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August 19, 2008

Why Being Big Brother Backfires

It's pretty much a given that no small business owner wants employees surfing the 'net while on the company time clock. But unless you want to micromanage every single thing your employees do online, there's really no way to keep track of employee productivity without sacrificing your relationship with employees, says this article on Entrepreneur.com.

What are your options if you're afraid a member of your team could be wasting some serious time? According to the article, "You can use software that monitors instead of blocks or filters. Or you can trust that you’ve hired the right people and that employees who waste time will always be outed by employees who are doing the right thing."

Whatever you do, just don't take away the flexibility your team needs to do their jobs well.

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August 18, 2008

How Supreme Court Rulings Affect Your Small Business

If watching Law and Order is as close as you get to caring about our country's legal system, you might want to think again. Some 40 percent of the Supreme Court's cases affect business owners. So how did entrepreneurs fare this session? Elizabeth Milito, senior executive counsel for the NFIB Small Business Legal Center, breaks it down for MSNBC readers in this article.

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August 15, 2008

Small Businesses Booming in Iraq

Think it's tough running a small business in a bad economy? Imagine how much harder it would be with deadly street violence going on right outside your door. For the past few years, that has been the reality for small-business owners in Iraq. In 2006 and 2007, many Iraqi businesses closed during fierce fighting between the Sunnis and Shi'ites. But now times are a-changing. Improved security has encouraged some small business owners to reopen their businesses—even though they still must deal with obstacles such as street sewage, vandalism and lack of electricity. Check out this Voice of America article to read more of the inspirational story.

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August 13, 2008

Calling all small businesses that stand out from the competition

If your small business excels at standing out among competitors, then smSmallBiz wants to hear from you. And if they agree that you stand out, they'll feature your story on their Web site.

Looking for ways to stand out among competitors? Browse these smSmallBiz profiles of small business owners who have already submitted their ideas. Also, check out the current issue of MyBusiness magazine: The Essential Guide to Preserving Your Originality is full of ideas that can help you stand out in a sea of competitors. Learn the basics on non-disclosure agreements and non-compete clauses, and find out how to prevent competitors from stealing your star employees.

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August 12, 2008

Dressing for Success

The old saying, "you are what you wear" is a cliche for a reason. While most people (including myself) like to think the way they dress doesn't directly reflect what kind of person they are, a recent Wall Street Journal article begs to differ. The article argues that a small business owner's fashion choice sends a message to employees, whether they like it or not.

Do you wear a dark suit and tie every day? Your employees might think you're inflexible and old-fashioned. Do you come to the office looking disheveled? Employees could have a hard time taking you seriously. The perfect outfit? A clean style that includes well-tailored shirts and blazers, and a nice pair of jeans.

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August 11, 2008

Small Business Owners Go Back to School to Grow Their Businesses

Kids aren't the only ones headed back to school this fall. Small business owners are learning valuable lessons themselves by enrolling in classes at local universities and community colleges according to this Reuters article. You don't have to give up a semester's worth of time to learn something new for your business. Many classes cost as little as $25 and last only a few hours.

Dave Horsley was confident that he would be successful at his business, Horsley Hot Rods in Boise, Idaho, when he opened it in 2007. But he quickly realized how little he knew about marketing. After a four-hour class, "Six Steps to Massive Growth in Your Business" at nearby Boise State University, Horsley is ready to conquer even more.

To find classes near you, contact your local Small Business Development Center, the Small Business Administration or SCORE (counselors to America's small business).

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August 07, 2008

Creative Ways to Reward Client Loyalty

In this tough economy, good is not enough. You have to be great. And that especially applies to customer service. Looking for a way to impress your tried-and-true clients and thank them for their loyalty? Find some out-of-the-box suggestions to help you show your gratitude in this Entrepreneur article on U.S. News & World Report's Web site. Tips range from sending your best clients on an all-expense paid getaway to planning an interactive local excursion for them.

