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Business Tip of the Month

Monthly Business Tips

2007 Business Tips Archive

December 2007 - Should you choose a friend to be your business partner?
Planning to start a business partnership with a friend? Prudence demands looking at the pitfalls — as well as the potential strengths — of such relationships. Here are a few questions to consider.

November 2007 - How to compete against a larger rival
When Starbucks or Wal-Mart or Home Depot comes to town, how can a small business successfully compete? That's a tough question, one that's been the subject of numerous magazine articles, Internet blogs, and doctoral theses. One strategy that doesn't work is doing nothing  sitting back to watch what happens. By the time your rival's doors open, it may be too late to prevent your profit margins and market share from disappearing.

October 2007 - How to control costs in your small business
For a small business, cost control is not a luxury. Expenses can spiral out of hand quickly, and many a vibrant company finds itself on the slippery slope to bankruptcy because it didn’t attend to routine costs.

September 2007 - How to determine the fair market value of your business
If you're thinking about selling your company, you'll want a good estimate of your firm's fair market value. In general terms, the fair market value is the price that a reasonably informed buyer and seller would agree to if neither were under any kind of compulsion. Of course, the actual selling price will likely differ from such a theoretically derived value. But a careful business valuation can provide a realistic estimate of your firm's worth.

August 2007 - How to create a professional image for your business
Often the most important difference between a growing vibrant business and a company that struggles year after year is image. Customers can perceive your company as a stable professional organization or a slipshod company that recently emerged from somebodys garage. Your goal, as a small business owner, is to ensure that youre building trust and, therefore, repeat business with your customers. Here are three simple ways to highlight your firms professionalism.

July 2007 - Small businesses need an exit strategy
Many business owners spend years getting their firm off the ground, developing their customer base, and striving to increase the firm’s value in the marketplace. Ironically, these same owners often don’t develop a plan for getting their investment out of the business. No matter how great your entrepreneurial and management abilities, the day will come when you want to sell the business, turn it over to someone else, or simply shut it down. It makes sense to plan for that day.

June 2007 - Tips for finding the best employees
Turnover — an often overlooked cost of doing business — can sometimes run as high as 25% of salary and benefits. One way to reduce this cost is to hire wisely. It’s an oft-quoted cliché that employees are a company’s most valuable asset. Try generating revenue with unmotivated or unskilled employees, and you’ll soon discover that the cliché rings true.

May 2007 - Tips to prevent embezzlement
Employee embezzlement and other forms of theft often follow a predictable pattern. First, the employee is faced with significant external pressures such as high gambling debts, mounting medical bills, or substance abuse problems. To relieve this pressure, he or she finds an opportunity to steal from the company, especially if the firm’s internal controls are perceived to be weak. From there, it’s easy to rationalize fraudulent behavior — “I’ll just take some money now, and pay it back later” or “I deserve a raise, but management’s stingy, so I’ll provide it myself” or “They’ve got plenty. They’ll never miss it.”

April 2007 - Tips for retaining your best employees
Losing a key employee can damage your bottom line, sometimes for years. Say, for example, your company lands a great new construction project but your top engineer bolts to a competitor. Possible direct and indirect costs to your company could include hours of recruiting and interview time, loss of productivity while training a replacement, increased stress on other employees, greater probability of errors, diminished customer satisfaction, potential loss of new clients — the list goes on.

March 2007 - Avoid three mistakes if you're starting a business
According to the Small Business Administration, a third of small businesses fail within the first two years. Over half fail in the first five years. So if you’re thinking about starting a small business, it pays to take an honest look at yourself, your business idea, and the marketplace. You can increase the odds that your business will survive by avoiding three very common mistakes.

February 2007 - Do you have misconceptions about business Web sites?
These days having a business Web site is as important as passing out business cards. Unfortunately business owners often harbor false notions, including the following, about Web sites:

January 2007 - How to claim an extra tax refund
Did you know that most businesses will qualify for an extra tax refund this year? The IRS recently issued new rules to make it easier for businesses to calculate and claim their refund.
"Business Tips" are published monthly to provide useful business information. Return to this site every month for helpful suggestions on how to make your business more profitable.

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