Everything you do should be subject to scrutiny and revision, including your mission statement, business and marketing plans, budget, sales and expense expectations and more, says business makeover specialist Patricia Sigmon, president of LPS Consulting (www.lpsconsulting.com), which creates profit-focused tech solutions for small businesses.

“If you’ve held on to that large office waiting for things to pick up, kept an extra car, maintained a larger-than-needed staff, have too many cell phones, or whatever, it’s time to start a ‘new business,’ scrap what you can, and feel the relief,” says Sigmon, author of Six Steps to Creating Profit: A Guide for Small and Mid-sized Service-Based Businesses (Wiley).

Make 2012 about major regrouping, major renovation and creating a brighter, less stressful view of the road ahead – your new normal. Here are seven of Sigmon’s suggestions for giving your business a profit makeover:

1. “Fire” unprofitable customers.

Sometimes, the highest-maintenance, most time-consuming customers you have are the ones who pay you the least. Analyze the profit margin or lack of profit margin that each customer or perhaps customer segment produces. Stop pursuing customers who are not helping you be profitable – period.

2. Reward your best customers.

Look at which customers are giving you the most profit, and coddle them, woo them, don’t lose them! Offer them frequent buyer rewards. Send them a small gift at their one-year anniversary. Give them a random call every few months to “check in,” thank them, and ask what else they might need. Treat them like gold.

3. Start relationships.

This coming year, it’s time to overhaul your sales behavior. Turn all one-time sales efforts into relationship sales. Start monthly maintenance plans, suggest auxiliary services, sell complementary products, or offer retainer plans covering 50-100 labor hours, for example.

4. Erase those expense lines.

Reduce your operating expense budget to the lowest possible number. If that means selling your car or closing an office, so be it. You can’t build a new profit base when you are still using yesterday’s expense model. Go through your expenses line by line and get rid of everything you can live without.

5. Outsource, outsource, outsource.

Whatever type of skill or service you need, think hard before hiring a new employee or keeping an old employee. Look at each department or each person when you are trying to manage costs. Can you eliminate positions (perhaps through attrition), combine jobs, delete processes, and outsource tasks? Outsource exactly what you need for the right amount of time and the right amount of money.

6. Update your networking.

From blogs to Twitter to LinkedIn to Facebook, invest in the online and social media presence you need to compete now. Businesses that don’t leverage social networking will be left behind. Jumpstart new relationships in 2012 with forum building. Update all your sites. Keep your online relationships fresh and dynamic with news, blogs, newsletters, tips, and surveys. Find an online forum in your industry and become an active contributor.

7. Take your office with you.

With cloud technology, you are no longer bound to a desk. Log onto some new interactive cloud-based systems that can help you do your business anywhere. Make sure to you have Internet connections on all of your devices. Everything you once needed to do in your own office can now be done remotely. Best of all, when your employees are sharing files in the cloud, it makes for a much more cohesive, connected team.

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1. Know your own value. While you can’t know everything the other party might want from you, be sure to understand what your offer or position can do for them. This means researching all the potential benefits and ways that your idea, product and/or service could help the other party, whether it is solve a problem, boost profits or simply make their life or business more convenient and enjoyable.
2. Pursue personal relations. Don’t be afraid to show the other party who you are as an individual – what you can do, where your values is and how the deal at hand will benefit everyone. You learn about them; they learn about you. Both parties must feel a synergy; only then can you forge a mutually beneficial relationship. When deals close quickly and easily it’s often because people have come to know and trust each other.
3. Get buy-in on your vision. Getting others on board with your plan can be challenging, especially when there are many people involved and/or there is much at stake. A critical step in artful deal making is to articulate your vision of the outcome so the other side desires the very same outcome.   Make the “what’s in it for me” factor crystal clear to the other party as you present your position.
4. Be humble, fair and honest. You have to be humble, but firm, to effectively broker a deal. There’s a fine line between the two, particularly when you’re dealing with people who’ve already achieved success.  Always respect the positions of the other people involved in your negotiations, no matter how badly, or not, you want the deal. It’s critical to be fair and honest about the negotiation and to keep your intentions pure. You need to let people know you have the ability and desire to deliver what you say you will. You also need to showcase with quantifiable examples that you put 100% effort behind everything.  In short, your goal is humility with backbone. It’s a tricky but essential combination.
5. Apply a little finesse. Blunt force doesn’t work in any negotiation. No matter how large or small, almost every deal takes finesse, which is where skill and natural ability meet. This is where you get to have fun and allow your personality to shine. It means being able to explore different angles.  It’s problem solving with a twist. It’s poise and diplomacy. In the end, when finesse comes into play, the parties tend to genuinely like each other and all sides look for ways to make sure the deal goes through. For the best deal makers in business, finesse often comes naturally.  If it doesn’t for you, try to develop it, let it flow and have fun trying it.
6. Show confidence. It helps to add a dash of swagger as long as you are careful not to appear arrogant (remember humble from above). If finesse is about problem solving and outside-the-box thinking, then swagger is about having a commanding and authoritative disposition and demeanor but without being pretentious or arrogant. It’s about knowing how good you are and hinting at what your business is capable of without bragging. In a deal-making situation, try to exude confidence, success and fearlessness.

