Businesses tend to keep all their money in one bank, whilst another will be the home of their debt. However, due to the recession and the current state of the global economy, banks are no longer offering enticing savings rates; instead they are increasing their interest rates, ultimately portraying a false economy and causing many businesses to lose out.

Whilst it must be extremely tempting for company directors and CEO’s to spend almost every penny they have on repaying loans and attempting to get slowly back into the black, in practise this can be harmful and leave the business in a worse situation. Seeking professional financial advice is highly advisable and will help a company determine which debt management plan is right for them.

CVA

A company voluntary arrangement, a legally binding contract between a creditor and a debtor, focuses on a more affordable monthly payment by the debtor. The creditor must agree to the terms and conditions of the proposed amount but it is important to remember that however little the amount is, the payment is still being made. This particular debt management plan can wipe off up to 45% of a company’s debt and will be one of the first options mentioned by advisors.

Pre Pack Administration

This process, commonly referred to as phoenixing, is one arrangement that a creditor will be reluctant to accept, although additionally, the only option that does not require a creditor’s permission. A new company is set up and trades in the place of the insolvent business, subsequently buying the assets of the failing business which is eventually liquidated.

IVA

An individual voluntary arrangement (ideal for the self-employed) is another agreement that consists between a creditor and a debtor, only this time the individual can make an offer to the creditor, either in the form of a lump sum or as part of on-going monthly payments. This type of arrangement exists for a total of five years, after which the remaining debt has to be written off.

Financially troubled companies need to be aware that creditors do not want to see a business fail as they would be less likely to receive any of their money back from them. Debt management plans can often be sought amongst creditors and, with the right advice and plan, struggling businesses can continue trading whilst paying off debt in smaller, more affordable payments.

A couple of decades after World War II, business people everywhere woke up to a sobering realization: competition had gotten out of hand. The days of being the sole storefront on the block, or being one of just a handful of business listed in the Yellow Pages or an online directory are long over.

In today’s fast-paced business world, competition among small businesses is not just hectic; it is often cutthroat. Reaching out to customers has turned into in an exercise in creativity and business moxie. Getting prospects, customers and clients to notice you amidst a sea of competitors calls for innovation and proactive measures. Here are five ways to set your small business apart from the rest and to stay one step ahead of the competition:

1 – Seek Professional Advice from an Expert

A passion for business is not enough. Small business owners these days are increasingly turning to advisers and consulting services to help them stay relevant and unique in their chosen industry or their market.

Small business consultants face many of the same obstacles that you do. They tend to follow the same strategies that they will recommend you follow in order to set your business apart from the rest. One of the valuable services that business advisers provide is identifying strengths and weaknesses that are often missed by a business owner. Hidden strengths can be the key to make your business unique, and a consultant can not only point them –he or she can advise you on how to use them effectively.

2 – Stay on Top of Marketing

The strong focus of marketing these days is on cultivating the right Internet presence for your business. This is especially the case for small business owners who offer new products. When it comes to launching a new product, online marketing should be an ongoing concern. This is where many business owners miss the mark: they choose a few avenues for Internet marketing, thinking that getting the word out to select audiences will do the trick.

Following up on Internet marketing efforts is essential. If the chosen marketing medium happens to be Google text ads promoting a new product, the business owner should be on top of how the campaign unfolds, from clicks to direct responses. Analyzing the results of the campaign can shed light into future marketing strategies.

3 – Don’t Ignore Traditional Media

Just because we live in an Internet-connected world, it does not mean that you should completely ignore traditional media outlets like newspapers and radio. There is a reason why they are still around, even though their presence has been diminished. If anything, advertising on radio or newspapers can be what sets you apart from competitors who have opted not to use traditional media.

4 – Network with the Right People

Business networking should go beyond your chosen industry. What about networking with prospects and existing clients? Online social networking is great for this purpose. A Facebook profile for your business can go a long way in setting your business apart, but only if your presence is meaningful and relevant to the interests of your customers.

5 – Look at your Competitors

This is a great advantage that the Internet has brought to small business owners: the ability to stay abreast of what the competition is up to. The key is to look proactively; for example, if a competitor offers a service or a product in a market that is saturated, you may want to look elsewhere for better effect.

A business should be dynamic to stay relevant. Make it a point to evaluate what does not work and make a conscious effort to improve. Just growing your business can be a great way to set yourself apart from the rest.

Jessica Alan is a small business consultant and guidance counselor earning an online counseling masters degree while working full-time.

Whether your operations are in one location or multiple states, sales taxes are something you are dealing with already on some level. However, if you are also selling online you may not realize the scope of responsibilities your company already has in this regard – or those it may be taking on in the near future.

How Nexus is Determined

If you are selling within the state in which you are licensed (this is your nexus), then you already have a sales tax identification and are collecting, reporting and remitting taxes collected from your customers.  You will want to update any changes in your company information to avoid potential duplication from the tax office.  If you relocate to another state be sure to complete the deregistration process, or it could become an administrative nightmare.

