Small Biz Weekly Top 5 (5-9-14)

1. MARKETING

Ok this I am truly, truly excited about! This app will be on my tablet the minute they have a version for android.  If, however, you have an Ipad, today is your lucky day! You get access to it right now!

As many of you may know, video marketing is the wave of the future.  Well, Adobe has just released a FREE storytelling app for the iPad. As Geoff Weiss explains, this app “allows users to combine their own recorded voiceovers with images, animation, music and special effects.” Not only that, you can create these amazing  videos without the need for filming or editing.

Seriously, to see how truly amazing this product is, you must watch the video embedded in Mr. Weiss’s article.  I can already see how this thing will be a boon to my business on Youtube.  Can you imagine the same for yours?

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2. FINANCE

Have you seen the trailer for the new movie Chef? If you haven’t, this movie has tapped into the gourmet food truck craze that has been sweeping the country for the past few years.  Now maybe you are one of those people who is secretly harboring thoughts of entering into the food service industry. (I have been pressuring my cousin, who is an amazing chef, to go ahead and take the plunge!) However, regardless of passion, you have to decide which approach to food delivery makes the most financial sense for you.  Thankfully, Rich Mintzer is here to help you compare the costs and issues associated with owning a “food truck, cart, trailer, kiosk or other on-the-go food business.”

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3. SOCIAL MEDIA

I have mentioned on quite a few occasions that I am a social media noob.  I have deliberately chosen this path because I hate the idea of my private information being plastered all over the internet for time immemorial.  Snapchat, however, tries to address this issue by deleting photos and other still media from their servers and recipients' devices within 10 seconds after delivery.  Essentially, for the recipient, “you snooze, you lose”.  

As Mark O'Neill explains, Snapchat is now expanding the services it offers to include messaging and video chats.  As usual, the information in each session will be deleted after you are done communicating.  Of course, there are already other providers out there offering these services. But, if you are concerned about not leaving bits of your life all over the internet, then this is something to be excited about!

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4. EMPLOYEES
 

I am a big subscriber to the Golden Rule of customer service: “do onto others as you will have them do onto you.” And this is the attitude that I generally use while working with clients.  I have to admit, however, that these are not skills that came naturally to me; they were developed over the course of my part-time jobs in college and my early days of working in a law firm.  

That being said, anyone in customer service can attest to the fact that working with the public is not easy.  But, if you follow the advice in Laura Montini’s infographic, you will be able to develop a workforce that will give you an advantage over your competitors.  

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5. MOTIVATION

I am an adventurer at heart. I am able to do things that make other people quiver without batting an eye.  Despite all of this, my Achilles heel is the way in which I handle rejection.  I am always in awe of people who can simply brush it off and move on…another cousin is always saying to me,  “it’s only ‘no’ who cares?”  Well, I care! I always internalize and analyze each rejection as if it is the end of the world.

As you can imagine, this is a huge drawback when you are a startup entrepreneur.  That is why I really appreciate Jenna Goudreau’s very practical tips on how to deal with these situations.  If you fear rejection the way I do, then I think you will find them useful too!

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WEEKLY SMALL BIZ TOP 5 (4/4/14)

1.    FINANCE

My first experience with a retirement account was when I was a first year attorney.  Though we were all extremely young at the time, unlike most of my friends I chose to max out my 401(k) contributions. Why? Because I realized that for every $1,000 contribution, my net salary was only reduced by about $600 - $700 (those figures aren't exact, after all it was a LONG time a ago!).  So, to me, it was as if I was getting over $300 for free! And I was earning extra money on that $300 in the stock market!  

So imagine my surprise when I found out about a similar plan for small business owners called the Simplified Employee Pension.  This plan allows you to make pre-tax contributions of up to 25% per employee – even if you are only a sole proprietor.  And yes, you still have time to contribute! Mike Branch, CFP will not only explain how to do it, he will also show you how contributing to this plan can decrease your tax liability by up to 25%!!

