Any person who is running their own enterprise and is accountable for it can be called an entrepreneur. But not all entrepreneurs can be called financially literate. Financial literacy goes beyond just knowing what goes on in the financial world, it is about understanding finance so that effective decisions about the business can be reached.
With the current economy, there is undoubtedly a need to improve financial literacy especially among those in the business sector. You may have the best business idea or the most innovative products in the market but if you do not have the essential financial knowledge in managing the money your business makes, you are in for a rough ride.…
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There are two main problems concerning human resources today. The first one is the unemployment rate which causes grossly underqualified people to apply to your company and the second is employee retention. For business owners, retaining your best employees may pose as a challenge.
One of the keys to success for every small business is a really smart marketing program that keeps existing customers in the fold and continually incites prospects to join. The program should include the most cost-effective ways to raise brand-awareness, leverage your expertise and share deals.
In these tough times, the biggest impact of the economic downturn is being felt by the small business sector. This is largely because of the fact that there are fewer resources available to counter the effects of an uncertain economy. The best way for a small business to thrive nowadays is by cutting costs. Practicing frugality in your business does not mean that you are sacrificing the quality and service level of your company. Cost cutting on certain aspects of your business could just be the economic stimulus needed to let you bounce back from an economic spiral.
As small business owners, we wear many different hats. Among which, hiring the right people, and helping them achieve their highest potential, are two of your most important responsibilities. But which one is MORE important?
Many business owners are now relying heavily on social media to help market their products and services. You may already have a business account with Twitter, Facebook and LinkedIn. You may also see that with these sites, your sales went up higher than you expected. But you should not stop there. People regularly think of ways to let them connect with others who share the same interests and you have to be updated so that your business can thrive.
Technology companies are, unfortunately, almost as well known for having poor customer service as they are for their actual products. Why is that?
The Small Business Administration (SBA) should be commended for their help in sustaining the small business sector with their microloans. However, a recent report by the Government Accountability Office (GAO) shows that the funds which should be distributed to businesses that need it, actually go to ineligible ones. The HUBZone certification which businesses need to qualify for a loan is a program which spans 13 years and is meant to help small business owners build companies in economically distressed areas. When investigators submitted applications which should be denied or disapproved because of obvious reasons; those applications got the federal contracts instead.…
Bank of America (BOA), one of the world’s largest financial institutions, has announced it will provide $10 million in grants to nonprofit lenders, such as Community Development Financial Institutions (CDFIs), to leverage funds from the U.S. Small Business Administration (SBA) and the U.S. Department of Agriculture (USDA) for lending to small and rural businesses.
When it comes to online marketing, small businesses are staring at a dilemma. Free online marketing tools like social networks have great potential for reaching new customers, but their actual impact on the bottom line is hard to measure. Meanwhile, established tools like email marketing provide valuable metrics on subscribers, and are more suited for retaining and engaging existing customers than acquiring new ones.
