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Economy: Thumbs Down; Entrepreneurs: Thumbs Up

October 3rd, 2012 ::

By Rieva Lesonsky

“I can’t get no satisfaction,” Mick Jagger wailed in one of The Rolling Stones’ biggest hits. Maybe Jagger should try owning a small business. The results of a recent Gallup poll found that despite economic challenges, U.S. small business owners are thoroughly satisfied with their businesses.

The percentage of small business owners saying they are extremely (17 percent) or very (38 percent) satisfied with being a small business owner—a 12 percent jump compared to the third quarter of 2010. Another 29 percent of owners are somewhat satisfied—meaning that overall, a whopping 84 percent are satisfied. In comparison, just 16 percent of small business owners say they are not too (10 percent) or not at all (6 percent) satisfied with their businesses.

Since you could expect satisfaction to relate to a small business’s success, Gallup also asked the entrepreneurs how successful they believed their businesses were. Thirty-nine percent report feeling extremely or very successful, and more than half (51 percent) say they feel “somewhat” successful. That means 90 percent of small business owners think they’re successful to some degree.

Interestingly, in separate Gallup polls, small business owners have been expressing growing pessimism about the economy in general. This quarter’s Wells Fargo/Gallup Small Business Index showed small-business owners’ overall optimism had declined; Gallup’s Economic Confidence Index dropped too; and another Gallup poll found limited capital spending plans among small business owners.

Given these attitudes, why are entrepreneurs feeling so positive about their businesses? There are a couple reasons I can think of. First, small business owners are natural optimists—we wouldn’t start businesses otherwise. And even when we think the economy is in trouble and the government isn’t much help, we’re confident in our own abilities to get through the tough times.

Second, this attitude isn’t just braggadocio—it’s reality. We have gotten through tough times, and four years after the Great Recession hit, any small business owners who’s survived and thrived has a right to feel extremely proud of what he or she has accomplished.

However, there’s still a lot of ground to gain back. In 2007 (before the recession began), 47 percent of small business owners Gallup polled felt their businesses were extremely or very successful, compared to 39 percent today. But like the small businesses in Gallup’s survey, I’m confident that no matter what the coming months (and the presidential election) bring, America’s small business owners will stay positive about their futures.

Image by Flickr user openpad (Creative Commons)

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Posted in Entrepreneurs, Entrepreneurship, Entrepreneurship, Small Business, small business | No Comments »

Count Me In: Urban Rebound-Los Angeles Conference and Competition: Small Business Resource

May 11th, 2012 ::

Count Me In’s Urban Rebound-Los Angeles Conference and Competition

Count Me In for Women’s Economic Independence, a leading provider of resources, business education, and community support for women entrepreneurs, will hold the Urban Rebound-Los Angeles Conference and Competition on May 10 and 11, 2012, at the Skirball Cultural Center in Downtown Los Angeles. The goal is to help women entrepreneurs in Los Angeles, Ventura, Orange and Riverside Counties grow their businesses, and specifically to help 100 women-owned businesses in the area to reach $250,000 in annual revenues within 12 to 18 months. Participants in the competition will pitch their businesses to a panel of experts for a chance to be part of the Count Me In Business Accelerator Program.

 

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How to Save Money on Your Business’s Health Insurance

May 1st, 2012 ::

By Karen Axelton

Are you struggling with the high cost of health insurance in your business? It seems like every year, premiums go up without fail. Fortunately, there is one way to decrease your costs that could also increase your team’s productivity, satisfaction and happiness: offering wellness programs and incentives.

AccountingWeb recently rounded up the results of several surveys of health and wellness programs in the workplace. WORKING WELL: A Global Survey of Health Promotion and Workplace Wellness Strategies found that 45 percent of companies who measured the results of their wellness programs found that such programs reduced overall healthcare costs. A survey by Highmark Inc. that analyzed wellness programs over a four-year period found companies that had wellness programs saved an average of $332 per participant.

A Department of Health and Human Services Report done in 2010 found that 75 percent of the $2.5 trillion spent on health care each year in this country goes to treat preventable conditions. So it only makes sense that preventing health problems before they arise through wellness programs would decrease health care costs.

Beyond the costs savings, offering wellness or fitness programs to your employees can have benefits including better employee morale, greater productivity, fewer sick days, less turnover among employees and greater success in attracting qualified employees.

What do employees say? According to AccountingWeb, employees whose companies offer wellness programs say they not only have more energy and feel healthier, but also feel more valued by their employers and more bonded with their co-workers.

