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As technology continues to improve and businesses remain focused on cost reduction, there has been a growing interest in telecommuting. Many smaller companies in particular have been embracing this option, as they scramble to maintain a healthy cash flow and stay competitive in this still challenging economy. If your small business is looking to test the waters with telecommuting, then consider integrating your system with these free and low-cost online services:

 

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• Skype. Skype offers several attractive features for telecommuting. Aside from its free flagship video calling and internet-based Skype calls, businesses can opt for video conferencing, call forwarding, document sharing, and Skype calls to any landline or mobile number across the world, and all at extreme;y affordable rates.

 

• Dropbox. Dropbox is an essential file sharing app for managing an off-site workforce. Not only are business files and documents easily accessible from any computer or mobile device, but business owners can control who has access to this information. A free Dropbox account comes with 2GB of storage, but can be upgraded to 100 GB for less than $20 per month.

 

• Google Apps. This suit of online applications includes Gmail, Google Calendar, Google Sites ( a place to create company webpages and wikis), and Google Docs (where files across several platforms can be uploaded, amended, and made available to specific parties). The free version allows up to 50 accounts per business.

 

• SohoOS. A new-comer on the block, SohoOS offers a free suite of cloud-based management applications for small businesses and freelancers that includes a unified contact system, free payment processing, a collection of marketing tools, and customize reports. Since everything is located in the cloud, it makes it easy for off-site workers to access what they need. then definitely check it out.

 

• Xmarks Sync. For those workers who will be working both on-site and off and/or on a variety of devices, then bookmark syncing is a must. This tool preserves your bookmarks, passwords and open tabs backed up and synchronized across computers and browsers. It currently runs on the four major browsers: Internet Explorer, Google Chrome, Firefox, and Safari.

Thinking of selling your business? Hold on, and wipe those dollar signs out of your eyes. There are several factors that can affect the value of a business, and if your company isn’t up to snuff then it can look to potential buyers like the leftovers in a Walmart clearance bin. So before you offer your business up for sale, you might want to consider where it is holding in the following ten areas:

1. Your business has little cash flow. There can be many reasons why your business would come up short in the cash flow department. You invested heavily in equipment or inventory, or you have piles of outstanding customer invoices. In this case, you may be showing revenue on your income statement, but the truth is you are cash poor. You may also be experiencing a decline in sales. Either way it puts a negative mark on your business and it will adversely affect the sales price.

2. Your business has a poor reputation. In the category of intangible assets, your business’ reputation comes out tops- especially these days when customers are more particular about where they spend their money.  If your brand is well developed and highly regarded, you’ll be more likely to cash in. But if you are being hounded by customer complaints, it doesn’t bode well for your sales price.

3. Your business is in a no-growth industry. If industry trends aren’t looking so rosy then it’s not a good sign for your sales price.

4. You did not build up a loyal customer base. Another biggie when it comes to intangible assets is building a loyal network of customers. Even more valuable is cultivating a data base of information about your active patrons. If, however, you have no connection to your customers and revenues have been spotty, then your sales price will take a nose dive.

5. Your financial records are a mess. If you have not made an effort to ensure that your financial accounting is clear and accurate and that necessary documents are easily accessible then you may have a hard time proving your businesses past performance, it also gives off a bad smelling air of unprofessionalism.

6. Your business has a poor credit profile. One of the things that potential buyers will check out before deciding to purchase a business, is the business’ credit profile. With this number, buyers can get an idea about the general health of the business.

7. The location is bad. If the city, town, or even the street are not considered safe or are economically depressed then it will impact the value of your business. This is especially true when other, nearby businesses are leaving the area. Alternatively, the area in general may be ok, but it is not suitable to your particular business.

8. You have a poor sales history. If sales have been down, unless it is a predictable seasonal decline, then it can negatively impact the value of the business and make it less attractive to potential buyers.