Master these six essentials and you’ll be ready to successfully negotiate just about anything for yourself, or your business. Remember, though, that the best negotiating skills are developed over time and with practice, so don’t despair if things don’t all go your way. You may have to stumble a few times, but just get back up and go at it again.   

Copyright © 2000-2011 BizBest® Media Corp.  All Rights Reserved.

Loudmouth has clothing made in China and sells it in golf-happy countries all over the world.  Employees are widely disbursed and all of them have Skype addresses on their business cards because international video calls are routine.

And Loudmouth isn’t alone. Thousands of other U.S.-based small businesses are busting into global markets thanks to a bevy of new tools, tactics and resources that are helping small American companies gain an edge overseas. They include all types of businesses, from family-owned hops farms in Washington, to a small Michigan-based firm that makes steering components for cars.

One major source of both money and advice is the Export-Import Bank of the United States. Earlier this year the “Ex-Im Bank” (as it is known) launched a new Global Access for Small Business program that aims to provide $9 billion per year in small business export financing so small firms can export more goods and services produced by U.S. workers. Over 1,000 small businesses new to exporting joined the program in its first six months and thousands more are expected to join.

The two Ex-Im Bank products most used by small business exporters are export-credit insurance and working capital loan guarantees. The insurance protects the business from risks of an overseas buyer not paying, and helps small U.S. firms extend credit to international customers. Working capital loan guarantees cover 90% of the outstanding balance of working capital loans to exporters, backed by export-related inventory and accounts receivable.

The Export Business Planner, a new and free online tool developed by the U.S. Small Business Administration (SBA), is also helping small business owners who are interested in starting or expanding overseas sales.

The Export Business Planner can help with these key tasks:

1)    Determine if your business is really ready to start exporting, and how to get ready if you’re not.

2)    Learn about export training and counseling services.

3)    Access global market research and trade data.

4)    Connect to export financing opportunities.

5)    Create a customized export marketing plan for your business.

6)    Tap into other exporting resources.

You can access Export Business Planner at www.sba.gov/exportbusinessplanner. It’s a PDF file that you can download, customize and update regularly as you develop your own export plan. 

The SBA website (www.sba.gov) also has a wealth of helpful information on importing and exporting for small business. Click on “Find exporting opportunities…” on the home page for access to these topics:

• Exporting or importing specific products.
• International trade loans for small business.
• Explore Exporting.
• Trade Agreements.
• 6 Steps to Begin Exporting.
• Financing Your Small Business Exports.
• SBA Export Express for Small Business.
• Export Working Capital Program.

For details on how your small exporting firm can benefit from Ex-Im programs visit Ex-Im’s small business website (www.exim.gov/smallbusiness). You’ll find all of the basics plus helpful videos such as “Ex-Im 101 for Small Business” and “Intro to Exporting.”  Or contact the nearest Ex-Im Regional Export Finance Center at (800) 565-EXIM. Ex-Im also sponsors regular webinars which you can locate in the “Training and Education” section of exim.gov.

