Small Business Toolbox

A library of business management info


Strategic Planning Long-term planning is easy to postpone, but you'll pay for it later if you don't plan for it now. Find ideas to improve your planning to create a successful business that lasts years into the future.
  • The Manager's Role in Controlling Unemployment Costs
    06/27/2008
    Unemployment compensation insurance is a statutory benefit; every employer is required by law to participate in its state's unemployment insurance program. Although differences exist throughout the country, employers are generally subject to experience rating in that they are taxed according to their claims history. So the more a company's claims can be kept under control, the less the company will pay out in premiums. (In some states there are exceptions for nonprofit organizations that are required to pay on a dollar-for-dollar basis, paying actual costs as incurred.)
  • How to Bounce Back From a Setback
    06/13/2008
    It's a clever adage that should be a mandate for anyone who has tried to start a small business—a setback is a setup for a comeback.
  • Surviving Economic Slumps
    06/11/2008
    Sales slumps are an inevitable part of business cycles, whether they are seasonal or due to a market downturn. Here are some survival tactics to help you weather financial storms.
  • Following Through on Your Goals
    06/09/2008
    Setting goals is essential for providing your business with direction, but following through on those goals effectively can be another story. Fortunately, there are tactics you can use to make sure you follow through on your objectives.
  • The Buy-Versus-Lease Dilemma
    06/02/2008
    It's an age-old adage that entrepreneurs have been asking themselves for years: Should I rent it or buy it? Add to the mix today's tenuous economy and many small business owners are asking themselves that question more frequently and with added trepidation. In trying to answer this nagging question, some argue that there are a number of variables to consider. It's a subjective choice that is usually made on these factors:
    Business philosophy; financial obligations and growth.
  • Disaster Can Strike Anytime; Is Your Business Prepared?
    05/30/2008
    Disasters are like coincidences—they can happen anytime. Some occur without warning while others are the result of unforeseeable and unpreventable forces of nature.

    But whether the disaster is weather-related, man-made or due to some other occurrence, creating, implementing and supporting a disaster-preparedness plan could spell the difference between saving your business and losing it all.
  • Think About Insurance Before Disaster Strikes
    05/29/2008
    Under normal business conditions, operating day-to-day and week-to-week and trying to keep up with demands coming from various directions, it's not surprising that insurance coverage is usually the last thing on most owners' and managers' minds. A business operator might go for months without giving a thought to this "invisible necessity" called insurance. Yet a crucial need for insurance coverage is never more than a single incident away, and although the probability of a major calamity may be extremely small, it is nevertheless present.
  • Guidelines for Hiring and Using Consultants
    05/20/2008
    When it comes to making important business decisions, sometimes you need the help of an outsider—and that's when a consultant comes in handy. By providing an external perspective, consultants are usually able to focus attention in a manner that clarifies objectives and renders them more achievable. They are frequently helpful in refining a company's mission and redefining its niche in its industry.
  • Protecting Your Small Business' Knowledge and Information
    05/12/2008
    It's a nightmarish scenario that too often comes true, particularly where it concerns small businesses whose processes are very often informal. A long-term employee departs, leaving nothing but empty drawers in his wake. Suddenly it dawns on you that no one else has access to what that person knew about his job (the "it's all in my head” syndrome). The end result? Innumerable hours spent in reconstruction and guesswork. Unless you are an archeologist, you and your staff have more productive ways to spend your time.
  • Is It Time to Relocate?
    05/06/2008
    It happens all the time. A new shopping district opens and takes customers away from your location. A competitor closes shop, leaving open a storefront you've always admired. Your spouse gets transferred out of state and you must make the decision whether or not your business can make the move with you.
  • Keeping Yourself Accountable
    02/05/2008
    While it's easy to get a task done when someone else imposes structure and deadlines on you, true success is more often achieved by being able to follow through on your own. For entrepreneurs in particular, personal accountability takes on a whole new significance since there's no boss checking to make sure you do what you say you're going to do. For that reason, it's important to identify whether you have a problem following through and if so, to create a surefire way to hold yourself accountable.
  • Trend Tracker
    02/04/2008
    The potential downfall of the economy has a lot of would-be entrepreneurs running scared, but as the old saying goes, when life hands you lemons…well, you know the rest. One bright spot in an economic downturn is the increase in popularity for franchising, says Joel Libava, who reports on franchising at The Franchise King blog (thefranchiseking.typepad.com).
  • Hiring a Business Coach
    01/28/2008
    As a small-business owner, you have a bird's-eye view of your business, but sometimes there's value in getting an outside perspective on how to move your company to the next level. A business coach can not only help you identify key strategies to make your business grow, he or she can also hold you accountable for taking the necessary steps.
  • Developing a Succession Plan for Your Small Business
    01/16/2008
    Turning over control of your company to someone else. It may be the last thing you want to think about. As much as you may dislike the idea—and disliking it is a common response—developing succession plans is absolutely necessary for any small-business owner who wants his company to outlast him. And it's your obligation as well, says Francie Dalton, president of Dalton Alliances Inc., a management consulting company located in Columbia, Md.
  • Ditch the Resolutions and Set Realistic Goals for Your Small Business
    01/07/2008
    If you haven't already done so, now is the time to map out your objectives for the upcoming year. And unlike those New Year's resolutions, which—admit it—are pretty much made to be broken (come on, are you really going to run three miles every day and give up chocolate?) your business goals should be designed to last, getting you successfully through this year and positioning you for the next.
  • Thriving With a Seasonal Business
    01/04/2008
    Entrepreneurs who operate seasonal businesses often contend with the dilemma of meeting the demands of what is typically a short season and the long challenge of sustaining the business after the season ends. With the Christmas holiday just behind us, many seasonal businesses generate more than a third of their annual revenue during the months of late October, November and December. Seasonal business owners must be creative, resourceful and savvy when it comes to generating revenue during the off-season.
  • Use Your Blog as a Marketing Tool
    12/26/2007
    Do you have a blog? Ever considered starting one? According to CyberJournalist.net, as of last year, there were 50 million blogs out there in cyberspace, and blogging keeps growing as a popular method of communication, especially among young adults. As a young entrepreneur, however, you have to be more careful about how you represent yourself online than most of your fellow students do. When handled correctly, your blog could even help you increase business. Read on to find out the dos and don’ts of blogging.
