Michigan Business Review – MLive.com:

It’s always hunting season for the next great idea.

The Edsel and the smartphone have vastly opposite records of success, but they both came from the same source: an idea.

In their book “The Idea Hunter,” Andy Boynton and Bill Fischer observe that the key ingredient for discovering great ideas comes less from genius or off-the-charts creativity and more from persistent searching and observing what is happening around them.

Entrepreneurs and other leaders in Southwest Michigan are no strangers to the search for great ideas. Some of these ideas, such as the Kalamazoo Promise, have gained national prominence. Read more.

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Small Business:

1. Have a induction policy for welcoming and training new employees. Don’t just leave it to whoever is available. Human resources should cover the HR side of the induction with a trainer (if you have one) or a senior manager or supervisor covering the more hands on part of the job. Either way the following is a minimum of what is required.

2. Give your employee a warm welcome. Don’t just point them to the area they work and let them get on with it. Nothing makes a new employee feel comfortable more than a warm welcome.

3. Give them a brief description about your role as a supervisor. Knowing who’s in charge and what you expect from them will make them more comfortable with you as the boss.

4. Give your new employee a welcome tour of the whole department or, if the site isn’t too big, the whole site. Make sure they know how to get to the bathroom, emergency exits, cafeteria etc.

5. Give them a brief summary about the company, its history as well as its mission and objectives.

6. If possible demonstrate your company’s products and/or services, paying particular attention to the products relating to the area in which the employee will work. This will make them more secure and confident with the work that they are going to be doing.

7. Explain to your new employee how the company works particularly if the company has any unusual working practices or a different structure than the norm. Again, this will help familiarize them with the company. Continue reading.

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HispanicBusiness.com:

Falling consumer demand, tight credit, and problems with cash flow are forcing many small- and medium-sized businesses to operate proactively and tighten their belts. Firms are targeting labor costs and increasing employee productivity, but are layoffs the only answer? Certainly the loss of 524,000 jobs in December suggests many companies are saying “yes,” but according to management expert Jason Zickerman, layoffs come with a big price tag. Besides, there are alternatives.

Mr. Zickerman is president and CEO of The Alternative Board (TAB), which uses peer groups composed of CEOs and owners from participating firms to give management advice to leaders of small and medium-size businesses. The company boasts of 170 offices in locations across the country and the past participation of more than 9,000 business leaders.

Mr. Zickerman’s mantra is “Don’t go it alone.” Peer advisory groups, like those offered by TAB, allow executives to share what are the most strategic practices for addressing business challenges, especially in hard times.”

The discussions among its participating members have generated some solid suggestions for avoiding layoffs, Mr. Zickerman said.

Two Critical Points… continue reading.

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Search Engine Watch:

Designing a Web site can be a daunting task. Where do you start after your business plan is worked out and you’re secure in what you’re going to place on your Web site?

Whether you plan to hire a designer or figure it out for yourself, there are definitely some best practices you should follow. Use this list to get a good start on finding the best Web site platform and design elements for your businesses audience.

These are general best practices for creating a great site — from design and coding elements to arranging content and calls to action on your page. The goal is to have a site that will please your visitors and the search engines.

1. Install Analytics! Notice how I bolded that one? It’s so important it’s at the top of the list!

2. Create an eye-catching header/logo. This makes an impression on visitors, much like the façade, front door, or foyer of your store.

3. Ensure you have the right balance between text and graphics. Graphics-heavy Web sites with little (or no) text can make it hard for a search engines to determine the relevancy of your site to queries you should rank for. Images and graphics, on the other hand, help tell a story about your products and services.

4. Allow space for a minimum of 250 words of relevant text if possible.

5. Consider how easy the home page and interior pages will be to manage in the future. Can you easily add pages and redirect old pages to new ones?

Read more.

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ITWeb:

Once you have raised the necessary venture capital to launch your innovative new technological concept or service into the market, you’re set for success, right? Wrong! A study that has recently been concluded at a world-class university showed that start-up businesses with no venture capital had a 70% greater survival rate than the ones who kicked off with venture capital. This is just one of the astounding facts that came to light during the launch of Business Beat, which took place at The Innovation Hub on the 3 November 2008.

“Business Beat, a new Maxum initiative, will serve as a platform from which ICT entrepreneurs with viable innovative technology concepts or services will be successfully elevated into the market place,” explains Dr Jill Sawyers, Manager of Entrepreneurship at The Innovation Hub. “This will be done through matching these entrepreneurs with MBA Students as well as a consortium of knowledgeable and relevant institutions and entities that could aid them to shape their innovative ideas into solid, profitable businesses.”

Read more.

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OpenForum:

The smartest investment you’ll make in this economy is your investment in your employees. Companies that plan to survive, even thrive, in this economy should increase their investments in their employees. That’s right. Companies should invest more in their employees during this challenging economic period.

