Small Business Tips

Owning a small business often means wearing every possible hat available, from marketer to sales clerk and inventory manager to HR professional. Learn from the experiences of the small business owners who are NFIB members as well as the best experts for each industry. Below you will find small business tips for everything from taxes and regulation to promotion and networking.

Small Business and the GSA: 5 Things You Should Know

Posted On: September 22, 2010

Each year the federal government aims to award 23% of its contracts and purchases to small businesses. That’s a big chunk of change—U.S. government agencies are the world’s largest buyer of goods and services, spending about $425 billion annually, according to the SBA. They buy anything from office furniture and automobiles to consulting services and temporary staffing. In order to...

When It's Time to Incorporate Your Business

Posted On: September 10, 2010

Many entrepreneurs don’t know when to officially establish their business. Is it when they first get their business idea? Once they land a customer? Or the day they leave their 9-to-5 job? “My advice to people is that you should probably begin to incorporate as early in the start-up process as you can,” says Bradley Miller, a business attorney...

The Importance of Strategic Partnerships in Business

Posted On: August 11, 2010

Strategic business partnerships allow small businesses the opportunity to grow their customer base and improve their business. Small business owner Scott Schnurr, of Plainfield, Ill.-based DRF Total Property Solutions, a professional property solutions business, has seen the benefits of business partnerships firsthand. He’s been working with big-name companies like Sears, Home Depot and RainSoft Water Treatment Systems to better...

6 Creative Ways to Show Customers You Appreciate Them

Posted On: July 21, 2010

Customer satisfaction can make or break a business. Especially with social media avenues allowing customers to share their experiences and feedback instantly—and with their entire networks—it’s more important than ever to make your customers feel valued. “People want to feel like they’re special,” says Mike Mirau, owner of The Growth Coach business coaching franchise in Dallas, Texas. “If you let...

Creating a Mission and Vision Statement for Your Business

Posted On: May 28, 2010

In order to maintain focus and drive, a small business should compose mission and vision statements. Start with the vision statement, which provides a general direction for your organization, and then drill down to your mission statement, which details what you’ll do to reach your vision. “It behooves the management team of any organization to pour their resources onto...

The Advantages and Disadvantages of Factoring

Posted On: May 21, 2010

Need immediate access to cash? Factoring provides just that—but first know its advantages and disadvantages. Factoring is when a third-party firm, or factor, “buys” a business’ accounts receivable and gives the business a cash advance based on those unpaid bills. The third party then takes over collecting the owed receivables. The process allows the business access to cash faster,...

What to Expect When You Work With a Collections Agency - MyBusiness Extra

Posted On: May 03, 2010

Many small businesses are nervous about turning their past-due accounts over to a collection agency. But in this economy, that may be the only way to get delinquent customers to pay up. Emil Hartleb, executive director of the Commercial Collection Agency Association in Cedar Grove, N.J., says collection agencies can help small businesses be more aggressive about their collections...

5 Steps to Finding the Right Supplier

Posted On: March 11, 2010

Whether you’re running a startup or a long-standing business, finding the right supplier can be a challenge for any small business owner. Suppliers can help propel your business to success, or can make you (and your customers) miserable. And while price is key factor in finding the right supplier for your business, several other ingredients make for the right...

5 Keys to Market Research Success: Know Your Competitors

Posted On: March 09, 2010

Whether you’re starting a new business or have been running one for years, knowing the strengths, weaknesses and offerings of your competitors is vital to your company’s success. That’s why small business owners must make market research an integral part of their business strategy, says Scott Gingold, CEO of New York- and Eastern Pennsylvania-based Powerfeedback, a market research company. “If...

10 Ideas for Cross Promoting Your Company

Posted On: January 19, 2010

Cross promotions can save businesses time and money and increase advertising exposure, since more than one business can team up to launch a dynamic campaign. During one holiday, for example, GameStop and PayLess ShoeSource partnered up on a cross-promotional campaign. Shoppers at the video game retailer received register coupons for the shoe store, while shoppers at PayLess got discount coupons for...

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