3 Warning Signs For Small Business Owners

The global financial crisis (GFC) is increasing pressure on small business owners, reducing profitability and making it more difficult for many to keep their heads above water. Closures worldwide are trending upwards, and the effects of the current economic meltdown will be felt far and wide for years to come.
It may sound like an obvious question, but if you are a small business owner, how do you know that your business may be under threat? Areas such as reduced sales are easy to recognize, but are there other indicators that may not be as obvious? Here are three warning signs, which if quickly identified and acted upon, may help you reduce the impact of the GFC on your small business.
An increase in your outstanding debtors
Rather than paying by cash, some of your customers may have monthly accounts with you. If a large percentage of your customers pay on account, rather than by cash, then your business may be at increased risk.
Let's say that you normally give your customers 30 days to pay their accounts. In good times, most people will pay within the 30 days, but of course there will always be those who take a little longer.
However, when times are hard, many of your valued customers will also be facing increased financial pressure, and in some cases this will lead to them taking longer to pay their bills (you). Now if it is only a couple of customers, that might not be a problem. However, if you notice that the percentage of clients requiring more than 30 days to pay you is increasing, then you must act now. Remember, cash flow is vital to your business. Keep a close watch on your debtor payments. Be relentless in collection of money from your debtors, and if you notice a problem, consider insisting on cash for those customers that are taking longer to pay. For those that prove difficult, make the decision early to take legal action or to write the debt off.
Whatever action you choose, act early.
Delays in receiving goods, stock or raw materials from your suppliers
If your suppliers are beginning to slip behind with your orders, or are constantly placing items on back order, this could be a warning sign that their business may be in trouble. Perhaps their bank has refused or reduced the availability of finance to them, or perhaps their suppliers have placed restrictions on them. Whatever the reason, if you are starting to notice regular delays, act now. If your supplier is unable to guarantee timely supply, then don't delay. Look at alternatives. It would be a disaster to one day find that your supplier has gone out of business, leaving you with no immediate alternative.
Increased competition
Just because a market may be shrinking, it doesn't necessarily follow that your competition will reduce. Of course there will be business closures in a recession, but there will also be others to fill the void. As salaried workers are retrenched, many will look for opportunities in small business. For your business, this could mean trouble. Remember, the more times the pie is sliced, the smaller the return for everyone.
Be on the lookout for new competitors. What products or services are they offering, and what effect will that have on your business. Talk to your suppliers and learn as much as you can about the new guy setting up down the road. Then develop a plan to counter the opposition. It may be worthwhile to have a talk to your accountant, as he/she may have some worthwhile suggestions.
Summary
In our current economic climate, small business owners need to be more vigilant than ever. Be aware of the warning signs. Regularly review the health of your business, and involve your accountant if necessary.
Dave Curran has 30 years experience in management and finance. Dave has worked extensively in the public and private sectors, and has worked at senior management level in the banking industry. He has provided finance to thousands of clients over the years and has an in depth understanding of the requirements of lenders.
Further helpful information can be found at Dave's website:
http://www.accountingtipsforbusiness.com/
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Using Self-Storage For Your Small Business

A small business can definitely gain a lot from using a self-storage facility rather than keeping old stocks inside an unused building or something similar. Starting out is always one of the hardest phases of running a small business, and the decision on whether to lease a self-storage facility or not remains a dilemma to some. Here are the best reasons why using a self-storage facility is beneficial towards small business proprietors:
Convenience
Close proximity with a storage facility spells convenience for struggling business owners because it saves a lot of time and money. There is no need to use your own attic, basement or garage.
Extended access means that you can send and retrieve items easily without the unnecessary hassle of building your own indoor storeroom.
Guarantees an added value to your investment: some storage facilities gives you free access to forklifts while others even offer packaging services that most businesses need. This is a handy bonus especially for budding businesses.
Cost
Payment terms are usually monthly, so you do not have to worry about bulky yearly expenses. There are even some self-storage facilities that do not set a fixed price, they are allowing price negotiation if the need arises.
Most storage facilities have no requirement for a large initial sum for renting a unit. If you will build your own space in your building, that could cost you a fortune.
Discounts are frequently available depending on your intended usage. You will be able to save a lot of money whether it is short-term or long-term.
It is highly cost-effective. By storing bulky items inside a storage unit, the space you saved in your place of business can be used to generate more income.
Security
Small business owners do not need to worry about hiring guards to keep an eye on their business while they are away. With a self-storage facility, it is all taken care of. They are assured that the valuable stocks, documents and other items are stored in a safe place.
Flexibility The use of a self-storage facility allows the business owner to think about long-term goals regarding their business. If they do not have a self-storage unit, they will need to compromise a lot of things including a perfectly designed business plan. But by renting a self-storage unit, no matter what track they take on their business, they still have the capability of altering the storage space they will use.
Drew Mers is a consultant to one of the largest independently owned self storage companies, with self storage in Union, New Jersey
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How to Find Your Small Business (Or Idea)

