CEO, Owners

2016 is upon us even as the prior year is not finished.

While the presidential race and terrorists are important issues, SMBs face a number of critical factors in the New Year.

Among them are:

Ø      First and foremost is the belief by many SMB leaders that the economy is not strong.

Ø      Interest rates which may go above the negative rates of recent years.

Ø      Energy costs, which have shown a marked decline in recent months.

Ø      Inflation, which has not been a factor in recent years.

Successful businesses are built on strategic leadership, smart decisions and entrepreneurial drive, but even the best business owners can fall prey to a few bad business habits.

Small business owners are not exempt from this.

Editor's Note: This is JoAnn Laing's monthly blog.

When Staples opened its first store, stationary establishments were amongst the most profitable retail operations in America.

Within 15 years they were losing money and have almost disappeared from most shopping areas.

For those owners who did not heed the warnings blared at them by their fellow owners and trade press at the time they lost everything.

It is no different in today’s rapidly changing world.

With the end of the 2015 fiscal year nearing, businesses should be reviewing their consolidated revenues and thinking of ways they can increase their profit margin as they enter the new fiscal year or second-half of the calendar year.

Both large and small companies may benefit from simple business practices that will increase clientele, boost productivity and efficiency, and improve labor utilization.

For a small business, it can seem like a dream come true when a major retailer says they want to stock your product on their shelves or list it on their website. Part of making this dream a reality is the process of uniquely identifying those products for trade on a mass scale.

While Americans celebrate thinking big in business, it is often the “small” things that bring success.

John Oechsle, President and CEO of Swiftpage offers a few “small” tips every small business can incorporate or build on that are not only simple but are easy to implement on a budget: 

“The future belongs to those who see the possibilities before they become obvious.”

To learn how small business leaders can devote part of their working day to this task, John Sculley, former CEO of Apple and Pepsi, has written a book offering a step-by-step approach.

The book, “Moonshot!” assists in the eye opening of possibility seekers.

Sculley has been an entrepreneur for over twenty years since his leaving Apple. He says now is the most interesting time to be an entrepreneur, due to the era of major technologies, analytics, internet, cell phones, etc.

Achoo! In the airplane, the bus or around the new baby, it is the sound of germs spraying out of the mouths of the sick onto innocent bystanders.

In most cases, there are no tissues or masks in sight; no means of protection.

Jody Vitelli, CEO and founder of Tutem Mask, says “she felt passionate and indignant about the lack of movement to change this, so she took matters into her own hands.

As she explains, “beginning in 2012, I set out on a mission to develop and manufacture a fun-looking mask that would diminish the stigma behind wearing it.”