Many small business owners operating out of a home office might not be aware that their business policy might not come through for them when they need it most.
Check out the latest comic I made to illustrate this point.
Of course it can also work in reverse as well making coverage of your home insurance policy limited to non commercial activity.
Make sure that this doesn’t happen to you!
Learn how to protect your small business with the right insurance policy.
Because so many small businesses out there are salons (hair salons, nail salons, massage parlors, tanning salons, etc) I decided to compile a list of software for salons. Prices range from free, to $1600. Check out the options. If there is a program you like to use that I missed, please let me know under comments and I’ll check it out. Keep in mind that this list is geared towards small businesses, other larger businesses might benefit more from enterprise scheduling software solutions.
30-day free trial, $39.95 to buy.
“Salon Calendar is a modern and easy to use software tool for schedule management in companies or for individual use. It offers a number of features for organizing efficient and handy working schedule for masters in hair salons, beauty, manicure or aesthetic shops, tanning salons, fitness studios, wedding salons, fashion shops, beauty centers, plastic, and cosmetic surgery clinics.”
30 day free trial 99.95 one time fee to buy
“This salon software management program includes an appointment book with drag and drop capability, overwrite protection and a free text feature. There are also inventory, services, and SMS text messaging so you can send an email to a customers cell phone from within the program, payroll, POS with split tendered and split tickets, reports, Gift log, Gift cards, Credit cards, Debit card , Automated Reminders.”
Free trial is for unlimited time, but only lets you input 10 clients. It also includes 30 days of free online appointment booking. They also offer an assortment of hardware solutions and other services such as credit card processing. The “standard” package runs $699 and there are other options including a LAN package at $1599.
“This salon and spa software is a complete salon and spa software package for your salon or spa that is powerful, yet simple-to-use or your money back. Salon Iris salon and spa software tracks clients, inventory, employees, appointments, payroll, networking, and much more. Salon Iris salon and spa software works with cash drawers, bar code scanners, receipt printers, and other hardware, including touch screens.
Free. This is just a fun tool, it is not scheduling/POS.
“With this entertaining and creative software, you can design your own fashion look for Men. This make-over tool for men is loaded with features designed to assist in the creation of a handsome new look. You can experiment with hair styles like Blunt Bob, Casual, Soft Dimensional, Razor cut, Short Topper, Traditional, Twisted Quiff, Wavy Layer and more.”
Free.
“NailSoft v1.5 is a Nail and Hair Salon management system. It is used to do daily customers in and out activities. It is user friendly by windows graphical conduction. A password is used to access important information like employee’s data and your own salon pricing list. Also, you can tell exactly when was the last time the client came in for service, and what he/she had and who served him/her.”
Here is my latest attempt to bring humor to the business financing industry. Everyone knows how tough it can be to get a loan, especially a business loan in high risk verticals without any collateral.
Hope you enjoyed the comic!
Why?
Almost all businesses have a logo, whether it was designed by a professional, or simply the company name in a special font and color. Some are just graphic, some just text – others are a combination. The importance of your logo depends on a lot of factors, not the least of which is what business you are in. To many of our clients, such as restaurants, pubs and beauty parlors, logos can be incredibly important.
A logo differentiates your business from your competitors and should give your prospective clientel a feeling about the way you want to present yourself. A logo can be classy, modern, chic, silly, fun, olde-fashioned, etc. Whatever style you choose, it sends a message to your customers. As time passes, you may decide to keep the same message, or change it, but either way you may need to update your logo.
When?
Once you have been in business for over 10 years, or if you are trying to change your image, you may want to consider updating your company’s logo, especially if it looks like it might be a tad outdated. Even big corporate giants change their logos every so often: I just read that Walmart, the retail giant is about to change theirs. Yes, Walmart. Not Wal-mart anymore. Their new logo is a one word Walmart with a white sunburst at the end, with a burnt orange background. The new look is more modern and looks a bit “internety” to my untrained eye.
What?
What changes might you consider to your logo? Well, first I recommend looking at the colors – do they still look good 10 years after you picked them? If there is a graphic, does it still send the message you are looking for? Also, since today you can advertise in more forms of media – in particular on the internet, does it look good online?
Many businesses have a couple versions of their logo. One is simpler, perhaps just text in a specific font and color, and another one with a graphic, whether abstract, geometric, or a caricature. This gives more flexibility when the business name is used. A menu, for example, might show the whole logo, while the sign might show the text logo.
How?
