Business Loan Options Blog

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Branding in the United States may be difficult, but add in a foreign language and a global brand in another country may end up meaning something it shouldn’t. Worried manufacturers hire linguists to help their companies market their brand in other locations to avoid being a laughingstock even before they can open their mouths. Classic examples throughout marketing history indicate that its always better to change a name that has a phonetic misinterpretation in another language, particularly when that old name isn’t too complimentary.

To Rename or Not

As companies move their brands to new countries, even the largest companies like the search engine Bing can run amuck with language faux pas’. If they had just assumed that since Bing sounds Chinese, that it would be okay. However, the phonetic word “Bing” in China actually means defect or virus. No one would be tempted to use a search engine that already warned them to beware how it works. In cases like this, a company can choose to rebrand with a whole new name that carries a different association or it can use something closely sounding like the right word, but one with better associations. Bing was renamed Bi Ying for Chinese consumption.

Other Classic Examples

Sometimes a company can luck out with the phonetic translation for their original name. Ke kou ke le in Chinese means tasty fun and it is the phonetic equivalent of Coca Cola. Mr. Muscle, on the other hand, is a cleaning solution that means chicken meat in Chinese. Manufacturers chose to rename it Mr. Powerful, instead. Some companies are warned by their linguist, but refuse to heed their warnings for e reason or another. Peugeot decided to keep their name, even though in Chinese the name closely resembles the slang word for prostitute. Rebranding is a serious choice and many companies opt to simply add new associations in the new language to make sure there is no mistake about what qualities they want associated with their product.

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Telemarketers are finding fewer venues to target potential customers with restrictive spam laws. Even calling someone who has been put on a “no call” registry list can be illegal. However, it isn’t just marketers who are now having trouble reaching people. Your local bank, business, and debt collector might also be getting into trouble with the same laws. Now, the “Mobile Call Act of 2011″ is trying to change all that. Read the rest of this entry »

Forget the unemployment numbers and the government reports on the economy. There’s a better way to tell if the economy might be picking up steam…

Underwear.

Investors and business owners who are keeping a close eye on economic activity can find out extra information my viewing some oddball common sense indicators that economists say do have some merit. For instance, when men stop buying underwear, you can be sure that the economy is in a tailspin because that’s an item they cut back on during times of economic distress.

Waffles

Not into underwear? How about waffles? Economists tout a Waffle House Indicator as another way to gauge the economic news of a particular city. Since waffle houses are open 24 hours a day, 7 days a week, in good times, anything other than a full menu service open every day is considered bad economic news. If houses in a local area are open, but serving a limited menu then the area might be under some economic distress. However, if they are closed, it is likely a disaster has hit.

Marine Recruitments

There have been multiple stories of people signing up for the service since they can’t find a job anywhere else. That may be good news for the marines, but bad news for the economy. These jobs are not as attractive as public service jobs and people take them knowing they are putting their lives at risk. Thus, the common sense analysis suggests that when business is brisk at a recruitment office that the economy is down. However, when advertisements on television are more brutal, it is the service’s way of saying: “We only want the tough ones.” That means they have enough volunteers and are able to be more selective. This means that there are quite a few people applying to be in the service and the economy is down.

No more soft sell, now it’s in your Facebook. Are people twittering when you walk by? They could be talking about the latest big online sale. Both brick and mortar stores and online retailers are engaging social networking in ways never seen before, and they are scoring big pocketbook wins with it. Retailers like Best Buy, Macy’s and Wal-Mart all sent out early Black Friday advertisements to Facebook to entice shoppers through their doors. But, adding a few promotional tweets or status updates are “old school” now and retailer are starting to engage social media in ways that increase interest and sales. Read the rest of this entry »

Most business owners target their marketing efforts toward gaining new customers. While that is always a good thing, they must remember that their current customers have the choice to shop elsewhere. This is a phenomenon that is seen in many sectors and needs to be addressed by businesses when considering the implementation of a new marketing approach.

Your current customers mean a lot to your business and they must not be ignored. For instance, cell phone companies have traditionally offered new customers great incentives for signing up, but have sometimes ignored their current customers. Many flock to other companies as they can get that new customer discount. This is just one example of what happens to businesses that decide to shift their focus in this manner. Read the rest of this entry »

The misclassification of workers has always been a problem. The Labor Department is working with some states to make sure that all workers are classified correctly. Whether you are exempt or non-exempt plays an important role in how you are paid. If a worker is misclassified, that could lead to problems down the road for employers.

The Labor Department is working in conjunction with the Internal Revenue Service and will share information with them and nine states to crack down on these mistakes. The tax losses can be extraordinary if workers are misclassified, so the crackdown may correct the issues and clear up any discrepancies that may exist. The nine states cooperating in this action are Maryland, Connecticut, Missouri, Minnesota, Montana, Utah, Hawaii and Washington. New York has made plans to cooperate in the very near future.

