The goWholesale Blog

How hard do you REALLY work?

June 13th, 2008

As we get into the full swing of summer and you begin to look forward to taking that much needed 2 week vacation to the Bahamas let’s take a step back and put some things in perspective. You probably work a minimum of 9-5, 5 days a week right? If you work less than that, well my friend you are luckier than most. But what about 39 year old Lee from South Korea who can only spend 10-15 minutes a day with his kids because he’s gone from 5:30AM to 11:00PM six days a week. Oh yeah and he only gets 3 days off a year.

Here are the top hardest working countries and the average number of hours worked per year:

1. South Korea - 2,357

2. Greece - 2,052

3. Czech Republic, Hungary, Poland - tied with close numbers in the 1,900-2,000 range

So next time you want to duck out early on a Friday, be thankful you can and make sure you really DO enjoy that nice long vacation!

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For Small Businesses, It’s The Small Things That Count

May 9th, 2008

Dell, one of the biggest names in computers today, has started going into the streets asking people what they think about their computers. They are asking customers what they like and don’t like and what they would like them to add.

This helps when it comes to making future computers, because they are finding out what people want and therefore what will sell.

There are several places on the Internet that take surveys like this to find out what people like and don’t like about certain products.

Give ‘Em What They Want

As a small business owner of a product-based company, it is your job to give the people what they want. If yours is like many small businesses, you don’t have the funds needed to have a market research department.

Instead, you can go to some of these survey websites that are free or low cost and see what people are saying about the products that you are selling. Even big companies have steered away from the high cost of market research departments and are using these types of websites.

This saves them money; and in the long run, saves their customers money as well.

Survey Options

Some of the websites that are free or low cost are: Survey Gizmo, and IContact.

These surveys are a way to go out and talk to your customers to find out what they think about your products. What do they like about them? What do they not like about them? How would they recommend improving them?

Once you have the answers to these questions, then you can take all of your findings back to your office and move ahead from there.

Time is Money….

In a small business where every dollar counts, you have to make decision about what areas in your company will get the most money. Most of the time, the market research department gets the least amount of money. That is why it is so good that those websites are available.

Market research is important to the success of any small business. Thankfully, there are cheaper ways of getting the job done without breaking the bank. When you have other things to worry about, like just getting back and forth to work with the price of gas these days, you’re glad to save as many pennies as you can.

I’m not saying you have to be cheap in running your business, but you do have to know how to delegate your money.

You can choose to be like to big companies and go to these websites and get the information you need, or you can go out and talk with your customers about your products and what they think of them.

The most important thing to remember is that in a small business you have to keep moving forward. You cannot stay the same and expect your customers to stick around.

In order to move forward, you have to make changes - and who better to tell you what to do than the people that are actually using your products?

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How Home Office Design Affects Productivity

May 9th, 2008

Having an office at home is wonderful. You can be around your family more and you won’t have to travel back and forth, to and from work, especially with gas prices being so high these days.

If you have an extra room that you can make your office, that’s great. If you don’t, you will have to find a space in your home where you can create a home office. This can be any room - even a large closet.

Liven Up Your Space

It is a proven fact that your office affects your productivity. So yours should be lively, not dull. The walls should be colors that inspire you, not simply grey or white.

You should have colorful artwork on the walls and area rugs on the floors. Have a sofa or chair in your office with throw pillows on it. If your office is white or beige and has no life, you will want to spend less time there - and therefore you won’t be very productive.

Save Space

If you are forced to make your closet your office, you need to save space in every way possible. Leave the legs off of your desk and mount the desk top to the wall.

You can use the area underneath the desk as a place for your computer tower, a trashcan, or even a few storage boxes. You can also have a closet system installed with several different shelves so you can stack files, or even stack plastic boxes.

If you are working in a small space, you want to keep the things you use everyday close to your fingertips. You want to make sure it is organized. If you have to waste time looking for something that you can’t find because your office is cluttered, you are not being very productive.