On the other hand, if your nexus hasn’t changed but you are selling online to remote consumers, you may also be responsible for collecting taxes for other states.  Though nexus is technically defined as a “tangible” physical presence, a particular state may narrow the line further.  If you have salespeople or employees working in any other state – or you are housing inventory or leasing property outside your own nexus – then you may need to register and collect sales taxes there as well.

Location, Location, Location

If you’re selling within your own nexus, a tax tables booklet may be sufficient – but then again, maybe not.  Sales and use taxes are charged according to physical locations, not just zip codes – and even zip+4 codes are not always accurate.  Keep in mind that zip codes can change randomly and are only assigned to addresses deliverable by the U.S. Post Office.

Aside from state and county lines there are city borders, special use districts, transit districts, and more.  Tax rates can vary within these areas, even though the zip code is the same for them all!  There are also tax exemptions of some products and organizations to consider, as well as sales tax variations within certain industries; software, food, digital goods, services and medical equipment to name a few.

The Best Attempt at Getting It Right

In 2000 Congress adopted the Streamlined Sales Tax Project, allowing voluntary registration and attempting to reduce the bookkeeping and expenses a company would incur from the collection of state and local sales taxes. Its registration is handled with the SSUTA (Streamlined Sales and Use Tax Agreement). Another function of the SSTP is to certify sales tax administration software for use in businesses.  There are 2 types of software, CSP and CAS; both having unique benefits.

1.  Certified Service Provider (CSP)

CSP software determines which products and services are taxable, and at what rate; it can integrate with your accounting system and shopping cart, file the tax return and pay the sales taxes on your behalf.  Each CSP company is certified by, and under contract with, the SSTP’s governing board to provide these administrative tax services.

2.  Certified Automated System (CAS)

This system is used by a business that prefers to have its sales tax functions remain inside of its own firewall.  Per the SSUTA, it must “calculate the taxes, determine the amount to remit to the appropriate state, and maintain a record of the transaction.”  The CAS can also integrate with your accounting application.  If you use this system, your business remains responsible for the proper filing of returns and timely remitting of the collected taxes.

Though there are two new bills in front of Congress that could alter the SSTP, it currently is the “gold standard” for at least the 25 states that have joined its ranks thus far.  The political sparring of 2011’s Main Street Fairness Act and Marketplace Equity Act may continue indefinitely – meanwhile the SSTP is your best bet for accurate compliance.

Author Cherrell Tarantino writes for AccurateTax.com, an SST certified service provider of software for sales tax and experts on internet sales tax compliance.

It’s hard to imagine that just a couple of decades ago, most people couldn’t tell you the first thing about credit scores. Of course in the years since then, we’ve been bombarded with ads for scoring services practically everywhere we look. As a result of the increased awareness, most consumers knows what a good credit score range is nowadays.

But what about business credit scores? Because they’re rarely talked about, the vast majority of people have absolutely no clue what a good business credit score is. Here’s what you need to know about them.

Numerical Range
Unlike a consumer FICO score which runs on a 300-850 range, a business score operates on a completely different range – from 1 to 100 for a Dunn & Bradstreet PAYDEX Score (which is the most popular business scoring model used today).

So what’s a good business credit score? Well it’s a lot more intuitive, that’s for sure. Think of it as letter grading, where every 10% equals a different grade: 90-100 is excellent, 80-89 is good, 70-79 is fair, and so forth. Most lenders like to see a 75 or higher.

Scoring Formula
With consumer credit scores, there are dozens of different components factored into the algorithm. However the PAYDEX formula is relatively straightforward – it’s based on how quickly the business pays its creditors and suppliers. The faster you pay, the higher your score will be. To give you an idea, here are the payment expectations for the first five tiers:

• 100 – Payments may come early
• 90 – Payments generally come within early payment discount period
• 80 – Payment is prompt
• 70 – Payment comes 15 days beyond terms
• 60 – Payment comes 22 days beyond terms

In order for the score to be calculated, D&B requires you to have at least five trade accounts on record with them. The formula gives greater weight to accounts for higher amounts. For example, if you have a trade account at $10,000/month, that’s going to be weighed much more heavily than two accounts at $100/month.

Other Models
Although the D&B PAYDEX is by far the industry leader, the credit bureaus Equifax and Experian are also popular for providing business scores. Their algorithms tend to be more complex since they also factor in things like credit utilization and company demographics.

• Equifax’s Small Business Credit Risk Score – This is a bit different than PAYDEX, in that it focuses on how likely a business will incur a 90+ day delinquency or charge-off on financial service accounts within the next 12 months. Its range is 101-992.
• Equifax’s Small Business Credit Risk Score for Suppliers – Same goal as above, but this one is for suppliers. The range is 101-816.
• Equifax Business Failure Risk Score – As the name implies, this specifically analyzes the likelihood of whether or not a company will go under within the next 12 months. Its range is 1,000-1,880.
• Experian’s Intelliscore Plus – This is another model  that focuses on the chance of a company being 90+ days late (or worse) within the next 12 months. For example with a score of 96-100, the bad debt rate is 0.83% (99.7% good debt). The range on this one is 1-100, which is the same as PAYDEX.