  • Empowering Your Employees
    12/14/2007
    The term "empowerment" rose to prominence in the late 1980s and saw considerable use through the 1990s in conjunction with the total quality management (TQM) movement. Its use has been so widespread that the term itself has become a buzzword. We're told repeatedly that we must empower employees to enable them to make their best possible contributions to organizational success; we're told this as though it were something new, some late-twentieth-century discovery.
  • Simple Ways to Thank Your First Clients
    11/28/2007
    The first clients bringing business your way deserve special acknowledgment. These people took a leap of faith, perhaps even leaving other service providers, to come on board with you — though your record was largely untested. Showing your appreciation to this group of people will assure that they’ll be with you for a long time to come.
  • Copyrights Are Not for Copying, Trademarks Are Not for Trading
    11/05/2007
    Picture this: In a moment of creative genius, you invent the most descriptive, persuasive and proactive copy to promote your small business and, in your excitement, you describe it verbatim to a colleague in a cell phone conversation while drinking coffee in a public café. Unbeknownst to you, your biggest competitor and a well-known sneak, was enjoying some java in the booth next to yours. He listened intently as you described your idea in detail, and before the week was out, his latest campaign ad featured your stroke of creative genius.
  • Working With Family
    10/02/2007
    Working with family members can be everything from pleasant, productive and rewarding to divisive, frustrating and decidedly unpleasant. The proximity driven by work can bring family members closer together in satisfying relationships, but it can also create stressors that foster hard feelings and drive people apart. All is dependent on the personalities of the individuals involved, their understanding of their roles and their willingness to accept them, and the prevailing style of management. In this article, we'll address working with family in two contexts: the family-owned and operated business, and the employment of relatives in a business that is not family-operated.
  • Tracking Trends for Your Small Business
    09/24/2007
    A surefire way to stay ahead of the competition in your business is to keep abreast of innovations and trends. Entrepreneurs must constantly update, enhance and be on the cutting edge of new ideas and technology that will spark and maintain their business.
  • Finding Your Niche in a Crowded Market
    09/19/2007
    Did you start your business because you saw something that you could do better than your competitors? Perhaps you knew you could offer a product or service they lacked. Or maybe you leapt ahead without giving your competitors much thought. Either way, figuring out how to make your company stand apart and marketing this uniqueness to customers is crucial for your business success. Here are some steps to get you started.
  • Transitioning From Home to Office
    09/13/2007
    Like many entrepreneurs, perhaps you started your small business at home—maybe in a spare bedroom or in the garage, perhaps even in your bare feet. But your business is growing. And that progress means it's time to expand and take that first step into an office space or storefront.
  • Letting Customers Go
    09/12/2007
    When Sprint said "bye-bye" this summer to 1,100 of its wireless customers it deemed too troublesome to keep, people were agog. It was the dumping heard across the nation, and it had folks wondering: Was the axiom "the customer is always right" headed the way of typewriters, eight-tracks and analogue?
  • What Motivates Workers? Look to What Motivates You
    08/31/2007
    It's no secret that employee motivation is a constant concern of many managers. In considering what might motivate their employees to perform willingly and productively, some managers have assumed, usually erroneously, that the people who work for them are motivated primarily by economic motives, that is, by pay and benefits, while they themselves -- the managers -- are motivated mostly by needs of a higher order such as job satisfaction and a sense of achievement.
  • Attending and Hosting Webinars
    08/30/2007
    For many entrepreneurs, attending business seminars can be beneficial. Yet many factors like travel time and expenses can deter them from going to as many as they would wish. Likewise, holding your own seminars may be an ideal way to bring together employees and/or clients from geographically diverse locations, even though the logistics can prove challenging.
  • Classes That Build Business Savvy
    08/22/2007
    One of the advantages of a liberal arts education is that you're required to study subjects across various disciplines, though this may not always seem like an advantage to you. As a student and entrepreneur, you might sometimes feel spread too thin and wish you could narrow your focus. But what if you could use those general education credits to become a better-rounded business owner? Below are some classes from many different departments that can teach you useful skills to carry over into your professional life.
  • Controlling Your Inventory
    08/03/2007
    Many production supervisors worry about the possibility of running short of parts or materials needed to meet production schedules. Likewise, sales representatives are sometimes haunted by the possibility of having insufficient finished goods available to satisfy current orders. Often, your business can overcome such fears of shortages by keeping generous supplies of everything on hand.
  • Responding When Your Company Is Criticized Online
    08/01/2007
    Before blogs and online forums began proliferating the Web, a company could quietly take care of its product quality and customer-service problems. But today, everything from manufacturing snafus to controversial statements by executives is potential fodder for a debate in cyberspace. And not only on blogs and traditional forums. Critiques and praise about products and companies are multiplying on MySpace.com, Facebook.com and other social networking Web sites.
  • Growth Decisions: Determining Whether to Start a Second Business or Expand Your Existing One
    07/23/2007
    Many entrepreneurs have become successful by putting all their efforts into growing a single business. On the other hand, many have found success through diversification. As with most choices in the business world, both options have pros and cons. Here's a look at both sides.
  • Five Expert Tips for a Successful Media Kit
    07/19/2007
    Do you ever wonder how newspapers and magazines choose the sources they do for articles? And do you ever ask yourself, "Hey, why didn't they call me? I would have been a perfect source for that!" If you answered yes to both questions, you probably don't realize how important a media kit can be to your business.
  • Putting Six Sigma Ideas to Work at Your Small Business
    07/18/2007
    Chances are you've heard about classes, seminars and Web sites devoted to the Six Sigma principle. Maybe you've even heard that it's a management tool used by companies like Motorola and General Electric. But you might not have heard a concise definition of exactly what Six Sigma is.
  • The ABCs of Surviving Change
    07/17/2007
    Change is rapid and, so often, bewildering, but with the right skills, you can survive it, learn to embrace it, even profit from it. Here are the ABCs of surviving change: 21 skills and ideas you can use to make change work for you.
  • Learning From the Trumpster: And You Won't Have to Hear "You're Fired"
    07/16/2007
    When you think of the name "Trump," you probably think of bad hair, a personal helicopter or playing cards in Vegas. But you might also think of apprenticeship, entrepreneurship and hiring the best. That's why the U.S. Small Business Administration and Trump University have teamed together to create a free online training course titled "How to Start a Business on a Shoestring Budget." It was designed to help entrepreneurs understand how to turn their small-business ideas into reality, despite limited outside resources.
