5 Tips for Preserving Your Business Line of Credit

Many small businesses rely on a bank-approved business line of credit as a convenient source of short-term financing. But preserving this credit-line is not always so easy. Most banks make a commitment for one year. At the close of the year the business’ financial statements, tax returns, and credit rating are reviewed. If the bank does not like what it sees, then it may not renew the credit-line, and you may be expected to pay the remaining balance in full.

Many business owners may not realize that the bank generally has the authority to “call” the full amount due immediately and without reason.

Suddenly losing a line of credit can be a devastating blow to a small business. Here are 5 tips that can help a business hold on to its credit line even when business performance is poor:

1. Be clear about the bank’s requirements. Make sure to carefully read over your loan agreement so that you know what the banks expects in terms of providing information and repaying the loan.

2. Manage your line of credit carefully. Business lines of credit are meant for small purchases and to provide instant financing to cover a cash shortfall. You should be aware of the amount of money leaving the account, as well as where the expenses are coming from. If you leave balances on your line of credit then make an effort to pay the monthly principle on time.

3. Know when to rest; know when to be active. If your business is going through a difficult patch and you are using your credit-line regularly, then consider “resting” the account every now and then. Resting the account means that you pay the entire balance and refrain from using the credit-line for a short period of time. This shows the bank that you have the ability to cover the account.

On the other hand, if see that your business is not using the account, because you have a positive cash flow, for example, then consider making a few small purchases on it anyway to keep the credit-line active.

4. Keep the lines of communication open. When times are tough, make sure to communicate with your bank about the situation. You will have a greater chance of holding on to the account after you give over your story personally. Where possible, even if business is fine, it is a good idea be in touch with your bank periodically throughout the year. This will help build a relationship that could prove helpful when and if calamity strikes.

5. In an emergency negotiate payment or turn to other financing. If your bank suddenly calls the full amount due, don’t panic. First try to negotiate the repayment of the outstanding balance. These days, there’s a good chance the bank will make it easier for you to pay the amount due. In the meantime, you should look for another line of credit. If you aren’t having any luck or you need the money quickly, then you can try other sources, such as factoring accounts receivables or turning to an asset-based financing arrangement.

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Unemployed Professionals Seek Small Businesses: A Win-Win Situation?

Earlier this week officials of the New York City Economic Development Corporation announced the initiation of a program that pairs out-of-work professionals with start-ups and growing small businesses. The program, known as JumpStartNYC, illustrates an unavoidable trend that has been gaining traction over the past couple of years.

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As the economy continues to sour, major corporations and institutions across the nation have been cutting back their workforce. Many of these laid-off employees are taking with them an impressive resume of experience, talent, and other credentials. With quality jobs increasingly harder to come by, a growing number of unemployed professionals have been turning to small businesses in search of work.

There are many benefits to be gained here on both sides. In smaller businesses, senior-level employees often have opportunities to take on more responsibility, receive more recognition for their efforts, gain exposure to new experience areas and can have a greater influence over the company’s performance. They also can enjoy the scheduling flexibility and work-life balance incentives that many smaller businesses have to offer.

Small businesses on the other hand are getting access to a talented, experienced, and motivated (Many of these professionals were probably under appreciated at their previous jobs) workforce.

But there is a downside to this trend. For the professionals, the increase in responsibility comes with more accountability when mistakes are made. There are also fewer support systems to aid with the decision-making process, compensation may be a little lower, and small businesses in general provide a less stable work situation. For the small businesses, it generally means coming up with a competitive incentives package- something that may be difficult if business is slow in response to the recession.

All in all though, I think this partnership will be a very good thing. As more unemployed professionals pair up with small businesses it may have the power to breathe new life into our ailing economy.

18 of the Best Blogs for Small Businesses

For small business owners and aspiring entrepreneurs, the web is a wellspring of information, insight, and advice. But like everything the Internet has to offer, you need to know where to go to find what you need. Here is my list of essential small business blogs divided into several, broad categories:

General Small Business Info, Advice, and Trends:

1. All Business. This site is a great resource for practical, straightforward information pertinent to small businesses. It boasts several business-related blogs that are browseable by categories, such as Business Planning, E-commerce and Internet, and Marketing and Advertising.

2. Fresh Inc. Fresh Inc. offers a bold and smart look at general issues and trends effecting the business world. Be sure to check out the resource center blogs for posts on basic topics such as Business Travel, Global Business, and Office and Operations.