Another good resource is the export.gov website which is dedicated to helping U.S. companies export goods and services of almost any kind. This site is packed with export info, including extensive sections of export opportunities, licenses, regulations and logistics, problem solving solutions, basics of documents and paperwork, foreign market overviews, state and regional trade groups and an FAQ.  You’ll find opportunities broken down by industry, along with trade leads and lists of international trade events.

Copyright © 2000-2011 BizBest® Media Corp.  All Rights Reserved.

I agree – it’s not a sexy topic like social media.  But if you ever seek bank financing, angel investors, venture capital or a loan from friends and family, these are things you need to know.

Your balance sheet shows what your business owns and what it owes at a fixed point in time, and provides details about your assets, liabilities and owners’ equity. It does not show money that flows in and out of the accounts during that period (we’ll get to that shortly).

• Assets are things your business owns that have value and could be sold, including tangible assets such as vehicles, equipment, inventory and cash, plus intellectual assets such as trademarks and patents.
• Liabilities are amounts your business owes to others, including loans, rent, vendor accounts, payroll and taxes, as well as obligations to provide goods or services to customers in the future.
• Owners’ (or shareholders’) equity is your capital or net worth. It’s the amount that would be left if the business sold all assets and paid off all liabilities. This leftover money belongs to the owners.

An income statement shows revenues over a specific time period – i.e. a month, quarter or year – and shows what you spent to generate that revenue. The literal “bottom line” of an income statement shows what the business earned or lost over that period.

Think of an income statement as a stairway. You start at the top with total sales, and then go down one step at a time. At each step, you make a deduction for costs or other operating expenses that were necessary to earn the revenue. At the bottom of the stairs, after deducting all of the expenses, you learn how much the business earned or lost.  

A Cash flow statement shows inflows and outflows of cash over a fixed period. This is critical because any business needs cash to cover ongoing costs. While an income statement (above) shows profit or loss, a cash flow statement merely indicates if the business generated cash. You should also know that a cash flow statement shows changes over time, not absolute dollar amounts at a given point. The bottom line of the cash flow statement shows how much it went up or down for the period. Generally, cash flow statements review the cash flow from three key activities: operating, investing (back into the business) and financing.

4 Key Terms and Ratios to Know

Here’s a mini glossary of four key financial statement terms and ratios you’ll also want to know:

• The Debt-to-equity ratio compares total debt to owners’ equity. Both numbers come from your balance sheet. To calculate a debt-to-equity ratio, divide total liabilities by owners’ equity. If a business has a debt-to-equity ratio of 2-to-1, for example, it means that it is taking on debt at twice the rate that its owners are investing in the company.
• Inventory turnover ratio compares a company’s cost of sales on its income statement with its average inventory balance for the period. To calculate this ratio, divide cost of sales by average inventory for the period. A 2-to-1 ratio means the company’s inventory turned over twice in the reporting period.
• Operating margin shows percentage of profit for each dollar of sales. It compares operating income to net revenues. Both numbers come from the income statement. To calculate operating margin, divide income from operations (before interest and income tax expenses) by net revenues. Operating margin is usually expressed as a percentage.
• Working capital is the money leftover if the business paid its current liabilities (debts due within one-year) out of its current assets.

Copyright © 2000-2011 BizBest® Media Corp.  All Rights Reserved.

BizDeals calls itself a “social eCommerce” site offering deals on products and services that help small business owners generate brand awareness and drive growth. Its weekly deals deliver savings on products and services in the categories of Business Essentials, Business Growth, and Rewards & Recognition.  From marketing services and computer products, to travel deals and entertainment, these categories include key areas where savings can do business owners the most good.  One example:  PR Newswire, a BizDeals launch sponsor, offers discounts on its enhanced PR Toolkit, an online public relations resource tailored to small business and entrepreneurs. 

Chicago-based Bizy helps small business owners buy a wide array of products and services at deep discounts, including office equipment and supplies, IT network equipment, software and hardware, mobile communications devices, shipping, payroll services, legal and accounting services, travel, car rental, banking, credit cards, insurance and more. It works like this:

1. Sign up to receive an email when there is a new and interesting Bizy deal, or look for invites from friends, colleagues, ads or the website.
2. When you see an offer you like, you can click the big “buy now” button.
3. Some deals only work if a minimum number of businesses buy.
4. Within 24 hours you’ll receive a purchase confirmation.  Print it and take it with you to the supplier or quote the reference number featured in the email to redeem your offer.