How can you incentivize employees to stay healthy and well?  AccountingWeb reports that some of the most popular incentives include:

  • Access to such as cholesterol screening, smoking cessation programs and nutrition counseling.
  • Access to fitness programs such as gyms, exercise classes or yoga classes
  • Discounts on health club memberships
  • Healthy snacks at the office such as providing fresh fruit instead of donuts at meetings, or catering healthy dinners instead of pizza when employees work late
  • Holding wellness-related events such as brown-bag lunches where experts come in to talk to the team about health and fitness
  • Offering health-related perks or rewards such as gift certificates for spa treatments or massages

Of course, some of these incentives are easier than others for small companies to offer. Start by checking with your health insurance provider to see what types of fitness and wellness incentives or educational programs they offer. Even if you can’t get your employees free membership in a health club, you may be able to work out some type of discount or set up a barter system where your business barters services in return for discounts on memberships. Also consider teaming with other small businesses to attract health educators to speak at your companies or provide on-site massage, yoga or relaxation classes.

Last, but not least, remember that you need to set the example. Hold “walking meetings,” encourage employees to use their lunch hours to work out or take a walk, and support healthy habits. The results will pay off for you, your team—and your business’s bank account.

Image by Flickr user Mimar Sinan (Creative Commons)

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Posted in Entrepreneurs, Health and Wellness, Small Business, small business, Workforce | No Comments »

TheSelfEmployed.com: Information for the Self-Employed Businessperson: Small Business Resource

April 30th, 2012 ::

TheSelfEmployed.com

Getting helpful information when you’re running your own show can really put your business on the right track. Small business expert Steve Strauss’s new website, TheSelfEmployed.com, hopes to provide you with the tools you need to make informed decisions on taxes, technology, insurance and more. Strauss writes for USATODAY.com, has authored 15 books and has been featured on a number of high-profile business shows including MSNBC, CNN and CNBC. TheSelfEmployed.com’s blogs and forums can help you connect to other small business owners; a “Water Cooler” section keeps you entertained and informed about what other entrepreneurs are talking about.

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The 7 Home Trends Consumers Crave Most

April 27th, 2012 ::

By Rieva Lesonsky

Is your business involved in homebuilding, home remodeling, interior décor or home accessories or furnishings? If so, you’ll want to know about a survey by Better Homes & Gardens, reported in MarketWatch, that reveals the top seven things consumers want most when buying a new home or remodeling an old one.

  1. Separate laundry room. A laundry room doesn’t have to be glamorous or even especially spacious—the key is that it be convenient to the rest of the home. With aging Boomers having more trouble getting up and down stairs, having the laundry room on the main floor or near the bedrooms—instead of in a garage or down in the basement—is a big plus.
  2. Storage space, built-in shelving and walk-in closets. The days of consumers shelling out for more square footage are gone. Instead, people want to maximize the space they do have by organizing it properly. Floor-to-ceiling shelving, hidden cabinets and bigger closets are all on the wish list.
  3. Outdoor living space. The showy outdoor kitchens, built-in grills with pizza ovens and outside fireplaces are less popular in the recessionary fallout. But consumers still want outdoor spaces that connect to the home, giving them more room for entertaining. Front-yard living areas are gaining in popularity too since they often add curb appeal.
  4. An extra bedroom with attached private bath. This can be used as a master suite, mother-in-law suite or even a place to stash a teenager, but whatever it’s used for, it’s one of the most-wanted add-ons today.
  5. Home office/workspace/computing space. With more people working at home at least part of the time, an add-on home office is in high demand. But many consumers simply want ways to make their existing spaces more work-friendly by adding docking stations, more outlets or places to use computers in the existing kitchen or family room.
  6. Multiple eating spaces in or near the kitchen. An eat-in kitchen or bar area isn’t enough today. At the recent International Builders Show in Orlando, Florida, MarketWatch reports, many displays featured  three or four eating areas in the extended kitchen/family room area. Why? More and more, we’re multitasking, which means the whole family might gather in the same general area but not be doing the same thing. Everyone wants to be able to eat, work or do whatever they want, wherever they’re sitting.
  7. Bathroom upgrades. Kitchens and baths are always been the most popular ares to remodel, but until recently, kitchens were the hotter project. However, the survey found bathrooms are taking the lead. Maybe it’s the economy making us seek de-stress havens at home—or maybe it’s boomerang children moving back home and hogging the shower—but 31 percent of consumers this year are focusing remodeling efforts on baths and just 25 percent are concentrating on kitchens.

Whether you build homes, remodel homes or just sell home furnishings and accessories, these trends can point you in the direction of bigger sales.

Image by Flickr user James Thompson (Creative Commons)

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Posted in Entrepreneurs, Entrepreneurship, Marketing, Small Business, small business, Uncategorized | No Comments »

Small Biz Resource Tip: Developing a Personal Advisory Board

April 23rd, 2012 ::

Developing a Personal Advisory Board

Feeling a bit isolated out there on your own? Entrepreneurship can be a lonely adventure, but it doesn’t have to be. You can create your own personal advisory board and get the advice and support you need to make your business a success. Susan Hammond, CEO of SC Hammond Advisors, has created a step-by-step guide on how to develop a personal advisory board. This free e-book is necessary reading if you’re considering making a major business decision or need some crucial advice. Having a personal advisory board can help you fill in knowledge gaps and become a better leader and decision-maker.