3. Small Business Trends. This blog, founded in 2002 by Anita Campbell, delves into the international news, trends, and issues effecting small businesses today. Its versatile content targets a wide range of businesses and industries.

4. Small Business Brief. In Small Business Brief, editor Linda Kiley brings together an extensive collection of links to small-business related articles posted across the web. The blog is easy to navigate and informative, providing entrepreneurs with the knowhow to successfully create, start, and operate a small business. Check out the Small Business Ideas Forum for a dynamic discussion on topics related to e-commerce.

5. Economist.com: Gulliver. Gulliver is an excellent business travel blog. Written by various journalists from the Economist newspaper, Economist.com, and the Economist Intelligence Unit, the site is a valuable source of business travel news, service reviews, and thoughtful discussion.

Marketing, Advertising, and Public Relations:

6. Duct Tape Marketing. This site focuses on marketing techniques and methodology for small businesses operating on a shoe string. The blog itself contains insightful articles and commentary by several small business marketing gurus. John Jantsch, the founder of Duct Tape Marketing, himself comes with over 20 years of marketing experience and specializes in helping small businesses create and implement effective marketing plans.

7. Church of the Customer. Operated by Ben McConnell and Jackie Huba, authors of Creating Customer Evangelists, this blog artfully examines the successes and blunders made by companies big and small when dealing with their customers. Through example readers learn how to effectively manage their customers and develop customer loyalty.

8. Seth Godin’s Blog. This blog written by marketing expert, author, and entrepreneur Seth Godin, is in itself a lesson in branding and image development. Whether you agree with his views or not, it will definitely challenge the way you think about marketing yourself or your business.

9. Marketing Experiments Blog. This blog, supported by Dr. Flint McGlaughlin and his research team at marketingexperiments.com, provides detailed information and research about Internet Marketing.

10. Flyte: Web Marketing Strategies for Small Business. Flyte features Rich Brooks, a tech smart website developer who writes about Web marketing issues effecting budding entrepreneurs and established small businesses. The blog is updated three to four times a week on a variety of topics including: e-mail marketing, social media, search engine optimization, Website design, blog writing, and small business news.

11. The Retail Email Blog. This innovative blog, written by Chad White, the Director of Retail Insights and Editor-at-Large at the Email Experience Council, monitors the email marketing campaigns of the largest online retailers. Each showcased campaign is then critiqued to reveal best and worst practices and trends in email marketing.

12. Copyblogger. This site offers a wealth of useful tips and information on copywriting for online marketing.

13. Dim Bulb. Author and advertising critic Jonathan Salem Baskin picks apart ads and marketing campaigns, then offers advice on how to make them better.

Technology:

14. Techcrunch. This group-edited blog is focused on profiling and reviewing Tech start-ups and products. Make sure to also check out the Tech Crunch Network.

15. Informationweek. This collection of blogs is a good all-arounder for up-to-date tech news, product and service reviews, and other information.

16. Silicon Alley Insider. This blog offers a collection of insightful news and product reviews on the ever-changing digital industry.

Entrepreneurship:

17. The Entrepreneurial Mind. Hosted by Jeff Cornwall, director of the Center for Entrepreneurship at Nashville’s Belmont University, this blog discusses various topics in entrepreneurism. Posts are categorized by subject. To do a search, scroll down to the bottom of the site to the drop-down bar labeled “Flag Sticks.” You will find subjects such as, Bootstrapping, Global Entrepreneurship, and Learning from Failure.

18. Toilet Paper Entrepreneur. Mike Michalowicz offers a “get real” approach to starting and running a new business with a collection of helpful tips and resources. 

Five Smart Uses for Your Tax Refund

As the economy continues to sour, many are giving extra thought to how they will spend their tax refunds. The question of where to allocate this “additional” cash is all the more weighty for the growing population of people who are either self-employed, unemployed, or in transition. So what is the best use for your tax refund? Consider these top five options:

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1. Set up an emergency fund. Many financial advisors suggest that people set aside a year’s worth of living expenses in a safe, liquid account such as a savings account, CD, or money market account. This is especially important if your current income is lower than usual or inconsistent.

2. Pay off any high interest loans. You can use your tax refund to pay off or pay down any loans with a high APR, such as credit cards. Not only can this reduce your debt load, but you can reap big savings on interest payments.

