Looking for a loan? Go Local, Small Business Owner, Go Local!
The first lesson a respected college professor taught his students was to not trust academic “experts.” If you look at the track record of these so-called experts, it’s never very impressive. And it gets worse when public policy makers become involved. They find academics who take opposing views and try to shape the debate in the way that is most beneficial to their bigger supporters. And folks, small business owners don’t have a lot of clout with policy makers, which we’ll examine by looking at some recent news items concerning small business loans. I find that common sense trumps “expert opinion” everyday and common sense says that the majority of jobs in your community have been created through the efforts of small business owners. On top of it being common sense, statistical data backs it up. Standing against small business? However, in recent years some academics have been arguing that small business owners are not the job creators we all thought they were and recently a group of four profs at West Virginia University and Georgia Institute for Technology have carried that a little further claiming that Small Business Administration backed loans are actually holding back economic growth. By the way, I love the headline Bloomberg Businessweek gave their article on this study: Small Business Owners and the Economists Who Hate Them. Unfortunately, it seems that these anti-small business economists are joining elected officials who have a distinct preference for big business. While the economists are arguing against financial support for small businesses, there is no doubt that our lawmakers have been more than willing to financially support big business. We have heard the phrase “too big to fail” used repeatedly in the last several years. I supposed the corresponding, unspoken phrase for small businesses is “too small to matter…politically.” And sadly, as the Wall Street Journal points out, an upshot of the too-big-to-fail philosophy has been to create a financial environment where huge cash reserves are tucked away in the vaults (or balance sheets) of the big banks where it will never be loaned out to small business owners – they just aren’t in that business. The bankers in the white hats But with all of this said, there are some good guys in the picture: your regional bankers. The small and medium sized banks are picking up the slack and lending to small business owners with little or no help from Washington. Why? Because they know local conditions. Surprise! Common sense trumps the academic experts and the policy makers. The bankers who are close to the situation can recognize credit worthy businesses and opportunities for growth when they exist. And fortunately, more and more local bankers are seeing positive developments. So what’s the takeaway here? It’s two fold: Follow the college professor’s advice and don’t trust academic “experts,” and Develop a relationship with a good local banker; that’s where you’ll find help when you need it. Image: By Jonathunder (Own work) [CC-BY-SA-3.0 or GFDL], via Wikimedia Commons....
read more12 Tips to Get Winning Reviews for Your Business
How many of you remember one of the original TV talent shows, “Star Search”? Almost daily I find myself going on a different kind of star search – I’m always looking for the average number of stars a product or app has received from users. One of the best attributes of the Internet is its ability to provide opinions on products and services before you buy. And that means it’s crucial for you to offer reviews. Here’s a list of techniques and strategies that work. Find the ones that are the best fit for your business: Pick your poison. Decide where it’s best to build your library of reviews. Options include building them into your own site, Yelp, Google+, Amazon associates, eBay, Angie’s List, niche sites, and many more. Bloggers. If you’re doing something that is subject matter for bloggers, contact some and see if they will review your work, product or service Contact your regulars. You have nearly personal relationships with your best customers; ask them for reviews. Post reviews on your site’s home page. Reviews inspire reviews. Your customers will want to add their “own two cents” when they see what others are saying. Ask for reviews immediately. If you’re a brick-and-mortar operation, ask your customers when they are finishing their transactions. Make it easy for them. Have the URL of the review page on receipts and signage. Also see number seven below. Give incentives. Restaurants are offering various freebies if customers complete a survey. Give a coupon when customers offer their opinions. Have a tablet or PC handy. Set up a review kiosk in your business. By the way the kiosk doesn’t need to be exclusively for reviews, it could also offer “how to” videos or other services that would be useful to customers. Always link to your review pages. Put a link to your reviews on all your correspondence and publications – newsletter, emails, coupons, white papers, videos, and more. Go video. Post video reviews on YouTube. Keep a small video camera handy and ask customers if they would say a sentence or two about your business. Air your dirty laundry. Own up to bad reviews. Keep them posted. Respond to them. People want authentic reviews. If every review is positive, some prospective customers will doubt that they are legitimate. Leverage social media. Facebook offers a review tab for local businesses. Google+ has review functionality built in. Ask your fans to write reviews through your social media posts and provide the link for them to go to the correct page. Dig deep for endorsements. If you get complimentary emails from your customers, excerpt them and post the comments as endorsements on your website. Take some of these tips and when your prospects go on a “star search” your business will really...