9. You have no real niche. In many industries, especially those that have a lot of competition, finding the right niche market to focus on is the open to competition

10. You are not connected. These days, in the world of business, if you are operating on a virtual island, you are at a big disadvantage. You are defined, to some extent, by who you know, and if you do not possess a network of business connections and partnerships, it can negatively impact the value of your business. Not to mention, you can use your network to quickly locate a willing buyer.

Even with the optimistic forecasts meant to buoy a nation still smarting from “The Great Recession” that keeps on giving, the fact is that many small businesses are struggling these days just to remain in operation. For the owners and employees of these ailing companies, some “real” optimism needs to be sent their way. So here it is: If you own a struggling small business there are some things you can do to help prevent it from hitting the rocks. Here are four action steps:

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1. Stop right now and take stock of the situation. The first step in bringing some health to your business is diagnosing the problem(s). Take out a piece of paper or a white board and identify the areas of your business that need improvement. What do your financials look like? Are you paying your bills on time? Are you generating enough revenue? What is the turnover in your accounts receivables? What about your inventory? Are you getting enough ROI on your marketing initiatives?

2. Ask for feedback. The next step in this process is to actively solicit feedback from several different sources in which you ask people how they feel about your business and what they suggest to improve it. This feedback can come from your employees, your customers, a consultant or mentor ( you can access a free mentor at SCORE, and MicroMentor), or another hired professional, such as a CPA or attorney. After collecting this feedback, you need to shift through it to pick out the common themes. If many different people are all offering the same criticism or suggestion for change, then that you should take it as a strong indication of where you should be putting your efforts.

3. Re-align your business. After you have determined where the problem areas in your business lie and have received some feedback on some possible ways to go about improving the situation, now comes the real work- you have to act on this information. You should develop a list of of priorities and tackle those areas first. In most cases, you should integrate changes slowly and focus on no more than three of them at a time.

4. Evaluate your progress. The last step in this process is an on-going one. Make sure that you are monitoring and evaluating any major change you have introduced into the way you do business. This will help you to stay on track and allow you to drop or change any initiative that isn’t paying off.

In short, with a lot of intensive care, often even the sickest business can be brought back to life.

In previous posts, such as this one, I’ve discussed some of the unique opportunities crowdsourcing offers for small business owners- especially in the areas of business finance and market research. But there is a flip side to these benefits. If you do not exercise your due diligence, at best, you can end up forking over a significant amount of time and money for a product or service you can’t use, at worse you can expose your business to some serious damage.

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What Are the Risks of Crowdsourcing to Small Business Owners?

First, small business owners should keep in mind that there are currently several crowdsourcing models through which freelancers are connected with companies in need of a particular service. Some crowdsourcing websites operate on a bid system. Numerous freelancers bid on set jobs; the company receives these bids and chooses with whom to work based on any combination of factors such as price, reputation, and skill. Other sites, rely on a competition model, whereby freelancers of all experience levels submit the completed the project, and the company chooses which one it likes the best. In this case, only the freelancer that was chosen gets paid, while the others walk away empty-handed. The amount and type of risk will vary from site to site.

So what are some crowdsourcing dangers small business owners should be concerned about? Here’s a rundown along with some tips to help reduce the risk:

• The contracted freelancer produces no work or the work is inappropriate or unacceptable. Before agreeing to work with a particular freelancer, make sure you look into the person’s level of experience and reputation. Where possible, ask for a sample of previous work. You also need to make sure that you are very clear about the task you want completed. Sometimes freelance projects go awry due to lack of sufficient communication on behalf of the employer. Finally, make sure to keep cultural differences in mind- especially in regards to communication and relationship to time.

 

• The project ends up costing more than was budgeted. This can happen if a freelancer charges by the hour and must make repeated revisions on a project based on the business owner’s feedback. It can also happen when no specific due date was agreed upon beforehand. To reduce the risk of the freelance project going over-budget, set an agreed upon price and time from the beginning, and shy away from paying by the hour.

 

• The freelancer uses company data and permissions to create havoc. In certain situations, a freelance worker will need to have access to internal company systems and data. Where this is the case, do whatever you can to protect sensitive company-wide data and intangible assets by checking up on a potential freelancer’s background, as mentioned above, by setting access limits, and by issuing temporary passwords. This can help prevent any damage or theft caused by a disgruntled or unscrupulous freelancer.

