to month cash flow. Small business credit cards help you get the much needed credit to help your business grow while providing a margin of safety for your cash flow needs.

Maintaining Independent Accounts: Mixing your personal and business transaction accounts could lead to poor money management and potential tax problems. With a small business credit card, you’ll be able to maintain separate accounts on your personal card.

Help Balancing Your Books: This one is thrown in for free. With your card company maintaining an ongoing transaction record, you will have a convenient record of all transaction items that can be reconciled at tax time. Simply have the credit card company provide you an itemized list of all purchases made using their credit card and you’ll have some built-in transparency on all of your spending activities and financial accounts.

Build Your Credit Limit: Small businesses looking to expand need capital. You card provides your business with an opportunity to build your credit limit with consistent use and repayment over time. Access to more capital offers financial muscle to help grow the business, providing larger income opportunities for the small business owner.

Pre-Set Employee Spending Limits: For businesses wanting to keep a tight watch over their finances, these cards usually offer preset spending limits for employees, providing an excellent check and balance system for all your company expenditures.

Take Advantage of Special Offers: The competitive market has forced credit card companies to throw in special discounts and rewards programs. By examining the travel and entertainment requirements of your company, you will be able to grab offers that can help reduce your expenses through the use of reward point systems.

Tips for Selecting Small Business Credit Cards

If your existing business partners provide a small business credit card, it is probably a good idea to stick to them as you are more likely to get favorable rates and credit lines with an established credit line. Late payment and other such penalties will have to be borne by the company and not the employee. Therefore, give cards only to employees you absolutely trust and only provide credit limits that are in line with their expenditure requirements. Make sure the card you choose is widely accepted so that it helps meet everyone’s expense item needs.

Small business credit cards are quickly establishing themselves as an efficient way to increase capital and buying power for small businesses. While this calls for responsibility in its management, a small business credit card could go a long way in changing the face of your business for the better.



Geraldine

Small Business Owner Concerns

Friday, May 23rd, 2008
small business management
Tim Bryce asked:


“Regardless of company size, the concerns of executive management are all essentially the same.”

- Bryce’s Law

I was recently at a gathering of independent consultants from around the Tampa Bay area and we got around to talking about the concerns of owners of small businesses. From this, we devised a list of pet peeves commanding the attention of small-to-medium sized business owners, to wit:



Employees/Human Resources - staffing and allocations, payroll, benefits, and management.

Work environment - facilities and equipment, corporate culture.

Systems - implementing business processes productively, and staying abreast of technological developments for competitive advantage.

Regulations - complying with rules as established by government and industrial concerns.

Time Management - scheduling and devoting time to the proper set of priorities.

Financial Resources - managing and planning cash flow and investments for optimal return on investment.

General Planning & Strategy - both short term and long term, including an analysis of the market and competition.



At the end of this session, we discovered that the concerns of small business owners are essentially no different than large corporations, except on a much smaller scale. The only difference was that the small business owner has to move faster than his corporate counterparts simply due to the size of his operation. For example, he doesn’t have time to read voluminous business plans and financial statements. Instead, he requires summary reports which get to the point in a couple of pages. He needs good, sound supporting advice to make his life easier.

This got me thinking about the amount of time and money corporate executives invest in managing their company’s affairs. True, some things require considerable time and effort to investigate, such as researching new products/services and checking market conditions, but most of what is done is what I refer to as “meatball” type analysis which should be easy and relatively inexpensive to prepare. Let me give you an example; a couple of years ago I was working with a Fortune 500 company who had contracted with another firm to produce a Business Systems Plan. This took several months to perform and resulted in a substantial document over three feet thick (I kid you not) costing the company $1.5 million. I was asked to flip through the document and give an opinion. It only took me a couple of minutes to discover the authors had reused narrative from other client projects in the document and that most of it was superfluous. But the fact that it was incredibly thick and printed on some pretty impressive looking paper, gave the company the feeling they had gotten their money’s worth from the consultants. Interestingly, the company never acted on the information contained in the document simply because it was so voluminous and they couldn’t find their way through it. In reality, a ten page report could have satisfied the company’s needs, but I guess you cannot charge $1.5 million for a ten page document can you?

The point of all this is that the size of a company really has no bearing on the concerns of those charged with running it. They are all essentially the same. Nor does any business owner have the time or inclination to be devoured by detail. Although detail is important to substantiate claims, summary reports are more effective for supporting the needs of business owners. They simply want accurate and reliable information to act on regardless of the form it takes, but preferably not three feet thick.