BizSaves bargains on behalf of business owners for deals on products and services that small companies and startups need most, with discounts reaching 50% or more. Sign up at the website to receive email notices of new deals weekly.

Meanwhile, MarketSharing hopes to position itself as a “premium B2B deals provider for exceptional business products and services.”  Initial deals are in New York only, but the site plans to expand to other major U.S. cities quickly.  Their first three daily deals include discounts on SeamlessWeb food delivery, BlogWorld and New Media Expo passes and TeamWorx team building events.

MarketSharing aims to offer businesses high quality, deeply discounted (50-80%) daily group deals on a wide range of products and. With an emphasis on brick and mortar to support local businesses, MarketSharing focuses on curating the best local products and service deals for businesses.  ”Our vision is to provide deals that foster the discovery of new experiences for businesses, creating a happier, healthier, and more well rounded work environment,” says John Amato, MarketSharing’s CEO.

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Once you’ve established a track record, you can seek to expand the credit line in small steps.  Many major banks that serve small business offer unsecured business credit lines of $5,000 to $100,000 for firms that have been around at least 2 years.  These include well known commercial banks such as – including Bank of America, Wells Fargo, US Bank, Chase and Key Bank, as well as community banks, credit unions, online banks and some you might not have thought of such as American Express Bank, Capital One Bank, Discover Bank and Advanta Bank.

A business credit line is a flexible financial tool that can help a small business grow and keep you in control.  So even if you don’t have an immediate need for a credit line, it’s handy to have in your hip pocket if business conditions change.  Establishing the revolving credit line is cheap, you only pay interest on what you borrow and you can use the line for almost anything.  

Here are six things a small business line of credit can be used for:

1. Remodel, expand or upgrade your store, offices or other facilities.
2. Buy new computers, servers, office technology or other equipment.
3. Purchase extra inventory for upcoming promotions or seasonal spikes.
4. Launch a new online marketing campaign.
5. Create a new product prototype, pursue a promising business opportunity.
6. Cover unexpected expenses.

Banks are still a good place to look for credit lines.  Sure, bankers are being more tight-fisted these days, but they do have money to lend – especially for established businesses – and credit lines are one way they are doing it. Wells Fargo, for example, offers small business credit lines up to $100,000 that you can apply for online, even if you’re not a current customer.

Credit lines are also appealing because of their low costs.  Interest rates will vary with prevailing market rates, but many lenders allow you to tap the line – via paper check writing, online, check card or other method – for no fee.  However, you can expect to pay a modest fee to open the account once you’ve been approved. Wells Fargo, for example, charges $150 for lines under $25,000 and $250 for larger lines.  Any annual fee is often waived for the first year, and may run $100-$150 annually thereafter.

You should also ask if the lender offers some kind of interest rate protection or lock-in feature to protect you against rising rates in the future.  Some lenders will let you lock in an interest rate on your business line of credit for a year.    

Beware of using a credit line for cash advances however, as many banks charge a cash advance fee that can run 3% or more.

How to apply for a Business line of Credit

To obtain a credit line, you will probably need to supply some financial information about your business as well as yourself, so be prepared with income and other statements or tax returns.  Sources of small business credit lines are numerous. To find the perfect fit and absolute best terms, you should plan to comparison shop among several lenders.

Some banks also offer unsecured revolving lines of credit backed by the U.S. Small Business Administration (SBA).   This SBA’s CAPLines program helps business owners meet short-term and working capital needs and can be a great option for newer businesses less than four years old.  Choices include these five different types of credit lines:

1. Seasonal Line.  Loan proceeds can only be used to finance seasonal increases of accounts receivable and inventory (or in some cases associated increased labor costs), but can be revolving or non-revolving.
2. Contract Line. This line finances the direct labor and material cost associated with performing an assignable contract and can be revolving or non-revolving.
3. Builders Line.  If you are a small general contractor or builder constructing or renovating commercial or residential buildings, this can finance direct labor and material costs. The building project serves as the collateral and loans can be revolving or non-revolving.
4. Standard Asset-Based Line. This is an asset-based revolving line of credit for businesses unable to meet credit standards associated with long-term credit. It provides financing for cyclical growth, recurring and/or short-term needs. Repayment comes from converting short-term assets into cash, which is used to pay back the lender. Your business can continually draw from this line of credit, based on existing assets. This line is generally used by businesses that provide credit to other businesses.
5. Small Asset-Based Line. This is an asset-based revolving line of credit of up to $200,000. It operates like a standard asset-based line except that some of the stricter servicing requirements are waived, as long as your business can show repayment ability from cash flow for the full amount.

