Blair Stover

Small Business and Entrepreneurship

Archive for category Business

Business Networking Tips

Nov 2

Posted by Blair Stover in Business | 1 Comment

Do you want to advertise your business without wearing a funny costume or lugging around a heavy billboard? The best way to do this is through business networking. Simply stated, business networking is linking with other people, getting their trust, and helping them in order to promote your business. This can be done through several ways:

Participate in network meetings. This is the best way to meet different people. But don’t just attend any meeting. Be clear about your marketing goals and pick the right meeting to join. This will help you identify groups who will most likely benefit from your products and services.

Hold volunteer positions in organizations to stay visible and remind others of your expertise. This is a good way to show others that you can be relied on and share their concerns. If you project yourself as a competent resource person, people will consult you for ideas, advice and suggestions.

Stand out in the crowd by being different. Networking meetings are often full of people so attract attention by wearing a brightly-colored tie, unusual jewelry or nice smelling cologne. This will help people remember you and separate you from the crowd.

Don’t just go to meetings and hand out business cards. Interact with the people there by listening to them, responding well, and maintaining eye contact whenever you talk to them. Don’t go to a meeting acting like a zombie or robot. This will only hurt your business.

Understand what you do and what makes you different from others who do the same thing. This will help you identify your strong points and give you an edge over competitors. If you love your job, talking about how you can help others shouldn’t be a problem.

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Highlights from the History of Business Marketing

Oct 25

Posted by Blair Stover in Business | No Comments

When individuals or organizations sell their products or services to other companies that, in turn, resell them, make them a part of the products or services they offer, or use them to support their operations, this is known as business marketing, industrial marketing or business-to-business marketing.

For many years, business marketing was overshadowed by consumer marketing. Providers of goods or services sold directly to households using the mass media and retail channels. This changed in the 1970s with the appearance of several academic periodicals that have published studies on the subject and the holing of yearly professional conferences on business marketing. Business marketing courses are also more common nowadays than in the past leading to a shift to the former.

Business markets include products and services, local or international that are bought by businesses, government bodies, and institutions like hospitals or corporate offices for consumption or for resale. It doesn’t cover markets that deal with products or services aimed at personal use or consumption like packaged grocery products, home appliances or consumer banking.

How does business marketing differ from consumer marketing? First, business marketing uses shorter and more direct channels of distribution. While consumer marketing targets big groups through mass media and retailers, the negotiation process between the buyer and seller is a lot more personal in business marketing.

Many business marketers use only a small amount of their promotional budgets to advertise. This is often done through direct mail efforts and trade journals. But even when advertising is limited, it helps the business marketer make successful sales calls.

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Individuals Donate Far More than Corporations

Oct 18

Posted by Blair Stover in Business | No Comments

Nonprofits across our nation are providing necessary services to help rebuild our communities and move us forward through this recession. However, according to the Giving USA 2010 Annual Report on Philanthropy published by the AAFRC Trust for Philanthropy total charitable giving in the United States was down 3.6 percent in 2009 from 2008. That same report sited that 75 percent of that giving (approximately $227.4 billion) came from individuals.

Where does the money go? Thirty-three percent of all donations go to religious organizations. Typically people donate to their local church, synagogue or other place of worship. The next largest sector receiving charitable donations is education, with approximately $40 billion going to educational institutes.

Although corporate giving remains steadfast in the United States, there is definitely room to grow. We can all take heed and inspiration from the private sector and do more through our business endeavors to help out those around us.

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Accounting Tips for Entrepreneurs and Small Business Owners

Sep 21

Posted by Blair Stover in Business | No Comments

If you don’t have a lot of money and time to invest in outsourcing your accounting, you don’t have to worry. You can save a lot of time by learning the basics and doing some of the accounting yourself. Once your bookkeeping becomes more complex, you may want to consider hiring an accountant. But, for the time being, you can accomplish your bookkeeping and accounting tasks with just a bit of research and a little guidance. Here are tips to do-it-yourself accounting:

1. Educate yourself. Know the very basic regarding your finances. It may be obvious, but you should attempt to make your expenses less than your income in order to make a profit.

