Protect Your Small Business Against Fraud

Small business owners have a lot of hardships they have to face, but one of the biggest problems that plagues them is business fraud, and small business owners are the ones who suffer the most from it. Businesses with less than 1,000 employees can lose an estimated average of $150,000 in a single fraud case. In comparison, larger businesses only average $71,000 per loss.

The biggest type of fraud that hits small businesses is definitely check tampering which is also the biggest way people get hurt. The reason for this is that many small businesses typically do not watch for these types of things. Most small businesses do not wish to put the money into putting controls in place that bigger companies may have. Most small businesses don't schedule an annual audit. With an audit there is a system of checks and balances which hinders people's abilities to commit fraud easily.

Inventory fraud is another type that hits small businesses hard. A lot of small businesses have inventory being loaded on and off of trucks, but most people don't really pay attention to the people loading and unloading the company's things. Commercial bribery also affects small businesses. If somebody comes into your business often and sees the same employee, they will undoubtedly form a relationship. Your employee could then begin giving the person free things for a split of the profits.

However, there are a few key things small business owners can do to protect themselves against fraud. First, get some type of background screening for your employees. Many small business owners won't spend a lot of money screening a loading dock worker or somebody fresh from college, but they should at least do a criminal check if nothing else.

Credit checks are also very helpful. It is no surprise that people in today's economy are going through financial woes. But you should know if your employees are. Be sure you aren't hiring somebody who is desperate for money. Your employee's resume is also a good thing to check up on. If they say they went to college or worked for another company, check up on it.

Small businesses are a key part to America's economy. Most of them provide invaluable services and give a lot of good people good jobs, but it always seems that the ones out to do good are the ones that get burned the most. So please, be careful if you are an owner of a small business. Do what is necessary to ensure you aren't getting ripped off by some type of fraud.

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Ways to Improve Your Company's Customer Service

Everybody dreads a call to customer service, no matter what company it is. Whatever the problem is, most people would rather take their losses than go through a long, arduous process with a customer service representative. That is why businesses, especially small businesses, should consider improving their customer support in every way possible, because customers are more likely to return to your business if it has good customer service.

In a recent survey 60% of Americans ranked great customer service as very important. However, only one-third of them believe that they are getting it. A vast majority of Americans believe that companies either haven't changed the way they look at customer service or they are paying less attention to it. Only 37% of Americans believe that companies have increased their focus on giving high quality customer service in today's market.

The problem stems from a few different reasons. One reason is that business owners do not always know what will satisfy their customers the most. Owners may think price will satisfy customers, whereas customers may believe it is personalized service. Another reason is that business owners may not have put in place the systems and processes to ensure that they can easily provide ongoing customer service.

One way to improve upon this is to find technology that will help you monitor what customers are saying about you. There are many services you can sign up for that will alert you when someone online is mentioning your company, like Google Alerts or even TweetBeep. You also need to make sure you are reaching out to customers on a regular basis. This allows them to easily tell you how they feel.

If a customer complains, make sure the problem gets fixed and that they are happy. If the owner personally deals with the problem, then the customer usually leaves happy. You also have to communicate to your employees about how important it is to make sure that the customer is as happy as he or she can be before leaving. Consistent, good customer service does not come easily, and you have to train your employees to do so in order to get the best productivity.

One thing you have to do as a small business is make sure superior customer service is a part of your company's reputation. You need to ensure that you are talking about your customer service and selling your services or products on that fact. Encourage your customers who have left feeling satisfied to share their experiences with others.

Good customer service will also get your name out there by customers. Three-fourths of people surveyed said they are more inclined to talk about good customer service as opposed to complaining about bad customer service. People really do like to discuss positive things, so make sure one of those things is your customer service.

Contrary to that, people also say that they are more inclined to believe negative feedback they see online as opposed to positive. This is all the more reason to make sure your customers are satisfied with your customer service. Nobody likes bad feedback, so when you do get some, make sure you address that problem immediately. You may also want to hop on that discussion online and say what you have done to fix the problem.