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August 06, 2008

A Little More Prep Work Makes Meetings More Productive

Who loves meetings that last about 45 minutes longer than they should? I know I don't. As a worker bee, it's one of my biggest pet peeves, yet when it's my turn to run a meeting, I do no better of a job at staying on task. It's like when you're dieting and you go to the restaurant determined to order something healthy and somehow "onion rings" come out of your mouth as you're placing your order. You know better, but it's so hard to do better.

This New York Times article offers tips from various sources on how to make meetings more productive (and shorter) and less of a source of anguish. My favorite tip:

"Ask yourself, 'Why are you holding this meeting? Does the need for the meeting justify the investment of time and money?' Too often, meetings happen because they are the ‘weekly staff meeting’ or the ‘monthly sales review’ and ‘we always have them’ even when there is nothing significant to discuss.”

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August 05, 2008

Retooling Your Business in the Face of Disaster

With hurricane season upon us, thousands of small business owners are being reminded of the importance of implementing a disaster plan for their enterprise--especially those recently hit by Category 1 Hurricane Dolly in southeastern Texas. Whether your business is threatened by hurricanes, tornadoes, wildfires or another disaster, taking precautions against unforseen tragedies now could save your business in the future.

But sometimes, even having a disaster preparedness plan in place isn't enough to keep your original business plan intact. For example, after Hurricane Katrina devastated New Orleans in 2005, Peter Menge and Aaron Wilson, owners of cooking school and catering business The Savvy Gourmet, had to rethink their business. Instead of opening the school, Menge and Wilson responded to the need for restaurants in New Orleans and put their dreams of teaching on hold. Check out this article to learn more about how they saved their business by starting a new one.

For more about enduring disasters of all kinds, read this "Crisis Averted" article from the June/July issue of MyBusiness.

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August 04, 2008

3 Ways to Keep Your Computer Running Faster

If your business doesn't have an in-house IT department, chances are you are responsible for everyday maintenance yourself. If you notice your computer is sluggish and slower than normal, MarketWatch offers three easy tips for keeping your computer in good working condition.

Looking for more tips on technology? Check out the cover story of the current issue of MyBusiness where our editors talk to small business owners who are embracing social networking, using mobile technology and running paperless offices.

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July 31, 2008

Georgia Company Makes Unique Use of Company Downtime

When SuperGroup Creative Omnimedia, a Web site design firm, was first founded, employees didn't always have enough work to keep them busy, according to this article in the Wall Street Journal. But instead of sending employees home—or to the unemployment line—owner Chris Wallace and the company's co-founders decided to tell staff they could work on personal projects.

Whatever they wanted.

On the clock.

And instead of finding his employees passed out on couches or vegging out to Judge Judy, Wallace discovered that employees were using their spare time to pursue creative interests—interests that would come in handy later when the company was pitching ideas to potential clients. According to the WSJ, Wallace recalls "meetings with potential clients where 40 percent of the work he showed them was done by employees in their downtime."

Granted, this lax approach won't work for every company. But if you've got a talented group of self-starters with some time on their hands, it could be a useful motivation technique. For more ideas on employee motivation, visit NFIB.com's Tools and Tips section.

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July 30, 2008

Small Business is the Nation's Job Creation Engine -- But You Knew That

Around here, we remind people all the time that "Small Business is the nation's job-creation engine." Today, there's a great example of what we mean. According to a study released today by the payroll management firm, ADP, the private sector added a net 9,000 jobs in July.

While that growth in job surprised most experts, one thing didn't surprise us: Where all those net new jobs are coming from. Here's the key quote from the report:

"Growth was also helped by 50,000 jobs added by small businesses. By contrast, large businesses shed 32,000 positions."

Does this surprise you? Not if you run a small business.