2. Keep business expenses separate from personal expenses.

3. Track and monitor files. Organize receipts and other files so that they are easy to access.

4. Try free accounting software online. There are many options available that will help guide you.

5. Review and reconcile information. Always double check your work. Having organized information will make it easy for you to cut expenses and file your taxes.

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Stay On Top of Changing Consumer Values

Aug 16

Posted by Blair Stover in Business | No Comments

As a savvy business owner, you are probably aware of the many changes the economy takes over the course of a lifetime. When the economy has a downturn or an upswing, consumer priorities shift. In addition to changing economic climates, changes in things such as technology or political atmosphere impact how consumers determine where to spend and invest their hard-earned dollars. In an economy like the one we are currently facing, consumers are looking for the biggest bang for their buck. They want value as well as longevity.

These changes mean that you should sit down and reflect on your current business and marketing strategies. Are you seeing slumping sales? Having trouble reaching your target audience? You may want to try unusual avenues for marketing. Rather than traditional advertising, for example, you may want to invest more time in money in online marketing, social media or public relations. All are unique avenues in order to reach your audience and convey to them that you are a company with expertise in your industry.

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What to Consider When Buying a Business

Aug 3

Posted by Blair Stover in Business | No Comments

Buying an existing business can be your easy route to success for a number of reasons. First, it is less risky than starting your own. It also has important documents in the form of financial statements that reveal its past performance and tell you how well it can operate in the future.

Because information regarding its performance is readily accessible, an established business is easier to finance. Lenders are more open to a buyout since they can quickly examine its track record. Still, there are a number of things to consider before purchasing a business. After all, there are good and bad businesses for sale and you have to choose the right one.

If you know an accountant, now is the time to get his services. Let him check the figures of the business you’re buying. That way, you can tell if there are any problems. Next inspect the trading hours to see if the company is making a profit. Nothing can be more frustrating than buying a business only to find out later that it has a lot of problems and you have to work longer to fix them. If stock is involved, ensure that its not outdated or damaged.

Ask yourself the following questions:

  • Is the business right for you?
  • Does it interest you?
  • Will it enable you to use your skills and knowledge to make further improvements?
  • Does it suit your personality?
  • Will you be able to deal with the kind of customers and employees that the business has?
  • Are you aware of the existing and potential problems you may face with this kind of business? Do you know the current assets and liabilities of the company?
  • Do you know why the business is being sold?
  • Do you think the business is profitable and has the potential to grow?

Knowing the answers to these important questions can tell you whether buying a business is right for you.

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Why Buy an Existing Business?

Jul 12

Posted by Blair Stover in Business | 2 Comments

Entrepreneurship can be risky. After all, it’s no joke starting your own business. To reduce your risk, why not buy an existing business? You’ll have fewer problems if you get one that already operational and has existing customers. However, be prepared to spend more for this purpose.

Buying an established business has its own perks. For one, you can easily acquire capital from lenders who may be reluctant to give you money if you start from scratch. That’s understandable since 60 percent of start-up businesses fail within the first three years and it generally takes two years for start-ups to make money.

With an existing business, you reduce the financial risk you and your partners face since the company already has proven track record. All the unknown details have been ironed out by the previous owner and are ready for you to use. What’s more, an established business has a good customer base and an experienced management team at your command. Even if the company didn’t make a lot of money previously, your expertise and marketing skills may turn it into a profitable venture.

You can easily discover what the company did in the past and correct any mistakes. You can consult employees who know the business and get suggestions to improve it. Best of all, you’ll have peace of mind knowing that the business you purchased has a bigger chance of success.

However, the biggest obstacle in purchasing a business is the cost. This is because you’re buying the business concept, customer base, brands, and other components that have already been worked out. That’s why it’s normal for an existing business to cost more than a new one. To avoid trouble, take time to know what you’re getting. Research the company you are considering. Know if the business has any hidden problems. Check if receivables are collectable. This will prevent you from buying something that will give you problems later.