 Credit Line Tips and Warnings

• Avoid carrying a constant balance on your credit line. Periodically paying down the debt completely will keep the credit in place and your lender happy.
• One key factor in obtaining a credit line will be your business cash flow.
• If your small business doesn’t quality for a standard credit line, ask for an “asset-based” line.
• Remember, the best time to set up a small business line of credit is before your business actually needs it.

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But why start from scratch if you don’t have to. By using a sample business plan, business plan template or helpful business plan software, creating a buttoned-down business plan that does what you want it to will be a lot easier.  No matter what your business idea, there’s a free sample business plan or template that you can adapt to your own circumstances and needs.   

Even if you plan to work from samples or templates, you should consider using business plan software to put the pieces together.  While there are many business plan software choices available, Business Plan Pro (Palo Alto Software) is a “BizBest ShortList” selection and has been the #1 bestseller for a reason:  It’s simply the best.  At $99 for the standard edition ($159 for premier), it’s something no entrepreneur should be without. 

And here’s a big plus: Business Plan Pro comes with over 500 sample business plans.  Inspire yourself and your cohorts by looking at other successful plans.  You can even start with a sample plan or template and merely edit and change what’s already there to be assured you start off on the right track.

Another key benefit of using business plan software is that it can bullet-proof your numbers.  Nothing frustrates potential investors or venture capitalists like numbers that don’t add up.  Because business plan software comes with built-in formulas and linked tables, you’ll be alerted to any missing numbers, and the software automatically puts data where it needs to go.  Business Plan Pro also comes with data on over 9,000 industries, so you have numbers to back up your projections.

If you’re too cheap or stretched to spring for the $99, check out Bplans (also from Palo Alto Software) which offers hundreds of free sample business plans in popular business categories such as a restaurant, cafe, bakery, retail store, online or eBay store, beauty salon, day spa and service businesses such as accountant, insurance agent, self storage business and cleaning service.  Other categories include consulting, real estate, fitness center, construction and engineering, hotel, bar, medical and health care, pet services and many others.

Free business plan templates are also available from SCORE .  And coming from SCORE, rest assured they are well done and high quality. Free downloads include a business plan for a startup, as well as an established business.  There are also business planning tools for nonprofits.  Other helpful templates you can get for free from SCORE on the same page include: competitive analysis, startup expenses, opening day balance sheet, financial projections, breakeven analysis, bank loan request, cash flow statement, profit and loss projection, and sales forecast.

In the business plan templates for purchase category, Business Plan Success (Version 5.0; $49) is a good choice. It’s a quick and easy way to get your plan into a professional format (and nice looking, too!) that will get serious attention.  The template includes integrated, fill-in-the-blank financials, is fully customizable and comes with lots of extras, including a directory of investor resources, and guide to SBA small business loans.

You’ll also find a large selection of business plan templates and sample business plans – both free and for purchase – at DocStoc.

Remember these keys to good business plan:

• It should be simple — which means easy to understand.
• It should be detailed and specific. Your goals, objective, benchmarks, competitive analysis, market overview and other key items should be concrete and measurable.
• Be specific about what actions the business will take, with specific completion dates, who is responsible, and budgets.
• Your business plan should be realistic, including your sales goals, expense estimates, market size projections and milestone dates. Unrealistic plans fall apart quickly.
• And be sure to read BizBest’s Five Steps to Business Plan Perfection.

Visit the BizBest StartupSmarts section for more helpful ideas and resources for starting a business.  

Copyright © 2000-2011 BizBest® Media Corp.  All Rights Reserved.