3. Put money in your IRA. The IRS allows people to direct deposit their refunds into an IRA, a Roth IRA, a SEP IRA (for self-employed individuals), or a health savings account. You can invest in a Roth IRA if your adjusted gross income in 2009 is $120,000 or less if single, or $176,000 or less if married filing jointly. If you earn too much money to invest in a Roth, you can contribute to a traditional IRA, then convert it to a Roth in 2010, when the $100,000 income limit for conversions will be discontinued.

4. Increase your credentials. You can use your tax refund to increase your earning potential by investing in a course, seminar, or any program that will expand your expertise and skill level.

5. Improve the condition of your equipment. A tax refund could be used to upgrade or service your equipment, appliances, and automobiles. By making your equipment run more efficiently and effectively, you’ll end up saving a lot of time and money.

 

Is Now the Time to Invest in a Franchise Opportunity?

There are several attractive incentives to investing in a franchise business. By buying into a franchise opportunity, you can take advantage of a proven business model and an established brand recognition, not to mention all the training and support that many of the major franchisers have to offer.

But with the economy in a recession, the question is should you take the franchising plunge now?

The answer really depends on the kind of franchise opportunity you are considering, as well as your available resources, your experience, and your level of commitment.

 

Here are a few facts to have in mind:

  • According to The Franchise Business Economic Outlook for 2009, the number of franchises will decline in 2009 by 1.2 percent, and the number of jobs in franchise businesses are expected to fall by 2.1 percent- a loss of an estimated 207,000 jobs.
  • Financing for small businesses (including franchises) is less available since banks and commercial lenders have tightened their loan requirements in response to the credit crisis.
  • Consumer confidence is holding at the lowest its been in years, which means less overall consumer spending.

 On the other hand…

  • Many franchising industry experts point to the fact that the franchising industry has emerged from previous recessions holding in a stronger position, as was the case after the recession of 2000-2001.
  • To attract entrepreneurs, many franchising companies are offering great incentive deals.
  • Start-up costs may be lower during the recession since property values have declined.

 For more information and advice on actual franchise opportunities, check out the AllBusiness Franchise Report.

Microloans Provide Needed Financing to Some Small Businesses

As the economy continues to sputter along, the sources of traditional small business financing have been quickly drying up. Collectively, banks and commercial lenders are requiring more collateral while simultaneously approving smaller loan amounts. And this is coming as other personal financing products, such as home equity loans, are getting harder to come by. As a result, many new and growing small businesses have been forced to do a lot of scrambling about in search of financial support.

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One promising ray of hope for small businesses in this dismal environment is the SBA-based microloan program. Based on a financing system that was designed to help small businesses in Third World countries, the SBA started this program in the 1992 with the goal of offering accessible financial assistance and counseling to new and growing small businesses. There are currently several nonprofit, community-based intermediaries funded by the SBA. These microlenders provide small business loans as well as training and technical assistance to its borrowers.

Now, the economic stimulus bill recently approved on Capital Hill provides a $30 million boost to the SBA’s microloan program. This is in addition to the $20 million already earmarked for microloans.

Though loans from microlenders can range from less than $100 to as much as $35,000, with a term as long as six years, the average size of a microloan is $13,000 with an average loan maturity of 42 months. The interest rate can be negotiable, but it tends to be higher than it is for standard business loans (usually between 8%-13%). A microlender can also serve as a subordinate lender to banks, sometimes enabling the loan to be increased to $50,000.

As the recession continues to deepen, microlenders across the country are experiencing an increase in inquiries from would-be entrepreneurs and small business owners, including entrepreneurs starting “high risk” ventures and established businesses that have bad credit or a poor sales history. Most applicants are drawn to the availability of financing, the easy approval process, the personal touch that most microlenders have to offer, as well as the free business training and technical assistance.

If you are in need of a small loan to help get your business off the ground or to expand an existing business, this program is definitely worth checking out. For help finding a microloan lender, the SBA provides a listing of all the intermediaries that are part of the SBA’s microloan program. There are microlenders located in almost every state.

How Small Businesses Can Retain Employees in a Recession

In the midst of all the outrage surrounding AIG’s infamous bailout bonus packages, a surprising detail has emerged. The so-called “retention” bonuses were paid to 52 people who have packed up and left the company. Though one could perhaps argue that the people who left technically could afford to leave, and anyway they weren’t doing such a good job in the first place, it still raises two powerful questions: 1. How could the powers that be at AIG be so out of touch and unconcerned with employee performance?, and 2. Shouldn’t the “generous” benefits have made their employees more loyal to the company?

