Saturday, April 10th, 2010
In the March issue of Business/News & Views®, my editorial explained the concept of Cloud Computing. The advantages of this technology are many for small businesses. Here’s an excerpt:
Everywhere you look, software and computing service solutions reside in cloud-based computing. In the past, the benefits of technology upgrades were often elusive, but cloud solutions produce measurable results both in operating efficiencies and an actual return-on-investment (ROI).
Read the full article here: Clouds in Your Future.
Posted in Social Networking, Technology | No Comments »
Thursday, February 4th, 2010
In this article from Business/News & Views®, I give small businesses marketing advice about how to treat their customers. Here’s an excerpt:
It’s said that the brain cannot process a negative. We can prove this with a simple example: Under no circumstance should you think of a pink polar bear. Do not think of a pink polar bear.
Of course, you just thought of a pink polar bear.
At the peril of using negatives, I want to give small businesses advice on how not to treat their customers.
Read the full article: How Not to Treat Your Customers
Posted in Marketing, Small Business | No Comments »
Wednesday, January 27th, 2010
The diversification principle has long been accepted as an important investment strategy. Can the diversification principle be applied to your business as well?
In this article from the January 2010 Business/News & Views®, I advocate that businesses should start thinking differently about their business structure. It is dangerous to put all your financial eggs in one basket, just as it is dangerous to have only one stock in your investment portfolio.
For my recommendations on how to start this analysis and implement the changes you need, read the full article: Diversify Your Business
Posted in Business Planning, Finance, Innovation | No Comments »
Wednesday, October 28th, 2009
In October’s edition of Business/News & Views®, you will find some great advice on blogging for small business, pricing for profits and protecting your business’ wireless network. David Weatherholt also provides an economic summary, including unemployment figures, personal income and consumption and the national GDP.
We write Business/News & Views® for your small business, so we are certain you will find the articles informative and useful.
Click here to read October 2009’s Business/News&Views®
Posted in Getting Down to Business® eNewsletter, Marketing, Reducing Business Expenses, Small Business, Technology | No Comments »
Thursday, September 24th, 2009
The month of September begins with the celebration of a great holiday, Labor Day. On this day we celebrate the entrepreneurial spirit and hard work that has produced the greatest nation and economic system in the world. The holiday was first celebrated on Tuesday, September 5, 1882, in New York City. There is still some doubt as to who first proposed the holiday.
One story has Peter J. McGuire, the general secretary of the Brotherhood of Carpenters and Joiners as the originator. McGuire suggested a day to honor those “who from rude nature have delved and carved all the grandeur we behold.” However, many believe that Matthew Maguire, a machinist, proposed the holiday in 1882. Regardless, by 1884 the first Monday in September was selected as the holiday, as originally proposed.
Unions historically represented skilled workers and craftsmen evolving from the guilds of the past. These guilds were associations based on trades, carpenters, carvers, glassworkers, machinists, masons, printers, typesetters, and textile workers. Each guild closely guarded and controlled the skills, technology, and training needed to become a master craftsmen. The founders and leaders of these guilds were free and independent master craftsmen carefully imparting the skills of their crafts and maintaining rigid quality standards.
Recently, I read an article entitled “Unions: No laughing Matter.” This article did not make me laugh. It was a vain attempt to paint a smile on unions and belies the fact that most unions no longer represent and promote skilled workers. Having strayed from their core purpose, this union, like many others, still relies on tired old counterintuitive rhetoric that “it is the interest of big business to increase the bottom line and corporate America does this at the expense of workers who are producing the country’s wealth.” They miss the point almost entirely. It is not simply “the interest of big business” to increase the bottom line; it is the only reason to run a business either large or small. Wealth is created when the entrepreneurial spirit, risk-taking, is combined with capital and labor which then successfully produce a profit. A profitable business produces jobs and wealth with no losers.
The idea that profits result from the abuse of the worker fails to explain why workers in the technology industry and most of the private sector today remain happily union free and well compensated. This same notion fails to adequately explain why union organizing focuses on public employees. Do local, state, and federal governments exploit their workers? Do these workers need to be protected from greedy owners? Wait a minute! The public sector is owned by taxpayers and supported by their tax payments. Unions simply exploit these public workers by extracting large monthly payments (dues) at the expense of the middle class taxpayers.