  • Maximize Your Chances When Responding to an RFP
    07/12/2007
    If your company becomes involved in a Request for Proposal process (RFP), there are specific issues that require careful attention, not only to maximize your chances for selection from among other candidates, but to avoid getting into a situation that could prove extremely time-consuming and costly, both before and after the selection.
  • No Matter What Your Business Is, Networking Is Key
    07/11/2007
    No matter what your business is—retail, wholesale, service or Web-based—it pays to develop a networking plan to increase your contacts and, ultimately, your business.
  • Cost-Saving Measures to Consider Before Resorting to Layoffs
    07/06/2007
    Layoffs are a fact of life. Few things in business remain stable for long periods; customer preferences change, markets expand or contract, some companies grow while others shrink, and product life cycles get shorter. With this endless fluidity of business, cutting back workers has become nearly as common as acquiring them.
  • Determining the Financial Value of an Employee
    06/28/2007
    It's important for a small business to be constantly aware of what employees are worth in actual dollars. This information provides the basis for determining salary and whether the company should take on additional employees or let some go.
  • A Common Sense Look at Productivity
    06/22/2007
    Productivity is a key indicator monitored by the Federal Reserve in making decisions concerning the control of inflation. Productivity keeps inflation under control by helping workers obtain earnings increases without necessitating price increases. A steady, gradual increase in productivity can help keep the economy from falling into recession, so gains in productivity are crucial to its long-term viability. Healthy productivity increases allow the economy to grow faster without triggering inflation.
  • Moonlighting as an Entrepreneur
    06/04/2007
    Do you have a full-time job, but dream of launching your own company? You do both; you can be an employee and an entrepreneur. The key is starting a business that you can run in the evenings and on weekends—a venture such as car detailing, pet sitting or selling products on eBay. A company that needs constant monitoring or that would demand your attention during your work hours will only leave you frustrated and possibly unemployed.
  • Why You Want Some Customers Who Complain
    04/30/2007
    It's vital for a business to encourage customers to complain when they're dissatisfied. Complaints should be thought of as opportunities for improvement. While every small-business owner would like to have a perfect company that satisfies every customer who walks through the door, in the real world, this isn't possible.
  • Recreating Company Loyalty
    04/13/2007
    Company loyalty, the once traditional bond between an organization and its employees, is rapidly becoming an obsolete concept. As the employment scene becomes more volatile, with manufacturers shrinking and folding and rapid technological change driving endless change in the business world, company loyalty is a thing of the past to many people in the workforce.
  • Wait a Minute or Two: Make Procrastination Work for You
    04/11/2007
    Procrastination ranks low on just about everyone's list of good business qualities. Yet, once in a while, procrastination may be the best course of action--and it may even lead to a better outcome than a task completed at fever pitch.
  • Encouraging Your Mission and Values in the Workplace
    04/06/2007
    If you're an established business, you probably have a mission statement written somewhere in your business plan. You may even have your mission statement emblazoned on the front of every employee handbook or framed in the lobby of your office. But when is the last time your employees actually talked about your company's mission statement?
  • Handling Complaints From Employees and Customers
    04/03/2007
    An anonymous person once said, "Might as well forget your old troubles; there are more coming." Chances are, there are not many managers who consistently welcome complaints from employees or customers. Complaints come at the manager as problems demanding attention--annoyances that consume their precious time. It's easy to see complaints as unwelcome troubles; we know that although today's problems may be history by the day's end, tomorrow will bring new ones. Like it or not, complaints are an inevitable part of supervising employees and serving customers.
  • When Work and Home Collide
    04/02/2007
    When working with a spouse, or even when working on a team with other employees, let each person play to his or her strengths.
  • Getting Involved in Your Community
    03/29/2007
    One of the best ways a small business can remain vital in a changing community is by making itself a key part of it. Why do so many customers remain loyal to their small businesses when nearby big-box stores offer the same product or service at a cut rate? One key reason is that people think of these businesses and their owners as important members of their communities and will do their part to keep them around.
  • The Anatomy of a Decision
    03/23/2007
    We all make numerous decisions every day. Many are small and automatic, but some made on the job are significant and require considerable conscious effort. We make the small decisions with little serious thought, while the significant decisions usually receive our complete attention. Yet little or big, every decision encompasses the same elements of the basic decisionmaking process.
  • Improve Your Business Writing
    03/22/2007
    Your letters, memos, reports, e-mails and other documents are supposed to generate responses from your readers, helping you close sales, solidify contacts and set meetings. If these goals are not met, your productivity and professional recognition diminish. The following are 10 guidelines that will make people sit up and take notice when reading your correspondence.
  • Integrating E-Commerce Into Your Enterprise
    03/12/2007
    The old mantra of waiting for product information, a quote or a seasonal catalogue is a distant memory. These days the average consumer or corporate buyer believes in self-service and thinks nothing of "Googling" to find their next purchase. From low-end office products to high-end technology purchases, the average person will, without a doubt, surf the Internet to locate the goods and services they require.
  • Handling Growth: It's All in the Transition
    02/26/2007
    It's the stereotypical catch-22. Your personal involvement with your clients has contributed to your success, and growth seems inevitable. Yet, if you do take that leap, you jeopardize the face-to-face involvement you've built your business--and your success--on. How do you become less present without alienating your customers and risking your bottom line?
  • Hiring a Business Coach
    02/19/2007
    If you're a small-business owner, you no doubt have felt you could benefit from some solid advice about running your company. You may have wanted advice about your management style, hiring employees or realistic feedback about a new direction you want your business to take. You may have considered a consultant, or even a business coach, to help you. But should you shell out your money to hire a business or executive coach to help you solve your problems?
  • Get Involved: Make a Difference for Your Business With NFIB
    02/05/2007
    With the new year underway, the 110th Congress and state Legislatures have geared up and are already hard at work. While some of your new year's resolutions might have fallen by the wayside, we hope NFIB can help you keep your business-related ones.
  • New Horizons in 2007
    02/01/2007
    The New Year is a great time to step back and evaluate your small business. Are you happy with your business, or is it time to expand? If you are looking to grow, consider these business-building ideas that could take your company to the next level.
