Tag Small Business Advice

5 Social Networks for Small Business

Social networking in one form or another has been around since the early days of the internet.  As it has evolved into it’s current form, so the number of network have increased.

How do you choose the best fit for your business?

We list 5 social networks that are key when integrating social into your marketing strategy. For more business tips, you should check the new software on the market, find out more today using the link.

1.  LinkedIn

LinkedIn has matured into a great network for business.  With the primary focus being on professionals, your message doesn’t need to compete with pictures and status updates about family and kids.

TIP: Spend time researching relevant groups to join.  Engage in the discussion. This sets you apart as a knowledgeable expert in your profession.

2.  Facebook

The numbers clearly show the masses love Facebook.  Over 200 million people access Facebook from mobile devices. While Google was the starting point for the web in the past, Facebook is quickly becoming the first stop in the morning.

TIP: Create a landing page tab.  This allows you to control the message new visitors see on your Fan page.

3.  YouTube

As YouTube turns 6 this year, it’s hard to ignore the sheer numbers.   YouTube boasts 3 billion daily views. With a “B”.  Since we tend to recall 50% of what we see and hear, YouTube is a great way to get your message across.

TIP: Answering FAQ’s and Tutorials do well on YouTube.  Use the video to let your company culture and personality shine.

4.  Twitter

Twitter is a real-time network that sometimes get’s ignored simply because of information overload.  For many it doesn’t make sense.  Now that Google, Bing, and other search engines have started to integrate shared content via tweets into search, it may be worth rethinking getting on Twitter.

TIP: Share content you’ve generated from Facebook or your blog.  Those who follow you on Twitter see those results in search engines.

5.  Quora

Quora is a continually improving collection of questions and answers, organized by it’s users.  Questions are sorted by topic such as insurance, accounting, business mortgages, start-ups, etc. Answers are voted up by the users.

TIP: Like LinkedIn, you can use Quora to set yourself and your company apart from the competition. Find relevant questions to your business, answer and share those answers on other social networks.

The five we listed are just the tip of the iceberg.  There are a plethora of social networks you can join.  These 5 offer the best bang for your buck because they are FREE.

Remember that social networking should be an integrated part of your social strategy.  If you would like to learn more about using Social Media.  Join us June 24th for our June Biz Mix.  The event is free.

Starting a Michigan Business Series: Corporation or Partnership?

As an entrepreneur you end up wearing quite a few hats.  This doesn’t always leave time for finding relevant information for your business.  Were do you even begin when it comes to starting your small business?  The Starting a Michigan Business Series will be designed to answer FAQ’s related to launching a business in Michigan.

First up in our series is Corporation or Partnership?  Is there an advantage to one over the other?

Quite simply, it depends.  Not quite what you were looking for.  Yet it really is determined by your situation.  Each has an upside and downside.

Let’s take a look at the differences.

Corporation Advantages:

  • Shareholders (company owners) have personal limited liability
  • Access to capital is easier than with other structures
  • Profits can be divided between owners and the corporation which reduces taxes and offers lower tax rates
  • Perpetual existence. Upon death of an owner (stockholder) the corporation continues to exist
  • Tax benefits for employee fringe benefits such as medical, dental, and disability

Corporation Disadvantages:

  • Fees. It costs money to incorporate, plus recurring annual corporate fees
  • There are formalities that MUST be followed. There is no flexibility here
  • Profits paid to owners are subject to double taxation
  • Can be complex to set up and maintain
  • Dissolution does not automatically happen

Partnership Advantages:

  • Pooling of resources, expertise and strengths
  • Fewer formalities than other business structures
  • Does not pay Federal income taxes
  • Liability is spread among the partners
  • Investment can come from partners as a quick easy loan. This creates interest income for the partners and a business deduction

Partnership Disadvantages

  • All partners are personally liable for business debts and liabilities
  • There may be unequal commitment (think time and finances, click here)
  • Can be difficult to attract investors
  • Partners may have differing opinions on how to run the business

If you’re a current small business owner, what has your experience been with these business structures?  What would you recommend to an entrepreneur just getting started?

