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Running and scaling a business will always be challenging. But having a solid foundation of smoothly operating practices underlying your company can make it much easier.  To find out how successful entrepreneurs were building their operations, we asked 13 founders from Young Entrepreneur Council (YEC) the following question: “As a business owner, what do you feel is most important when it comes to building solid small business operations?”  Here’s what YEC community members had to say: Read more……

If you want a pleasant Sunday morning read, check out this list of data breaches of major companies, organizations and government agencies. These are entities with IT departments, security professionals monitoring their networks, cybersecurity policies, and a budget to support their cybersecurity efforts. At least one of these data breaches included data about you. And, these cyberattacks were not even the primary targets of most attacks in the world. Hackers today find it lucrative to target businesses and, more specifically, North America-based small businesses. Read more……

The impact of the Equifax data breach that compromised the personal data of over 145 million individuals has left many confused, frustrated and downright angry. And while massive attacks on large corporations make headlines, small businesses have just as much, if not more, at stake.  According to data analyzed in a report by Hiscox, an insurance provider, cyberattacks are likely to have a bigger financial impact on small businesses. The 2017 report found that small businesses with under 99 employees faced an average cost of $36,000 after a cyberattack. Less advanced security protection, a smaller budget dedicated to cybersecurity and fewer resources for a fleshed-out IT department make small businesses an ideal target for hackers. Read more……

Branding is just as important for small businesses as it is for big names. Indeed, many corporate brands try to look more like small firms in order to appeal to consumers that prefer to support independent brands. Dan Einzig of agency Mystery explains how to develop your own brand identity.   Many small business owners I talk to already understand that branding is essential to their business, but a surprisingly high number of them don’t really know why.  Read more……

Today, I’m going to show you 16 different marketing strategies that have a proven history of success for small businesses.  Half of these options will probably be viable growth strategies for your unique business.  Four of them are probably worth testing out over the next month.  And one of them has the potential to skyrocket your growth over the next year.  Once you’ve achieved product/market fit, your growth is simply a matter of smart marketing on the front end and a good customer retention on the backend. By the end of this article, you will know exactly what to do next with your marketing.  But before we get started, let me share a secret with you. Read more……

As a small business owner and entrepreneur you have to wear many hats. From product development and sales, to hiring and customer service, there are a number of different tasks and responsibilities that keep you busy 24/7… including accounting.  Unless you’re an actual accountant, the thought of bookkeeping is probably a daunting one, yet it’s a crucial part of your business and, when handled poorly, could ruin all your hard work.  Read more……

Small businesses often do not have the luxury of a separate accounting office; the accounting and finance functions are typically handled by the business owner or by the general manager. Nonetheless, some best practices for accounting procedures in small offices are worth knowing. These best practices provide guidelines on keeping your financial house in order. Read more……

 

Imagine you’re a first-time entrepreneur, excited about your product idea and optimistic about the state of the market for small businesses: Your product has been tested and is ready to go, and your launch date has been set, but you still have one tiny challenge ahead of you: your go-to-market plan. Okay, maybe the challenge is not that tiny and not limited to just one thing. And maybe, regardless of your enthusiasm as a small business owner, you’ve actually got a mountain of challenges awaiting you in an overcrowded market. Yet, while market saturation is often a deterrent for small business hopefuls, it doesn’t have to be. Yes, developing your go-to-market plan entails a ride down a a bumpy road that requires trial and error and a strain on your budget. But, you can succeed if you steer clear of several easily avoidable traps along the way: Read More……

More small businesses are likely to invest in search engine optimization (SEO) in 2017, a new survey shows. Almost three-quarters (74%) of small businesses in the U.S. expect to invest in SEO this year, up from 52% in 2016, according to data from Clutch, a B2B research and reviews firm. Additionally, 66% say they plan to invest in pay-per-click (PPC) digital advertising, such as Google search ads, by the end of 2017.  “A comprehensive SEO strategy involves a multitude of disciplines, including technical SEO, on-page optimization, outreach and content creation,” said Stephen Jeske, senior content strategist for SEO software .  Read More……

Three years ago, I was coaching a successful company that was very confused about the failure of a recent product launch. When I was first hired, they told me they were convinced they had done everything by the book.  Before developing the product, the company held five focus groups with potential customers to make sure they were going in the right direction. After the product received positive feedback from each of the focus groups, the company spent hundreds of thousands of dollars in a little over a year to bring the product to market.  The product launch was disappointing to say the least. No one—not even the focus group participants who said they were interested—bought it. This experience is one of the most financially painful experiences in innovation, but it’s an experience that can be easily avoided. Read More……