  • Turning Your Hobby Into a Business
    01/24/2007
    Do you have a product or service that you enjoy offering to grateful friends and family members? Perhaps you've been thinking lately that going professional would be a great way to earn some extra money or even start your career as a small-business owner. While many successful businesses have been built on the foundation of a hobby, so have many failed ones. Here are a few precautions--and tips for proceeding if you decide this is the right move for you.
  • Work the Plan, Plan the Work
    01/16/2007
    Many businesspeople feel that there is no time to plan, or they fear that best guesses about timing and costs will become set in stone if they dare to write down those estimates. However, whether you're considering a merger, adopting new technology or a new promotional campaign, not planning means that you have no control over scope, cost and timeline, and you are likely to be slower or pricier than the competition or have to give up on your project altogether.
  • Think Globally When Marketing to Overseas Customers
    01/10/2007
    If you want to expand your market to include international customers, consider how your marketing messages will play outside of the United States. If you're accustomed to communicating exclusively with American audiences, it's easy to forget that certain messages won't work elsewhere. For example, if your send a marketing newsletter filled with references that are strictly American, you may risk alienating prospects in Europe.
  • Secret to Successful Networking: Focus on the Other Person
    01/09/2007
    The terms "networking" or "schmoozing" more often than not conjure up images of blatant self-promotion at public events or functions. Trying to adhere to this concept can leave you stressed and ready to give up on the idea. However, if you go to an event with the intent of genuinely making the people you meet feel special, you'll go a long way to easing your own discomfort and furthering your goals.
  • When to Raise Your Rates
    01/08/2007
    Small-business owners and self-employed individuals face an ongoing challenge to establish rates that enable them to care for themselves and their families, set aside funds for future business growth and retirement savings and remain competitive.
  • Making a Name for Your Web Site
    01/02/2007
    Some people don't care what name you call them as long as you call them something. Some Web site owners feel the same. Yet a Web site's "domain name" can be a powerful way to get people through your virtual door.
  • Out With the Old, In With the New
    12/29/2006
    With the excitement of the holidays over, it can be difficult to motivate yourself and your employees once everyone returns to work and settles back into their regular routines. As the throngs of winter set in--along with the extra pounds you put on at Christmas--it's easy to feel sluggish and apathetic. But the reality is, what you do in your business this month will set the pace for the rest of the year. Take advantage of the spirit of optimism and renewal that the new year perpetuates and translate it into success for your business by doing some goal setting in your workplace. Encourage employees to pursue these professional objectives with the fervor that they bring to personal ones like losing weight, exercising or getting organized.
  • First Impressions: Making Good Ones With Your First Clients
    12/27/2006
    In a perfect world, your work would speak for itself. But like it or not, your clients won't be judging your output alone but also your appearance and attitude. These are especially important when you're first breaking into your field, so take a look at these tips to be sure you're making the best impression you can.
  • Creating a Retirement Plan to Attract and Retain Employees
    12/20/2006
    These days, employees want more than just a good salary. You can bet that even those fresh out of college or an MBA program are savvy enough to know that they can't rely on Social Security for retirement; they are looking for jobs that have perks that go beyond a good paycheck and health coverage.
  • Keep Your Business From Running Out of Steam
    12/18/2006
    If you've been feeling that your business isn't growing as quickly as you'd like, or that your enthusiasm has diminished, you're not alone. From time to time, most business owners feel that their company is running out of steam.
  • Micromanagement is Mismanagement
    11/27/2006
    Most people who have been in the workforce any length of time have occasionally been exposed to bosses who micromanage. The micromanager is the manager who must personally make every decision, take a lead role in the performance of every significant task and, in extreme cases, dictate every small step the workers take. To many employees the micromanager is, in modern parlance, a control freak.
  • Arranging Payment Schedules With Customers in Advance
    11/20/2006
    Here is a business axiom worthwhile to follow: Arrange payment schedules during, not after, the initial sale. Doing so can essentially eliminate late payments, streamlining cash flow and letting you focus on your business instead of on collection. This is especially important for a small company that can't afford to allot employee time to calling in overdue payments.
  • Economize, Economize: Every Dollar Saved Falls to the Bottom Line
    10/16/2006
    There is one business axiom that is almost always true: Every extra dollar you make costs something. This cost may be in the form of added or more expensive advertising, increased salaries, added production costs, costs of higher quality materials, etc. Often, the cost of increasing total revenue can be calculated very accurately over time. For instance, direct-mail companies know that for their specific types of business, the average cost of adding a dollar to revenue may be 85 or 90 cents or more.
  • Don't Undercharge for Your Services
    10/09/2006
    During the start-up phase of a business, pricing of products and services is a key issue. In fact, accuracy in pricing is one of the key factors in whether a company will exist through the all-important first few years.
  • Involving Employees in Emergency Preparedness
    10/03/2006
    As a small-business owner, you probably always consider your employees when making plans for your business. You think about questions, such as what to pay, what to charge for services, which health-care plan is best and should we grow? But if a disaster should occur––whether in the form of fire, tornado, chemical accident or dozens of other emergencies––how would you get in touch with your employees, and would they know what to do?
  • No. 1 Rule for Every Small Business: Know Your Break-Even Point
    09/25/2006
    Many small-business owners focus on the profitability of their operations rather than spending time determining their break-even point. This is natural because profits are the ultimate essential for anyone running a nonprofit business. However, knowing your break-even point on specific products, services and the overall business operation is the key to strategic planning and maintaining and increasing profitability during the long term.
  • MyAdvice: The Narrow Path
    09/20/2006
    Choose a niche to propel your business' growth
  • Carry On
    09/20/2006
    Survive unexpecter setbacks with a continuity plan
  • The Big Idea
    09/20/2006
    Turning an inspiration into lasting success
  • Tips for Business Owners Who Hate Handling Finances
    09/18/2006
    Often, not enjoying the financial aspects of a business is the result of not being familiar with financial techniques. When a person feels lost or out of one's depth in a particular activity, it's natural to avoid it. Spending time learning how to handle finances adds depth to a person's overall business acumen and enjoyment level--even if some of the financial responsibilities are eventually turned over to others.
  • Appearances Count: Making Your Business Look Appealing to Customers
    09/14/2006
    It's important to evaluate your business' physical appearance through the eyes of your customers since it's the first impression they'll get of you and your employees. What do they see when they drive up to your building? What do they see when they walk through the door?
