Great Ideas for your Small Business: Fight Unnecessary Chargebacks Every year, hundreds of small apparel manufacturers are charged millions of dollars for failing to ship clothing to stores in “floor ready” condition. Retailers, contending that without specifications there would be chaos in their stores, deduct funds for items that are not packed in the right … Read more
Great Ideas for your Small Business: Hire a Debt Arbitrator At ten, robert “bobby” blumenfeld was already working the sales floor of his parents’ retail stores in the Catskill Mountains. At twelve, he was selling men’s suits. So Blumenfeld isn’t bragging when he says he knows every aspect of the retail business. He’s worked both … Read more
Great Ideas for your Small Business: Collect the Money People Owe You When people owe you money, it hurts you and your business. No matter how careful your credit-granting policy may be, someday, sometime, some people will fall behind on their bills and owe you money. The key to collecting money from customers is to … Read more
Great Ideas for your Small Business: Be Prepared to Accept Credit Cards Many big and small clients prefer to pay their bills with credit cards. If you run a retail business, restaurant, or offer professional services, such as consulting, production, or design, you will need to enable your business to accept credit cards. A plus … Read more
Great Ideas for your Small Business: Join a Captive Insurance Company to Cut Costs Sign maintenance workers perched in “cherry-pickers” three hundred feet above Times Square would make most insurance brokers sweat. But not Richard Butwin, who has been the Artkraft Strauss Sign Co.’s broker for the past seven years. Six years ago, Butwin, a … 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: Lock Your Supply Cabinet Profit-meister barry schimel shared this idea. If your office supply bill is skyrocketing, and the supply closet shelves are always empty, try locking the closet. Hand the key to one responsible person, the office manager, or if that’s not feasible, to a couple of managers … Read more
Great Ideas for your Small Business: Shop Carefully for Long-Distance Service Every day, entrepreneurs are bombarded with offers by long-distance companies. Deregulation has created absolute chaos and confusion in the marketplace. But you can sort it out if you know the right questions to ask. Gerald Dunne Jr., former chief executive officer of Group Long … Read more
Great Ideas for your Small Business: Use a Savvy Real Estate Broker If it’s time to move out of the back bedroom or garage, it means your business is doing well enough to pay rent. But moving into commercial space is a serious financial commitment. In many cases, rent is the second-highest expense after payroll. … Read more
Great Ideas for your Small Business: Be Prepared for the Sale Thousands of small businesses change hands every year, but often not enough money is left in the hands of the seller. I asked David Troob, former chair of the Geneva Companies, an Irvine, California–based mergers and acquisitions firm, to share some advice about preparing … Read more
