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August 29, 2003
Your "Magic Number"
Posted by Bobbie Gossage at 12:18 PM
In Inc.'s September issue, columnist Norm Brodsky discusses his "Magic Number" (in other words, the key number he looks at to take the pulse of his business and make decisions for the future). Every business owner has at least one number that he or she looks every month, week, day or sometimes in real time.
Have you ever changed the number you were focusing on (for instance, from looking at "tons of widgets per day" to "boxes of widgets per day" or from "new customer rate" to "returning customer rate")? If so, I'd like to talk with you about it for a possible story.
Please email me if you are interested.
China
Competing with China
Posted by Carole Matthews at 11:00 AM
A business owner recently asked Fresh Inc. what it would take his 42-employee business to effectively compete with China. Unfortunately, it seems this might be getting tougher, as China not only continues to be a source for cheap manufacturing labor, but also begins to move increasingly into R&D.
Until recently, China hasn't been known a strong player in R&D; however, in a September 1 BusinessWeek article, "China's Design Dream Team" (not yet available for free online), the writer notes that many large companies increasingly are tapping China's industrial designers, and in a June 2003 EETimes article, writer George Leopold writes that "about 200 joint research and development centers have been established in China since 1990." He also cites a report from the Henry L. Stimpson Center, which traced the evolving relationship between the U.S. and China in the area of R&D, and notes that increased foreign investment in Chinese R&D could mean more innovations and technologies are developed in China before the U.S.
What does this all mean to the smaller company trying to compete with China? First, as was noted in EETimes' article, the Chinese are better known at this point for design than research, and research and core technologies, at the moment, are being kept stateside by most large businesses. But for small manufacturers, increased R&D in China could mean increased competition from foreign-made goods.
As the Henry L. Stimpson report notes: "China boasts a large pool of talented researchers and a growing number of experienced returnees from abroad who are likely to be more capable -- as well as more quickly able -- than most in developing countries to leverage newly introduced technological advances and know-how gained through foreign-invested R&D." In essense, increased investment in foreign R&D could strengthen developing countries ability to not only develop products but also sell them cheaper than U.S. competitors.
August 28, 2003
Sales and Marketing
Net Sales
Posted by Carole Matthews at 4:38 PM
Unless you're selling back-to-school goods, your online sales are probably down, says writer and business owner Beth Cox in "E-commerce and the Dog Days of Summer." With the timely arrival of tax rebates, many apparel sites and other school-related products are seeing a surge in sales.
But what do you do when your products don't "suit the season"? Cox thinks she'll send out 10%-off coupons to existing customers during next year's dog days or target some of her best previous customers with special sales prices the slump.
Do your online sales suffer from seasonal slumps? What do you do to survive your "dog days"?
Electricity, at What Cost?
Posted by Carole Matthews at 2:17 PM
Apparently at the cost of the environment -- and our lungs. The Bush Adminstration eased the EPA's clean air regulations yesterday to help power plants and refineries invest more in upgrading their systems, and less in controlling pollution. The new ruling would ease the anti-pollution controls, allowing industrial facilities to invest in replacing aging equipment without installing necessary pollution controls.
There's not a doubt in my mind that many of our electrical plants need desperate upgrades -- the recent blackout is a good case in point. However, it seems to me, that the Bush Administration has made just one more shortsighted decision that rewards big business at any cost.
August 27, 2003
Starting a Business
Small is Big in This Economy
Posted by Carole Matthews at 11:53 AM
A report released by the Small Business Administration's Office of Advocacy last week reveals that 99.7% of the nation's businesses are small (fewer than 500 employees), 50.1% of the nation's non-farm sector employees were employed by small businesses in 2000, and that small businesses created 75% of the net new jobs between 1999 and 2000.
Perhaps our presidential candidates should pay attention to these statistics and create some strong arguments for supporting the real driver of our economy -- small business -- during their race for the White House.
Branding
Takes a Licking...
Posted by Carole Matthews at 10:55 AM
Timex is changing with the times. Recognizing that new technologies have made most watches extremely reliable, Timex is shedding its "Takes a licking and keeps on ticking" slogan, reports Adweek's Deanna Zammit in "This is Not Your Father's Timex." Instead, the company will launch a "Life is ticking" campaign in an attempt to appeal to the 18-to-35-year-old market, who wear such brands as Kenneth Cole, Fossil and Swiss Army.
I'm a bit nostalgic when thinking about the change. I remember being a kid, running around with a watch I probably got from a bubble gum machine, chanting "it takes a licking and keeps on ticking." Well, of course it took a licking and kept ticking -- it was plastic. Today, I can't say as much for the Fossil watch my two year old tossed down a flight of stairs. Maybe Timex does still does have something there?
