What We’re Reading: Small Businesses and Economic Recovery

We recently blogged about how spring is bringing small business expansion due to signs of economic recovery, but in the past two weeks, new reports from business and economic analysts have revealed that many small businesses are still hesitant to take steps towards a long term sustainable plan. Some reports say the hesitance from small business owners actually plays a role in slowing the economy’s recovery, because small businesses are so vital to economic growth. Add this into the news cycle from late 2012 and early 2013 (the Fiscal Cliff and concerns about sequestration budget cuts) it’s understandable that many small business owners view putting time and money into long-term goals as a gamble. Below are some articles on the subject that outline some improvements worth considering if you’re thinking of taking the next step in growing your business. Do you have a story about how taking a chance helped your business? Tweet it to @IPNTeam.

Is Small Business Ready For The Recovery?
Forbes: article by Frank Sorrentino, contributor
The constant barrage of grim headlines continue to remind us of the past, dissuading small businesses to position themselves for long-term success. We need to look beyond the sensationalism and ask ourselves, “What does today’s economic environment actually look like.”…The good news is, the fundamentals are pointing to a recovery.  However, if we continue to follow the popular perception, the result will be inaction and immobilization. Rather than focusing on the here and now – the positive changes and economic trends emerging – small business owners are still operating in a wait and see mode, rather than preparing their business to be on track for the recovery.

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Number of the Week: Small Business Causing Spring Swoon?
The Wall Street Journal: article by Phil Izzo
Even now that things have improved, small businesses remain cautious. J.P. Morgan Chase Chief Executive James Dimon noted on Friday that their balance sheets have improved and that they are well-positioned for growth. But “small businesses remain cautious about the recovery and fiscal uncertainty, and are not investing their capital,” he said in the bank’s earnings release…That hesitancy has translated into more muted hiring. Since the economy started adding jobs again in early 2010, large private-sector firms have boosted their payrolls by nearly 8%, according to ADP. Businesses with fewer than 50 workers, meanwhile, have only increased employment by 4.7%.

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What We’re Reading: Get the Most Social Media Bang for Your Small Business’ Buck

Although the use of social media isn’t critical for every business, there’s no question that it’s a vital tool for many small business owners. Facebook and Twitter are two excellent ways to attract new customers as well as keep existing customers engaged. But social platforms are constantly evolving, and if you’ve determined that a social media presence is right for your business, or you’re looking to decode the ROI you’re getting from your existing social media presence, you’ll need to keep current on the latest and greatest. Examples like Facebook’s seemingly ever-changing news feed can affect how many of your existing followers are actually seeing what you post on a daily basis, so you may need to make adjustments or invest more time and money. But armed with a consistent strategy, your business can reap the benefits of social media and help your bottom line. We’ve provided some articles below to decode the in’s and out’s to help you get the most bang for your social media buck. If you have any social media tips or strategies that work great for your business we’d love to hear them. Tweet them to @IPNTeam.

How Do Small Businesses Build High Engagement on Facebook?
Huffington Post: article by Melinda Emerson

There is no doubt that Facebook is a major player in the way small businesses engage with their customers. But, before putting together a marketing plan to build your Facebook fan base, let’s take a look at the meaning of having lots of “likes” on your page. Social marketing gurus have pondered the tangible value of Facebook fans for years. Last year, when Facebook decided to limit the amount of access you have to people who have liked your fan page (unless you pay for people to see what you post), they significantly reduced the inherent value…

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10 Social Media Time Management Tips for Small Business
Forbes: article by Aileron contributor
Social media is one of those things that small business owners know they need to do, but they are not quite sure how to find the time to do it. Here are the top ten tips for effective social media management:

1. Have a plan
2. Don’t worry about perfection
3. Focus on one tool at a time
4. Show up consistently
5. Use your own voice online
6. Set a time limit
7. Turn off notifications
8. Schedule new content posts
9. Review analytics
10. Set an expected return on your investment

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What We’re Reading: Retirement Spawning Entrepreneurs

According to a survey conducted by the Kaufman Foundation, Americans from the ages 55 to 64 are starting businesses more than any other age group. In fact, 23 percent of all entrepreneurs fall into this age group, quickly turning retirement into an opportunity for a new career for many retired Americans. There are a number of reasons for this surge in post-retirement startups; many seniors are more financially secure and have the startup capital to finally be their own boss, some are looking for a more stable gig after being laid off in the struggling economy, and others finally have the time to turn a passion into a steady income. With people living longer and healthier lives retirement is as good a time as any to turn a business idea into a reality. Below are articles with personal stories from these “encore entrepreneurs,” as well as some sound business tips for any retirees considering beginning a business venture of their own. Are there any encore entrepreneurs you’d like to give a shout out to? Tell us about them by tweeting to @IPNTeam.

