Your Business Can Navigate The Social Media Minefield

Social Media! It's all around us. Everywhere you look it's: 'Like Us On Facebook' here and 'Tweet Us' there. We are surrounded by social media networks, and new ones are springing up all the time. Even though some businesses have seen the value of social media, many more have failed to grasp the effect social media is having on the way businesses need to market themselves.

Effective marketing relies on being able to target and reach the greatest possible number of potential customers. If traditional marketing methods become ineffective or outdated, what should a business do?

In the past, most people would read a newspaper daily. So when a business took out an advert, it was seen by most people. Today, many people catch up with current events either through news apps or from the latest hot topics circulating around in social media conversations, many of which don't use adverts. Where does this leave the small business?

If you can't get your marketing materials seen by your target audience, then not only will you be wasting your money, but you will see a big fall in your revenue, and no business can sustain that for long. Your only option is to go where the people are - and that is on Social media.

The time people spend on social media networks is growing, almost on a daily basis. They interact with people globally, make friends there, ask others for advice there, even shop there. Because of the options given to people within the social network communities, people are much more savvy about the products and services they want to buy. How do you get YOUR business voice heard among the literally millions of other voices that are talking daily on social media?

There is no such thing as a 'captive audience' within these social networks. Businesses need to relearn how to reach out and engage with their potential customers but they need to approach it in the right way. People need a good reason to investigate a business page on social media and an even better one to come back for more!

You don't need to make mistakes to learn... you can benefit from looking at the mistakes people have made in the past so you don't repeat them. Here are some lessons others before you have learned the hard way.

THE OSTRICH

There are 2 main reasons for ignoring social media - Businesses either think it to be a fad that only kids use to chat on and pass funny photos around, or they don't take it seriously as an option, thinking that there are better ways to spend their marketing time than talking to teenagers.

The facts show social media IS here to stay:

August 2013, ExportedRamblings.com reported Facebook had clocked up 1.15 BILLION active users

21st March 2013, on its 7th Birthday, Twitter announced that it had over 200 million active users creating over 400 million tweets daily.

In July 2013, Semiocast revealed Pinterest had over 70 million users

What's more, the user figures for each of these, and other, social media networks show no sign of waning. Social media networks continue to grow month on month. Every business should ask itself the serious question 'Can my business afford NOT to be using social media?' (The answer, by the way, should be NO!)

You have to be in it to win it.

JUMP ON IN... THE WATER'S FINE

So that's it... You've decided to take the plunge into the pool of social media. So you're going to tell people about your vacation and then WHAM! Hit them with your sales pitch! Smooth! Not really. That would be like jumping into a swimming pool when you can't swim - you would just sink without a trace.

Each social media network is different. They have their own individual user profile, their own way for users to interact with each other, their own communities, their own rules and social etiquette, and their own way of getting users to engage with one another. Unless you investigate each network, you can't be sure which ones are going to be the best fit for your company. As we said before, you need to market directly to potential customers in order to promote more sales, so you need to be sure your customers are actually there BEFORE you start.

IS IT THE ONE FOR ME?

People will tell you that you should be on this social network or that social network. Really? You need a presence on EVERY network going? Considering the growing number of social networks out there, you would need days and days worth of time to keep each one of your accounts active, engaging and ticking over. So unless you have an army of employees to do it for you, you would have to choose between running your business or running your social media empire.

We all know that time is money. So rather than trying to be a Jack-of-all-Trades, start off with a manageable number of social networks that have a broader user profile. The popular networks of Twitter, Facebook and Pinterest are a good place to begin. There is much advice available to businesses on how to use these networks to good effect. We can also help you work out a good, effective marketing strategy to promote your business on these platforms.

Once you are comfortable with the weekly routine of keeping these running, you can then take the time to look at other social networks to see if there are any other networks that offer your business the chance to make contact with other sections of your potential customer base.

AIMLESS PARTICIPATION

Social media is a vast digital landscape that is easy to get lost in if you don't have a map or purpose for being there. You need to have a good individual marketing strategy for whatever platform you are on, as well as knowing the best way of engaging users in that network. That way, you will always be focused on what you want to achieve, as well as how you are going to achieve it.

IT'S NOT JUST BUSINESS...

Imagine you met someone that you really clicked with as a friend. You spend 2 weeks together, speaking all the time and you build up a really good rapport. Then, without any warning, they disappear. One month passes without a word, then another and another. 6 months later, they get back in touch as if nothing has happened and try to pick up where they left off. How would you feel? What if they tried to sell you something in that first conversation with you? How would you feel then? Used? Misled? Could you really see them as a friend or would you see someone who was just pretending to be friendly to get money out of you?

This is how social media differs from regular marketing. Before you can start to benefit from the connections you are making to people on each network, you need to build up a trust and rapport with them. This means being a regular part of the network community, something that can't be done by dipping in and out every 3-4 months. The connections your business makes on these social networks need tending just like any other offline customer relationship.

The clue's in the name - SOCIAL media. These networks aren't somewhere people come to shop. There are shopping malls and digital department stores offline for that. People come to social media to engage with and socialise with other like-minded people. Being social, you find fun things to look at, interesting people to chat with, amusing anecdotes and videos, and a peek into the lives of others around the world. So if you are all stiff and business-like, you are going to stick out like a sore thumb. And if you are dull and stiff and business-like, and just in it for the sales, then people will avoid you like the plague.

As a business, you need to strike a happy medium between staying professional and letting your potential clients see the human side of your business. So don't be afraid to share some of your personal side with other users. Letting your personality out gives others something about your business they can relate to and want to do business with.

By posting daily, commenting and contributing to the social fabric of the social media networks your business is a part of, it keeps you and your business visible to others and builds up their trust in you as someone more than just another company trying to sell them something.

KEEPING IT REAL... just not too real

There are horror stories galore about companies who have either pretended to be a customer to leave themselves a glowing testimonial or have paid people to put their name to a glowing review the company has actually written itself. These types of deceptive actions shatter the confidence or trust customers may have in any business caught doing it.

So the best advice for any small business owner is to keep all the information in your posts as genuine and reliable as possible. Talk about your day (but try to make it interesting), or maybe a new product launch but intersperse it with some lighter, more personal details - a vacation maybe, or something that happened while driving.