My father was a skilled craftsman represented by a union. His union provided all of his medical and retirement benefits as a simple deduction from his paycheck regardless of which company employed him; portability back in the 50’s and 60’s. Companies that hired workers from this union knew they were getting a skilled craftsman who would work hard and provide a high quality finished product while the laborer was assured of getting a good wage and benefits. This is the kind of partnership that most often exists between business and labor which produces benefits for all. This win/win is also responsible for producing our great economic system.
We have a culture that celebrates risk-taking; believing also that those entrepreneurs who work hard, take-risks, and combine capital and labor should reap the rewards (i.e., profits). These entrepreneurs create small business and 60% to 80% of all jobs. Profitability allows them to grow and become big businesses creating even more jobs. It is appropriate that we as a nation pay tribute to the creator of so much of the nation’s strength, freedom, leadership and wealth: the American employer and their employees.
Posted in Small Business | No Comments »
Saturday, September 5th, 2009
Small business and labor have both been instrumental in building America’s success, and Dave takes the Labor Day Weekend episode of “Getting Down to Business” to explore the partnership between the them.
Dave’s guest, Paul Foutz, a walking encyclopedia of business information, shared important labor statistics with Dave and his listeners (appropriate for Labor Day Weekend, don’t you think?)
Listen or download below:
Small Business and Labor- A Great Partnership
Posted in Getting Down to Business® Podcast, Small Business | No Comments »
Saturday, August 15th, 2009
In the August 2009 issue of Business/News & Views®, small businesses will find a wealth of information about building website traffic, changes that will dramatically affect the accounting industry and how to protect your brand on the internet.
David Weatherholt introduces readers to XBRL, the revolution in accounting. Amanda Cullen provides tips for increasing traffic to your website.
Read now: Business/News & Views® – August 2009
Posted in Finance, Getting Down to Business® eNewsletter, Marketing, Recession, Small Business | No Comments »
Saturday, July 18th, 2009
Banks aren’t the enemy of small business, as Dave proves in this “Getting Down to Business” podcast. Dave takes listeners through the history of banking and how you can negotiate with them successfully for your business.
Relevant to today’s topic, Dave interviews Andrew Riddell, Vice President Business Banking Manager at Wells Fargo.
Listen or download below:
Creating a Loan Package
Posted in Business Planning, Finance, Getting Down to Business® Podcast | No Comments »
Wednesday, July 15th, 2009
The July 2009 issue of Business/News & Views® is full of optimism and helpful tips for small businesses. David Weatherholt reminds us that necessity is the mother of invention and provides rich examples to inspire entrepreneurs and small businesses. Amanda Cullen has an article on the power of passion in marketing design– and reminds readers that passion is nothing without purpose. In Internet Tips & Tricks, you’ll read how to use MySpace to promote your business.
Read now: Business/News & Views® – July 2009
Posted in Entrepreneurs, Getting Down to Business® eNewsletter, Innovation, Marketing, Social Networking | No Comments »
Tuesday, July 14th, 2009
Over the past eight months, we have witnessed economic upheaval not seen since the 1980’s, over twenty years ago. The speed of the deterioration and lack of warning caught us all by surprise, leaving us in a state of shock and awe! Now that the shock has worn off and reality sets in, the surprise is that life goes on. This is a great opportunity to look at your business model, clearing away any debris from the economic storm, and prepare to move forward.
Winston Churchill, who understood turbulent times, said, “A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty.” We are now presented with a unique opportunity to take the time to examine meaningful changes in our business models.
Start by reviewing all expenses. Nothing is sacred- trim, trim, trim. Every penny trimmed is important, but keep in mind that trimming expenses alone will not lead to a better business model. Trimming 100 percent of expenses is certainly possible but would also result in closing your doors. This may be the best option but should not be taken without looking at all available options and preparing to weather this economic storm. Let’s look for some opportunities.
Look hard at bank fees. If your business has an “analysis account” you may be surprised by the rate increases. Banks are businesses and need to make a profit, however, sit down with your banker and go over your statement line-by-line, ask questions and evaluate the options. You may be surprised at services that can be trimmed because they are redundant or not used.
Review telephone and cellular telephone accounts going over it line-by-line like your bank statement. You may find redundancies or items that are not used. For example unlimited texting is a great option but if a minimum number of text messages are actually sent then it would be cheaper to pay a per text message charge. Again, trim, trim, trim.
