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Credit Eases for Small Business Owners Seeking Capital
Dec 15th
The economy is at last starting to show signs of recovery. Consumer confidence surged in November to its highest level since July, an indication that Americans may be more willing to spend. Holiday shopping figures for Black Friday and Cyber Monday were robust. The government jobs report on December 2nd announced that unemployment had fallen to 8.6 percent, its lowest level in 2 1/2 years.
I am seeing a growing number of small business owners registering on our platform for funding. This is a good sign. Meanwhile, credit has loosened in the past month. This has been a trend for most of the second half of 2011.
The big story continues to be the growth of small business lending by credit unions, which granted 57 percent of small funding requests last month. Overall, alternative lenders — credit unions, as well as Community Development Financial Institutions (CDFIs), microlenders and others — approved 62 percent of funding requests, a rise from 61.8 percent during October.
Loan approvals by smaller banks jumped to 47 percent in November. Meanwhile, big banks, which have the most stringent lending criteria, approved 10 percent of small business loan requests for the first time since April. Here is a closer look:
Month 2011 Big Bank ($10B+ assets):
Lending % – Small Bank Lending % – Credit Union Lending %:
- January: 12.8% - 43.5% – 48.9%
- February: 11.9% - 43.9% - 49.1%
- March: 11.6% - 44.2% – 48.8%
- April: 10.4% - 44.6% - 50.1%
- May: 9.8% - 45.0% - 51.2%
- June: 8.9% - 42.5% - 52.3%
- July: 9.8% – 44.9% - 53.4%
- August: 9.4% - 43.8% - 54.2%
- September: 9.2% - 45.1% – 55.5%
- October: 9.3% - 46.3% - 56.6%
- November: 10.0% - 47.0% – 57.0%
It’s not just mom and pop shops that are searching for — and receiving — infusions of capital. Professionals such as doctors, dentists, CPAs and lawyers are also increasingly looking to secure the funding they need to expand their practices.
As the 2012 election year approaches, we can expect President Obama to focus a sizable amount of attention on increasing small businesses lending and helping entrepreneurs grow their enterprises. The President has stressed that American entrepreneurship and business innovation will help lead us through the recent tough economic times. I couldn’t agree more.
Falling Dollars Photo via Shutterstock
Credit Eases for Small Business Owners Seeking Capital
View full post on Small Business News, Tips, Advice – Small Business Trends
Ecommerce Solution. Help Small Business Owners Find Wholesale Vendors.
Nov 28th
New!! Low Refund Rate. Great Conversions. Market Is Hot For This Product. A No Brainer!
Ecommerce Solution. Help Small Business Owners Find Wholesale Vendors.
10 Best Management Books for Small Business Owners
Oct 23rd
Running a small business requires a combination of both leadership and management skills. While leadership and management come easily for some business owners, many find that reading management books helps keeps them informed and current with today’s best management practices.
With thousands of books to choose from, it can be frustrating and overwhelming deciding on what to read. That’s why Small Business Trends has put together this list of top 10 best management books every small business owner should read. (Listed in no particular order.)
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1. “Consider: Harnessing the Power of Reflective Thinking in Your Organization” by Daniel Patrick Forrester.
In today’s on-demand, always-on world, it seems counter-intuitive to take a moment and consider your next decision. Daniel Patrick Forrester interviews leaders in high-stakes and high-risk circumstances who have mastered the art of taking time out to think and process their options before rushing into a decision.
Small business owners will appreciate the many examples and techniques used by great leaders and managers of critical projects to calm themselves down, collect the information that they need and then communicate their decisions and actions clearly.
Read our review of “Consider” (available at Amazon and other retailers)
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2. “No Jerks on the Job: Who They Are, The Harm They Do and Ridding Them from Your Workplace” by Ron Newton
There isn’t a workplace around that doesn’t claim its share of jerks. In fact, working with difficult people is one of the most popular management books topics around, In the book No Jerks on the Job, Ron Newton explains where jerks come from and he gives solutions for dealing with jerks; create a transparent environment, embody your values and huddle up to solve problems.
The biggest benefit that any businessperson can get from this book is being able to identify jerky behavior and not feed into it or make it worse.
