Archive for the 'Small Biz Management' Category


Bouncing Back From Failure

Thursday, August 20th, 2009

Forbes has an article posted on How to Bounce Back From Failure:

Anyone who claims to have built something of lasting value–be it a business, personal relationship or a body of critical knowledge–without suffering serious pain and disappointment is either a liar or dangerously naïve. At some point on your journey, you will stumble and fall.

As the article mentions only 45% of startups make it to their 4th anniversary. In today’s troubled economic climate the challenges faced by new businesses are even greater. What separates successful entrepreneurs from the crowd is not a lack of failures, but the resiliency to pick themselves up and try again when things don’t go as planned.

Of course, when starting a new venture it is always worthwhile to do everything you can to increase your odds of success. Two great ways to do this are by adopting a properly written Business Plan and Automating Your Business. Franchises have a much, much higher success rate than general business startups, so Automating your Business to make it run like a franchise will give you an advantage over other companies that have not taken this crucial step.

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The Benefits of a Business Audit

Thursday, August 6th, 2009

Business Management ABCs has an Article Posted on the benefits of conducting an internal Business Audit:

A business audit is a measurement in time of where your business is, in terms of its performance in the following areas:
1. Leadership
2. Planning
3. Marketing Strategy
4. Systems and Processes
5. Winning Teams
6. Marketing communication
7. Finance
8. Sales
Understanding where you are and where you want to be is fundamental to your business growth. It is also paramount to understand your business risks and how to eliminate them. Your business audit will bring any risks to the surface and you can then take action to remove them.

Conducting a business audit will be easier if you developed a Business Plan when starting up. Your business plan can be used as a yardstick to measure actual performance against your initial goals.

When reviewing your company’s processes and performance a proper Business Operations Manual is also very useful. Developing an Operations Manual is part of the process of Automating Your Business.

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Staying Excited

Thursday, July 30th, 2009

Bizzia has a short Post by Stephen Kersey on “Staying Excited About Your Startup Company”:

In the early days of a startup company, the founders can rely on excitement and adrenaline to get the ball rolling. However, when the well of excitement and adrenaline goes dry, that ball suddenly feels extremely heavy. How do you go about staying excited about your startup?

This post discusses how having a plan can help maintain excitement and keep you engaged with your business. At MyNewCompany.com we always recommend that you develop a business plan before moving into the startup process. We have a Page on Business Plans that assists with this process. A properly written business plan will force you to check your assumptions and will help you begin the process of Automating Your Business so that you can focus on developing your business instead of getting bogged down in day-to-day routines. It’s always easier to stay excited when you can see the big picture!

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Useful Social Media Tips

Thursday, July 23rd, 2009

Small Business Trends has an Article Posted with a link to a free .pdf download of 137 Small Business Twitter Tips submitted by their readers.

Over the course of several weeks, we accepted your tips via email, Twitter and in comments to the original post. We asked readers to simply answer one of the following 6 questions:
-Getting Started: How would you suggest other small businesses get started on Twitter?
-Smart Marketing: What’s the right way (or wrong way) to promote your business on Twitter?
-Observing Etiquette: What is your #1 Twitter etiquette tip for small business owners?
-Spreading Your Message: What is your best tip for getting re-tweeted?
-Time Management: How do you manage your time on Twitter?
-Advanced Strategies: What is your best kept secret (something not widely known) for using Twitter in business?

There are quite a few useful tips included in the list. The list is also a great introduction to the medium for those who are just getting started with Social Media (Twitter, Facebook, Tumblr, etc.).

Promotion through Social Media is just one part of developing your overall Marketing Strategy. For a good overview of the Marketing process (including a definition of the difference between Sales and Marketing functions) you can check out Our Page on Marketing and Sales.

We don’t just blog about it – we are also active on Twitter and Facebook. To follow our Social Media feeds just use the links on This Page.

Thoughts on “Mowing the Lawn”

Thursday, July 16th, 2009

Seth Godin has a Post Up discussing how all staff whose functions affect the customer experience should be involved with customer service:

Every person who does marketing, sales, product design or any other job that influences customers directly should spend at least an hour a week answering the customer service lines, using the same tools your customer service people use. Out of sight is not so good, out of mind is inexcusable.

At MyNewCompany.com we completely agree with this philosophy! We always say that “everybody works for the sales department”. All of our staff answer sales and service calls regardless of title. The only way to provide outstanding customer service is to know what your customers experience is like.

Keeping engaged with the customer experience and making your services as consistent as possible are part of the process of Automating Your Business. The Franchise Model works!!

The Growth of Mobile Commerce

Thursday, July 9th, 2009

Practical eCommerce has an Article Posted that presents a good overview of the growing trends in mobile commerce:

In the evolution of modern shopping, consumers have very recently progressed from visiting a physical store every time they wanted to buy something to shopping online via a desktop or laptop computer, at least some of the time. The next evolutionary step will presumably have shoppers making more purchases online from mobile devices.

Of course, to take advantage of these new opportunites you will need to Start a Company and will need to Build a Website. MyNewCompany.com is your one-stop resource for getting your company set up properly so that it is ready to start making money for you!

Maintaining Your LLC Liability Protection

Thursday, July 2nd, 2009

BusinessWeek has an Article Posted on who is responsible for settling an LLC’s debts after a Dissolution:

Creditors of a valid LLC can collect only from the assets of the company, not personal assets or wages, and garnishments cannot be used against wages unless a money judgment has been awarded in court.

However, this is contingent on the LLC having been properly maintained:

Unfortunately, it’s also possible that you took some action while your company was in business that removed the protection of your LLC, such as signing a personal guarantee with the landlord or mingling personal and company funds.

Fortunately for MyNewCompany.com clients, our LLC Formation Packages include access to the “New LLC Handbook”, which tells you everything you need to know about running your LLC properly so that you can maintain your Liability Protection.

Book Recommendation: Work the System

Monday, June 15th, 2009

As many of our readers know, we’re obsessed with small business owners “automating” their business so they can focus on more important aspects of their business. The book, Work the System: The Simple Mechanics of Making More and Working Less is a great example of a book that shows you how to do it step-by-step.

The author, Sam Carpenter, shows how he went from 100 hour weeks to only 2 hour weeks while increasing his income 20 fold. Pretty impressive stuff and is a great companion to our other highly recommended book, The E-Myth Revisited: Why Most Small Businesses Don’t Work and What to Do About It.

Either way, the lesson is that a small business should copy the successful strategies that make franchises much more likely to succeed: documenting and creating procedures for all aspects of your business.

Online Tools For Business

Thursday, May 14th, 2009

Mashable has an enormous list of 270 online tools for businesses. The list includes tools for project management, marketing, invoicing, collaboration and more. Highly recommended.

MyNewCompany.com uses BaseCamp for project management and we highly recommend that as well – there’s a free plan and paid plans start as low as $12/month.

Business Ups & Downs

Thursday, May 7th, 2009

Forbes.com has an interesting Article posted listing 7 business ascensions and 7 business tumbles:

To lend some perspective, we assembled some of the most spectacular corporate ascensions and steepest tumbles across an array of industries

One of the best ways to position yourself to take full advantage of opportunities for fast growth is by Automating Your Business. This frees you up to work on business development rather than getting bogged down in the day-to-day operations of your business. MyNewCompany.com has a helpful Resource Page on this topic. Clients utilizing our Formation Services also get access to our New Corporation or New LLC Handbooks (as well as useful business forms) in the “My Account” section of our site, which contain all the information you need to set your company up properly so that you can concentrate on growing your business!