Top 10 Reasons Small Businesses Fail

Top 10 Reasons Small Businesses Fail

We recently received an article from a client outlining the top reasons why small businesses generally fail. This question and the reasons related to the top 10 regularly face us in working with entrepreneurs. While we tend to focus our blog discussions on business success, rather than failure, it is important that we talk about and identify these issues because they are very real obstacles to success. Additionally, and perhaps even more importantly, the precursor to failure is ongoing stagnation and many points listed in this article are happening in your business right now whether you recognize it or not. So the question many ask is “if these are the top 10 reasons small businesses fail how do I avoid failure?” While this may be a valid question, the real question to ask is “how do I identify if my company has any of the traits that create these issues in the first place?” While there is no silver bullet in answering the question… the simple answer comes down to assessment. In your business, for which we recommend this check stub software, you should annually be assessing the organization, asking tough questions about the how and why you do what you do, and consistently measuring the results of your actions. But you shouldn’t do it alone. Bring in an outside resource by way of a mentor or consultant. These individuals should not have a financial interest in the organization or be on its operational leadership team. They should be “outside” resources whose interest is in the overall success of the company, not telling you what you want to hear. Through this process you should look at all areas of your business, giving you a chance to see it from the outside looking in allowing you the opportunity to identify potential problems before they can damage your company. Here is a link to the article-

TOP 10 REASONS SMALL BUSINESSES FAIL- ARTICLE

Protecting Your Products From Copycats

A friend sent us the attached article which was posted in USA Today on Monday September 20th. The main concept of the article is focused on protecting your products from copycats. While this topic is directly relevant to those of you who develop, invent and create new products, the article has some very good “take-aways” for every type of business leader. At its core, the article identifies that the awareness of our competitors’ position in the market, as well as always staying connected to the wants and needs of our customers, is critically important to maintaining successful growth. We hope you enjoy the article and look forward to hearing your feedback.

Click Here for Article- http://tinyurl.com/26zr3oe

Maybe you need a Business Divorce

By Lori J. Frank

We are taught that all that matters is the sales to your customer. If you Start searching for customers and sell your product or services then you will be rolling in the dollars. This is true, IF and only if, the customer is paying you! If not, all you are doing is laying out cash to your employees and your suppliers. Most business is conducted by a handshake (either actual or electronic) and rarely is there a written contract. We mostly trust that we will get paid for our product or services.

Let’s say you and your customer have done business together for a period of time after you graduated from business colleges. At first you were getting paid as agreed, and maybe a little early. As time went on, you started to notice that the customer is not paying you as in days past. You call and ask the owner why it is taking longer to get paid than it had been. You are told, “Well we are in Michigan and my customers are taking longer to pay me”.  Is that the truth or is my customer using the bad economy as an excuse? It doesn’t matter. In either case, you should start by asking your customer for Cash On Delivery and talk to the customer about an arrangement to pay the past due invoices. Most good customers will be embarrassed but will talk to you about making good on the debt. If your customer won’t discuss a concrete plan to pay the past due invoices, then it may be time to get the divorce and cut that customer loose. Furthermore, if the checks from your customer start to resemble a basketball and bounce, then time is running out on getting paid.  This is a red flag and all deliveries should stop unless payment is guaranteed either by bank check or by a credit card.

Lori J. Frank is a contributing member to the Talan education blog series. LJ Frank PC was formed in 1996 and the firm specializes in the collection of debt. They can be found at www.collectionlaw-firm.com. LJ Frank PC is located in Southfield but covers the entire State of Michigan. LJ Frank PC is a member of:

Michigan Bar Association

Oakland County Bar Association

Michigan Creditors Bar Association

Commercial Law League of America

If your business is in a situation where your cash flow is being negatively affected by clients who are not paying as they should, contact Talan today to discuss your options for reducing your exposure to this unnecessary risk.