More Than a Number?
Something to keep in mind is that your business creditworthiness goes far deeper than just a number. All the number does is predict the likelihood of payment on a trade account. If you think your loan or credit card application will be approved solely based on that, think again. D&B reports also assign ratings on your report for financial strength, number of employees, and more. You can view them here.

Furthermore, many creditors will do things “the old-fashioned way” and check references, in addition to the score. I have a friend who worked at a small skin care product manufacturer with about $10 million in annual sales. When selling their products to distributors, he said the primary way they gauged creditworthiness (in addition to scoring) was by requesting letters of recommendations from other trade accounts.

Meanwhile when it comes to loans, credit cards and mortgages, your company typically will need to have a robust credit file and revenue history. Learn more about getting SBA loans.

Mike researches and rates the best credit cards on Credit Card Forum. When it comes personal (non-business) scoring, he recently wrote a guide about what is considered a good credit score for consumers/individuals to have.

Small business owners these days are besieged by multiple offers of innovative marketing strategies, from social media to viral marketing and everything in between. While there is a lot of value in following modern online marketing trends, the Chamber of Commerce organizations around the country are often left out of the mix.

Think you know how a business credit card works? Well think again, because the answer isn’t intuitive!

Part One: The requirements for approval

First and foremost, the question I hear most often asked is “What are the credit requirements?” Most people don’t realize that in order to qualify for a business card using only their business credit, their company will almost always need to have seven-figures in annual revenue, along with an established credit history.

For example, just to qualify for a Staples business card without a personal guarantee, the application says you must meet one of the following requirements:

• Corporation with more than $5 million annual sales and in business for at least 3 years,
• Government entity,
• School, or
• Non-Profit organization.

In other words, if you are a for-profit corporation/LLC, you will need to have some hefty sales in order to be approved solely under the company’s credit. Major credit cards from Chase, Citi, American Express, Bank of America and other major issuers also have similar requirements.

Most people don’t realize business credit cards work this way. But unfortunately that’s how it goes if you want to apply without using your Social Security.

Part Two: How they can (and cannot) build credit

You may also be surprised to learn that not all business cards will help build credit – neither for you or your company.

If you applied using a personal guarantee, then there’s a chance you have an account that doesn’t report to the business credit agencies.  For example, with American Express small business cards they do not report whatsoever. So if you were planning on to apply for say, the AmEx Business Gold Card to build credit, it won’t be able to do that for you.

However there are many issuers who report to the business credit agencies. Examples include all of the Capital One Spark cards, the Chase Ink Cash and Bold cards, and those from Citi and Bank of America. Even if you apply for those with a personal guarantee, they normally can be used to help build credit for your LLC or corporation, given that include your company’s tax ID on the application.

If you meet the requirements to apply without a personal guarantee, then rest assured all of them will help build your business’ credit (even American Express). But of course the predicament is fulfilling the qualifications so you can apply that way… obviously it’s not easy for new companies to do!

For that reason, you should check out small business financing in the form of loans to help build your company’s credit.

Part Three: How their laws and rules are different

All of us are familiar with the credit card reform laws which have gone into effect over the past couple years. However something many people don’t realize is that those new rules only apply to consumer debt.

Therefore if you have a business card account, there’s nothing legally stopping the issuer from those old tricks of interest rate hikes, unreasonably short grace periods, and the like. So if you plan on using the card for financing a large purchase and paying it off over time, be aware of that.

For this reason, using a card for long-term debt may not be the wisest decision. Instead, if you find a lender and borrow through a fixed-rate loan, it will probably offer more predictability than a credit card ever will.

Last but not least we have one more rule to discuss… what happens if you default on your business credit card? Well since most people apply with a personal guarantee, the rule is that the creditor can come after them personally, in the same way they could if they defaulted on a personal card. This is why, generally speaking, a business card can be risky… there’s no distinction between your personal debt and business debt.

Conclusion?

The best way to summarize how a business credit card works is putting them into two categories:

Those with a personal guarantee – These essentially operate the same as a personal credit card. The approval is based on your personal credit and if you default on the account, it will also ruin your personal credit.

Those without a personal guarantee – Also known as “corporate cards” these generally cannot affect your personal credit, regardless of what happens to the account. However the annual revenue requirements to get one of these is so high, most small business owners won’t ever have the opportunity.

As a small business owner himself, not only does Michael have quite a bit of personal experience with credit cards, but he also writes about them daily on his site CreditCardForum.com. On there he maintains a page featuring business credit card reviews for several of the major issuers. He personally uses the Chase Ink Cash card for his own LLC.