If you would like to discuss this further with me, please do not hesitate to send me an e-mail at timb001@phmainstreet.com



Roland

Small Business Blog Writing Tips

Wednesday, May 21st, 2008
small business management
Jim Degerstrom asked:


You launch a new small business blog, and then writer’s block kicks in. What to do? Here are some tips to help you with ideas for new posts to your blog. Your blog writing style does not have to be textbook perfect, so informal writing is suitable as long as you check grammar and spelling. It’s okay to entertain as you provide information, too. Visitors will not expect literary works suitable for a Nobel prize when you create blog posts, so relax.

Write short paragraphs and cover one aspect of what you present in each. Visitors want information quickly; so long paragraphs should be avoided. Short posts of 1-2 paragraphs are fine, too. Most website content is quickly scanned, so headlines and the first few words of each paragraph may be all that most visitors view before deciding to read details, or exit.

Include key words relative to your subject, and place some near the beginning of sentences for each paragraph, so your visitors get the general feel as they scan your post. Search engines will visit and index your blog content, too, so key words are important for attracting the search engine crawlers.

Google Alerts and blog labels are two techniques to help you generate new blog post ideas. Each will be presented in the report Blog Your Way to Fresh Content from my series of free PDF SEO Reports about do-it-yourself small business website promotion that I began to release during 2007. Some of my clients could not wait, so this article is a preview of how to use these two techniques to come up with post ideas for your blog:

1. Google Alerts is a free service that delivers links to content by email. Once set up, you automatically receive a collection of current news stories or related content by email with summaries and links to the information.

2. Your blog labels are the filing system for your blog that cross references your posts by subject category, so visitors may click a label and view all posts about that subject on one page. Use them to brainstorm ideas for posts.

Google Alerts

Search for Google Alerts to find the main page, and then sign up for a Google account if you don’t have one. You don’t need an account to use alerts, but managing your choices is more convenient from one page, and creating, editing, or deleting alerts will be easier.

To begin you create individual alerts for search words or phrases relative to your business, and then your options are type and how often. Type means the source, and the selections are from news, the web, blogs, groups, and comprehensive (all). The how often is the frequency of emails you receive from Google and include once a day, as it happens, and once a week.

Once you create the alert, emails arrive automatically with lists of sources for content related to your selected subject, and a summary of each. Follow the links of interest, and perhaps you will decide to write about the same subject with a different slant. Never copy another author’s content verbatim or claim it as your original writing. That would be plagiarism. However, quoting other sources is acceptable, and snippets or excerpts are often all you need.

Write an introduction about the piece you will quote, and then give credit to the author including a hyperlink to the source. Next, make sure you are in HTML mode and begin the excerpt with blockquote and italics tags, insert their content using copy and paste, and finally add the closing blockquote and italics tags. View your help files if the [blockquote] or [i] and then [/blockquote] and [/i] are unfamiliar (Note: The [ and ] square brackets must be replaced with , so don’t take my example literally). This formatting will indent their snippet in your post and display the text in italics to make everything stand out as content quoted from another source.

Finally, write a closing paragraph with your take or opinion on the subject matter, and you’re done. Again, your posts do not have to be lengthy, so the opening introduction and closing comments or opinion can each be one paragraph. Busy visitors are more likely to read your content and bookmark your site for return visits if your style is interesting and brief.

Blog Labels

The labels you assign to your posts allow cross referencing of information, and they are another source for brainstorming new post ideas. After all, your labels provide a snapshot of the overall theme of your blog. A review of your list of labels may uncover subjects that are overdue for a new post while alerts make you aware of topical subjects. Reviewing the labels that define your blog allows you to enhance emphasis by writing about what your small business is really all about.

Bonus Tip: Visit technorati.com and near the upper right is a “tag cloud” which displays key words and phrases that represent what the majority of people worldwide have written recently. The most popular tags are displayed in very large text, with others decreasing in size based on total posts tagged with that word or phrase. If you find words that relate to your business, click the tag to see what others are writing, or just start your post and run with it.

Compare physical exercise to writing posts for your small business blog, and each requires discipline. Both are easy to avoid without feeling guilty, yet the benefits are certainly important to your health, personal and business. A large percentage near 25% of all new blogs go offline in less than 90 days. One reason is the lack of fresh content. Use these tips for keeping your posts short and to the point, utilize Google Alerts, and do a review of your blog labels to easily come up with new ideas for posting to your blog.



Tamara

Getting the Small Business Start Up Help That You Need

Sunday, May 18th, 2008
small business management
Alan Mater asked:


When you first decide to start your own small business, you realize you can use all the start up help you can get. The federal government can be a great source for assistance, and shouldn’t be overlooked. They can provide small business start up help in many different ways. This article will discuss three areas that your government offers help in getting your small business off the ground.