Forget those CDOs (collateralized debt obligations) or CDSs (collateralized debt swaps) and Wall Street banks hoping for a comeback or those secret Santa Claus-like portfolios of sub-prime home loans you’ve heard are all the rage. Forget about green energy technologies like wind or solar or geothermal. The smartest investment you’ll make in this or any economy is your
investments in your employees.

Now’s the time to not only maintain your current investment program of salary and benefits (You do offer benefits, don’t you?), but find ways to increase that investment. Here’s why: Employees are your company’s number one asset. Oh sure, we’ve all heard that cliche bandied about. Peter Drucker, the legendary management expert, coined that phrase decades ago. It stuck. It stuck because it’s true.

Who makes your company’s products and services? Who talks to your customers? Whose efforts make them love your company and tolerate your mistakes to their credit cards and bank accounts that ruin their day and waste their time? And, who comes up with the systemic solutions to those problems?

Continue reading…

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The Wall Street Journal:

It’s not the nicest thing to do. But for small-business owners who are having difficulty collecting receivables from their customers, especially in this tight business climate, this is an extreme option that just might work.

They’re turning to a complaint-and-resolution Web site called Uradeadbeat.com, which seeks to make nonpaying customers or businesses aware of their lapsed accounts. Many of these businesses have already gone through the proper channels to collect their bills, even lawsuits, but are still unable to get paid, the Web site claims.

When complaints are posted, the Web site generates an email to the accused or sends a postcard via snail mail, telling them that they’ve been added to the “Deadbeat List.”

The idea of tearing down the reputation of a business isn’t new. But with more customers of these businesses researching the companies online, this could be a powerful tactic to reverse a bad business practice.

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U.S. News & World Report:

Running a small business can be a life-consuming process, so sometimes small-business owners miss the forest for the trees. Maybe that’s why only about 16 percent of businesses with fewer than 50 employees in the United States have 401(k) plans. Small-business owners are so focused on developing their businesses that some do not realize that those assets can grow at a much faster rate for their retirement under the right plan. An October survey by ING DIRECT’s ShareBuilder401k, which designs 401(k) plans for small businesses, found that “not enough employees” was the top reason cited by small-business owners as to why they do not have a 401(k) plan. That’s despite the fact that even sole proprietorships with no other employees can have 401(k)’s.

Of course, that’s not to say that small-business owners can’t use other retirement plans like IRAs. But there are some unique benefits to 401(k)’s. In 2001, Congress changed the laws in a way that allowed self-employed people to put more money into their 401(k)’s. Today, a business owner under 50 with a 401(k) can invest up to $46,000 a year into the account, with up to $15,500 ($20,500 if over 50) coming from his or her own income, and then up to 25 percent of the business’s profits under the “profit sharing” provision. Regardless of the size of the profits, the total amount cannot exceed $46,000 (or $51,000 if you’re over 50), but that can make a huge difference. That $46,000 “can drop you a tax bracket,” says Stuart Robertson, general manager of Sharebuilder401k. “That is a great tax shelter for these folks.”

But if, like many small-business owners, you’re not very familiar with 401(k)’s, what do you need to know before you get your own plan started? Read on…

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Women Entrepreneur:

Delinquent clients are like an acid drip: They eat away at your profit margin and corrode your cash flow. And once a client moves from late-paying to delinquent, it’s usually too late to expect a quick and happy ending.

Just as in sports (and war), “the best defense is a good offense.” Avoid taking on delinquent clients in the first place. Here’s how:

Step One: Choose your target market wisely. You can’t be all things to all people. Choose a target market that makes sense, given your expertise and capacity, and start there. Once you’ve established a strong foothold, then consider going beyond.

Companies that take whatever walks through the door routinely find that those clients:

1. Don’t appreciate their work, and
2. Can’t or won’t pay full price for what they received.

Plus, you may spend inordinate (and unprofitable) amounts of time trying to service them.

Step Two: “Profile” your potential clients. A client that fits your target market won’t necessarily fit your ideal client’s profile, which should include more detailed pre-screening criteria for clients. For example, after I got burned too often by business clients (my target market), I established a new policy: I get money up front. Anyone who balks doesn’t fit my profile.

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Emediawire:

Direct sales company Abunza, a pioneer in creating a fully bilingual (English – Spanish) marketing opportunity for its entrepreneurial sales force, is adding Chinese. “Abunza allows mono-lingual entrepreneurs to do business in a language they don’t speak,” said Albert Le, trainer of the Abunza business model.

China’s economy averaged a 10.35% growth rate from 1997 to 2007. The dollar has steadily fallen against the Chinese Yuan since the mid-1990s. And there is a perennial trade imbalance between China and the US. Abunza wants to make it simple for American entrepreneurs to get a piece of that growth.

“Entrepreneurs who learn to use Internet marketing strategies will be able to do business in China without needing to learn how to speak Chinese, or live there,” said Le, owner of www.abundancesolution.com and trainer of Internet marketing strategies. “This will open the doors for thousands of American business people who want to cash in on the Chinese economy and who have limited capital.”

