Small business owners often struggle to retain their most competent workers. Why do good employees leave? It is true that some employees quit for better-paying jobs or to join a company that offers them the opportunity to utilize their specialized skills. But there are many who leave simply because they are not happy in their current job.

Question 3: How well do our services fit in the market? Is it possible to create a new market for our services?   In this third part of our market assessment series, we’ll talk about the importance of a company’s products or services “fitting” in the new market. Will Caldwell, founder and CEO Dizzle explained on Entrepreneur Magazine that it is a challenging and time…

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Getting your loan application approved by a bank is not easy. After the great financial crisis of 2008, banks have tightened their credit norms and instituted a practice of scrutinising each request for funds very carefully. Consequently, small businesses find it increasingly difficult to obtain a bank loan or a line of credit.

Question 2: Conservatively speaking, how much market share can we take and what’s that worth to our company in terms of finance and other factors? This is the second post of our market assessment series that explores the questions a company must ask when analyzing a new market. In the first post, we talked about the importance of knowing a market’s current and potential size….

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A successful business often tends to add costs indiscriminately. Business owners get blinded by the fact that their company is rapidly growing its revenues while maintaining a healthy bottom line. This lax attitude percolates down to employees who start incurring expenditure that does not provide any real benefit to the organization. In many instances, company staff do not even provide customers with a basic level…

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Question 1: What is the market’s current size? And what is its potential size? Will the market expand or contract, and why? This is the first of an 8-part series focusing on the questions a business should ask when assessing a new market. The ability to carefully estimate the market size is crucial to successfully entering a new market. Too many business owners rush into…

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An established business that is planning to grow its volumes invariably requires cash to finance its expansion. Given the fact that there are hardly any companies that have recorded a rapid increase in sales using their own funds, it is important to develop a strategy to secure money from external sources. Experienced entrepreneurs know that the challenges in raising funds are many. Here are some…

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A Guide for the Shifting Business Write up by Katie McBeth and infographic provided by Maryville University Online MBA Program Our world is constantly changing, and businesses are not immune to these shifts in ideas or technologies. Sometimes the changes are gradual, and can be implemented over time. Other times these shifts are abrupt, and – if not handled properly – can be catastrophic. However…

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Entering a new market is a crucial step. It’s true for multi-billion dollar conglomerates, and its also true for service-based businesses with revenues between $1M and $50M. Yet, quite a lot of companies are unable to perform a comprehensive analysis of the market they’re thinking of entering. From the potential size of the market to the behaviors and strategies needed to grow in that market,…

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Every small business prepares a budget on an annual basis. For some companies, this exercise provides a dynamic and powerful tool to monitor financial and business performance during the course of the year. But for other firms, preparing a budget is merely a routine activity that is carried out without much thought or deliberation. The companies that adopt the latter approach are losing an opportunity…

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So you have had your business for a number of years and you are successful for all intents and purposes. You have an excellent product, you have an active client base that purchases from you regularly. You know how and where to get new clients and how to keep the ones that you have.  Your team is pretty stable; you have a low turnover rate….

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Whether it is through the impact of social media or the increasing efficacy of crowdfunding, the power of collaboration is evident. Smart entrepreneurs and business owners are well aware of the advantages of collaboration, especially for expanding their businesses.

Designing a compensation plan for your employees can be a challenging task. The amount that you pay your staff should be close to the market rate. At the same time, it is essential to link salaries with performance. Employees should not get the impression that they will receive the same salary regardless of the quality or volume of their output. An effective compensation program is one…

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Expanding your business is almost always on an entrepreneur’s agenda. Whether it’s increasing your revenue from $1 million to $10 million or beyond, your decisions regarding how to expand are crucial. Ascertaining the right time to grow is one of the key qualities of successful entrepreneurs. Business expansion comes with some inherent risks and your ability to identify the ideal conditions for growth will determine…

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Every small business owner knows that workers with a positive mindset are more productive and engaged in their jobs. Their optimism and can-do attitude can translate into higher customer satisfaction, contributing to greater sales and more profits. Here are some tips on how to improve productivity by investing in your employees.

Human resources can be the biggest operating expense for many businesses. A typical profitable company spends about 15 to 30 percent of its gross revenue on payroll, a number that can rise to 50 percent in service industries, according to Second Wind Consultants. This includes money spent on salaries as well as insurance benefits, retirement benefits and taxes. When these expenses are factored in, the…

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