There is a fine line between personal and too much information, especially as what you post reflects on your business. Try to stay away from details of your life that reveal too much about your life, such as a messy relationship breakup, but also from details of your business relationships that may show you in a negative light. If people see you representing your customers in a bad light, for example if you perceived them to be a bad or rude customer, they may assume the issue lies with your attitude, which ultimately is damaging to your reputation.

So be honest when you post, just not too honest.

SOCIAL MEDIA MARKETING - IT COSTS!

Social media networks cost nothing to join, so businesses think that they are just a free outlet to rake sales in from without having to spend a penny doing it. Well let me ask you... How are they going to find your business in amongst all the other thousand of businesses?

For any marketing campaign to be successful, there needs to be a well thought out, focused strategy targeting who it is aimed at, where those prospective customers are located and how to build up communication through social media that will result in them becoming one of your customers. You also need to know how much time and effort you need to set aside not only to implement the campaign but also to oversee it and analyse the results, and if you can use any other resources to increase the effectiveness of your posts on each of the social media networks you are using.

So while the initial cost of social media is free, there is a time and energy cost to the individuals who need to spend time cultivating and developing online relationships inside each network.

WE CAN HELP

We know just how busy the life of a small business owner is. It can take a lot of time and effort just to keep the business running from week to week, and you just may not have enough time to sit down and plan out which of the social media networks will benefit your business the most and then work out how to use each one.

How To Protect Your Online Reputation for Your Business

Your company's reputation is its most valuable asset. If it's tarnished, you could lose customers and sales. This article shows how negative reviews are not always what they seem and what you can do about it.

In business, as in life, we stand or fall on the status of our reputation. Companies spend many years, and much money, building up a positive reputation through staff training, customer service policies, listening to customer feedback and more.

Despite everything a business can do, a reputation is a delicate object that can easily be smashed into a thousand pieces by a few ill placed words. Never has this been more true than in this modern technological world of internet review sites and mobile digital technology, where a damaging review against a business can be published to the entire world in a matter of minutes.

But is one review really going to have an impact on the way people view your business? After all, if they look around they can find other good reviews about you. But if this is the first contact a potential new customer has with your company, how is it going to look to them? Is that really the first (and most lasting) impression you want to give someone who hasn't yet done business with you? How much harder will it be to overcome that negative awareness of your brand, especially at the start of your business relationship with that person?

Managing how your business is represented online is very important, especially as 89% of consumers around the world start to look for a product by doing a search on the internet before buying. And given the amount of competition every business has out there, if a customer encounters a bad business review about your business, the likelihood is they will simply move on to the next business down the search list rather than look for a more positive review about you.

Online Reputation Management really matters to any business. Why is it necessary to manage how your company's business reputation is portrayed online? It is all to do with the manner in which people shop today.

It used to be that if someone wanted to buy a new product, say a washing machine, they would go into a bricks and mortar store and browse through the range they had to offer, as well as asking friends and family for advice on the best choice to make.

Today the internet has opened up not just thousands but millions of opinions that can be accessed and read in seconds from online review sites, social media chat topics and buyer reviews. An incredible 89% of global consumers will begin by making an online search to help them in their quest to decide on a purchase decision. So what other people have to say about your business, product or services will count in a big way towards them making a purchase from you or not.

So in order to keep your Online Reputation a positive aspect to your business, you should jealously guard it and take proactive steps to repair any damage you may find.

WHO MIGHT DAMAGE YOUR ONLINE REPUTATION?

There are a number of occasions when someone might be prompted to publish a bad review of your business, and it would be very dangerous just to dismiss one because you know or think it to be untrue or unfair.

You need to ask yourself 'Why did this person feel forced to say these things?'

Whether there is any actual truth in the comment or not, clearly that person believed the reason was real to them and was compelled to let you (and consequently the rest of the internet) know how strongly they felt. So while the negative comments may not be valid, you need to remember at all times there is a real person behind them.

Customers

People love to tell businesses 'The customer is always right', regardless of whether they are being unreasonable, over demanding or have expectations that are greater than the promised services. They have grown up with this 'I am right' culture. So when things do not go to plan, they feel they have the right to say something.

While customers are not ALWAYS right, they are not always WRONG either. You need to look at the customer's experience on an individual basis to see whether they have a genuine complaint before you decide to take any action.

Competitors

Unfortunately, it is true that some unscrupulous businesses can employ dirty tricks by deliberately writing and publishing fake negative reviews under a false name about their fellow competitors. It can be very difficult to prove that a review is not real. Sites like YELP, which actively target false positive reviews, are starting to try to identify and remove these false negative ones, but until it is shown to be a fake review, you must deal with each one as if it were a real customer regardless of any suspicions you may have.

Employees

Whether they are current or past employees, if one of your workers has a grudge or is unhappy, they can end up putting out a load of negative comments or reviews. But it isn't always those with a grudge who cause a problem.

Everyone within your company, from the top executives down to the shop floor sales staff, has the potential to cause your business to get some negative press. It could be that someone makes a statement that is very controversial; rowdy or criminal behaviour of staff connected back to your business; controversial photographs involving members of your staff could be published on social media, reflecting badly on your business.

It is important to treat any breech by staff, or any of the other situations, in the right way. As tempting as it may be to terminate staff employments or launch a counter attack on the competitor you think is bad mouthing you, that type of action will only lead to bigger problems.

What can you do if you do come across negative comments in social media, on a blog, on a review site, or even within the comments sections on your own website?

You need to find ways of healing the wounds to your online reputation. Look calmly and rationally for a means to resolve things in a way that reflects well on you and your business. If not, you will only succeed in scarring your Online Reputation even further.

AVOID DAMAGING YOUR ONLINE REPUTATION FURTHER

Although it is perfectly normal to feel angry or upset about negative comments others may be saying about your business, you need to avoid doing any of these things at all cost...

1. Don't Try To Erase All Trace

Many businesses have been caught out by thinking the best way to deal with a negative comment storm is to delete out all trace of the bad ones and then it will just go away. The unfortunate truth is that once you have published something into cyberspace, it is very difficult to remove it completely, as some businesses have found out to their cost. An incident involving one company was played out before 1.4 million views - that is a lot of customers!

Deleting comments tells potential customers you have something to hide or that there is something wrong with your business. It shatters any trust they may have in you. If you have made a mistake, don't be afraid to own up and then take positive public steps to make it right. People respect the fact that you have owned up and are committed to getting it right. It builds confidence in your business motives and ethics.