It goes without saying that customer service is one of the most crucial aspects of an up-and-coming business. If you want your customers to keep coming back and you want new customers to start coming, then you need to make sure that whenever they talk to one of your staff or even yourself that your customer service is as top notch as possible, because it may be the deciding factor in whether your business succeeds or fails.

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Small Business Loans Jump Despite Unsteady Economy

It is no surprise to anybody that small business lending hasn't returned to the same glory it had pre-recession, but despite a rocky year, the number of loans backed by the Small Business Administration increased by nearly 30% in 2010.

The Agency, whose fiscal year ended on September 30, reports that it approved $16.84 billion in loans in the past 12 months which can roughly be translated into 54,286 small business loans. This is an increase from fiscal 2009 when the Small Business Administration approved nearly $13.03 billion in loans during the depths of the credit crunch. The agency backed nearly $20.61 billion in 2007.

This boost comes, in part, from measures incorporated into last year's stimulus package. These measures eliminated fees and increased the maximum guarantee of the government to 90% which is up from 75%-85%. Banks make the SBA loans, and not the SBA but the U.S. government provides a guarantee to minimize the risk to the financial institution in case the borrower defaults.

Between the time the stimulus was signed in February of 2009 and the last round of funding for the provisions was exhausted in May 2010, the SBA's average weekly dollar volume was $300 million which is a significant increase from the $172 million weekly average in the seven weeks prior to the Recovery Act.

According to Tony Wilkinson, President and CEO of the National Association of Government Guaranteed Lenders, a trade group out of Stillwater, Oklahoma, "The stimulus provisions work. This is the main avenue for small business lending today. A number of borrowers in SBA programs would have been eligible for conventional lending years ago."

The stimulus provisions, which have undergone four extensions in the SBA's fiscal 2010 year, were shut off in May. However, the recent Small Business Jobs Act allows the program to continue throughout the 2010 calendar year.

The volume of SBA loans fluctuated intensely during the agency's fiscal 2010 year. This is largely due in part to the stimulus provisions' pre-set expiration dates. Each time lenders were notified by the SBA that the program was about to end, lenders would rush to push their loans through. This would, in turn, cause an upward surge in volume.

Loans that didn't make the cut would then queue up on a waiting list until Congress agreed to allocate more money and extend the end-dates. Volume would drop off during this time.

During the summer months, many loan applicants waited for Congress to continue the program. The extension through the Small Business Jobs Act, which was signed in last week, cost taxpayers $505 million and could very well provide a possible $14 billion in loans. On Monday the SBA had cleared the queue and approved nearly $970 million or 1,939 loans.

Mr. Wilkinson is happy that Congress addressed the need to help the program. However, he worries that lenders as well as small business owners will be forced to sit and wait again when this program expires come this January.

"It will be difficult to spend all that money between now and the end of the year," says Wilkinson. "We hope after the election in November Congress will make the funds available until they run out. Borrowers are going to need it."

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Tips to Securing Your Business Network

There are a countless number of threats out there that are ready to compromise your company’s network, but thankfully, there are plenty of precautionary steps that can be taken to keep this from happening.

SMBs are particularly prone to the plague of cybercrime. Sometimes SMB networks simply do not have the necessary network security. This is normally due to the fact that most SMBs do not have the resources or expertise to ensure their network’s security. In many small office settings, an office administrator with only basic IT skills is in charge of network security. This can leave your company’s network open to numerous threats. Paulette Altmaier, VP of Dell Solutions, has said that 92 percent of businesses suffer some sort of computer attack in any given year.

All of these SMB network threats cause some serious concerns. In response to some of these SMB needs Dell has just recently announced their partnerships with Trend Micro and Juniper. They hope to collaborate in an attempt to present some SMB security solutions. Altmaier stated that Dell has decided to focus on SMB security because they “have the same complexity of security problems as bigger companies but lack the resources.”

