Need some sound advice from successful small business owners? A Bank of the West survey of 504 small business owners gave this advice for those starting out—-
*Separate business and personal finance 31%
*Maintain a healthy cash reserve 27%
*Manage cash flow 22%
*Create a budget and stick to it 17%
This survey was conducted in May 2014 in the U.S. by Harris Poll on behalf of Bank of the West. Bank of the West is a regional financial services company headquartered in California.
A July 2014 survey conducted by Wells Fargo/Gallup of 603 small business owners found these challenges to be the most pressing——
*Attracting customers 13%
*Government regulations 11%
*Cash Flow 11%
*The economy 11%
*Hiring qualified staff 7%
*Competition with larger companies 6%
*Cost of running business 5%
THEY ARE CALLED BOOMERANGS—-EMPLOYEES WHO QUIT BUT ARE LATER REHIRED. A recent article in the journal Personnel Psychology entitled , Gone Today Here Tomorrow: Extending the Unfolding Model of Turnover to Consider Boomerang Employees, found the trend is growing. The old idea of company loyalty is changing for both companies and employees. Although not all companies are on board with this strategy, there is increasing recognition that employees change jobs more frequently than in the past.
Why rehire former employees?
*No recruitment and training costs
*Familiar with company’s culture
*No know what you are getting
Source: This article in Personnel Psychology examined an accounting firm of 15,00 employees ,where, at the time od the study 20% of the hires were people who had left and returned.
If you want peace and harmony in the workplace, don’t do the following. A 2014 survey conducted by Accountemps , an employment agency, found these to be the biggest faux pas in the workplace——-
*Use a speakerphone or talking loudly on the phone 36%
*Loitering or talking around a colleague’s desk 23%
*Eating foods that have strong odors 15%
*Keeping a messy or cluttered workspace 14%
*Leaving the phone ringer on loud 8%
Poor website performance kills business. Online shopping is convenient for shoppers and a potential goldmine for small business—- if it works properly. A survey from CWCS Managed Hosting revealed 68% of online shopping carts are abandoned prior to checkout because—–
*Website crashed 24%
*Forced to register 26%
*Confusing navigation 25%
*Unsuitable delivery 16%
More than one-half (57%) of online shoppers will leave a webpage if it takes more than three seconds to load.
Source: 2014 survey conducted by CWCS Managed Hosting, a company that offers cloud, dedicated servers, and co-location hosting.
The percent of Americans taking a vacation is at an historic low. In the 1970’s, eighty percent(80%) took a weeklong vacation every year. Today, only fifty percent (50%). So what is the problem? A 2014 survey conducted by the U.S. Travel Association found———
*Too much to deal with when they return 40%
*No one else can do the job 35%
*Want to show total dedication 28%
*Don’t want to look replaceable 22%
Women small business owners are now a force in the U.S. economy. A recent report by the U.S. Senate Small Business & Entrepreneurship Committee found that woman owned businesses represent 30% of small companies, yet receive only 4.4% of the total dollars in conventional small business loans—— that’s $1.oo for every $23.00 loaned. A close look at the numbers of loans given to businesses owned by women reveal—
*Conventional small business loans—–16%
*Small Business Administration backed loans——17%
When it comes to venture capital funding, these woman owned businesses receive only 7%. Government contracts are also difficult to receive. Only four percent (4%) of these businesses in 2012 received government contracts. The committee hopes to make changes in the SBA’s microloan program aimed at helping companies borrow up to $50,000. The Intermediary Lending Program, a program that allows business owners to borrow between $50,00 and $200,00o is up for reauthorization and the committee recommends continuation.