Wildly successful entrepreneurs and business leaders like Bill Gates and the late Steve Jobs did not graduate from college, but that does not mean that small business owners and entrepreneurs should refrain from pursuing a university degree.

Colleges and universities in the United States have been paying attention to the growing entrepreneurial mindset among Americans over the last several decades, and to that extent many universities now offer business programs that cater to budding entrepreneurs and small business owners.

A few organizations grade business schools on how their programs of studies cater to the entrepreneurial spirit. The list below is compiled from LinkedIn, the Princeton Review and the U.S. News & World Report.

The Top Ten American Business Schools for Entrepreneurship

1 – Stanford University in California seems to be the number one school for LinkedIn members who indicate their status as alumni and company founders. The U.S. News & World Report seems to agree, as it is number two on their list. One of the reasons why Stanford is producing so many entrepreneurs can be traced to the school’s dedication to advancing the fields of business and technology.

2 – The University of Houston and its Wolff Center for Entrepreneurship stand out as the best choice for students and working professionals looking for a solid education in business. This school offers a special Corporate Entrepreneurship Certificate that is highly valued in the business world.

3 – Babson College in Massachusetts features a strong focus on entrepreneurship through its F.W. Olin Graduate School of Business. For students seeking graduate programs, Babson College offers four MBA concentrations. Stephen Spinelli Jr., the co-founder of Jiffy Lube, is a notable graduate.

4 – Harvard University in Boston is a very prestigious name in the business world. Harvard’s focus on problem solving and real-life learning gives entrepreneurs education that is almost on par with experience. Many Harvard business graduates have taken leadership positions at major corporations, like James Dimon at JP Morgan Chase.

5 – At Baylor University in Texas, all faculty members are entrepreneurs. Tuition is very reasonable at this school, which is also known as the largest Baptist institution of higher learning. The John Baugh Center for Entrepreneurship offers two main programs: Innovation Evaluation and Family Business.

6 – The Sloan School of Management at Massachusetts Institute of Technology is considered an incubator for future prominent CEOs, like Carly Fiorina at Hewlett-Packard and John Reed at Citi. Entrepreneurship is a special concentration that can be complemented with MIT’s focus on high technology.

7 – Columbia Business School is not ranked by either U.S. News & World Report or the Princeton Review, but a significant number of company founders on LinkedIn are Columbia alumni. Like Harvard, Columbia is a respected name in the business world, and its Eugene Lang Entrepreneurship Center is well-known for its Executive MBA program.

8 – The Kelley School of Business at Indiana University – Bloomington is notable for its reasonable tuition and its commitment to integrate several disciplines into one MBA program. Entrepreneurship is just one of its fields of study; specialized MBAs in accounting and information systems are also available. The founder of Wikipedia, Jimmy Wales, is a notable graduate.

9 – The McGuire Entrepreneurship Program at the University of Arizona offers the lowest tuition of all schools on this list –under $9,000 per year in 2011. The entrepreneurial undergraduate program at the University of Arizona features a new Innovation Lab where students can work with the local business community and engage in real-life learning.

10 – The Marshall School of Business at University of Southern California counts two very notable Internet entrepreneurs as alumni: Chris DeWolfe, the co-founder of MySpace and Bradford Duea, president of Napster.

The field of entrepreneurship may seem very general to some prospective students, but the schools listed above offer very specific programs. It’s up to each student to carefully evaluate the different offerings and find one that appeals to his or her own entrepreneurial spirit.

Nicole Morgan is a small business owner and career counselor, she blogs for executivembaguides.org where you can find information about executive mba programs online. She enjoys finding her students unique career opportunities!

Owning a business is a dream for many people. Unfortunately, that dream can be dashed when business owners don’t properly plan their small business loan application. Below is a list of five reasons your Small Business Administration loan may be rejected.

1. Small business loans are made by banks and they have to be repaid. Therefore, one of the main requirements for a loan is the borrower’s ability to repay. The loan officer will base your ability to repay on your own cash flow analysis, as well as your financial statements. You need to have customers that actually pay, not a stack of accounts receivables.

2. Businesses without sufficient collateral to justify a loan may not be approved. If your loan is denied due to lack of collateral, the loan officer should be able to you how much collateral is required to qualify for the loan. Collateral is more important in high-risk loans. A strong business plan and adequate cash flow reduce the need for collateral. A personal guarantee from the owners is sufficient collateral for some loans.

3. Regardless of how great your idea is, and how much planning you put in to it, your loan application will likely be denied if you do not have sufficient industry experience. The loan application will ask for a copy of your resume and it will be reviewed by the bank. As with collateral, ask the loan officer what he is looking for in terms of experience. He should be able to give you a number of years’ experience that will qualify you for the loan. Another option is to bring on a partner with extensive experience in the field. You will be required by the bank to revise your business plan if you add a partner and that partner will have to submit to a background and credit check to qualify for the loan.

