Small Business in a Big World

June 13, 2011

What You Need to Know About Business Process Management

[tweetmeme source=”LilBizBigWorld” only_single=false]

In a world that is increasingly aware of the importance of being the top choice for clients, businesses look to different trends available on the market to be better. Business Process Management (BPM) looks to be a promising approach for business of all sizes. This management approach is a combination of effectiveness and efficiency with the help of innovative technology. For every company or organization, there is a goal and the achievement of that goal relies heavily on business processes.  The reason BPMs are gaining popularity is that with a relatively low-cost, businesses have a lot to gain such as efficiency in processes, increased productivity, control and cost savings. (more…)

November 9, 2010

Black Friday, Cyber Monday and Now Small Business Saturday

Filed under: small business,small business ideas — itbiznez @ 5:20 am
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[tweetmeme source=”LilBizBigWorld” only_single=false] American Express CEO Kenneth Chenault, had just announced that his company will start promoting Small Business Saturday. This is for the support of small business owners and will start on November 27, 2010. (more…)

October 28, 2010

7 Winning Strategies to Beat Your Competition

[tweetmeme source=”LilBizBigWorld” only_single=false] Operating a small business nowadays can be tough. Even if you have found a niche, chances are, there are others who beat you to it. If not, then once you’ve set up your business and it is going ever so smoothly, there are other companies who pop up offering the same products or services. (more…)

October 19, 2010

5 Outrageous Frauds Entrepreneurs Should Know About

[tweetmeme source=”LilBizBigWorld” only_single=false] Entrepreneurs should be wary about different fraudulent practices aimed at small businesses. Prevention is better than cure and the best way to prevent fraud is to know how it is being done and who usually does it.

1. Just last August, news broke about an employee who stole $60,000 from her employer which almost caused the business to close down. This is one of the most common fraudulent practices done and most of the time, it’s an inside job.

2. Firms making false claims about the SBA loans. These firms charge the entrepreneur for processing the documents, sometimes “ensuring” that their applications for the said loan would be approved.

3. Photocopier fraud. There are photocopier machines that save data on its hard drive. When you sell the machine and you forgot to delete all images stored on the hard drive, there’s a possibility that those images would be accessed and it would ultimately result in data protection breach.

4. Check tampering and fraudulent billing. These are perpetuated by those who have access on cash receipts and cash disbursements. Internal controls should always be enforced, no matter how much you trust your employees otherwise, it may mean disaster for your small business.

5. Financial Statement Fraud. According to the article Small Businesses Suffer From Company Fraud, this is the most costly with a median loss of $2 million.

Small businesses have a high risk of being victimized by fraudulent activities. Because of this fact, entrepreneurs should have a high regard for the safety of their data. Otherwise, all the hard work you’ve put in would be put to waste if your business goes under due to fraud.

September 30, 2010

Building Better Business Relationships and Keeping Them

Filed under: small business,Uncategorized — itbiznez @ 4:13 pm
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[tweetmeme source=”LilBizBigWorld” only_single=false] Business relationships are a lot like personal relationships. It takes hard work, perseverance and patience to get results. There are a lot of businesses offering new products and services everyday. In fact, when you log in to Twitter, most of the tweets you’d get is about either what they did during the day or what people are promoting. (more…)

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