How to allocate limited capital between multiple divisions | Low-cost ways to market your business | What Stephen King can teach you about content creation
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May 17, 2013
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Problem. Solved.
How to allocate limited capital between multiple divisions
Williams and White Machine, a manufacturing business based in Canada, is struggling to figure out the best way to allocate its resources among its three divisions: a manufacturing shop, an equipment division and an automation unit. The company might be able to solve this problem by holding a strategic planning session, looking for ways to get more capital and seeking feedback from customers to see what interests them, experts say. The Globe and Mail (Toronto) (tiered subscription model) (5/15)
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Marketing
Low-cost ways to market your business
Social media is a great tool for small-business owners who don't have huge marketing budgets, but it's not the only way to spread the word about your business without breaking the bank. Attend networking events, make yourself available as a public speaker, issue news releases and make cold calls, experts recommend. "There is a very inexpensive marketing tool sitting on every business owner's desk or in their pocket or handbag: the telephone," sales coach Wendy Weiss said. Intuit Small Business Blog (5/16)
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Other News
Management
How to encourage teamwork at your company
The quality of your team of employees will have a significant impact on the performance of your business. You can promote teamwork at your business by giving your staff decision-making authority, allowing them to take on new challenges, involving their families in company events and using incentives to keep them motivated. SCORE Small Business Success Blog (5/16)
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Avoid scaring employees by ditching these bad habits
Business owners can unknowingly scare employees and lower their productivity by constantly giving orders instead of expecting workers to figure out problems for themselves or holding unfocused meetings that leave people confused, Daniel Kehrer writes. Some owners also make the error of correcting employees before establishing a strong rapport or talking about problems instead of how to reach the desired outcome, he writes. The Arizona Republic (Phoenix) (tiered subscription model) (5/16)
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Tips & Tools
Throw your company's rulebook in the trash
As employee-benefits company Liazon grew, CEO Ashok Subramanian hired a consultant to create an employee handbook, only to realize that new hires' "first introduction to the company, in many ways, was this handbook. I realized that these folks were getting the completely wrong impression of the kind of company I wanted to build." Subramanian eventually tossed the rulebook publicly at a company event, saying it didn't represent the culture of trust he wanted. The New York Times (tiered subscription model) (5/16)
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3 ways to improve your tech functions
Eighty-five percent of workers lose about 18 hours a month as a result of IT problems, research by Forrester Consulting finds. At stake for businesses is a loss of $337 to $1,666 per employee per month. Businesses can improve their IT functions and reduce losses, the study suggests, by defining technology users' needs, making sure their IT service desks are well trained and automating key processes and decisions. BusinessNewsDaily.com (5/16)
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Featured Content
Just for Fun
Hong Kong's awfully fond of its rubber ducky
A 54-foot-tall sculpture of a rubber duck has been bobbing about in Hong Kong's Victoria Harbor for the last few weeks, captivating office workers in the skyscrapers along the shore. But the duck was found deflated Wednesday morning, raising suspicions of fowl play. CNN (5/15)
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SmartQuote
Despite good intentions, many business owners and managers unknowingly strike fear into employees simply by what they say -- or don't say."
-- Daniel Kehrer, writing at The Arizona Republic
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