Boomers Turn to Encore Careers After Retiring
USA Today: article by Rodney Brooks
Sitting at home through a 20-or 30-year retirement is no longer an option for an increasing number of Baby Boomers. Some are looking to do something else because they have to for financial reasons. But, increasingly, Boomers are embarking on entirely different “encore” careers after retirement. “The reality is people are living longer, healthier lives, and when they get to the point when the need to make a change — they retire, are laid off or sell their business — they are 60 years old, and they say ‘I still have another 10, 15, or 20 or years and I want to do something,’” says Nancy Collame

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Encore Entrepreneurs: Big Dreams for Older Small-Business Owners
Forbes: article by Northwestern Mutual contributor
If you’re age 50 and considering a new career as an entrepreneur, you’ll want to make sure you are pursuing a viable business venture.  Consider asking yourself these questions: Does your business fill an unmet or underserved need? What does the competitive landscape look like?  How can you leverage your personal, professional and other key relationships to help you succeed? Once you have identified your opportunity, here are three steps you can take to move your new venture toward success.

1. Make a business plan.
2. Get advice.
3. Figure out financing.

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What We’re Reading: Small Businesses Springing Forward

Springtime signals new beginnings – and this spring, small businesses are looking to grow like never before. We talked recently about helpful tools and resources to help you expand your small business, but if you’re like the majority of small business owners, you’ll probably need to apply for a loan to properly fund this growth. The good news?  Banks are more likely to lend small businesses money than they have been in a long time in order to help them grow.  So if you’re looking to expand your business consider these tips to help jump start the loan process for your next project. If you have a great tip for small businesses seeking loans that isn’t included, tweet them to @IPNTeam.

Signs of Springtime Growth in Business
Fox Business: article by Rohit Arora
Spring is a time of growth both literally and figuratively.  Just as spring showers coax the dormant bulbs to bloom into flowers, research indicates that the capital needed to spur business growth is flowing better than it has in a long time. […] For would-be entrepreneurs, startup capital is critical.  Think of it as the roots of your business.  Any type of business, whether it be retail or service based, needs seed money.  New franchisees need money to pay the fees, purchase land and buildings, etc.  These are things that the franchise companies don’t focus on when they are selling the dream of business ownership.

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In This Corner: Loan Tips for Small Business Owners
TheTimes-Tribune.com: article by John Dorneman
Despite what you may hear in the news, banks have the funds and want to make loans to small-business owners looking to grow their business – and today’s low interest rates make this an especially good time to apply. If you are seeking a business loan, here are a few tips to improve the chances of securing your loan and growing your business.

1. Create a relationship before you need a loan.

2. Plan on providing a plan.

3. Be prepared.

4. Check your credit report.

5. Focus on repayment. 

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What We’re Reading: Small Businesses Embracing the Madness

March Madness is upon us! According to a recent survey, 14 percent of the three million workers surveyed in America will watch the tournament for three to four hours a day during work hours and 16 percent of these employees will watch five or more hours a day at work as they follow the tournament. Some small business owners will brace for a dip in productivity, but others are adopting the adage “if you can’t beat ‘em, join ‘em”, openly embracing the tournament in the office as a way to bring enthusiastic employees together for some fun. Whether it be putting an interesting spin on the office pool or creating fun spoof brackets, here are some tips and ideas for small business owners to keep March Madness from driving them mad. Does your work place have any unique ways of embracing March Madness worth sharing? Tweet them to @IPNTeam.

Let the ‘madness’ into your workplace
The Globe and Mail: article by Katherine Scarrow
But rather than look at the negative effects of the tournament, why not consider the benefits March Madness can bring to the office? Clay Hebert, founder of the Spindows.com, figured out a way to revolutionize the traditional office pool while attending Seth Godin’s Alternative MBA program. In an article on the Young Entrepreneur Council website, he explains that instead of throwing in $10 to the office pool, everyone donates a skill. After the tournament, instead of winning the pot of money, the winner gets his or her first pick from the skills pool. Second place gets second choice, and so on.