2. Don't Lash Out

We often take these negative comments as an attack on us personally. The human thing to do is to (over)react and send a stinging barrage of words back at the offending reviewer. These are not the actions that will lead a happy outcome in any situation.

As a business, you can easily be put under public examination by the way you react to negative comments. So you need to think before you speak. We said earlier that nothing ever truly disappears off the internet. Do you really want to publish something written in haste and in the heat of the moment that will come back to bite you again and again?

It is much better to write out a first draft, then leave it for a few hours until you can review it in a more composed frame of mind, and soften any overly harsh words.

3. Don't Put Good Words In Someone Else's Mouth

You may think 'If they can write a bad review about me, then I can write a good one!' It may SOUND like a good idea, but a lie is a lie. You may be saying truthful things about your company, but by pretending to be someone else, or by getting someone else to leave a good review written or prompted by you, you ARE being deceitful.

How could you ever trust someone again if you found that out? Deception causes even less trust in a business than reading a negative review or two. All businesses get bad reviews. Not all businesses lie to their customers, and those that do fair very badly when it is discovered.

Review sites like YELP and search engines like Google realise that fake good reviews are being placed on sites. If they even suspect that to be the case, not only will they remove the offending review but they will lower or even remove the ranking of the offending business so that they don't show up in searches.

HOW CAN MY BUSINESS BE PROACTIVE WITH OUR ONLINE REPUTATION MANAGEMENT?

Reputation management isn't just about responding when a problem arises, but involves building up a strong foundation in the minds and trust of potential customers. The best way is to get out there and start building up relationships with your potential new customers on social media, forums and other places you can be an active participant.

By building up a strong positive reputation, you will be better equipped to weather any negative comments that come your way. If you become a business voice that is respected and well thought of, then people will be less likely to be swayed by one negative opinion and more probable to listen to your explanation, as well as spring to your defence.

The Energy of Busy

Got a minute?

Just about any human being I work with or have in one of my classes tells me that "busyness" and lack of time are to blame for much of their internal stress and churn.

Not. So. Fast.

I'm not going to spend a ton of time on this. You and I both know better than that. Let's do this instead...

"Busy" has an energy about it.

Try it on. "I'm so busy." "I'm so busy." "OMG, I'm soooo busy." Feel it. Say it. Be it. Notice what happens in your body. Ugh.

Of course, you can insert any energy that doesn't serve you here: "It's hard" or "It won't work" are two of my favorites for sabotage, letting ourselves off the hook, and/or retreating when we're scared.

Now take that energy to your colleague. To your kids. To your partner. Helpful?

Probably not.

It's not your "fault". It's a default. A great place to rest. Awesome place to "check out". But, back to busy...

Busy is a farce.

It makes us feel good. Important.

It gives us an excuse to say "no".

It can hide our fear of confrontation or disappointing someone else.

It is a hiding place. A cop out. A scape goat. A self-fulfilling energetic prophecy. A reflection of our inability to say "yes" and "no" to the right things.

Busy is stressful. And it's contagious.

Try it on for yourself. Think of your version of "busy". Think of the story you tell about it. How often you tell that story. Who you tell it to.

The most dangerous person to tell that story to is of course... ourselves. The more we tell it, the more we believe it, the more we embody it. We become "busy". Welcome to the swirl.

I watch this time and time again. I get to witness people say that the thing between them and their dreams is "busy". The thing between them and being a good leader, getting more sleep, working out, taking care of their body, even eating good food, having a better marriage, giving feedback that could change a life, bringing in new business, whatever... is busy.

Busy has a lot of power. And what's worst is that we feed it. We are our own worst enemies when it comes to "busy".

What if it's simpler than that? What if we could make busy our... friend?

What if busy was just a lack of presence, intention, and prioritization?

What if, you're not actually busy? But rather missing presence, right here, right now, in the moment.

And what if this busyness and lack of presence is simply shading your clarity and wisdom for the right "yes's" and "no's"?

Breathe and think about it.

Presence and intention are the antidotes to busy.

Breathing heals busy.

A solid "yes" or "no" is worth a hundred foggy "yes's".

Perspective, priorities, and values clarify and tame "busy".

When we actually befriend busy, we can take it apart and make it work for us.

"Busy" and "lack of time" are here to stay. We have to get better at leading our energy through them, telling the truth, valuing our time, and partnering with them. We have to get better at being present and intentional in our lives. And we have to listen.

I had a client years ago who was busy, busy, busy. So busy, people found it nerve racking to be around her. They didn't want to engage with her. And they'd never ask her for direction or support - she had an energetic force field around her that said "Back off, I'm busy".

When we drilled down to what her relationship was with "busy" - she found it was a protector for her. Being busy all the time kept her off the hook for having to say "no" and disappoint people who she didn't want to hang out with or work with. It also made her feel important in her job. The problem was that she so bought into her story that she had fully embodied it. She spoke faster, wasn't fully present with people, was experienced as unapproachable, and she didn't feel good. Busy actually manifested itself in her physiology.

Once she got honest and clear about what busy was about for her, she was able to partner with it, instead of resisting it or using it as a "bat". She did 3 things:

She made a conscious effort to breathe in the moment and pay attention to her physical body. This was key. She also, in the moment, checked in with the truth... Was she going to die? Was she truly running out of time? Was a tiger going to get her if she didn't get it done? (Ironically, these are often the physiological responses we have to the story of busy.)

She made a conscious effort to be fully with someone when they were talking to her. Ironically it took the same amount of time, but without the resistance and internal chatter, it was easier and more enjoyable.

She made a conscious (though difficult) decision to say NO to people when she didn't want to do something. She held it as a YES to herself. Ironically, as hard as it was, it was so much cleaner to navigate it this way, that she felt physically and mentally better. The mental energy she'd spent, holding busy to avoid disappointed, was hers again. For the better.

For you...

What is your relationship with busy? Be honest here. No one's looking. This is for you.

What does it give you? What does it keep you from?

What are the three things - or even one - that you sense would help you create more space? (Intuition is good here, use it.)

What are the, unnecessary - even draining, things that you participate in that contribute to your energy of busy? (Gossip, not telling the truth, avoiding conflict, working around people, television, procrastination, and not taking care of ourselves are just a few common ones.)

Find a word that means something to your soul... If you were to replace the word or feeling of "busy" with this new word, how might that change things? For example: If you were "on purpose" instead of "busy" what would you do differently? If you were "engaged" instead of "busy" what would that do? There is gold in this question. Dig in.