If you have everything organized and you are looking for a certain file, you know exactly where it is - and you can spend the time you would have spent searching for the file working. This will make you more productive and more successful.

Keep Only What You Need

Keeping only the things you need is very important. If you keep all of your files, even after you have finished using them, you may want to consider moving them to a storage shed or attic.

When you are in a small office, you want to maximize as much room as possible. If you are not using something, find another place to put it.

Having a small space takes a bit of creativity but in the end, you will have a functional office that you can be productive in. Begin by learning how to determine what is really needed and what is not.

That will carry throughout the rest of the house - and you can get rid of things that you may have been hanging onto for years but are not using.

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Staying Afloat During the Storm of an Economic Downturn

May 7th, 2008

If you’ve been reading the financial news magazines and newspapers in recent weeks, you may be a little worried about where things are heading. With financial giants toppling, and the word recession becoming more prominent, what does that mean for your small business?

If you are like many companies, you’re already looking for ways to trim off a little fat. That could come in the form of not ordering as much inventory, looking for employees to lay off or any other cost-cutting measures.

As a matter of fact, many small business owners are already in a panic, with doomsday visions in their heads.

It’s time to stop and take a deep breath.

Fact Check

Look at the facts. Yes, we are in an economic downturn. Because of this, sales are down across most industries as people prepare for a recession.

In many respects, this could be making matters worse. By hoarding finances out of fear of a depression, we may well be speeding up its arrival. An economic downturn, whether or not it turns into a recession, can’t be predicted.

There is no way to know when it will end and everything will bounce back to normal. However, the one thing history does tell us is that it WILL bounce back. That means you can put those doomsday visions out of your head. The end has not come - rather, this is just a bump in the road.

An intelligent businessperson will prepare for the economic downturn and possible recession - but won’t panic.

Manage Debt

Part one of making it through an economic downturn is to manage your debt. Many companies live off a plan of leveraging their debt, counting on being able to roll current loans into new ones when they come to term.

This may not be an option the next time around. Instead, you need to build up your cash reserves so you have a comfortable nest egg in place the sit on during the economic ride.

Broaden Your Customer Base

While the U.S. Dollar may be having a tough time and the U.S. economy may be reeling, that does not mean the rest of the world is having the same problems. While U.S. buyers may be a little more reluctant right now, there are plenty of other countries around the globe ready and willing to find new suppliers.

Try to broaden your base of customers, and add new international clients into the mix.

Investing

If you have managed your debt well and built up a cash fund for your company, this may be a great time to invest in new items for your business. While everyone else is clamming up and afraid to buy, you can use this time (and your extra cash!) to expand your offerings, pick up new customers who want those items - and possibly take the lead in the race against your competition.

Changes in the economic tide are nothing new. Financial markets go up and down as they have for generations. The key to weathering the down times is to keep your wits about you and plan well while taking advantage of any new opportunities.

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How to Get Start Up Capital for Your New Green Business

May 7th, 2008


Q: I am starting a green business but lack sufficient startup capital. Are there federal grants for such a business, and if so are they realistic or even plausible?

Rachael

A: I would have to say, I get more variations on this question than any other: "Where the heck can I get some of this free government startup money?"

I’m not exactly sure where this urban myth comes from, this idea that there are government agencies out there just waiting to give out free money to start a business.

I suspect that the main culprit is Matthew Lesko. You know, the wacky guy on those infomercials with the question mark suit who is always talking about free government grants and programs.

Do they really exist? Are there free federal grant dollars available to fund a business startup? Let’s find out.

Lesko received his MBA from American University and his company, Information USA, has published many books on the subject of "free" government programs over the past few decades. His books generally point out programs that people may or may not know about which offer some sort of assistance - everything from Medicare and Medicaid to SBA loans, energy assistance, and farm subsidies.

But actual free money turns out to be a pretty rare thing.

Indeed, the York State Consumer Protection Board issued a report in 2004 stating that some of Lesko’s claims of free money are exaggerated (in relation to his book, Free Money to Pay Your Bills.)

