APB News » Business

4 Apps for Your Mid-Sized Business

apb-admin — Wed, 28 Mar 2012 15:49:49 +0000

There are plenty of small business apps on the market. Most of these are pretty basic (especially the free versions). Many are just a step up from the apps you might use for personal and social purposes. However, there comes a time when you need apps that aren’t focused on helping you do it all yourself. As your company grows, you need apps that help you delegate and standardize how work gets done. Here are a few apps that can help you make the transition from startup to mid-sized business:

Expensify

Have you ever noticed how easy it is for the ink to rub off of receipts? Stick them in an envelope and they do the “disappearing ink” trick in just a couple of weeks. Of course, the whole receipt can easily disappear too. If you’ve got employees who regularly expense items, they’ll love this app that lets them scan and digitize their receipts right away. They get reimbursed and Accounting will enjoy the accuracy of the PDF expense reports workers can generate for submission.

Intuit GoPayment

Do your employees make sales on the go at trade shows and conventions – or door to door? The Intuit GoPayment app works with a variety of smartphone supported card readers that make it simple to capture customer payment data. GoPayment integrates with QuickBooks for easy bookkeeping of mobile sales. You can choose to pay a monthly fee or a transaction-only fee based on your sales volume.

Package Tracker Pro

Maybe you’re ready to take your business from local to nationwide or even global. You absolutely must have a finger on the pulse of your logistics operations. The Package Tracker Pro app allows you to track packages from all major carriers (UPS, FedEx, USPS, and more). This means you’re not tied to using one carrier as rates change.

Zendesk for Android

Zendesk is a cloud helpdesk application that’s well known for giving employers the tools to manage service requests with superior efficiency. Now, customer service can happen anywhere, anytime as your employees address tickets from their mobile devices. You can cut response times and give helpdesk representatives more freedom at the same time.

Successful Business Negotiation Works Differently Than You Think

apb-admin — Fri, 16 Mar 2012 13:26:40 +0000

Are you a small business owner or entrepreneur starting up a new enterprise? One of the most important skills you can learn is the art of negotiation. You’ll use this with customers, contractors, vendors, service companies, consulting firms, employees, partners, and pretty much anyone else you come in contact with in your business. If you aren’t negotiating, you’re not getting what you deserve. This doesn’t mean you haggle over every detail of every deal. In fact, there are many times when it makes more strategic sense to let something unimportant go when you plan to get something better back later on. Just make sure you’re keeping an accurate tally and an eye on the big picture.

One of the best small business tips I’ve read recently is in a blog post by Mark Suster. He tells a true story of what happened at his first complex negotiation. As a newbie, he didn’t know that you should never negotiate a deal piece by piece. When you try to do things that way, both sides end up compromising, but no one ends up happy. Instead, you should know everything the other party wants up front so you know where to give and where to take. Fortunately, Mark’s legal advisor and close friend was on hand to set him straight before he completely blew the deal. Go read the whole post, it’s a real eye-opener!

Tips for Hiring After a Long Freeze

apb-admin — Fri, 10 Feb 2012 14:25:17 +0000

After the slash and burn of downsizing or the long decline of a hiring freeze, it can actually be challenging to get back into the swing of hiring again. How can hiring managers get out of a rut and back on top of their game – finding the best and brightest talent for their business? Here are 3 tips that may help:

Try Something New

It’s fine to revisit your old haunts to look for job candidates. But things are changing rapidly in the world of recruiting. If you haven’t tried using newer resources like LinkedIn to source qualified employees, now is a good time to give it a try. If your business has never participated in a job fair, get involved.

Get Help

Consider contracting with a reputable recruiting firm to jumpstart your hiring. This is one way to ensure you are meeting the headcount needs of your department managers fast without sacrificing quality. You don’t pay anything unless the recruiting agency delivers. So, there’s little risk involved.

Offer Incentives

According to this article at MSNBC, job openings are at a 3 year high right now. This means the competition for good workers is likely to be fierce. You may need to negotiate higher pay to land the job candidates you really want. You can also focus on making the work environment better for everyone. This contributes to satisfaction among existing employees and makes the workplace more appealing for new hires as well.