What if you could tame your busy with some presence and intention? What if taking a step back, breathing, and being incredibly intentional with how you use your energy and time, were the solution to busy?

What if? What might you lose?

I'm not gonna lie and say that "busy" never creeps in for me, it does. But in those moments, when I get that visceral reaction, I'm quicker to turn to it, love on it a bit, get present, nurture what needs to be nurtured, say "no" where I need to say "no", and step into intentional, delightful, full, and on purpose. By choice.

What Are Small Business Administration Loans and What You Need to Know

A small business administration loan or SBA loan is a loan offered by banks and various lenders in the US. These loans are easily accessible for small business owners, especially those looking to start up a new business and they need the financial backing that an extra sum of cash would provide.

The small business administration loan is easier to access than a regular business loan because it comes with a government guarantee. This is a plan by the government to encourage new businesses and assist current businesses expand and grow.

The advantage to this is that these are often available with longer repayment periods and those with poor credit scores are still able to qualify, growing their business to the next level.

The loan guarantee program is the ideal opportunity for small business start-ups and expansions, but as with any loan amount, being unable to repay the amount can be detrimental to your business.

Many business owners choose the small business administration loan because they know the chances of them being accepted is high. It's difficult to start a new business in the current economic market, so that additional boost of cash can be used to purchase stock, necessary business machinery and tools and give the business the cash flow it needs.

The problem comes in that many business owners in a new business don't understand how difficult the market is right now. They will use the cash they receive to design the perfect website, get their office up and running and produce quality marketing material. But if the customers don't come flooding through the door, they do not receive the cash they need to repay the loan in a timely manner.

Before applying for any financing, whether you choose the government guarantee program or not, you must be sure that you will be able to make timely payments. The last thing you want to do is dig yourself deep in debt, before your business has a chance to grow.

Every business owner should put a business plan in place to not only help them run their business, but also assist them in achieving their goals. For those who choose to take out a small business administration loan, their business plan can ensure they stay on track and will also ensure they are able to make the timely payments to reduce financial difficulty before their business has a chance to really take off.

Working on a projected income and knowing what you can expect in sales turnover each month is another way to know whether taking out a loan is the right choice for your business.

If you have struggled with finances in the past and your credit score isn't stellar, then you need to take special care. As you will probably be awarded a small business administration loan with a poor credit history, you need to have every step planned to ensure your business isn't too deep in debt before you begin.

Remember that with this type of financing, you are often able to take the loan over a longer period, but with every month you owe on the loan, you have interest to pay. Paying late or not paying at all will incur penalties and leave your business in serious financial distress.

Before applying for a small business administration loan, take the time to work out your monthly expenditure and your expected monthly income. Ensure you have enough to pay your mortgage or rent, your basic costs and then take the financing repayments into consideration. If you strongly believe your income will cover everything and still offer you a monthly salary, then this is the right choice for you.

Bootstrapping Your Small Business's Working Capital Needs For Free

Can you image a way to finance your small business's working capital needs - like purchasing inventory, supplies, materials, labor etc - and not having to pay a dime to do it?

Well, not only can it be done but you might have the ability to do it right now.

Working Capital

Let's start by looking at working capital. Working capital is essentially money that a business uses to manage its operating cycle. A retail business needs inventory to sell. It purchases that inventory up front - then works on selling those products over the coming days, weeks, months, etc. But, the business cannot pay for that inventory until it sells those items. Thus, in the mean time, it has to expend some working capital to purchase those products until it can sell them and recoup its money.

The same with service businesses. They need materials, supplies and even labor to get a job done for a customer. But, the business does not get paid until that job is done. However, it still has to cover those materials and wages in the mean time. It does so with its working capital - paying up front and getting reimbursed when the job is done.

Lastly, working capital for a manufacturing business is its life blood. The business receives an order and has to purchase needed materials to complete that order for the customer. Plus, the business has to pay for utilities, supplies and labor to convert those materials into a finished product and it has to do all of this before it gets paid. Thus, it has to have working capital on hand or it has to refuse to take that new order.

Now, most small businesses, instead of using their own money, like to apply for bank lines of credit to cover their working capital or operating capital needs.

The reason is that they offer a great benefit like the ability to draw on, use and then pay that line back throughout the year - as it earns revenue from its operations.

However, bank lines of credit - especially unsecured one - are very hard to get these days. Banks and many other small business lenders either no longer provide lines of credit or make them too hard to qualify for. Plus, if you can get one, they charge high interest from the moment you draw the line as well as huge fees just to have the line available.

And, if you can't get a bank line of credit, what do you do then?

Well, you bootstrap of course and if you do it right - you can get all those same benefits without any of the cost.

Bootstrapping Working Capital

Bootstrapping is about using personal resources to start, grow and manage your small business. It comes to businesses that have no other options - meaning that they can't get business loans. So, they turn to personal resources - like savings, home equity or personal credit cards. And, it is the latter that will provide the greatest benefit for working capital.

Credit cards - personal credit cards - are used by nearly 65% of all small businesses (not just new businesses but all small businesses).

The reason is that these cards provide:

The same ability (benefit) as bank lines of credit - meaning that you can draw on the credit card line, pay it back and draw again.

They are so much easier to get then business loans.

They are unsecured - so no collateral is required. And,

They can be used in your business to cover your operating capital needs.

Most personal credit cards do not have annual fees or any fees for that matter. They do not have to be zeroed out each year (meaning that you don't have to pay them off and replay every 12 months). And, many provide cash back or other rewards - all things that you cannot or will not get with a traditional line of credit. But, their greatest benefit is that they provide billing cycles and grace periods before interest is charged.

Most credit cards have a 30 day billing cycle. That means that if you make a purchase today, you will not get charged any interest until after the billing cycle is completed. Thus, let's say that your billing cycle ends on the 15th of each month. Now, if you make a purchase on the 16th of the month, you will not be charged interest on that purchase for at least another 30 days (until the 15th of the next month). And, if you pay that balance in full before the 15th of the next month - you will not be charged any interest at all.

Additional, many credit cards also offer a 25 day grace period to pay after the billing cycle ends - increasing the time until you get charged interest or have to make payments.

This means that you can make purchases on your card and, not only do you not have to pay for those charges for nearly 55 days (almost two months), but you can use that time to run through your operating cycles, get paid from your customers and pay off those purchases - before you get charged any interest at all - and as long as you pay that card off in full, it will cost you nothing.