4. The bank will use the personal credit history of the business owners to determine eligibility for a small business loan. The bank will obtain a copy of your credit report, but you will be responsible for providing both personal bank statements and tax returns. A business loans are not as easy to qualify for as no faxing payday loans. Your personal credit history is a direct reflection of how you manage responsibility. If you pay your bills on time and manage credit wisely, you will be a good candidate for a SBA loan. If not, you will be denied and will have to spend a lot of time rebuilding your credit before you can reapply for a business loan. Find out your personal credit score and those of any other owners of the business. The FICO scores of the owners should be over 700 before applying for a loan.

5. If your business plan does not give the loan officer confidence that your business can succeed and you can repay the loan, your loan will not be approved. Business plans have to include financial statements, either actual or projected. Your business plan should make clear how much the owner is personally investing in the business.

Matt is a freelance writer for a website that provide consumers with no faxing payday loans to fix their immediate financial needs.

Even though the current economic recession was predicted by many financial experts, the size and extent of it still took the whole world by surprise. After all, no one could have predicted that the seemingly never-ending highs in the stock market and gains in  the real estate market could turn to such long-term lows in a matter of a few weeks. However, the reality is that we are now well into a global recession and some experts are even predicting the possibility of that recession turning into a longer, more serious depression.

In such a bleak economic scenario, it is of course natural for people to worry about themselves and their families. Surviving a recession is not easy for the best prepared of us and prospering in such an economic climate is even more difficult.

Tips on prospering during economic downturn

• The most essential thing people need to do is stay calm and not panic. History has shown us that every recession is followed by an upturn, even though it may take a few years for things to get better. Therefore, no good can come from panicking and most people take wrong decisions when they are gripped with fear about the future. Panic selling in the stock market will only lead to losses and nothing more. Hence, investors should hold on to good stocks if possible but should weed out the bad stocks from their portfolio. This is also a great time to pick up valuable stocks for pennies. People who prosper from an economic downturn are usually the ones who know which stocks to pick and who do not shy away from investing even during a recession.
• Another great way to prosper from the recent economic downturn is to invest in real estate. Yes, the real estate bubble has really come crashing down, but property prices have never been more attractive than they are now. Interest rates are also at an all time low, making loans that much cheaper. Hence, identifying good properties that will appreciate when the economy gets better and investing in such properties is a good way to prosper from a recession.
• If you do not have funds to buy stocks or real estate, then a network marketing business is a great way to get out of an economic downturn. As the initial investment for such a business is extremely low, it is feasible for most people to join a network marketing business. And since more and more people are looking for work opportunities in a recession, growing the network to become profitable is also very achievable.

With the help of these tips, people can not only survive the recent economic downturn but also prosper from it. And here’s something worth remembering – more millionaires are created in a recession than in any other economic climate. Keep your nerve, invest wisely and you could find a recession is not only a time for economic survival, but also one of considerable profit.

Esther is a financial journalist and blogger who writes regularly about the economy and consumer finance. She covers everything from small business advice to investing to mortgages and tax. She also writes for Paydayloansuk.org.uk.

Working from home can be a great opportunity. It can also be a detriment to your business. Many people work at home, successfully creating a business, while others find that they simply can’t concentrate. If you fall into the latter category, there are ways that you can boost your productivity. Here are five things to do to make working from home as productive as working from the office:

1. Remove Non-Essentials

One of the first things to do when working from home is to evaluate your work space. Is it cluttered with personal items? Does your home office scream work or does it quietly whisper in your ear about all of the things you could be doing instead?

Unless it’s needed for the work that you do, remove the television, radio, books and knickknacks that you find distracting. There’s nothing wrong with adding a few personal touches but if your home office is turning into a place to watch television and fold the laundry, something needs to change.

2. Get Ready For Work

Even though you won’t be physically leaving the house to go to an office, get up and act as if you were. Set your alarm for the same time every day, eat breakfast, take a shower and get dressed. Those who have a successful home business know that this tip works; somehow it triggers your brain into work mode! If you don’t believe it, try it; you’ll see how much more productive just the simple act of getting ready for work can make you.

3. Set Your Hours

Many people who work from home have to put up with inconsiderate friends and family who don’t understand that they are actually working, not sitting at home waiting to be interrupted. By setting work hours, you are better able to let your friends and family know that from 8am to 4pm you are not going to be answering the phone or the door.

If telling immediate family that you won’t be answering the phone makes you feel out of touch, consider buying a prepaid cell phone. Give your spouse and children the number for emergencies only. This way, you can be comfortable not answering your main number during your business hours.

4. Organize Yourself

On Monday morning, set aside an hour or two to organize for the up-coming week. Organize your office from the week before, answer any emails that you put off and return phone calls that weren’t urgent. Set your schedule for the coming week and decide on an order of obligations. By doing this on Monday morning, you’ll avoid having to spend time each day getting your office ready for work.