  • Analyzing Successes Are as Valuable as Analyzing Failures
    09/13/2006
    Normally companies go to great lengths to analyze their failures in hopes of learning from mistakes and avoiding them in future. Analyzing successes can be just as important. Doing so allows a business to pinpoint things it did right and build on strengths to maximize future profitability and growth.
  • Nurture Marketing: Always Being Connected
    09/07/2006
    The concept of nurture marketing has been around for a long time. However, with narrowing customer markets, fierce competition and an abundance of consumer purchasing options, nurture marketing is changing from a want to a critical need for survival. Much of nurture marketing involves basic common sense: Treat others the way you would like to be treated to keep in touch with prospects (new and existing customers) and develop and cultivate relationships to generate new business.
  • Building Loyalty in Your Business
    08/30/2006
    Why spend time and money chasing new customers with glossy marketing campaigns if you can't be sure that they'll stick around? Selling to people you already know is much more profitable and predictable. And part of the payoff is that your regulars will spread the word about your business to everyone they know––advertising you can't buy.
  • Doing Your Franchise Homework
    08/16/2006
    Five Questions to Ask When Shopping for a Franchise
  • Seven Steps to Protect Your Business' Most Important Asset: Information
    07/31/2006
    When you look at your company's resources, you will find information ranked right up there as a top asset. Chances are most of your company's sensitive information, including files on products, customers, suppliers and employees, is now kept digitally. So just like your other business assets, you need to take steps to protect information from unauthorized access and even theft.
  • Getting an MBA Versus Growing Your Business
    07/26/2006
    As you make your way through college, you have so many options available to you and so many decisions to make. As a young entrepreneur, perhaps the thought of business school has crossed your mind. But do you need your masters in business to be in business?
  • The Next Small Thing: Why Bigger Isn't Always Better
    07/25/2006
    "I don't have anything against big business," Jason Fried says. "It's just not for me."
  • Class Act
    07/25/2006
    Small-business owners who offer educational classes to customers have discovered: If you teach them, they will buy.
  • Under Cover: Protect Your Business Against Human Error
    07/18/2006
    Also known as professional liability or malpractice insurance, errors and omissions insurance covers you or your company in the event that a customer or client holds you responsible for a faulty service you provided (errors)—or failed to provide altogether (omissions).
  • Learning Lessons from the Competition
    07/17/2006
    There's an old saying: "Keep your friends close and your enemies closer." Small-business owners would be wise to learn this lesson since a good way to make sure your small business measures up to others is by knowing your competition. You don't have to plant spies in your competitors' organizations or try to steal company secrets, but there are a variety of ways that you can get some clues into what's working for them—and what may also work for you.

  • Preparing Your Small Business for Disaster
    07/14/2006
    While hurricane season officially runs from June 1 to November 30, the worst storms often occur in August and September. This means that if your small business is located in the Gulf or southeastern coastal states, you have about a month to make sure your disaster plans are up-to-date and workable. If you live outside of this volatile region, don't think you're off the hook. Other forms of natural disaster, such as earthquakes, floods, tornados or brush fires, can be just as devastating. Take some time this summer to make sure your business can survive the worst Mother Nature can dish out.
  • Simply Irreplaceable
    07/11/2006
    A key-person insurance policy protects your business if you lose a vital employee.
  • Creating the Proper Work Atmosphere
    07/07/2006
    Choosing the wrong work atmosphere will cost your business. You want to choose the work atmosphere best suited for your business to maximize the number of people willing—and wanting—to do business with you. Though all businesses should be professional, you can demonstrate that professionalism formally or informally. So, on which end of the pendulum should you err? Business professionalism is a form of formality, and friendliness a form of informality, and both profit a business, so how do you choose?
  • Reengineering: What It Is, and Why It Is Done
    07/06/2006
    In recent years, the term "reengineering" has spread throughout business and industry so thoroughly that it's reached buzzword status. As a concept, however, reengineering has been misunderstood and misapplied about as often as it has been properly applied. Reengineering is not the same as "downsizing" or "rightsizing," which have also become buzzwords, although the word has—unfortunately—become entrenched in many minds as a synonym for the same kind of activity. And it is, indeed, a reality that many reengineering efforts, including those done correctly, produce a particular result common with downsizing or rightsizing.
  • Starting a Summer Business
    06/28/2006
    Instead of going to work for someone else next summer, learn how to strike out on your own. If any of the following criteria applies to you, you might want to consider putting the books away for the summer and becoming a business owner.
  • Cutting Utility Costs Can Boost Your Bottom Line
    06/19/2006
    There are some things business owners can do without; unfortunately, utilities don't fall into that category. Though many factors can affect utility rates, such as natural disasters that can cause prices to spike, the cost of your utility bills may not be entirely out of your control. By being proactive and following a few steps, you can help ensure you are paying as little as possible to keep your utilities running.
  • Three Threats to Every Business Owner's Estate Plan
    06/15/2006
    Now is the time for business owners to get serious about planning their estates. When it comes to estate and business planning, however, many business owners make the same mistakes over and over again. Unless business owners and their advisors immediately respond to the three major threats to a successful business transfer described below, the economic loss to poor estate planning over the next 20 years will be staggering.
  • The Fruits of Failure
    06/13/2006
    Failure is an option at PlumpJack Group, a San Francisco-based company that consists of several wineries, bars, restaurants and hotels. In fact, the best flops are rewarded with the company's "failure of the month" award.
  • Help Wanted: What to Look for in a Contract Worker
    06/08/2006
    Hiring a contract worker or freelancer can be scary. On one hand, they can provide an edge to your business by providing services and bringing expertise to the table that no one else at the business can provide. But on the other hand, you’re at their mercy. You need their help, but can they deliver the work they promised? Will they complete the work when they said they would? Are they going to charge what they said they would? The answer is yes—if you choose the right one.
  • Business First: A Stronger NFIB, An Even Better America
    05/25/2006
    For a successful advocacy organization like NFIB, it's not just about the numbers. Politicians in Washington, D.C., and the state capitals aren't impressed by how many members you claim on your rolls. Groups like the NRA and the AARP aren't successful because they have millions of members. What elected officials want to know about any advocacy group is how many members contact them on issues, support their campaigns, vote on Election Day and otherwise participate in the political process.
  • Designing a Customer Satisfaction System
    05/25/2006
    The first and, perhaps, most important task in designing a customer satisfaction system is impressing the principles of effective customer service and the importance of them upon employees.
