Chad M
Chief Economist & Director of Economic Research at U.S. Small Business Administration, Office of Advocacy
In addition to the federal economic stimulus package, is there a “hidden” stimulus you can uncover within your own business?
$787 billion helps. However, there are quite a few opportunities that may be found from within your business to help stimulate your success. What are your thoughts and suggestions on these "hidden opportunities" and how to find them?
Join the live discussion (http://www.sap.com/mk/get/stimw?&SID=SMLNK0) to learn how.
Chad Moutray is the Chief Economist at the US Small Business Administration (SBA) and will lead off “The Economic Stimulus and Your Business" which takes place on July 29th at 2pm EST. Other Webinar panelists include: Steve King, SMB Expert, Emergent Research and @Smallbizlabs, and Sam Sliman, Optimal Solutions. To learn more about the Webinar (sponsored by SAP) and share your insights live, please visit: http://www.sap.com/mk/get/stimw?&SID=SMLNK0
Answers (16)
Not sure if this answers your question, but I thought this was a nice idea: http://www.upi.com/Odd_News/2009/07/15/Coffee-customers-pay-it-forward/UPI-76321247688926/
Here's the video:
http://xml.truveo.com/rd?i=2771527561&a=af6f670b39b1121cf54358467c12e869&p=1&q=id%3A2781425765&vl=2781425765%20
Jason C
Multi-Modal Lead Generation For The Complex Sale & Social Media Evangelist at InTouch part of MECLABS Sciences Group
Best Answers in: Lead Generation (4), Sales Techniques (2), Business Development (1), Communication and Public Speaking (1), Small Business (1)
An effective multi-modal and multi-touch lead generation campaign can help companies to uncover buyers in their market verticles. Utilizing the "human touch" in addition to social media, e-mail, etc... through cold calling will drive vast revenue streams to companies who truly bring value to the market.
Links:
I just created a newsletter/press release pertaining to and addresses this very issues. It's titled "Video Key Online Asset To Stimulate Growth For Smart & Small Businesses." It discusses how business owners can better take advantage of video as a means to build better customer awareness and loyalties by personalization of the story behind the business. I also cite how video becomes a key asset in online ranking in search engines and a virtual billboard traveling the digital landscape of Google, YouTube, Vimeo and other popular posting sites.
You can check out the article at http://ngkmediareels.com/Newsletter.aspx, along with the other information on my web site.
Thanks!
Nick Koontz
Producer/Director
Invisual Digital (TM)
A Trade Mark of Video Arts Systems & Technology, Inc.
& CEO of InnerGate Entertainment, LLC
Links:
Denise C
Executive Director
Best Answers in: Mentoring (1), Project Management (1), Career Management (1)
Performing an audit of existing contracts can be a stimulus plan in it's own rights. Often times there are "hidden" overcharges that you can use to recover money. With construction audits, this averages 1-3% on total construction spend.
Marshall M
Health Care Business Leader - EMR
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Chad,
Great question!
My primary company is a large hospitalist physician practice.
Cost savings:
1) This week we finished a re-design of our health insurance plan. I have a young workforce, so with a HDHP with an HRA we saved over $80k annually.
2) Next week we launch a newly designed Pension Plan. We were able to add significant new features and adopted a "safe harbor" format which resulted in ensuring better that we will be able to fund it.
New business:
1) Since we have proved we are very successful at managing inpatient costs, we are now developing a consulting division (essentially no start-up or infra structure costs).
2) For new contracts, we are researching potential clients' websites. That way we are able to "pitch" and tailor our service offerings to their needs and "sweet spots".
3) We are adopting "Blue Ocean Strategies" to project emerging health care needs/services and "The Momentum Effect" to fuel marketing. Again, no start-up costs.
The stimulus in our business comes in three areas. It's all about
re-thinking business in this economy.
What we are doing...and seeing results:
1) Stimulate (motivate) the team - Be thruthful, transparent and share the plan/vision about how we will succeed in this economy. People are willing to pitch in and work even harder, be innovative and creative
2) Stimulate the Bottom Line - That means looking at every expense, purchase AND going back to partners and asking to re-look at other ways to cut costs. Additionally are you staffed right for this economy and the new skills people will need?
3) Stimulate Your Marketing- This is THE best time to market. The cost of traditional media is at an all time low. Social media costs almost nothing. And there is less clutter. So we are/have been marketing more to our clients and perspecitve clients. This is the one expense NOT to cut back on.
Links:
The hidden stimulus withing my business, AmeriPlan Health is that we can help create jobs nationally which will put professionals back to work.
National Health Care Company now hiring to market a consumer driven health plan. Seeking candidate proficient in marketing, sales, and consumer research.
