Best Social Media Tools For Your Small Business

Social media has quickly become a necessity for small businesses. Depending on the clientele you're trying to reach, it can feel like you need to spend every waking hour logged in to one social networking site or another. But which ones are the right fit for your company? This article will help your business answer this question.

Using Social Media EffectivelyDeciding which social media sites to use can be difficult, and new sites keep launching every year, making it even harder to know if you've made the right choice. Giving up entirely on social media in the face of these difficulties isn't a good decision for a small business, though.

Not every business needs to be active on every single new social media site that comes out. Some companies can even get away with a minimal online presence, provided their customers aren't looking for them on the Internet. You need to know where your customers are active and have a presence in that space. If your customers are active in the social media sphere, your best social media options depend on whether you're selling to consumers or to other companies. Out of the big three, Facebook is very consumer-oriented, while LinkedIn focuses on building business relationships. Twitter offers the opportunity to connect with both types of audiences.

Automating Your Social Media PresenceAs a small business owner, it's particularly important to embrace the tools that will help you efficiently manage your presence on these sites, as well as the more niche-oriented options. The more time you can save, the better. Programs like HootSuite allow you to write messages to post to Twitter and Facebook in advance, scheduling them to go out at the times you'd like. HootSuite also offers ways to streamline your social media efforts, such as searching for mentions of your company online. Other programs, like Crowdbooster, take different approaches, such as recommending the best time to post messages for your audiences and offering reminders when you haven't responded to a comment.

There are debates over how far a small business can afford to take social media automation. Because the value of using social media lies in building relationships, planning your posts too far in advance can result in your posting old information that is no longer interesting, as well as not investing time in responding to fans and followers. You have to decide how to best use social media for your own business and how much automation makes sense, but it should always be a priority to make a meaningful connection over social media.

The Evolution of Social Media SitesSocial media sites continue to evolve, changing the way that your business might use them. Facebook recently changed the way the site displayed content from pages that users have liked, reducing the number of posts that make it to a user's feed (where they're most likely to see updates) dramatically. In the process, Facebook began promoting paid updates, often from brands that users haven't chosen to connect with. This change means that many businesses are scrambling to change strategies, or even to explore other social networking sites. That might mean paying for access to certain types of users where the return on investment (ROI) proves high enough.

Unless your business focuses on social media, it's hard to keep up with these changes. That makes reading blogs and other sites that cover social media necessary, or requires you to consider getting outside help from a social media expert.

The Bottom LineIt's important to let your social media marketing evolve as your business grows and new social media tools become available. Your business should test which platforms are most effective and ask customers where they spend their time online. After all, if you wind up on the wrong site for your intended audience, even the best tools can't help you. Social media marketing can prove very lucrative for companies willing to invest the time and energy into it, however, and social media tools can reduce the investment required to be successful.

 Source: investopedia
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Build Your Small Business During Downswings

In times of economic distress and reduction in consumer spending, businesses always look for ways to increase profits by either:
  • Developing new products to stimulate more spending on the part of buyers, or 
  • Examining company expenses more closely and looking for ways to reduce those costs
During recessions or economic downswings, businesses are more likely to cut costs than convince customers, who are also looking for ways to save money, to spend more. It's a good opportunity to make owners think outside the box - and outside their company - to find financial answers to their current problems. If a new product or service won't help grow your company, then finding ways to cut costs just might. In this article, we'll take a look at several of these cost-saving measures for small businesses to help them survive - and even grow - during economic fluctuations. (To learn more about the impact of economic instability on businesses, see The Impact Of Recession On Businessesand Industries That Thrive On Recession.) 

