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How Small Business Owners Are Using Mobile Tools

July 23rd, 2012 ::

By Rieva Lesonsky

Summer is here—but as any small business owner knows, summer vacation isn’t always an option when you run a busy business. In fact, the latest Manta SMB Wellness Index conducted by online small business community Manta found almost half of small business owners don’t have time to take a vacation this summer. Nearly 60 percent say they’re working harder this year than last.  And 70 percent aren’t planning to hire any new employees this summer, meaning it’s harder than ever for small business owners to get away.

Those fortunate small business owners who can take time off this summer are able to do so partly because of mobile technology that lets them stay in touch with the office. Seventy percent of small business owners Manta surveyed say they plan to check email/work documents from their mobile device during their vacation. But that’s not a bad thing: 60 percent say their mobile devices and business applications help them enjoy their vacation more.

Mobile apps are part of small business owners’ lives even when they’re not on vacation. Twenty-five percent of small business owners say they access business-related apps on their mobile device two to three times a day. Sixty-eight percent say they use their mobile device at work even while they’re in front of their computer. Of those, more than half are checking personal emails or texts on their phone; 17 percent say their email comes in faster on their device than on their computer; and over 10 percent confess they’re just “addicted” to checking their phone.

Even so, Manta found most small business owners would rather communicate with customers or partners in more traditional ways. More than 50 percent of small business owners say they usually communicate with customers, vendors and partners by phone or in person.

“While mobile technology is enabling small business owners to stay connected no matter where they are, SMBs set themselves apart by adding that personal touch to their relationships with customers and partners,” says Manta CEO Pamela Springer.

Image by Flickr user virtualphotographystudio (Creative Commons)

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Posted in Customer Service, Small Business, small business, Technology, Uncategorized | 2 Comments »

SBA Small Business Tool: Size Standards Tool: Small Business Resource

July 20th, 2012 ::

SBA Small Business Tool
To qualify for certain small business programs or to obtain prime or subcontracting opportunities from federal, state and local governments, your small business must meet size requirements outlined by the Small Business Administration (SBA). The SBA has recently launched an online tool to help you determine if your business meets those requirements. The industry you’re in helps to determine whether or not you are a small business, so the first step is entering your six-digit NAICS Code(s). Don’t know it? No worries; the SBA has a link to help you find the right code. You’ll then be asked for your business’s average annual revenue over the last three years. That’s all there is to it: You’ll get a yes or no answer as to whether or not your business is considered “small” and also learn what the size standard is for your industry.

 

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Posted in Compliance, Resources, Small Business, small business, Uncategorized | No Comments »

WOMMA: Social Media Online Certification Program: Small Business Resource

July 19th, 2012 ::

WOMMA

Someone in your business needs to be a social media marketing expert. If that privilege falls on your shoulders (or the shoulders of an energetic employee), check out WOMMA’s Online Certification Program. The three-week online program is designed to teach you the basic principles of word-of-mouth and social media marketing. Each of the six sessions focuses on a different area; by the end of the program, you’ll learn what the experts do (and practically be an expert yourself). You’ll find out how to integrate social media into your overall marketing plan, the latest research and measurement tools needed to track ROI and more. Live sessions are held every Tuesday and Thursday at 9 a.m. Pacific, 11 a.m. CST, and 12 p.m. Eastern.

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Posted in Marketing, Resources, Small Business, small business, Social Media, social media, Uncategorized | No Comments »

Temporary SBA 504 Loan Program Provides Working Capital for Small Businesses

July 19th, 2012 ::

By Maria Valdez Haubrich

Are you looking for cash or working capital to grow your small business? Then you should know about a temporary Small Business Administration (SBA) program that could help. As part of the Small Business Jobs Act passed in 2010, the SBA started a temporary program enabling small businesses to refinance eligible fixed assets through its 504 loan program without having to expand their businesses. This temporary refinancing program will expire on September 27, 2012, so now is the time to see if it can help your business.

Here are some of the benefits of the temporary 504 program:

  • Eligible small businesses can get below-market pricing and long term, fully amortizing fixed rate loans.
  • You can finance up to 90 percent of the property’s current appraised value.
  • In some cases, you can “cash out” proceeds from the refinancing to pay eligible business expenses, including payroll, inventory and accounts payable.

Eligible applicants for the 504 refinancing program must:

  • Show that their loans are current
  • Have made all required payments in the last year with no payments more than 30 days past due.
  • Debt to be refinanced must have been incurred at least two years before the date of the loan application

The temporary program is structured like SBA’s traditional 504 loan program (although it’s separate from that program). Small business borrowers work with third-party lending institutions and SBA-approved Certified Development Companies (CDCs) to get financing. The loan is typically made up of three parts:

  • A loan (or first mortgage) secured with a senior lien from a private-sector lender covering up to 50 percent of the project cost,
  • A second mortgage secured with a junior lien from an SBA-approved CDC covering up to 40 percent of the cost, and
  • A contribution of at least 10 percent equity from the small business owner.