Can Anyone Succeed at an MLM Venture?

apb-admin — Sat, 28 Jan 2012 15:12:39 +0000

It’s an undisputed fact that not everyone can be a success at multi-level marketing. In fact, the evidence is clear that most people (about 90%) who try to make this business model work will fail completely. Most of the remaining 10% don’t make much money. That honor is reserved for the people at the very top. The individuals who “have what it takes” to make real money at it are very few and far between. Of course, when an MLM company is recruiting people, they make it sound like all you need is a positive mindset and an excellent work ethic. Then, they blame you for not having the willpower and the right attitude when you fail. That’s kind of like saying anyone can be an MBA player if they just want it badly enough. The truth is that not everyone is cut out for this type of work.

Understanding MLM

A multi-level marketing opportunity (as opposed to a flat out pyramid scheme) offers participants two ways to make revenue. You can sell products directly to clients either out of your own pre-purchased inventory or by routing sales through the parent company. Or, you can recruit others to sell the products and get paid a cut from everything they sell. Some MLM opportunities pay you a percentage on everyone your recruits sign up to sell products as well. In most setups, the (theoretical) big money is on commissions from the products and opportunities the people downstream or “down line” from you sell. You are making money off other people’s sales efforts to a much larger pool of customers.

What It Really Takes

This type of business opportunity is most likely to work well for:

People who are born with a great deal of charisma. You know the ones – everyone is always clustered around them at a party, waiting for a little attention. This type of business opportunity is predicated on great social skills. MLM is not designed for people who want to work from home because they are naturally introverted. You’re stress level will be through the roof from all the schmoozing this job requires.

Individuals with a long, successful background in other forms of direct sales. You’ve got to have a great sales pitch and the ability to close a deal to convince anyone to buy the product or to sign up recruits in your down line. There’s no substitute for skill and experience – especially if you want to start making money before you run out of savings.

People with a substantial and highly active social media network. This is critical for today’s online MLM opportunities (they are called network marketing for a reason). If you are already a blogger with thousands of followers and hundreds of comments on each post, that’s a good start.

If you don’t fit into one of the categories above, you may not have what it takes to make it in the MLM game.

Contingent Staffing Offers Alternative to Downsizing

apb-admin — Thu, 12 Jan 2012 16:13:24 +0000

Laying off workers is every employer’s worst nightmare. There just isn’t any good way to tell someone “I value your service but I can’t afford to keep you on.” That’s why you see so many businesses (and employees) going to extreme lengths to avoid layoffs. Companies try salary cuts, job sharing, hiring freezes, hour reduction, benefits reduction, and other alternatives to stave off the inevitable as long as possible. The worst part of this whole mess is that so many businesses find themselves trying desperately to hire back enough workers once things start turning around. They are stuck with not enough talent just when they need it most to regain their footing and take advantage of new business opportunities.

If your business is in an industry that tends to experience cyclical downsizing, it might make more sense to plan for a fluctuating workforce size in advance. The use of contingent labor can be useful in this scenario. These workers go into the agreement knowing that they are on a contract for a limited period of time. They may get a renewal offer, or the contract may be allowed to expire if their services are no longer needed. This approach may allow you to avoid laying off your “permanent” or core workforce while giving you flexibility to cut payroll costs on short notice.

Photo courtesy of CC license by Alan Cleaver

Financial Planning Tips for Business 3

apb-admin — Sat, 24 Dec 2011 01:08:04 +0000

Are you currently considering how to finance a new business or an expansion of your existing business? A loan is only one way to go. If you have a good business idea and a well written business plan, you could present the kind of opportunity an angel investor is looking for. These individuals or groups typically invest their own money (rather than investing capital from a fund). This gives them a lot of leeway in determining if your concept is worthy. They are sometimes willing to take risks that a bank won’t.

How Does the Angel Investment Process Work?

When an investor gives you money to start or expand your business, it isn’t a loan. You’re not expected to pay the money back over a set period of time. You’ll have no loan payments to worry about which can be a boon for your cash flow and profitability. You also don’t have to put up any of your personal property as collateral. If your business goes under, you’re off the hook. The investor just has to deal with the fact that they gambled and lost.

What Does the Angel Investor Get Out of the Arrangement?