1. Assign the Purchase of Office SuppliesOne expense area that might require scrutiny is the office supplies, which include items like staplers, pens, pencils, calculators, notepads, printing paper, ink, toner, coffee and more. Aside from simply cutting back, one way to reduce the cost of office supplies is to shop around for cheaper vendors or vendors who are willing to offer discounts. If you have a good relationship with your current vendor, consider talking to your vendor to request a discount on items you buy.
Another way to curb the office supplies expense is to put in place the following buying controls: 
  • Specification sheet: A specification sheet includes a price range or price criteria for items. It tells the employees in charge of purchasing what an acceptable price range is for various products.
  • Approved purchase orders: Allowing employees to purchase office supplies when they feel there is a need is not good practice. Instead, assign the purchasing of office supplies to a trained employee and let the duties include taking stock of office supplies. When it is time to purchase the supplies, have that employee fill out the purchase order and make sure it is approved by an authorized employee.
2. Reassess the Inventory Costing Method If you have inventory, the type of inventory costing method you use can affect your cost of goods sold and ultimately your profit. The two major types of inventory costing methods are first in, first out (FIFO) and last in, first out (LIFO). These methods are used for accounting purposes.
In the FIFO method, the first inventory to be purchased is the first to be sold. For example, suppose your business sells computers. You buy a computer in March for $150 and another similar one in April for $250. When you sell a computer for $500, you are going to state, for accounting purposes that the cost of the computer is $150 because it was the first one purchased. In the LIFO method, the last item bought is the first one sold. Using the previous example, when you sell the computer, your cost is going to be $250 instead of $150.

The type of inventory costing method you use becomes relevant during a period of rising costs because both methods have different effects on your profit.
FIFO results in a higher net income, because the costs you are subtracting from revenue are from a period when goods where cheaper. On the other hand, LIFO results in a lower net income because you are using higher costs to calculate profit. So, in our example, your net profit using FIFO would be $350, while your profit with LIFO would be $250. It is important to note that because of higher net income, FIFO will cause you to have higher tax payments than LIFO. Therefore, as a business owner, you will have to decide whether you would rather deal with higher net income and higher taxes or lower net income and lower taxes. (For related reading, see Inventory Valuation For Investors: FIFO And LIFO.)
3. Purchase Bundled ServicesPurchasing bundled services can also be beneficial to a business owner. Sometimes, companies bundle their services in a package for a lower total price than you would receive if you purchased those services separately. Types of companies that often bundle services are communication and insurance companies. A communication company might offer you internet and phone services at a cheaper rate than you would normally receive if you purchased separate services.
4. Determine Whether to Lease or BuyWhen it comes to office space and office equipment, whether to lease or buy is a question that is constantly being asked by businesses. Unfortunately, the question has no clear cut and straightforward answer because the decision has to be made based on factors specific to your business alone. (Keep reading about this in Pros And Cons of Leasing Vs Buying A Vehicle.)
Two things to consider before making the decision are cash flow and tax treatment. 
  • Cash Flow: In the short term, the lease option frees up cash for other purposes. In other words, you are paying less for an item than you would if you purchased it, so you have cash available for other uses.
  • Tax Treatment: Leased and purchased items are eligible for different types of tax treatments. For example, an item that is leased under a fair market value or true lease may be eligible to deduct the monthly lease payments as an operating expense deduction. On the other hand, the only thing you can write off on a purchased item is its depreciation value, and this is usually based on the type of equipment.
Consult a tax expert or advisor about the tax implications of leasing or buying certain items for your business. Don't be swayed by lease offers if they really aren't in your business's best interest.
5. Implement a Last Resort?When the economy is in a downswing, the first thing some companies do is resort to layoffs. Layoffs can be stressful to both management and employees, and this can lead to reduction in productivity. Layoffs should be a last resort for any business. Other last resort options can include slashing prices and selling equipment, supplies or products that aren't necessary to your business's operations in order to outlast - and even come out stronger after - the economic turmoil.
ConclusionBefore resorting to drastic last-resort measures, business owners should try to reduce the first four costs mentioned above. Assessing your company and deciding which method to use is up to the business owner. However, owners should consult with tax and financial advisors when making important decisions like these.

Source: investopedia.com
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How Analyzing Economic Trends Will Help You Save Money

In the diverse and challenging world of the foreign exchange, there is an investment method commonly referred to as "forex news trading." Encouraging traders to rely on news releases and economic data trends, it is an exceptionally popular method, as global events are often a catalyst for short-term movements in the financial market.