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Managing the March Madness
Idaho Business Review: article by Chris Newmarker
The NCAA’s March Madness men’s basketball tournament has started.  So is it good or bad to let employees keep track of it – or even engage in friendly office pools? Robert Half International’s OfficeTeam recently surveyed 1,000 managers across the country and found that one in five think workplace activities around the tournament boost office morale at least somewhat. Three-fourths said it had no impact.

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What We’re Reading: Tenacious Entrepreneurs and Unlikely Business Success Stories

Starting a new venture can be downright frightening for any entrepreneur, even if the current less-than-certain economic outlook for small businesses weren’t a factor. But sometimes the adage, “it’s so crazy, it just might work” is more than appropriate, when a unique idea, outside-the-box thinking, and a little bit of luck just may add up to success even when the odds are stacked against you. So for a little small business optimism, read on: you’ll find some unlikely success stories of entrepreneurs crafting creative ways to compete for valuable market share or in some cases, creating a new market altogether. Do you have any unlikely small business success you’d like to share? Tweet them to @IPNTeam.

A Games Company that Partners with Comedians
Fox Business: article by Gabrielle Karol
All Things Equal founder Eric Poses came up with a game concept at the age of 23, and promptly quit his job at an ad agency to pursue his dream. After making hundreds of cold calls to toy companies that went nowhere, he says, he hopped in his car and drove around the country, selling the game out of the trunk of his car. Now, that game, Loaded Questions, has sold 2 million copies, says Poses, and is carried by stores like Target, Walmart and Barnes and Noble, in addition to the specialty stores that Poses first encountered on his cross-country adventure.

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Three Unlikely Small Business Success Stories
The Street: article by Carmen Nobel
Some of the best business ideas are borne of the notion that “it’s so crazy, it just might work.” Here are three of our favorite success stories from entrepreneurs who took a chance on seemingly strange ideas.

Mediabistro.com
The average salary in journalism is $41,000, according to Simplyhired.com. This may be why it may sound nuts to target journalists as a potential source of revenue. But that’s what Laurel Touby did with Mediabistro.com

Dr. Siegal’s Cookie Diet
“It was quite clear to me that hunger could be controlled by foods, but specific foods were more effective than others,” says Dr. Sanford Siegal, who in the 1970s pioneered his seemingly contradictory diet in which patients lose weight by eating specially formulated cookies. “Cookies are popular, people like them, and they’re also portable.”

Teenage Mutant Ninja Turtles
According to Ninjaturtles.com, this odd success was born in 1983, when Kevin Eastman (then a short-order cook) and Peter Laird (an advertising artist) were hanging out at Laird’s house, riffing on a sketchpad.

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What We’re Reading: CEOs Hopeful for Economic Rebound, but Still Cautious

According to a survey conducted by The Wall Street Journal/Vistage Small Business CEO, thirty-five percent of small business owners believe the economy will improve in 2013, despite recent economic uncertainties like what sequestration might do to our wallets. The survey makes this claim by looking at its “confidence index,” which is the highest it’s been since the survey’s beginnings in June 2012.

Might this mean that small business owners will finally take on a more bullish attitude and look to expand their businesses this year? We hope so. With that in mind, the IPN team wanted to share some more information about the CEO confidence index and tools that can help expand your business. Do you know of any other tools or resources useful to small businesses looking to expand that you’d like to share? Tweet them to @IPNTeam.

Small Firms Plan for Stronger Economy
The Wall Street Journal: article by Emily Maltby
More than a third, or 35%, of owners said they expect the economy to improve in the coming year, according to a survey fielded from Feb. 4 to Feb. 13. That’s a significant boost from the 20% of owners who held that opinion in November and the 26% who said so in January. In addition, only 16% say the economy will weaken in the year ahead, a major drop from the 43% who expected a weaker economy three months ago.

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Tools and Resources to Help Expand Your Small Businesss
Forbes: article by Jessica Stillman
If you have dreams of business growth dancing in your head, you’ll need a lot more than willpower. The world may be a smaller place these days thanks to technology, but competing with bigger players and in new markets is still daunting. Thankfully, there are lots of resources to help you make this particular resolution come true, whichever way you’re planning to build out your business.

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Q&A with IPN Customer: Rachel Bauer Photography

What type of business do you have?
I own a photography business in the Northwest region of the United States (Washington to be exact).

What types of photographs do you take?
I specialize in taking outdoor portraits for families, newborns, and high school graduations. No studio. No home office. Just the northwest landscape and my camera. Given the weather in the Northwest region, my main business season is June through November.

How long have you been in business?
I started my business a year ago!

