The “American Recovery Capital” loan was created in response to small business’ need for its own bail-out plan. As a part of last year's billion-dollar recovery act, this program seemed like a good plan in helping small business recover, but turned out to be more trouble than it was worth for many.

This article at CNNmoney.com outlines the loan program, and how, for the nearly 5,000 who participated, it may have been worth the struggle. But the bottom line? Overall, it was a flop that had U.S. Sen. Olympia Snow (a primary supporter of the bill) calling for its termination five months later.

Posted by Amber Garner on January 28, 2010 02:37 PM

Was landing new clients one of your new year's resolutions? If so, you need to read this Wall Street Journal article that outlines the three best ways to win new clients.

The tips are: 1) Going where the growth is (meaning targeting clients in growth industries like medical and technology); 2) Ally with other businesses that offer complementary services; and 3) Using online tools to provide useful, educational content to prospects.

One of the tips I would add—and something I always heard from the hundreds of small business owners I've talked to over the years—is to dedicate some time every day to sales efforts. It's easy for small business owners to get so caught up in the day-to-day operations that sales activities never get crossed off the to-do list.

Posted by Lena Anthony on January 22, 2010 11:37 AM

The more your employees hear about cash flow problems and recession-level unemployment rates, the more anxious they grow about losing their own jobs. Maybe you can't guarantee great cash flow through the recession, but you can manage the anxiety effectively. Here are a few tips from a recent BusinessWeek.com story:

1) Absorb the anxiety. Communicate quickly, openly and clearly about any challenges your organization faces.

2) Move quickly. Don't put off cutting costs -- even if it means laying off employees. This signals to your remaining staff that you are doing your part to protect the business.

3) Keep things light. Keep a calm attitude in the office, and make sure your staff lets loose once in a while. Laughing on the job helps calm anxiety.

For more information about managing workplace anxiety, click here.

Posted by Megan Pacella on January 19, 2010 02:28 PM

When it comes to the latest news in the small business world, rural entrepreneurs don't need to know everything that goes on in the big city. The fact is, small-town business owners have different concerns to deal with. Here are a few trends for rural small business owners to keep an eye on in 2010:

1. 2010 Census. When it comes to government grants and programs, population counts matter. Make sure your town finds a way to make every resident count by attending meetings and helping canvas the town. After all, this census could affect your business for the next 10 years.

2. Healthcare reform. As we kick off the new year, new healthcare reform legislation has a few provisions that could affect rural business owners, such as student loan forgiveness for rural doctors. Click here for a straightforward summary.

3. "Shop Local" campaigns are growing. In 2009, small towns put an emphasis on buying from local businesses, and this is expected to grow in 2010. Before to get involved in any shop local campaigns in your area, and improve your customers' experience to attract more business while you're at it.

Click here for more rural small business trends to keep an eye on this year.

Posted by Megan Pacella on January 14, 2010 02:53 PM

The home is the new hotbed of entrepreneurial activity, boasts this Wall Street Journal article. In fact, the article explains, more than 52 percent of businesses are home-based.

Laid off? Start a business from home. Looking for a place to trim expenses? Stop paying rent and just work from home. It makes sense.

Even if your business has a physical location, working from home just works, but only if you have the tools necessary to get the work done (like a fast Internet connection).

Actually, there's a lot more to working remotely, which is why we wrote an entire manual on the topic in the current issue of MyBusiness. Check out the Essential Guide to Flexible Work Arrangements to maximize working from home (or a coffee shop or a hotel lobby) for yourself and your employees. The guide features tips for managing a virtual workforce, rules to follow when working from home, pointers for interviewing at-home workers and more.

Posted by Lena Anthony on January 11, 2010 03:48 PM

Ah, the new year. A time for fresh beginnings. And after a year like 2009, who couldn't use a fresh start? If you're still pondering goals for your business in 2010, check out Entrepreneur.com, which offers advice from 10 experts on the bottom line-boosting resolutions small business owners should make—and keep—this year.

The tips run the gamut, from testing your e-mail and online marketing efforts more to experimenting with social media. My favorite tip is from Michael Port, author of The Think Big Manifesto. He encourages small business owners to increase their likability factor. "Strive to be your best, most authentic and likeable self and you will be well on your way to becoming the obvious choice for your potential clients," he says.

Posted by Lena Anthony on January 5, 2010 09:06 AM

With the new year upon us, it's time you take a serious look at your marketing budget -- but that doesn't mean you have to break the bank. According to a recent article on NFIB.com, finding the right mix is important, so make sure you consider these two points before you assign an arbitrary percentage to your marketing budget.

1) There is no free advertising. Committing your business to a social media following takes a great amount of time and attention to detail. If you don't have the time to commit to reaching out through Web platforms, hire someone who does.

2) Look at the big picture. Social media and traditional marketing should work together for your benefit. While social media promotions are becoming necessary, they are not something into which you want to dump all your money and time, but neither is traditional marketing -- you must find the right balance for your business.

For more on balancing your budget, click here.

Posted by Megan Pacella on January 4, 2010 04:44 PM