Free Snap Payroll App Now Available for Small Businesses |  |
- Free Snap Payroll App Now Available for Small Businesses
- Spend Your Time Doing The Right Work
- Bright Spot in the Small Business Credit Sector
- The Push To Get Military Veterans Into Franchising
- Google Nexus 7 Posts Strong Sales After Less Than a Week
| Free Snap Payroll App Now Available for Small Businesses Posted: 19 Jul 2012 01:00 PM PDT Intuit, one of the largest payroll processing services for small businesses in the US, has announced a new payroll app available to employers who don't necessarily need full-fledged accounting software, but still want some help managing their payroll.
Snap Payroll, which is now available in Apple's App Store for iPhone, iPod Touch and iPad, does not currently tie into Intuit's other payroll processing systems such as Intuit Payroll or QuickBooks. But instead, the app is intended for those small business owners who are just starting out or who have just a few employees and want help calculating wages and taxes quickly and accurately. According to Intuit, 31% of small business owners process payroll manually with spreadsheets or similar systems. The new Snap Payroll app will calculate employees' net pay based on their hourly wages, hours worked, and withholding for both state and federal income taxes. Though minimal, the app can help employers who process payroll by hand or without in-depth software to simplify payroll calculations and make sure tax information is accurate so as to avoid any IRS penalties. In order to better serve such small companies, Intuit is offering its Snap Payroll app for free, in the hopes that small businesses will continue to think of Intuit for more advanced payroll products as their businesses grow. Currently, Intuit's line of payroll software ranges from the free Snap Payroll app to $25 per month for basic online payroll to $395 for QuickBooks Enhanced Payroll software. Intuit also offers a variety of other free apps, many of which work in tandem with QuickBooks or other Intuit products. Currently, Snap Payroll only supports businesses in Alaska, California, Florida, Illinois, Nevada, New Hampshire, New York, South Dakota, Tennessee, Texas, Washington, and Wyoming. However, Intuit plans to add more states to the list in the near future. You can download the Snap Payroll app from the App Store, or learn more about the company's other products at Intuit.com. From Small Business Trends |
| Spend Your Time Doing The Right Work Posted: 19 Jul 2012 11:00 AM PDT It's not that answering the phone is wrong and creating a company outline is right. I mean, if you don't answer the phone you can't get new business. And it's not that sales and marketing is the right work and customer service is the wrong work. It all impacts your bottom line.
But when it comes to leadership, when it comes to the owner of the business, it's about consistently doing what needs to be done for the long term health of the company. It's about starting that work — today. But, what are you spending your time doing? Are you answering the phone all day, when a smart and friendly receptionist could do it better? Are you waiting the tables when an attentive waitress could have greater impact? I've seen small business owners with creative and effective solutions doing the wrong job and running potential clients away. And I bet you have too:
Don't get me wrong, you need to come face to face with your clients so that you can understand what they really need and want from you. But then you have to make room for the rest of it. The owner holds the business in their heart. They identify and develop the big picture strategy. They attract and lead the team. They give a deeper meaning to the daily grind and details of the business. It's the work that can't be handed off without loosing some of the essence of the company and that's what makes it the right work for the small business owner. To be effective for the long haul, you have to make room for the strategy work. There has to be time to be still and think some things through. Time to rework the way you do what you do. Time to retest the status quo and make changes when necessary. The right work for the leader is the strategy work. And when you consistently do strategy work – it's easier for innovation to become an ongoing part of your business. Annoyed Photo via Shutterstock From Small Business Trends |
| Bright Spot in the Small Business Credit Sector Posted: 19 Jul 2012 08:00 AM PDT Yes, I’ve read them. The stories are everywhere. The economy is struggling and so are small businesses. Perhaps The Great Recession is over but the economy is soft to say the least. Bank loans are tough to come by. Non-bank finance lending is way down – actually they are at their lowest levels since 1998 as Scott Shane reported here.