read moreHow To Get The Right Person On Your Tax Team
The seasons recently flipped from summer to fall and just as the leaves start to change colors and drop from the trees, our attention needs to turn to another somewhat less lovely season – tax season. For the small business owner or solopreneur, filing taxes can be a major pain; the record-keeping burden falls squarely on their shoulders. Working with the right tax preparer can help reduce the stress as well as taxes owed. Here are some tips to help you connect with the right person. Check availability. Some tax preparers just hang out their shingle during tax season. As a small business owner you want someone who is in the tax business all year long. You need to develop a relationship with your tax preparer that includes discussions and advice throughout the year. You may want to work with a CPA or an enrolled agent. Tax laws vary from year to year and you need someone who is always up-to-date. Ask around. There are two kinds of references – the ones the tax preparer would give you and the ones you receive from your acquaintances in the local business community. The second type are generally the best. When you’re looking for a new tax preparer and adviser, talk to other business owners in your area. Make sure you talk to people who have businesses somewhat similar to yours. A doctor who has a medium-sized practice and employs several medical professionals won’t want the same tax person as the person who runs a clothing store and employs the whole family. Another good place to start your search is at the National Association of Tax Professionals website. They have a search feature that will get you a list of member tax professionals near you; sometimes website links are included in the member’s contact information. Examine your candidate carefully. Check the Better Business Bureau to see if there are any red flags. Beyond that, take time with the interview process. You want a tax professional that you feel comfortable with. If it seems like someone is trying to hurry you along, you’ll be less likely to contact that person when you have questions throughout the year. You want to feel like your establishing a partnership more than just finding a hired gun who’s paid by the hour. Be sure your interview includes questions specific to your industry, which brings us to the next point. Get up to speed on the basics. You need to make an informed decision when you select a tax professional. This means you should know the basic language of taxation and finances. TurboTax has an excellent glossary of terms. If you scroll through it, you’ll see words and phrases that look familiar. If you aren’t sure of their meaning, take a moment to bone up. Without a certain level of knowledge, you’re not being advised by your tax professional, you are merely at his or her mercy. Further, don’t be afraid to stop any conversation with this person and ask, “What do you mean by that?” Find out about fees. Know the cost of the services you’ll require before you commit. Also, make sure you know exactly what is covered in the charges. Don’t worry, you’ll make it through tax season okay. However, as you probably know,...
read moreHow to Keep Your Body and Your Business in Top Condition
Sometimes the most painful part of running your own business can be the almost innumerable number of hours spent sitting at your desk. This might show up in a variety of ways. Your back may start to ache, or it could be your bottom. Some people may not notice it until they get home from work and realize they’re more stiff and sore than they think they should be. Or you might notice that your golf or tennis game is going downhill. I want to look at maintaining your health while running your small business from three important points of view: Ergonomics, Muscle tone, and Calorie burn. Be comfortable You’re probably familiar wit the term “ergonomic” but it bears review. The word was originally coined to describe efficient working environments, but today we generally use it to discuss work stations that are designed to provide maximum physical comfort and minimum physical stress. For office work, your chair, desk, keyboard, and computer monitor are the keys. Start with an ergonomic chair that gives you sufficient back support and allows your feet to rest flat on the floor. Your computer keyboard should be at a level where you can type while your arms are at your side with your elbows bent at a 90-degree angle. Your eyes should zero in on your computer screen with your head in its natural position – no tilting up or down. This standard setup overlooks one important health consideration: the danger of prolonged sitting. Sitting is the new smoking, according to many health experts. If your work is primarily done at a desk, consider a desk that can be raised and lowered so you can frequently move to a standing position. Do a search for “desks that raise and lower” and you’ll get a lot of options. If you don’t want to invest in a new desk, Varidesk makes table top units that get the job done. Exercise breaks If you’re following my advice and using the Pomodoro technique to alternate your workday between focused work sessions and short breaks, you can use those breaks to work on your fitness: developing better muscle tone, flexibility and endurance. I came across these seven-minute workouts the other day and they are excellent. They would be easy to pull off in almost any office environment. They will get your heart rate up (always check with your physician before jumping into a new exercise program) and also tone up your muscles. Augment these changes to improve your in-office health habits with some good exercise on the weekends and a couple of mornings or evenings a week, and you’ll be good to go for the long term. If you’ve been following me the last few months, you know I’m a huge advocate for small business owners achieving “Outrageous Success.” However, if your health suffers while you build your business, it can be all for naught. The purpose of success is to enable you and your family to enjoy life and experience true fulfillment. Maintaining your health and vitality are fundamental to those goals. Image: “Computer Workstation Variables” by Berkeley Lab – Ergonomics, Integrated Safety Management, Berkeley Lab.. Licensed under Public domain via Wikimedia...
