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My jewelry store is located in an outdoor retail strip center and the tenants regularly participate in promotional events—for example for the month of December there will be Dickens style carolers that roam the shopping center along with Mr. and Mrs. Claus. There are many shops in the center that create window displays full of fun items that directly relate to the event—but they never stock up on impulse buys that appeal to passers-by. For example, in October people attending the “Annual Boo Bash Parade” might duck inside to buy a scary mask or glow sticks to wear during the parade. Next time there’s an event at your strip center or in the neighborhood of your business consider carrying these inexpensive impulse buys that will give your customers the chance to get a look at your other merchandise too.

As the end of the year approaches, and the bad economic news shows no signs of slowing, many small business owners find themselves in a tough predicament—business hasn't been as good as we expected when we set our targets, forcing many to cut back on holiday events and promotions. This is not the time to stop advertising or holding promotional events. Understand the economic cycle. Things have gotten way out of whack, but the laws of economics have not been repealed. Consider the following inexpensive promotional events:

1. Christmas Carolers – Hire Dickens style carolers that will roam throughout your store. 
2. Strolling Santa and Mrs. Claus – Consider

Providing stellar personal service through a concierge used to be a perk exclusive to hotel guests and wealthy corporate executives. Today online sites are providing concierge service for both their busy customers and employees. Here's two of today's more popular mobile recommendation and navigation applications:

1. Tap4Taxi which finds taxi services in cities across the U.S. Unfortunately, it’s designed specifically for iPhones but the good news is the application only costs ninety-nine cents; providing users with telephone numbers with the touch of their fingertips, ratings, and whether each company accepts credit cards.
2. If you fly regularly will want this free application from Co

Factoring is a financing tool that provides your company with the necessary capital to operate the business, pay suppliers and grow. However, factoring is not a business loan. Rather, factoring involves selling your invoices at a discount for immediate cash. The factoring company waits to get paid, while you get immediate use of the funds.

Factoring companies make their profit on the fees they charge for their services, which start at around 1.5% of the financed receivables. Most factoring companies don't insure against non-payment. If your customer defaults, you have to pay back the money you've been advanced.

Follow-up is extremely important to growing your small business. Like anything worthwhile, consistent follow-up requires a lot of effort, but over time you'll reap the benefits of a steady stream of repeat business.

Three tools that will ensure customer loyalty:

1. Thank-you notes. Take the time to show your customers that you genuinely appreciate their business. They'll remember your thoughtfulness because most of your competition won't send out thank-you notes.
2. Birthdays and anniversaries. These occasions are very important to your customers and their families and friends. Be among the few who actually rememb

Everyone dreads attending meetings when they fail to start on time, run way over, or feel like a waste of time because the agenda wasn’t followed.

So, what’s the secret to an engaging sales meeting?

Try these tips:

1.      Bring in breakfast.

2.      Issue an agenda beforehand so attendees can come prepared.

3.      Ask for a volunteer to be a timekeeper for your meetings—make it his or her job to remind you of ...Read More

I have continued to let an employee slip, even after multiple interventions, she continues to under perform. The reason I kept people like that around are—its hard to train someone new, the holiday season is coming upon us, etc. Most would say these excuses aren’t good enough to keep a poor performer around. Many small businesses like mine haven’t realized the disproportionate amount of time we spend on poor performers—monitoring them, redoing their work, repairing issues that arise because of their mistakes, and so on. Time costs money so if performance is an issue, you can bet other employees see it too. Instead of wasting valuable time, which could be spent seeking a replacement—which may not be easy but the long-term benefits will be well worth it.

People from different backgrounds bring their life lessons, culture, and opinions to work. Often, their ability to connect with clients and customers of similar backgrounds is incomparable. The more you embrace and encourage diversity, the more your company will benefit.

Below are two ways companies can approach diversity:

1.      Assess the demographics of your current workforce. Look at the gap between the talent that you currently have and what you will need to meet your future plans. Next, consider what tactics you must put in place. These tactics may range from virtual or flexible workplaces to family support systems depending on the composition of your workforce and how you want your business to be viewed.

Referrals are the life-blood of any good business. There is simply no quicker way to build your customer base and increase your income than to double or triple your referral rate, but to make that happen you have to have an effective system.

A fact you should know is that contrary to what many believe, most people actually like to give referrals. When someone buys something new he wants his friends and neighbors to be impressed. He wants them to know what a great deal he got. Others want to feel important; they like to be the center of attention or information. Lastly, people like their friends and neighbors to share and experience the same things they do.

Yes, 2008 so far sales have been down and mom and pop retailers are nearly out of cash and have tapped out their credit lines.

The picture isn’t pretty. So if a small business retailer has stretched its cash and inventory as tightly as it can get right now, has a poor last quarter and goes into the first quarter of 2009 with no cash or credit, they won’t be able to replenish inventory. No inventory means lost sales and revenues decline even further.

The only strategy that makes sense to survive this next 3 months is to plan for the worst:

1. Keep inventory levels as low as possible without loosing too many sales.

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Advertising informs potential customers about the availability of your products or services. To avoid wasting your time and money, you need to plan your advertising campaign carefully—by first, not being afraid of advertising.

1.      Work with talented people to create an effective ad

2.      Set reasonable expectations

3.      Advertise consistently

4.      M...Read More

Electronic contracts and electronic signatures are just as legal and enforceable as traditional paper contracts signed in ink. Federal legislation enacted in 2000, known as the Electronic Signatures in Global and International Commerce Act (ESGICA), removed the uncertainty that previously plagued e-contracts, Nolo.com.

Consider what advantages e-contracts might have for your business. Some companies will be able to conduct their business entirely online, often with great savings. If you start using e-contracts, you have to let customers know whether paper contracts are available and what fees might apply for the paper agreements.