If you have been thinking about starting an online business but just have not come up with the business idea that knocks your socks off then it is perhaps time that you consider brainstorming. Brainstorming your small business idea may very well set you on the path to financial freedom.
Webster's Dictionary defines brainstorming as a problem-solving technique that sparks a spontaneous generation of ideas. Brainstorming works through the power of association by offering ideas around a particular subject or problem.
Brainstorming has these basic components:
A. Generating as many solutions to a problem as possible B. Listing every idea presented without comment or evaluation C. Grouping and evaluating ideas to reach consensus D. Prioritizing ideas.
Brainstorming your small business idea can help you choose a topic, develop an approach to a topic, or deepen your understanding of the topic's potential. This is why brainstorming can be extremely beneficial.
Brainstorming your small business idea helps you think outside-of-the-box! Remember that the purpose of brainstorming your small business idea is to generate ideas so avoid other idea-squashers. Do not evaluate or pass judgment on the ideas as you think of them.
Brainstorming your small business idea can be an extremely effective way to generate lots of ideas on a specific issue and then determine which idea - or ideas - is the best solution. This can be particularly useful in providing creative solutions to problems that have defied traditional problem-solving methods as well as in such applications as new product development. However, brainstorming your small business idea requires a comfortable, non threatening environment to work effectively.
Brainstorming your small business idea is very well suited to internet marketing because it can be very manageable to serve a niche, something that would have been more difficult prior to the internet revolution which began in the late 1990s. And small business creates 75% of all new jobs and anchors our communities. Small Business' are the largest employers in America.
When brainstorming your small business idea creativity is enhanced, because individuals are encouraged to bring up all ideas - even those that might appear outrageous. The Site Build-it (SBI) manger brainstorming tool is a very powerful tool for keyword research for your site concept.
Problem solving in small business requires brainstorming of options and alternatives and problems are defined better as questions arise. Thinking challenges in the form of puzzles and other fun activities can get your creative juices flowing before brainstorming. And creativity can be enhanced if individuals are encouraged to bring up all ideas - even those that might appear outrageous.
When brainstorming your small business idea listen to other ideas, and try to piggy back on them to other ideas. List at least 25 practical uses with explanations if necessary. List or describe (in a sentence or two each) at least ten consequences. List the attributes of the problem, object, or situation as you would in a standard attribute analysis. List at least six attributes and at least six alternatives for each. Listing each condition to be met or the part to be covered will assure that none are overlooked. List the concept(s) you chose to use, and describe how you'll use them.
Asking questions are one of the best tools for unlocking creativity. Questions are the best way to get brainstorming started. Brainstorming is a skill that comes with practice and is not a cult or a ritual so use it to your advantage and begin brainstorming your small business idea.
And keep in mind that brainstorming isn't coming up with an end finished idea, its about creating the ideas that spark the ideas. Brainstorming is creating a list of whatever comes to mind.
Brainstorming your small business idea is most effective when you come up with many possible solutions to overcome one specific obstacle instead of thinking up many unrelated ideas.
Brainstorming your small business idea is particularly effective when others provide different views, ideas, and solutions around one problem.
Annette Hampton is the author of this Article and has an extensive 20 year background in the area of Sales and Marketing. Find your perfect idea or concept for your Small Business Make sure you take the Video Tour!
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Top 10 Best Home Based Businesses to Start During a Recession

With the economy in shambles and unemployment on the rise, is now a good time to start a business? Yes, if you choose smartly a home based business can allow you to thrive financially while still having the flexibility that will allow you to be there with your family. Here are the top 10 best home based businesses to start during a recession.
1. At home daycare
Starting an at-home daycare is one of the top 10 home based businesses to start. With daycare being so expensive and so impersonal, many working families prefer to use home day cares where there child will get personal attention at a reasonable cost. This business is easy to set up but be sure to have contracts that you stick with. Check for local regulations before you begin.
2. Pet sitting / dog walking
Even in tough economic times, people keep spending on their dogs and cats. Starting a pet sitting business is a great way for animal lovers to make extra cash. In addition to pet sitting, you can also offer dog walking for people who are stuck at the office all day.
If you are serious about starting a pet sitting business, be sure to become bonded and insured.
3. Web design
You don't need to be extremely skilled to start a web design business. All you need is a knack for selling to the local businesses in your area. Many of them don't have a webpage but spend thousands on expensive and ineffective yellow page advertising.
Learn what kinds of sites business owners want and how to sell it to them, and you can always outsource the technical work.
4. Freelance writing
Many people make extra money with freelance writing, and some make a career out of. There are many places that you'll be able to sell your work, both online and offline. For offline gigs, pick up a copy of Writer's Market. For online work, find people who need articles, ebooks, and autoresponder emails and offer it to them at a competitive (but livable) price.
5. Accounting
Accounting isn't for everyone, but if it is something that you enjoy consider becoming certified and offering your services. You can either start your own business or buy an existing franchise.
6. Blogging
It's possible to make six figures blogging, but you'll need to write frequently and spend your time wisely. There are many ways to get paid by blogging, whether you are selling advertising space, selling products for affiliate commission, or by displaying Google AdSense.
7. Virtual Assistant
If you are organized and enjoy learning new things, consider becoming a virtual assistant. Network with small business owners to see what kind of help they need. You might help them by running personal errands or maintain their websites.
8. Business Coach
Business coaching is one of the most profitable home based businesses you can start. If you can help a business succeed in a certain area, consider becoming a business coach.
9. Affiliate Marketing
If you want your home business to be internet-based, consider affiliate marketing. With affiliate marketing you get a commission of products that you sell.
10. Information publishing
Information publishing is a huge business and there is always room for another publisher. Think about all the newspapers, magazines, and nonfiction books available. They are all selling information. You, too, can sell information that other people are willing to pay for. This can be done in the form of ebooks and downloadable guides.
The number one thing to remember when you are choosing one of the top 10 best home based businesses is to follow your passion. If you provide a service or a product that others need and keep your overhead costs low, your business will be able to thrive in a booming economy or a recession.
Get free tips that will help you build your home based business at http://www.home-business-solutions.net/
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How to Earn Money in a Down Economy