The new slogan might catch on, but there's no doubt that the original will stick in our memories for a long time to come. Does it still sell watches? I'm not sure, but there's certainly brand recognition in that slogan.
What slogans, old or new, still resonate with you? Have they ever influenced your purchasing decisions?
August 26, 2003
Taxes
An Espresso Tax?
Posted by Carole Matthews at 11:31 AM
In an attempt to raise money for day-care and preschool programs, Seattle has proposed taxing espresso drinks. The tax would amount to a dime a cup, and most likely wouldn't affect sales of speciality coffee drinks. However, the somewhat strange fund-raising proposition does open one's imagination to alternative strategies for funding the nation's battered state and city budgets.
Technology
Spam for Money
Posted by Carole Matthews at 10:51 AM
The author, or authors, behind SoBig and other recent viruses seems to be using those insidious e-mail attachments to make a profit. Today's New York Time's technology column by John Markoff takes a look at the money-making spam scheme -- and notes that another onslaught is likely after SoBig expires.
For more on SoBig and other viruses, check out VirusList.com.
August 25, 2003
Technology
Who's Watching You?
Posted by Carole Matthews at 10:08 AM
The number of adware and spyware software programs has climbed from 2,944 in 2000 to 4,519 in 2003, according to a recent article from Info Security Magazine.
Why should you care? Besides collecting information about your personal computing and surfing habits, often without your knowledge, adware/spyware can be a drain on computing resources, since the programs usually propagate on computers without being detected by anti-virus programs or other security measures, and can compromise a company's critical data.
August 22, 2003
Personal Finances
Social Security Reform
Posted by Carole Matthews at 1:30 PM
Pete du Pont's column today about Social Security reform on WSJ.com's OpinionJournal cites some unsettling facts about the future of the Social Security system, including that by 2038 Social Security checks will drop by 27% if the current system stays in place. Without drastic reform, retirees will soon find they can't bank on the federal government to deliver adequate financial support during their golden years.
Starting a Business
Reality TV's Take on Starting a Business
Posted by Carole Matthews at 10:35 AM
This summer's reality TV series, "The Restaurant," is entertaining but doesn't quite cut it as a lesson in starting a business. The show, which ends August 24, documents Rocco DiSpirto's exciting and chaotic opening of his new restaurant, which plays to the energy of a start up, but falls short in its educational value to business owners.
David Gumpert pointed out in his recent column, that the show suffered from one major fatal flaw -- its sponsors. American Express, Coors and Mitsubishi all had hands in the development of the program, and, according to Gumpert, "interfered with key educational matters associated with starting and running a business." American Express has created an online area called "The Realities of Running a Business -- Through the Eyes of Rocco DiSpirito, which puts a more educational spin to the series, with posts from Rocco and comments from other business owners addressing key business questions. When juxtaposing Rocco's experiences with other owners' out there, you do discover some interesting lessons, but the series itself is pure entertainment -- lots of drama and good-looking people, which is, what I think, NBC really intended anyway.
August 21, 2003
For Do-It-Yourselfers
Posted by Carole Matthews at 2:14 PM
I've been getting Chuck Green's newsletter for a few years, and even though I don't design marketing materials, I've always clicked through to discover his newest do-it-yourself design tips and information.
His site, Ideabook.com is a great resource for information on writing and designing myriad marketing materials. Even though my design experience is minimal (I've created two original publications -- a newsletter and a fundraising postcard), I've always clicked through his monthly newsletter links (most recently I'm a fan of Jumpola Design Links) and visit the site pretty regularly to check out what's new.
Today, Green's newsletter included links to free templates he created for printer manufacturer, Oki; Ledpants.com -- a design studio that, quite honestly, has a pretty whacked out, but interesting, website; and This American Life, where web users can listen to various stories, from documentaries to fiction, produced by WBEZ in Chicago. The variety in the newsletter is great, and it gives you an insight into Green's interests while selling his design expertise.
Conferences
Birthday Bash in D.C.
Posted by Bobbie Gossage at 1:52 PM
As part of its 50th anniversary celebration, the Small Business Administration is hosting its National Entrepreneurial Conference and Expo (NECE) this September 17 to 19 at the Washington Hilton & Towers hotel in Washington, D.C.
Highlights will include matchmaking sessions with government agencies and other companies for contracting opportunities; panel discussions on taxes, health care, and disaster preparedness; and an awards gala during which the agency will announce its National Small Business Person of the Year.
Complete registration is $325 for attendees. (Click here to register or for more information).
Grief in the Workplace
Posted by Carole Matthews at 7:08 AM
The Grief Recovery Institute Educational Foundation in Sherman Oaks, Calif., recently predicted that grieving employees cost businesses about $75 billion annually. The institute used statistics related to wages, benefits, and the cost of training and replacing personnel to arrive at its estimation, but it is quick to note that measuring the emotional pain associated with grief goes beyond those numbers.