read moreCast Your Vote for National Entrepreneurs’ Day
Do you know the old saying, “If you want something done right, do it yourself”? That captures some of the spirit behind entrepreneurism. Most entrepreneurs are individuals who see a better way to accomplish something or sense a need that is not being met. They set out to get it done and as they do so, our entire society benefits. Problems get solved. Productivity increases. Jobs are created. November is National Entrepreneurship Month and it seems right that we would honor the spirit of entrepreneurism and the individuals who are willing to take risks. I think the role of entrepreneurism in our country needs to receive greater attention. Celebrate the risk takers We have become much too accustomed to looking to Washington D.C. to solve our problems, even though experience has taught us that real progress happens when more of us are actively participating in the commerce of this country through the private enterprise engine that propels job growth and increased opportunities. Setting aside a month in the name of entrepreneurship is good, but we would be smart to increase awareness even more. There’s a resolution in Congress, H. Res. 401, that would create a National Entrepreneurs’ Day and it deserves our support. This special day would fall on the third Tuesday of every November. The idea got its start back in 2012 and while the president has proclaimed this event each year, there is a move to make it an official day. By going to the website you can “vote” and show your support for creating the day. You can also leverage your social media presence to inform others and urge them to visit the site and vote for the creation of a National Entrepreneurs’ Day. Introduce others to entrepreneurism Many other professions have their “day” and rightly so. For example, National Nurses Day is observed on May 6, the birthday of Florence Nightingale. The fact that we don’t yet have a National Entrepreneurs’ Day probably reflects the fact that grasping exactly what an entrepreneur does is more difficult than picturing the work of a nurse, or the other professions that are already honored. And this is exactly why we should make this day official. Anything we can do to improve awareness and understanding of entrepreneurs will benefit our entire society. If a handful of people catch the entrepreneurial bug each year by observing this day, we will all be better off in the long run. There may be a young Steve Jobs, Peter Drucker or Karren Brady out there who just needs to be introduced to the concept of entrepreneurism to get the creative and risk-taking juices flowing. Image: “Steve Jobs and Bill Gates (522695099)” by Joi Ito from Inbamura, Japan – Steve Jobs and Bill Gates on Flickr. Licensed under Creative Commons Attribution 2.0 via Wikimedia...
read moreSongs in the Key of Work
If you take a tour of any NFL locker room before the players get down to business, you’ll be greeted by blaring music and a lot of players wearing headphones. Chances are the music will be mostly a mixture of rap and country and western. Those are the vibes that professional linemen, receivers, running backs and d-backs find most suitable for getting them pumped up to do their jobs. But how about in your workplace? What’s the best music – if any – for your audible backdrop? Don’t worry, be happy If you’re in a factory setting, there is scientific research that says lively, upbeat music increases productivity. The study looked at workplaces where employees were involved in a lot of repetitive work, as in assembly lines. The music boosted productivity even when it was competing with machine noises. I know people who have supervised assembly line operations and back in the days of boom boxes, about half the workers brought their own into work and played the music they most enjoyed. Of course, if a fan of R&B was working right next to a devotee of C&W, it didn’t make for the most congenial working conditions. Management needed to pipe in music and ask people to leave their boom boxes at home. Mozart’s Office Suite Classical music has been often found to be good for the brain in work and study situations. In one study, radiologists listened to Baroque music in their reading room and they reported generally positive results and none said the music lowered their mood. David Allen, author of Getting Things Done, recommends classical music and has a long forum discussion going on his website. At one point, I think he even offered a CD of Baroque music selected specifically for the way it enhanced thinking. Allen’s advice is to look for classical music that has a tempo of about 60 beats per minute. Ambient music and noise Providing a low level of music can help create a good working atmosphere. Generally, the idea of having some level of music in the background is that it keeps your brain engaged on a basic level. Businesses have been using low-level ambient music for years. Brian Eno developed his Music for Airports recording back in the 1970s and it’s still available. Today, as more employees have strong video game backgrounds, those soundtracks and electronica may start to fill the background music niche. Also, white or some other shade of noise is great to mask sounds that can be distractions at work. For me, it’s classical music. However, a recent green room discussion before an appearance on Fox and Friends revealed widely varying tastes and I seemed to be outnumbered. Overall, Queen’s We Will Rock You got the nod. It may be a great tune for getting the energy up before going on a television show, but looping it at work probably isn’t such a good idea… What music best enhances your...
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