Read our review of “No Jerks on the Job“ (available at Amazon and other retailers)
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3. “Delivering Happiness: A Path to Profits, Passion, and Purpose” by Tony Hsieh
In Delivering Happiness, Tony Hsieh, the visionary CEO of Zappos explains how an emphasis on corporate culture can lead to unprecedented success.
The lessons in this management book come from Tony Hseih’s own experiences. They include the lessons he learned from poker that he applies to business: Make sure your bankroll is large enough for the game you’re playing and the risks you’re taking, figure out the game when the stakes aren’t high, differentiate yourself and do the opposite of what the rest of the table is doing.
Read our review of “Delivering Happiness” (available at Amazon and other retailers)
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4. “StrengthsFinder 2.0” by Tom Rath
StrengthsFinder 2.0 is an updated strengths assessment published by the Gallup organization. This book includes a password that allows you to take the StrengthsFinder assessment online. After completing the StrengthsFinder assessment, the results will uncover your top strengths. Readers will also get a personalized strengths planning guide as well as 50 ideas that they can put into action in their business and personal life.
StrengthsFinder 2.0 is a great management book for small business owners who are looking for smart ways to balance out the strengths inside their management teams.
(Available at Amazon and other book retailers)
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5. “Carrots and Sticks Don’t Work: Build a Culture of Employee Engagement With the Principles of RESPECT” by Paul Marciano
If you’re looking for a management book that will help you motivate your employees without spending yourself silly with financial incentives, look no further than Carrots and Sticks Don’t Work.
Paul Marciano reviews all the motivational theories we’ve used and abused over the last hundred or so years. He then gives you practical advice on how to upgrade your conversations in a way that will benefit your employees and your business. You don’t need to spend your company into bankruptcy trying to please employees – the answer is much simpler.
Read our review of “Carrots and Sticks Don’t Work“ (available at Amazon and other retailers)
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6. “Making Ideas Happen: Overcoming the Obstacles Between Vision and Reality” by Scott Belsky.
There is a method and a skill to making ideas happen and in this management book, Scott Belsky shows you how to run your brain spark of an idea through a process that converts the idea from a thought to something real and tangible.
Making Ideas Happen takes you through project management, how to maintain your focus, harnessing the power of your community and developing the chemistry of your creative team. It’s a real world management book that you can use daily by yourself or with your team.
Read our review of “Making Ideas Happen” (available at Amazon and other retailers)
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7. “Do More Great Work: Stop the Busywork. Start the Work That Matters” by Michael Bungay Stanier.
If you find yourself feeling unproductive, Do More Great Work is one of the management books for you. Inside this small and well-designed books are 15 maps and exercises that will help you identify the elements of great work and triggers for less-than-great work.
For example, where to find clues to your great work, how to find the sweet spot between what you want to do and what your organization wants you to do tactics to manage the overwhelm and more.
(Available at Amazon and other book retailers.)
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8. “Awesomely Simple Essential Business Strategies for Turning Ideas Into Action” by John Spence.
Awesomely Simple is a management book that gives the small business owner and department managers a clear and easy roadmap to follow in building the business and then planning for growth.
John Spence delivers an MBA in a management book that is easy to read and follow. Ultimately it’s a guide you can turn into management practices in your business.
Read our review of ”Awesomely Simple“ (available at Amazon and other retailers)
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9. “Better Under Pressure: How Great Leaders Bring Out the Best in Themselves and Others” by Justin Menkes
What is it about some managers and leaders that has them perform at their best under pressure and then the others who simply fold? In Better Under Pressure, Menkes reveals the common traits that make these leaders successful.
Drawing on in-depth interviews with sixty CEOs from an array of industries and performance data from two hundred other leaders, Menkes shows that great executives strive relentlessly to maximize their own potential — as well as stoke their people’s innate thirst for their own triumphs.
Read our review of “Better Under Pressure“ (available at Amazon and other retailers)
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10. “Linchpin: Are You Indispensable?” by Seth Godin.
Seth Godin takes his unique way of looking at things and brings it to the world of management. Linchpin is one of those management books about what it takes to become indispensible at a workplace.
Godin warns that it’s no longer good enough to treat people like factory workers, nor is it enough for workers to simply just do what they are told.