5. End Your Day

It’s incredibly easy to work non-stop when all you have to do is walk down the hallway to do that one last thing. Once you’ve set office hours, that’s when your day stops. Shut down your computer, turn out the lights and close the door tight. You wouldn’t spend every waking hour at the office, so don’t do it at home! The better you get at organizing your time, the easier this will be. Just as you let your friends and family know your schedule, let your clients and customers know the same.

You can be productive at home if you know how to organize your space and your time. Get rid of clutter, get organized, dress for success and set a schedule. When you do these things, you’ll see your productivity quickly skyrocket!

Amanda Peters is a home office coordinator, offering her expertise on everything from drafting tables to multi-tiered shelving units.

Being an entrepreneur is all about being prepared. You aren’t going to succeed when you’re floundering over the unexpected. You have to be ready to tackle anything. Like a warrior going into battle, you need good armor and weaponry if you want to win. Leave those necessities behind, and you’re sure to be defeated. While you’re all about taking risks, you don’t want to risk being ill-equipped.

Especially in the early stages of starting your own business, you’re going to be all over the place getting things done. While you’re away from the office, there are certain things you never want to leave behind. Here are the six things every entrepreneur needs to carry on them at all times.

Business Cards

Make sure you always have multiple business cards with you. You never know when you’ll get a chance to hand one out, and there’s nothing worse or more unprofessional than opening your wallet and saying, “Oops, I don’t have one on me right now.” Don’t ever forget to refresh your stock when you’ve run out, or you could miss out on important opportunities.

Pen and Pad

Yes, your smartphone can help store all your notes and anything you want to jot down while you’re on-the-go. But don’t forget the classic pen and pad; they’re not as outdated as you might think. There will be times when grabbing a pen and handwriting a note is much more convenient than opening an app, and you don’t want to be unprepared.

Smartphone

This one goes without saying. What entrepreneur wouldn’t have their smartphone on them at all times? It’s a modern necessity. Your smartphone keeps you sane and organized, and it gives you access to important things like your calendar, email, and the Internet anytime, anywhere. If you don’t have your smartphone, you might as well go home.

Breath Mints

Seriously, make sure you always have some breath mints in your pocket. After you eat lunch or have your second, third and fourth cups of coffee, your breath is going to need to be refreshed. When you’re talking to customers or investors, it will be a total turn off for them if your breath is offensive. Always pop in a mint, and check your teeth for spinach, too.

Cash

This might seem like another no-brainer, but too many entrepreneurs rely solely on credit cards when they’re on-the-go. Whether you’re meeting a client for lunch or picking up some supplies, make sure you have a modest amount of cash on you. You never know when you’ll need it, and you’ll seem more successful whenever you whip out a few Benjamin’s.

Universal Charger

Okay, so you don’t want to carry this one around in your pocket, but at the very least you need to keep it in your vehicle at all times. You can get a universal USB charger that plugs into your car’s power source, and it will recharge your smartphone, laptop or tablet. Don’t forget this, or you risk finding yourself without access to your devices when you need them most.

Samuel Brown provides small setting business owner education aimed at overcoming the hurdles experiences by novices. For peace of mind in writing he relies in Grammarly grammar checker the most sophisticated and accurate proofreading and spelling tool on the web.

Do you believe that employee attitude affects your bottom line? If you don’t, you could be making a big mistake. Employee morale is one of the most important factors when it comes to driving your business. It has been proven that happy employees equal higher profits. It’s time to start paying attention to the morale within your company.

If high employee morale is the key to your company’s success, how can you ensure that you have happy employees? Here are five great ways to ensure that your employees perform at their best, every single day:

1. SOP’s

Standard Operating Procedures, or SOPs, are the key to running your company well and keeping the morale of your employees high. By implementing procedural standards, you will immediately let your employees know what is expected of them as a group and in their individual roles. When employees understand their role within your company, they are more content and, in turn, you will see an increase in productivity.

Writing your SOPs is a balancing act, you don’t want them to be extremely wordy, but they should be detailed enough so that any employee can easily understand what is expected of them. When employees know how to do their job correctly, they are more confident in their ability and happier in their assignment. If you do not have experience writing SOPs, it would be in your best interest to hire a professional consultant.

2. Lead by Example

You are the person that your employees look to for an example. If you expect your employees to be productive then you, too, must be productive. If you find that your life outside of work is interfering with your life inside of work, you need to make adjustments immediately.

3. Acknowledge Hard Work

The key to being a good manager is to acknowledge hard work. Make it a habit to thank your employees for a job well-done. Studies have shown that acknowledgement is one of the top factors in feelings of pleasure when it comes to the job that a person holds. You should expect your employees to complete their assignments on time and correctly. You should also acknowledge the work that your employees do for you.

4. Don’t Play the Blame Game

If an employee makes a mistake, the first thing to do is to correct the mistake. The second thing to do is to find out why the mistake was made. Did the mistake occur do to a lack of training? If so, the blame lies on your shoulders. When an employee completes a task incorrectly, do not point the finger of blame. Correct the employee in a positive way and take the necessary steps to be sure the same mistake is not made again.