Here are some tips to make sure you are in compliance as a business owner:

1. Conduct an Internal Audit

Audit your company to see who may be misclassified. If you beat the Labor Department to the punch, you may be able to correct any issues before they come in and take a look. The Labor Department classifies employees by the job description, so don’t assume anything. And make sure you’re hiring the right people for the right jobs in the first place.

2. Cut Overtime

Let non-exempt employees know they may not work overtime. Pay them for any overtime they have performed, but take action if they continue to do so after being told not to. Communication is important, so talk to them and make your requests clear so that no misunderstandings happen in the future.

3. Start a Complaint Investigation

Promptly investigate any complaints that come across your desk while contacting a lawyer on the matter. Taking care of the problem swiftly can help the situation immensely. Look at job descriptions and review the Labor Department guidelines thoroughly. Notify your employees of the final results to help them understand their status as well.

Do you have any horror (or hero) stories to share? Let us know in the comments!

When is the last time that you looked at your business from a customer’s standpoint? Are you in line, price-wise, with your competitors? Or, are you simply not aware of your presence in your sector. Just like a car, your business needs a tune up every once in a while to make sure that things are on track and that you are maximizing your potential.

Attracting new clients, communicating with current clients and creating a buzz around your products and services should be your main priorities. You never know if you are doing the right thing unless you analyze your progress every once in a while. Wasting your time going down the wrong path can cost you time and money, so ask yourself these three important questions when you step outside of the box and look at your company with fresh eyes. Read the rest of this entry »

The job picture for the United States has its ups and downs and the numbers that they have been releasing have been both good and bad. Unemployment remains rather high, but the numbers of new applications for unemployment benefits have been going down, but at a very low rate. New jobs are just not being added at a rate that is consistent with a recovery from a recession. When the jobs added number increases closer to the amount of new unemployed, we have something that maybe considered a recovery, but until then it’s hard to say what is really happening out in the world today. Start-ups are one of the most important entities that create jobs. Most companies have been downsizing, so we cannot expect much help from them as they scramble to find the money, through sales or business loans, to continue to stay in business. They have so many monetary issues that they often hemorrhage money and don’t even realize it. New companies have the hunger and desire to make it, so we need them to add jobs at a good, steady rate to combat the unemployment issues that we face right now. Read the rest of this entry »

Running a business is difficult based on the many aspects of business you must deal with on a daily basis to ensure that things run smoothly and that you make money. Not only must you take care of your employees, you must also make sure that all of your customers are taken care of in a timely manner to avoid losses and turning to business loans for help. There are many ways to run a business, but most do believe that running it hands-on can be helpful as you will be more apt to know when changes must be made and when things are not going well. That way, you can make whatever adjustments that are necessary right away rather than hearing about the problem days too late, which can end in losing a customer or customers and soiling your reputation. Loyalty is one of the most important things that you must maintain in order to be successful in any business. You want your customers to come back, and to bring friends and family with them to increase your customer base. There are particular actions that you can take that will ensure that this happens. Once you start this process, you will how much customer loyalty can affect your bottom line.
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Times are lean and even with the slow upturn it still is not possible for many employers to acknowledge their employees with raises. You do not need to look into business loan options to recognize the people working for you.  Even if  a monetary thank you is possible it is still nice to display some form of appreciation to keep the atmosphere from spoiling. By recognizing people effectively, it reinforces the actions you most want to see employees repeat.  It is possible to keep employees happy and productive without just more money on their paycheck.

Most HR professionals agree that the best way to reward without breaking the bank is by allowing flexible work schedules.  This is one free reward that rises about all others by far and it can go a long way to building a mature relationship with key workers.  Also, allowing them to work from home for one day a week. As a manager, you are only as effective as the people you supervise. Create a weekly or monthly event to boost moral.  For example, ask everyone to bring in a baby picture and post it on a wall.  Have employees guess throughout the week who matches the photos.  Something like that can raise the productivity.

Employees also like for some type of recognition from out of the blue and at random.  May this be by a hand written note, by e-mail or in a company newsletter.  Companies that are not large enough for newsletters can publicize the success of individuals by setting up candidates and have all vote via e-mail on quarterly basis. The winner can receive a gift card, a dinner with the family at company expense, or a day off.

Have HR post a list with all of the names of those who have birthdays in the current month.  Schedule to have a birthday cake in the middle of the month for all to enjoy and share with colleges.  Also, send a personal birthday card to them at their home address. Food always is appreciated and is team building.  Ice cream on the house for all on a very hot day or asking everyone to bring in one dish for a lunch potluck is encouraging.

Some companies hold annual costume wearing competitions and judging.  The main prize can be cash or gift card for a grocery store.  Others offer to pay one utility bill for each employee in place of a Christmas bonus.  This idea is also a nice tax write off for the company.

Don’t keep “thank you” as a secret word.  This simple gesture can get the highest ROI.  Sadly, these two words are the most underused in corporate America. Reward and recognition helps both the employer and employee to get what they need from work and to make it a win-win situation. For many, working is not just about a paycheck alone.  The want to enjoy their work and be passionate about it.  A company that cares about those things will want for their employees to feel valued and inspired.  Rewards throughout the year can go a long way.