Small business owners are a group who can vary widely in their familiarity with technology, from extremely adept bordering on savant, to uninterested and skeptical on a fundamental level. That being said, for small business owners in the modern age, a lack of technological inclination has gone from quirky to borderline irresponsible, as the value of e-commerce as well as the exposure that can come from having a place on the internet grows. In fact, this year is projected to be the biggest ever for e-commerce spending, something that business owners without websites have no means of tapping into. When bad credit  business financing concerns are added to the equation, it can be harder for business owners to convince themselves to spend on a website. That said, odds are good that if they take the time to sufficiently research and plan the development of their website, it will be able to repay them for their investment. For one thing, even if their business does not

Student loans can be a double edged sword, on the one hand allowing students to pursue higher education and obtain skills that can fuel the success of their careers, at the price of large amounts of debt at a young age that can be very difficult to overcome, especially if there is no way to refinance the debt into a more manageable package. For young entrepreneurs, managing debt while building a business means being strong at defining priority and having an understanding of what parts of your business need to grow in order to support others. Employee management can also be a challenge, since if you are not managing millennial employees, there is a chance that your relative lack of experience can make it tougher to lead managers in the middle or endgame of their careers. While it can be disheartening to contend with the challenges of business management while managing debt, through identifying priorities, carefully managing collections and trusting in the effectiveness of your

When running a business with bad credit, making something out of nothing is a skill that can come very much in handy, especially when it comes to marketing which can be very expensive when left to third party agencies. Bad credit business financing means knowing where you have to spend and where you can scale back, and fortunately for small business owners, there is a lot of functionality that they can tap into without tapping into their cash flows if they know where to look and what to do with what they have. Be open to potential new technologies. In order to begin adopting new free technology, you have to know how to find it. Millennial employees are often a great source of ideas pertaining to a business’s use of technology, since they are usually pretty well acquainted with the use of tech in their daily lives. One example of a technology that was popularized by millennials becoming a platform for savvy marketing is Snapchat, a temporary

Recurring billing can be a blessing for small business owners when they are looking to save time, allowing them to take the guesswork out of paying for services that they would be renewing anyway. In fact, it is pretty easy nowadays to put almost every constant expense onto a recurring billing plan, but there are a few considerations that small business owners should keep in mind if they are using a recurring plan to pay for more than a couple of services in order to avoid needlessly losing money. Can I get a discount for paying upfront? The first thing that business owners might want to consider is whether or not they can get a discount on their services by paying upfront. While it is easy to leave a service on recurring billing on a month by month basis, it may be the case that you could save a large percentage of your total costs by purchasing your subscription up front, and even if there is

When buying equipment is either impractical or not financially feasible, small business owners can turn to leasing as a means of gaining the equipment that they need without owning it. Renting can represent an elegant solution to equipment based constraints on DIY projects, and for business owners with cash flow considerations, if there is a buy out option at the end of their leasing they may be able to use the production capacity of the equipment for less, then take over ownership of it once their business grows as a result of the increased production. Do you have the insurance and/ or training necessary to operate your machinery? Heavy machinery can be dangerous, meaning that not just anyone can go ahead and lease it and operate it. Business owners should first verify that the equipment they want is able to be used with their current levels of qualification and insurance. If not, then compute the costs and time-frame of acquiring these into your strategy. If training

In a recent article from the Motley Fool, five different small business insurance policies were looked at. Business insurance can be important as a stop-loss when things go wrong, helping to protect the capital invested into the business which may represent all the assets to a business owners name, depending on their level of investment. Part of making smart decisions regarding small business  coverage is making sure that you possess a real understanding of the risks facing your particular business. Every small business is unique, and will face different challenges based on location, the strength of its sales, as well as what kinds of products it provides. Before you make final decisions regarding the insurance that you purchase for your business, sit down and analyze where you stand in terms of risk, and how you can balance the types of coverage that you purchase to offer protection from the potential negative events that can befall you as well as remain affordable. Historical data on the types and

In a recent article from the Gallup Business Journal, a look was offered at the connection between personal savings and business startups, revealing a correlation between savings in one quarter and new businesses down the road. According to data cited in the article, personal savings rate has been steadily declining since the end of the 70’s, as well as business startups. Upticks in personal saving rates were associated with upticks in business creation around four years after the initial spike, indicating that the capital saved up over saving years would be spent on business creation after having accumulated for a period. 2008 saw new business creation dip below the rate of business closure. This worrying statistic coincides with the depths of the Recession, which saw many Americans lose large amounts of personal wealth. Current economic conditions, including big bank lending statistics, have pointed to a slow recovery but lending to small businesses is still below pre-recession levels on the part of traditional banks, with most of

Cash flows must be managed carefully in order to allow a business to grow at an optimal rate, in the same way that a plant needs the right balance of water and sunshine to grow. There needs to be enough cash on hand at any given time to allow for maneuverability within the business, lest business owners find themselves needing to have cash on hand that is tied up in inventory or already spent on other aspects of business development. Conversely, if a business holds on to too much capital and does not invest it into the things that they need to meet client demand, they can wind up losing business to competitors who are more poised to deliver quickly. How should your business find a balance? While there is no way to predict the future with absolute certainty, as a business grows a clearer picture of how much cash should be kept on hand will start to form through experience. For example, when a

Customer service is a hugely important part of running a business, since it is directly related to making sure that your customers are getting what they expect from you, and if not, are having their issues addressed, preventing them from taking steps such as leaving negative reviews or spreading their grievances through word of mouth. While maintaining a strong level of service, business owners should be aware of the types of issues that customers really dislike that can make them more likely to take negative actions. Not being able to get in touch with anyone. When a customer has an issue, one of the worst feelings is when they are unable to get in touch with anyone from the business in question in order to fix it. Having poor quality customer service reps on the phone is arguably better than having frustrated customers hit a voice-mail or  send emails that never get answered. Ignoring complaints is a surefire way to turn a minor customer service issue

In a recent article from the Wall Street Journal, research from the Fed was cited indicating that the negative effects of the recession, the worst since the two recessions in the early 80’s, had a disproportionate impact on smaller businesses (in this case, businesses with 50 or fewer employees). These businesses were cited as experiencing an approximately 5-10% worse drop in job creation, paired with a slowdown on the creation of new businesses by 25%. Financing constraints pointed to as one of the root causes of small business stagnation. The credit crunch which accompanied the recession has been cited as one of the causes of the lack of growth coming from the small business sector, with former SBA chief Karen Mills also pointing to lack of loan accessibility as an adverse condition for small businesses. Without reliable access to financing, businesses have a hard time expanding beyond the constraints imposed by their cash flows and ability to borrow from friends and family or out of personal

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