 

Bottom line: while crowdsourcing may provide a great opportunity for bootstrapping small business owners looking to save some money, it could come at a high price if business owners don’t watch where they are going.

Faced with a lousy job market, many people are trying the entrepreneurial route these days. They start their new ventures which such high hopes and enthusiasm. But little do most of them know, that they probably won’t see their companies operating through 5 years, much less turn a profit. At least, that’s what the Small Business Association (SBA) says. So why are so many new small businesses fading so quickly? Chances are they are falling prey to one or more of the seven deadly sins of business. Do recognize any of these in your own company?

Wrath– Whether it’s a negative comment from a customer, a competitor’s crafty marketing strategy, an employee’s request for some change, or a lender’s rejection for financing, anger has no place in business (that is, if you want to stay in business). Success in business has a lot to do with relationships.  Knowing how to gracefully receive criticism, accept a set back, and recognize another’s strengths without feeling threatened, are all keys to business success.

Greed– You can’t have it all- especially if you’re running a small business in a competitive industry. You have to take the time to define your niche, build a reputation, and cultivate a loyal customer base, and all of this requires you to give of yourself and your business and… to have patience. So many businesses go under because their owners were too caught up in the “quick fix” instead of focusing on a more long-term strategy.

Sloth– If you build it, they won’t necessary come- where “they” is defined as customers, revenues, and potential investors. A successful business, no matter what the structure, the size, or the industry requires work, or it will not be successful. Areas that require special attention and effort include: your marketing research and marketing strategies, financial management, and quality control.

Pride– Know-it-alls don’t usually make good businesspeople. If you want to be successful in business, then don’t shun asking questions from your mentors, peers, and customers. Be open to feedback- even where it includes strong criticism, and learn to embrace your mistakes. The most successful business people out there can typically write a book about all the mistakes they made before they got to where they are.

Lust– Before you jump into bed with the latest and greatest in technology or business partnerships, make sure you do a little research beforehand. You should ask yourself, “will this service, technology, or business relationship truly help my business? Or am I just seeing a lot of smoke and mirrors?”

Envy– Instead of thinking about how much greener the grass is on the other side, you’ll get much further if you take the time to weed out, mow, and water your own lawn. In order words, you can consider where your competitors are excelling, but only to the extent that you use what you see to try to develop relevant strengths within yourself and your own business.

Gluttony– Too much of a good thing will leave you with a stomach ache and an ailing business. Usually, it is not good business practice to focus too much attention on one marketing medium or strategy or to try to draw out more and more business from a small group of customers. Flexibility and and a touch of healthy diversity is often the path to success in business.

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Ever since the concept of cloud computing entered pop culture a few years ago, it has gained in popularity and usage among consumers and businesses alike who were quick to harp on the advantages of operating in the “cloud” and using Software as a Service (SaaS) applications in particular. While users may still be a little wary about uploading sensitive business data into a cloud application, advances in security technology are wining over many skeptics.

 

If you are running an e-commerce site for your business or if data needs to be accessed from off-site locations, then you might want to consider web-based accounting solutions.

How Web-Based Accounting Works

With web-based accounting services all your business’ financial information is stored and backed up on the service provider’s servers. You can access, add, and manipulate the data via an online portal. Many of these services offer a full, customizable range of features including: general ledgers, invoicing capabilities, accounts payable, accounts receivable, expense reports, financial reporting, and a collection of advanced features. The cost for a basic package will run you an affordable $5-$20 dollars a month.

There are several advantages to using an online accounting application versus a desktop version, namely: information can be accessed on demand from any location, application updates are conducted by the service provider, and many providers automatically sync online transactions with accounting records.

If you are interested in web-based accounting, you can start your search for the right service by looking at what QuickBooks and NolaPro have to offer. There are many other smaller companies offering their own versions-often with different levels of usability, features, and of course, price, so it pays to shop around a bit before deciding on a service.

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