Advice For Small Businesses

I was watching our local news channel this morning and saw a great piece on 5 ways that can help small business get through these tough times. Be creative and adjust these 5 ways to fit your business. Read through and click on the link below to listen to the full piece.

- ATLANTA (MyFOX Atlanta) -- About half the people in Atlanta work for a small business with up to 100 employees. If you work for a small business or if you own one, the recession is probably a very stressful time. Richard Warner, who hosts a weekly business show on Georgia Public Broadcasting and owns his own small business, "What's Up Interactive," said now is a good time to be in a small business.

1) Focus on the clients you have - there 1st priority
2) Focus on how you'll save customers money (or offer them more for their money)
3) Be transparent with your staff
4) Engage your staff on ways to cut expenses
5) Get Real: What's working and what's not in your business

http://www.myfoxatlanta.com/dpp/news/Radio_Host_Advice_for_Small_Businesses_031009

Employee Fraud On The Rise

Here is a recent article I read from The Wall Street Journal's small business section. I know this is hard to imagine happening to us but we must stay vigilant during these tough times. I hope this helps.

Employee fraud has increased because of the recession, and small businesses, which often lack internal controls, are particularly vulnerable. Experts say employees often are driven to steal cash or forge checks under pressure from family and friends to maintain their lifestyles or because they resent the owners. To see more of The Wall Street Journal article, please click on the link below.

http://online.wsj.com/article/SB123501158460619143.html

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Need Money-Saving Ideas? Ask Your Employees

Looking for new ways to save money in your business? Why not ask your employees? That's what an article by John Tschohl, an international service strategist and speaker, asks. Here are some exerpts from the article that I hope gets your creative juices flowing.

State Bank used a program developed by the Service Quality Institute in Minneapolis, Minnesota, called Buck-A-Day, or BAD, which asks each employee to identify a way to reduce costs by at least $1 a day. The campaign lasts just 30 days, which helps to keep enthusiasm high and reinforces the idea that employees are the best source of cost-savings idea for any company. They know better than executives how you can increase revenues, reduce waste, and improve customer service.
The idea behind BAD is to get employees to look for relatively simple savings, to get them to consider each job or task and ask, "Is there a better, less-expensive way to do this?" The program has been used by more than 3,000 companies throughout the world and has a participation rate that ranges from 60 to 80 percent. That's impressive, considering that the typical suggestion system has a 1 to 6 percent participation rate.Why is BAD so successful? It's fun, it's built around recognition, and feedback is immediate. One of the recognition devices BAD uses is a poster with a mug shot of each employee who makes a suggestion that is implemented. That photograph is printed on a Wanted: More Cost Reducers poster that lists the employee's name, suggestion, and savings to the company.
Adding to the success of the program is that it doesn't intimidate employees. By asking them to make suggestions that will save just $1 a day, they know that all ideas will be considered and that they won't be ridiculed for making suggestions that don't carry with them astronomical savings. A few suggestions to get the program started:

1) Make the program fun and non-threatening.
2) Get total commitment from employees.
3) Publicize the program.
4) Give timely feedback to employees who make suggestions.
5) Recognize employees who suggestions are implemented.
6) Use recognition, not just money, as an incentive to drive the program.

Decades of Change!

The food service industry has seen many changes throughout the past few decades. Here are a few interesting facts of how things have changed.

• Women entering the workforce was a major factor in the shift toward convenient meal solutions for families. In 1960, 32% of the workforce was comprised of women; by 2007, women represented 49%.
• The number of restaurants (or locations to purchase food away from home) now exceeds 900,000. That is one restaurant for every 300 people! There is likely overcapacity and we will see some continuing rationalization.
• In 1960, the consumer’s food dollar was spent primarily on buying groceries to prepare meals at home; by 2007, the average consumer spent over 48% of their food dollar on meals prepared away from home.

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3 Simple Steps

It's no surprise that many small businesses are struggling through these tough economic times. So much so that many are having a tough time even paying bills. If you’re having a tough time paying your vendors, try following these 3 simple steps.

1) Communicate - Let your vendors know what you’re going through. Don't hide from them and hope things will get better. Let them know you want to pay what you owe but you're going through some tough times. Honesty is always the best policy.

2) Develop a plan - work out a plan with your vendor that is a win win for both of you. Perhaps it’s paying COD for now and adding a portion of the past due amount each week. This way you get the products or services you need now and the vendor gets paid in a timely manner without you going in debt further.

3) Follow through - Whatever plan you agree on, make sure you follow through with it. This will help develop even deeper trust between you and the vendor which will help in the long run.

How does this save me money you ask? By doing this you may avoid some finance fees that many companies have on past due balances. You can negotiate that when you develop a plan. You will also save on collection fees. It will also keep you from going into collections or being sued which will ruin your credit rating and cost you money.