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How to Boost Employee Compensation Without Raises

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The ability to motivate employees is one of the greatest skills an entrepreneur can possess. Ultimately, money makes the best carrot, and if you can afford to give high-performing employees regular raises, then by all means, you should share the wealth. However, for fledgling small-business owners, it’s not always easy to be generous. And for a variety of reasons, a straightforward raise may not be the best way to reward an employee: “Out of cycle” raises can cause jealousy and ...

Five Tips to Hosting Your Own Customer Events

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Getting Out of the Conference and Convention Trap If you’ve spent any time manning a booth at a conference or convention, you probably know how futile such efforts can be. You stand there for days, shaking hands and making connections, but how often do you develop real, long-lasting professional relationships with the contacts you make there? The problem is that large events like these can often be riddled with competition, leaving small-business owners lost in the crowd. It’s hard to stand ...

Defining an Average Small Business

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It is important to understand your competition to assess the operations of your business. Averages could be an important consideration. Average Is Not the Same as Mediocre Many business owners want to be among the best businesses in their sector. Many business plans even include objectives to be a market leader, or some other standard that defies an easy definition. In order to measure market leadership or the position of your company relative to the competition, it is important to define the ...

Business Success Leads to Financial Success

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While financial success is the usual goal of a business owner, the objective might be better stated as the achievement of business success. Success Breeds Success In business, small successes generally build to larger success. Each individual sale, on its own, may appear to be insignificant for many businesses, but cumulatively, the sales represent a large amount of revenue. The same is true of expenses where each small expense may at first glance seem trivial, but in some cases when added ...

Things to Consider When Naming Your Business

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Coming up with an effective name for a business is extremely important. A business’s name has a big effect on how it is perceived by the public. Come up with an extremely relevant or memorable name, and it will be on the tip of everyone’s tongue, when they have a need for what your company offers. However, deciding on a great name can be an extremely challenging task. You do not want it to be too generic, or it will get lost in the shuffle. If it is too abstract, it will be difficult for ...

Tips for Effective Leadership

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When it comes time to take on employees or to expand a business, some business owners may find that leadership is not their strong suit. Even those who are excellent at other aspects of running a business, such as accounting, sales, or marketing, may struggle with getting others to follow their lead. Uncertain times bring change, and change can be stressful for employees. High levels of stress can cause even dedicated lifers to question their path with a company. In times like these, effective ...

10 New Year’s Resolutions for Keeping Customers Happy

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Building Great Customer Relations Will Help Make 2013 a Success At some point during every holiday season, entrepreneurs start looking ahead to the upcoming year, and planning ways to increase their sales. Usually at this same time, people are also figuring out their New Year’s resolutions for making them healthier, wealthier, and generally all-around happier people. Taking the resolution approach to how your business deals with its customers is a good way to stop and focus on the things that ...

Not Enough Hours in the Day? Outsource Your Busywork

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Before You Hire… Try Outsourcing For years, small businesses have been outsourcing some of their important operations in order to free up more time in the day. But certain day-to-day tasks can become annoying when so many important matters require attention. Picking up dry cleaning, stopping by the grocery store for a gallon of milk, or even getting a photo of a local attraction for your website can take time away from the important business of running your business. Long ago, busy ...

How to Land Your First Federal Contract

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A Mixed Blessing or Your Big Break? A federal contract could be a huge break for your new small business, however, many small-business owners see federal contracts as a mixed blessing. On the one hand, federal contracts tend to be larger and more lucrative than the private contracts that sustain most fledgling small businesses. According to the 2011 American Express OPEN government contract survey, nearly half of all small businesses engaged in federal contracts claim revenue in excess of $1 ...

Small Business Mobile Marketing Tips

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Mobile Marketing Attracts New Customers Web.com and Lab42 recently conducted a survey to determine the impact of mobile marketing on small businesses and their customers. What did they find? Among small businesses that utilized mobile marketing techniques for the first time in 2011, 84% reported an increase in new business, and 69% view mobile marketing as critical to growth over the next five years. Mobile marketing, unlike standard marketing techniques, affords small-business owners the ...