He gets a cut of your business over the long term. That’s the reward the investor expects for taking a chance on you. The investment is structured to give the investor ownership equity (part ownership of your business) or convertible debt (bonds that are converted into shares of your company’s stock upon maturity). You can expect to pay out a portion of your profits to the investor for as long as your company is in business – unless they decide to cash in their stocks.

You’re Not Quite the Boss Anymore

Of course, if you have investors, you do have to share the decision-making power. You’re responsible to them for making responsible business choices. This may reduce the kinds of risks you can take in the future. On the other hand, having some oversight isn’t always a bad thing. You could think of the investors as savvy business advisers who will help your company succeed over the long term.

Financial Planning Tips for Business 2

apb-admin — Fri, 16 Dec 2011 18:38:11 +0000

Sometimes, the actions you take today don’t bear financial fruit for many years. For example, you could start practicing good planning habits now that will significantly impact the value of your business when you are ready to sell it someday. When that day comes, the prospective owner will want to know exactly what goes into running the business. To make sure you get the best price, you should start creating the following documentation now:

A manual that outlines how daily operations work on a step by step basis (even simple things like your process for doing inventory or opening/closing the store each day)
Job descriptions and responsibilities for each position within the company (along with a list of your most vital employees)
A list of all the vendors you purchase materials or services from and a dossier on each one that details the nature of the business relationship

The more information you can provide about how your business really works, the faster the new owner can start making a profit – and the more your company will be worth in their eyes.

Today’s Financial Planning Tip for Businesses

apb-admin — Fri, 09 Dec 2011 23:20:50 +0000

Becoming more financially responsible is a lesson you had to learn in running a household. As a new business owner, it’s one you may find yourself learning all over again. Many of the same principles apply for both personal life and business. But financial planning is more complex for your company. For example, standard homeowner’s insurance provides some protection if a person gets hurt at your house. But people can sue your business for many different types of harm – not just slip and fall accidents on your company’s property. Let’s say a contaminated or unsafe material accidentally makes it into your supply chain. Or, perhaps your company hits rocky financial waters due to another deep economic downturn. Your personal assets could be seized to pay for company debts or to settle litigation claims.

It might be wise to consider creating a limited liability company to protect your assets such as savings and retirement accounts from being at risk in the event of a lawsuit. You can also enjoy a number of tax benefits that C corporations don’t enjoy. You don’t have to have a business partner to form a limited liability company. In most states, you can form an LLC even if you are the sole owner of a business.

Should You Close Your Business for Christmas Week?

apb-admin — Sat, 03 Dec 2011 00:15:37 +0000

If you own a small business, deciding whether to shut down for the holidays is one of those decisions that revolves around a lot of pros and cons. Some companies just close for a day or two before or after Christmas. Others take off the whole period from Christmas Eve through New Year’s Day. Here are 10 questions that can help you clarify whether you are making the right decision.

Do my customers need or expect me to be open?
Will my vendors or distributors be open so I can get work done?
Will my employees have enough work to do, or will they be bored?
Is this a good time to do inventory or accounting tasks?
Am I expecting any important shipments/deliveries?
Will my employees enjoy having the extra time off, or would they prefer to get paid?
Is bad weather likely to make me shut down anyway?
Are too many of my key employees on vacation to make it worthwhile staying open?
Is closing up for a week in line with my company’s image/branding strategy?
Will work pile up while everyone is gone, leading to a stressful start of the New Year?

SBA Makes Loan Refinancing Easier

apb-admin — Thu, 24 Nov 2011 14:31:27 +0000

While the perks of Section 179 may be greatly reduced in 2012, there’s another benefit for small businesses that is just getting geared up. The SBA has made changes to its 2011 refinancing program that went into effect last month and will be available until around the end of September 2012. This program is a new twist on the existing 504 loan program that was designed to help businesses expand.

Now, small businesses may be able to refinance commercial mortgages and other fixed assets to free up capital without demonstrating that the funds will be used for expansion. Instead, business owners can use the refinancing for other purposes such as locking in a better loan agreement or preventing layoffs/hiring new employees. Due to changes in eligibility rules and other changes, a wider range of businesses may be able to use these loans and maximize the amount of working capital they can access. For more details, see the SBA’s fact sheet.