Great Ideas for your Small Business: Ask for a Deposit For many entrepreneurs, making a sale is easy. The tough part is getting paid. But without steady cash flow, even the strongest business will starve. In 2000, small businesses buffeted by the recession began asking customers for deposits before they started the work or filled … Read more
Great Ideas for your Small Business: Expand Your Vendor Network Is your business overly dependent upon one or two suppliers for the things you need on a regular basis? What would happen if your primary supplier called today and said he or she unexpectedly ran out of the materials you need? What would your employees … Read more
Great Ideas for your Small Business: Create an Employee Stock-Ownership Plan When a small business owner wants to cash out or pull some equity out of his or her business, there are several options. One of the best options for both employers and employees is an employee stock- ownership plan, or ESOP. ESOPs allow business … Read more
Great Ideas for your Small Business: Set Up a SIMPLE Retirement Plan Until recently, a business as small as Grassland Media in Madison, Wisconsin, had few pension plan options for its owners and three employees. The nearly twenty-year-old company, founded by Stu Stroup, makes industrial videos for a variety of clients. “We had been interested … Read more
Great Ideas for your Small Business: Sell Stock in Yourself Do your customers love your products? Then maybe they love your company enough to invest in it. Small companies with loyal customers and growing potential are likely candidates for an alternative form of financing called the direct public offering, or DPO. “Ninety-five percent of the … Read more
Great Ideas for your Small Business: Find a Strategic Partner Finding the right strategic partner is a critical key to success for many small companies. Teaming up with a bigger, financially stronger partner can provide a source of cash for growth and expansion. Joining forces with a more creative, nimble, or well-connected partner can open … Read more
Great Ideas for your Small Business: Learn from David Bowie David bowie may not at first be your idea of a savvy businessman, but in 1997 he did a bond deal that pulled in $55 million—and attracted a lot of attention. Instead of waiting for future royalties, Bowie went to Prudential Insurance Company and offered … Read more
Great Ideas for your Small Business: Become a Profit Enhancement Officer We’re all familiar with ceos, but ever hear of a “PEO”? A PEO is a “profit enhancement officer,” and that’s what every business owner should be, according to Barry Schimel, a Maryland CPA who quit doing tax returns to devote his life to boosting … Read more
Great Ideas for your Small Business: Understand What Success Means to You When asked for three words that define success, entrepreneurs offer a variety of terms: “Independence, control, security.” “Happiness, financial reward, recognition.” “Pride, acclaim, money.” “Friendship, practice, failure.” Success is tough to define, yet most entrepreneurs are obsessed by it. How do you define … Read more
Great Ideas for your Small Business: Know When to Reach Out for Help Every business hits a rocky patch once in a while; it’s nothing to be ashamed of. You have to reach out for help and work with whomever you can to solve your problems. If you don’t, you are jeopardizing your business, your … Read more
