Common Internet And Web Terms Defined For Small Businesses The small business glossary includes many common internet and web terms that small business owners may come across. Learn more about the Internet and Web by visiting our blogposts “What Small Business Owners Need to Know About the Internet?” – click here and “Simplified Explanation of How the Internet Works – click here. These blogposts are also uses the common internet and web terms defined below. Some of the most important Internet related terms are: Domain Name: A domain name is a name that you select to identify your website. Each domain name is unique and canRead More →

Simplified Explanation of How the Internet Works Introduction to How the Internet works As a small business owner have you ever wondered how the Internet works? You go online to read your emails, buy some stuff, do research and much more. By knowing how the Internet works you will gain new perspectives and find ways to further capitalize on the power of the Internet/Web to further improve and grow your small business. Fortunately, how the Internet Works conceptually, is incredibly simple. The Internet is a global network of millions of computers that that basically moves data from one computer to another. On the other hand,Read More →

What Small Business Owners Need To Know About The Internet? The Internet and Small Businesses As a small business owner, have you ever wondered about the Internet and its value for your business? It is important to realize that in 2020, after more than 20 years of online access, the world is still at the beginning of the Internet revolution. The pace of digital change and how its impacts your small business will continue to accelerate as Internet technology advances and consumers and competitors alike, move online. Events such as the current Coronavirus pandemic (COVID-19) fuels this “Internet revolution” as business scrambles to accommodate theRead More →

Performance Measurement Defined for Small Businesses Performance Measurement in Small Businesses The role of performance measurement in small businesses is primarily one of learning; providing the small business owner with the required information to navigate towards desired end results, as reflected in a small business’s strategy. Similar to the principle used by ants, who leave pheromone trails to assist each other in navigating towards the food source. Performance measurement results should travel through the small business, facilitating communication, providing a base for analysis, synthesis and ultimately decision making across all levels of the small business. If you as small business owner don’t measure …  HowRead More →

Where Performance Measurement Fits into a Small Business Integrated Performance Measurement? Performance measurement starts before your small business is in business. As indicated in the diagram below, it’s an integral part of the strategic, tactical and operational planning processes. Goals, objectives and operational targets are all measures of performance within small businesses. Measuring business performance to evaluate and control the achievement of these goals, objectives and targets are critical for small business success. The challenge facing small businesses is how to match and align performance measurement with business strategy and culture. Furthermore, the type and number of measures to use and the balance between theRead More →

The 6 Key Leadership Behaviors of Successful Small Business Owners What is Leadership Behavior? Leadership Behaviors are the way that you act or conduct yourself as small business owner. Effective leadership behaviors are the actions you take to develop, motivate, empower and assign meaningful work to your employees that causes them to work willingly towards achieving your business’ goals. Your leadership behaviors directly impact the social-emotional reactions of your employees and are the difference between the success and failure of your small business. By developing strong positive leadership behaviors, you will build proactive management and operative teams that are trusting, flexible, accountable and passionate aboutRead More →

Small Business Failure Checklist You need to use our Small Business Failure Checklist, since: • 20% of new small businesses fails within the first year of operation, • Half of all small businesses fails within the first 5 years, and • Only one-third survive longer than 10 years. Business failure is almost always attributable to the entrepreneur that started the small business. As small business owner, you must be aware of challenges you are facing; why small businesses fail; and when to get help to prevent it. Business failure does not only mean going out of business. It can also mean your business fails toRead More →

Definition of Business External Environment The Small Business External Environment can be defined as the events, forces, conditions and entities surrounding a small business that influence its activities, choices and decisions. The external factors affect a small business’s abilities to be successful and build relationships with customers. The external environment has two components, commonly known as the Macro Environment and Microenvironment.   What is the External Micro Environment of a Business? The small business’s external micro environment is formed by the individuals and factors within the immediate area of operation that directly influence its business operations and ability to serve customers. There is direct contactRead More →

Imminent Stock Market Correction Predicted in 2019 Are you concerned about your retirement savings because of stock market volatility? Consider that in 2019, the current 10-year bull market is the longest on record. Institutional investors predict its end within the next 12 months, with a 40% to 70% retracement (fall). Take note, that if the stock market drops 50% you need to make a 100% to get even. If you need to withdraw money while the market is low and recovering, which could take years, you might never be able to recuperate your losses. This present a real risk, especially for Small Business Owners thatRead More →

What is a PESTEL/PESTLE Analysis? PESTEL or PESTLE Analysis is a strategic business planning or market research tool for Small Businesses Owners to identify, analyze and monitor the key macro external factors that impact their businesses now and in the future. The macro external environment can be defined as the global business conditions, entities, events and factors within which a small business operates. The PESTEL framework considers the Political, Economic, Social, Technological, Environmental and Legal external factors as basis for analysis and how they affect the probability of  small businesses being successful and profitable. PESTLE analysis helps you to identify business opportunities and threats withinRead More →