Online lending and crowdfunding are new sources of capital.
Can you take a vacation? – Part II
Small businesses are all-consuming for their owners. Daily demands make it difficult to set aside time for owners to think how larger trends may affect their business. That's why it's an excellent idea to perform a SWOT analysis.
Most small-business owners are consumed by the daily challenges of running their business - satisfying customers, managing services and products, tracking finances and suppliers, and personnel scheduling.
The recession and slow recovery have hit small retail businesses hard, especially those that compete against big- box stores and those that offer discretionary retail items.
One the many challenges a small-business owner faces is isolation.
The world is not a static place. Things are constantly changing: clothing styles, food preferences, popular sports and advanced technological devices.
As the economy slowly emerges from the recession, many businesses realize that cost-cutting is not enough to improve profits. In the end, the top line (revenue) has to grow.
Many prior columns have addressed the problems and challenges of starting or running a small business - strategic choices, finding customers, cash flow, managing personnel, etc.
"Life is what happens while you are busy making other plans."
How many times have you heard someone say in an exasperated tone, "I told him to do that"? This is a typical reaction when something is not done on time or improperly.
The U.S. Small Business Administration reports that 50 percent of all new businesses fail in their first year. Before starting a business, it makes sense to understand why so many fail.
In a slow economy, marketing budgets are typically one of the first expenses that are cut. Startups and small businesses face a similar situation of limited funds. How can a business continue to generate leads and maintain its market visibility if its traditional ad budgets are cut?
Firms that rely on repeat business know the importance of building strong relationships with their customers.
International supply chains enable American consumers to select from an astonishing range of products and services at attractive prices.
One of the last things that new businesses consider is an employee manual.