Government statistics show that young workers suffer a disproportionate share of on-the-job injuries.  According to the Occupational Safety and Health Administration (OSHA), at least 160,000 teens suffer work-related injuries or illnesses each year; about a third requiring emergency room treatment. That can put your business at risk. And many injuries occur in businesses you might not think of.  For example, more than 75% of incidents happen in the retail and service industries – not sectors usually considered more injury-prone such as manufacturing and construction.

Young workers – especially those in their first summer jobs – are at greater risk of workplace injury due to inexperience. And also because, well, they are teenagers who may hesitate to ask questions (my own teens know everything, so why bother to ask?) and may fail to recognize workplace dangers.

Here are 10 teen hiring essentials:

1. Review federal and state laws on teen employment — especially the rules on what types of jobs teens are allowed to perform, and which ones they aren’t.  Many small businesses, and especially those just starting out, aren’t sure what’s required of them, or where to look for help.

2. The Fair Labor Standards Act (FLSA) sets minimum wage, overtime pay, recordkeeping, and child labor rules affecting full- and part-time workers in the private sector. The rules vary depending on the age of the young worker and his or her duties. But two things are certain: a) Once an employee is 18, there are no Federal child labor rules, and; b) Federal child labor rules do not require work permits.

3. Dozens of private suppliers sell OSHA compliance materials, and there are many safety consultants to choose from, available easily online. But your best starting point is OSHA’s small business website which offers abundant assistance. Visit:  www.osha.gov/smallbusiness. Check out Compliance Assistance Quick Start, which helps new small businesses understand the rules and find the right resources.

4. The Department of Labor has a special website devoted to the rules of youth employment called Youth Rules at www.youthrules.dol.gov.  Here you’ll find information and links to almost everything you need to know about both federal and state rules and limits on the hours teens are allowed to work, and jobs they can perform, including key information on age requirements, wages and resources for young workers.

5. Another helpful government site called Young Workers has a wide range of information on summer job safety for specific sectors such as construction, landscaping, parks and recreation, life guarding and restaurants. Under landscaping, for example, you’ll find tips on preventing injury from pesticides, electrical hazards, noise and many others.

6. The small business FAQ section is a must. It includes a long list of the most common questions small business owners have about hiring teens, along with dozens of links to detailed answers.

7. Restaurants rank especially high among industries at risk for teen worker injuries. OSHA even has  a special website devoted to safety for teen workers, covering areas such as serving, drive-thru, cooking, delivery and others.

8. Hours and Age Restrictions: For teens employed in non-agricultural jobs, restrictions on hours and jobs include these:

• Minimum age is 14.
• Those 18 or older may perform any job (hazardous or not) for unlimited hours.
• Youth 16 or 17 may perform any non-hazardous job for unlimited hours.
• Youth 14 and 15 years old may work outside school hours in non-manufacturing, non-mining, non-hazardous jobs. They cannot work more than three hours a day on school days; or more than 40 hours per week when school is not in session.
• During the school year, 14- and 15-year-olds may not work before 7:00 a.m. or after 7:00 p.m. However, during the summer that’s extended to 9:00 p.m.

9). State labor laws can differ. Check the list of State Labor Offices to find the appropriate agency in your state.

10. Before you assign a job to a minor, be sure that it is allowed by law. If you have a specific question regarding the job which you are hiring a minor to perform, contact the Department of Labor’s toll-free help line at 866-4US-WAGE (866-487-9243).

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But your online reputation is an extension of your reputation in the real world – what I call your “Baseline Business Reputation” or BBR.  It takes place across all touch points you have with customers and prospects.

For many business owners, reputation has literally meant everything.  It’s one area small firms have always felt they can beat out even the biggest competitors.

But it’s a mistake to believe that social media offers a shortcut to reputation riches. Sure, reputations can soar – or sink – rapidly online. But for most small and local firms, reputation is something earned over time.  

Key elements of reputation-building that business owners most frequently cite include the human qualities of integrity, honesty, reliability and exceeding expectations. In addition, building trust and a good reputation requires that the business delivers good quality products and services, along with good value.

