There are few things more frustrating for a small business owner than a client who refuses to pay on time. Delayed payments not only diminish your anticipated profit margins, but they can also divert your attention from other more pressing business matters. So, what is the quickest way to resolve such a difficult situation? In […]

There are few things more frustrating for a small business owner than a client who refuses to pay on time. Delayed payments not only diminish your anticipated profit margins, but they can also divert your attention from other more pressing business matters. So, what is the quickest way to resolve such a difficult situation? In episode #115, Elizabeth Larkin and Gene Marks advise small business owners on how to professionally and effectively handle a late-paying customer.

Executive Summary

0:36—Today's Topic: How Do I Deal with a Late-Paying Client?

1:28—Small business owners can set up a billing system that discourages late payments clients. For instance, sending out your invoices as soon as possible encourages your customers to pay in a prompt manner.

4:12—Allowing customers to use credit cards makes it easier for your business to collect payments from them.

6:21—In the event that a customer is late with a payment, make sure that your CRM system is equipped to send out follow-ups or reminders so that they don't overlook it.

8:20—If significant time has passed and a customer still has not acknowledged the invoice, business owners need to hire a collection attorney or appoint someone within their business to pursue this customer until payment is received.

15:16—Gene suggests that supporting a special cause can help small businesses attract more clients. However, business owners have to be careful not to pick a cause that would offend any of their existing client base.

Links

UpWork

Craigslist

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Transcript

Elizabeth: So Gene, today we're going to talk about a topic that you're very serious about, and I can't wait to hear you go on a tear. It's about ...

Gene: This is a topic ... Go ahead, what's the topic?

Elizabeth: Your Worst Nightmare: Late Paying Clients. So, let's just give a little background for our new listeners. Gene is a small business owner, and he has a 10-person small tech company, and he has what, 600 clients?

Gene: Yeah.

Elizabeth: In the Philly area mostly, some all over the country. So, you're billing out what, at least a hundred clients every month?

Gene: Yeah, I mean, any given time we have maybe a hundred, 150 invoices that are outstanding.

Elizabeth: So, after the break, we're going to hear from Gene about how he handles late paying clients.

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QUESTION: How Do You Deal With Late Paying Clients?

Elizabeth: So, the first thing I want to talk about is, how do you set up your billing system to discourage late paying clients? Do you do anything?

Gene: Yep.

Elizabeth: What do you do?

For many small business owners, market research serves as an important tool that enables them to predict their potential success by learning about their target audience. However, depending on the stage and financial situation of your small business, hiring an expensive researching firm might not be the wisest investment. In episode #116, Elizabeth Larkin and […]

For many small business owners, market research serves as an important tool that enables them to predict their potential success by learning about their target audience. However, depending on the stage and financial situation of your small business, hiring an expensive researching firm might not be the wisest investment. In episode #116, Elizabeth Larkin and Gene Marks help small business owners determine whether they would benefit from conducting formal market research.

Executive Summary

0:36–Today's Topic: How Can My Business Benefit from Market Research?

1:19—Market research is gathering information about a specific demographic or target audience in order to determine whether your business should expand into a particular niche.

1:40—Experienced business owners who are familiar with a particular industry might choose to forgo the formal market research and trust their instincts.

3:40—Small business owners who are involved in venture capitalism should strongly consider hiring a marketing research firm to conduct research since they are using money from other investors.

4:19—Business owners also need to consider whether their business will yield high enough profits to warrant both the time and money required to hire a researching firm.

7:26—If you do decide to hire a researching firm, you should check the American Marketing Association's Annual Gold Report to find out the top 50 market research firms.

8:37—Small businesses that don't have the budget to hire a market research firm can consult their local small business development centers.

10:01—Other cost-effective alternatives to hiring a research firm include: hiring a qualified freelancer or checking with your national industry association.

Links

Small Business Development Centers

LinkedIn

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Transcript

Welcome back to the Small Biz Ahead podcast, I'm Elizabeth Larkin, I'm here with Gene Marks. Gene Marks is a small business owner and expert. Welcome Gene.

Gene: Thank you Elizabeth.

Elizabeth: It's good to be here with you.

Gene: It's great to be here.