One of the huge problems with security threats is realizing how they evolve to attack your network. Threats aren’t just delivered by spam anymore. They are everywhere. There are limitless ways that your network could be compromised. If you’re a small business owner and you don’t have the protection that your network truly needs, here are some tips to keep your business safe and secure.

1.Layered Security
This is absolutely necessary. You must have an anti-virus program running on every desktop in the office, but you must also make sure that every aspect of your network is protected. You must have something that manages and protects data at rest and in transit. Security methods like encryption can help you deal with things like this. You must also make sure to control mobile devices that utilize your network at all. The security simply must be layered.

2.Security Policy
The size of the company doesn’t matter; it is a good idea to have a security plan. Any business with a network could benefit from a security policy. If you educate your employees on your plan and update your plan for the newest technology, many security issues can be avoided.

3.Unified Threat Management (UTM)
These devices can really help with your security layering. A UTM will contain a firewall, content filtering, VPN, and intrusion detection technologies. Many of the UTMs now available are designed for easy use and do not need IT support.

4.Secure Endpoints
This is essential. An endpoint is anything that can attach to your network like a server or a USB drive. Threats can sneak right into your network through these means. There are plenty of different products available that can help secure your endpoints.

5.User Security
Companies must make sure to restrict the content that their users can see and not see. This really cuts down on the possibility of security threats. Don’t allow a free-for-all network at your workplace. If you monitor and control what is being viewed through your network, you can eliminate many security issues.

6.Mobile Device Security
Although security threats are not as serious on smartphones and mobile devices like the iPad, there is no reason that you should leave these devices unsecured. You should treat them like any other endpoint and make sure that they follow any of your company’s security policies.

7.Software Updates
You should always make sure that all of your programs and software are up-to-date at all times. This helps to make sure that you have the best possible protection.

Keeping your company’s network secure should be your top priority. No one wants to deal with the hassle and costs of cybercrime. With these tips you can easily boost your network’s security and keep your computers, information, and network safe.

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Obama Criticizes Republicans Over Small-Business Tax Legislation

President Obama derided Republicans Wednesday for what he called "foot-dragging" on a legislation that would supposedly extend "billions of dollars in tax cuts to the middle class and enhance lending to small businesses". Speaking from the White House Rose Garden, Obama stated that even though he was grateful two Republicans have sided with the Democrats on allowing a small-business bill to come up to a final vote, "it should not have taken this long".

With November elections approaching fast the battle between the Republicans and the Democrats has only escalated over small-business legislation and extending tax cuts for Americans. Typically, Obama has accused Republicans of holding up work on the two pieces of legislation which he said would hold the economy "hostage".

"For months the Republican leadership in the Senate has said no. All the while, small-business owners kept waiting for help," Obama said. Obama then thanked Republican Senators George Voinovich of Ohio and George LeMieux of Florida for voting to allow the small-business legislation to move forward.

"I want to thank them for their efforts because they understand we simply don't have enough time anymore to play games," Obama said.

Obama also called out Congress telling them to act "right now" on extending tax cuts for the middle-class. Obama has called the debate over taxes a prime example of the differences between Republicans and Democrats in the run-up to the November midterm elections. Most Democrats want tax cuts for the middle class only (real fair for everybody else), defined as individuals making less than $200,000 or families making below $250,000.

Republicans, on the other hand, want tax breaks for everybody across the board saying that raising taxes on anybody during poor economic times could create severe problems. On this debate several Democrats are taking the Republicans' side. Republican Senate Leader Mitch McConnell of Kentucky stated that "tax hikes aren't good to grow the economy. The good news is that a growing chorus of Democrats, here in the Senate and out on the campaign trail, are opposing the tax hikes the administration is proposing."

Senate Democratic leaders said on Wednesday that they were working to vote on the tax cuts for the middle class only before the November election. The tax cuts, enacted under former President George W. Bush, are set to expire at the end of the year. Obama failed to comment on whether or not he would sign legislation that includes extending the tax cuts across the board. Obama has said the country can not afford extending tax cuts for the wealthy, noting that it would add around $700 billion over a 10 year time span to the deficit.