In fact, right now there is a lot of talk about Dr. Doom’s “perfect storm scenario” that Nouriel Roubini says is beginning to play out. Months ago, Roubini talked about the combination of stalling U.S. growth, debt troubles in Europe, the slowdown in several emerging markets (led by China), and military conflict in Iran causing a “perfect storm” that would impact the global economy. The recent reports of softer than expected job growth in the U.S. and the inflation report from China are fueling speculation that Roubini may once again be onto something. We also know how important it is for small business owners to be able to access loans and lines of credit as they start, build, and grow their businesses. Studies have shown that small business owners are hesitant to do things like hire additional employees and increase benefits to their employees when they cannot access capital. They go into “survival” mode and do not expand and grow because the risk is too great. According to the Keybridge Research study, the impact of credit card usage and specifically business credit cards on small business growth is very real and quantifiable. According to this study they found that for every $1,000 of credit card use for small business owners there is an average of $5,500 in increased firm revenue. Additionally, from the years 2003 to 2008, they estimate that the expansion of credit card lending in the U.S. contributed to the creation of 1.6 million U.S. jobs. Don’t underestimate the impact of these numbers – credit card borrowing is by far the #1 source of financing for small business owners. According to the National Federation of Independent Business, 79% of small business owners use credit cards to run their business. It’s actually down from 2008 when that number was 85%. So it’s not only true that credit cards are a vital part of the overall funding strategy for small business owners, but in some cases, it’s the only form of credit they really have. That’s why the recent news about credit card delinquencies is a bright spot in an otherwise dim economic forecast for small business owners. According to a recent Reuters report, credit card delinquencies are down significantly – to the tune of being at low’s we haven’t seen in over 20 years. This is surprising since it’s previously been believed that there was a correlation between unemployment and credit card delinquencies. Despite the unemployment numbers still not being very encouraging, the percentage of credit card delinquencies has continued to get lower and lower. Unemployment was at 10.0% at its recession-peak in October 2009. Through the first 6 months of 2012 the rate has bounced back and forth between 8.1% – 8.3% so no real progress this year. So what does all of this mean? Well, I agree with the concerns shared by most about the state of small business today. There are concerns galore. However, with credit cards, we’re talking about the #1 form of financing that is used by nearly 4 out of 5 small business owners. The banks are back to making nice profits in their credit card divisions and the write-offs are at historic lows so you’re going to see some slight adjustments made by lenders to extend more credit. But here’s the key – they are going to do it to the “credit-worthy” consumers and small business owners. Unfortunately the CARD Act has hurt small business owners so keep in mind that lenders are beginning to slowly get more generous with their credit lines on credit cards but you’ll still continue to see higher rates after the 0% introductory offers end. Most of the people who seem to defend the CARD Act were the people who lobbied and pushed for it in the first place but here’s a good article from Forbes for those of you who aren’t clear on it’s negative impacts. Fundamentally, the CARD Act brought regulation at a time when the market and our economy needed liquidity, the equivalent of going on a pasta diet when you need to reduce carbs! Credit cards are a great financing tool for small business owners and sometimes it’s actually their only option. I realize there’s an army of people out there who don’t like credit cards and that’s okay but they are like anything else – they can be used the right way or the wrong way as you build your business. Where else can you find low-cost financing (0% intro offers are as good as it get’s and there are millions who have maintained very reasonable interest rates on their credit cards despite what CARD Act proponents may claim), not need collateral, have quite reasonable monthly payments, along with flexibility of monthly payments that is invaluable to a small business owner who is managing cash flow? We don’t have time here to talk about the involved process of choosing the correct small business credit card but it’s clear that the prospect of some very slight loosening of the underwriting criteria has already happened in the credit card space and with the state of the overall economy let’s celebrate a small victory that will have a very positive ripple effect for small businesses everywhere! Perfect Storm Photo via Shutterstock From Small Business Trends |
| The Push To Get Military Veterans Into Franchising Posted: 19 Jul 2012 05:00 AM PDT Franchise industry advocates, franchise company executives, and business publications, both online and offline, have been engaged in some serious target marketing as of late. The focus of this seemingly industry-wide lead-generation effort is on the thousands upon thousands of our military men and women who are returning from two wars.
