Growing Your Small Business (In New York)

One of the challenges many small businesses face is finding new ways to grow their business. They have that innovative product or service that is their core competency and reason for being – and they pour all of their creativity into improving that product or service but think they have to rely on tried and true business practices to run their business. And this is a mistake. But what can you do to generate ideas to grow your business in unconventional ways? Set Stretch Goals – and Order of Magnitude Goals You need to set goals to grow your business, whether it is increasing sales 5% or improving profits 3% this year. Then set stretch goals of 15% sales growth and 13% growth in profits. And set order of magnitude goals of increasing sales 500% and profits 300%. Research how you could achieve the basic goals with conventional methods and challenge team members to come up with ideas to achieve the order of magnitude goals. You’ll get ideas that are impossible to implement, but you could get other ideas that need some time and development to create those radical improvements in service, sales, production or operations.

An Overview of the Proposed SALT Changes and the Impact on Your Firm

The SALT deduction is the deduction for state and local taxes. There have been several proposals to the SALT deduction for personal and business taxes. Let’s look at the proposed changes to the SALT deductions and their likely impact for small businesses. Personal SALT Deductions Under proposed Congressional tax bills, all state and local tax […]

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Why Your Business Shouldn’t Rely Entirely on a Platform

Many new startups say they want to be the Uber of X, Y or Z. This is similar to the old line that they’ll be the MySpace of A,B, or C. The similarity in both is that the business is based on a platform. And there are a number of reasons why your business shouldn’t […]

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What You Need to Know about Business Insurance

One of the mistakes many business owners make is failing to insure what they need to have covered. One example is a gym owner who had the standard liability insurance in case someone was hurt on the premises but didn’t insure his exercise equipment – and it was stolen. And he discovered that his commercial […]

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What Is Wrong with Your Great Idea

That flash of insight you received while taking a shower or struggling with a problem may not be a great idea. You may have realized a relationship between two things or have a potential idea for a product, but that doesn’t make it a great idea. It could be a good idea that could become […]

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Ways to Test Out Your Business Ideas and Earn Money at the Same Time

While the romantic and popular image is quitting your job and going all in with your business idea, there is real danger in this approach. When you take into account that most businesses fail, losing your only source of income only to lose a business, too, could cost you literally everything. Many businesses also fail […]

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Tips to Determine If Your New Business Idea Will Actually Work

Around 80% of new business ventures fail. They sometimes fail for lack of finances, and other times they fail because there isn’t really a market for the product or service. A fair number of businesses fail because the business plan doesn’t work. How can you determine if your business idea will actually work before you […]

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Tips for Turning a Hobby Into a Business

Many people think that the best business to start is one based on their hobby. If you love doing it in your spare time, why not do it all the time? You should look at your hobbies as a source of business ideas. However, there are several things to consider. First, how can you make […]

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Tips for Growing Your Business by Thinking Outside of the Box

Focus on Quantity, Not Quality of Ideas We are hardwired to criticize and tear down ideas. This is one reason why you want to ask for as many ideas as possible, so that the zany ideas that just might work get voiced that too often aren’t spoken for fear of being shot down. You also […]

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Three Weeks to Your Next Big Idea

Linus Pauling, the two time winner of the Nobel Prize, said the best way to have a good idea is to have a lot of ideas. Then you can weed out the impossible and consider the novel but likely successful ones. What can you do to stimulate creativity and generate a lot of new ideas […]

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The Growth of Plantable Business Cards

While sustainability and eco-friendliness are often over-hyped by business in a trend called “green-washing”, there are occasional products that are truly eco-friendly. Forget having business cards printed on often inferior recycled paper. Now you can buy plantable business cards. Plantable business cards are used by Sprout CEO Michael Stausholm. He worked as a sustainability consultant […]

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