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Darrell's Small Business Info Blog

By Darrell Zahorsky, About.com Guide to Small Business Info since 2002

A Lesson in Business Ethics

Sunday July 12, 2009
I spent this weekend at a rodeo watching a friend and a world champion compete in barrel racing. The day before the event her winning horse was stolen and her back up was an inexperienced horse who has never been in the competitive circuit. Needless to say she didn't win but her horse gained the experience he needed.

What struck me about the terrible incident was the fact that bad ethics and seedy behavior occurs in the horse business as much as the business world. Business ethics has become a hot topic given the large scale fraud with the financial meltdown. The New York Times recently report of almost 20 percent of the Harvard Business School’s graduating class have signed “The M.B.A. Oath" to serve the greater good.

Good business ethics starts with practicing it at all levels especially the top of an organization. For small business, this means you set the tone for good ethics in your business from how you handle deals to hiring the right people. Poor business ethics can impact even the smallest of businesses.

America's Original Entrepreneur

Saturday July 4, 2009
 VisionsofAmerica/Joe Sohm /Getty ImagesOn July 4th, 1776, Benjamin Franklin was one of the group of politicians and business men who signed the Declaration of Independence. Franklin is America's original entrepreneur and inventor. He created many worthwhile products, including: bifocals, an odometer, the lightning rod, and the wood stove.

Beneath Franklin's successes lies the principle of peer advisory groups. Franklin understood the power of a small group of people dedicated to providing each other support and ideas for advancement. His regular meetings with a group of 12 members played a role in his great achievements.

Today, groups of small business owners from diverse industries meet monthly to solve problems, share best practices and offer each other peer support. Centuries later, the success principles of America's first entrepreneur still stands ever present.

Secrets of Branding Success: D’Oh! Yourself

Sunday June 28, 2009
Homer Simpsons/FOX Broadcasting

A catchy slogan or tagline can help a business create instant brand recognition. One of the most unforgettable catchphrases is none other than "d'oh". The Homer Simpson phrase was voted as a T.V. all-time favorite by a recent poll from thebabywebsite.com.

More than a simple form of entertainment, The Simpsons offers us valuable business lessons including D’Oh! Yourself. Who can forget the funny, catch-phrase of Homer when things go wrong? So powerful is the expression that 20th Century Fox applied for trademark protection.

Every small business vying for attention in today’s information glut society can use a memorable phrase to stand out. Jim Cramer of CNBC’s Mad Money uses the term, “Boo-Yah” referring to “are you ready to make some money?” Taco Bell’s “Think Outside the Bun” promotes Mexican Food. A good catch-phrase can make you unforgettable. - from Woo-Hoo! 5 Business Lessons from The Simpsons

The Pet Business Growing Despite Slow Down

Sunday June 21, 2009
Pet Business

Pets are big business in America. A pet is family to the average pet owner which means this is one of the last expenses to cut in a slow down. According to The American Pet Products Manufacturers Association (APPMA), annual industry expenditures continue to grow and last year were over $43.2 billion and estimated to be $45.4 billion in 2009. Expenditures break out as follows:

  • Food - $16.8 billion
  • Supplies/OTC Medicine - $10.0 billion
  • Vet Care - $11.1 billion
  • Live animal purchases - $2.1 billion
  • Pet Services: grooming & boarding - $3.2 billion

This growing market offers plenty of business opportunities including pet insurance, pet sitting and gourmet pet foods.

Micro Lending the Kiva Way

Sunday June 14, 2009
microlending

Access to capital and small business loans are out of reach for many businesses who represent greater risk to bankers and angel investors. Often the amount of a loan needed is too small for any leading organization. Where can a business or start up go with small lending needs?

Enter the micro lender. This form of peer lending provides small amounts of capital to businesses in developing countries. This format of lending is now available by Kiva in the U.S. A range of businesses from catering, construction to auto repair have received funding up to $10,000 by micro loans of $25 or more.

