As the economy keeps on tumbling there are a lot of worried people wondering what they should do. Well below I have listed a few scenarios to think about:

Scenario 1: As a small business owner if you are short on cash then you may have to start liquidating your inventory by lowering the price a bit. Also, cut back on utilities and hours that may not be helping your business. On top of liquidating start looking into the service industry if you already do not partake in it. You may be able to help your business by providing consulting or technical support in that particular market. This may help provide another stream of income. If you are really strapped You may want to shop around town and see who you could merge with. Obviously, this is tough decision on you, but it maybe your last hope. (more…)

After a long and much needed vacation from thinking I have come back with a new view on running a small business. As a small business owner what do you do to find the time to not only take care of your clients but also your family? Over the past few months my experiences have provided some interesting results about some issues. (more…)

Not to long ago I was wondering around a few restaurants while my car was getting some work when I noticed something about the way corporate businesses are ran in this day and age. They miss out on the minor details, which means if you remember details people will notice. Details all the way down to how your bathroom looks and even the way you open the door. If you show any kind of sincereness to your customers you are already one step ahead of the game, but what details do you need to remember to please your customers? All of them! But here’s a few ideas for you to think about:

First idea, clean your workplace. If you care about your store so will other people. “Cleanliness is next to godliness!” Too many times I have walked into shops that have dusty counters and dusty items. If your items are dusty what does that tell your customer? It means no one is buying your product, which signals to everyone else that this is not a product worth buying. (more…)

The NASCAR race, Brickyard 400, went through a very rough time with numerous competition yellows due to tire issues. Why did this happen? Somebody wasn’t prepared, that somebody was GoodYear. However, NASCAR tried to counteract the problem by keeping the drivers safe by waving the Yellow Flag. They also held a press conference a day later to assure the fans that this will not happen again. When your tires are wearing down will you be prepared with “Plan B?” (more…)

At the very beginning of your new business you had to create a business plan to show off to the bank or investors to prove that you could maintain an income stream that would pay the bills. The question is have you kept your information up to date since then? I guess the real question is did you even create a business plan to begin with? When I first began in business this was probably my biggest challenge, which was keeping things organized and putting my business plan together. To help you I have devised a 5 step plan to helping you get on your way.

First step, brainstorm and map out all of your thoughts by using mind mapping software. A software called Free Mind works very well, but there is also MindMapper which also works well. Mind Mapping will open up your eyes to more opportunities and will allow you to move your thoughts around very easily. You can even set alarms of when you want to work on a particular item. As time progresses you can continue to branch off of your mind map. (more…)

How many times have you stepped into an old “mom and pop” shops where the technology is outdated and they don’t even take credit cards? How many times have you worked for someone that is still doing inventory without a point of sale system? These are obvious examples of managers or business owners stuck in their own ways, but many managers are stuck in their old ways on many different accounts. Here are a few ideas on how to get out of your typical routine.

First Idea, checkout local seminars on what small businesses are doing to survive in your vicinity. Better yet go to a conference out of your area to see what other regions are doing to keep their competitive edge. Many corporations do the same for their employees to help them develop. This same concept should be considered for your business. (more…)

After numerous bank closings and watching the Fed cut rates down to 2.0% the signs of a recession are getting stronger. The market is hitting a five year low while oil prices continue to rise as the US dollar falls. So, what are you doing to keep the “Open” sign in front of your business? As a student in economics and being the frugal person I am here are some ideas on how to help your business cut cost on numerous fronts. Please be in mind that you want to cut fixed cost as low as possible while limiting the usage on anything that is a variable cost. This tip alone should help you save a few bucks.

First Tip, cut the power usage in your business! How do you do this? Start by installing fluorescent light bulbs in all light fixtures. Another way to cut electricity is turning up the thermostat during the summer or having it automated to fluctuate during certain periods of the day. If you own your own building look into getting a soy roof or a green roof. This should help the longevity of your roof and help reflect the light during the summer which will help your building stay cooler. With this in mind look into getting an awning for your front windows to help reflect the sun off the front of your store to help save some cost. Lastly, shut off the lights in rooms that are not being used frequently. This was always drilled into every child’s head while growing up. (more…)

As you all know I am a young entrepreneur and as a young entrepreneur I have noticed things from time to time that have paid off. Not only have they paid off, but now I realize what it means to have success as long as you are persistent. The one story that always comes to mind is The Little Engine that Could he just kept chugging along until he reached his final destination even though numerous people doubted him. The key is to believe in yourself and your cause whether it be business or something personal, just keep chuggin. (more…)

If you are an Internet user there is no doubt that you have come across the site called Wikipedia. This site offers a cornucopia of information on any possible topic that is more accurate than anything you could find in the Encyclopedia Britannica. This site is a place where people can collaborate about anything and everything quickly. In fact, the word wiki itself means fast in Hawaiian according to the New York Times.   So, in order to collaborate with your staff fast have you considered using a wiki for your business.

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As in many cases you as a business owner look at your sales and compare them with the sales of last year. However, do you compare how many people walk through your door every day? Or how many sales are completed based off of what your wearing? If you aren’t then how do you know if something is working or isn’t working? You need to learn to quantify just about everything in your business. To help you think of some ways to quantify your business I have provided some examples below. (more…)