If it is taking too long for customers to pay your invoices, a factoring firm can get you paid faster. Factors will purchase your receivables and advance you a large portion of the money right away so you don’t have a cash flow pinch. Factors also help you streamline your receivables collections process.

Our featured guest in this Episode of The Small Business Trends Radio is Tom Nort, CEO of Facteon, an Atlanta based factor. Tom explains how you can get paid sooner by cashing in your receivables to get funds for business expansion.

Topics include:

• Factoring can help small business — by providing funds up front for open receivables. You get the money now, and the factor waits for the check. This can be helpful for small and new businesses with limited opearting funds available.

• Speed is the number one advantage — and factoring firms can help small businesses grow. Many times, they can’t get ahead of the game but accelerated cash flow speeds business growth.

• Invoices are assets — that you can leverage and use. The work you have done has value and you can get liquidity out of it now. Your credit does not come into play and money received is not considered a loan.

Many small or home based business owners are so busy running their businesses that they do not have the infrastructure or resources to handle their receivables - an extremely important part of your business. A factoring firm can act like a receivables department for your small business. And when money flows - business grows.

So, can factoring help your small business grow? You can learn more and answer that question by clicking the red and yellow player below and listening to Tom’s full interview.

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 Get Paid Sooner By Cashing In Your Receivables [24:01m]: Play Now | Play in Popup | Download

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Many of us would relish the opportunity to be our own boss. And that thinking has made many at least consider the thought of buying their own business. But it’s risky - not to mention a bit scary, too. What industry do you focus on? And where do you look to find potential business opportunities? How about a good bargain? After all, wouldn’t it be nice to pay a fraction of the cost of a start-up?

Our featured guest in this Episode of The Small Business Trends Radio is John L. Herman Jr., Founder of Hermanisms.com. Herman is recognized as an expert in the sale of financially troubled companies and he’s sharing his insider tips on how to buy a business at a bargain with us.

Topics include:

• Half of most businesses are “under water”? — Yes, more than 60% of operating businesses are financially drowning. Yikes! So what’s the best way to acquire these businesses? Surprisingly, Herman says all you have to do is ask. Many owners may already be looking for a way out.

• Do bankers really love buyers with cash? — Not surprisingly. . .yes, they do. And they will help apply the pressure to the seller to accept a low offer to get their hands on it.

Herman is also an Author and has been kind enough to provide us with complimentary copies of: Hermanisms - Axioms for Business and Life, pictured here.

If you are considering purchasing your own business, you will want to click on the red and yellow player below to listen to Herman’s full interview.

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 How to Buy A Business At A Bargain [22:49m]: Play Now | Play in Popup | Download

Posted by Staci Wood | Comments (3) | Permalink

Think it’s not? Think again because small businesses - those with less than ten employees - are ten times more likely to experience embezzlement than larger corporations. Embezzlement is running rampant in the U.S. It is estimated that one out of every three U.S. businesses have been victimized, are currently being victimized, or will be victimized by this type of crime.

Our featured guest in this Episode of The Small Business Trends Radio is Barry Webne. Barry is a respected authority on the detection and prevention of occupational fraud and white-collar crime.

What makes Barry an expert? He was convicted of bank fraud for embezzling more than $1 million dollars. And he says it’s easy to detect and prevent this crime - with tips from an expert.

Topics include:

• The typical embezzlement scheme? — This usually takes place within an accountant or controller position and lasts approximately 18 months. The average embezzlement scheme usually nets the embezzler about $150,000 and, typically, many feel that they’ll never get caught. And the truth is - many are caught by accident. Either by taking a day off or simply being careless.

• Who is the embezzler? — Surprisingly, it’s your ideal employee. The one who is always on time, churns out perfect work and is a whiz of a multitasker - this is the profile of a typical embezzler. Most feel overworked, underpaid and overwhelmed and many are suffering monetary pressures within their personal life. Sound like any of your employees?

Barry shares his personal insights on the psychological traits, behaviors and tendencies of an occupational criminal and believes that no company or organization - large or small, profit or non-profit - is safe.