Kiva's Microlending Highlights include:

  • Total value of all loans made through Kiva: $76,543,335
  • Number of Kiva Lenders: 510,043
  • Number of countries represented by Kiva Lenders: 185
  • Number of entrepreneurs that have received a loan through Kiva: 186,154
  • Number of micro loans that have been funded: 109,934
  • Current repayment rate: 98.35%

It's Not Google or Bing, It's You

Sunday June 7, 2009
This week Microsoft unveiled their rival search engine Bing, to challenge Google's market dominance. The company is attempting to position itself as a "decision engine" and is throwing its marketing muscle behind the launch with a $100 million media spend. The television commercials play to a searchers frustration in finding relevant results with an emphasis on search overload.

The problem in finding what you need in a search isn't Google's problem or even a viable fix with Bing. No, the problem is the searcher. As previously working with Google Answers and currently a search engine optimization provider, I find that we as a society lack the search skills necessary in today's Internet age.

As I discussed in Make Your Business Search Smart:

The fast-growing skill of the business professional is and will continue to be the use of knowledge. This translates into the ability to find and use critical information to make the best business decisions. If you or someone on your staff is not savvy enough to search for business information and put it to use than your business will be out maneuvered and out of business.

Forgoing a Vacation May Be a Bad Idea

Monday June 1, 2009
It's sad to see that many small business owners are forgoing any vacation time this summer. According to a survey by Rasmussen Reports for Discover Business Card, over 56 percent of business owners have cut back or canceled summer vacations. The research also shows many are working more days and longer hours this year. The typical mindset is times are tough and who can afford to take time away from their business. Yet, this assumption is far from the truth.

Time away from your business can help recharge your business and spark innovation. A change in physical surroundings and your conscious mind at rest will help your subconscious ferret out some solid solutions to the mounting problems encountered in your business. Any potential loss in business during vacation time can be offset with renewed productivity and an increase in money-making ideas.

What are your vacation plans this summer?

Classified Advertising: The New Old Fashion Marketing

Sunday May 24, 2009
Criagslist/Justin Sullivan-Getty Images It's 2009 and do you know where your customers are?

More than likely they are on the ever growing popular online classified ad space. Current research from Pew Research Center’s Internet & American Life Project reveals

"the number of online adults who have used online classified ads has more than doubled in the past four years. Almost half (49%) of Internet users say they have ever used online classified sites, compared with 22% of online adults who had done so in 2005."

Small business is local business. Newspaper classified ads and display ads have been an inexpensive way for small business, freelancers and home business to reach consumers. With the advent of the Internet, the online classified ad market has blossomed since the creation of Craigslist which was started as a hobby by Craig Newmark in early 1995.

Today Craigslist spans 570 cities in 50 countries covering jobs, personals and a wide range of services including beauty, travel, creative and small business ads. Other classified ad sites Kijiji and Oodle are gaining in popularity as well. Classified ads can help the smallest of small ad budgets reach consumers in the current market.

National Employee Health and Fitness Day

Monday May 18, 2009

This Wednesday is National Employee Health and Fitness Day. Small business employers need to look at the long-term view of health care costs and the impact of health on the job. Cost cutting in the past year has seen a decline in workplace programs such as fitness club memberships. Although your business may lack the funds for a full scale employee wellness program, there are many low cost alternatives like a lunch-and-learn for wellness or a noon hour walking club.

Taking interest in your employee's health just makes good sense. The National Association for Health and Fitness highlights the following benefits for companies who offer workplace health programs:

  • Enhanced employee productivity
  • Improved health care costs management
  • Decreased rates of illness and injuries
  • Reduced employee absenteeism
  • Develops employee leadership skills

Inc 500|5000

Monday May 11, 2009
Logo photo courtesy of Inc.com The clock is ticking as the deadline looms for the 2009 Inc. 500|5000. The Inc. Magazine list represents the fastest growing small companies in America. May 15, 2009 is the last day to submit an application.

Why Apply? According to Inc., you can earn a powerful endorsement, boost employee morale and network with the best. Business awards are often an overlooked tool in the marketing toolbox. Take your small business to new levels by entering corporate awards.

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