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Can a Business Trip Make You Healthier?

August 26th, 2011 ::

By Rieva Lesonsky

Are you a frequent business traveler (like I am)? If you’re also health-conscious (and what small business owner can afford not to be?) you’ll be happy to learn that today’s hotels are paying attention to business travelers’ needs and becoming healthier places to stay. Going beyond the now-standard in-hotel gym or offering oatmeal at breakfast, here are seven ways hotels are getting healthier as reported by MarketWatch.

  1. Group wellness: If you’re holding an offsite meeting for your team or an annual conference at a hotel, you can now take advantage of healthy options like light meals and exercise breaks during the event. (Forget the rubber chicken!) At some Hyatt resort properties, for instance, meeting groups can enjoy wellness activities like chair yoga or 15-minute neck massages during sessions.
  2. Breathing easy: Smoking rooms are fewer and far between (about 10 percent of all hotel rooms), which is good news for those of us bothered by smoke. But if it’s really crowded, you might get stuck in a smokers’ room anyway. To avoid that, visit FreshStay.com, which lists more than 5,000 hotels that are totally smoke-free.
  3. Get PURE: If a nonsmoking room’s not enough, go one step beyond nonsmoking with PURE rooms, designed for guests with allergies or asthma. These rooms use air purifiers, hypoallergenic mattress covers, and special cleaning treatments to ensure there are no allergens; they are offered by about 250 hotels in North America.
  4. It’s organic: Remember the days when a club sandwich was about as healthy as room service got? No more. A growing number of hotels are adding locally sourced and/or organic food to their room service and restaurant menus.
  5. In-room fitness: If you’ve ever tried to motivate yourself to get dressed in workout gear and head 30 flights down to the hotel gym at 5:30 in the morning, you’ll appreciate this increasingly popular amenity that lets you roll out of bed and work out in privacy. MarketWatch cites a 2010 American Hotel & Lodging Association survey that found about 21 percent of luxury hotels, 17 percent of upscale hotels, 15 percent of midprice hotels, 7 percent of economy and 4 percent of budget hotels have in-room exercise equipment. Hilton Garden Inns and Omni Hotels Resort are two that provide in-room fitness kits; many hotels also have on-demand exercise shows for viewing on the room TV.
  6. Get smart: Concierges have long provided guests with suggested running routes, etc., to work out on the road. Now you can forget trying to remember directions or carrying a paper map on your run. Concierge suggestions are going digital with smartphone apps that let travelers find routes or calculate their distance.
  7. Professional help: Some locations (often resorts) have personal trainers, nutritionists and wellness coaches on staff. Got some extra time between meetings? Book a session and instead of going back to your business feeling flabby, you can be better than ever.

Who knew going on a business trip could actually improve your health? These days, it just might.

Image by Flickr user Jennifer Woodard Maderazo (Creative Commons)

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Posted in Entrepreneurs, Health and Wellness, Small Business, small business, Uncategorized | No Comments »

Is Cause-Based Marketing Helping—or Hurting—Your Small Business?

August 3rd, 2011 ::

By Rieva Lesonsky

Cause-based or socially responsible marketing has been a hot trend for some time now. The practice of affiliating your business or your products with a “cause,” such as fighting breast cancer or helping hungry children in Africa, can garner attention, customers and sales…or it can backfire.

How? According to the 2011 MSLGROUP Social  Purpose Index, a growing “disconnect” between the causes that businesses support and what they sell is leading consumers to become more skeptical about cause marketing in general—and less likely to buy.

Seventy-four percent of respondents in the survey said there is often too much of a disconnect between the causes companies support and the brands and products they sell. And almost as many (67 percent) were skeptical of companies’ motives, saying that companies only support causes to sell products.

Perhaps that’s the reason why, although the majority of Americans (96 percent) say they can identify two to three causes that are important to them personally, the survey found that just 37 percent of Americans have actually purchased a product associated with a cause in the past year.

What can you do to ensure that your cause marketing efforts make sense for your business?