"It's a tax cut economists say would do little to add momentum to our economy," Obama said.

Somewhere around 97% of Americans make less than $250,000 a year according to Obama. He also stated that the people making more money than that would still get a tax break on their first $200,000 or $250,000 depending on whether or not they are individuals or families.

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Timeless Advice-Book Review My 50 years in Dayton

Book Review: My 50 years in Dayton by Stanley C. Allyn

You probably won’t find this in Google search, I didn’t. It is in booklet form, not perfect bound, and is only 31 pages long, but the business advice from it is timeless. I think the Carillon Park book store still has copies. It is My First 50 years in Dayton by Stanley C. Allyn (former CEO of NCR corporation).

In chapter 4 Mr. Allyn gives his 4 big jobs for management teams (These ideas were written in 1963! They are timeless and far seeing):

1) See to it that the company makes a satisfactory profit.
2) Keep the company's products up to date, whether they are material goods or services.
3) Earn the enthusiastic support of all employees.
4) Make certain that the company is good citizen of the community in which it operates.

Point one is very obvious, a company that can not make a satisfactory profit will not last, and Mr. Allyn states that managers do not have to be defensive about this goal. Frankly, at the end of things, if the company can not make a profit then all members of the company are looking for new work!

Point two is also almost taken for granted and it is given lip service in about every company that is in existence, but far seeing companies never taken this for granted they change and evolve over time, no matter what their form of business endeavor.

Point three is rarely found is today’s business, frankly I have had more than one manager tell me “who cares what the front line employee thinks. If I can get buy off from other managers, so be it, they have to keep their employees in line not me.” Companies that regard their employees this way are doomed to fail. Here is a bit of my own advice, call if prophecy if you wish: “America will not return to economic greatness without 2 important components of American business: One, America will not return to economic prominence as long as its businesses employ in its labor force: temporaries, short term hires, casual hires (throw away employees) and contractors. I will address this more in my next article.

The second is that America needs another technological innovation like the internet or personnel computer.

Point four, doesn’t BP wish they had followed this advice? How many American companies wish they had followed this advice (they are legion!)?


In all, if you are a small to medium business owner spend the $4.00 and 30 minutes of your valuable time and buy the book. It is an interesting read and the business advice is wonderful from a guy that definitely succeeded!

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A great way to impress new customers (and keep your business covered).

A good way to make a great first impression is the new customer packet. This should be printed on business grade paper (not copied-go visit you local quick printer-and get at least 3 quotes), and sent in a good looking envelope. What should be in your new customer packet? Here are some ideas.

1) A credit application. The credit application allows your business to legally pull a commercial credit bureau and should outline your company’s terms and conditions. It should ask for 3 trade credit line lenders, and a commercial bank check (on a separate form) both of which should be signed by an officer of the customers company. This document obligates the customer to pay invoices in the terms that you permit.
2) A sales tax exemption form or reseller certificate from the appropriate state. This is an absolute must for any company in any business but retail or retail food service. If your company is doing business to business commerce you must obtain this document!
3) A request for a freight guide. This is especially crucial for your small to medium business if you are conducting business with a Fortune 1000 type company. Other wise, your company’s invoices maybe delayed by the freight auditing department or your company fined for not following the customer’s guidelines (or probably both)! This also creates more expense as your company’s accounts receivable department (or yourself if you are just starting out) must now pursue the deduction for pay back which will most often be denied.
4) A welcome to your company. This is a sales and marketing document. It thanks your new customer for their order, and lists appropriate contact people. Who should be included: the main sales contact, customer service lead, credit representative or manager, and yourself-the owner. This document should include all appropriate business cards (included in packet)!

Follow these steps, and your company can reinforce your excellent first impression and ask for new orders. This lets your customer know that they are dealing with a classy organization no matter the size. All customers appreciate class, and this is a way to let them know that your company values their business. Remember to request that the packet be sent back complete if at all possible.