Today’s world of work asks more of both employer and employee.
Read our review of “Linchpin” (available at Amazon and other retailers)
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With this guide to best management books, you will get concrete advice on how to manage your company and your team in a smart way. Go ahead — set a goal to read all 10 books. Then integrate the ideas from these management books into your daily work and create a world class business.
Looking for other business books to read? Here at Small Business Trends you will find new business book reviews each weekend, and over 225 business book reviews in the archives.
10 Best Management Books for Small Business Owners
View full post on Small Business News, Tips, Advice – Small Business Trends
Micro Pigs or Teacup Pigs Complete Owner’s Guide
Sep 19th
A complete Micro Pigs Owner’s Guide. 174 pages full of vital information written by a micro pig expert. Real good value for money therefore low refunds. Hardly any other ebooks available online. High commission rate at 65%.
Micro Pigs or Teacup Pigs Complete Owner’s Guide
Great Contests With Awesome Prizes for Small Business Owners
Aug 21st
This list of contests, competitions and awards for small businesses is brought to you every other week as a community service by Small Business Trends and Smallbiztechnology.com.
If you’ve entered and won a contest or award listed here, let us know so we can share your news.
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Top 10 Facebook Page Contest
Enter by August 22, 2011
Social Media Examiner is accepting nominations for its “Top 10 Small Business Facebook Page” contest. Nominations are made via comment on this post about why you like the page you are nominating.
Winners will be selected based on the quality of their Facebook pages, the frequency and quality of their wall activities and fan engagement. Think part readers’ choice and part Oscars. In addition to online exposure, each of the top 10 winners will also get free tickets to Facebook Success Summit 2011—the Web’s largest online Facebook marketing conference.
Avaya Small Business Innovators Contest
Enter by August 30, 2011
Do you have an idea that will change the way your business serves your customers? Innovation is the engine that makes every business more productive and helps it to grow. To enter Avaya’s Small Business Innovators contest, fill out their ROI tool and send them the results. Include how you would spend the winnings over the next five years to innovate new ways to serve your customers, staff and suppliers. Grand prize of $50,000 worth of IP Office equipment and software and $5,000 cash. Five runner-up prizes of $10,000 worth of IP Office equipment and software.
Supreme Studio Makeover Contest
Enter by August 31, 2011
MacMall’s second annual Supreme Studio Makeover Contest features $26,000 in total tech prizes for small businesses and creative studios, including highly sought-after products such as Maya 2012, Adobe CS5.5, HP Designjet large format printers, an HP 24-inch DreamColor monitor, Microsoft Office for Mac and Apple Time Capsule storage units.
The Promotion Promotion
Enter by August 31, 2011
The UPS Store is launching an online contest to give one lucky entrepreneur a $50,000 marketing makeover. “Like” the UPS Store’s corporate Facebook page for a chance to win up to $3,000 in weekly prizes including American Express gift cards, Square mobile card readers and more. See Facebook page for details.
Vonage iPad 2 Giveaway
Enter by August 31, 2011
Vonage is introducing the Time To Call app for Apple iPhone and iPad mobile devices, bringing affordable phone calls that can be charged to your iTunes account. To spread the word Vonage has partnered with blogs from around the world: each blog listed on the left of this page has an Apple iPad 2 32GB WiFi mobile device with US$15 of credit for voice calls to give away to their readers.
Next Big Business Idea Contest
Enter by September 1, 2011
BizSugar.com is giving away two $50 Amazon gift certificates in a random drawing, to the two best business ideas left in a blog post comment. All you need to do is leave a short comment containing a new business idea. Go here for details.
Small Business, Big Innovation Competition
Enter by September 5, 2011
The recession that started in December 2007 dealt a crippling blow to U.S. small businesses. Facing tough times, many entrepreneurs did something creative, imaginative or cutting-edge with their business models, which allowed them to survive and thrive. The Wall Street Journal invites eligible businesses to apply by telling them about the challenge your business faced; the innovative solution you put in place; and the significant milestone – such as vastly improved revenue or expansion into new markets – that has resulted since Jan. 1, 2009.