5. Communicate

One of the biggest causes of employee dissatisfaction is a lack of communication from, and with management. Set aside time at the beginning of your day, and again at the end of your day, to answer emails, memos and voice-mails. You can’t share everything with your employees and you can trust that they understand this. However, your employees do deserve answers to their questions and should expect to receive those answers in a timely manner.

Employees that are satisfied with their job will have a positive outlook during their day. Employees with a positive outlook will treat your clients and customers as they should be treated. When your clients are treated with respect, they will continue to utilize your company for their needs. It’s a circular effect. If you expect to see your business thrive, and your profits grow, you must start from the bottom up.

Author James Thomas offers his advice on everything from how to make money with online surveys to choosing a hosting account for your next website.

Liability and risk are two factors often neglected by new entrepreneurs and small business owners alike. This lapse is usually caused by the high level of enthusiasm and positive vibes surrounding a new business venture. The importance of investigating the potential liability of a new enterprise is underscored by the fact that entrepreneurs seeking for initial financing, be it in the form of venture capital or a small business loan, will not get too far without a sound risk assessment to present to investors or lenders.

Understanding the Basics of Liability

In a highly utopian business world, risk assessments and liability insurance will probably not be required. The sad reality is that we live in a world that is highly monetized and litigious, and all modern businesses are ripe for becoming the target of a lawsuit. There are several highly lucrative industries dedicated to profiting from, or protecting against, the myriad pitfalls of business liability. Insurance companies and legal experts dedicated to business liability are constantly busy, and although tort reform seems to be a perennial hot-button issue in legislatures around the world, there seems to be no indication that the business liability cycle will ever be broken.

Business liability comes down to thinking about the actions of a company and how they could negatively impact other entities. Entrepreneurs must take a look at their business operations and evaluate just how much harm can be caused to clients, customers, employees, competitors, vendors, lenders, and even the community.

Any element of a business can cause a loss to someone or something else. Think about the owner of a small local flower shop that places his or her personal vehicle into service to perform deliveries around the neighborhood. A number of things can go wrong with that car, from small traffic accidents to vehicle theft. Those are just two real-world examples of risk, and they could both carry substantial liability to the flower shop owner.

General and Specific Liabilities within a Small Business

Insurers that provide general liability insurance for business owners base their policies upon the work of actuaries, professionals dedicated to the complex statistical study of risk and its impact on different industries. By looking at the rate of incidence of incidents and accidents that can result from the operations of certain businesses, actuaries and insurance companies have determined that certain liabilities such as errors and omissions, negligence, discrimination, equipment damage, workers compensation, and others are likely to occur in just about any company. Those are general liabilities that can be covered by one policy.

Specific liabilities are particular to certain businesses. In the small local flower shop example above, a unique liability aspect could be the expensive refrigeration equipment and the likelihood of it breaking down during a busy holiday like Mother’s Day. Many insurance companies provide specialty business liability policies that protect against such specific risks.

Liability Reduction and Insurance

Once business owners have identified the general and specific liabilities at their companies, the next step should be to look for ways to effectively reduce risk and protect themselves.

For our flower shop owner, the possibility of getting into a fender-bender accident during a delivery will always be present. If the vehicle used for flower deliveries is still in the name of the business owner, this will entail a huge liability. A smart way to reduce this liability would be to transfer ownership of the car to the company so that it can be registered as a business asset. This would offer an additional level of protection for the flower shop, since the car can be covered under the general liability policy. An even smarter way to reduce liability would be to obtain a standalone policy for the delivery vehicle.

Be sure and take the time to assess your business and take stock of the potential liability. If you do this before you jump in, it will surely save you time and money in the future!

Author Sandy Landsford is small business owner and accountant that blogs for www.carinsurance.org.uk, where you can get a quote for cheap car insurance!

In business, every opportunity to advertise and get your name out to more people is an opportunity that should be taken. One opportunity utilized by thousands of companies and organizations is the use of promotional t-shirts; this method has been used for products ranging from soft drinks, to building supplies and even rock bands. There is a reason for this, the benefits. There are a lot of advantages to using promotional t-shirts in marketing, and especially in branding your business. Here are a few of those benefits to help your company make the decision on whether or not promotional t-shirts are right for your marketing strategy.

Low Cost Marketing:

One of the main reasons promotional t-shirts are so popular is the cost. With screen printing and the low cost of materials, companies and individuals can order a large amount of them at minimal cost. The average t-shirt ranges from $.30 per shirt, up to $1 for front and back printing in full color. Higher quality fabric can also be used for additional charges. This means you can order a large volume of shirts for promotional events, or to have your street team to hand out.

Visibility:

The entire reason promotional t-shirts are effective is the visibility they get on a daily basis. As people wear your shirts, those they come in contact with are able to see your company, logo, or message. This creates opportunity for new customers and an increase in brand acknowledgement. If you are looking for a marketing method that allows more people in more areas to see and learn about your company, promotional t-shirts can offer just that.