August 19, 2003
Conferences
Dreaming of the Inc. 500
Posted by Bobbie Gossage at 3:15 PM
As all of us here at Inc. gear up for the home stretch of putting together our upcoming Inc. 500 issue, one thing has kept me going: thoughts of the 2004 Inc. 500 National Conference. It's our yearly opportunity to honor the Inc. 500 winners, chat with several of the most amazing entrepreneurs and business leaders out there today, and get massages as we sip daiquiris by the pool (or is that just me?). The event kicks off on March 24 (that's a mere 217 days away... not that I'm obsessively counting) at the Doral Golf Resort and Spa in Miami.
To tide myself over, I created a collage out of some of the pictures on the resort's website and made it the background picture on my computer desktop (it is also the background picture for most of my dreams). Check out that waterslide...
The Debate Continues
Posted by Carole Matthews at 12:50 PM
Last week, Inc.com asked users "Can entrepreneurship be taught?" in an online poll. The majority of respondents voted "No," arguing entrepreneurship is more about innate qualities than course material. But recently, the director of entrepreneurial programs at the Beyster Institute, Rob Fuller, weighed in with a good point: entrepreneurship can be taught, but it "means teaching those with the innate desire and ability how to succeed."
Consumer Sentiment Falls
Posted by Carole Matthews at 11:52 AM
The University of Michigan's gauge of consumer sentiment recorded a slight decline in August, showing consumers remain a bit nervous about the health of the economy. Though nervous, we still seem to be spending. Both retailers and housing starts posted recent gains.
So just where is the economy headed? Gene Sperling's recent article "The Insider's Guide to Economic Forecasting" can help you make sense of the numbers.
August 18, 2003
Sales and Marketing
Bad for Business?
Posted by Bobbie Gossage at 4:29 PM
On Thursday, the Small Business Administration's Office of Advocacy sent a letter to the Federal Communication Commission expressing its view that the "do-not-call" and "do-not-fax" lists would seriously and negatively impact small businesses. It also asked the FCC to grant requests from businesses for stay. But will these policies really do that much damage?
In an article by reporter Matthew Fogel in the July issue of Inc., it was reported that, despite a lawsuit from the Direct Marketing Association against the Federal Trade Commission, the industry seems "largely unfazed." Perhaps these lists may even spawn better business plans: In a column by Robert X. Cringely in the Inc. September issue (on newsstands), he argues that unsolicited intrusions may not be the most efficient way to do business anyway. (I tend to agree. After all, I would never dream of ordering from that Chinese place whose delivery guy once snuck into my office and left a menu on my desk while I was working.) What's your opinion on the "do-not-call" and "do-not-fax" lists?
Best Laid Plans
Posted by Carole Matthews at 1:59 PM
After 9-11 many companies went into hyper mode to put solid backup plans in to place. But BusinessWeek Online's tech editor Alex Salkever says that many companies that thought their plans were solid discovered otherwise during the blackout last week. His tech column today reinforces the importance of contingency planning and suggests that some people see a connection between the MSBlaster worm and the blackout.
August 17, 2003
It's a Wal-Mart World
Posted by Carole Matthews at 8:57 PM
First it sucked the life out of Main Street businesses, now it's threatening other large retailers like Target and Costco. Wal-Mart, as Charles Stein puts it in his Economic Life column in Sunday's Boston Globe, seems to know no bounds. Even when faced with bad press, the retail behemoth survives, prospers, expands.
The corporation has even inspired websites like Wal-Mart Watch, which documents the corporation's rampant growth and what the site perceives as the resulting damage. Seems strange that a company that raises the ire of so many can find such unabashed success.
The Marketing of the War 2003
Posted by Mike Hofman at 5:45 PM
Inc.'s former executive editor Jeff Seglin discusses 'selective marketing' in the context of Bush's use of discredited intelligence to sell the war in this NY Times column.
August 15, 2003
Music biz versus tech
Posted by Mike Hofman at 3:32 PM
Seems like the Congress is going to take a look at the file sharing debate, which pits the recording industry against the tech industry. The Boston Globe reports that Sen. Norm Coleman (R-Minn.) informed the recording industry's leading trade group, the RIAA that it's anti-piracy tactics willl the subject of senate hearings.
In the July issue, David Murdoch wrote this story analyzing results of an Inc. reader poll, that found that entrepreneurs appeared to be relatively sympathetic to the tech industry's position.
