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Archive for the business management techniques

Small Business Consulting- New FTC Internet Marketing Guidelines in Effect

December 8th, 2009 by admin 1 Comment

Under the revised Guides, advertisements that feature a consumer and convey his or her experience with a product or service as typical when that is not the case will be required to clearly disclose the results that consumers can generally expect. In contrast to the 1980 version of the Guides – which allowed advertisers to describe unusual results in a testimonial as long as they included a disclaimer such as β€œresults not typical” – the revised Guides no longer contain this safe harbor.

The revised Guides also add new examples to illustrate the long standing principle that β€œmaterial connections” (sometimes payments or free products) between advertisers and endorsers – connections that consumers would not expect – must be disclosed. These examples address what constitutes an endorsement when the message is conveyed by bloggers or other β€œword-of-mouth” marketers. The revised Guides specify that while decisions will be reached on a case-by-case basis, the post of a blogger who receives cash or in-kind payment to review a product is considered an endorsement. Thus, bloggers who make an endorsement must disclose the material connections they share with the seller of the product or service. Likewise, if a company refers in an advertisement to the findings of a research organization that conducted research sponsored by the company, the advertisement must disclose the connection between the advertiser and the research organization. And a paid endorsement – like any other advertisement – is deceptive if it makes false or misleading claims.

Read the entire article at http://ftc.gov/opa/2009/10/endortest.shtm

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December 4th, 2009 by admin No Comments

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Importance of Reporting for Decision Making

February 4th, 2009 by admin No Comments

One key area of entrepreneur development that comes up often in my small business consulting practice is learning to run a business in a professional and systematic manner from the start.Β  Treating your business like a “business”Β is the difference between success and failure. Running weekly monthly and quarterly reports, keeps your eyes on the numbers and you abreast of changes as they happen. Using week over week, month over month and year over year report comparisons help you evaluate whether this just a one time occurrence or the beginning or end of a trend.

So many business owners, especially young entrepreneurs and solo-preneurs misunderstand the value of reports. “If I’m the only person in the business, why do I need reports?”, one client quipped.Β  My response included the following 3 points: 1) reporting gets you in the habit of running your business like a business instead of an extension of your personal life and finances, 2) reports set a precedent of how operations, meetings and reviews will be conducted in the future as your business grows beyond just yourself, 3) reports give you a collection of data from a finite period in time that is sorted and analyzed based on specific criteria critical to your business.

So what reports are absolutely essential? In some ways, that question is unique to the type of business, the reporting of a retail business will differ from that of a service company. However, in my opinion, all businesses can benefit from the following 3 reports on a weekly basis: 1) A Balance Sheet, 2) A Profit & Loss, & 3) a custom report.

An example of data in a custom report would be the following: using an excel sheet you would zero in on specific numbers in your P & L to create a summary week over week, month over month or year over year report.

For example, the owner of a scuba store that also offers classes may want to view the following information for this week, this month, so far this year Vs 1 year ago for the week, month & year:
Sales
# of classes sold
# of dive trips sold
# of equipment sold(i.e- tanks, masks, suits, etc)
Expenses
Advertising
Labor
Utilities
Supplies & equipment

Seeing this data in a report makes it so much easier to make informed decisions based on actual events instead of gut feelings and I think so there for it is.

Feel free to contact me if you need one on one consulting on structuring reports and using them effectively for your business.

Have a great week!

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