As you'll see, this isn't the first time that franchising as an industry has done this. Check out the Top Franchise Trends For 2012. It all started in 1991, when a strategic initiative called VetFran was launched. It was led by Don Dwyer, Sr. (USAF, Ret.), Founder of The Dwyer Group, to support veterans returning from the Gulf War transition to the civilian economy. Since then, more than 2000 military men and women have become franchise business owners, which is a pretty impressive number. But, that number is being challenged…to increase even more. Operation Enduring Opportunity In November of last year, First Lady Michelle Obama, as part of the White House Joining Forces Initiative, announced the Operation Enduring Opportunity campaign. This program has some pretty lofty goals; the hiring and recruiting of 75,000 veterans and 5,000 wounded warriors by the year 2014. All 825,000 franchise businesses in the U.S. have been asked to help reach this goal, which happens to be the largest franchise industry hiring and recruiting commitment ever. A Heavy Duty Effort I've never seen this many franchisors get into the (marketing to potential military veteran franchise owners) mix than I have during the past year or so. Today's veterans have some great opportunities available, if they have the financial capabilities along with the desire to be their own franchise business owners. Here are some examples: TeamLogicIt: This technology-related franchise is waiving their $40k initial franchise fee for up to 10 qualified U.S. military veterans through December 31, 2012. 7-Eleven: This huge retail franchise system is offering military veterans 10% off the franchise fee – a savings of up to $35,000 – and up to 65% financing. ValPak: This Florida-based direct mail franchise is waiving its start-up fees, (up to $32k) for veterans that become franchisees until December of 2013. The UPS Store: This packing and shipping franchise offers veterans a $10,000 franchise fee discount. Maaco: This established auto body repair and painting franchise is discounting its $40k franchisee fee 25% for all eligible military veterans CiCi's Pizza: They're waiving the entire franchise fee for the first restaurant and also offer a 50 percent royalty fee reduction for the first full year in operation for all qualified, honorably discharged U.S. veterans. Instant Imprints: This embroidery franchise is discounting their franchise fee by $10,000 along with a 0%, 48-month loan for the balance of the fee. Kahala Franchising: This 12-brand strong franchise company is offering a 50% discount on franchise fees for all of its brands which include Cold Stone Creamery, Blimpie, and Cereality. CruiseOne: This home-based travel franchise has a contest going on, (until September 14th, 2012) that eligible military veterans can enter. Up to 5 winners will have their franchise fee waived. Details can be found on this website. Snap-on Tools: This military-friendly franchise offers a $20,000 discount on the initial franchise inventory purchase for honorably discharged veterans. 400 Franchises The franchises listed above are only a sampling. There are over 400 different franchisors participating in VetFran. Today's military veterans-especially the ones who are starting to return home from overseas are faced with many choices, with their choice of career being top of mind. Most veterans will choose the more traditional career route; they'll get a job. Others will focus their efforts on more entrepreneurial endeavors. For those that do choose to explore opportunities in small business ownership, and are leaning towards franchise business ownership, they're certainly going to feel the current push by the franchise industry to become franchisees. Just like anyone else who's looking into franchise ownership, they'll need to assess their budget, and do their homework on the opportunities they're interested in. Our military men and women are used to being pushed. They can handle it. Military Photo via Shutterstock From Small Business Trends |
| Google Nexus 7 Posts Strong Sales After Less Than a Week Posted: 19 Jul 2012 02:30 AM PDT There’s a new sheriff in town, and it’s name is Google Nexus 7. The new device is already posting strong sales and could be a real alternative for your business, if you are looking for a more cost effective tablet than Apple’s iPad. The question, at this point, may be how quickly you can get your hands on one. Tablet Toss UpFlying off the shelves. After arriving in retail stores less than a week ago, the 7-inch Nexus 7 co-developed by Google and Taiwanese company Asustek starts at $199 and is selling so well that some stores are already out. The new device features Android mobile software and is intended to compete with the more expensive Apple iPad that already dominates the tablet market. Reuters Heading into hardware. The Nexus 7 may be the first step for Google into more hardware products. In a recent preview of devices, a company representative also showed off the Google Nexus Q, a home entertainment device, and the company also recently acquired Motorola, another sign of hardware ambitions. The question is whether the company may become a viable supplier of other business hardware too. DealBook Nexus NewsImages via Instagram. If your business requires sharing images on a regular basis, there’s good news about some basic Nexus 7 features. The device already boasts support for Instagram and the latest update allows users to share those images via Flickr, once filtered using an easy menu option. More features are almost certainly on the way, so watch for updates. AndroidCentral Delivered to your door. Some lucky users who pre-ordered the Nexus 7 will have their devices soon or may have them already. Google has announced it began shipping the tablets on Friday, and estimated two to three business days for delivery. Other retailers are also taking orders for the device, so your business may want to look for the opportunity to get on a list. Los Angeles Times Great Tablet RaceSmaller, cheaper iPad coming. We’ve reported before that Apple is likely working on a smaller, less expensive version of its own device as what some are calling the “tablet race” heats up. The new Apple device will likely have a 7.85 inch screen and sell at a price significantly lower than the $499 price tag of the iPad. Whatever the outcome, it seems clear businesses seeking less expensive tablets will be the winners. The New York Times Samsung offers Galaxy of options. Google certainly isn’t alone in offering tablet options. Samsung’s Galaxy tablet is another example of what could be in store in the tablet market. Apple recently lost a case against Samsung after claiming the company infringed on the iPad’s design. The Samsung device offers one more option for business and other tablet users. Bloomberg Judging when you get your tablet. Determining when you might get your tablet remains a question, if you’ve selected a device whose manufacturer is still immersed in patent disputes. Another upcoming court ruling in the US may soon decide what tablet devices business users and other have available to them. But almost certainly more options are on the horizon. The Washington Post From Small Business Trends |
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