Ordinary investors may well want to employ the same methods used by forex traders glued to their trading screens. If individuals in the U.S. want to take strict control of their finances and avoid the issues posed by long-term cyclical debt, for example, they may need to follow economic news trends and learn how to use them in the quest to both save and make money. With nearly real-time news now available over the internet, it's simple to follow fluctuations in regularly released data.

Inflation and Unemployment: The Key Consumer Economic Date Trends

In terms of understanding economic data trends and using them to your advantage, inflation and unemployment represent two of the most important economic factors, as they highlight the general cost of living and the status of the constantly evolving labor market. While inflation is defined as a general increase in prices and a fall in the purchasing value of money, for example, labor market statistics can reveal the national rate of employment and the financial prospects for job seekers throughout the country.

When it comes to managing your finances, it is important to be proactive and understand how these factors work in tandem with one another. If you take the current economic situation in the U.S., for example, you will see that the cost of living climbed steadily for three months between May and July. While the unemployment rate has also fallen to just 7.4% during this time, economists have suggested that this rate of job growth has been distorted by the creation of part-time work in low-wage industries. This has forced White House policymakers to monitor the sustained rise in inflation carefully, as a situation where the cost of living continues to rise disproportionately to the national wage could cause a significant downturn in the economic fortunes of U.S. residents.

As a homeowner or consumer you may need to monitor these trends. Regardless of whether or not you have a job, it is crucial to budget your income and determine how much disposable cash you have available each month. Use resources such as the U.S. Inflation Calculator to view monthly rates and identify any prominent trends. In instances where inflation is rising out of proportion to your level of disposable income, you could choose to adopt a more conservative approach to spending and borrowing.

Interest Rates: Diminishing Debt and Irresponsible Borrowing

On a similar note, consumers who are looking to manage their finances must understand the nature and importance of interest rates. As consumer confidence soared between March and June, borrowing also increased heavily in the real estate and automotive markets. Auto lending in particular increased by $20 billion during the second financial quarter and this represented the single biggest gain in more than seven years. While government-backed low interest rates have been at the heart of this increased rate of borrowing, economists have already warned that the current scenario may create instability and trigger long-term inflation.

As a consumer, you must remember that low interest rates are often contrived by governments that wish to reduce the cost of secured lending and encourage a greater level of reinvestment into the economy. While this is a standard economic practice, the prime interest rate at which you borrow is subject to change and subsequently have an impact on the long-term value of your investments. It is therefore your responsibility to invest and spend cautiously, as a failure to appreciate the fluctuating nature of interest rates and their vulnerability to government manipulation could ultimately lead you to spend outside of your means.

As the recent economic decline has shown, governments tend to adopt extreme fiscal measures during periods of recovery. While the Fed has reduced interest rates in a bid to encourage consumer spending, this doesn't mean you should splurge on a new car or justify some other extravagant debt. It is crucial that you resist the urge to overspend when interest rates fall, and instead make purchasing decisions based solely on your disposable income levels, existing debt liability and the long-term value of any potential investment. In short, low interest rates need to be seen as an opportunity to get ahead on your bills, not to take on more payments.

The Bottom Line

While there is a world of difference between investing in the forex market and buying monthly groceries, the fundamental goals of achieving value for your money and establishing a healthy return remain unchanged. Just as a trader can use economic data trends to evaluate his or her investment options and make a responsible decision, consumers can also apply their understanding of inflation, interest rates and the labor market to determine their spending outlook and successfully manage their personal finances. 
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Company Name Origin/Meaning