All entries that match the criteria will be featured on this blog. Readers will vote for their favorite stories and a panel of judges will select 10 finalists – and an ultimate winner – who will be featured in the Journal’s Small Business report, which publishes Nov. 21, 2011
Intuit Entrepreneur Day 2011
Enter by September 9, 2011
Intuit is scouting for start-ups and entrepreneurs to partner with. Whether it’s mobile, cloud computing, or data analytics technology, Intuit is looking for companies that have a solution that will support its mission to improve the financial lives of its millions of customers. Those companies who apply and then get selected will meet with Intuit business leaders and have one-on-one time to demo their products.
The deadline to apply is September 9th and the actual event with Intuit’s founder, Scott Cook, and CEO, Brad Smith, along with many other influential executives, will be held on October 6th at Intuit’s Mountain View, Calif. campus.
America’s Favorite Small Business
Enter by September 11, 2011
Dell, MasterCard and Microsoft are teaming together to search for “America’s Favorite Small Business.” This 13- week contest invites small businesses to submit a short video explaining why they should be America’s Favorite Small Business (AFSB) and claim the $75,000 prize package.
Cleantech Open Idea Competition
Enter by September 12, 2011
The Cleantech Open runs the world’s largest clean technology business competition, and they’re looking for the best clean technology ideas from around the world.
Enter to win a prize package of services worth $100,000 to help you start a business and grow your idea. If your idea beats out the competition in the National Competition, you get to represent your country as a Global Ideas finalist at the annual Cleantech Open Awards Gala on November 17, 2011, in San Francisco. There, your idea will be presented in a five-minute pitch in front of a crowd of 2,500 investors, entrepreneurs, sponsoring companies, corporations, members of academia, press and others interested in hearing your ideas and getting involved. The crowd will vote via text message for the “People’s Choice” winner.
Women Who Mean Business 2011
Enter by September 16, 2011
The Washington Business Journal announces the eighth annual Women Who Mean Business awards program. This award is designed to honor the region’s most influential businesswomen. We’re looking for women from every industry and profession; women who’ve made a difference in their communities, blazed a trail for the rest of us and are leaving a mark on the Washington-area community.
Nominees must be female residents of the Washington area who are employed in the region.
A nominee should be an established business leader with a strong record of innovation in her field, outstanding performance in her business and/or a clear track record of meaningful community involvement.
Dream Big Grow Here Business Grant Contest
Enter by September 23, 2011
Northeast Iowa Business Network and MyEntre.Net, Iowa’s online community for Iowa entrepreneurs and small business, have announced the launch of the new “Dream Big, Grow Here” contest for small businesses in Northeast Iowa.
Applicants can submit a video or email about their business and share their dreams for how they would like to grow their Iowa company and what it means to them to be in business in Iowa.
Other visitors to Dream Big Grow Here will have the opportunity to vote on the ideas they like the best, with the winning entrepreneur will receive $5,000 for their business. Regional winners can then go on to compete for the grand prize of $10,000 against the other regional winners.
ProjectREV
Enter by September 30, 2011
Project REV was launched in 2010 as a contest that gives small business owners a chance to receive a yearlong marketing makeover. Each participant is teamed up with a Deluxe marketing advisor and a business counselor from SCORE. At the kick-off event, the business owner will work with their advisor to analyze the business’s current marketplace situation and create a customized plan applying up to $15,000 in marketing products and services from Deluxe, including website design and hosting, branding, social media marketing, SEO, email marketing and more. See the website for more details.
Road Warrior 2.0 Challenge
Enter by October 6, 2011
Hyatt Place has launched the Road Warrior 2.0 Challenge, asking real-world business travelers to help redefine today’s Road Warrior for a chance to win a head-to-toe business traveler makeover. To enter the contest, visit www.facebook.com/hyattplace and tell how you embody or define the modern day Road Warrior, and create an original, fun name for the modern day Road Warrior.
Weekly winners receive a free night at Hyatt Place, and a grand prize winner will win a complete head-to-toe business makeover to help this “Road Warrior 2.0” maximize their efficiency on the road, and have a little fun along the way.
To find more small business events, contests and awards, visit our Small Business Events Calendar.
If you are putting on a small business contest, award or competition, and want to get the word out to the community, please submit it through our Small Business Event and Contests Form (it’s free).
