CEO, Owners

It’s safe to say the majority of small business owners crave growth and expansion.

It’s typically associated with success, especially in the business world.

But growth can also create a number of challenges.

Oftentimes, businesses that experience success and development in the first few years are affected by stages of rapid change, which can alter the stability of the company. 

For much of the past 50 years small business, formation has been a bell weather of how the economy would behave over the next 12 months.

Today, some economists are striking a warning note.

Despite low financing rates and better tools for managing an enterprise, small business formation has slowed during the past six years.

In fact, there are 70,000 less small companies today than in 2010 according to John Schlagenhauf, a former congressional economic advisor.

Starting a business is one of the most thrilling endeavors but it can also be challenging as it is often hard to know what to do or how to start.

According to Leslie Barber, Small Business Engagement Officer, Intuit there are more resources than ever to help entrepreneurs get their start and making the process an easy one. Below are six tips to help any small business get up and running.

2016 is upon us even as the prior year is not finished.

While the presidential race and terrorists are important issues, SMBs face a number of critical factors in the New Year.

Among them are:

Ø      First and foremost is the belief by many SMB leaders that the economy is not strong.

Ø      Interest rates which may go above the negative rates of recent years.

Ø      Energy costs, which have shown a marked decline in recent months.

Ø      Inflation, which has not been a factor in recent years.

Successful businesses are built on strategic leadership, smart decisions and entrepreneurial drive, but even the best business owners can fall prey to a few bad business habits.

Small business owners are not exempt from this.

Editor's Note: This is JoAnn Laing's monthly blog.

When Staples opened its first store, stationary establishments were amongst the most profitable retail operations in America.

Within 15 years they were losing money and have almost disappeared from most shopping areas.

For those owners who did not heed the warnings blared at them by their fellow owners and trade press at the time they lost everything.

It is no different in today’s rapidly changing world.

With the end of the 2015 fiscal year nearing, businesses should be reviewing their consolidated revenues and thinking of ways they can increase their profit margin as they enter the new fiscal year or second-half of the calendar year.

Both large and small companies may benefit from simple business practices that will increase clientele, boost productivity and efficiency, and improve labor utilization.

For a small business, it can seem like a dream come true when a major retailer says they want to stock your product on their shelves or list it on their website. Part of making this dream a reality is the process of uniquely identifying those products for trade on a mass scale.

While Americans celebrate thinking big in business, it is often the “small” things that bring success.

John Oechsle, President and CEO of Swiftpage offers a few “small” tips every small business can incorporate or build on that are not only simple but are easy to implement on a budget: 

“The future belongs to those who see the possibilities before they become obvious.”

To learn how small business leaders can devote part of their working day to this task, John Sculley, former CEO of Apple and Pepsi, has written a book offering a step-by-step approach.

The book, “Moonshot!” assists in the eye opening of possibility seekers.

Sculley has been an entrepreneur for over twenty years since his leaving Apple. He says now is the most interesting time to be an entrepreneur, due to the era of major technologies, analytics, internet, cell phones, etc.