I want to take a minute and talk about how to earn money in a down economy. In some ways this is the ideal time to earn money on the Internet helping people start their own home business.

A good way to do that is to sell information products at reasonable price. For example you could sell an ebook that teaches people how to make money processing rebates and make some money for yourself in the process. This is a win-win situation because they get to learn how to make extra money at home, and you get paid to sell the book.

Many programs are available that you can join like this for free. An example of this is an affiliate marketing program where you get paid to sell products as an affiliate.Selling information products that are reasonably priced is a good way to earn money in a down economy. If a person cannot afford an e-book that costs under $50 that would teach them how to make money, then perhaps they should be looking at a part-time job outside of their home.

One way you can do this is to run classified ads in the help wanted section of online directories. There are many free or nearly free directories that you can run ads online promoting an ebook like this. The more copies of the book you sell, the more commissions you earn. Plus you can do it right from the comfort of your own home. This is just one example of how to earn money in a down economy helping people learn how to make money.
Bill Bettler
Money On Command

Bill Bettler has been in sales and marketing for over 13 years. He currently makes a Full Time Living as Owner of Money On Command, an Internet Marketing and Direct Sales Company. He brings a fresh and innovative approach that's based on the principle of "Attraction Based Marketing". Born and raised in New York, Bill was previously co-owner of a DMP Mortgage. Visit At:

http://www.10K10Days.com

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Why Working From Home is a Good Idea Today

Do you have days where you get up and wish you could work from home? Be careful what you wish for because another 10,000 people were laid off of work this week at General Motors.

For these people and thousands more working from home is not even an option anymore. It may be the only kind of work they can get.

However working from home is just as hard as getting up and driving to your job if you do not have a way to make money. This is a problem that many people face as I sit here in front of his computer and type this!

They not only do not have a job to go to anymore, they have no way to work from home either.

If you currently have a job you would be smart to cover yourself and learn a little bit about making money on the Internet just in case. If you do not have a job at this point you should have plenty of time to start researching ways to make money working from home.

One thing you could do is Google search the words "make money working from home" and then begin checking out some of the results. You will find million of results come up.

You can also read blogs such as this one that offers training on how to make money working from home selling specific products and programs. The good thing about hooking up with someone like me is you have a person you can trust to help you get started.
Bill Bettler
Money On Command

Bill Bettler has been in sales and marketing for over 13 years. He currently makes a Full Time Living as Owner of Money On Command, an Internet Marketing and Direct Sales Company. He brings a fresh and innovative approach that's based on the principle of "Attraction Based Marketing". Born and raised in New York, Bill was previously co-owner of a Mortgage Lending company. Visit At:

http://www.10K10Days.com

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How to Find a Legitimate Home-Based Business

We've been hearing for years that there are more and more opportunities for working at home now that the internet is in almost every house. But actually finding one of these opportunities isn't as easy as it sounds. For every real business, there are just as many scams and fakes, and a careful entrepreneur has to be careful.

But that doesn't mean you can't find anything at all. Here are some things to remember in your search for a legitimate home-based business.
What are your goals? Do you need to make a living, or just a little extra cash? Do you have money to invest, or will you start from nothing? Do you need to be at home to care for children or elderly parents? Knowing what you need in a job and knowing what your employment has to accomplish in your life can help you know where to look and what businesses to take off your list.
Are you willing to take a risk? Yes, some people get burned in home-based business scams. But not everyone does. At some point, you have to make the investment of time and possibly money, print up your business cards, and make the commitment. After you've researched things thoroughly, are you willing to take it all the way?
Establish networks. There are plenty of forums, discussion groups, and mailing lists that will put you in contact with people who have the same goals as you do. Get connected, and there will always be someone there who can answer your questions.

Sometimes the difference between a home-based business that doesn't work and one that does is the preparation that you bring into it. Don't let the horror stories scare you; people can and do make home-based business work.
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Mark Abrahams is a full time internet marketer who has helped others to earn a living online.

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