For more details about the temporary 504 loan program, visit the SBA website and the 504 FAQs page.

Image by Flickr user vxla (Creative Commons)

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Posted in Capital Access, Raising Capital, Small Business, small business, Uncategorized | 3 Comments »

Do Consumers Care About Buying Green?

July 18th, 2012 ::

By Rieva Lesonsky

How much do consumers care about environmentally friendly products or services? While some shoppers are passionate about the issue, a new Ipsos poll conducted with discount site RetailMeNot.com shows many more are lukewarm.

Just 5 percent of respondents to the survey say they “always” take steps to green their home or lifestyle, such as recycling, driving energy-efficient vehicles or using eco-friendly products.  However, an additional 60 percent “sometimes” take these actions; just 15 percent “never” do.

Asked about purchasing habits, responses were similar. Only 3 percent are committed to always buying eco-friendly products, and just 6 percent never buy them. Forty percent say they buy green products when they are readily available and there is no big cost difference. Fifty-one percent buy whichever products suit their needs at the time, whether or not it’s green.

Whether or not a product is green seems to make some difference in purchasing. Nearly half (46 percent) say they are more likely to buy a product if it is environmentally friendly; 34 percent say it doesn’t make a difference. Price is still a sticking point, with 59 percent saying they aren’t willing to pay a higher price for green products or services, while 41 percent are willing to pay “a little more” for them.

Good news for the planet: More than half (57 percent) of respondents say they think about the environmental impact of products when making everyday purchases. Still, there is a knowledge gap, with 29 percent of respondents admitting they aren’t sure of the environmental impact of the products they purchase every day.

Even if the products you sell aren’t green, contributing to environmental charities could help boost your sales. More than half (54 percent) of respondents say they would be more likely or might be more likely to shop at retail stores that support environmental charities. Adults under 35 were the most likely to shop with retailers that support environmental charities.

Overall, college graduates, residents of the Northeast and young adults were the strongest supporters of buying green. If your business targets these markets, a green message is more likely to have an impact on your sales. But be sure your product information, website and packaging are clear about the benefits of your product, and that you’re honest and forthright in explaining why it’s green.

Image by Flickr user andyarthur (Creative Commons)

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Posted in Generational Marketing, Marketing, sales process, Small Business, small business, Uncategorized | No Comments »

WebinarListings.com: Online Webinar Directory: Small Business Resource

July 17th, 2012 ::

WebinarListings.com

Entrepreneurs need to keep up-to-date on the latest trends and information, but when you’re busy running your business, getting to a seminar or conference isn’t always possible. Webinars can get you the information you desire more quickly and without the cost of travel, since you can watch and listen anywhere you have your computer, tablet or smartphone. Browse through the WebinarListings calendar and you’ll find webinars on how to blog, drive social media campaigns, increase traffic to your ecommerce site and more. Find webinars from all over the U.S. and Europe; then sign up for ones occurring in real time or watch on-demand webinars on your own time.

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

Bills Would Make It Easier for Credit Unions to Lend to Small Businesses

July 17th, 2012 ::

By Karen Axelton

Small business financing could get easier to find if two pieces of pending legislation pass. Recently introduced by Kurt Schrader (D-Ore.) and Steve Chabot (R-Ohio), the Credit Union Small Business Lending Act (H.R. 4191) would make it easier for credit unions to participate in Small Business Administration (SBA) loan programs.

Another pending bill, H.R. 1418, would raise the cap on how much credit unions can lend to businesses. Currently, credit unions can lend a maximum of 12.5 percent of their assets to member businesses. The bill would raise that percentage to 27.5 percent, significantly expanding credit unions’ ability to make small business loans.

More and more small businesses have been turning to credit unions in the aftermath of the recession, Small Business Trends reports. It’s easy to see why: Over the past year, credit unions have steadily increased the percentage of small business loans they approve, from 51.2 percent in May 2011 to 57.6 percent in May 2012, according to the Biz2Credit Small Business Lending Index. In contrast, the majority of small business loan applications to banks are rejected.

“Allowing credit unions to do more to help small businesses is an important step toward helping our nation recover from the current economic downturn,” says Robert Marquette, at-large director for the National Association of Federal Credit Unions (NAFCU), a national organization that focuses on federal issues affecting credit unions.

The average credit union small business loan is for $185,000—a small enough amount that loans of this size are often difficult to obtain from banks. Testifying before Congress about the need to pass both bills, Marquette told legislators that since the end of 2007, applications to credit unions for small business loans have grown from $87 million to $259 million in 2011.

According to Rohit Arora, CEO of Biz2Credit, there are several key reasons credit unions are increasingly becoming a funding source for entrepreneurs. Credit unions are typically more involved in the local business community than bigger banks, generally have more flexible lending requirements, can make lending decisions more quickly and are less reliant on automated scoring. What’s more, many credit unions even offer better financing rates than bigger banks.

