Running or managing a small business often leaves little time to keep track of national, and even regional, economic indicators that might affect your industry and your specific operation. Yet conditions such as interest rates, inflation, gross national product, stock prices and consumer confidence have direct impact on your profitability and on relationships with vendors, customers and even employees.

As a former legal specialist in the Office of Chief Council for the Internal Revenue Service, I suggest that home-based business owners and other small business entrepreneurs examine ways to reduce their tax liabilities before the end of the calendar year. The federal tax laws allow home based business owners to hire their children and pay them a wage. Not [...]

The patent system, as it applies to individuals, has gotten completely out of hand. Most product creators, reinforced by the media, put a false importance and status to the power of the “almighty patent”. Due to this myopic perception, people waste money at the rate of well over $100 million every year. Why are patents overvalued in the minds of [...]

Maybe you started it, maybe you bought it. Either way, you’ve invested a lot of yourself in the business you own. Now it’s time to sell it and move on. A business you’ve owned has taken your time, effort and financial investment, and selling often is a bittersweet proposition. The challenge is to find an effective way to sell your [...]

U.S. Small Business Administration in cooperation with The Travelers Companies Successful small business expansions and new formations lead the way in creating new markets, innovations and jobs that fuel economic growth and prosperity. In recognition of the importance of small business to a strong economy, The Travelers Companies has joined with the U.S. Small Business Administration (SBA) to help meet [...]

Learning how to negotiate re moves pressure, stress and friction from your life. This is something internationally known negotiator Roger Dawson emphasizes on the subject of negotiations. You see, negotiating is like chess — if you don’t know how to play you will be intimidated by the activity, especially if your opponent knows the game. Negotiating is a predicable event [...]

My wife likes to shop at the local Safeway. Is it because of the competitive prices? Yes, that’s part of it. Is it because of the convenient location? Yes, that’s part of it too. She also likes their produce department. But the biggest reason she likes to shop at the local Safeway is “Marshall.” Now Marshall is very good check-out [...]

You don’t have to be a lawyer to reap the benefits of writing your own contracts. A little common sense goes a long way and a good contract does more that just cover your rear should you end up in court. Written correctly, a contract can demonstrate business professionalism, weed out insincere clients, organize your duties, speed up your pay, [...]

Finding financing to start and expand a company is an age-old problem, and most entrepreneurs find it to be one of the greatest struggles they face. While the process can be time consuming, frustrating and intimidating, if you are informed and well prepared, your chances of securing the needed capital are greatly increased.

You’ve redesigned your marketing strategy. You’ve changed your sales pitch. You’ve launched a product promotion campaign that should wildly entice even the most ambivalent customers. Yet, sales are still stagnating at 1994 levels. What else can you do? Extending credit to your customers may not be on your agenda, but it should be. Risky? Yes. But, it has proven to [...]