Here are eight ways to build your baseline business reputation:

1. Build bottom-up credibility. Start by delivering what you promise. And the best way to do that is to first under-promise, and then over-deliver. A sure-fire reputation buster is to make claims or promises that aren’t met – in your advertising, in person, by your employees or in the hours you post but don’t keep.  This means vastly more than posting a plaque on your window, wall or website touting membership in the local chamber of commerce, Better Business Bureau or your professional association.
2. Deliver some R&R – as in Responsiveness and Reliability. To develop a good reputation for responsiveness, be a stickler for communication and resolve complaints quickly. If there’s a mistake or delay, own up to it and make extra effort to fix the problem quickly. An apology helps too. A complaining customer can become your biggest supporter if the complaint is resolved quickly and effectively.  At the same time your baseline reputation benefits.   
3. Offer exceptional value. Customers and clients define value differently, so this can involve many different things. You might, for example, offer free service or product support for a period of time, or offer discounts and special perks to loyal customers.  Providing something unexpected, such as a giveaway or free sample, is a good value- and reputation-building tactic. And paying attention to details – making sure a product is spotless on delivery, for example – scores big value and reputation points.
4. Be privacy sensitive. In addition to guarding sensitive information (credit card slips, for example) and honoring permission-based mailing and email lists, this also means providing a discrete area to discuss financial or other sensitive matters, such as medical issues at a drug store.  
5. Demonstrate tech proficiency. A business that uses antiquated technology will have a reputation as being, well, antiquated. These days, being tech and internet savvy is critical to being perceived as competent and capable as a business. Keep your computers, mobile devices, printers, email and voicemail systems, software, websites and social media pages up to date. 
6. Communicate selectively and effectively. Keep letters, emails and voicemails short, to the point, professional and productive. Use correct spelling and always leave contact information, even if you think the recipient has it. Make sure your company information – full name, address, phone, fax, website URL, toll free number, hours and other vital information – is displayed in prominent locations.
7. Make your website polished and professional.  A clean, up-to-date, professional looking website is absolutely vital today, regardless of the type or size business you have. It doesn’t need to be big or fancy, but it does need to be accurate and up to date.
8. Do community service. A little selfless generosity toward local organizations or your community goes a long way toward helping building trust and a positive reputation. 

Copyright © 2000-2011 BizBest® Media Corp.  All Rights Reserved.

They can also save the day.  Say, for example, you have a big presentation first thing tomorrow morning. You send your key employee to pick up the finished presentation materials at the printer, which closes in an hour. Your employee shows up with a signed check for the original quote, but the final total is higher.  What now? If your employee has a business credit card, you wouldn’t have to cut a check in the first place, and there’d be no problem.

Still, there are a several factors to consider when entrusting employees with a business credit card.  Here are three rules that business owners should consider when issuing company cards:  

1. Set spending limits:  Often, the best way to prevent credit card abuse among employees is to set tight spending limits and “merchant category codes” (MCCs) to limit areas in which employees can spend money on the card.  For example, American Express offers MCC blocking of 281 standard individual and 28 proprietary predefined groups of codes.  By using this feature, business owners can allow employees to spend only with merchants in specified categories. You can also link card holders to a list of MCC codes and enable them to spend at any establishment other than the merchants in the codes listed. You can even restrict spending to specific merchants or locations by using Preferred Supplier Lists.
2. Issue guidelines and a written company policy:  In other words, do not assume employees know their limits when it comes to credit card spending. Ask employees to read and sign a written agreement that states compliance with the company’s rules for using credit cards.
3. Review statements regularly:  Regardless of trust in employees or any signed company policies, it is important to remain aware of employees’ spending.  Conduct regular reviews of credit card expenses. It’s easy to do online where you can see precise details of every transaction.  Also ask employees to provide receipts and to reconcile their spending monthly.  Immediately bring any questions or concerns to the employee’s attention.
4. Capture points and rebates:  Using company credit cards is also a great way to consolidate business purchases, earn points and capture extra discounts. 

For free comparisons of business credit cards that can help your company expand and save money, visit the business card section at CreditDonkey. You can search, compare and apply on the website, finding the best business credit card for your needs.  Card issuers, such as American Express, sometimes offer extra cards on existing accounts at no additional charge for business customers in good standing.

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