Company Name Origin/Meaning …

1. Mercedes - Name of the daughter of the founder …
2. Nokia - Name of city in Finland …
3. Pepsi - Named from the digestive enzyme pepsin …
4. Honda - From the name of its founder Soichiro Honda …
5. Sony - from the Latin word 'sonus' meaning sound …
6. Maggi - Food company named after its founder, Julius Maggi …
7. Suzuki - From the name of its founder, Michio Suzuki …
8. Samsung - Meaning 'three stars' in Korean …
9. Toyota - From the name of founder, Sakichi Toyoda …. .
10. Yamaha - After Torakusu Yamaha, who founded the company …
11. Adidas - From the name of the founder Adolf (Adi) Dassler. (das)
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Galaxy Note 3 UK price and release details

There has been a lot of anticipation leading up to the official announcement of the Samsung Galaxy Note 3 earlier this month, and now we are getting closer to the handsets arrival in certain markets around the world. Now we have news of the Galaxy Note 3 unlocked UK price and release that has been detailed.
We have already seen the official Samsung pricing for the Galaxy Note 3 but now online retailerClove has revealed how much the handset will be costing UK consumers and when they can get hold of the unlocked version of the device.
The company will sell you the handset in either black or white colour finishes for £594 including VAT, with the first batch of stock due to arrive next week on September 26th. This is only a day after that the handset is released officially to the public and this deal will prove tempting to those that want the handset without a lengthy two year contract.
Customers are advised to get their order in quick so to get access to the company’s first delivery of the sought after smartphone. This is obviously for the 32GB version of the handset that also allows further storage expansion by up to 64GB via microSD card.
The Samsung Galaxy Note 3 features a 5.7-inch Full HD display that has the Qualcomm Snapdragon 800 quad core processor under the hood clocked at 2.3GHz with 3GB of RAM. It will arrive already running the Android 4.3 Jelly Bean operating system, and Samsung has managed to keep the device at around the same size as its predecessor despite the increase in screen real estate.
Will you be getting the Samsung Galaxy Note 3?
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SWOT analysis of KFC


This is KFC (Kentucky Fried Chicken) SWOT analysis for 2013.

Company background

Name
KFC (Kentucky Fried Chicken)
Industries served
Restaurants
Geographic areas served
Worldwide
Headquarters
U.S.
Current CEO
Roger Eaton
Revenue
$ 9.5 billion (2012)
Profit
N/A
Employees
N/A
Parent
Yum! Brands
Main Competitors
McDonald’s Corporation, Burger King Worldwide Inc., Subway, Wendy’s Company.
KFC is a fast food restaurant chain, which specializes in fried chicken. It is the world's largest fried chicken chain with over 17,000 outlets in 105 countries and territories as of December 2011.
You can find more information about the business in its official website or Wikipedia’s article.

SWOT


KFC SWOT analysis 2013

Strengths

Weaknesses
1.    Second best global brand in fast food industry in terms of value ($ 6 billion)
2.    Original 11 herbs and spices recipe
3.    Strong position in emerging China
4.    Combination of KFC – Pizza Hut and KFC – Taco Bell
5.    KFC is the market leader in the world among companies featuring chicken as their primary product offering
1.    Untrustworthy suppliers
2.    Negative publicity
3.    Unhealthy food menu
4.    High employee turnover
5.    Lack of strong marketing efforts

Opportunities

Threats
1.    Increasing demand for healthier food
2.    Home meal delivery
3.    Introducing new products to its only chicken range
1.    Saturated fast food markets in the developed economies
2.    Trend towards healthy eating
3.    Local fast food restaurant chains
4.    Currency fluctuations
5.    Lawsuits against KFC

Strengths

1.    Second best global brand in fast food industry in terms of value ($ 6 billion). KFC is known by many and is a trustworthy brand in many countries mainly due to its early franchising and international expansion.
2.    Original 11 herbs and spices recipe. KFC original chicken recipe is a trade secret and a source of comparative advantage against firm’s competitors.
3.    Strong position in emerging China. KFC receives half of its revenue from China, where it operates more than 4,000 outlets. KFC position in China is one of its main strengths as China’s fast food market is growing steadily.
4.    Combination of KFC – Pizza Hut and KFC – Taco Bell. KFC partnership with other Yum! Brands yields some advantage as the restaurant can offer items from its partners it doesn’t have itself and satisfy more customers’ needs.
5.    KFC is the market leader in the world among companies featuring chicken as their primary product offering. KFC has positioned itself clearly among other fast food chains bearing its famous slogan and trademark chicken products.