This is not to say that grants are not available on the federal level. They are. Indeed, the federal budget is chock-full of programs that grant funds for such things as:

* Scientific research
* Educational endeavors
* Defense services and products, etc.

Moreover, there are plenty of programs that help minority, veteran, women, and disabled business owners, but again, none that I could find offer actual free start-up capital for individuals. Most of this assistance is technical and advisory in nature.

When the federal government does offer grant money to promote small business, it almost exclusively goes to state and local governments. According to the smart folks over at About.com, "By far, most government grants are applied for and awarded to other federal agencies, states, cities, colleges and universities, and research organizations."

So it seems that free federal money to start a business is more myth than fact.

Next then, let’s consider programs on the state and local level. Here we find a bit more help. For instance, many communities offer incentives for small businesses to set up shop in economically distressed areas, although these incentives often take the forms of tax breaks or rent subsidies rather than grants per se. There are also plenty of incentives today to make your business greener, but again no, no free money.

What about private, non-profit grant makers? These are organizations with very specific goals in mind, who work hard at fund-raising, and who fund only the most worthy, cost-effective programs. Some may help with business capital if that is the business they are in and you meet their very specific criteria and stringent prerequisites. No one gives money away willy-nilly. Expect to be thoroughly vetted to make sure that what you are proposing is what they want you to be doing.

Expect to also spend a lot of time and effort in the process. Applying for and getting grants is a difficult, rigorous process, often requiring expert assistance. "Grant writer" is a job for a reason.

And understand this too: Grants come with strings. In the remote chance that you do find and get a business grant, you will also be expected to thoroughly account for whatever money you get and spend it exactly in accordance with the strict guidelines of the grant maker. Failure to do so will land you in plenty of legal hot water.

At a time of huge federal government deficits, an incredibly expensive war with no end in sight, and recession, you are looking for free government money? Think again.

If it sounds too good to be true, it probably is.

Today’s Tip: One place to find out what state and local assistance is available to your business is the online Catalog of Federal Domestic Assistance; a database of all federal programs available to state and local governments, organizations, various groups, and individuals. Once you locate a program that may be a fit, contact the office that administers the program and learn about the application process.

Need a speaker for your next event? Contact Steve ! He is one of the world’s leading business experts, a popular speaker on the business lecture circuit, and is sure to leave any audience thrilled. A columnist for USA TODAY, lawyer and author, his latest book is the best-selling Small Business Bible: Everything You Need to Know to Succeed in Your Small Business .

You can sign up today for his free newsletter , "Small Business Success Secrets!" at his web site - www.MrAllBiz.com

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E-signature Services Offer Safe and Fast Alternative to Fax Machines

May 2nd, 2008

I know I’m not the only procrastinator out there. If you’re like me, then you know that it’s one of those things that can’t easily be switched on and off, thus generally leaking over into your professional life as well. The good news is that now technology is on your side, making it easier for you to get last minute signatures on documents and contracts before they must be submitted. And what is this glorious invention? Well my friends, it’s called an "e-signature" and it’s reshaping the way people do business.

Wikipedia has a very in depth explanation (read: technical and boring ) for what exactly it entails but the short and simple version is that it’s magic. :)

If you are a company that requires many signatures (such as insurance companies, law firms, real estate businesses, etc.) here’s why you need this technology:

-Saves time

-Saves money (after all, time IS money right?)

-Convienient

-Safe/Secure

-Easy to use

-Economically priced

-No IT

and probably the biggest benefit of all…

-Your customers will love you for making their lives that much easier (which as we know, is always good for business!)

For help on getting started check out 10 Tips for Selecting the Best Digital Signature Software Solution (free registration required)

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The REAL Truth about Credit Cards

May 2nd, 2008

When credit cards were invented, they were touted as a way to help people get the things they needed that they otherwise wouldn’t have the money to pay for. The idea was to get a little jump on the purchase, but to then pay it off. It was supposed to be money for a ‘rainy day’.