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2. SOCIAL MEDIA

Image courtesy of arztsamui / FreeDigitalPhotos.net

Come on admit it, when you are just starting out, few things give you more pleasure than seeing the number of your “likes” or “followers” increase on social media.  But, ego aside, what is our real purpose for using these platforms?  To grow our business right!  So, what is your plan for converting those “likes” and “follows” into real customers? Some of you may have this all figured out. But for people like me - i.e. those who don’t know anything about this stuff - there is  Drew Hendricks and thankfully, he is willing to share…

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3.    EMPLOYEES

Image courtesy of renjith krishnan / FreeDigitalPhotos.net

A few weeks ago, I highlighted the president’s executive orders to increase workers & expand overtime pay.  For those of you in New York, I also talked about the attorney generals crackdown on low-wage worker abuse and New York City’s new paid sick leave law.  Regardless of whether or not you agree with these moves morally or politically, as small business owners, we have to be pragmatic and look at how these changes will affect our bottom line.  No doubt they will increase our expenses…so what can we do minimize the impact on our overall profitability? Curt Finch outlines some possible solutions.

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4.    MARKETING

Image courtesy of stockimages / FreeDigitalPhotos.net

When I did the SWOT analysis for this venture, I listed my main weakness as networking / marketing. My friend, a small business adviser who was helping me at the time, told me to get out of lawyer mode.  He advised me not to think about cocktail parties or sales pitches, but regular events where I could meet small business people in more casual environments.  After hearing this, a huge pressure was lifted off my shoulders… because even though I suck at sales, I’m great at dealing with people in situations where I can be of service.  Just that simple reframing of the concept of “networking” made this an easier task for me.  Well, Rakia Reynolds took this idea a few steps further.  She shows you how to turn things like your regular volunteering (or even an article you read in your local newspaper) into networking opportunities.

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5.    MOTIVATION

Image courtesy of Prakairoj / FreeDigitalPhotos.net

Patience, oh how I wish I had this trait!  But, alas it seems I am one of those people who is plagued by the need for instant gratification. So, getting through the startup phase of any venture is not exciting for me; instead, it is an exercise in how to “grin and bear” the experience.  However, I recently read a quote by Calvin Coolige (30th President of the U.S.), that states “Nothing in the world can take the place of persistence…[t]alent will not;…[g]enius will not…[e]ducation will not…”. Based on my life experience, I know I am an expert at persistence and perseverance. And, as such, I was happy to read Austin Allison’s piece which shows how these traits are the key to whether or not we entrepreneurs will become the masters of our own destiny or not.

That's it for this week! Check in on Monday for the updated Small Business Legal News. Also, don't forget "Wildcard Wednesdays".  Our next "Weekly Small Biz Top 5" will be on 4/11

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Weekly Small Biz Top 5 (3/28/14)

1. FINANCE

A few years ago, I helped a family member who was trying to get approval in one of the SBA programs –OMG, talk about frustrating! And this is from someone who is used to working on financial deals! “Document-intensive”,“ time-consuming” and “cumbersome” didn't fully describe the experience!  Well, it seems that things have changed for the better for the smallest of the small business owners - you know the ones (like me) who require loans of less than $150,000.  As Ty Kiisel describes, the SBA’s collaboration with SmartBiz  has reduced the months-long loan application process to less than 30 minutes.  Yes, you read that right! Not only that, you also get instant pre-approval with funds released about 5 days after you apply. Of course the regular SBA qualification criteria apply but if you need a relatively small loan now, hop to it! The horror days are over!

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2. SOCIAL MEDIA

Image courtesy of SweetCrisis / FreeDigitalPhotos.net

As I confessed on this weeks “Wildcard  Wednesday” post, I am a total novice when it comes to social media.  Though I can go weeks without logging into my personal facebook page, that is not an option when it comes to my business.  So the problems I encountered this week (not knowing how to reference and tag people in Instagram or how to use hashtags in Twitter), cannot continue.  So, thank you Matthew Toren for pointing out and addressing the most common mistakes people small business owners make on Twitter.  Did you know that you should use trending hasthtags in your tweets to ensure maximum visibility? Did you know that the way you use the @ sign could be limiting your reach? Those are only two of his five tips! 

Also, did you hear that starting today, there is Microsoft Office for Ipads? 

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3. MARKETING

Image courtesy of David Castillo Dominici / FreeDigitalPhotos.net

Ok, one more confession: I am essentially a PC and android lady.  But with my brother, it’s Apple all the way.  So I’ve had to listen to him lionize Steve Jobs for years and yes, it does get tired after a while.  So, why did I willingly invite Kyle Russell’s insight on Mr. Job into my life? Well, because it seems that under Mr. Job’s tenure at Apple "branding" and "marketing" were off-limit words.  Huh?!  I have to read numerous business articles each day and it seems as if half of them revolves around these two words. But now we hear that, Steve Jobs, one of the biggest visionaries of the 20th to 21st thought that these concepts were useless? Why? Well, like me you will have to read the piece to find out.  Let me just say, it is mind blowing!