Credit Cards For Cash Flow

Let's look at some examples:

A retail business needs to buy $5,000 in inventory and plans to sell those products over the next 30 days. But, it does not have the cash on hand. So, it puts those purchases on a credit card, sells the inventory over the next month. Collects payments from customers - say $15,000 as their mark up is 200%. Then before the card payment is due, take $5,000 from those sales and pays off the balance. In this case, they covered their working capital needs and did not pay a dime in interest or fees for it.

A service business has a new customer that will pay $20,000 to get a job done. To do this, the business will have to purchase $10,000 in supplies and added labor to complete the job. The company does not have that cash on hand and puts those charges on a credit card - completes the job in the next two weeks and collects payment from its customer. It then, before the end of the credit card's billing cycle, pays the balance off with part of its customer's payment and ends up paying nothing in interest or fees.

Lastly, a manufacturer needs $7,500 in raw materials to create $30,000 in finished product that it has customers lining up for. But, it does not have the $7,500 on hand and uses it credit card to pay its suppliers. Then, when the production run is done and the business gets paid - it promptly pays off the card's balance and pays no interest, financing charges or fees.

And, there are as many examples as there are small businesses needing operating capital to grow their companies.

Keys To Success

There are two key factors here:

You have to be able to complete your business cycle within that 30 day billing period. If it takes you more time then that to get paid by your customers - then you will start to accrue interest. However, paying interest for a month or two may not be that bad given that if you did not come up with the working capital in the first place, you would not be able to get the inventory or materials needed and would have to turn away those customers. (Just as long as you can earn more from the job or sale - then the product and any financing would cost).

Be able and willing to pay those charges off in full each month - when paid by customers.

Conclusion

There are times that banks and traditional business financing is not the best option for growing small businesses - especially if those banks and financing companies keep denying loan requests.

Small Business Advice Every Business Owner Could Use

Starting up a new business in the current economic climate is not an easy task and small business advice isn't easily accessible to help the business grow to a successful and profitable empire that you can rely on.

For every business owner, their business should be an asset, a way to plan for their future. Most business owners will rely on their business to fund their retirement in their old age, but without the right structures and knowledge in place, this is a very difficult goal to achieve.

There are a number of companies dedicated to offering small business advice, giving businesses that second chance they need to succeed. As a new business owner you are so busy concentrating on getting your name recognized, that it's easy to bypass some of the important factors that could help your business reach the successful level you are looking to achieve.

The first mistake many business owners make is they go and spend a fortune of their startup costs on expensive equipment and machinery. In fact many of these items can be leased over a set period of time. Leasing comes with its own advantages. Besides not being the owner of the equipment, when the contract period ends, you are able to upgrade the equipment staying up to date with the latest technological trends.

This is some of the small business advice you would be offered by a professional Rather than spending a large portion of your starting budget on computers, you would lease them and then upgrade them in a year, so you always have the latest equipment on hand to ensure your business runs smoothly.

The next piece of small business advice you would probably be given is about small business administration loans. These are loans which are guaranteed by the government, which means that there is a higher chance of being accepted. The additional funding can be a blessing for a new business or a small company looking to expand.

The advantage to these loans is that they have longer payment periods and they are easily accessible, even being awarded to those that have a poor credit history. This is all because the guarantor is the government, which ensures the loan will be repaid taking the risk away from the bank or lender.

Other essential small business advice that every business owner should have is how to get out of debt with ease and relieve any debt the business may have. As long your company is in debt, it will never really make a profit, you need to find a way to repay that debt in the shortest space of time to get past the red and start enjoying the rewards of your success.

One of the most important pieces of small business advice that many business owners could do with is offers in compromise. You have probably heard this term a lot lately, but are unsure on whether your business qualifies or how to go about applying.

An offer in compromise enables small companies to reduce their taxes that are due. While there are strict qualifying criteria, the right professional will be able to give you the necessary information you need which can assist your business in retaining a small cash flow to continue operating.

Lastly is the one topic that many company owners don't really want to discuss, but it's a reality and should be taken into consideration. That is bankruptcy. Before filing for bankruptcy and thinking there isn't any other alternative, find a company that can offer you the information and support you need. In many cases there are other options available which won't tarnish your own personal name.

My Father's Business: What I Learned But Wasn't Taught

Introduction

In all the serious textbooks you'll find that "pedagogy" means child learning and "andragogy" means adult learning. You'll also find that in general terms, the experts believe that children learn best by "being told" and adults learn by "doing".

Maybe, maybe not: but I know that I learned a vast amount about business by simply observing my father in his business. And by having his business all around me until I married and left home at the age of 26.

Here are the major things I learned.

Positioning

Are you familiar with the book "Positioning, The Battle for the Mind" by Al Ries and Jack Trout? It was first published in 1981. I believe that it's one of the finest marketing books ever written. It's still in print.

My father practiced "positioning" for all his business life. His target market was small "lolly shops" and "milk bars". They catered particularly for children with small amounts of many to spend. Officially, he was known as a "wholesale confectionery distributor". But the only products he sold were what he called "kids lines". Lollies and sweets made especially for kids.

If you're old enough, you'll remember going into such a shop with a quarter or a dime or a penny or the equivalent. You'll also remember the open boxes of lollies or "sweets" at say, a cent or a penny each or three or five a cent or a penny. You'd choose from a large number of open boxes and try to get maximum value for your sixpence or five or ten cents. The shopkeeper would take your selection from the boxes and place them in a small bag. You'd take the bag and pay.

Today you buy such lollies in supermarkets prepacked in bags of ten or twenty lollies.

Dad specialized completely in selling "kids lines" to small shops. The shops were usually family businesses. He didn't sell chocolate bars or candy bars or boxes of chocolates. He concentrated on selling "kids lines" to specialist shops that were frequented by children.

That's how I learned the importance of a clear business focus, a narrow well defined target market and a very specific product. He never mentioned either to me or my brothers or sister. But we knew. Al and Jack merely confirmed, decades later, what Dad had practiced.

Business Purpose

I decided to start my own business in 1978. I discussed my plans with my accountant. His was a very successful business that he'd built over a decade. He'd started with only a handful of clients. He himself was quite wealthy.

"What are you doing it for, Leon?" he asked. "To make money, of course," I replied. "Don't be silly," he answered. "anyone can make money. What would you like to be able to do in 10-15 years time that you can't do now?" I thought for a moment: "I'd like to know a lot about Australian food and wine," I replied. "OK," he said. "Do it for that. You see, you must have a purpose for being in business independent of the business itself."