  • Leading Indicators: Labor and Energy Costs on the Rise
    05/25/2006
    With half the year almost behind us, 2006 is looking good. Small businesses are doing their part to create new jobs. Strong growth in the output of goods and services has pushed up worker compensation. More than a quarter of small-business owners have raised wages and benefits. This is good news for workers, but it worries the Federal Reserve since labor costs account for 70 percent of business costs.
  • Surviving Downtime
    05/25/2006
    Business interruption insurance saved a New Orleans deli after Hurricane Katrina hit.
  • Test New Waters
    05/25/2006
    Expanding into new areas that complement your existing business is a good way to boost profits. But experienced business owners say look before you leap.
  • Making Paper Work
    05/25/2006
    What to keep, what to toss.
  • A Perfect Fit
    05/25/2006
    Some small businesses are getting money from large, national brands.
  • Finding the Right Outsource Company
    05/15/2006
    If you have a retail business that provides delivery service, should you consider outsourcing home deliveries? That’s a question many retail business owners ask themselves. When retailers select the right company, it can enhance their reputation and possibly increase business. If they select the wrong one, it can lead to unhappy customers and brand their business with a reputation of poor customer service.
  • Get That Discussion Going: Tips on Roundtable Participation
    05/12/2006
    If you attend an association convention, forum, summit or meeting, there's a good chance you'll encounter an increasingly popular convention activity: the roundtable discussion. Unlike traditional lectures or seminars, roundtables offer you the opportunity to freely share experiences, ask questions of other participants, and offer new ideas and information for discussion.
  • Key Elements of Planning and How They Differ
    05/11/2006
    What does it mean to talk about planning in the work organization? Is it thinking about tomorrow, next week, next year or five years from now? It can be thinking about any or all of these; in fact, planning can be described as tentatively deciding what might be done at some future time that could be any time from tomorrow morning to 10 or more years from now.
  • When Times Are Tough, Don't Cut These Costs
    05/10/2006
    Hard times can befall almost any business from time to time. When you're hit with an unexpected crunch -- due to a faltering economy, unfavorable trends in your industry or plain old tough competition -- your first instinct is probably to conserve cash.
  • Balancing Staff With Supply and Demand
    04/28/2006
    Matching supply and demand in a service business can be tricky, but entrepreneurs can learn to balance the process through careful analysis.
  • Keeping Customers Happy While Downsizing Services
    04/27/2006
    Sometimes, small businesses must take stock to see what’s working and what’s not, and in doing so, they may find that certain products or services aren’t profitable. If this is the case, it’s time to make some difficult decisions about whether you should discontinue these practices, and how to tell current customers about the changes.
  • Choose Your Friends––and Partners––Wisely
    04/26/2006
    Before you let your best friend be your business partner, make sure your goals and level of commitment are equal. Here are some questions to ask your friend before the two of you take the plunge.
  • Problems During Business Start-Up Can Mean Success Later
    04/19/2006
    People always want their start-up company to be immediately profitable, but sometimes a little struggle at the beginning can be the best-case scenario.
  • The Art of Negotiation
    04/18/2006
    Negotiation is an art. The key to mastering it is using the right negotiation style on the right person. Knowing which style suits which type of customer or client can help you make the sale, close the deal or diffuse a tense conversation.
  • Starting a Home-Based Business
    04/14/2006
    Starting a business from home is a great way to go for a couple of reasons: It's less expensive, and it's fun.
  • Why Consider Succession Planning?
    04/12/2006
    Succession planning refers to the ongoing development of potential successors to ensure a smooth transition and minimum loss of efficiency when management vacancies occur. Why consider succession planning? Often, the reasons for doing so are evident whenever a management position remains open for a few weeks or months.
  • Choosing a Third-Party Technology Provider
    04/07/2006
    Small-business owners face a variety of challenges. One of the biggest is technology hurdles. Whether a business is just starting out or managing its growth by building onto its information technology infrastructure, there’s a lot to tackle. E-mail servers, Web sites, desktop computer stations, LANs, WANs, firewalls, virus protection––the list can seem endless and confusing. But one thing is certain: Business grinds to a halt when your computers stop working, making technology a vital force to be reckoned with 24/7.
  • Setting Sales Quotas Without Sacrificing Customer Service
    03/30/2006
    When demanding sales quotas are established, salespeople naturally focus on finding new customers and closing sales instead of providing ongoing backup service for existing customers. This can be counterproductive for a small company because long-term growth almost always depends on building customer loyalty. When establishing quotas, managers of small companies should be conscious of the possibility that sales staff may sacrifice customer service to meet immediate sales goals.
  • Becoming a Part-Time Entrepreneur
    03/29/2006
    I want to start a business but I don’t have the money to do so. The thought of quitting my job to become an entrepreneur also scares me a bit. What should I do?
  • Business Structure 101
    03/27/2006
    What is the best way to structure your small business? You have four options: a sole proprietorship, a partnership, some type of corporation or a limited liability company (LLC).
  • Taking Advantage of What Experts Can Offer
    03/23/2006
    Many entrepreneurs think of themselves as rugged individualists who would rather go it alone than ask for help. This trait may be helpful in some instances, but in others, it can limit the success of a growing company. In general, it’s best to take advantage of expert advice whenever possible. No one has all the answers and to avoid seeking advice can be remiss in many circumstances.
  • Time to Grow
    03/22/2006
    So your business is a success, and you’re ready to take over the world? Here are a few tips on evaluating your basic needs before expanding your business.
  • Losing a Large Client
    03/20/2006
    Losing a large client can be scary. Most businesses, however, will face this scenario at one time or another. The key to getting through such a loss is keeping it in perspective and learning the lessons that the experience can teach.
  • Business Ethics Programs Encourage Loyalty, Teamwork and Honesty
    03/01/2006
    With the almost universal awareness of the need for ethical behavior in today’s business environment, establishing a formal business ethics program benefits a small company in many ways. You can state such a program in a written document attesting to your company’s dedication to honesty, fair play and ethical behavior in all aspects of business.
  • Turning Your Art, Hobby Into a Small Business
    02/27/2006
    Many artists dream of finding galleries to display and sell their work. While this is a possibility, it's not an easy one to achieve, and it takes years to build the reputation necessary to command the kind of fees that pay the bills.