NYC tugboat service
Posted by Mike Hofman at 11:42 AM
All of the shots on TV of New York commuters hoping to hop a ferry across the Hudson--the blackout knocked out PATH train service--reminds me of Dorothy Julian. As Ron Feemster wrote in Inc. Life in June 2002, Julian is the only woman to run a tugboat company in New York harbor. As you can imagine, she worked overtime on and after September 11th.
Yesterday may have been a different story for Julian however. As Feemster wrote, Julian is one of those business owners who take a phone call from anyone, anytime, anywhere. With reports that cell phone service was spotty throughout the New York region yesterday, one wonders how folks like Julian who live and die by Nextel managed to cope.
Who turned out the lights?
Posted by Mike Hofman at 11:13 AM
Some of the most interesting spot coverage on the blackout in the Northeast can be found on CNET.com --perhaps because their offices are out west, where the lights never flickered?
Great detail: Some New Yorkers used iPods as flashlights to make their way out of darkened skyscrapers.
Malden Mills Update
Posted by Mike Hofman at 10:57 AM
Aaron Feuerstein is making headlines again. The beloved entrepreneur who became famous in 1995 for keeping his workforce intact following a devastating mill fire took one step closer to righting his company, the Boston Globe reports. Malden Mills, which makes fleece, will emerge from Ch. 11 bankruptcy in 11 days. The catch--isn't there always one?--is that Feuerstein has to raise $92 million by then in order to ensure that he continues to control the company. The business suffered in particular when sales of Polartec fleece took a dive in recent years; new products geared toward the military have helped Malden Mills rebound.
August 14, 2003
What's In a Name?
Posted by Carole Matthews at 6:08 PM
After five years of litigation Entrepreneur Media won a federal trademark case against Scott Smith, the owner of EntrepreneurPR. Basically, the suit charged Smith with deliberately infringing on Entrepreneur Media's "Entrepreneur" trademark and committing unfair competition. Smith is now appealing the ruling (and the subsequent $670,000 in damages Entpreneur Media was awarded).
Should we all be careful of how we use the word "entrepreneur" now? It seems absurd that any entity could stake claim to the word "entrepreneur," but with this most recent victory, it's likely Entrepreneur Media will continue to keep a sharp eye out for others using the term in a similar manner.
Smith supporter Peter Hupalo, an entrepreneur and author of Thinking Like an Entrepreneur suggests in his Smith support letter that the ruling in this case just might be setting a "dangerous precedent" by allowing larger corporations to claim something as commonplace as a word as proprietary.
Culture
What Your Workers Weigh
Posted by Mike Hofman at 4:23 PM
A fair amount has been written recently about how and why companies should enlist in the fight against obesity in America.
The NY Times had this article in last Sunday' paper, featuring examples of companies that work with their employees to help them lose weight. Some seem a little creepy--like the boss who receives weekly exercise regimin updates from employees. (Caveat: it is an executive coaching business.)
Should small biz owners take employees' weight on as a responsibility? Jill Hecht Maxwell wrote this item for Inc.'s August issue highlighting new research from the University of Michigan that makes that case.
Change Agents
On the Bright Side...
Posted by Bobbie Gossage at 1:32 PM
Entrepreneurs are generally a "glass is half-full" kind of bunch anyway, but according to a new survey, the entrepreneurial spirit in America continues to thrive, even in this difficult economic environment.
The Global Entrepreneurship Monitor survey results released yesterday by the Kauffman Foundation and Babson College found that 10% of American adults were creating or growing a new business in 2002. While that number is still down dramatically from its high in 2000 of 37%, it is still 50% higher than it was in 1998.
The GEM also found that with venture capital funds hard to come by, many companies are turning to family members. According to the survey, of the about 5% of adults reported they had invested money in entrepreneurial companies, half said those funds went to companies owned by relatives. Wonder if Warren Buffett would be willing to adopt some new children?
Also in the report: Women continue to start less companies than their male counterparts. There was an especially large gender gap in the 18 to 24 year-old age bracket where men are three times more likely to start or grow a new company than women.
In response to the results, the Kauffman Foundation has some new goals: to improve access to capital, to promote more entrepreneurship by women, and to put more emphasis on entrepreneurship in the classroom.
(To listen to the webcast of the results, click here.)
August 13, 2003
The Universal Health Plan is Back
Posted by Carole Matthews at 12:19 PM
If the thought of a universal health plan conjures images of the Clintons' 1993 failed attempt at health reform, you're in for a pleasant surprise. The concept recently received a boost when thousands of doctors backed a universal health plan proposal published in The Journal of the American Medical Association.
The proposal has its critics. After all, it would increase taxes and basically hand over management of our health-care system to the Federal Government, but it's about time we address health-care reform again in a more serious tone rather than as part of some political campaign.
(On the flipside: Here's a link to a music clip lovingly supplied by some anti-Hillary Clinton health-care reform fans. Enjoy.)
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