Once millions of Americans began applying for and getting credit cards, the credit card companies began seeing dollar signs - and out of greed, destroyed something that was meant for good.

While the concept of having a credit card may be great, once you try to take advantage of a card with all the perks and extras, you may notice that it feels more like a ripoff than a good deal.

Fees

Many credit cards have lots of extra fees. You get charged for making a payment late. You get charged for going over your credit limit. You even get charged a fee for transferring money from your credit card to a bank account.

How can one little card have so many fees?

Some credit card companies claim they exist to help you rebuild your credit. Somehow they also think they are helping when you have pay $250 dollars just to get a bad credit credit card which has a very low credit line.

Interest

The Annual Percentage Rate (APR) is the next hidden evil in credit cards. If your credit score is high, then you get a low annual percentage rate. If you are like most Americans, your credit score is far from high - and you end up with an APR of 11 or 12 percent.

Unless you do the math, you may not realize just what that interest rate really means. Let’s say you go to the store and spend $100 dollars on a TV. The bill comes and you only send the minimum payment due.

Then next month, you’re charged interest on the balance. Once again, the credit card company will ask you to pay a minimum fee, and then charge you the interest again. At the rate they ask you to pay, you could be paying that $100 TV off for years.

Ignore the Ads

Many a financial advisor will advise that you spend with cash, to minimize the interest risks. The credit card companies are battling this. You may have seen a popular commercial on TV. Everyone is shopping and having a good time using their credit cards until someone pulls out cash to pay for their purchase.

All of a sudden, the music stops and life is pretty much on hold until they pull put their credit card and swipe it - and everyone goes back to having a good time.

What kind of picture is that sending to our young men and women getting out of school and going into the real world? The lesson they are learning is that you are not popular if you do not have a credit card.

This has turned us into a society where everyone is trying to have what everyone else - has even though they cannot afford it.

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The Importance of Managing your Business Plan

April 30th, 2008

One of the key points in any new business is having a business plan to get your company started. This allows you to see where your finances will be used, what markets are open to your product and service, how you’ll attract customers and much more. However, once your business is established, you shouldn’t just forget about your original business plan - indeed, you should continue to refer to it and change as necessary.

Since the business world evolves continuously, it’s more important than ever to be ready to face any new challenges that you might encounter. This is where managing your business plan effectively will come into its own.

Have Regular Reviews
To ensure that your business plan is current to your particular business needs and requirements, it’s an excellent idea to set up a regular review process. This can be monthly, bi-monthly or even quarterly - however, anything over that timescale is probably leaving it too long. You can carry out the review if you’re a sole proprietor, although having an external business analyst or specialist to look over it with you is a sensible idea. If your business has numerous employees, then your Senior Management should review the business plan.

Once you decide on the frequency of the review, it’s time to ensure that you have set agendas to discuss in the review. These should include:

* Review of previous/existing business plan
* Changes in strategy to future business plan
* Agree how long reviews should last
* Set result comparisons on how well your business plan is performing

Although these are just some of the basic steps you should be looking at when reviewing your current business plan, they’re often the most used as well, so it’s a good idea to make sure you include them when planning and carrying out your review.

Why You Need a Regular Review
When you first started your business, it’s more than likely that the market was very different from how it is now. Even if you’re fortunate enough to be in a particular niche where there’s very little competition, you can never rest on your laurels - too many businesses have failed this way.

This is why reviewing your business plan regularly is so important. As an example, think about how the Internet has changed the face of business. If you just have a business plan in place that only has plans on how to compete with local businesses, then your online competitors will soon leave you behind. So you need to make sure that your business plan is updated to not only take into account your offline bricks and mortar business needs, but also any online presence you have. It’s not difficult to maintain a business plan, but it’s extremely important for any real success to happen.

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The Smart Way to Spend Your Business Tax Rebate

April 29th, 2008

Unless you have been under a rock or living on another planet, you are aware that the president has signed an economic stimulus plan. This means that the government is going to give $130 million back to taxpayers.

