13 Mistakes That Can Jinx Your Business

13 small business mistakesDespite a modest-to-invisible economic rebound in the U.S., conditions remain precarious for millions of small business owners in all areas and industries. With economic headlines shouting one big problem after another, we’re conditioned to think about economic dangers in grandiose terms – the calamity that cripples and possibly sinks a business, whether it’s a giant oil company, or a local restaurant.

But the path to ruin is more often paved with small missteps, rather than a single cataclysmic event. Here are 13 mistakes that individually might not be life threatening to your business, but together can be terminal:

1. Hoarding Information.

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Cost Cutting Your Business Expenses

business cost cutting expensesExpenses can be a burden for any particular company. This is something that a business owner cannot avoid. Of course, the prerequisite for a business to operate is start up capital. You can’t manage and operate a business from an empty pocket. You need to shell out money in order to start your business operation.

Since expenses cannot be eliminated, entrepreneurs must find a way to at least lessen the cost required for business operation. A successful business knows how to control the costs. Manage your business in such a way that every small detail of your expenses will be recorded and you’re spending at the smallest possible cost.…

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Managing Business In A Creative Way

creative thinking for businessManaging a business can be difficult, heavy and stressful. But, it should not be boring. It is important that you are enjoying what you are doing in business, and that should include the managerial tasks. You should always come up with a business operation and management plan which can be carried out effectively and in the most creative way possible.

Strategies must be implemented to enhance the creativity of managing a business. Creativity is the key to breaking the chain of boredom and unproductive business management. This is even agreed upon by 1,500 chief executives according to the survey conducted by IBM’s Institute for Business Value.…

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3 Success Strategies for Small Businesses

success strategiesWith the recent financial crisis showing signs of clearing up, many small businesses are now looking to fortify their fortunes and make up for the losses they suffered over the past two years. While some find success an uphill climb, others seem to be able to breeze through the process simply because they know what makes the difference and what counts at the end of the day.

So if you’re a small business, here’s what you need to do to chalk out your strategy for long-term success:

“¢ Make customer service your USP: You may be on the same playing field as the big boys in the business and the rules of the game may remain the same.…

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Running a Global Business on a Shoestring

operating a global business on a budgetBusinesses today need to look beyond geographical borders in order to expand. There is a whole world of consumers, customers and clients out there waiting to buy your service or product. Opportunities aplenty await the astute businessman willing to take the risk and go global.

Going Global“ does not need to be expensive.   It’s relatively straightforward and cost-effective to target foreign markets if you are astute enough and cost conscious enough. Neil Payne set up his business on a laptop in a studio flat in 2004. He now oversees a company with offices in the UK, USA, Argentina, South Africa, Germany and the UAE.…

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Guarding Your Balance Sheet – Tips for Survival in Today’s Volatile Market

saving money in a down economyAs the recession continues to extend into 2010, we continue to be inundated by news about the challenges that face the small business community.

While we are not completely out of the woods in terms of the economy, there are several things that small business owners can do to protect their businesses during these challenging times:

Manage Collections: Outstanding invoices should be aggressively followed up on round-the-clock. Having unpaid invoices will create instability. Be aggressive and assume the worst.

Collect Upfront: Make sure that all of your contracts stipulate payment upfront. Net 30 can stretch into Net 60, then you are stuck doing work for 2-3 months without being paid.…

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Searching For A New Bank To Suit Your Business Needs

searching for a new bankThere aren’t many good news stories about banks these days so if you’re looking for a new bank you may be facing the quagmire of what to look for and who to turn to when searching for a new bank. The answer may rest upon what your personal and or business banking needs are.

For business owners, entrepreneurs and consumers seeking personal guidance, it is important to recognize that your relationship with your bank is extremely important.  This is one relationship that requires serious time and examination.

I believe the examination process is twofold. On one side of the equation you’ll want to look at the financial stability and business model of the bank to ensure it can provide the financial strength and safety needed to stay in business and serve your needs in a favorable manner to you.…

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Small Business Owners: Beware of Fraud

business fraudSmall business owners have a higher risk of identity fraud than other adults according to a recent study co-sponsored by ITAC, the Identity Theft Assistance Center, and The Financial Services Roundtable.

The Javelin Strategy & Research 2010 Identity Fraud Survey Report found that overall identity fraud grew by 14% in 2009 to 11.1 million adults, in part due to the economic downturn. Small business owners are one-and-a-half more times likely to be a victim than other adults

“The higher incidence of identity fraud among small business owners is probably due to the fact that they have more accounts and conduct more transactions,” said ITAC President Anne Wallace.…

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5 Tips to Work More Effectively From Home

tips for working from home successfullyThrough recent advances in technology, the number of individuals working from home offices has greatly increased in the past decade.   When individuals have taken the proper steps, home offices allow one to work from the comfort and convenience of home without sacrificing productivity.   There are a variety of reasons why individuals would choose to work from home.

Those who own and operate their own small business may choose to work from home because they do not have the necessary funds to afford a lease on a commercial property.   Many corporations now allow their employees to telecommute because it cuts down on expenses and the amount of office space needed.…

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How to Build Your Competitive Advantage By Seeing What Does NOT Change

building a competitive business advantage

Have the requirements for leadership changed?

Is it true that “The time of the great leaders like Churchill, JFK, FDR, and Golda Meir, is over because the world is too complex for one individual to know everything”?

Is it true that  “One of the things that people need to master now is… not only to be like Reagan and Martin Luther King who were great speakers, but also to be a great listener”?

In  a recent video my colleague, Thomas Zweifel, argues “yes” to all these questions.   I disagree.

The Dangerous Myth of the “New.”

“Man does not live by bread alone, but also by the catch word.”
–R.…

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