July 29, 2008

Small Business Owners Are not Indicating a Credit Crunch, Despite New York Times Trend Story

Like you, I don't like to read news articles that clearly display the reporter did not let something as inconvenient as facts get in the way of their trend story. For example, yesterday The New York Times ran a trend story with the alarming headline, "Worried Banks Sharply Reduce Business Loans." Wow, that's a scary headline. I know it scared me. As editor of MyBusiness magazine, I was scared that we'd totally missed a major story--banks are sharply reducing business loans and we missed it? But wait, I reassured myself, we have access to continuous research from NFIB measuring small business owners' experiences in trying to access capital and our latest numbers show that, while owners are clearly not optimistic about the economy, they are not yet indicating the credit crunch being reported in The Times.

Here's a sampling of The New York Times' lede:

"Banks struggling to recover from multibillion-dollar losses on real estate are curtailing loans to American businesses, depriving even healthy companies of money for expansion and hiring....The scarcity of credit has intensified the strains on the economy by withholding capital from many companies, just as joblessness grows and consumers pull back from spending in the face of high gas prices, plummeting home values and mounting debt."

The story focuses on an anecdote involving Wachovia Bank turning down a business loan for the purchase of a robot--implying that a rigid business loan market was the cause and that this is part of a greater trend. I was about to start tracking down why the research we track was so out-of-sync with the Times story, when I read this nugget in the story:

"Still, Wachovia’s commercial and industrial loans grew by 13 percent in June compared with the prior year..."

In other words, The New York Times article contains facts that clearly refute the story's headline and lede--but they didn't let that get in the way of a good trend story.

For the record, small business owners are not very optimistic these days, but access to capital is not yet showing up as a major concern in the longest-running continuous survey of small business owner optimism, NFIB's Small Business Economic Trends survey. The current monthly survey reveals the following:

"The net percent of owners reporting loans harder to get in recent months fell one point to a net 7 percent (8 percent said "harder," 1 percent said "easier"). The average reading since September's surprise Fed rate hike is 7 percent. Only 2 percent of the owners cited the cost and availability of credit as their No. 1 business problem (down 1 point), far from the record 37 percent reached in 1982. Thirty-five percent reported all their borrowing needs met (up one point) compared to 5 percent who reported problems obtaining desired financing (down two points), a three-point improvement in the net percent reporting all needs met. The remainder did not want to borrow.

So, to sum things up, The New York Times today reported that "worried banks are sharply reducing business loans," while the most current survey of small business owners reports that, compared to previous recessionary times, concern about access to capital is actually falling. Of course, this could change next month--and it likely will, if people start believing what they read in headlines of The Times.

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July 28, 2008

6 Ways to Trim Payroll Without Cutting Jobs

Almost half of small business owners polled in a recent survey said they plan to lay off workers, stop raises or offer days off instead of wage increases as a result of the slowing economy, according to this Wall Street Journal article.

But while trimming payroll might seem like the easiest move when times are tough, the article suggests business owners might want to think twice before handing out pink slips. Employees are valuable, especially skilled ones you've trained.

I liked the ideas such as switching up duties (why can't an account supervisor also help empty trash cans?), asking for volunteers who might want an extended amount of unpaid leave for the promise of their job back in a few months, or cutting your work week from five days to four.

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July 25, 2008

Starting Up in a Slow Economy

An economic slowdown is no excuse for putting business plans on hold, according to day's Tools and Tips article on NFIB.com. Just think: If you're scared to launch a new startup, so is everyone else--and taking the chance when others aren't willing to could give you a corner on the market. Here are a few advantages of starting a business when the economy is slow:

  • Less Competition. If things are slow in the business sector, your new enterprise is more likely to catch buyers' attention.
  • Slowdown coincides with development phase. Since the economy is slow, you'll have some time to work out the kinks in your new business. By the time things speed up, your business will be a well-oiled machine.
  • Better deals for businesses. Other businesses will be offering deals on the supplies you need to launch your startup.

Check out the article for more information on launching a successful startup now.

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