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How to get paid for the products you sell

Many business owners bemoan the situation that they have made many sales but have little money to show for them. They then continue that it takes forever to be paid for their product. When this happens, it is good to question “are my invoices going out correctly, and do they match what is on the customers purchase order?"

Professional commercial credit people call this controlling the front end of the accounts receivable. This is how you can trouble shoot like a senior commercial credit analyst and get your small company paid in a timelier manner.

When you take on a new customer, you as the small business owner need to read the purchase order. Make special note of things like freight, terms of payment, billing address, part identification numbers, and purchase order numbers. Persons not directly involved with procurement in their companies might tell your company sales personnel a great many things (well meaning), but these practices will only slow your invoices from being paid, or may get the invoice sent back to your business for correction and clarification (this restarts the payment clock). If the practice continues, this makes your accounts receivable department work harder and eventually expand, making the business less profitable! Here are some simple ideas to help your business avoid the pitfalls:

1) On freight, always offer collect the customers carrier-not pre-paid and add (this can trip an audit from the customers freight department).
2) On terms of payment, make sure they match or call the buyer to get them changed if possible.
3) On part identification numbers, make sure they match.
4) On the billing address, if this does not say attention accounts payable begin to question sales and customer service people.
5) On the purchase order, check the number to make sure it’s correct. If it is a blanket purchase order number, It will need a unique release number.

Doing these small inspections can help your small business collect its receivable more quickly. It can make your invoices go through your customer’s accounts payable with a minimum of inspection, and your accounts receivable not have to collect it. This means more profit for your business!

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Small Business Survival Index 2009

The Small Business and Entrepreneurship Council, a nonprofit, nonpartisan small business advocacy group that works to promote entrepreneurship, has released its Small Business Survival Index 2009, which ranks each of the 50 states according to their "climate for Entrepreneurship." This is the 14th consecutive year the Council has done such a study.

According to the Council chief and author of the study, Raymond J. Keating, "It’s hard to find any good news at the national level for entrepreneurs, small business and their employees. The U.S. economy slipped into a recession in December 2007, with matters getting far worse late last year. Congress and the White House have not offered positive solutions to help the job-creating sector. In fact, most of their actions will hurt, not help, small businesses. But what about the states? The ‘Small Business Survival Index’ helps business owners and investors understand the public policy burdens placed on entrepreneurship and small business, with the states ranked accordingly.”

So why does this matter? According to Keating, politicians often talk a good game when it comes to small businesses but don't follow up with action. The Small Business Survival Index shows what costs and trends affect entrepreneurship and small businesses. "These measures should matter to everyone because small businesses, of course, drive innovation, economic growth and job creation. If we want to get our economy back on a solid, robust growth track, then we need pro-entrepreneur policies at the federal, state and local levels," he said in a press release.

The Small Business Survival Index basically shows which states are most friendly to small business in regard to public policy. This includes taxes, regulatory costs, government spending, health care, property rights, and energy cost among other things. In 2009, the study covered 36 major government-related costs that affect small businesses. South Dakota and Nevada came in at the top, while New Jersey and Washington D.C. rounded out the bottom.

Here is the list in its entirety:

1. South Dakota
2. Nevada
3. Texas
4. Wyoming
5. Washington
6. Florida
7. South Carolina
8. Colorado
9. Alabama
10. Virginia
11. Ohio
12. Alaska
13. Tennessee
14. Utah
15. Indiana
16. Arizona
17. North Dakota
18. Missouri
19. Mississippi
20. Georgia
21. Oklahoma
22. Kentucky
23. Michigan
24. Illinois
25. Arkansas
26. Kansas
27. Pennsylvania
28. New Mexico
29. Louisiana
30. Wisconsin
31. Montana
32. Idaho
33. New Hampshire
34. Nebraska
35. Delaware
36. West Virginia
37. Maryland
38. Oregon
39. North Carolina
40. Connecticut
41. Iowa
42. Hawaii
43. Minnesota
44. Massachusetts
45. Rhode Island
46. Maine
47. Vermont
48. New York
49. California
50. New Jersey
51. Washington D. C.