Talk to venders, and ask for prompt payment discounts. Discounting terms were frequently used to enhance cash flow but usage of this practice has declined. Don’t be afraid to ask.
If you lease space and are locked into a contract that was negotiated at higher rates in better times, then it may be a good time to sit down with your landlord and review the lease terms. They may be receptive to reasonable accommodations.
Compensation is an area that should be reviewed. Look for creative bonus opportunities that can create a win-win for you and your employees.
Review marketing and advertising expenses. Marketing expenses may look like a prime area for reducing overhead expenses, but remember the reason for this expense category. Marketing and advertising expenses should be viewed as buying customers. Measure every expenditure against the results produced (i.e., does it produce customers?) If it doesn’t, then pare down. If it does, you may need to do more of a good thing and even increase effective marketing.
Advertising spent on branding is hard to directly trace to new business. Branding is an effective part of your overall marketing campaign and may be a good reduction area, but don’t eliminate it completely.
Using an economic downturn to review expenses and trim, trim, trim is a great first step but is only half of the solution. Look hard at sales and revenue sources and add, add, add.
Cash today is better then cash tomorrow. This basic finance concept works and can be your incentive to provide discounts to your customers for early payments. Look for creative ways to reduce your accounts receivable.
Review all product/service categories, applying a simple cost benefit analysis and modify or eliminate product/services that don’t produce adequate benefits.
Be creative and look for new sales channels, getting your products/services to customers, such as using kiosks, the internet, dealers, or outside sales efforts.
Look for new products/services and business opportunities. Changing your business model is not bad. Every business that successfully makes it past their first five years usually has changed significantly from the business that started. In the beginning of a business, product/service knowledge was your advantage but now that you have demonstrated successes operating a business, look for ways to replicate that success by using your business experience to promote other product/service options.
Paying attention to changes in this economic climate is a good thing as long as it leads to healthy introspection, not fear. Hopefully, this article motives you to redirect that fear of the unknown or change using past successes to see the “opportunities in the difficulty.” What opportunities do you see?
Posted in Finance, Recession, Small Business | No Comments »
Monday, June 15th, 2009
In the June 2009 issue of Business/ News & Views®, David Weatherholt delivers a stirring op-ed to see the opportunity for cutting costs in this recession– there’s never been a better time to trim fat. Amanda Cullen explains how your existing customers create new customers for you. The Internet Tips & Tricks feature provides advice for small businesses on getting more websites to link to their websites.
Read now: Business/News & Views® – June 2009
Posted in Customers, Entrepreneurs, Getting Down to Business® eNewsletter, Marketing, Recession, Reducing Business Expenses, Sales, Small Business | No Comments »
Saturday, May 30th, 2009
During his KABA radio show, “Getting Down to Business,” David Weatherholt interviews Lynn Klassert, Senior Relationship Manager for Key Bank.
The bulk of the show is devoted to the financial projections of fictional Sunburst Coffee, Limited. The scenario: Dave is Anchorage’s best barista and wants to bring his blends to the city. But there are so many questions. How many customers do we need? When will we break even? Where will the money come from? Where should we locate the business?
Listen or download below:
Business Plan: Financial Projections
Posted in Business Planning, Finance, Getting Down to Business® Podcast, Small Business | No Comments »
Tuesday, May 26th, 2009
If you are out of work, rather than look for another job, maybe you should consider starting your own business. Look inside yourself for something you are passionate about– maybe a hobby. Now, go through the planning process and work toward your new goal. You may be pleasantly surprised about what happens. What do you think?
Posted in Entrepreneurs, Small Business | No Comments »
Saturday, May 16th, 2009
In this very first episode of “Getting Down to Business,” David Weatherholt interviews Russell Ball, owner of Alaska Computer Brokers.
Dave also talks about the entrepreneurial spirit, the need for a business plan and the importance of balancing the free spirit of the former with the orderliness and planning of the latter.
Listen to the podcast now, or download it:
Nuts and Bolts of Business Planning
Dave also tells us about the seven critical areas a business plan needs to address:
- Executive Summary
- Define the business concept
- Market Analysis
- Employment and Management Planning
- Financial Analysis
- Benchmarks
- Appedices
Posted in Business Planning, Getting Down to Business® Podcast, Small Business | No Comments »