Please note: The descriptions provided here are for convenience only and are NOT the official rules. ALWAYS read official rules carefully at the site holding the competition, contest or award.
Great Contests With Awesome Prizes for Small Business Owners
View full post on Small Business News, Tips, Advice – Small Business Trends
Why Are Women Business Owners So Reluctant to Raise Their Debt Ceilings?
Aug 18th
The U.S. debt ceiling has been making news for weeks (really months), but women business owners have debt ceilings of their own that could be holding their business growth back, the recently released PNC Women Business Owners Outlook survey reveals.
Overall, women business owners are optimistic. The survey found that almost half (48 percent) of U.S. women business owners believe their own companies’ sales will grow in the next six months, and 37 percent expect profits to rise. Six in 10 say their businesses are meeting or exceeding their sales expectations, and eight in 10 are optimistic about their businesses’ future prospects.
Women business owners have reason to feel good. According to the survey, in the most recent 10-year period, the number of women-owned businesses in the U.S. grew by 44 percent (twice as fast as men-owned firms) and, women-owned firms added 500,000 new jobs.
Despite these figures, just 41 percent of the women entrepreneurs surveyed plan to make capital investments in the next six months. Nor are they eager to take on new outside financing. Instead, PNC found, most women business owners are funding their businesses with credit cards and personal savings. Nearly 60 percent use a business credit card and 44 percent are using personal or family savings to finance business growth.
We all know it’s tough to get financing these days, but I think these statistics reflect ongoing issues among women business owners just as much as they reflect the state of small business lending. Many women entrepreneurs are reluctant to take on outside financing—whether because they want to keep their businesses manageable, don’t want to owe anyone anything, or don’t believe they could succeed at getting financing from banks, angels or venture capitalists.
And while bootstrapping your business is sometimes a smart idea (and sometimes it’s your only option), as your company matures failing to seek outside financing can hamstring your business and keep it from becoming a real player in your industry.
There’s also the irony that relying solely on your personal capital can put your personal finances at risk, explains Beth Marcello, director of Women’s Business Development at PNC, in announcing the survey results.:
“While women business owners often describe themselves as being debt-averse, those who rely strictly on savings and credit cards leave few options to weather downturns without cashing in personal assets or taking a hit to their personal credit history.”
PNC found that women business owners rely on an average of 2.7 sources of money to fund their businesses. Additional sources of capital include a line of credit from a financial institution (38 percent), personal credit card (34 percent) and a business loan from a financial institution (26 percent). If you’re not already doing so, Marcello says it’s crucial for women business owners to establish separate business credit and use it wisely. As you do so, keep in mind the four C’s of credit:
1. Capacity: What is your company’s borrowing history and track record of repayment? How much debt can your company handle?
2. Personal Capital: Good news for women who have bootstrapped their success: While banks don’t want you to put all of your personal assets on the line, having some level of personal capital invested in the business makes bankers more inclined to lend to you.
3. Collateral: Banks will want you to pledge business collateral, which can include real estate, inventory or accounts receivable.
4. Character: Banks are more likely to lend to business owners who have good credentials and references. Make sure your business credit report is clean and make all your payments on time to keep your reputation spotless.
If you have plans for expansion—as many women business owners in the PNC survey do—now is the time to start expanding your scope beyond personal sources of capital and laying the groundwork for outside financing.
Why Are Women Business Owners So Reluctant to Raise Their Debt Ceilings?
View full post on Small Business News, Tips, Advice – Small Business Trends
Business Owners Guide to Going Online
Jul 9th
Premier video course teaches business owners how to bring their businesses online without turning the entire process over to a design firm. 50% commission for this in demand product in the Local Marketing niche.
Business Owners Guide to Going Online
Women Small Business Owners Grow More Optimistic About Economy
Jul 7th
Women entrepreneurs are more optimistic about the economy than they were six months ago, according to the biannual Key4Women Confidence Index survey, conducted by the Center for Women’s Business Research in April and released in June.
Asked if they thought the economy would stay the same, worsen or improve in the next 6 months, 10 percent thought it would worsen (compared to 17 percent in the prior Key4Women survey in November 2010), 43 percent thought it would stay the same (compared to 50 percent in the last survey) and 47 percent thought it would improve (up from just 33 percent in the last survey).