This is supposed to help boost the American economy. The obvious question is how you and your business are going to spend your share of the stimulus check.

Put It Back Into the Business

As a small business owner, you want to invest the money. Buy something that is going to make your business earn more income, and help the economy.

Equipment

You may need to buy new equipment. If you buy more equipment, you are giving money to the company that makes the equipment (keeping their employees working).

You will also have to hire people to run the equipment, thus doing your part of keep to help alleviate the unemployment issue.

Real Estate

If you have been thinking of expanding, you can make a positive impact on the real estate market by using the money to move to a bigger office, so you can be more productive.

Security

Is there something that you have wanted for a long time but have not had the money to afford? Now that you are going to have the money, this is an excellent opportunity to make that purchase.

Maybe you have been thinking about getting a security system. While your business may be running just fine without one, having one will give you more peace of mind when you close shop for the day and go home.

Evaluate Your Needs

How you choose to spend the money will depend on what kind of business you have. All businesses have unique needs, even businesses that are in the same category. If you have a restaurant, your establishment may need to the money for completely different purchases than the restaurant down the street.

By this time, the wheels in your head should be spinning as you contemplate the best ways to spend your tax rebate check so that it positively impacts your business.

You may want to make a list of the ways you can spend your rebate to best benefit your business. In addition, ask your employees and get their feedback. When it comes to knowing what will make you business more productive, your employees may have ideas that will make the business run more efficiently, that you may have not considered.

Start Shopping

No matter how you choose to use your money, the key is to spend it. That is why we are getting it in the first place. Keep in mind, however, that this is a one-time thing.

If you invest the money in something that is going to be profitable to you now and in the future, then your business’ future will be bright. Conversely, if you choose to spend your money on something frivolous, your future will not be as bright as you would like it to be.

The business tax rebate is being given out to be spent in an effort to aid the economy. Do not simply put it in your bank account and leave it there. Also, do not blow it without thinking it through and making a wise decision.

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The Rising Chinese Yuan - What It Means for Your Small Business

April 28th, 2008

If you run a retail business, you may be very well aware of how the rising value of the Chinese Yuan is affecting your bottom line. Many products for sale on the U.S. retail market are purchased from China. It used to be that purchasing these items was always a great deal, because the U.S. dollar was strong while the Chinese Yuan was weak.

However, times have changed.

The Yuan has been creeping up over the past year and is continuing to gain strength, while the Dollar is struggling in the world market.

For retailers, the impact is crystal-clear. It shows up on their invoices. As the Yuan gets stronger, the items they purchase from China are costing more. In some cases, prices have doubled over what they were just a year ago.

For larger companies, while this is an annoyance, they can spread out the impact throughout their products and company sectors. For small businesses, this is not as easily accomplished.

So what is a small business to do?

Measure the Impact

First, take an honest look at what impact the rising Yuan is having on your business. If you regularly manufacture items in China or order products for retail sale, look closely at the increase you have seen in the past year.

Now, think about what will happen to your bottom line if things continue on this track for awhile.

Adjust as Possible

Now that you know what could happen if things keep going this way, it’s time to prepare for the worst. What can you change about your operations, sales, etc, to keep things going at your current levels while this economic shift takes place?

It may mean increasing your retail prices, or learning to do more with less in other aspects of your business for a little while.

Another option is to look into temporarily using less expensive materials or supplies to offer the same products, while waiting for the market to level out again.

Wait it Out

History shows that these economic fluxes usually level out. While it may seem painful right now, the economies of the world are often like a roller coaster ride. There will be peaks and valleys, but it will all even out eventually.

Do not make the mistake of making a rash decision like as getting rid of your Chinese suppliers, because of the current increase. Just have patience.

While the shift of the Yuan into record territory these last few weeks has many people in a panic, the smarter path is to take a deep breath, plan for this trying period and look forward to when the markets are once again on the level ground you are accustomed to.

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