  • You and Your Legislator: Making Your Visit Work
    02/24/2006
    You notice a piece of proposed legislation, and you can’t help but think, “A law like that could make a big difference to my small business––and to my life. I’ve got to visit my legislator and let him know how I feel.” But how do you prepare for a legislative visit? What makes such a visit effective?
  • Set Up Vendors, Lenders and Subcontractors Before You Need Them
    02/23/2006
    When a small business can establish relationships with vendors, lenders and subcontractors well in advance of when they are needed, it can avoid mistakes and save money. Planning all stages of development in advance is always a winning strategy.
  • Juggling Your Schedule as a Business Owner and Student
    02/22/2006
    Having trouble being a student and business owner at the same time? Here are a few tips to help you keep a sense of balance.
  • Basics of Co-op Advertising
    02/20/2006
    For you, the small-business owner, co-op funds offer a variety of benefits.
  • Knowing When Your Company Needs to Borrow (or When Other Issues Are the Real Problem)
    02/15/2006
    When your company runs into a major difficulty, roadblock or key decision point, it can be a knee-jerk reaction to throw money at the problem, hoping it will go away. But borrowing or taking money from reserves often is not the best solution––and may lead to even greater problems in future
  • Five Ways to Make Your Web Site Stand Out
    02/13/2006
    Excerpts from Web Site Cookbook, the following are five ways to make visiting your Web site a meaningful experience for your customers.
  • 10 Time Savers
    02/03/2006
    In time management seminars I conduct, I show people how to get more done in less time with less stress, so they can have more time for the things they want to do in their business and professional lives. Recapturing a wasted hour and redirecting it to a more productive use can increase your productivity.
  • It's Been a Month: Keeping Resolutions for Your Small Business
    02/01/2006
    Like many small-business owners, my New Year's resolution is to make more money this year, but how do I actually keep that promise? The secret to keeping your business resolutions is to put a plan in place early on and then take consistent action to follow the plan.
  • Protecting Your Ideas When Talking With Investors, Potential Partners
    01/26/2006
    Entrepreneurs need to protect proprietary ideas when approaching investors, potential partners, new employees and others. There are two stages to assuring this protection. The first takes place before actually contacting individuals; the second involves having proper legal documentation at the time of the meeting.
  • Mastering the Business Meal
    01/24/2006
    American culture is generally informal, but following a few simple guidelines during business meals will win you points with colleagues, prospects and customers, plus increase your chances of better service when you "meet and eat."
  • Increasing Sales by Capitalizing on an Untapped Market
    01/23/2006
    In order to reach target objectives and stay ahead of the competition this year, it is critical for businesses deliver better services to existing customers and expand their markets by developing new customer bases. One largely untapped market is the disability market—which can be an economically advantageous niche for business.
  • Drawing the Hispanic Market
    01/20/2006
    Being able to effectively communicate with as many people as possible is a key element in promoting and maintaining a business. One way to do this is to consider the needs of the fastest growing minority group in the country––Hispanics.
  • Creating Momentum in the New Year: Building Upon Successes of 2005
    01/12/2006
    It's natural to look back on the previous year and focus on all of the things you want to change. But if you want to enhance your small business' success, you must also look at all of the things that went right. By focusing on these areas even more in 2006, you can take your business to even greater heights.
  • Using the Holiday Slowdown to Brainstorm
    01/06/2006
    With all of the daily responsibilities a small-business owner faces throughout the year, getting bogged down in the details and losing sight of the big picture is easy. So the slowdown that occurs during the holiday season and directly afterward provides an excellent opportunity for business owners to brainstorm ideas for the rest of the year.
  • Making a Fresh Start in the New Year
    01/05/2006
    It is always a good idea to take stock at the beginning of the year and come up with some new ways to build your business. Here are some ideas you may not have considered.
  • Promise Power: New Year's Resolutions Once a Month
    01/03/2006
    Make those important Jan. 1 resolutions, and you can find yourself headed toward personal and professional growth. But just suppose you adopted the resolution habit every month. Imagine the things you could accomplish if the first day of each month becomes a time to plan and chart progress.
  • Thinking Big: Taking Your Small Business Around the World
    12/30/2005
    If you want to really understand how vitally important it is that we all begin to think globally, I suggest you read The World is Flat by New York Times international columnist Thomas Friedman. His book is a fascinating dissection of just how radically different business has and will become. So how do you operate globally? Here my seven steps. (Keep in mind that the easiest way to go global is to simply set up a Web site and ship internationally. The answers here are for the business that wants to physically be present in other markets.)
  • Enhancing Your Business With Strategic Alliances
    10/19/2005
    As businesses effectively shift from the Information Age to the Relationship Age, solid business and marketing alliances have become an essential element to running and maintaining a successful business.
  • Workplace Hierarchy Kills Office Communication
    10/13/2005
    If your workplace is set up in a hierarchical fashion, you may be stifling communication. According to a study in the June issue of the Journal of Group Dynamics, employees at the bottom of the hierarchy are less likely to share openly during group meetings and other interactive settings.
  • Does Your Business Need a Board of Directors?
    09/30/2005
    Creating a strong, experienced board of advisors can really make the difference in your small business.
  • Reducing Business Expenses
    07/14/2005
    In today’s tight economic climate, every business owner must keep a watchful eye out for ways to reduce business expenses. With imagination, problem solving and negotiation, you can lower your expenses enough to actually feel the difference.
  • Inspiration to Perspiration
    05/06/2005
    This weekly book review is brought to you by MyBUSINESS magazine, the small business magazine for NFIB members.
  • Invest in Your Own Company: How to Plough Cash Back to Build Wealth
    04/28/2005
    Many small-business owners think of retirement savings and other forms of investments as something distinctly separate from their own businesses. The traditional investment mindset is: make money in your business and invest the profits in stocks, bonds, real estate and other investment vehicles.
  • How To Make Your Time Management Plan Stick
    04/05/2005
    Often, active professionals think a time management session is a quick fix for all of their organizational woes, but it takes a bit more to make the lessons from the sessions actually work. You need to take the time to organize your daily activities in the present for your time management knowledge to pay off in the future.
  • Fostering Small-Business Growth in Your Community
    02/14/2005
    I live in what once was a very vibrant economic area. But the factory that anchored so much of our small-business growth left town a dozen years ago and since then things have been tough. How do we foster more small-business growth in our community?