Indeed, an Internet business must still be run and advertised properly to succeed. There are risks as in any business. But Le mentions, “If you tried to do this with a traditional brick and mortar business you’d need hundred of thousands of dollars in capital, maybe millions. Hogwash, with the right knowledge and tools you can get started for around $2,000.”

One of his companies he started 10 months ago with less than $2,000 already does business across North America, Latin America, and Europe. He’s helped set-up local business people to follow his model in over six States. By the end of 2008 they’ll all be positioned to do business in China.

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Entrepreneur:

Padgett Connect is an accounting software program from Padgett Business Services geared toward the average user who doesn’t have in-depth knowledge of accounting.

It’s customized by Padgett for each client’s business, and user support is free. The program can handle everything from writing checks to sending invoices. It also aims to make everything easy to use, with simple terminology and preset charts of accounts tailored specifically to the user.

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American Chronicle:

The following 7 Principles of Business Integrity are the basics of integrity and a good starting off place to consider. By integrating each of these principles within a company environment, the result will be nothing short of a major rebirth of the enterprise.

Principle #1 – Recognize that customers/clients want to do business with a company they can trust; when trust is at the core of a company, it is easy to recognize. Trust defined is assured reliance on the character, ability, strength, or truth of a business.

Principle #2 – For continuous improvement of a company, the leader of an organization must be willing to open up to ideas for betterment. Ask for opinions and feedback from both customers and team members and your company will continue to grow.

Principle #3 – Regardless of the circumstances, do everything in your power to gain the trust of past customer´s and clients, particularly if something has gone awry. Do what you can to reclaim any lost business by honoring all commitments and obligations.

Principle #4 – Re-evaluate all print materials including small business advertising, brochures and other business documents making sure they are clear, precise and professional; most important make sure they do not misrepresent or misinterpret.

Principle #5 – Remain involved in community-related issues and activities thereby demonstrating that your business is a responsible community contributor. In other words, stay involved.

Principle #6 – Take a hands-on approach in regard to accounting and record keeping, not only as a means of gaining a better feel for the progress of your company, but as a resource for any “questionable ” activities; gaining control of accounting and record keeping allows you to end any dubious activities promptly.

Principle #7 – Treat others with the utmost of respect. Regardless of differences, positions, titles, ages, or other types of distinctions, always treat others with professional respect and courtesy.

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Work.com:
Until recently, iPhone’s suitability for businesses was a raging debate. But by now the verdict is near unanimous – it is too beautiful, user friendly and powerful a device to be merely the end consumers’ baby.

Apple, iPhone’s creators, too has woken up to this fact, and the ability to download powerful 3rd party applications onto the iPhone device is slated to be introduced soon. Until then, iPhone allows equally powerful web 2.0 applications to be played through its Safari web browser.

The advantages of using iPhone for your business are:

1. A powerful computing device which keeps you connected with business information, but fits in your pocket.

2. Get rid of those heavy laptops.

3. Reports show that people are ever more open to use iPhone to access the internet than any other mobile device.

4. iPhone’s beauty and power wins it many hearts. Employees with iPhone’s will gladly use it for business purposes when theyre on the road.

5. Quicker decision making and speed to market, since employees can access and collaborate on critical information when they need it.

Carry on reading.

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EastOregonian.info:

A recent trade show in Houston filled the Astrodome, Reliant Center, adjacent halls, and exhibit tents in the surrounding parking lots. There were 2,400 exhibitors and over 50,000 visitors. Ironically, that was a “medium size” show by industry standards.

Every year, tens of thousands of companies reach millions of customers through trade shows. From local farmers’ markets to the annual Consumer Electronics Show in Las Vegas with 140,000 attendees, trade shows are a proven channel to market.

The industry is as old as history. From ancient Mediterranean markets to medieval city squares and tribal trade gatherings, trade shows enjoy a colorful and profitable tradition. It would be fun to see the reaction of ancient merchants to today’s show booths. Billboard size digital arrays, two-story exhibits with offices and conference rooms, and fiber optic feeds from worldwide projects would take some getting used to.

If you’re in business, you may already be using trade shows in your industry to sell or buy products and services. The recent Gifts and Accessories show in Portland welcomed more than 300 wholesale exhibitors and 3,000 retail visitors. Some exhibitors wrote orders for shop owners they see only once a year before the summer tourist season. Others renewed contacts with retailers and suppliers who order and ship throughout the year.

How effective are trade shows? That depends. It depends on your products and services, your market, available shows in your industry, and your ability to work them effectively. We met one wholesaler who has been doing shows for 30 years. He once owned eight stores, but all of his annual sales now come from trade shows. He wrote a gift shop order for $1,700 while we were visiting with him. A manufacturer at the Houston show wrote an order for a $250,000 industrial pump after 10 minutes with a new customer. Continue reading.

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