Weaknesses

1.    Untrustworthy suppliers. Over the years, KFC has been contracting suppliers, which supplied contaminated poultry to KFC or were mistreating chicken, thus resulting in falling sales and damaged reputation.
2.    Negative publicity. KFC receives much criticism from PETA over the conditions chickens have been raised. Furthermore, it received bad publicity for selling chicken wing with kidney. There are many more or less bad news from KFC, which damage firm’s reputation significantly.
3.    Unhealthy food menu. KFC menu is largely formed of high calorie, salt and fat meals and drinks. Such menu offering prompts protests by organizations that fight obesity and hence, decreases KFC popularity. Consumers also often opt out for healthier choices.
4.    High employee turnover. Employment in KFC is a low paid and low skilled job. It results in low performance and high employee turnover, which increases training costs and add to overall costs of KFC.

Opportunities

1.    Increasing demand for healthier food. While demand for healthier food increases, KFC could introduce more healthy food choices in its menu and reverse its weakness into strength.
2.    Home meal delivery. KFC could fully exploit (it test deliver services now) this opportunity and reach more customers.
3.    Introducing new products to its only chicken range. KFC could introduce new meals to its menu and offer pork, beef or only vegetarian meals, which would target wider consumer group and would result in more costumers.

Threats

1.    Saturated fast food markets in the developed economies. The fast food market in the developed countries is already overcrowded by so many fast food restaurant chains and this already proves to be a threat to KFC as it finds it hard to grow in the developed economies.
2.    Trend towards healthy eating. Due to government and various organizations attempts to fight obesity, people are becoming more conscious of eating healthy food rather than what KFC has mainly to offer in its menu.
3.    Local fast food restaurant chains. Local fast food restaurants can often offer a more local approach to serving food and menu that exactly represents local tastes. Although KFC does a great job in adapting its own menu to local tastes, the rising number of local fast food chains and their lower meal prices is a threat to KFC.
4.    Currency fluctuations. KFC receives part of its income from foreign operations. That income has to be converted into dollars and may affect the business' profits, especially when the dollar is appreciating against other currencies.

5.    Lawsuits against KFC. KFC has already been sued for many times and lost quite a few lawsuits. Lawsuits are expensive as they require time and money. As KFC continues to operate more or less the same way, there is high probability for more expensive lawsuits to come.
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SWOT analysis of Walt Disney

This is The Walt Disney Company SWOT analysis for 2013

Company background

Name
The Walt Disney Company
Industries served
Mass media
Geographic areas served
Worldwide
Headquarters
U.S.
Current CEO
Bob Iger
Revenue
$ 42.278 billion (2012)
Profit
$ 5.682 billion (2012)
Employees
166,000 (2012)
Main Competitors
NBC Universal Media, News Corp., Time Warner Inc., Viacom Inc.
The Walt Disney Company is a leading international entertainment and media enterprise founded in U.S. It operates five separate Disney segments: Media Networks, Parks and Resorts, The Walt Disney Studios, Disney Consumer Products and Disney Interactive. Disney Media Networks is the most significant Walt Disney business segment. Disney products include television programs, books, magazines, musical recordings and movies.
You can find more information about the business in its official website or Wikipedia’s article.

 

SWOT


Walt Disney SWOT analysis 2013

Strengths

Weaknesses
1.    Strong product portfolio
2.    Brand reputation
3.    Competency in acquisitions
4.    Diversified businesses
5.    Localization of products
1.    Heavy dependence on income from North America
2.    Few opportunities for significant growth through acquisitions

Opportunities

Threats
1.    Growth of entertainment industries in emerging markets
2.    Expansion of movie production to new countries
1.    Intense competition
2.    Increasing piracy
3.    Strong growth of online TV and online movie rental