  • Essentials of Success for a Service-Based Sole Proprietor
    01/10/2005
    Sole proprietors who operate a service-based business inevitably find that there are only a handful of fundamentals that are essential for success. By focusing on these fundamentals and making sure that they are incorporated into every aspect of their business, you have the best chance for growing and sustaining a successful, profitable small company.
  • Strategies for Coping when an Employee Leaves for Extended Military Service
    11/23/2004
    Employers nationwide face the ongoing possibility that one or more of their employees will be notified of deployment in the National Guard or military reserve. Because often little advance notice is provided, employers with employees actively involved in these programs will need to plan for how to handle the employee's responsibilities if he or she is called upon to leave for extended military service.
  • Preparing for the Big Meeting: Making Sure You Remember Everything You Need
    08/05/2004
    Have a big presentation coming up? You want to make sure everything goes smoothly, off without a hitch. The key to success: long-term planning. You need to make sure you don’t forget things, that you’re prepared if you do and that you can cater to the needs of clients and co-workers on the spot. Even the slightest slip in your level of preparedness could have serious consequences.
  • Time for a Career Change? Some Things to Consider
    07/12/2004
    How do you prepare yourself for a mid-career transition? If you own a business, you may be are thinking of selling. Or perhaps you are considering going into business for yourself. Whatever the reason for the change, here are some suggestions to consider before making a mid-career transition.
  • Minimize Mistakes of Others When They're Working on Your Projects
    06/07/2004
    Is everyone as busy as you are? You can count on it. As a result, they're likely to make mistakes, omissions and other foul-ups, even when they're working on your projects.
  • Like You. Love You. Hate You.
    05/24/2004
    Are you thinking about involving someone else in that great idea -- perhaps a best friend or family member? If so, be cautious.
  • Company Culture: Your Face to the World
    05/18/2004
    The way you treat and reward employees is one part of your company's culture.
  • How to Handle a Hot Streak
    05/03/2004
    Volumes have been written about how to deal with down times, or how to overcome negativity. But I can't remember reading anything about how to handle a winning streak.
  • The Smart Way to Grow a Business
    03/29/2004
    Businesses that want to get off the ground should structure their operations so that success is not overly dependent on the owner.
  • Plan Now for Company Growth
    12/08/2003
    What direction is your company heading next year? If you're not quite sure -- or uncertain of the right course to get there - it is time to determine a solid strategy for your business.
  • Success Has Its Own Schedule
    11/20/2003
    Many people who start business expect to become immediately successful.
  • Take on the Big Guys by Thinking Small
    10/17/2003
    Read about businesses that are making it by flaunting--not hiding--their smallness.
  • When Partners Leave
    08/26/2003
    Instead of working out a complex financial arrangement with the other principals, simplify things by making a buy-sell agreement part of the initial operating agreement.
  • Getting Too Comfortable With Company Growth
    06/16/2003
    The success of your small business will depend on your and your employees' ability to keep frivolous costs in check while continuing to make sales.
  • Government Sites Contain Small Business Stats You Need
    05/09/2003
    A number of government agencies keep track of such information, making it easier for you to find it when you need it.
  • Consider These Factors in a Business Strategy
    11/01/2002
    Before you go into business, it's important to set your business strategy. Here are a few places to start.
  • The Succession-planning Preparedness Quiz
    10/01/2002
    Effective succession planning involves building the value of the business during your period of ownership and management, and having a plan in place when you are ready to step down.
  • Common Business-Planning Myths
    10/01/2002
    In today's Workshop, Kiplinger exposes some myths encountered in planning businesses and how they can be corrected.
  • When Employees Understand and Use the 80/20 Rule, Your Company's Growth Can Accelerate
    09/11/2002
    Pareto's Principle states that, in general, 20 percent of a person's effort generates 80 percent of the person's results.
  • Maximize Your Financial Returns
    04/15/2002
    Business owners often find that they're not getting ahead as quickly as they had hoped.
  • The New Rules for Economic Survival
    04/11/2002
    Given the unpredictable nature of today's economy, here are five defensive measures you can take now to keep your assets safe.
  • Staying in Business
    04/01/2002
    Staying in business, the hardest phase of owning your own business.
  • Should You Turn Your Hobby Into a Business?
    04/01/2002
    "Do what you love," they say. "You're sure to be a success." But is this necessarily the case?
  • Creating a Long-Term Plan, Part I
    04/01/2002
    How long do you think your company will exist? Few of us will be around in 100 years, of course, but it's likely that some readers of this Workshop already have created businesses that will still be around in the year 2101, and beyond.
  • Creating a Long-Term Plan, Part II
    04/01/2002
    Today's Workshop, by contributor Jeffrey Moses, continues last week's discussion on how to plan for your company's longevity.
  • Discover Your Niche
    03/28/2002
    Many people know exactly what kind of business they want to open.
  • Evaluating Business Opportunities That Arrive in the Mail
    03/28/2002
    Today's Workshop shows how an interested person can evaluate direct-mail offerings step-by-step.
  • Emotional Attachment Can Keep Your Company From Growing
    03/27/2002
    Learn lessons from a highly successful business that specializes in purchasing and turning around failing companies.
  • Self-Employed Entrepreneurs May Enjoy Greater Job Security
    03/25/2002
    A recent USA Today article reported that, contrary to what many workers believe, freelancers and other self-employed entrepreneurs may have greater job security in an economic downturn than those who are employed by others.
  • What Does "Infrastructure" Mean for a Small Business?
    03/14/2002
    In today's Workshop, Jeffrey Moses discusses what should be thought of as the indispensable, vital components of a small business.
  • Preparing a Successor for Your Business
    03/12/2002
    The most important issue in the finding, grooming and training of a successor for your business is to start early.
  • Energize Your Company by Creating a Board of Advisers
    03/12/2002
    Almost every successful large corporation has an active Board of Directors, which meets frequently to discuss ways in which the corporation can progress.
  • Protecting Your Good Name
    03/12/2002
    The lesson here is clear: for those thinking of starting a new business or renaming an existing one, consult a trademark attorney before finalizing your business's name.
  • Creating Personal Wealth
    03/07/2002
    As much as we would all like to win the lottery, or strike it rich overnight in our business, in all likelihood our financial growth will be incremental, with our personal net worth increasing steadily over time.