Think it can’t happen to you? Think again and educate yourself on what to look for by clicking the red and yellow player below and listen to Barry’s full interview for tips on how to spot this crime or avoid it altogether.

IMPORTANT UPDATE: After this radio show was recorded we learned that Barry Webne, the guest, was brought up on a new set of charges involving embezzlement. Charges are pending in Federal Court in Toledo, Ohio as of February 2008.

Listen Now:

 Confessions of an Embezzler - Is Your Business At Risk? [29:34m]: Play Now | Play in Popup | Download

Posted by Staci Wood | Comments (6) | Permalink

For over 80 years now, the Kiplinger organization has been providing insights into business forecasting and finance. Kiplinger was actually founded in 1920 by W.M. Kiplinger and in 1923, The Kiplinger Letter was launched and the company began producing the nation’s first newsletter.

Our featured guest in this episode of Small Business Trends Radio is Matthew Mogul, Associate Editor of Kiplinger Business Forecast. Matthew provides business insights for the coming year and discusses a variety of issues that may have an effect on small businesses.

Here is a sampling from the show:

• Recent Pay-Go — rules dictate that when one tax is trimmed, money from additional sources is required to compensate before the legislation is passed. An example would be the AMT legislation. It is estimated that 23 million Americans could be hit with the AMT tax. A trillion dollars over 10 years is estimated to be required to pass the AMT legislation which would make fewer Americans subject to AMT. As a result, the IRS is going to be hunting for money from other sources.

• A tax gap — exists when it comes to sole proprietors and entrepreneurs and recent estimates show it is approximately 300 billion dollars. A GAO investigation claimed that one third of the tax gap comes from small firms not paying taxes they are supposed to be paying. This means that there may be more audits for smaller organizations. IRS red flags are dinners, mileage, charity, home office, auto use, travel, entertainment, etc. and small companies will be targeted to reduce this tax gap.

• Keep receipts — and really good records. The frequency of audits will, most likely, increase. Maintaining good records, documentation and receipts can assist you when/if it happens to you.

• Sole Proprietors — will be looked at closely by the IRS as well as many more 1099 forms being sent. If $600 or more has been paid for services, there will be paperwork and documentation now to trace it. Companies are now paying a lot of attention to this and are more focused in their IRS responsibilities as a result.

• Sarbannes-Oxley — Small publicly traded firms make up 44% of the companies publicly traded in the U.S. - about 6,000 companies altogether. Certain small companies have been exempt from certain provisions, but must brace themselves for compliance with Section 404.

Matthew shares many insights into the coming changes for the face of small business and what to expect from some of these as well as how to prepare yourself and your business for them.

Click the player below to listen to the full interview of Matthew Mogul, Associate Editor of Kiplinger Business Forecast.

Listen Now:

 Small Business Forecast for 2008 [29:48m]: Play Now | Play in Popup | Download

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There are a lot of ways that business owners add to their financial arsenal. Tapping into your own income and borrowing from family members is one source that is commonly used but other options exist.

Our featured guest in this episode of Small Business Trends Radio is Shirley George Frazier, Author and Chief Marketing Officer of Solo Business Marketing. Shirley knows where the money is.

Here is a sampling from the show:

• Business contests — are a new type of “grant.” Entering contests sponsored by large companies is one source of cash. Search for small business contests on the Internet. You may win some - you may loose some - but keep the information you submitted to reuse at later dates to enter more. And money isn’t the only prize. Computers, software, and the like are additional prizes to be won.

• Business lines — of credit charge less interest than credit cards. Apply for a business line of credit prior to ever needing one. Establish a relationship with your banker and it’s possible that some associated fees may be dropped. Borrowing small sums at a time and repaying it before borrowing more money keeps monthly payments affordable.

• Sponsorships — and partnerships are a method that you share with a company or another business owner to partner with you in your business. Create a page with links to companies that offer related products. In exchange for that link, a monetary sum will be paid to you by that company on a monthly basis. Build your traffic. More traffic, more money per link.

