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.

Creating a Mission and Company 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...

Small Business Factoring: Advantages and Disadvantages

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 Cross Promoting Ideas for 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...

How a Business Incubator Can Help Your Startup

Posted On: December 29, 2009

Small Business Incubation Centers Offer Experts and Office Space If you’re considering starting a small business, but would feel more comfortable using some experienced outside assistance, an incubator could be the ticket. No, not the type incubator used for baby chicks — but rather a business incubation center. Such a center does more than assist you in getting your business off...

Parts of a Business Plan: 7 Essential Sections

Posted On: September 24, 2009

The task can seem overwhelming, but writing a business plan is an important step in helping your company launch, grow, and thrive. Business plans provide vision and a clear strategy. They’re also critical for businesses seeking funding. But where should you start, and what should you include? Like most daunting projects, drafting a business plan is best done step by step....

9 Tips for Starting a Business While You're Still Employed

Posted On: September 22, 2009

Most new entrepreneurs keep their job until their new venture is established and generates enough income to pay the bills. But launching your own enterprise before you quit your job isn’t easy. While you juggle a job and a new business, keep the following advice in mind: Put Your Job First Always remember that until you hand in your resignation, your job comes...

The Importance of Healthy Cash Flow for Small Businesses

Posted On: September 11, 2009

No company buys what it needs or pays its employees out of profits. Certainly profits are a source of capital for expansion and debt reduction, as well as for the eventual ability to pay bills and meet payroll, but wages and other expenses must be covered with cash. A business can survive indefinitely if it doesn’t run out of cash,...

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