Innovation and Entrepreneurship
by Paul Mobley, MBA
From the monthly archives:
Some small businesses generate a majority of their sales from referrals. If that’s true for your business … how many touch points are there in your interactions with customers that result in planting seeds or asking for referrals? When talking with your prospects for the first time do you mention that you get a majority [...]
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There are many different types of systems that are used to operate a business. They are designed to automate or improve the effectiveness of the practices that you do normally. These “best practices” shouldn’t change but the method for implementing them might. CRM is on of those buzz words in business today. Customer relationship management [...]
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The initial viewpoint during the “.com era” was that the internet was the solution. It was hyped as changing everything about business and connectivity. Would you agree that it is important to connect with your customers and prospects on their terms? What is best for them? The answer to that question will vary depending on [...]
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A blog is an excellent way to develop a connection with the community, expand your network, and gives potential clients gives some background into your thinking, values, and style. I think on of the greatest benefits is that it’s a way of staying present in the mind of your clients, prospects, and industry associates. Most [...]
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Five qualities to seek when hiring creative talent: Receptiveness to direction. Professionals should be able to respond to feedback and describe how it has resulted in an improvement in their work. Integrity. Ethics are important. As them how they have handled past moral dilemmas. Business sense. Business objectives and ROI are the ideal framework for [...]
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The Federal Open Market Committee decided today to lower its target for the federal funds rate 75 basis points to 2-1/4 percent. Recent information indicates that the outlook for economic activity has weakened further. Growth in consumer spending has slowed and labor markets have softened. Financial markets remain under considerable stress, and the tightening of [...]
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There are different styles of writing for types of publications. If, for example, you want your article to be more of a news story, then the journalist style of writing is best. Basically, you need to answer the who, what, where, when, and why questions in your article. Your lead or first paragraph should address [...]
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The Fed made an unexpected move over the weekend by lowering rates 25 basis points. There is still a possibility that rates will drop lower after their meeting this week. [UPDATE 03/17: The rate that the Fed changed over the weekend does not impact the prime rate (currently 6%). However, this change and the failure [...]
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My bet is that the Fed drops rates by another 50 basis points this week. Which is great when you need to borrow for working capital needs … Bad if you’re looking for interest income.
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“In great attempts it is glorious even to fail.” – Cassiu Longinus
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On Jim Cramer’s Mad Money there is a regular segment called “Am I Diversified?”. As a small business owner often the answer is a very clear NO! Most owners have a majority of their wealth invested in their business. While this strategy might be effective in the beginning of your career … it is important [...]
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With the corporate filing deadline a few days away and personal taxes due in a little more than a month … you can’t deny that tax time is here. Bootstrapping teaches owners to try and keep expenses low. This is generally a good thing unless you’re planning on preparing your own taxes. As a small [...]
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In the post Music Business Startups we talked about some strategies for success in the music business. Even if you’re not in the music business we can learn some examples from the innovative techniques that are being used to fuel growth. One great example is Jill Sobule who had a hit a few years back [...]
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The fact is that it costs millions of dollars to sell millions of units. If an artist can go Platinum without a label it is very impressive but not necessary. Success as an independent artist can be very different than on a major label. If you’ve been successful in getting people to sample your music [...]
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There has been a lot of talk lately about the housing and credit. Most people know that their properties would appraise for less now than a year ago. But did you know that the softening market by itself changes the requirements for new loans? Wells Fargo is one of many lenders that has imposed a [...]
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I saw a sign at the famous Wintzell’s Oyster House in Mobile, AL that said, “Customers Wanted: No Experience Necessary“. Clever huh? “No Experience Needed” is a common saying when looking for employee. In fact, many employers prefer to hire someone without experience and train them in their unique way of doing things. That way [...]
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For most small businesses the two companies that will have the greatest impact and issue “credit scores” are Dun & Bradstreet (D&B) and Experian. The D&B rating is compiled in their Paydex Score and Experian provides a business Credit Ranking Score. In my experience, establishing a business line of credit for a corporation is based [...]
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