Depending on your budget, type of business, and what you are looking for, you have a number of options. Traditional options include consulting a graphic artist or marketing firm. Other more artistically minded business owners, or cheaper ones, design there own. Here are some other creative ideas on how to brainstorm a new logo:
Have any other ideas? Let me know, and I’ll add them.
We all know that it is hard for small businesses to get financing these days from banks – it was never a piece of cake, and now that the credit crunch is on for so long we see it has gotten ridiculous. But… did you ever wonder what a bank does when it needs financing? Yes, banks need money too! In fact, banks don’t just give you a hard time when you want a loan because they are unsure if you’ll default — they sometimes just don’t have the money.
Lenders, especially small ones, struggle regularly to find investors. This is in part because of federal regulations placing restrictions and rules on investors who invest in a lending institution. Basically, if a private equity fund (or other investment entity) owns 9.9% or more of a bank, then they are required to do special reporting and subject itself to regulatory scrutiny. Beyond that annoyance, in order to own more than 24.9% of a bank, an entity has to register as a “bank holding company” and must be a “source of strength” for the lending institution.
To say the least, these can be big deterrents to investors considering investing heavily in a bank — when combined with the uncertainty about the future of lending, this makes for a shaky proposition for a bank in search of cash. If the bank doesn’t have cash, it can’t lend you or your business any either!
It was recently reported in the Wall Street Journal that officials from the Fed have been meeting with various buyout firms to brainstorm issues and solutions which they face when considering investing in a bank. If they succeed in finding a way to reinterpret /re-legislate the current laws, then more private equity firms may be able to invest in banks. The real question is: given the current lending crisis, will any one will want to invest, even if the red tape is cut?
If you don’t want to wait to find out and you need cash for your business today, then check out alternative financing options like credit card factoring and business cash advance.
Every successful company has a list of values, vision and goals — although some “mean” them more than others. What I mean, is that sometimes they are empty phrases so that they have an answer if someone asks, “What are your company values?” Other companies, really try to integrate their values, make decisions with their vision in mind, and set goals which will help them in their vision. If these 3 definitions are important for a company, then they are crucial for an individual. Without values, vision and goals, individuals float around life with out anything _real_ to base their decisions on, and without working towards anything in particular.
1) Discover Your Values
A good first step in uncovering values, is the “eulogy” exercise. Sleep on it, and then don’t spend more than three minutes jotting down a eulogy that you hope is said one day (many years from now) at your funeral. Who would say it? What do you hope they would say about you? Now, go back and read it and see what the central themes are. It is likely that these are your values.
2) Pare them Down to Core Values
Most people can come up with a ton of things that they value, but it is impossible to focus on all of them at once. Pick about three core values which are most important to you and non-negotiable.
3) Integrate your Values into your Vision
There are two elements of a vision: envisioned future and core ideology. The latter outlines your core value and what you see as the primary purpose of your existence. The envisioned future has a 10-30 year goal with a vivid description which describes what achieving that goal will be like.
Your vision should deal with your place in the world and the effects from your actions. It should take your values and place them into context of what you want to do with them, where you want to be in life, and how you want to effect those around you.
4) Defining your Goals
Goals should be attainable and in line with your vision and values. It is good to have staggered goals — some which are easier to attain in a short amount of time, and other bigger, more challenging ones which are in the distance.
5) Checking-In
As you progress through life, you may find that your values change – as you attain goals, you will have new ones. Sometimes you will lose track of your values, vision and goals. In any of these cases, a regular “check-in” will be helpful. Ask yourself questions such as: Have I been living according to these values and this vision? and Am I making progress towards my goals. If the answer is no, then either you have been lazy, or else you might need to reexamine the values, vision and goals that you have set.
I saw a great “photo essay” at Sports Illustrated yesterday inspired by Tiger Wood’s recent victory. It captured the moments where 24 sports greats such as basketball star Michael Jordan, Olympic medalist Kerri Strug, and baseball pitcher Curt Schilling played and WON when they were suffering great pain.
Reading this article made me think about the times in my career when I have pushed myself when I was sick and seen it pay off. On the other hand, for me, no success is worth causing myself permanent injury. So finding the right balance is key. When do you push?
What’s the Payoff?:
In just about all the examples listed, there was a lot on the line. The times players pushed themselves when they were in pain were for World Series, World Cups, the Olympics, etc.
So, if there is nothing special going on with your business, it might make sense to call in sick, or stay home as long as you need to to fully recovery from your surgery, etc. However, if a deal you have been working towards all year is coming down, you might want to consider making a strong show of your commitment, gritting your teeth, and “playing your hardest.”