Versatility:

One of the most important aspects of any advertising method is versatility. As your company changes you want your marketing to change as well. Promotional t-shirts are the kind of advertising that can grow and change with your company. As your style, direction, and business changes you can order new shirts to reflect those changes.

Variety:

Whether you want to launch a new product or service, add a special event, or just celebrate the 10^th anniversary of your store being opened, you can make a t-shirt for that. The variety is there to match whatever your custom needs are. Just like a television commercial, your shirts can reflect whatever is new and happening with your company. This is another reason so many businesses count on the t-shirt as one of their main sources of marketing.

Ease of Distribution:

Unlike flyers and pamphlets, t-shirts are a welcomed promo item. You can distribute your shirts in your shop, during conventions, or even just on the street. Hardly anyone will turn down a free t-shirt; as a matter of fact you probably can’t hand out enough. It is easily distributable and even requested by those passing by.

Residual Marketing:

Unlike other methods of advertising that are short term and temporary, promotional t-shirts offer residual advertising that lasts longer than flyers or pamphlets. The average low cost t-shirt can be worn 60 times before it is thrown out. That gives you 60 days or more of advertising for the low initial cost.

If your company is looking for a method of advertising that is as versatile as the company itself, then promotional t-shirts may be the route to take. Take your time in choosing a supplier, designing the shirt, and consider the amount of shirts you will need. Many printing companies will offer a deeper discount if more shirts are ordered. Promotional t-shirts have long had their place in proper and effective marketing, and that will not change as long as companies rely on this low cost advertising method.

Tina Alvarez is a marketing consultant and really enjoys branding ideas like personalised t shirts and work wear, to get your name out in front of the public.

The sad loss of Apple co-founder and former CEO Steve Jobs in 2011 sparked a wave of attention focused on his extraordinary life as a visionary entrepreneur. Many detailed obituaries and biographical articles made mention of the fact that Steve Jobs dropped out of Reed College in Portland, Oregon after just one semester. Jobs, however, continued learning by auditing courses he deemed interesting and helpful to his career; such as calligraphy, a subject he credited when he implemented font aesthetics on the graphical user interface of early Macintosh Computers.

Jobs never stopped learning. In his youth, he left the suburban comforts of the American West Coast for India, where he would spend a few months learning spiritual matters. Back home in California and working at Atari, Jobs continued learning and innovating on his own. It is clear that he was not only a genius, but also an avid autodidact. His approach to lifelong learning is, without a doubt, one of the most important foundations of his incredible entrepreneurial success.

A great number of books concerning the legacy left by Steve Jobs in the business world will be published for years to come, and many of them will surely touch upon his business acumen and leadership, but if there is something every business owner and entrepreneur should emulate from Jobs is his penchant for learning. Running one of the most successful and influential technology companies in the world must have consumed Jobs’ life, yet he somehow always found time to learn something new, even if he never formally returned to college.

Lifelong learning

Getting a business degree is one of the best things an entrepreneur can do to augment his or her commercial success. The value of education is indisputable, particularly in the business world. Attending classes at a community college or university are great opportunities for networking, and there is also the legitimacy factor: the owner of a small architectural firm, for example, will be a lot more credible to clients and investors if he or she has a degree in Architecture.

Launching a new business can be a learning experience, and the opportunities for learning new things continue as the company matures, but such experiences are often limited to the scope of the business. Quite a few entrepreneurs who wonder why their businesses fail to expand rarely stop to think how education can help them grow. Strategies for entering new markets and adapting to the globalization paradigm are subjects typically covered in a college business curriculum.

Business Degree Advantages for Entrepreneurs

Education has been one of the greatest initiatives undertaken by President Barack Obama’s administration to stimulate the sluggish United States economy. To this extent, it is easy to see that underwriters evaluating an application for an SBA loan will consider a degree an important asset. The personnel plan and executive team portions of the business plan that is submitted along with the loan application will certainly look better with at least one college degree, particularly when the managing team does not have too much experience. Startup businesses tend to have little experience, and the absence of a degree would be detrimental to financing approval.

Online Business Degrees

Entrepreneurs who are busy running an existing company, or working their way to forming a new enterprise, can take advantage of several online education options available. Business owners who are building up their ideas and taking online courses at the same time tend to be more open-minded and resourceful when it comes to business development. Entrepreneurs who go to school and simultaneously ply their trade have an added advantage of being able to apply what they learn in the virtual classroom to the real world.

Before starting your new business, consider options to further your education either formally or informally. You will not only benefit your business acumen but it may open other opportunities that may have not been possible otherwise.

Author Casey Sutherland is a careers counselor and suggests if you have a love for all things business, you may want to check out the best online business degree schools. Choose careers from Accounting to Market Research Analyst, and see the latest Business School Rankings.