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It’s very clear to me that the two are connected…

Employee loyalty does not begin and end with benefits and perks. A benefits package is only one piece of a bigger picture. Employees also need to feel appreciated and noticed; they need communication and feedback; and they need to feel that the work they are doing is challenging, yet doable. Basically, it all boils down to the fact that employees need to feel that they and their contributions to the company are valuable. Once that is in place, it makes it easier (though still not easy) for employees to swallow any necessary reductions in benefits and compensation without immediately fueling dreams of leaving the company.

This should come as consoling news to small business owners who have been forced to cut back on employee benefits and have had to let go of employees in response to the recession. Many of these people are dealing with low employee morale and worry that key employees will leave once the economy rebounds.

So what can small business owners do to retain employees and keep up the morale in this recession? Here are some points to keep in mind:

  • Make employee recognition a priority. It is human nature for people to want recognition for their input and hard work. Some free or low-cost ideas include: personalized “thank you” notes, sending along a compliment made by a customer or co-workers, and giving out gift certificates to high-performers. But keep in mind here that your comments and actions should be sincere to have the desired effect.
  • Ask employees for feedback. Your employees are one of your most valuable assets. Ask them for advice on how they can do their jobs better and how the company as a whole can improve. You may be surprised to hear what ideas your employees can come up with. Even if an idea is not beneficial or feasible, you should still let your employees know that you considered what they had to say.
  • Keep your employees up-to-date. One important element in being able to allay your employees’ fears about their job security and to boost employee morale in general is to be open with your employees about where your company is holding in terms of its performance and finances. But there is one important caveat here. You will have to determine an appropriate balance between disclosing information and withholding it. Openness does not mean you have to tell your employees everything. You may need the assistance of an HR consultant to help you determine what to say and what not to.
  • Be creative about benefits. Though reductions to your employee benefits may be inevitable, it doesn’t mean that all is lost. Here are a few tips to reduce the expenses of your health care coverage without giving it up. You can also seek out low-cost seminars for your employees, such as having someone come in to speak about financial planning.

 

Famous Companies that were Founded in an Economic Recession

In several of my previous posts, I mentioned that hard economic times are known to be the harbinger of innovation and business opportunity. So I thought I would give you a few examples of some famous companies that got their start in the harshest of economic conditions:

General Electric (GE). GE got its start in the middle of the Panic of 1873, which became a six-year recession, when American inventor Thomas Edison created the first the incandescent light bulb. GE is today considered the world’s tenth largest company.

Fortune Magazine. Fortune, the famed global business magazine, was founded by Time co-founder Henry Booth Luce in February 1930, just four months after the Wall Street Crash of 1929 that marked the onset of the Great Depression.

Revlon Cosmetics. Revlon was founded in 1932 in the midst of the Great Depression by Charles Revson and his brother Joseph, along with a chemist, Charles Lachman. The three founders pooled their resources and developed a unique manufacturing process for a new type of opaque nail enamel. Within six years the company became a multimillion dollar organization

Hewlett-Packard (HP). HP began as an electronics company in a garage in Palo Alto, California at the end of the Great Depression. The founders, William (Bill) Hewlett and David (Dave) Packard, formalized their partnership in 1939 with an investment of US$538. Today, HP has operations world-wide and has grown into the first technology business to exceed $100 billion in revenue, earning $104 billion in 2007.

Sports Illustrated. This famous sports magazine was launched on August 16, 1954, at the tail-end of a recession. The magazine benefited from fortunate timing as a boom in professional sports exploded soon after its founding. Sports Illustrated now sells about 3 million copies in the U.S. each week.

Burger King. This well-known fast food chain began in 1954 when James McLamore and David Edgerton opened a Burger King restaurant in Miami, Fla. During a second recession in 1957, the company introduced its successful signature burger — the Whopper. Today, the company operates more than 11,100 locations in 65 countries.

Hyatt Corporation. The renowned hotel business got its start at the Los Angeles International Airport during the Eisenhower recession (1957 to 1958). The chain rose to worldwide fame in the following decades and now operates more than 365 hotels in 25 countries.

IHOP Corporation. The first restaurant of this well-known national chain began in July1958, in Toluca Lake, Calif. Owners Al and Jerry Lapin were at the helm of the fast growing company, which began franchising just three years later. Today, there are more than 1,300 locations across the U.S.