Have you used credit unions to finance your small business?

Image by Flickr user cometstarmoon (Creative Commons)

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Posted in Capital Access, Raising Capital, Small Business, small business, Uncategorized | 3 Comments »

FatStax 2.0: Sales Application for iPad: Small Business Resource

July 13th, 2012 ::

FatStax 2.0

Salespeople are almost expected to show up with their iPads on a sales call these days. FatStax 2.9 can help turn an iPad into a sales tool guaranteed to impress their clients—and eliminate “fat stacks” of brochures and sales materials. FatStax 2.0 for iPad is an app that allows business owners to upload and push updated marketing material to sales teams in the field.  FatStax CRM integration allows reps to email sales collateral to customers on the spot and automatically push that sales activity to various CRM systems, such as Salesforce.com.

 

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Posted in Business Development, Resources, Sales Process, sales process, Sales Teams, Small Business, small business, Technology, Uncategorized | No Comments »

How to Grab Your Share of Back-to-School Spending

July 12th, 2012 ::

By Maria Valdez Haubrich

Summer may still be in full swing, but for retailers targeting children, teens and college students, it’s not too early to start thinking about back-to-school. Year-round school schedules in much of the country mean many school districts start schedules in August. And millions of bargain-hungry parents are already plotting their budgets for the back-to-school spending spree.

The National Retail Federation recently shared some predictions for this season’s back-to-school spending, which accounts for an average of $603 per family. With back-to-school encompassing everything from shoes and apparel to school supplies and electronic devices, many retailers stand to gain.

But will consumers spend more or less this year? In NRF’s latest survey conducted by BIGinsight, 80.4 percent of people with school-aged children report the economy is affecting their back-to-school budgets. While high, that number is still a slight improvement from the 86.1 percent who said the economy was crimping their back-to-school style next year.

Pent-up demand seems to be playing a role. BIGinsight found  consumers were slightly less likely than last year to say they are setting a lower budget or plan to make do with last year’s items. However, they are more likely than last year to use coupons, comparison shop online before making a purchase, or shop online in general.

One interesting side note: More parents are cutting back on extracurricular activities for their kids. Nearly 15 percent—the highest number in the survey’s history—plan to reduce extracurricular activities due to the economy, compared to about 10 percent last year.

What do these stats mean for your business, and how can you capture precious back-to-school dollars?

  • Increase your online presence. Even if you don’t sell products online, use local search marketing to make sure consumers find your store when they search for the back-to-school items you sell.
  • Offer deals and specials. Parents are bargain-conscious and will shop where they can get the best deals. Coupons, two-for-one offers and other discounts will lure them in.
  • Use social media. Moms are social media mavens, so connect with them on Facebook or Twitter to let them know about your back-to-school offerings.
  • Start now. It’s never too early for parents to start saving on back-to-school stuff (even if kids don’t want to think about it yet).

Image by Flickr user KB35 (Creative Commons)

 

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Posted in Marketing, sales process, Small Business, small business, Uncategorized | No Comments »

How and Why to Pursue Traditional Media Coverage for Your Business

July 11th, 2012 ::

By Rieva Lesonsky

With all the reports that newspapers and TV are being eclipsed by social media, does pursuing traditional print and broadcast media coverage seem to be a losing game? Not so, according to a new study by Allstate, which found that traditional media is still one of the most trusted sources of news and information.

Despite the rise of social networking, only 30 percent of respondents in the survey said they trust information on social networks either some or a great deal. In comparison, 71 percent said they trust information in newspapers some or a great deal, 70 percent trusted cable news networks and 64 percent trusted network news. Just slightly over half trusted company websites, while 34 percent trusted blogs.

Even respondents who were active social network users themselves had similar patterns. In fact, they were slightly more likely than average to trust public TV and radio (79 percent), newspapers (74 percent), cable news networks (73 percent) and network news (65 percent). Perhaps being active in social networks has shown them they can be unreliable sources: Just 36 percent trusted social networks—the same percentage that trusted ads.

In other words, there’s still an intangible trust factor when your business gets written up in the local paper or spotlighted on the evening news. How can you start a PR effort that gets traditional media’s attention? Well, here’s where social media has its uses: The Oriella Digital Journalism Study, which polled more than 600 journalists in 16 countries, found that more than half of them use social media sites such as Facebook and Twitter to find sources for their stories.

Try approaching local journalists by finding them on social media, watching what they are writing about and pursuing, and offering yourself as a source of information and expertise. Social media mentions may not buy you trust from prospects and consumers, but being active on social media can make you a trusted source for journalists—and earn you air time or ink in their stories.

Image by Flickr user NS Newsflash (Creative Commons)

 

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Posted in Marketing, Small Business, small business, Social Media, social media, Uncategorized | No Comments »

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