I can't claim to be an authority on Australian food and wine. But over the last few decades, I've eaten some wonderful meals and tasted some outstanding wines.

My father understood this idea well. He ran his business so that he could afford to take us on two weeks holiday at the seaside each Christmas and a week each Easter. My mother also enjoyed musical theatre. Dad ensured that they saw all the big musicals when they were produced in Melbourne.

He worked to ensure that his business made enough money to provide holidays and theatre visits for the family. This also meant that my sister and I had swimming lessons from an early age. And I saw a stage production of Irving Berlin's "Annie Get Your Gun" when I was only 9 years old. These sorts of things pleased my father greatly.

Creating Desire

Almost every time Dad stopped his vanload of sweets and lollies outside a shop, he'd attract an audience of kids. Many knew who he was and what he sold. They'd mill around the open back door of the van anxious to see what to them must have seemed shelves stacked with boxes of gold.

Dad never told the kids to go away. He realized that they were the eventual consumers of his "kid's lines". He'd say, "Look but don't touch" or "Leave some room for me". But he never gave a lolly away for free. Had he done so he would have been competing with the shopkeepers, his direct clients.

The kids who hung around the back of the van were mostly boys. Dad called everyone "Jack". "Keep away from the door, Jack," he'd say or "You can buy these right now in the shop Jack".

He was most surprised one day when a boy opened his eyes very wide and said to him, "How did you know my name was Jack?"

Knowing What You Don't Know

Small, family run businesses were Dad's focus. "Kid's lines" were his specialty. He knew relatively little about chocolate, candy bars and boxes of expensive lollies aimed at the top end of the market. He didn't care that he didn't. He was never distracted from his core business and his target market.

People often said to him, "Clem, with customers all over Melbourne you could expand your business by selling all sorts of confectionery. But he stuck to what he knew. He was frequently approached by confectionery makers who wanted him to carry their "latest big thing in confectionery". He resisted their approaches and their blandishments. He knew what he didn't know. He trusted his customers. They trusted him.

Buy Everything Else Around The Corner

One of my favourite business sayings runs like this: "Do only those things to which you bring a unique perspective. Buy everything else around the corner".

Dad put his personal stamp on his business. As kids growing up we learned this very quickly. He would tell us stories about how other "jobbers" - that's what wholesale confectionery distributors were called then - had branched out into other confectionery associated areas, expanded their product ranges and expanded their business.

But Dad knew something else that Al and Jack pointed out decades later. Line extension is often the first step along business failure road. Do what you do best; better than anyone else can do it. "Stick to your knitting" as the old-timers used to say. I'm not sure how Dad learned that himself. But he followed the principles religiously.

Pushbike To...

I wasn't born until 1939. Dad graduated from selling lollies from a pushbike. First, he bought a horse and cart. He had no affinity for animals. There are many family anecdotes about his trouble with his horse. Before I came along in 1939 he bought his first van. It was a Chevy, about the size of what we'd call a "combivan" today. In 1956 he replaced it with a large van. He also built a large storeroom behind our home.

The bank he'd dealt with since he started business was reluctant to support the construction of the storeroom and the purchase of the large van. Dad was disappointed. He wasn't stopped. He changed banks.

Customers First

Dad worked long hours. His work was physically demanding. He carried stacks of boxes full of lollies from van to storeroom to van to shop. But he tried not to interfere with shopkeeper's busy periods. He'd start calling on customers around 8 am. He'd stop around 7.30 pm. As he worked many years before seven day trading became commonplace in Australia, he worked only Monday to Friday and Saturday mornings.

He'd visit manufacturers to purchase stock during the middle of the day. That suited them. It also meant that he avoided interfering with shopkeepers' daytime trading.

His long hours didn't always please my mother. But they pleased his customers.

At festive times such as Christmas and Easter, Dad always tried to have special stocks readily available for customers. At these times, he'd put aside special chocolate gifts for my sister and I. But customers come first.

I still remember customers phoning at say, Easter, begging for chocolate Easter eggs because they had no stock left. He'd always do what he could to help. This included asking my sister and I if he could "buy" our eggs from us and resell them. He'd pay us for the purchase. We always agreed. We had access to all the lollies we could eat. As kids we welcomed the cash!

A Few Other Things

Dad started and ran his business from 1930 - 1971, when he retired at the age of 72. The pocket calculator, Mac, PC and cell phone to say nothing of the iPad and iPhone were barely glints in Steve Jobs and others' eyes.

But he needed to do complex calculations every day. He was an absolute "whizz" at what was then called "mental arithmetic". He used imperial measures such as pounds and ounces, dozens - 12 - and the gross - 144. Decimal currency wasn't adopted in Australia until 1966.

But none of this bothered my father. He could mentally calculate say, one gross of acid balls at 2/6 a dozen - two shillings and sixpence - less a volume discount of 2.5% and a discount for cash of 1.5%. He didn't need a calculator or any other device in his pocket. They didn't come into general use here until the 1970s.

He didn't make calculation errors. He could always explain his calculations to customers in their terms. That was another reason that they trusted him. His handwritten invoices, completed at the point of sale, were legendary.

Dad was never bothered by "hard times". He believed, as he put it, "mums, dads and grandparents will always find a few pennies so that their kids could buy lollies, even if they themselves have to go without".

The Real Lesson

I learnt a lot about business from my father. But I can't ever remember him saying, "You need a crystal clear business focus and a clearly defined target market" or "Make sure that your customers trust you" or "Don't compete with your customers" or "Have a purpose for your business other than the business itself".

Why Small Businesses Need to Invest in Mobile Marketing?

Business is no different from a conflict. The market is the battlefield and your marketing tactics and strategies are the weapons you use to defeat the ever increasing competition and bring profit to your business or organization. There are business dictators who know the tricks to win all kinds of battles and in any battlefield. The elite businesses control the market at their disposal and these are the people who set the standards for us and we need to view that as a benchmark or a target to achieve. These big guns stamp their authority from the roots of the market to the very top of the business chain.

Small businesses have very little scope to succeed when it comes to competing with bigger or more established businesses. The market is already flooded with many businesses competing for profits and customer and consumer attraction, so in a practical sense there small businesses stand no chance amongst them. The reasons for the same are given below-

Established-

Big businesses have been in the market since a considerable period of time so they have established their name and popularity across all corners of the market. Small businesses are lesser known so their capacity to attract customers is meager.