The Jim Henson Company. This company, known for its famous puppet characters including Miss Piggy, Kermit the Frog and Elmo, was created by famed puppeteer Jim Henson in 1958. Today, the privately held company is managed by Henson’s children and continues to thrive by creating popular kids-friendly shows and movies.

Trader Joe’s. The neighborhood grocery store began as a chain of convenience stores called Pronto Markets during the Eisenhower recession in 1958. In 1967, the company changed its name to Trader Joe’s and began to carry unique grocery items under its own brand. The company now operates more than 280 stores in the U.S.

LexisNexis. This computerized legal research service got its start during the 1973 oil crisis which brought the US into a deep economic recession. The service has since been made available online and is used in 100 countries by those involved with law, government, education and business.

FedEx Corporation. This shipping and logistics management company was founded by Frederick W. Smith on April 17, 1973, under the name, Federal Express. Today, FedEx manages more than 7.5 million daily shipments worldwide.

Microsoft Corporation. The ubiquitous computer technology corporation got its start in 1975, when it was created by Harvard University dropout Bill Gates as a little company in Albuquerque, N.M. Then, it dealt in rudimentary computing languages and began its climb to business stardom in the recession-plagued early 80’s with the success of MS-DOS. Today, Microsoft is a multinational company offering a wide range of products and services and an estimated revenue of over $60 billion a year.

Cable News Network (CNN). CNN was founded by Ted Turner in the recession of 1980. It was first station to offer a 24-hour all-news channel. Today, approximately 1.5 billion people across the globe watch CNN.

MTV Networks. MTV debuted during the economic slump of 1981 as an all music video channel hosted by various VJs (video jockeys). Today, the channel offers a selection of music videos as well as several popular pop culture and reality TV shows.

Clif Bar. The Clif Bar got its start in the midst of the recession of the early 90’s when company founder and CEO Gary Erickson decided during a 175 mile bike ride that he could no longer take another bite of the energy bars he had due to their poor taste. He developed Clif Bar as a tasty, healthy, and environmentally friendly alternative.

Laid Off? Get Back to Work by Starting Your Own Small Business

As the unemployment rate surges across the nation, a diverse group of people of various ages and backgrounds are suddenly being faced with the question: What next?

History attests to the fact that economic difficulty often spurs innovation and creativity, and our current economic crisis should be no different. In a recent post, I noted that the rate of small business formation is expected to grow in the coming year as more workers are laid off and a general sense of job security is threatened.

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If you were recently laid off then the very idea of starting your own venture may be overwhelming (and rightfully so), but there is also much to be said about the opportunity that it creates- for you and your potential customers.

Here are some tips on how you can turn this setback into an opportunity to start your own business:

1. First, get some perspective. Try to stay calm and allow a little time for the news to settle. Depending on your financial situation, you may need to start making decisions quickly, and to do that you need to be in a rational state of mind

2. Clarify your financial situation. If you haven’t already done so, you should organize any bills or other outstanding debt, and determine your monthly expenses. There are two main reasons for doing this. First, you need to determine how much money you will need to support yourself in the meantime, and second, you need to prioritize your bills and expenses to see what can be forgone, what can be negotiated, and what can be pushed off outright.

3. Try to minimize the financial strain. Reducing the pressure of earning an income will give you the time and security to plan your business. If you need quick access to money try to avoid relying on credit cards, payday loans, or any other high interest forms of finance. Instead, attempt to negotiate a payment plan with your creditors. They may be willing to reduce your minimum payments or waive the interest until you are working again. You may also want credit counseling. There are a number of organizations that offer this counseling for free or low cost, such as The National Foundation for Credit Counseling, American Consumer Credit Counseling, and Advantage Credit Counseling, Also, find out if you qualify for unemployment benefits and file as soon as possible. Finally, you may want to look for a temporary job to ease the financial strain.

4. Begin preparations. Once you have a handle on your new situation, you can then begin the preparations for starting your business.

But if you lack experience or training in the venture you want to start then your fist priority is to gain that experience. To do this you could take a job in that area. For example, you could work in a restaurant or bakery if you want to open a catering business

On the other hand, if you already have the necessary training and/or expertise then you should check out the various programs offered by organizations designed to help entrepreneurs and new small business owners get the information, training, and even financial assistance they need. Much of this assistance is either free or low-cost. Some sites that are definitely worth checking out include:

Stop Overpaying On Your Overhead Expenses!