  1. Consider what causes you and your employees care about. Ask your staff if there are organizations they personally would like to see your business support.
  2. Find out what causes matter to your customers. You can conduct a survey online or using social media tools like Facebook or Twitter to see if customers respond to issues like hunger, homelessness, health or other areas of concern.
  3. Decide what ties into your business mission. Your cause should flow naturally from your business’s goals. You might care passionately about raising funds for Alzheimer’s, for instance, but if your company sells gourmet pet treats, focusing your cause efforts on Alzheimer’s research isn’t the best fit. Supporting the ASPCA, spay and neuter efforts, or guide dog training is a better match with your business and lends itself to publicity and marketing efforts.
  4. Decide if you want to go local, national or global. You could support a local charity, a national organization or even a global group. Again, you’ll want to match this to your business and to where the bulk of your customers come from. A small local sporting goods shop would probably want to support a local charity; a national chain could support a nationwide charity; and for an ecommerce company with substantial overseas customers, it makes more sense to focus on a global organization that all of your customers have an interest in supporting.
  5. Narrow down your options. Once you’ve selected some top contenders, be sure to investigate each organization. Contact the Better Business Bureau, do an Internet search and visit CharityNavigator to make sure the funds are used for their intended purpose.

Done right, cause marketing can benefit both your cause, and your business. Take the right steps to get your cause marketing effort off on the right foot.

Image by Flickr user GrowWear (Creative Commons)

 

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How to Take a Vacation (When You’re a Small Business Owner)

July 29th, 2011 ::

By Rieva Lesonsky

It’s Friday, and if you’re planning to still be working tomorrow… and the day after…maybe you need some a vacation. But when you’re a small business owner, taking time off can be easier said than done.

Or maybe you’re not convinced that you do need a break. In that case, consider some interesting research Intuit compiled about why small business owners need vacations:

Health reasons: Women who don’t take vacations are 8 times more likely to suffer from heart disease. Men who take vacations are 32 percent less likely to die of heart attacks.

Productivity: 82 percent of people report they are more productive after a vacation. However, long weekends didn’t have the same effect on productivity as a more extended vacation.

Innovation: As you probably know from experience, you’re less likely to come up with creative solutions when you’re stressed out and on overload. Mental downtime, on the other hand, helps you be more innovative.

If you’re not taking vacations, you’re not alone. More than half (55 percent) of small business owners work on “most” or “all” holidays! But with mobile devices and cloud computing making it easier to stay in touch as needed, taking a vacation really shouldn’t be the end of the world for your business.

Here are some tips Intuit offers to help you relax while your business runs smoothly:

  1. Delegate. Trust employees to handle tasks without you.
  2. Plan ahead. Get big projects out of the way before you go. Have any data you’ll need to access on vacation available, either by taking it with you (such as on a USB drive) or using a cloud solution so you can access it anytime.
  3. Spread the word. Let clients and customers know when you’ll be out of town. You’ll find most are understanding and happy to work with your schedule.

Once you’re on vacation, of course, the key is to really be on vacation. Limit how often you check your email or voicemail. You might want to check it first thing in the morning and in the evening. Focus on urgent problems if any arise, but don’t worry about smaller issues. (You’ve got someone back at the office handling those, remember?)

You may want to set up a system with your team so they only contact you in an emergency, or they contact you in a certain way if there’s an urgent matter. That means you won’t have to jump every time your BlackBerry pings.

Truly unwinding on vacation can bring you back refreshed and full of new ideas for growing your business. You’ll be rested and ready to serve your customers and clients better…and that benefits everyone, not just you.

Image by Flickr user avrene (Creative Commons)

 

 

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Posted in Entrepreneurs, Small Business, small business | 4 Comments »

Global Economic Outlook: Small Business Owners Are Optimistic

July 5th, 2011 ::

By Maria Valdez Haubrich

With the 4th of July just behind us, what are American entrepreneurs—and those around the world—thinking about their prospects for the coming months? The latest Global Entrepreneur Indicator survey has some good news.

The Global Entrepreneur Indicator is a quarterly survey of the members of the Entrepreneurs’ Organization, a nonprofit for business owners who have more than $1 million (US) in annual revenue. The June 2011 survey of more than 7,500 entrepreneurs in 38 countries found the global economic outlook is getting more positive.

In the most recent survey (June 2011), 62 percent experienced an increase in their net profits — a 25 percent increase over the previous year, when just 37 percent saw an increase.

As for job creation, as of June 2011 more than half (57 percent) had added jobs since they were last surveyed (in November 2010). That was also an increase from the 42 percent who had added jobs as of June 2010.

The news got even better when entrepreneurs surveyed were asked their predictions for the next six months. More than three-quarters (78 percent) expected their net profits to improve in that time frame; 68 percent expect to add jobs; and 61 percent expect both the global and local economy to improve.

Keep in mind, however, that this is a global survey—and the picture isn’t quite as rosy for U.S. entrepreneurs as for those in some other nations. In the U.S., 59 percent of entrepreneurs expected the local and global economy to improve in the next six months—the same percentage as in Europe and the Middle East. In Latin America/the Caribbean, however, 74 percent expected improvement, and in Canada, an astounding 91 percent did.

The least optimistic nation? Asia, where 56 percent expected to see the economy improve within six months.

Image by Flickr user Matt P. (Creative Commons)

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