Clients-

In an established business clients, customers and consumers are in abundance and because of the long relationship between the business and the people, there is a trust which develops easily. A reputation is earned. When small businesses compete with the bigger ones, they find it hard to get clients as most of the latter are with the bigger businesses and the upcoming prospects will mostly opt to follow the reputed ones rather than new ones.

Money-

Big businesses have a humongous amount of money. Small businesses don't. So when it comes to marketing, smaller ones are found in the shadows of the investment done by the bigger ones. Without the money the smaller businesses either perish or join the bigger ones.

Does this mean that the bigger companies will get bigger and the smaller ones just disappear? Is it better to join an established business rather creating a new business at a small scale? Is there any solution to overturn this?

A big 'NO' is the answer to all these questions. As it appears, the market is dominated by the elites and small businesses will be consumed by the power of the former- just like the case of David and Goliath. But, in real sense we forget that 'the bridge is not crossed until we reach the bridge'. Yes. It is an overwhelming challenge to step foot into the market with a small business, but it is not a crime to do so. There is space for new prospects because the business thrives on competition, and with a smaller establishment you are certainly competing.

The biggest factor that might sway you away from setting up a small business is the element of limited money at our service. But, with a smart and tactful utilization of the limited amount money available, big targets can be achieved. Planning is one of the major things required as assistance to money, without proper planning millions of dollars might just be invested for nothing, in an opposite case- a few hundred dollars might earn you a fortune so planning is of prime importance.

Smart advertising and marketing are the ploys that one should implement tactically into the business growth plans. Marketing is key to do execute absolutely anything in a business. If you need to attract customers- marketing will help. If you need to increase sales- marketing is the answer. If you need to create an image in the market- marketing will come handy. If you need to build a brand- marketing is certainly the best option.

The only problem lays in the fact that marketing requires money and small businesses certainly don't have that. The prominent rise of telecommunications has certainly answered the call for help by smaller establishments. Mobile marketing can become a phenomenon and help small businesses prevail. The mobile is a device used by all so there is a medium which can deliver the message effectively and hence support the business cause. The expenses required too, are minimal and help a business expand and spread its word across on a larger scale.

What is Mobile Marketing-

Mobile marketing is the procedure of advertising to the masses through their portable gadgets or mobile phones. This sort of marketing is relevant to online or internet advertising, nowadays with the advent of more usage of mobile phones and tabs- more individuals are beginning to invest more time on their portable devices and less time on their computers, so it is obvious that the concentration of marketing platforms have shifted from computers and internet to mobiles and portable devices.

There are a great l similitude between web advertising and portable advertising however there are some really vital distinctions and differences.

Mentioned below are some tools and methods of Mobile marketing-

Mobile phone marketing-

SMS (Short message services) on mobile phones are used to optimum effect for mobile marketing. Text messages regarding new offers or new business prospects would be sent to potential customers who would read the message and act according to their interest. Messages sent in bulk cost less and the target of reaching out to the people is achieved without making any heavy investments. SMS method is the most well-known way of mobile marketing. This is truly simply sending quick messages to individuals' mobile devices or telephones and in a ton of routes is like message promoting. The most amazing element here is that you are endowed to have the ability to send your message to target customers who may read the message at their convenience.

Mobile media marketing-

Similar to SMS, there is an MMS (Multi-media message service) as well on our mobile phones. MMS service gives a business the freedom to deliver a more dynamic an effective message. In an MMS, sounds, pictures, videos, ads etc can be forwarded to potential customers who would respond if they are in need of the business propositions.

Online mobile marketing-

There are websites which are specially designed for mobiles. Portable devices do not have the same internet speed as computer routers and servers. Mobile websites are very easy to access due to the size of the webpage i.e. in Mb's (megabytes). The costs of advertising on such mobile web pages are very affordable and are also a tool to get many customers.

This is one of the most common ways to market and advertise to the masses through the mobile marketing medium by placing advertisements on web browsers and search engines. With the advent of a huge number of people accessing the web pages using their mobile device recently, the mobile marketing platform is wider than before. Sooner or later, but inevitably mobile devices will surpass the computer as the mainstream or general way to browse the internet and get access to it.

Mobile app marketing-

With the introduction of tabs, androids, i-phones and smart phones, the usage of app's (applications) on mobile and portable devices have increased. This is a complex procedure but a really effective method of mobile marketing. In this kind of marketing, businesses develop apps which are used by mobile users. If the app is liked by the mobile owner then the business name is considered and maybe a customer is attracted.

Example- If an air ticketing company wants to create an app to attract people and persuade them to buy tickets to various destinations across the world; they can create an app which will guide the user to check flight listings, timings, expenditure, offers etc. If the app name is based on the b=business name then, the air ticketing name will become synonymous with the app and people will enquire about tickets to the business which may offer discounts or promise so through their apps.

Nowadays more and more people have started to play games on their mobile phones businesses can start advertising their name and services through these games. When a person is playing a game, and your business name appears whenever the person wins- he remembers that name and connects to it whenever he visits the market. A business needs to contact a app developer who is under contract to develop an app game for some company, if the company agrees to publish or display your add it will benefit your business that too with lass investment. The quality and level of mobile app gaming is increasing rapidly and hence mobile app marketing has become a big platform to display your marketing skills for the growth of your business.

All of this concludes to one strong observation. Mobile marketing is on the rise and there is no reason or obstacle that might stall its growth. Using this affordable and effective medium of marketing, small businesses can actually compete with the bigger businesses in the market, not directly but gradually with the course of time. With mobile marketing, a small business may not always become as big as the elites but it can surely create an atmosphere that can make a business self-reliant and self sustaining.

Business Exit Strategies

It may be time to get out of the business. Maybe you've made enough money, or maybe you're just tired. Maybe you'd like to build a different business. Whatever your motivation, you'd like to pursue this new path while you still have your health and ambition. You need a business exit strategy.

If the business is a good one, you may want to see it survive. Rather than selling it off to the highest bidder, you may prefer to "keep it in the family" and pass the business to your children or another relative, or sell to an employee.

Family succession

Many entrepreneurs dream of passing their business on to the next generation. Unfortunately, family succession usually does not succeed. It's been reported that 70% of family businesses do not survive the transition from the founder to the second generation.

