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If you’re familiar with Bitcoin’s revolutionary cryptocurrency then you’ve already been introduced to an innovative technology known as “blockchain”. A blockchain is a transparent digitized public ledger – in essence, an unhackable record of transactions — maintained by the blockchain’s users, hosted on each user’s computer. A truly transparent system, everyone involved has access to every blockchain transaction in real time. As a small business owner the value of secure…  Read more

Stale inventory is a costly nuisance for any business owner. Ideally the rule of thumb is to sell the goods taking up space on your sale floor within 90 days; after the three month mark stale inventory becomes dead inventory. Products are much harder to move and nearly impossible to get top dollar for. Fortunately there are a number of ways to recoup at least part of your investment on…  Read more

Like other time saving apps, tools designed to automate your booking calendar are a huge boon to busy small business owners. Put an end to time-wasting telephone tag and those endless back and forth emails with any of these 4 popular scheduling apps. Calendly Calendly is a popular app for consultants, coaches, solopreneurs, freelancers and other professionals who regularly book client meetings. With a clean intuitive interface, invitees can choose…  Read more

The key performance indicators (KPIs) for one company will invariably be different from the KPIs of another firm.  What both hypothetical companies share however, is the challenge of selecting which KPIs are best suited for measuring the goals and progress of their particular business model. Indeed, entrepreneurs have a vast array of reports and data sets from which to choose and select from, but that data needs to target those…  Read more

There are all kinds of groups dedicated to networking. Some are highly structured with performance requirements, exclusive membership, and the payment of dues. Others are free form, come as you please and no charge. Not every group is right for every kind of business. You will find that some groups may simply not have connections in the market you are seeking to attract. You will find some groups have rules…  Read more

Every business can benefit from dedicated financial management expertise, but very few small businesses have the means to hire someone full time—particularly in the lean early years. Unfortunately, it’s those first few years when a company is just starting up that establishing good habits with managing financial resources is so important, and, over time can even make or break a business. Hiring a virtual CFO is an affordable option for…  Read more

Quick and efficient payment options benefit both small business owners and their customers. Consumers are used to flexibility – cash, check or charge? – when buying from large retailers. If you’re a cash-or-check only operation, consider how many sales you may be losing – and how your business would grow if your customers could pay with debit or credit cards. If one of your goals is to start selling online,…  Read more

From Mac computers to make-up, here are six examples of super-strong brands that cornered their markets using different marketing strategies. If you look at their histories and analyze the pivotal moments, you’ll find parallels and pick up tips on how your company can follow in their footsteps and stand on the shoulders of giants. Apple’s call to arms Anyone who remembers Apple’s computers from the 1980s knows its brand loyalty…  Read more

One of the most important decisions you’ll ever make in business is your choice of business name. A good name can create the perception of integrity, professionalism, or value-for-money. It could be your business’s biggest asset. A poorly chosen name can discourage potential customers by making your business appear farcical, or even offensive. What’s in a name If you haven’t thought of any names yet or the names you’ve come…  Read more

“Competitive advantage” may not be the first words that come to mind when you think about employees requesting parental leave. For young professionals, however, the option to enjoy time with their new additions can be a very attractive perk – more attractive than health insurance, pensions, and the retirement packages large companies can offer. If attracting top talent and nurturing employee loyalty are important to you, read on. This article…  Read more

The worst thing about a rude message is the author presuming you’ll respond to a complaint or request when his communication lacks any hint of civility. When confronted with an obvious violation of good manners, you can easily delete the email without upsetting anyone who is aware of politeness standards. You can also punt the request to a co-worker, but that would make you the bad guy. It’s best to…  Read more

For small businesses, nothing reduces credibility faster than careless typos and sloppy spelling. The trouble is, business owners are often so busy they neglect to notice the errors that can creep into their work, in spite of the latest word processing spelling and grammar tools. Taking the time to carefully edit your newsletters, reports, emails, blog posts and marketing collateral – following these simple tips – will make all the…  Read more

Every businessperson knows that not all customers are created equal. Some customers are loyal, while others will stray if they’re offered a slightly lower price elsewhere. Some clients are demanding, while others only call when they wish to place an order. Every business must deal with a variety of customers. But there are certain types of customers who do more harm than good to your business – they drain your…  Read more

The recent statistics on employee theft is shocking. According to one US source, 75% of employees admit to having stolen at least once from their employer—and employee theft costs a company on average 7% of their annual revenues each year. As a business owner you may not be aware of the many ways employees can steal from you. Some common methods include: redirecting company checks to personal accounts and altering…  Read more

Many small business owners think they’re saving money by handling their financials themselves. While it’s a real asset to learn bookkeeping basics, cash flow management and your tax obligations, hiring an accountant to oversee your finances has many benefits. Leaving your books to a pro will free up time so you can focus on serving your clients and implementing plans for growth. Here are a few ways an accounting professional…  Read more

If you think accounting software is just for tracking expenses and generating financial reports, you’re losing out on an opportunity to improve your bottom line. By taking advantage of insights provided by your software solution, you’ll benefit from a more informed approach to marketing and customer service – and by making the most of all the ways your software can improve productivity you can take meaningful action to increase profits.…  Read more

Many small business people wonder whether it’s better for them to buy or lease capital equipment for their businesses. Your options regarding leasing or buying depend upon the nature of your particular business, but there are nevertheless a few guidelines you can follow to help you decide what you should do. If you have the money available, and the item is really necessary to your business, then it will usually…  Read more

What do Warren Buffet, Bill Gates, Mark Cuban, and Arianna Huffington have in common? All of these smart, savvy, successful business leaders share a passion for self-improvement through reading. If you want to improve your skills as a business owner, why not spend a bit of time each day reading books that guide you to greater success? This reading list of 4 inspiring business books will help you get started:…  Read more

Most small business people would agree that their Profit and Loss account (now more correctly called a Statement of Financial Performance) is among the easier – if not the easiest – financial document to understand. It’s typically presented in two parts. The top half of the statement reveals the various sources of income the business has received for the period covered, such as a quarter, half year or full financial…  Read more

Freelancers in all industries deal with the same problems due to the nature of their work.  Typically, freelancers are solo work-from-home contractors that manage every aspect of their business.  If you’re thinking of dropping your career as an employee to begin freelancing, consider the following obstacles you will need to navigate.  Unfortunately, problems beget more problems, and a shaky foundation quickly leads to a crumbly business, and many regrets about…  Read more