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4. EMPLOYEES

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Earlier this week we discussed the crackdown by New York State attorney general on employers who violate the rights of low wage employees. Believe me, I have worked at government agencies that handle labor related issues: doing things like not paying overtime for non-exempt employees who work over 40 hours, or docking exempt employees paychecks for perceived infractions will eventually land you on the wrong end of a complaint at one of these agencies – and that’s only if you are lucky.   Suzanne Lucas discusses 6 illegal activities you should avoid if you want to stay on the right side of the law.

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5. PLAYING THE ODDS & BELIEVING IN YOUR VISION!

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Like most people, I love a good feel good story.  Think classics like Rudy & Rocky - stories about people believing in themselves and achieving their dreams despite overwhelming odds. Come on admit it, they always leave you thinking, “yeah! I can do that too!”  Hollie Slade’s profile of Kavita Shukla is this kind of story.  Here’s a Harvard grad who was discouraged from her vision by her professors.  But instead of buying into their views, she bought some lawn chairs at Ikea and went directly to the nearest farmers market to personally peddle her invention.  And what is this product? Something that saves you money, helps you eat better and contributes to saving the planet.  Can you guess now? 

Weekly Small Biz Top 5 (3/21/14)

1. MARKETING

Image courtesy of KROMKRATHOG / FreeDigitalPhotos.net

I know the type of career I would ideally like to have... I also know the type of career I absolutely hate.  For many years I tried to create a business out of what I love - but guess what? There simply wasn't a market for it!  I had to learn that in order to get people's attention, I have to give them what THEY want... that in the end, it really wasn't about me at all.  In this week's article, marketing guru, Seth Godin discusses how focusing on the consumer's needs and appealing to their emotions will create a viral effect and demand for your product that is much more important than paid advertising. 

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2. FINANCE

Image courtesy of sheelamohan / FreeDigitalPhotos.net

This past Monday I clicked on the tumblr page of one of my favorite authors and I was greeted by what seemed like a support group for fans of Veronica Mars.  These people were beyond upset at the quality of the movie they paid for via crowdfunding. For those who don't know, crowdfunding is a projected $5.1 billion industry that funds various projects with small donations from regular people.  So, if your dreams are economically viable, you now have funding alternatives even if your bank says no.  This won't be a cakewalk though - to succeed you will need to Become A Crowdfunding Wizard by following these 8 simple tips.

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3. EMPLOYMENT

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I once had an employer who had a simple rule: any employee who worked more than X number of hours per year would receive a significant bonus. Needing the money, I worked around the clock. Though my personal life suffered, I endured. So, you can imagine my surprise when my employer tried to weasel her way out of paying me my bonus at the end of the year. Suddenly, out of nowhere, she claimed there was a requirement that I had not met.  Was I informed of this requirement beforehand? No. Thankfully, my situation worked out well in the end but this is not the kind of relationship you want to have with your employees! It breeds resentment that saps productivity. That is why I wholeheartedly recommend Ed Powers' approach to handling employees' pay and performance. 

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4. SOCIAL MEDIA

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When I first started on Facebook in 2008, I was very excited about linking up with elementary and high school friends I had not seen in decades. There was, however, this one former friend who would flood our timelines with ads and promotions for his business.  It was almost like spam! I eventually had to "unfriend" him and since then I've been very wary of liking other businesses because I want to keep my facebook timeline, well "personal". But now that I am on the other side of the fence I understand the value of facebook, google+, etc. in reaching and keeping up with customers.  So the issue at hand is: how do you promote your business in a manner that seems personal? Sherice Jacob has the answer.

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5. TAXES

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Sometimes it seems like cyberhackers have invaded every aspect of our virtual life. Well, I'm sorry to say that they are now impeding our ability to efile our taxes safely.  In 2011 alone cybercriminals filed fraudulent tax returns in the amount of $3.6 billion. According to Jennifer Schlesinger, these cyberhackers access your private information via fraudulent emails where they claim to be the IRS. Efiling in a public setting is also a bad idea because public wi-fi offer no security and can be hacked quite easily.  I hate to add to your burden this tax season but you need to read this if you want to protect your money and your identity.

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That's it for this week! Check in on Monday for the updated Small Business Legal News. Also, don't forget "Wildcard Wednesdays".  See you for next week's "Weekly Small Biz Top 5" on 3/28.  

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