Headquarted in Plano, TX , AmeriPlan Health is Number 1 in our industry and members of the following professional organizations;
• U.S. Chamber of Commerce
• National Association of Health Underwriters
• National Association of Dental Plans
• Direct Selling Association
• Consumer Health Alliance
We need professionals to help us market this benefit plan. We need you.
For immediate consideration, please forward your requirements to:
AmeriPlan Health
recruitteamstl@yahoo.com
Links:
Kevin L
CEO, Didit, We-Care.com, DNB.PowerProfiles.com, SEMPO BOD, Author "Truth About Pay-Per-Click Search Advertising"
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Its all about understanding the short term and long term return from your capital and human resources. Finding the balance is the trick. Each of my businesses has a differnt mix.
Links:
Marietta C
Executive Director, Friedman & Wexler, LLC - Collection Law Firm - Consumer/Commercial
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Granted, this isn't true of all businesses but it does apply to a great many, large and small ..
First, how many companies operate, year to year, deciding what the client needs/wants, without ever asking the client themselves? Seems there might be SOMETHING new you could provide -- value added?
Next, how many companies land the client, sell the product or service, and then don't do the follow up necessary to continue forward and cultivate the new business from the client?
Communication is everything .. if you start there, there are lots of "buckets" you'll find ..
Wallace J
Multimedia Producer and i3D Programmer for Acrobat 3D PDF, JavaFX, Mobile & Virtual Worlds
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Definitely. It is the revolution of the internet going over onto Mobile Phones and Smart Phones, which are essentially handheld computers! We are now providing the major brands, agencies and manufacturers with custom mobile websites, mobile applications, mobile marketing tools such as brandGames, screensavers and wallpapers/backgrounds, as well as custom applets, UI and UX Design that is 100% optimized (including data footprint) for mobile device screens, capabilities and network bandwidth. Walls. MindTaffyLLC@Yahoo.com
Links:
There has been NO positive effect from the Government give-a-way in our business. As most work-a-holice and creative Americanswe just suck it up, get creative, start another business, what ever needs to be done that is legal and honorable to keep the bills paid. This attitude of never accepting defeat is what brings the economy back. From my view point, it would have been far better for all of us if there had been no stimulus. The majority that were helped were those who have become quite complacent and satisfied in waiting for the next government check.
Have you ever considered creating a Profit and Loss statement on your customer base? What if you discovered that 75% of your customers were "unprofitable"? What if you discovered that you could implement solutions to these "troubled" accounts that could immediately return a positive net income back to your company? There is enough stimulus in this type of exercise that you dont need federal intervention-- you simply need a sales philosophy intervention!! Good Luck!!
Links:
Not sure what you really mean by "hidden stimulus". I own two large franchised Child Development Centers. The health care costs are making these centers prohibitively expensive for customers; and not attractive for me because I am now losing money on these. These are located in MA - where the state has already implemented a health care reform. The problem is, my employees do not find it attractive enough and therefore, I end up paying 50% of the premiums - as a small business the insurance company charges me very high rates.
For me the only hidden area would be change in hiring strategy - - hire persons who have health care benefits from another source!
Danny W
Business Development Director focused on creating value for litigation and real estate legal professionals
In the commercial real estate field, there is hidden money for both those who are struggling, as well as those still doing well (yes, there are still some of those out there).
For those who are having a hard time covering their debt service or refinancing due loans, banks are willing to renegotiate, although it is sometimes a tricky endeavor when dealing with commercial loans, particularly CMBS ones, and expert advice is definitely advised. I have seen loans cut down, both in amounts and in rates, and there is almost no situation that is not negotiable.
For those lucky enough to still be above water, cost segregation studies are a phenomenal way to increase up front cash flow. The IRS actually says that this is the proper way to calculate depreciation, and by accelerating a fair amount of the property's depreciation, the owner can put put hundreds of thousands of dollars of tax money back in their pocket, for a minimal charge for the study. The only thing to be careful for is that it's done both on an engineering and accounting basis, and is performed by an experienced professional.
Links:
Jim P
UnPlugged Mass Media
Best Answers in: Staffing and Recruiting (1), Employment and Labor Law (1), Internet Marketing (1), Mobile Marketing (1)
Chad: $787 Billion went to whom? OK call me cynical there is NO stimulus package. Everything being passed today is being done to screw the small business and the tax payer. The hidden opportunity is to tell your congressman NOT to pass another spending bill because they have proven that all they do is put a drag on the economy and put us further into debt.
Links:
It would be good for high tech companies (mostly hardware) to work with government agencies. I know government likes to deal with big and established companies, but most of the innovation does not happen in big box companies. So, maybe a portion of government $$'s can go in creating an office to give some projects to small firms. What currently exist in the government to work with small high tech firms is poor.