Family rivalries and other dysfunction often intrude to derail the business. The founder refuses to cede control. Founder/parent installs his favorite child as the leader, who is unsuitable for the role. The next generation leader and managers are poor decision-makers. The sibling denied the role of chief executive feuds with the chosen one.

Founder/parent must take carefully considered steps to create the conditions for second generation success to occur. It will be important to distinguish between company leader, managers and owners and make certain that no one feels devalued. It will be incumbent upon the founder/parent to preserve not only the business, but also family relationships and remember that family gatherings ought to be happy occasions that all family members want to attend.

If you'd like to pass the business along to family members, start by asking them if they'd like to become the second generation of owners. If any or all agree to that proposal, then consult a family business specialist to help with the process.

The ability to groom your hand-picked successor is a wonderful thing and recruiting a specialist to help you choose the candidate who is best qualified to assume the reins will go a long way toward ensuring next generation business success. Check with the graduate management program of a local college or university to find out if a family business specialist is available to help with the transition and follow-up family business coaching.

Sell to employees

If no family members are interested in owning and running the business, you may find that one, or several, of your employees may be interested in buying you out. Don't be shy about raising that possibility. What better way to boost confidence and morale than letting valuable employees know that you trust them enough to place your treasured achievement into their capable and caring hands?

Selling to employees can be a great exit strategy. The employees will be able to invest in a business that they know and trust. They know the challenges and opportunities that the business may encounter. They know the customers and the customers know them. They have institutional memory and know how things run.

Encourage employees whom you know would make successful business owners to consider a buy-out proposal or an employee stock option plan (ESOP)? Call your business attorney and/or accountant and make sure that you have the best legal structure for the exit strategy that you select.

Exiting the business

If the business has tangible assets and healthy sales, your exit strategy can provide for you either a retirement nest egg or start-up capital to create yet another business. Keep your options open and start the preparations early.

Maintain detailed and credible financial records: demonstrate profitability; show good cash flow; keep your debt to equity ratio low. Expect to show a prospective buyer or your family members 5 years of data. If the business owns property and/or equipment, ensure that all is in good working order.

To sell your business for a price that accurately reflects its value, speak first with your accountant and business attorney, next with a business valuation expert or appraiser and then with a business broker. Your accountant or attorney may also know the right buyer for your business.

How to Protect Your Small Business Ideas With Business Structures

If you have the ingenuity to come up with a stellar idea, develop it into a business, and generate profits with it, you will likely have the foresight to protect that valuable entity. Here, we talk about how you can protect your small business ideas by keeping them behind the business castle wall: your business structure.

Business structures, or entities, are generally classified into one of these categories:

sole proprietorship

partnership

limited liability company

corporation

Each type has pros and cons. Here, we will consider some of those.

The sole proprietorship is an unincorporated business run by one person, and is by far the simplest form of business to operate. The reasons are straightforward:

It doesn't require much, if any, registering or paperwork

It is very easy to start, change, or close down

The value of the business (viewed by both buyers and the IRS) is based upon the skills and assets of the owner, not stock

The sole proprietorship may be a simple form, and is often best when there is limited capital and personnel, but there are distinct disadvantages:

The capital is limited to the owner's capital or what he/she can generate

The owner cannot be an employee of the business for tax purposes

There is unlimited liability for the actions and debts of the business

Liability is an issue in running any business, and increasingly so with the litigious society in which we operate. Liability is the ever-present dinosaur in the cave, ready to break out at anytime. You can't know when or why or how it may burst upon the scene of your business, but history has proven (as recent as yesterday, or any day) that IT DOES HAPPEN.

Simple can be good, but it can also be dangerous. When a sole proprietor operates, his capital, assets, and skills are what make up the business, and these assets become his payment in the event of a lawsuit. A court can freeze assets, force the sale of a residence, attach bank accounts and many other financial nightmares that you can imagine.

Fortunately, there are other business entity structures more geared to protecting your small business ideas and your thriving business.

Another of business is the partnership. It is a relationship between 2 or more persons who join together to carry on a trade or business. There are some advantages:

It involves more than one member, so it has greater potential for capital than a sole proprietorship

It combines the management skills of multiple people

It has pass through taxation

The partnership also has some disadvantages:

The authority for decision making is divided

Partners cannot be employees for tax purposes

Unlimited, joint and several liability among members

Like the sole proprietor, the partnership members can be held liable for all actions and debts of the business. In addition, there is joint and several liability, which means each partner is responsible for the actions and debts of each other partner.

It doesn't take much thought to see how this can (and frequently does) create issues. Different people have different ideals, different risk tolerances, and different methods. If one partner decides to act in a way in which another partner believes is risky, the other partners often times have no recourse but to dissolve the partnership. Because of this, many partnerships do not stay intact for long.

The limited liability company is a more flexible, and in many ways, more desirable business structure. An LLC may be treated as a sole proprietorship, partnership, or a corporation. A single member defaults to sole-proprietorship, 2 or more members defaults to partnership, and either can elect to be taxed as a corporation or a subchapter S-corporation.

Advantages are:

Flexibility: members can be individuals, other partnerships, other corporations or even other LLC's.

Management flexibility and pass through taxation

Members have limited liability for the actions and debts of the LLC

Disadvantages:

It is governed by the laws of the state

It is subject to a base annual tax (in some states) which is increased after profits rise to a specified ceiling

All members must also pay individual earning taxes

Over all, the LLC is a very clever and flexible way to set up a business, but the main advantage is the limited liability to the partners. This is an increasingly valuable quality as revenues and profits increase, because more money means higher chances of being sued. Following the old "risk and reward" equation, as the reward goes up, so does the risk.

Corporations are an advantageous way of establishing a business, but especially so when the profits and scope of operations increase. The law treats a corporation as a legal entity, similar to a person. It has perpetual life, meaning it does not pass away when the originator passes - the corporation remains a legal entity until such time it is formally dissolved.

Advantages:

The transfer of ownership is relatively simple

It is easy to raise capital and expand the business

All shareholders can be employees of the corporation, and have limited liability

Disadvantages:

Double taxation (C Corp), meaning the corporations profits are taxed and shareholders' earnings are taxed

It can be difficult and expensive to organize

The corporate officers must follow procedures, such as board meetings, corporate minutes, and others

Again, corporations are ideal for any business that has expanding operations, substantial earnings, or defined liability. Some businesses, by their very nature, encompass more risk, and some businesses are quite complex and require a more centralized structure. For these reasons and more, the corporation can be the best form of business to operate in.