Elizabeth: Today we're talking about market research. We're gonna talk about what it is, how a small business owner would conduct market research and then whether or not it's actually gonna be useful for your business. Cause market research does take time and it is an expense. Whether you do it yourself or you pay someone else to do it. So we're gonna tackle that topic right after we hear from our sponsor.

Our Sponsor

This podcast is brought to you by The Hartford. When the unexpected strikes, The Hartford strikes back for over 1 million small business customers with property, liability and worker's compensation insurance, check out The Hartford's small business insurance at TheHartford.com.

QUESTION: Should You Conduct Market Research?

Elizabeth: So, Gene what is market research?

Gene: Market research is finding out information about a potential market that you want your company to go into.

Providing performance reviews of your employees is never easy, especially when the employee in question is you! With so many inherent biases about yourself, both positive and negative, how do you know whether your self-assessment is truly objective? Fortunately, gathering accurate data about your own performance is simpler than you think. In episode #114, Elizabeth […]

Providing performance reviews of your employees is never easy, especially when the employee in question is you! With so many inherent biases about yourself, both positive and negative, how do you know whether your self-assessment is truly objective? Fortunately, gathering accurate data about your own performance is simpler than you think. In episode #114, Elizabeth Larkin and Gene Marks offer advice on how to objectively evaluate your performance as a small business owner.

Executive Summary

1:23—Today's Topic: How Do I Give Myself a Performance Review?

6:16—The first step in reviewing your performance as a small business owner is to create a list of measurable goals and objectives that you would like to achieve.

7:19—If you feel that you have met your goals, be sure to also check in with your clients and employees for external feedback about how well you accomplished them or whether there is room for improvement.

10:53— Perform a small business SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis to help you determine where you stand.

13:26—Once you've gathered all the data from your evaluations and SWOT analysis, use this information to give yourself a report card.

15:04—Based on your report card, you need to design a strategy that tangibly addresses all of your results.

15:27—Business owners are encouraged to seek out a mentor who can provide guidance or hold them accountable for fulfilling all their goals.

20:52—Elizabeth advocates joining a Facebook Group to connect with other like-minded business owners.

Links

How to Give Yourself a Performance Review in 10 Easy Steps

Meetup.com

Facebook Groups

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Transcript

Elizabeth: Welcome back to the Small Biz Ahead podcast. I'm Elizabeth Larkin, I'm the managing editor of Small Biz Ahead. Although not for much longer, Gene.

Gene: What's going on?

Elizabeth: I hired someone.

Gene: So you're not gonna be the managing editor anymore?

Elizabeth: I'm just gonna host the podcast with you, and that's all I'm gonna do all day long.

Gene: I quit. It's sort of a dream job. Just hanging out with me all day and doing podcasts.

Elizabeth: So I wanna welcome Hannah Stacy, who is going to be the new managing editor of Small Biz Ahead and I'm sure we'll have her on the podcast because she's gonna be working with all the writers, choosing the topics we talk about on this show, and what we write about. And we just met her for lunch and she's wonderful so welcome to Hannah. Gene's title is not changing though, he's still our Small Business expert. Small Business owner, Small Business speaker.

Gene: CPA.

Elizabeth: CPA, Accountant.

Gene: This and that.

Elizabeth: Nerd et cetera. Et cetera. So today we're talking about reviews. Because we talk about reviews typically in the middle and in the end of the year. Because most small business owners I hope are taking time to review their employees. Maybe it's not like a whole formal review process, but you're at least meeting with them and saying like,...

When it comes to running your small business, it always pays to think ahead. Planning for the approaching year not only enables you to anticipate any potential problems, but it also gives you the opportunity to set up the necessary solutions and infrastructures that will allow your business to continue running smoothly. So, how do you determine which aspects of your small business need to be addressed in advance? In episode #113, Elizabeth Larkin and Gene Marks discuss what issues business owners have to focus on right now in order to be successful in the upcoming year.

Executive Summary

2:00—Today's Topic: What Do Small Business Owners Need to Focus On Right Now to Be Prepared for 2019?

3:13—Because healthcare expenses will be rising in 2019, many small business owners have looked into creating HAS's (Health Savings Accounts) that they can combine with a high deductible plan to help meet their employees' health needs in a more cost efficient way.

