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BBB TrustBrief

April 16, 2012

Trends & Trust

Stephen M.R. Covey takes on the topic of trust
By leveraging the concept of trust, entrepreneurs can boost growth and reduce expenses. Stephen M.R. Covey discusses this in his latest book, "The Speed of Trust." The book, written by Stephen Covey's son and business partner, discusses how to cultivate trust with employees, business partners, customers and investors. VentureBeat (4/14)

New Internet scams target small businesses
A new breed of Internet scams is using more sophisticated methods to target small business, according to GFI Solutions. For example, one scam used the Google name to get users to download a fake anti-virus program. Keep an eye out for fake LinkedIn invitations, which have linked users to download Trojan viruses, writes Dan Berthiaume. Instead of a spam filter, use a managed anti-spam/anti-virus service to identify scams before they infect your computer, he advises. MSP Mentor (4/13)

Customer Satisfaction & Marketing

What every small business needs to know about Twitter
Small businesses that embrace Twitter should keep a few simple guidelines in mind before going tweet-happy, experts say. Keep tweets relevant, don't be too formal and tweet on a regular basis. You can also search for discussions about your business and interact with other users. ZDNet/Small Business Matters blog (4/13) USA Today (4/13)

How sampling can boost retailers' sales
Retailers increasingly are turning to free samples as a way to promote the tens of thousands of products introduced each year. Sampling is most successful in boosting sales when merchants give away a quality product that's better than the existing version and is something that's hard to describe without actually trying it, says professor Richard George, chairman of the department of food marketing at St. Joseph's University in Philadelphia. STORES magazine (4/2012)

How social media fits into your master marketing plan
Think of using social media as a layer in your overall marketing and sales strategy, writes John Jantsch. Use social media to understand your customers even if their updates on Twitter and Facebook seem mundane, and use it as a form of search engine optimization to drive customers to your online content. He also advises small businesses to get to know journalists that cover their industry in hopes to increase their chances of media coverage. Duct Tape Marketing (4/13)

An engaged B2B client is a loyal customer
B2B companies need to go beyond providing a product or service to their clients and help their customers improve their performance, according to Gallup. To do this, you have to understand a customer's business and tailor your solutions to meet their needs. According to Gallup data, a fully engaged customer provides a 23% premium, yet only 13% are fully engaged, that is, they rely on a company's product over the competition. BusinessNewsDaily.com (4/15)

Management & Leadership

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Why tyrants make better bosses
It's better to be an unloved tyrant than a popular weakling, says Bruce Tulgand. Rather than fretting over whether you're considered a "nice guy" by your workers, focus on making tough decisions quickly, axing people who are dragging down your team and holding yourself and your workers accountable for mistakes. "Be brave enough to own your authority before things go wrong," Tulgand advises. Fast Company online (4/13)

Millennial employees crave responsibility, feedback
The youngest members of today's workforce require a different management approach than previous generations do, Michael A. Olguin writes. To get the most out of your millennials, make sure to give positive feedback. Additionally, be specific when you make requests and let them take as much ownership as possible on projects, he advises. Inc. online (free registration) (4/13)

The 4 W's of proper paper management
Everyone needs to keep records, but some people go too far and end up hoarding reams of unneeded paper. J.D. Roth, author of "Your Money: The Missing Manual," had to conquer his excess-paper problem when he cut his living space by more than half. He encourages people who want to follow in his footsteps to consider why they're saving papers, what they really need to save, when it's OK to throw paper away and where they should be storing what they save. Entrepreneur online (4/11)

Most small business owners know the importance of managing credit effectively and that a "one size fits all" model won't work. Use Managing Credit - Made Simpler to find the right credit management model for your business and to help identify strategies to ensure you are on top of your business's financial condition.

Funding & Finance

Building business revenue, then protecting it
Business owners should sock away a "painful amount" of profits for emergencies, says John Krubski, research adviser to The Guardian Life Small Business Research Institute. It's just one of the six ways businesses can increase and shield their revenue. Other tips: Get professional financial advice, consider using borrowed money for research and development and have a vision for the business that goes out 10 years. Fox Business Small Business Center (4/12)

Even if you lost money this year, you may gain at tax time
If your small business lost money this year or experienced a natural disaster, you may be able to take a Net Operating Loss and get money from previous years' tax refunds, writes tax pro Bonnie Lee. This also lets you carry the loss to the following year to lower taxable income. To file a NOL, use IRS Form 1045. Fox Business Small Business Center (4/13)

BBB in the News

BBB finds renters battling bedbugs

When bedbugs invade a rental property, whose job is it to get them out? The answer lies in your lease, says Andy Teas of the Houston Apartment Association. But BBB is finding that apartment owners complain their landlords are not helping tackle the problem. ClipSyndicate/KRIV-TV (Houston) (4/11)

SmartQuote

People who don't take risks generally make about two big mistakes a year. People who do take risks generally make about two big mistakes a year."

--Peter Drucker,
Austrian-American writer and management consultant