What’s the risk?:
There area few types of risks involved: 1) What are the risks to your business if you don’t “play”, and 2) What are the risks to your health if you do?. A third point is that you don’t want to get other people sick either.
Remember, you have to look at the big picture, getting back in the “game”, even the business game, can render a surgery useless and can require a second one. If you meet with a top client when you have the flu, they might be less impressed if they are home sick a week later.
Do you have what it takes?:
Before you make a great sacrifice and work hard when you are in pain, think about it and decide if you actually are able to function. If you are someone who can grit your teeth and get the job done, then go for it. But if you’ll just screw up and make everyone wish you had stayed home, then it is a useless and counter-productive sacrifice. No one wants to work with a martyr – they want to work with a hero. If you can’t be the hero, stay home until you are feeling up to it.
My advice?:
As I wrote earlier, look at the big picture, the risks, the payoff and your capabilities. But the best rule of thumb? Stay healthy!
OK, I’ll post two jokes just to be fair – showing both sides of the story.
First, the way most of us would see it:
A Loan Officer died. When he met St. Peter at the Pearly Gates, he presented himself for admittance to Heaven.
Peter said, “Well, you did a lot of good helping people get homes and you also donated a lot to charity. You even worked with Habitat for Humanity. But you told too many “little lies” to the underwriters and were very rude and unkind to both your processor and office staff.
Because we aren’t sure where you’re going to fit in best, we’ve decided to give you tours of both Heaven and Hell and let you decide where you feel most comfortable.”
In Heaven, the Loan Officer really liked the streets paved with gold and the big mansions, but he found all the harp music to be a bit irksome.
When he toured Hell, he saw that everyone had their choice of playing tennis or golf, chilling by the pool smoking and drinking, or playing cards and dancing in the clubhouse. He said to St. Peter “This is a hard choice! Can I sleep on it?”
When they asked him the next morning, he begged, “Oh please send me to Hell!”
When they opened up the doors of Hell, it had completely changed! It was the stereotypical Hell of torture, fire and brimstone. It was so hot and horrible with people burning and screaming!
Hey this is not what you showed me yesterday!!” the Loan Officer accused, tears and sweat pouring down his face.
St. Peter had a cold and abrupt reply: “I know. Pity you didn’t ‘lock it in’ yesterday.”
The version most loan officers would prefer to tell goes something like this:
A Loan Officer was at the Pearly Gates trying to get in heaven. St. Peter asked him “What did you do when you were living?”. The Loan Officer answered “I was a mortgage loan officer.” St. Peter told him, “Go right into heaven – you’ve already been through Hell!”
Because such a large percentage of small businesses are restaurants, I would like to make a dedicated series of posts to running a successful restaurants. There will be a post for this series about once every week or two. Please email me requests for specific topics.
Like most small businesses, restaurants require perfection (or near perfection) in a large number of areas – simultaneously! Ambiance, price, profits, HR, customer service, menu, decor, insurance, financing, raw food material quality and acquisition, recipes… the list is never ending. In the midst of all this, a restaurant owner/manager needs to be careful not to let small (and not so small) details slip through the cracks. Also, s/he needs to decide when it might be most efficient and effective to bring in an outside expert.
One example of such a detail is menu design. No, I’m not talking about menu creation (which dishes will be offered), but about the actual design and medium of the menu itself. Each manager/owner has a different opinion about the importance of a good, relevant menu design. I’ve made a list of the full gamut of options available, with some pluses and minuses.
Check out my other menu post.
I just found out about a great webcast which will be taking place on June 24th.
“The American Dreams Rude Awakening- Mortgage Debacle and Foreclosures”
The OU (Orthodox Union), a Jewish organization, is sponsoring a free webcast focusing on how to deal with the mortgage crisis, whether you are looking to get a mortgage, or your house is being threatened with foreclosure. Tune in on June 24th from 6pm – 8pm EDST. Don’t forget to sign up first.
They will be addressing numerous issues including:
The panel of presenters will include a variety of opinions. Including that of a Bank Loan Officer, a Mortgage Planner and an Attorney.
In order to “attend” the webcast you do need to sign up for a mailing list – but you can always cancel later. Check it out, I know I will. I also just saw that without joining you can also watch old webcasts, although those are more job-search/career related. If you miss the webcast live it might just make sense to check out the site after the 25th to watch/listen.
Props to the OU for having such helpful webcasts free to the public!