The women business owners aren’t just talking about improvement—they’re putting their money where their mouths are. Among the other positive signs:
While just 14 percent had added employees in the first quarter of 2011, 42 percent plan to hire within the next 12 months.
In the past year, most entrepreneurial women have made significant investments in their businesses despite the economic crisis. These include:
- Increased marketing or advertising (57 percent)
- Creating new products and services (55 percent)
- Investing in technology (37 percent)
For the first time since the survey was first conducted in 2009 both the revenues and net earnings of the women business owners grew compared to the previous quarter.
Of course, they’re not out of the woods yet. Asked about the single most important problem facing their businesses today, 31 percent say poor sales, followed by competition from large businesses (17 percent) and taxes (10 percent).
Other challenges respondents cited include:
- High energy and commodity costs. Some entrepreneurs are reluctantly passing these cost increases on to customers.
- Health care. With the fate of reform uncertain and costs rising, this is a big unknown for many of those surveyed.
- Cash flow issues. With customers taking longer to pay, maintaining cash flow has been an ongoing concern.
Also worrisome is that fewer women business owners are seeking financing for their businesses. The report notes this could indicate a lack of willingness to grow their businesses, difficulties in obtaining financing, or a belief that financing is not available to them. Just 31 percent of respondents got “all, most, or some” of the credit they were seeking in the last six months, while 16 percent got none, and 54 percent were not seeking credit.
For more information, read the Key4Women Confidence Index.
Women Small Business Owners Grow More Optimistic About Economy
View full post on Small Business News, Tips, Advice – Small Business Trends
Marketing for Hair Salon Owners
Jul 3rd
High quality ebook paying great commission of 60% per sale. Brilliant affiliate support offered with articles, reviews, PPC and many more tools supplied for you to copy and paste and start selling fast. Perfect Niche right now so don’t miss out!
Marketing for Hair Salon Owners
77 Percent of Small Business Owners Love What They Do: Do You?
Jun 20th
I remember the first “Sex and the City” movie (sorry, guys—it won’t take long) where Jennifer Hudson, who played Carrie Bradshaw’s assistant, said, “Love is the thing you know.” It stuck with me. When it comes to business, I would add that joy is too.
We spend too many hours a day on the job—whether for someone else or for ourselves—to hate it. (Don’t we?) We need to take joy in what we do if we intend to make it for the long term.
How do you feel about doing your own thing? Some 77 percent of small business owners in the Small Business Happiness Index by Vista Prints are either “very” or “extremely” happy about running a business and working for themselves. (The survey focused on 900 U.S. microbusinesses with one to 10 employees and less than $100,000 in annual revenues–primarily home-based businesses.)
Are you still in love with your business or is the feeling fading? And if it is, what can you do about it?
Just because you love it doesn’t mean it’s not hard work.
Almost half (47 percent) of those surveyed for this index indicated that they are working more hours this year than they did in 2010. Many of us understand the difference between the job and the business. It is easy to double your workload when you start a small business, both out of necessity and passion. When you have a need, a vision and a love for the business, it is easy to slip into long hours. And if your heart is really in it, it won’t even seem like work.
But it is work. And there has to be some kind of downtime (lesson learned the hard way). The cool thing about having your own business is that choice to balance is yours.
Just because you love it is no excuse to be sloppy with it.
You know the (scary) business model that has the kind of organization that only you can understand? You may understand it, but it is still a bit of mess, especially if you are talking about future teamwork. We still need systems and structure that allows people to help us. Because the day will come when you take that long overdue vacation, and you want the business to improve while you are gone, instead of falling apart.
Just because you love it doesn’t mean your children will too.
It’s the documented systems and structure that make it possible to sell your business one day (should you choose). That same structure makes it easier to pass it on—should you choose a legacy instead of a sale. Why leave a mess, when you could leave a mission and a system that your children could carry on (or sell) without giving up their own dreams?
Are you happy with your business?
77 Percent of Small Business Owners Love What They Do: Do You?
View full post on Small Business News, Tips, Advice – Small Business Trends
