Archive for the ‘Small Business’ Category

Best Practices For Small Businesses

Small businesses can often be beaten out by larger competitors simply because they have better practices than small businesses. The good news is that there are a number of practices that can translate to small businesses. These strategies and tactics are some of the best-kept secrets and can make a business much more successful in the long run.

The act of borrowing ideas from other companies is called "best practice benchmarking" and can lead to vast improvements in business structure if done properly. Since most small businesses have a much smaller budget than big businesses, the practices learned can save money and be even more beneficial for them than for the big companies. If a small business emulates another business's way of cutting costs, they will be able to do in a shorter period of time.

To begin borrowing practices from others, there needs to be a clear understanding of their methods. The best way to go about using successful practices is to do heavy research and ask questions to find out how others were able to achieve their goals. This step is important because if the practices are not studied well a small business will usually end up failing or wasting precious resources that they cannot afford to lose. A helpful tool for finding out better business practices is to send surveys to businesses that are successful in that job field.

Although emulating successful business practices is the goal, it is important for individuals to modify the practices to fit with their own business. Not everything will translate and there will be small, yet crucial modifications that need to be made.

Some of the most popular practices that small businesses borrow deal with communicating with others and saving money. One way business owners cut corners is by having a company meeting with their top employees to discuss strategies for conducting better business and the direction they want to see the company head. Individuals may also sponsor retreats or getaways for top executives, helping workers to bond and communicate better. This practice will also help get everyone on the same page as far as product development and business plans. Business owners can also poll and survey their employees, or the employees of other companies, in order to get their opinions on typical problems they face.

Many well-known businesses are now helping others research their successful practices in order to find the best methods for their companies. Some of these businesses are Home Depot, Wal-Mart, and Target. The research to be studied includes strategy models for how to run a successful partnership and real life examples of ways they saved money and cut costs. The research also includes access to popular certification programs and what those businesses learned from the courses. They also showcased the various rewards and recognition systems that they provided to their employees to encourage hard work and better communication.

The great thing about small business practices is that they rarely have to do the dirty work because big corporations have already done it. There are so many different business practices that translate from big corporations to small businesses, and small business owners can take advantage of the abundance of opportunities available to them. If small business owners can modify these popular practices in a way that will work with their company, they can save more money and have a more successful business with little effort.

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Don?t Forget the Small Businesses Basics

Running a small business allows you an impressive amount of flexibility. You can move with speed and dexterity if an opportunity arises and a trend proves popular – and profitable. Compared to the stately ocean liners of big business, small businesses are speed boats with good steering, which comes in handy if land is sighted unexpectedly.

One of the main trends of the last few years has been the rise of organic produce. The most obvious examples are the ones sitting on supermarket shelves, labelled as organic and costing more than the equivalent non-organic foodstuff. In this way, small farmers can make a virtue of quality over quantity and not lose out too much because of economies of scale. However, there have been all kinds of niche markets into which have fitted opportunist small businesses. Organic chicken farmers may not have wished to use antibiotics in their poultry farming, but there was a need to find an alternative that would help prevent disease. One such equivalent was duly retailed: Herban is an essential oil based on oregano oil that can be added to the birds’ feed or drinking water.

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Six Sigma and Small Business – A Winning Combination

Mention the Six Sigma process and what almost immediately comes to mind is a proficiency process for Big Business to implement. But aren't small businesses also vulnerable to costly errors in time and asset management, customer service and accounting mistakes? So, what's the problem?

Cost is the biggest obstacle in deciding to implement the Six Sigma process into a small business entity. Unfortunately, most consulting firms try using a one-size-fits-all mentality when it comes to implementation and its associated costs.

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Why Small Businesses Fail- Financial Roadblocks to Watch for

Small business origination doesn’t have to be a hassle. In our electronic day and age, the Internet has made small business origination loans almost instantaneous. There are several professional and high quality small business loan origination services available now that use the Internet to quickly find affordable financial assistance to beginning small business owners.

Why Small Businesses Fail
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