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Business Tip of the Month

Monthly Business Tips

2010 Business Tips Archive

July 2010 - How to work with vendors when cash is tight
For many small businesses, maintaining adequate cash flow can seem almost impossible. Customers are tightening their belts, lending institutions are rethinking their credit terms, and suppliers are struggling to maintain their own vendor relationships.

June 2010 - Two financing options for your business: equity and debt
Start-up businesses and long-established firms share common ground in at least one respect: the need for financing. Managers of fledgling companies often debate the best way to obtain funds for buying inventory, heavy equipment, and buildings for making widgets. In the break rooms and suites of Fortune 500 firms, executives also discuss the best ways to cover cash shortfalls and meet capital needs.

May 2010 - Basic financial statements provide important information for your business
Three basic financial statements — the balance sheet, income statement, and statement of cash flows — can provide a wealth of information to help business owners track the stuff they own, bills they owe, and ongoing cash flows. These financial statements also provide insight when business owners are weighing financing options, managing day-to-day payroll and inventory, and looking for motivation when the orders aren't flooding in.

April 2010 - Manage cash flow in your business
Ever wonder why small businesses fail so frequently? Interview any former business owner who's returned to a less-than-satisfying 8 to 5 job, and you'll likely learn that his or her business hit the rocks when it ran out of cash. Of course, many factors can contribute to business failure. But an owner's inability to manage cash effectively — whether from neglect, lack of skill, inability to restrain spending, or some other factor — is a sure harbinger of trouble.

March 2010 - Five customer service tips
Loyal customers are worth their weight in gold, and that's not just a cliché. Studies have shown that businesses often spend five to six times more to attract a new customer than to keep an existing one. Over the long term, those dollars add up. In fact, a company's skill at caring for its customers often determines its survivability in the marketplace. Make customers happy and they'll stick with you; disappoint them and they'll tell their friends.

Febraury 2010 - Generate new business with an effective trade show display
Showing off your stuff at a trade show can generate new business and help you reach customers that otherwise might pass you by. On the other hand, a hastily constructed and shoddily maintained display booth can drive potential customers away and may even damage your business reputation. 

January 2010 - Need financing for your small business? Look into an SBA loan
If you're a small business owner whose company needs an infusion of cash, the Small Business Administration (SBA) may be able to help. A federal agency charged with assisting small businesses, the SBA provides most of its assistance by loan guarantees to lenders. 
"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.

The information contained in this site is of a general nature and should not be acted upon in your specific situation without further details and/or professional assistance.

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