Tip of the Week
Managing time is what is costing business owners. Twenty-three million small-business owners across the U.S. lose 4 billion hours each year managing time-consuming - but crucial - business operations and administrative tasks, according to the OfficeMax Small Business Efficiency Index. In addition to lost time for growth, most business owners said these tasks also drained their passion for their business.
Here are a few ideas for business owners who want to use their time more productively and achieve stronger growth.
- Explore the resources available to you. A challenge for many small-business owners is understanding how to utilize resources to further grow their business. In fact, many of these owners aren’t even aware about the various assets that a trusted, reliable vendor can provide to their business. OfficeMax found that small-business owners have a lot of questions, such as which vendors to turn to; what questions to ask; how much time to invest in researching appropriate vendors for each specific business need.
- Use new technology to your advantage. A majority of surveyed business owners expressed concern that their current vendors were not keeping up with technology trends. Be sure to enlist support that offers you the hardest-working technology options aligned with your business needs, whether for website hosting or on-call IT support.
- Cloud storage is another priority technology that can help business owners save time and sleep sounder knowing that files are secure and easily accessible in one central location.
The Better Business Bureau is warning consumers to be cautious about a new scam involving a realistic-looking card for an unclaimed gift certificate to Walmart or Target. These cards are being sent by mail, claiming the resident has received a gift certificate, directing people to call to claim their prizes. Upon calling, the representatives state it will cost $1 to have the gift certificate mailed. Here’s the catch: They will not accept any payment but credit cards. If you have received this piece of mail, you can report it to the Federal Trade Commission (877-382-4357). You can also take it to any local post office and turn it in as a fraudulent piece of mail.
— Better Business Bureau
Every state has its share of millionaires. How does your state rank among the richest in the nation? California and New York top the list with 45,109 and 38,240 respectively, according to a Forbes.com list. At the bottom of the list, Vermont has only 340. The top 10 states ranked by numbers of millionaire earners are:
New York, 38,240
New Jersey, 14,440
Page 2 of 2 - Number to Know
54 percent: The number of business owners who felt their current service vendors do not understand their business or specific needs, according to the OfficeMax Small Business Efficiency Index.
If you’re starting a new company or looking to make technology investments to help grow your business this year, you should take a careful analysis of how many phone lines are needed so you don’t over-invest. If several employees in your company need individual phone lines, you might want to search for a phone service that houses multiple lines within a single system. But if your employees frequently travel for client meetings, be sure to investigate if it would be more economical to eliminate landlines altogether and provide employees mobile phones set up under a single business contract.
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