What was your inspiration to start this business?
I’ve always had an interest in photography, but it really bloomed in high school when I took my first photography class. Four years ago, I adopted my first child, which re-ignited my passion for photography. With my new buddle of joy, I found myself taking a lot of family photos. One day, a friend asked if I would take her daughter’s senior photos. What seemed like a one-time favor turned into a business that has flourished. With the proliferation of social media sites like Facebook the photos I took spread and I began to receive requests for portrait sessions. Now, I am lucky to have a small business that doubles as a hobby – photography.

How do you utilize Intuit PaymentNetwork (IPN) in your business?
Before each customer photo session, I sent out an invoice with an IPN paylink. Customers pre-pay for their portrait session with IPN. Once we set a contract, and schedule logistics, we take the outdoor photos.  After a session is completed, I send out a link to the photos and an order form for the customer to pay. Once they order their photos, I send them another IPN invoice for the purchase of these photos.

Do you have a favorite thing about IPN?
I love IPN because it’s easy! No having to deal with cash or checks and all I have to do is send an invoice with a paylink for my customers to pay. Once the customer pays me, I receive an instant email informing me of that payment!

Where can we find you online?
Website: http://www.rachelbauerphotography.com/
Facebook: https://www.facebook.com/RachelBauerPhotography

What We’re Reading: More Help on the Way for Small Businesses Affected by Hurricane Sandy

Hurricane Sandy’s destruction may be behind us, but the aftermath is still very real for the small businesses that were affected. According to the U.S. Small Business Administration, 90 percent of a small business’ customers come from a two mile radius, leaving those in the devastated hurricane areas struggling to get back on their feet. But, despite the devastation, there are still resources available to support small business recovery. The U.S. Small Business Administration is one organization that is offering additional aid to help speed up the recovery of small businesses in the wake of Hurricane Sandy. Below are articles that discuss the issues these small businesses have faced, the resources available to them and tips to help the rebuilding process. Do you have any advice useful to these small businesses that you’d like to share? Tweet them to @IPNTeam.

Sandy’s Big Price for Small Businesses
Forbes: article by Richard Crespin
Following Hurricanes Katrina and Rita and the Joplin Tornado, we saw a predictable boom/bust cycle. With relief agencies and organizations like FEMA and the Red Cross pouring in, economic activity slowly comes back to life. As insurance payments get processed and rebuilding begins, an economic boomlet starts.

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SBA Offers More Aid to Hurricane Sandy-Affected Small Businesses
Accounting Today: article by Michael Cohn

The U.S. Small Business Administration has approved over $561 million in disaster assistance loans for residents and businesses in New York affected by Hurricane Sandy and over $238 million for residents and businesses in New Jersey, and said it is eager to do more. “We are pleased to get these loans approved so residents in the disaster area can start to rebuild and resume their normal lives,” said Frank Skaggs, director of the SBA’s Field Operations Center East in Atlanta, in a statement Monday.

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What We’re Reading: Mobile Payments: Full Steam Ahead in 2013

Moving into the New Year, many small business owners may find themselves wondering what’s in store for the mobile payments arena. Whether you’re planning to enter the mobile payment landscape for the first time or expand your current setup, one thing is certain – now that customers expect it, mobile payments are here to stay. Below are a few articles to enlighten you on what’s ahead in 2013. Have you read any mobile trend stories recently? Tweet them to @IPNTeam.

Expect Mobile Payments to Have a Breakout Year
American Banker: article by Jason Oxman
Simply put, the common enemy of electronic payments is cash, and so any technology that makes it more convenient and more rewarding to use a credit or debit account is good for business. And through loyalty, discounts, location-based offers and much more, mobile payments hold great promise to make cash ever less attractive for consumers. There is widespread agreement that mobile payments will take an increasing percentage of credit and debit card payments. This is not surprising given Americans’ love affair with their mobile phones – there are more mobile phones in service in the U.S. (approximately 320 million in 2012, according to CTIA’s Semi-Annual wireless survey) than there are people.

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Top 5 predictions for mobile payments in 2013|
Luxury Daily: article by Bob Gold
Mobile transactions have been dominated by micro-payment transactions for digital goods. But with the death of premium SMS and the non-carrier commerce world getting into the game, we will see (1) the average mobile transaction size increase due to mobile payments having a more balanced mix of digital, services, and physical goods and (2) U.S. wireless carriers, like many of their brethren internationally, will begin to accept certain “service” payments such as train, bus, and taxi. The carriers need this type of higher margin revenue to pay for their massive infrastructure costs for 4G/LTE.

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