1.      Every small business needs money, and the government can help you get the cash you need in two different ways. The first option available is a loan. Believe it or not, the government provides hundreds of millions of dollars in funding specifically for small business and entrepreneurs. There are a ton of different loans created specifically for special circumstances. For example, low-income businesses, handicapped individuals, military veterans, women owned small businesses, and many more.

The second option for getting the small business start up funding that you need would be applying for one of the fifteen hundred grants that are available through the fifty-two government agencies. These grants are separated and grouped by state and business category. Some categories include but are not limited to general business, agriculture and real estate. There is also grant money available for research and development of your business. Many of these types of grants start at five thousand dollars and can end in the six figures. The best thing about receiving government grants is that the money never has to be paid back. This kind of small business start up help is like receiving free money.

2.      So now you’re getting the small business start up help you need in terms of money, but what about other assistance? The government can also help you in this area as well. They offer assistance for small business development, renovation and expansion. There are fifteen hundred different government sources that can provide the needed assistance for your small business.

The best place to start looking for this kind of information is the Small Business Administration (SBA). You can find out more information by looking in your phone book, online or the help desk at your local library. The government can provide counseling and training to improve skills to help manage and operate your small business. There are some forms and guidelines that are to be completed. Government and private foundations are a good source if you want to find some examples of these forms and more detailed information. These types of books can be found at your local library as well.

3.  Small business start up help in terms of money and assistance is no longer a concern. You may, however, require advisory services, and the government can help with that also. Advisory services will assist you in improving your management skills and labor management relations. This is very important knowledge that you should know when beginning your business.

There is so much small business start up help that the federal government can do to get your business up and running. You just need to take the time to find your local sources and get the whole process started. Make sure to take advantage of these offers, since they’re available to you. It’s not everyday someone will hand you free money that will go to making yourself more money. So don’t wait any longer, get the small business start help that you need to make your business successful.



Norma

Small Business Tax Return Outsourcing - Different Benefits

Sunday, May 11th, 2008
small business management
Mani Malarvannan asked:


By carefully choosing a qualified outsource vendor small businesses can benefit from outsourcing their tax return preparations. There is security issues involved in outsourcing, but small businesses can avoid them by carefully managing their tax return outsourcing projects. Many small businesses owners are used to hanging this up till last though they know that tax file return is mandatory irrespective of size and annual turnover. The outcome of the whole process is hardly satisfactory.

In their motto to save instant cash, they wait until the last moment. Then they collect available financial and business transaction records rush out to find a CPA to prepare the tax return files at end of every quarter or year. In fact, the result often turns out to be more expensive and creates a lot of management issues in the process of hiring makeshift accounting professionals and managing them for a shorter period. No need to point out that they hardly find good professionals and charges are much more than regular.

Instead of habitual last minute rush, small businesses can outsource their tax related works to a qualified outsource service provider. This would cost them much less than the regular.

The outsource vendor employees usually consists of competent Charter Accountants who are well familiar with small business taxation and tax preparations. Some other valuable reasons may be as follows:

1. The cost of outsourcing tax return is far less than the small business would pay for a CPA in their country. Also during the tax season, it may actually be difficult to find a good CPA to work on tax return preparation for the small businesses.

2. The outsource vendor team requires the financial papers relevant to tax preparation. Using internet technologies it is possible to transfer it securely to the outsource provider. By e-mail and other means of communication it is possible for the small businesses to stay in touch with the tax outsource vendor’s team.

3. Quick turnaround time is another important benefit of tax outsourcing. Because of the time difference between the US, UK, offshore outsourcing countries like India, China, Philippians, a tax return sent overseas in the morning can be completed in time to be downloaded by the US, UK, firms in the morning.

4. Outsourcing tax return also reduces the paperwork involved, as all the financial papers are stored electronically.



5. Cost and productivity are issues that motivate large businesses to outsource and the reasons remain the same for small businesses. After a reasonable amount of time, the benefits of outsourcing tax return are clearly visible. Outsourcing alters fixed costs into variable ones and allows the small business to redirect funds for better productivity.

6. With the changing government rules for accounting and tax return the number of CPAs in the U.S is just not enough to cater to the volume of accounting jobs and therefore outsourcing is a practical decision.

7. CPAs can also benefit from outsourcing their client’s tax return preparation and concentrate more value added work auditing and financial consulting.

8. The service providers understand the importance of meeting deadlines set by the small businesses and will meet them. Often outsourced teams have web management systems that allow the small businesses can track the status of their tax returns any time using their browser.



Nancy

Looking for a good definition of Branding and Brand Management?

Wednesday, May 7th, 2008
small business management
avidar asked:


Am Running a Seminar for Small Business Owners/Managers on Marketing and Branding and just look to add some additional thoughts

Manuel