Shirley has more great resources to share with you along with suggestions for tapping into passive income earning generated from your web site. To listen to Shirley’s insights, click the player below to listen to the full interview.

And stay tuned at the end of the program for Today’s Trend: Why Being A Geek Can Help You Grow Your Business.

Listen Now:

 Places For Entrepreneurs To Find Cash For Business [53:29m]: Play Now | Play in Popup | Download

Posted by Staci Wood | Comments (7) | Permalink

Many business owners may not be asking for what they deserve. They may be undervaluing their services or undercharging for their products in order to offer a good deal to their customers.

Our featured guest in this episode of Small Business Trends Radio is Maria Marsala, Founder of Elevating Your Business, a business strategies company that focuses on helping its clients earn more money and enjoy a quality lifestyle. Maria is a no-nonsense, bottom line, problem solver and she’s here to help you get your business back on track and begin to earn what you deserve.

Here is a sampling of some tips from the show:

• Consider offering — less for the same price. If you’re offering a consultation service, try offering less time for the same rate. If your offering a product, consider offering a smaller amount without a rate decrease. Early bird specials and introductory prices can also be used to increase sales and build clientele.

• Practice — makes perfect. It’s important to learn how to properly communicate the value of your product or service to a potential customer. And many small business owners may not be comfortable with it or simply do not focus on it. If you can successfully impart the value of your offerings to a potential client, chances are that you will be equally successful in closing that sale. Start by practicing your pricing pitch in the mirror and on your friends and family to build confidence. Ask for constructive criticism and make necessary adjustments. If you project confidence to your client, they will feel confident in purchasing the services and products you have to offer.

• Don’t give away — too many freebies. Five out of ten times, when too much is offered for free upfront, the client may not call back for additional products or services. If in a service business, do not offer your advice for free. When it is requested, simply state your consultation rates and then arrange to set an appointment. This will give value and appreciation to those who are ideal clients and will sift out those who may not be. If you give away items or services for free, the client may not value it.

• Plan ahead — for things to come. Learn to handle clients who make last minute changes, want the job rushed, or require that work be performed on weekends in order to accommodate their wishes. Think and plan ahead as to what your response will be and how far you will go. Set your charges for extra rates, weekend hours, etc.

Maria has a lot more tips to share with you. To experience her no-nonsense energy and drive, click the player below to listen to the full interview.

Listen Now:

 Pricing Strategies To Help You Earn What You Deserve [53:28m]: Play Now | Play in Popup | Download

Posted by Staci Wood | Comments (4) | Permalink

Navigating the world of merchant accounts can be confusing and intimidating, but every small business should accept credit cards. This can help you grow your sales and simplify collections while providing better customer service.

Our featured guest in this episode of Small Business Trends Radio is Samuel Peery, Vice President of Marketing at Propay, Inc. ProPay provides credit card services customized to small businesses.

For instance, did you know that:

• Retail businesses — can increase their sales by accepting credit cards. Statistics show that the average credit card order is 3 to 4 times larger than the average check or cash order. Accepting credit cards as a form of payment can increase sales anywhere from 40% to 400%.

• Service oriented businesses — can benefit by simplifying collections and increasing their cash flow. Statistics show that 24% of accounts receivables are 90 days old. This number can be as high as 75% at times. By accepting credit cards, service businesses can get paid much faster.

• Convenience — speed, professional image, legitimacy, electronic records - these are all benefits of accepting credit card payments and providing superior customer service.

• ProPay is offering — Small Business Trends Radio listeners 50% off until June 30th. To take advantage of this special offer, please visit this page.

In this episode, Samuel Peery discusses the in’s and out’s of merchant credit card services. He explains how some services differ from other services offered online today and the benefits of accepting credit card payments.

Stay tuned at the end of the program for the Today’s Trend segment. Today’s Trend is: The Rise of the Big Business/Small Business Ecosystem.

Gain access to Samuel’s insights by clicking the player below to listen to the full interview.

Listen Now:

 What Every Business Should Know About Credit Cards [53:27m]: Play Now | Play in Popup | Download

Posted by Staci Wood | Comments (5) | Permalink