Do you know that you may be paying too much for many of your overhead expenses? Here are 12 simple ways that small businesses can save a significant amount of money on some of the most common operating costs:

1. Cell phones and business credit cards

Cell phone plans and credit card options can vary tremendously from one service to the other, and it is quite possible that they are not best suited to your business’ needs and spending patterns.

To find the best fit for your business, you should check out BillShrink.com. Based on your answers to a series of questions about your cell phone and/or credit card usage, this free service then helps you save money by choosing the best calling plan or credit card for your needs. BillShrink also keeps track of any new products or offers so you can be sure that you are always making an informed decision.

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2. Shipping and Postage

There are several simple ways to save on your shipping and postage:

  • You can print Priority Mail (or higher) labels from the USPS online for free. You can also enjoy free delivery confirmation and discounts on the postage as well as the nice fact that you don’t have to wait in line at the post office.

  • With the USPS Priority or Express Mail, you can take advantage of the free envelopes, boxes, tape and labels. All the boxes and envelopes are divided into flat rate, Express Mail, Priority Mail and international mail usage. Alternatively, if space permits, you can save and reuse the shipping packaging material that you receive from others, such as bubble wrap, envelopes, and boxes

  • Make sure that you are also comparing rates between carriers. There are several sites offering this service for free, such as Shipping Sidekick and Ship Gooder.

3. Faxes

Stop sending your faxes from copy centers and print shops! There are a number of free web-based fax services available where all that is required is an email address.

4. Bank Fees

Are banks deliberately trying to catch their customers with insufficient funds so they can charge them exorbitant overdraft fees? According to this chart that’s certainly the way it looks. Whatever the case, it pays to be on top of the cash flow in and out of your bank account and to make sure that you “budget” a few days processing time for fund transfers and non cash deposits.

5. Software

To maintain the productivity and efficiency needed to be competitive and to stay afloat in this topsy-turvy economy, an increasing number of small businesses are taking advantage of a virtual sea of small business tools and applications. Though the majority of these apps are priced for the small business market, they can still put some strain on an operating budget. Many of these apps and tools have quality opensource alternatives. Some popular examples include, the Linux operating system, Google Docs, OpenOffice, GnuCash, and the Firefox web browser. There are also several mobile opensource apps. Depending on the needs of your business, you may be able to save yourself a lot of money in license and service fees by using these free options instead.

6. Utilities and resources

A small business can save a lot of money with some simple, low cost changes in the use of utilities and other resources. Some cheap energy-reducing products include: CFL light bulbs, a power strip that stops drawing energy when devices are turned off, timers, and light sensors. Resource-conserving practices include: shutting down computers when not in use, reusing shipping material, printing double-sided pages, using GPS when traveling on the road, and not letting vehicles run idle.

7. VoIP PBX Phone Systems

Having a reliable and multi-featured phone system is extremely important- especially these days when every customer counts. Several online companies offer low cost VoIP PBX phone systems. There are are also a few free, opensource options, such as this one from AdminsParadise that includes features such as, call parking, paging, Interactive Voice Response, music-on-hold, custom queuing.

8. Travel Expenses

The Internet has proven to be a powerful tool in helping small businesses locate low-cost airfare, auto rentals, and accommodations. To make your searches more efficient, go to Kayak.com. This site sifts through airfares, hotel rates, and other travel products from over 140 different sources. Choose the offer you want and Kayak.com will direct you to a site where you can buy the ticket.

 

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9. Health Insurance

Maintaining the rising cost of health insurance for business owners and their employees has been a challenge for many companies across the board. Short of giving up on health coverage, here are a few tips to reducing expenses.

10. Technology/ Furniture

There are many ways to outfit your business with the appropriate technology and furnishings and still save money. The first rule of thumb is to try and wait where possible for any cutting edge technology since prices usually drop after the initial rush for the product subsides. For an updated list on the best web deals on computers and other electronic devices, check out Slickdeals.net.

Other tips include, seeking reconditioned or second-hand equipment and furnishings, and in some cases opting for equipment leasing.

11. Taxes

With the recent passing of President Obama’s stimulus bill, the issue of taxes has been getting a lot of publicity lately. Make sure that you are maximizing your business’ tax deductions. For more information, read this article, and here’s another.

12. Advertising

Though high-tech or high-profile advertisements and flashy brochures can impress customers, a little creativity with a focus on customer importance and involvement, can go a long way towards promoting your business and preserving your budget.