Archive for March, 2009

When Banks Say No, Microlenders Say Yes

Posted by ArcherTC on March 16, 2009  |   No Comments »

When banks say no, owners of cash-starved small-businesses aren’t giving up on finding loans. Many are turning to microlenders for the money they need to meet the payroll, buy supplies, pay the rent and keep the lights and heat on.

These microlenders — community-based nonprofit lenders that draw on a varying mix of financing from the Small Business Administration; other federal, state and local government agencies; and some philanthropies — say small businesses and entrepreneurs are increasingly seeking financing as home equity loans, credit lines and other loans have all but evaporated.

Adding to the pinch, credit card companies are slashing spending limits for many cardholders, including some longtime small-business customers who have relied on their credit lines as a source of ready cash.

Even profitable small businesses that once relied on banks for financing are depending more on microlending, a resource that was originally intended to be a lifeline for women, low-income and minority entrepreneurs.

Microlenders around the country say they are encountering a rush of inquiries and an increase in applications for their loans, which usually range from $5,000 to $35,000… Read more at When Banks Say No, Microlenders Say Yes – NYTimes.com (http://www NULL.nytimes NULL.com/2009/03/12/business/smallbusiness/12micro NULL.ready NULL.html), published 11 March 2009

Flickr photo credit: Daniel Y. Go (http://www NULL.flickr NULL.com/photos/danielygo/2051810786/)

My biggest mistake and how I fixed it

Posted by ArcherTC on March 9, 2009  |   No Comments »

A few months ago, I had the opportunity to attend a book event for The Plain Dealer columnist Marcia Pledger to promote her new book “My Biggest Mistake and How I Fixed It (http://www NULL.amazon NULL.com/gp/product/1933197501?ie=UTF8&tag=archcom-20&linkCode=as2&camp=1789&creative=390957&creativeASIN=1933197501).” The book is actually a compilation of stories and case studies of local Cleveland small businesses that Marcia had written about over the last five years in her columns.

It’s a shame that most of you will only meet Marcia through the printed or electronic page because her enthusiasm and energy are contagious. Being a multi-mistake-maker myself, the first thing I said to Marcia was “I bet you have a long line of small businesses who want to be in your column.” When Marcia told me that she literally had to beg companies to share their ‘Biggest Mistake’ I couldn’t believe it.

“Let’s just say I have no problem doing my part to convince people. I’m not too proud to beg,” she said with a big smile and sparkling eyes. She was undaunted by the multitude of rejections she’s received over the five years it took to pull together over 260 small business lessons, from which just over 120 stories made the book. …read more of this at Book Review: My Biggest Mistake And How I Fixed It – Small Business Trends (http://smallbiztrends NULL.com/2009/03/book-review-my-biggest-mistake-and-how-i-fixed-it NULL.html), published 4 March 2009

Flickr photo credit: julsatmidnight (http://www NULL.flickr NULL.com/photos/julsknapp/483527917/)

How to tell which ads are working

Posted by ArcherTC on March 9, 2009  |   No Comments »

If you’re like a lot of small-business owners, you probably believe your advertising efforts are working because you’re making sales. But do you know which ads are working?

If not, it’s time to get a better handle on your advertising’s ROI. After all, why waste money buying advertising that isn’t working?

You need to look at two things: which specific ads bring in customers, and which advertising media results in new business. An ad placed in a weekly shopper-type publication may draw new business week after week, while the same ad place in a local, tabloid-format newspaper may not attract any new customers. Or, vice versa.

You can find out which ads and media are producing customers by tracking responses to your ads. …read more at How To Tell Which Ads Are Working – SmallBizResource.com (http://www NULL.smallbizresource NULL.com/blog/main/archives/2009/03/how_to_tell_whi NULL.html), published 5 March 2009.

Flickr photo credit: Bright Star (http://www NULL.flickr NULL.com/photos/drh/2102396938/)

Making the most of your sales pitches

Posted by ArcherTC on March 9, 2009  |   No Comments »

What do clients really want and need from salespeople? What do they want from the sales process? Well, although it may seem to many frustrated salespeople that what clients want is to be left alone, this isn’t entirely the case, says sales expert Randy Illig.

“The idea that they don’t want to talk to salespeople isn’t true,” insists Illig, a senior consultant with FranklinCovey’s Sales Performance Group. “They just don’t want to talk to all salespeople.”

Clients want a competent salesperson focused on their numbers and needs, not on his or her own sales objectives, says Illig. They want an efficient sales process that results in good decisions that work to their benefit.

“And the process should add value to customers by exploring choices and assessing the impact of those choices so clients can decide with confidence,” he explains. “Because at the highest level, the biggest fear clients have is that someone will talk them into a poor decision and a bad outcome.” ..read more at Making the Most of Your Sales Pitches – NFIB.com (http://www NULL.nfib NULL.com/object/IO_40171 NULL.html), published 4 March 2009

Flickr photo credit: Shutter Daddy (http://www NULL.flickr NULL.com/photos/erin_ryan/2266445868/)

Solving a social problem, without going the nonprofit route

Posted by ArcherTC on March 9, 2009  |   No Comments »

It used to be that people who wanted to solve a social problem — like lack of access to clean water or inadequate housing for the poor — created a charity. Today, many start a company instead.

D.light, a company cofounded by Sam Goldman, who spent four years in the Peace Corps in Benin before earning a master’s degree in business from Stanford University, is an example. Mr. Goldman started D.light with the mission of replacing millions of kerosene lamps now used in poor, rural parts of the world with solar-powered lamps.

Having used kerosene lamps himself while living in Benin, Mr. Goldman learned firsthand of kerosene’s problems — it is expensive, it provides poor light and it is extremely dangerous. When the son of his West African neighbor nearly died after suffering severe burns from spilled kerosene, Mr. Goldman said he realized he wanted to create a venture to solve both the social and economic problems caused by these lamps. His time in Benin also convinced him, he said, that only as a business could a project become large enough to reach the great number of people who use these lamps as their primary source of light.

“We could have done it as a nonprofit over a hundred years, but if we wanted to do it in five or 10 years, then we believed it needed to be fueled by profit,” he said. “That’s the way to grow.” …read more on this at Solving a Social Problem, Without Going the Nonprofit Route – NYTimes.com (http://www NULL.nytimes NULL.com/2009/03/05/business/smallbusiness/05sbiz NULL.html), published 4 March 2009.

Flickr photo credit: jurvetson (http://www NULL.flickr NULL.com/photos/jurvetson/522409778/)

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