You can view the entire report here: Small Business Survival Index 2009

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Small Businesses Are Borrowing Again

SMB owners are borrowing money again, or so says a study conducted by PayNet Inc for Reuters. The study found that smaller "microcompanies" are gaining confidence in their business and enjoying an overall improved financial health, which is good news for the economy. These businesses are often thought of as the best hope for job creation during economic recovery.

According to the study, which examined loans, leases, and lines of credit activity, businesses with less than $100,000 in outstanding debt are borrowing cautiously to invest money into their own companies. Financing originations are still down but they are no longer failing faster than the originations for larger small businesses (or those who have debt totalling above $100,000). This is an improvement over the last three years.

"This looks like an inflection point," William Phelan, the president of PayNet, said of the study. "These little businesses are a leading indicator and the signals they're sending are improving."

Another encouraging sign is that delinquencies among these companies peaked at some point during the spring of this year, but have since began to improve. Phelan says a correlation can be made between microbusiness borrowing delinquencies and GDP and that makes for another encouraging sign.

Currently, most recovery efforts have come from a government stimulus effort, including the auto industry's "cash for clunkers" and $8,000 tax credits fro first-time home buyers. But experts say a true recovery must come from private industry and customer demand, particularly small businesses.

And while critics have blasted banks who received government bailout money for not turning around and investing the money into the economy, several big banks have recently announced plans to do more small business lending. These institutions include Citigroup, J.P. Morgan, and Goldman Sachs.

PayNet provides risk management tools to the commercial lending industry. The company collects real-time loan information, including orginations and delinquencies, from over 225 leading U.S. capital equipment lenders and its proprietary database encompasses more than 16 million old and new contracts worth about $700 billion.

Health Care Reform: 3 Things for Small Businesses to Watch

Republicans and Democrats have had their political disagreements and fights in the past but none have been such a death match as the fight over health care reform. With the battle growing each day, some small business owners are beginning to worry that their priorities will got lost in the chaos.

Todd McCracken, president of the National Small Business Association states that "Congress hasn't approached health care from a small business owner's standpoint." Whatever the outcome, there are three important health care issues to keep an eye on come this fall.

1.) Is hiring one extra employee worth your business having to pay tens of thousands of dollars in federal fines? According to the legislation before the House, if your business has a payroll as low as $250,000 then you are required to pay a 2% tax if they did not provide health insurance. This tax would raise to 8% as payroll grew to $400,000. In early drafts of Senate legislation, firms that have 25 or more employees would be required to insure them all or face a penalty per-employee. However the Senate Committee on Health, Education, Labor and Pensions has amended this problem. The bill now excludes a business' first 25 employees and not only the businesses with 25 employees or less which would have resulted in a $750 fee per worker over. So if you add a 26th man to your work force you will only face one $750 fee instead of 26.

2.) Some people want to see the Government put a limit on the value of tax-deductible insurance. In concordance with the current uncapped system, big businesses are allowed to offer premium insurance tax-free which is a good way for them to recruit and keep employees. If you put a tax on this premium insurance, it may generate the funding required for the health care reform. In addition it may also limit plans which cover unnecessary procedures consequently leveling the playing field for small businesses.

3.) It is no surprise that people who own a small business or are self-employed don't have the bargaining prowess that the corporate giants do. But, if Congress allows entrepreneurs the ability to form insurance purchasing pools, all that could change. A bipartisan group of lawmakers introduced in 2008 and 2009 SHOP, Small Business Health Options Program, which allowed bills such as this.

We can only sit back and wait for the fall to arrive to see how this health care reform unravels. Needless to say the epic battle between the Republicans and Democrats will rage on until then and no matter the outcome, this will definitely be something to keep tabs on as it affects all Americans.