Strengths

1.    Strong product portfolio. Walt Disney’s products include broadcast television network ABC and cable networks such as Disney Channel or ESPN, which is one of the most watched cable networks in the world. Combining the significant audience reach of these cable networks, (ESPN has nearly 300 million and Disney Channel 240 million subscribers) and the solid growth of cable television, Disney’s product portfolio provides a competitive advantage for the company over its competitors.
2.    Brand reputation. Walt Disney brand has been known for more than 90 years in US and has been widely recognized worldwide, especially due to its Disney Channel, Disney Park resorts and movies from Walt Disney studios. The company is perceived as the primary family entertainment provider and was the 13th most valuable brand (valued at $27.4 billion) in the world in 2012.
3.    Competency in acquisitions. One of the strongest sides the company has is its competency in acquisitions. The Walt Disney Company has acquired Pixar Animation Studios in 2006, Marvel Entertainment in 2009 and Lucasfilm in 2012. The former 2 acquisitions have already proved to be very successful in terms of revenue and profit growth. The third acquisition is expected to be just as successful because Disney has acquired rights to all of the Lucasfilm previous works including Star Wars. Few other Disney competitors have had such record of successful acquisitions.
4.    Diversified businesses. The business operates five different business segments: media networks, parks and resorts, studio environment, consumer products and interactive media. These company’s segments are operated online and offline, in many different economies and are generating their income using different business models. Due to such diverse operations, Disney is less affected by changes in external environment than its competitors are.
5.    Localization of products. Recently, Disney has started adapting its products to suit local tastes. Besides the parks and resorts, company’s movies and consumer products are adapted for Chinese market to attract more visitors. This is rarely initiated by the movie studio itself and is something that few other studios are doing.

Weaknesses

1.    Heavy dependence on income from North America. Although, Disney operates in more than 200 countries, it heavily depends on US and Canada markets for its income. More than 70% of the business the revenues come from US alone, while the major Disney’s competitor News Corporation receives less than 50% of revenues from US, making it less vulnerable to changes in US market.
2.    Few opportunities for significant growth through acquisitions. The Walt Disney Company is the largest entertainment provider in the world and has become so due to acquisition of competitors. The last Disney’s acquisition had to be approved by Federal Trade Commission so that the company wouldn’t have to deal with antitrust problems. This means that the size of the Disney’s business has become a concern for the government due to significant market concentration and that the company has very few opportunities to acquire competitors. Otherwise, Disney may become a subject to antitrust laws.

Opportunities

1.    Growth of paid TV industries in emerging economies. The Asia Pacific region accounted for more than 50% market share of the world pay TV subscribers (394 million) in 2011. It was expected to grow to more than 55% by the end of 2016, where China would account for more than 27% of the market. The similar growth is expected in India as well. Disney Company has already entered these markets and should continue to strengthen its position there to benefit from such high industry growth.
2.    Expansion of movie production to new countries. Disney has an opportunity to expand its movie production to such countries as India or China, where movie production industries have developed good quality infrastructure. This would result in lower movie production costs and more localized movies for India and China’s markets.

Threats

1.    Intense competition. Disney operates in very competitive industries such as media, tourism, parks and resorts, interactive entertainment and others. The competitive landscape changes quite drastically in the media industry, where news and TV go online and new competitors with new business models compete more successfully than incumbent media companies. Disney’s parks and resorts business segment also receives strong competition from local competitors who can offer better-adapted product. This results in growing competitive pressure for Walt Disney Company.
2.    Increasing piracy. The advancements in technology allow copying, transmitting and distributing copyrighted material much easier. With an increasing number of internet users and the speed of internet, this poses a great risk to Disney’s income, as fewer people would go to watch movies in a cinema or buy its DVD, when it’s freely available online.

3.    Strong growth of online TV and online movie renting. Besides internet piracy, Disney’s media and movie production businesses may suffer from online TV and online movie rental growth. Subscription to online TV streaming and movie rental websites costs much less than to usual cable television providers. In addition, internet infrastructure is often managed by different companies, thus taking the power away from cable network providers.
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