New York SBDC Research Network

Excerpt from an article by Jackie Dana To read more, visit  NameCheap "Every business needs happy customers and clients to be successful. From repeat business to word of mouth, satisfied customers sustain your business and help it to grow. But not every customer or client is going to be happy all the time. Your quest, should you choose to accept it, is to view each complaint you receive as an opportunity to build your business and improve your customer relationships. Let’s take a look at how you can transform your angry customers into your biggest fans and become their hero."

From the New York Times The balancing act plays out every day in restaurants across America: Servers who rely on tips decide where to draw the line when a customer goes too far. They ignore comments about their bodies, laugh off proposals for dates and deflect behavior that makes them uncomfortable or angry — all in pursuit of the $2 or $20 tip that will help buy groceries or pay the rent. There was the young server at a burger joint in Georgia whose customer held her tip money in his hand and said, “So you gonna give me your number?” She wrote it down but changed one of the digits. There was the waitress in Portland, Oregon who swallowed her anger when a man patted his lap and beckoned her to sit, saying, "I’m a great tipper." "You can’t just say, 'No, don’t talk to me that way,' or else you won’t get a tip."

From  Small Biz Ahead Many long-time small business owners would agree with the line from the 1970s song by the band Faces: “I wish that I knew what I know now.” Over years of running a small business, owners inevitably gather many lessons about how to grow and run a business more effectively. Thankfully, many of these owners are more than happy to share their insights.  Here are seven tips from several successful small business owners that are worth paying attention to:  1. Build a Support Network For Laura Kelly, being a business owner can be an isolating experience at times. “Especially if you’re a solo business owner, you can lose touch with other business owners,” says Kelly, who 15 years ago started The Handwork Studio, a Narberth, Pennsylvania-based company that runs needlework camps and classes for kids in 10 states along the East Coast.

From the Census Bureau : Several states and municipalities across the United States have been raising the minimum wage well above the federal rate of $7.25 an hour, a trend studied by many economists. Less attention has been paid to workers who rely on tips for part of their earnings. Recent research by the U.S. Census Bureau shows that rising minimum wages may increase server employment, but do not always result in higher pay for tipped workers. “My research shows

From The Balance Exit strategies are something that every investor in a business looks for. But even if you are running a one person sole proprietorship, you need an exit strategy. For you, as for any investor in a business, the questions are the same when it's time to move on. How are you going to get your money out of the business? And how much money are you going to get? Having an exit strategy worked out in advance helps ensure that you like the answers to those questions and gives you some control over your small business's future. The best exit strategy is the one that best fits your small business and your personal goals. Decide first what you want to walk away with. If it's just money, an exit strategy such as selling on the open market or to another business may be the best pick. If your legacy and seeing the small business you built continue are important to you, then family succession or selling to employees might be best for you.

From Thrive & ADP Inventory shrink is a loss of goods either due to theft, damages/spoilage or administrative errors on items moving from a manufacturing site to an end customer. The shrinkage can be referred to as a hit to the margin or loss in profit. Inventory shrinkage, or the loss of stock, can directly impact your small business's bottom line. According to 2015 data from the National Retail Federation (NRF), U.S. retailers experienced $44 billion in losses due to inventory shrinkage in the year prior. Organized retail crime and shoplifting accounted for 38 percent of those losses, while internal theft and assorted administrative errors accounted for 35 percent and 17 percent, respectively. It's clear that getting a better handle on shrinkage involves a careful process. As shrinkage can be a costly headache for your small business, getting this problem under control may be one of the best investments you can make. By following the suggestions by THRIVE, you...

From Forbes Hiring the right talent is critical to the success of any organization, and it’s especially important for a small business. One employee’s influence can potentially be felt more strongly in a small business than at a large organization. Likewise, when one person leaves a job at a small company, it can be more difficult to cover his or her responsibilities than it would be at a larger firm, especially since most small-business employees wear many hats. One good employee can also propel the business forward, while a bad hire can set back productivity, damage morale, and cost an employer both time and money. Small businesses created 79,000 jobs in January 2016, according to the ADP Small Business Report. How can hiring managers ensure that these jobs are filled by the best candidates who can set their small business up for future success? Joanie Courtney, senior vice president of Global Market Insights at job-search company Monster Worldwide, urges small-business own...

by Felix Tarcomnicu at Bplans.com This article offers a number of ideas on concrete steps to take to grow your business with some real world examples of successful businesses who survived their expansion. Running a small business is a daunting challenge. Statistically, less than 50 percent of small businesses are still operational after five years. Globalization has increased the level of competition and introduced more turmoil to the business environment. If you want to take your business to the next level, you’ll need to be open to the current realities of the new global economy, and get more creative. Read more at Bplans

I’ll admit that before we started PrestoBox, the best designs I created were colorful Excel graphs in Powerpoint. So non-Millennial. But today, everything has changed. We founded PrestoBox with the belief that good design—combined with technology—could create powerful results. And it does. Over the last few years, I’ve had the good fortune of working with some of the best designers in the country. The creativity that flows from these genius types is fun to experience. However, that’s not me—nor is it a skill of most small business owners. That being said, I’ve picked up a few tips and tricks that have made my life much easier. We still hire the big-gun designers for major initiatives (totally worth it), but I can get far with these simple design tools—and you can, too. Read more at: Bplans

We all face difficult decisions, but how can we increase the likelihood of making the right choice? Here are seven strategies to ensure you make objective decisions that aren't influenced by irrelevant factors. There's a limit to our objectivity as human beings, but with practice and with solid strategies in place, you can make the most objective decision possible. Try using one or more of these strategies when making your next major decision Read more at inc

If you’re looking for a business location, you may be wondering, “where on earth do I start?” I’m going to help you figure that out. Once you’ve read this article, you will have a number of creative ideas for ways you can go about looking for your business location. While I’ve never had to find a location for myself, mainly because I’ve never started my own main street business, I have been privy to the process when my father decided to start his own garden center. It’s laborious if you don’t know what you’re doing. But, if you’ve got a heads up on how others do it, you’re way ahead of the curve. Read more at: Bplans

Peter and Jonathan talk about business buzzwords they hate, and false assumptions you can make about your business. Joe Pulizzi (Founder, Content Marketing Institute) also joins in to talk about the six steps of the Content, Inc. model. The Bcast is the official podcast of Bplans.com, hosted by Jonathan Michael and Peter Thorsson. Tune in weekly for a fun and informative discussion that will help you grow your business. Every week, we bring in business experts to discuss the latest trends in marketing, sales, and entrepreneurship. Skip the stuffy MBA classroom and get information and advice that will actually help you grow your business today—and have some fun while you’re doing it. To listen, see itunes

Considering becoming a consultant? Here are 10 tips: 1. Take it seriously Do it right. Stay mindful of the old adage about a consultant being somebody who is between jobs. Avoid making that impression. Have a website and business cards. Establish a social media presence as a consulting business. Don’t let your clients or potential clients doubt you. Read more at bplans

We may have barely crossed into the second half of 2014, but if you want to have a big year in 2015, you should jump on your game plan now. As you lay the foundation of your 2015 marketing strategy, here are five marketing trends to give you a jumpstart on your big projects for the rest of this year and next: Five Marketing Tips for 2015