Fwd: Why too-low prices are bad for business and other Business Tips from Smartbrief

---------- Forwarded message ----------
From: SmartBrief on Small Business <smallbusiness@smartbrief.com>
Date: Fri, Jan 20, 2012 at 12:06 AM
Subject: Why too-low prices are bad for business

Reading this on a mobile device? Try our optimized mobile version here: http://r.smartbrief.com/resp/dsiPCexkBiCceNppCidmcTBWcNzKvs

January 19, 2012 CONNECT WITH SMARTBRIEF Share | Sign up | Archive | Advertise Problem. Solved.  How to pay yourself without endangering your business Small-business owners like Greg Quinn, the founder of interior-design company X-Design, sometimes struggle with deciding how much revenue to take out of their businesses to pay their own salaries. "Entrepreneurs often fail to realize that a business in its growth stage needs all its cash flow to grow the business," said Dave Cook of KPMG. After you get paid, your businesses should have at least a little extra money left over to handle emergencies, said Mike Michell of the Royal Bank of Canada. The Globe and Mail (Toronto) (1/17)      The Business Platinum Card® from American Express OPEN Spending power for your business. Premium benefits for you. Access a portfolio of 30+ premium benefits, including: • Membership Rewards® points that pay for flights, hotels, and more • 24/7, 1-on-1 Concierge for help with your life and your Business • Complimentary Airport Club Access Business Platinum Card APPLY NOW Marketing  Measurement mistakes that can mess up your marketing strategy When it comes to lead generation, don't fall into the trap of focusing on the sheer number of leads and ignoring their quality, Monika Jansen writes. Other marketing metric mistakes to avoid include concentrating on activity instead of results and only keeping tabs on the metrics that are simple to track, she writes. NetworkSolutions.com (1/17)      Management  The most important quality to look for in candidates Look past job seekers' credentials and appearance to gauge whether they have a passion for the position they're applying for, Ron Thomas writes. "Never settle for just the body that will do the job as it is laid out. Where would you like the role to be in the future is the target that you should aim for," Thomas writes. TLNT.com (1/17)      Get your employees to actually listen when you give them feedback It can be hard to give feedback to your employees without causing them to immediately go on the defensive, so it's important to phrase your complaints in a way that allows them to maintain their self-esteem, writes Paul Hellman of Express Potential. For example, you could start by saying that a particular incident of poor behavior was not typical of their usual performance, he writes. Be sure to give your employees something to work on rather than just pointing out what they did wrong, he recommends. CNBC (1/17)      Money  3 secrets to selling your business without stacking on the stress Selling your business can be a tricky process that has as much to do with the state of your potential acquirers as with your company, writes Sam Hogg. "Acquisitions require access to cash, strategy discussions from top management, internal champions to push the issue and, ultimately, a team that will absorb the incoming company," he writes. Establish a presence at trade shows and in the media, and understand that the number of potential acquirers will shrink as your company grows, he writes. Entrepreneur.com (1/17)      Why too-low prices are bad for business Having prices that are much lower than the competition can backfire if customers assume that you will do a shoddy job, Gladys Edmunds writes. "Setting prices too low can make you look like less than an expert," she notes. It's also important to make sure you aren't forgetting any of your expenses when you calculate the cost of a job, she advises. USA TODAY (1/17)      SmartPulse  Do you call and check references before hiring a new employee? Yes, always  56.15% Yes, but only sometimes  29.23% No  14.62% As a business owner, do you struggle over the question of how much to pay yourself? Yes I used to but don't anymore No I'm not a business owner Tips & Tools  Outsource your cybersecurity to protect your company without breaking the bank As cybersecurity threats increase, you might want to outsource your security needs, Riva Richmond writes. This approach allows you to make use of security experts and only pay for the work you need done. "You'll probably want to select a company with technology that can meet your specific security needs and provide a responsive support team," she advises. Entrepreneur.com (1/17)      Mitigate the security risk of using business data on personal mobile devices Allowing employees to use their personal mobile devices for work purposes can raise security threats, according to a report conducted by Dimensional Research. To mitigate these risks, it's important to teach employees about basic security processes and to avoid storing business information on personal mobile phones. Entrepreneur.com/The Daily Dose blog (1/18)      Helping government serve the public with NEC. We bring you tailor-made solutions built on an in-depth understanding of your unique needs. Learn how our solutions and expertise in voice and data communications, biometrics, networks and data storage can elevate your performance. Featured Content  Designing a Small-Business Wellness Program Julie Rains Why You Need Online Scheduling Software Susan Kuchinskas How to Become a Tech Guru in One Year Katie Morell 5 Benefits of Online Continuing Business Education John Jantsch 3 Ways to Market to Mom (and Dad) TJ McCue Just for Fun  Faster, higher, stronger ... woollier? A lobbying group in New Zealand wants sheep shearing to be included in the Olympics. "I can testify to the physical effort shearing takes. Surely, the time has come to elevate shearing's sporting status to the ultimate world stage," a spokeswoman for the group said. Sheep shearing is already considered a sport in the country, and the World Shearing Championships are set to be held in March. The Telegraph (London) (1/18)      SmartQuote  Passion is the driving force that catapults us forward even when our motive, intellect, and character are called into question." --Ron Thomas, principal at StrategyFocusedHR, writing at TLNT.com      SmartBrief delivers need-to-know news in over 100 targeted email newsletters to over 3 million readers. All our industry briefings are FREE and open to everyone—sign up today! Accounting Advertising Automotive Aviation & Aerospace Biotechnology Business Chemicals Construction & Real Estate Consumer Packaged Goods Distribution Education Energy Finance Food Service Health Care Insurance Legal Manufacturing Media & Entertainment Nonprofit Retail Technology Telecommunications Travel & Hospitality This SmartBrief was created for profjorge.entrep@gmail.com John Jantsch, Editor at Large John Jantsch is author of "Duct Tape Marketing: The World's Most Practical Small Business Marketing Guide" and "The Referral Engine: Teaching Your Business to Market Itself." John is a marketing and digital technology coach and creator of the Duct Tape Marketing small-business marketing system. Subscriber Tools SIGNUP SEND FEEDBACK E-MAIL THIS BRIEF Today's Brief - Permalink | Update account information | Change e-mail address | Unsubscribe | Print friendly format | Web version | Privacy policy Advertise Sales Director:  Tom O'Brien (212) 450-1679 Download Media Kit SmartBrief Community: Most Clicked Facebook Twitter Publish your Press Release LinkedIn Get this RSS Feed Search Archive About Download a SmartBrief Mobile app today Recent SmartBrief on Small Business Issues: Wednesday, January 18, 2012 Tuesday, January 17, 2012 Monday, January 16, 2012 Friday, January 13, 2012 Thursday, January 12, 2012 Lead Editor:  Brooke Howell Editor at Large: John Jantsch       Mailing Address: SmartBrief, Inc.®, 555 11th ST NW, Suite 600, Washington, DC 20004 © 1999-2012 SmartBrief, Inc.® Legal Information

 

--