Small Business Information Insights and Ideas

Warning! You might be Wasting Money on Electricity Bills!

March 9, 2013

Here is a quick question – When was the last time you checked your electric bill? Do you remember how much it was? If you are like most small business owners you do not pay attention to how much you are paying towards electric bill. You take it for granted that the electricity expense is fixed and there is not much you can do to bring that expense down. This could be a mistake because even a small monthly savings of $50 in electric bill can add up to substantial amount at the end of the year.
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Filed Under: Finance Tagged With: Cost-Management, Negotiation

Blockbuster Failure!! How Can You Avoid Similar Fate

March 3, 2013

Blockbuster, the ubiquitous video rental chain of the bygone era, announced recently that they will close 300 stores in U.S. and lay off 3,000 employees. This is after they have already closed hundreds of stores over the years. The latest round of closing will leave them with only 500 stores, down from 9,100 at the peak of their business. This is one of the blockbuster failures in the American business history! To be fair, they are not alone. Recent times have seen number of successful retail businesses wipe out from the landscape – Borders, Circuit City, the list goes on.

Blockbuster was one of the great success stories in how to build an empire by putting number of small rivals out of business throughout the country. Starting with a humble beginning they went on to consolidate the video rental industry to be the eight hundred pound gorilla. And yet, they were not immune to the law of natural business cycle when new competitors came along. There are important lessons to be learned from Blockbuster to ensure your small business does not meet the same fate.
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Filed Under: Management, Strategy Tagged With: Business-Model, Customer-Complaint

First Time Landlords – Should you Lease your Property Through an Agency?

February 23, 2013

In recent years, increase in house prices has ushered in a new age of inexperienced landlords trying to cash in on the boom – if you’re reading this you may even be one yourself. It is worth considering your options, then, especially if you are inexperienced, and asking yourself the question, should I lease my property through an agency?
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Filed Under: Management Tagged With: Lease, Real-Estate

How to Revitalise Your Salon Business for Next-to-Nothing

February 16, 2013

Get your salon equipment right, and the rest will follow. Of course, all stylists are looking to strike a balance between low cost salon equipment and high end products, but there doesn’t necessarily need to be a trade-off between the two.
You can save money and retain your favourite supplies – it’s possible! But it’s also possible to get creative with your boutique’s budget. Read on for more information on how to revitalise your salon for next-to-nothing.
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Filed Under: Management, Purchasing Tagged With: Best-Practices, Cost-Management, Franchise, How-to

Walking Billboards!! Benefits of Placing Company Logo on Clothes

February 1, 2013

Some people may not agree, but billboards are still relevant in this age of digital advertising. They offer great visibility to businesses in a very cost-effective way. For one thing, they are always there. People do not have to hunt for them. When designed right, they can catch people’s eyes and make lasting impression on their minds.
Wouldn’t it be even more effective if you could take those billboards and make them mobile so that they can be put in front of the people in multiple places? This is exactly putting the company logo and other brand building advertisements on the clothes people wear can do. This is similar to putting Facebook’s “Sponsored Stories” in people’s news page, except the story moves around and gives exposure in front of hundreds of people.
Businesses can incorporate the promotional logo clothing in multiple ways. The most common is giving T-shirts with your corporate logo to visitors and customers at Trade shows and other such places. You can also ask your employees to wear them while they are on duty. They will probably wear them even when they are not working. No matter how you do it placing corporate logo on clothes provides excellent visibility to your business in addition to other benefits described below.
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Filed Under: Marketing Tagged With: buzz marketing, ecommerce

5 Principles to Follow when Buying Business

January 27, 2013

There are few decisions in life that are as important as buying business. Think about it! You are getting ready to bet your life savings on it. Not only that, but you are betting your future on it too. The decision not only affects you, but everyone around you, especially your family and friends. You will pay the price for any mistake you make at this point for a long time.
It is easy to make wrong decisions during the buying process, particularly after you become too involved, and get frustrated by the slow pace of progress. You just want to get it done and start working on the future rather than continue “wasting” your time. This is when you are likely to make wrong decisions and regret them afterwards. I always like to lay out few principles that I can go back to when this type of situation arises, so that I can keep myself in the check. The 5 mantras I have described below are meant to guide potential buyer during the buying process and help make the right decision.
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Filed Under: Buyers Tagged With: Best-Practices, Business-Start

You CAN Handle The Truth: Five Legal Myths Small Business Owners Should Avoid

January 19, 2013

We’ve all dreamt about standing up in front of a packed courtroom and shouting the words, “You can’t handle the truth!” But when it comes time to protecting our small businesses and our personal assets, reenacting A Few Good Men won’t get us very far.

There are several legal myths that small business owners commonly believe in. These myths aren’t only dangerous to our companies, but they can be dangerous to our personal livelihoods. Take a look at the five legal myths below to make sure your company isn’t sinking into hot water.
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Filed Under: Management Tagged With: Legal

Under Promise, Over Deliver – Key to Business Success

January 12, 2013

Do you remember the time when you were pleasantly surprised to get more than you had expected from a business? How about the time when you were annoyed when you didn’t get what business had promised? It’s interesting how we remember outcomes that have turned out better than or worse than our expectations, but not the ones that came out as promised! Businesses who understand this simple fact stand to benefit by delighting their customers. This is the commonly known principle of “Under Promise and Over Deliver”.
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Filed Under: Customers Tagged With: Best-Practices, Customer-Service

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