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Four Tax Tips for 2010

Apr 7

Posted by Blair Stover in Business | No Comments

When it comes to filing taxes, doing them earlier is always better. This is beneficial for both you and the Internal Revenue Service. By filing taxes early, you avoid the last-minute rush and the tendency to commit a lot of filing mistakes. The sooner you file your taxes, the sooner you get your refund. To make this possible, here are four tips for your consideration:

1) Get your records straight. The moment your W-2s, investment statements and other related documents appear, put them in a safe place that you’ll remember later. You can use a folder or an envelope for this purpose. Nothing is more frustrating that discovering that your records are incomplete when its time to file your taxes.  

2) Plan how you want to prepare your taxes. If you have the correct tax forms, decide how to complete your return. Which is more convenient and less stressful for you – doing the whole thing yourself or getting a pro to do the job? Whats more comfortable to you – using a pen and paper or a computer? By answering these questions, you can decide early and will have lots of time to do the paperwork yourself, select a good tax preparer or use the right tax preparation software.

3) You can minimize the amount of taxes you pay by joining a professional business group. Remember that business association dues are tax deductible so if you’re a member of a local, statewide or national professional organization, you’re in good hands. You’ll be able to deduct the expenses you incurred for joining such a group. 

4) Use electronic filing. If you use your computer to calculate your taxes, you might as well file the forms electronically. E-filed returns are processed faster, quickly correct math problems and tell you instantly whether your return has been received.

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Time Management for Small Business Owners

Mar 26

Posted by Blair Stover in Business | 1 Comment

It’s no secret that time and money are important in business. Ironically, many small business owners do notat know how to spend their time wisely. This results in poor performance and eventually poor sales. To make time work for you, here is a tip to consider:

Prioritize your time. As a business owner, you obviously have many things to do but sticking your nose in every aspect of your business could eat up a lot of your time and leave you with no time at all for other important things. To avoid this, learn to distinguish whats important and whats not. The not so important jobs can always be delegated to other people. That way, you can do the things you’re supposed to do.

Create a general work schedule and stick to it. That work schedule should include time for yourself and time to effectively run your business. After you’ve defined the major components of your workload, prioritize them by taking note of crucial deadlines, routine jobs, and relaxation time. Know what has to be done now and what can wait. Your priorities depend on deadlines, how many people you have to see to do the job, and whether you can assign that job to someone else.

For example, start by identifying the best way you can increase profits by using your time; the second best way, and so on. This will help you come up with a list of workable priorities. Once you know your priorities, examine the ways to achieve them. Evaluate and do the things that are the most useful for you. The only time to consider changing what to do is when you realize that change will save time.

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Health Insurance for Small Business Owners

Mar 19

Posted by Blair Stover in Business | 2 Comments

Its a sad fact that many small businesses in the United States dont have health insurance coverage for both their owners and employees. This is due in part to the large cost of insurance policies. Since small businesses dont buy policies in bulk, they lack the buying power of big corporations. In effect, they have to pay more for the same coverage.

How important is health insurance? It really depends on how healthy you are. If youre healthy and covered, health insurance provides peace of mind. For those with serious medical conditions, however, health insurance is essential. In many cases, its better to have some insurance than none at all.

There are two options when considering health insurance for your small business. If you only need coverage for you and your family, its best to get an individual or family health care plan. If you require medical insurance for workers who arent related to you, go for a group health insurance policy.

Admittedly, locating the best health insurance provider can eat up a lot of your time and can sometimes be frustrating. Luckily, you can lessen your ordeal by working online. The Internet is a good place to search for reliable providers. It allows you to get small business group health insurance quotes from several providers to see which plan is the best for your situation.

Keep in mind that group health insurance can be reasonable or costly. The cost depends on the number of employees, their age and health. Many employees consider this an important benefit in such a way that they will stick to a job with health coverage even if it has a lower salary and less job satisfaction. Its definitely better than a high paying dream job without health benefits.

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