6:09— Hybrid Plans or MERP's (Managed Expensed Reimbursement Plans) can actually lower your group rates because they allow you to contribute to your employees' health expenses at the lower level.

7:51—Healthcare Reimbursement Accounts enable you and your employees to invest in their health-related expenses pre-tax.

8:40—Association Healthcare Plans let business owners in the same industry or region band together as a buying group and purchase insurance plans at a lower price. Skinny Plans are another inexpensive insurance option that small business owners can purchase to provide their workers with basic health coverage.

10:10—Small business owners need to assess whether the workplace values outlined in their current handbook are progressive enough to attract talented job applicants. In today's competitive labor market, issues such as competitive pay and clearly defined harassment and discrimination policies can be the deciding factor for many of your potential employees.

13:42—Don't be afraid to have your accountant run a financial analysis of your business; due to recent changes in US tax laws, your current corporate structure may not be the most profitable one for your business.

16:05—Investing in the newest technology can have long term benefits for your business; CRM systems and HR Platforms can help boost productivity through improved communication while video technology can help solidify your brand.

23:01—Gene advises small business owners to use collaboration apps and software that have been specifically developed for small businesses rather than add-on apps, such as “Workplace," which have been created as extension of social media accounts.

Links

Workplace

Skype for Business

Microsoft Teams

When it comes to running your small business, it always pays to think ahead. Planning for the approaching year not only enables you to anticipate any potential problems, but it also gives you the opportunity to set up the necessary solutions and infrastructures that will allow your business to continue running smoothly. So, how do […]

Are you interested in starting a small business, but worried that you don’t have the proper education or funding to make it a reality? Relax. While some business ideas might require advanced degrees and generous startup investments before you can actually launch them, there are many small businesses you can create with little more than […]

Are you in the process of creating a business, but unsure whether your idea has any lucrative potential? While it is impossible to predict the success of every new business venture, there are certain industries that have a proven track record of yielding significant financial returns. In episode #111, Elizabeth Larkin and Gene Marks discuss several of today's most profitable businesses.

Executive Summary

1:14—Today's Topic: Which of Today's Small Businesses are the Most Lucrative?

1:56—With hourly rates ranging from $100 - $400, accounting businesses have been proven to be quite profitable for individuals with the proper licensing and education. They also require little to no initial investment.

7:43—Becoming a real estate owner or landlord is a good option for those with the startup capital because once you purchase the property, all you essentially have to do is maintain it and collect rent.

10:03—Those with a law degree and a relevant experience should consider establishing their own office since legal services are always in demand. As with accounting, this small business requires no overhead or direct cost.

11:28—The management of companies and enterprises is another lucrative industry for business owners because it allows them to serve as consultants to preexisting companies.

12:55—Starting your own construction business can be very profitable, provided that the current economy is strong and you have priced your rates accordingly.

14:98—While dentistry has always been a stable profession, private practice owners who have expanded their basic services to include cosmetic dentistry have the opportunity to reap additional financial rewards.

15:56—When the housing market is strong, those with the drive and determination can find great success as a real estate agent due to all the commissions.

17:42—Despite the high barrier entry and the high initial investments, owning a mineral mining or quarrying business can generate significant profit margins since it is such a commodity-based service.

18:36—Warehouse and storage space rental is another fast-growing industry that requires little of an aspiring business owner beyond the initial purchase of the storage units or facilities.

20:03—Due to sheer necessity, death care and funeral-based services offer a steady and highly lucrative income to those who decide to establish a business in these areas; the industry has growing opportunities for women because they are perceived as more nurturing and comforting than men.

22:59—Gene advises travelers to book their airplane tickets an average of 70 days in advance to get the best fares.

Links

Abrigo (Sageworks was acquired in May 2018 and re-branded themselves as Abrigo)

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Transcript

Elizabeth: Gene, we never talk about our favorite books anymore or what we're watching, or movies we've seen.

Gene: Boy, I'd love to share, so I can I share with you a great show that I just finished watching?

Elizabeth: We're going to save it to the end of the episode.

Gene: Oh, okay.

Elizabeth: Because people don't like to hear ... Some people like to hear about it, but others are like, "You know what, you're going to talk to me today about what small businesses are the most profitabl...