Top Business Trends

The following is a summary of an article by Steve King, Carolyn Ockels and Anthony Townsend that appeared in Small Business Labs (December 2008).

Economic Trends

The authors report five trends that will have an economic impact in 2009.

  1. The recession will drive innovation compelling businesses to focus on cash flow, customer retention and survival. The recession will also drive businesses to improve productivity and increase customer value. Businesses will re-evaluate, re-design and refine their products. Consequently the recession will create new opportunities for many businesses.
  2. Governments will become more active in regulating their economies. The regulatory failures that contributed to the recession will result in more government control and oversight. Businesses will need to be aware of how the legal, regulatory and policy changes will affect their business.
  3. Billions of dollars will be spent through the stimulus package passed by Congress. Many businesses will benefit from the investment in infrastructure, energy, transportation and education. Businesses that serve these providers will also benefit.
  4. Small business will increase. Job losses will result in more businesses forming. While business failures will also increase there should be a net gain at the end of the year. In Virginia it’s relatively easy to form an LLC. It takes even less to operate as a sole proprietor. This may further contribute to an increase in business formations.
  5. Globalization and exports will continue to shrink. While the short term picture is sobering the long term prospects are still strong.

Demographic Trends

  1. Baby boomers retirement issues will increase business formations. The current recession and the loss of asset value may compel baby boomers to stay employed even longer. Combining that with the continuing decline of traditional jobs may result in boomers forming various small or personal service businesses.
  2. Generation Y, those born between 1978 and 2000 may also react to the economy by becoming more entrepreneurial.

Technology Trends

  1. Mobile Computing will continue to grow. In the second half of 2008 notebooks outsold desktops; smart phones continue to claim more market share, while the sales of net books also increased. These trends will continue to have a significant impact on businesses in 2009.
  2. Cloud Computing will increase. Cloud computing refers to accessing software stored on some else’s server versus your own server. Cloud computing helps to lower capital costs which should help every businesses bottom line, particularly in a recession.
  3. Businesses will increase their on line marketing tools. Online marketing is not just a trend but a sea change. Online marketing is cheaper and becoming more effective than traditional methods. Competition and the economy will compel businesses to develop a greater online presence.

Visit Small Business Labs for more info on Steve King, Carolyn Ockels and Anthony Townsend.

JC Cancelleri is a business strategist and consultant. JC’s value as a business professional is augmented by being a lawyer, life coach and by having a PhD in Organizational Leadership.

Torus Law, PLC
JC Cancelleri

Email JC
Phone: 804-548-4810

Summer Picnic | Hanover Association of Businesses and Chamber of Commerce

Join us and members of the Hanover Association of Businesses at the upcoming Hanover summer picnic event.

Start: July 23, 2009, 5:30 pm

End: July 23, 2009, 7:30 pm

The annual summer picnic includes a casual social hour and barbecue dinner, complete with Hanover tomatoes. The event is hosted at James River Winery, rain or shine, where tents and tall trees provide shade. Take a tour of the winery and gift shop, taste the award-winning wines and buy some to enjoy at home.

Location: 11008 Washington Highway (Route 1), north of Atlee-Elmont interchange.

For more information, call the HABCC office at 804-798-8130.

via Summer Picnic | Hanover Association of Businesses and Chamber of Commerce.

JC Cancelleri – Virginia Attorney and Business Advisor

JC Cancelleri - Cancelleri & Associates, PC - Ashland, VA law firmJC Cancelleri is a member of the Virginia State Bar and the Hanover County Bar Association. JC has provided continuing education classes to the Virginia Association of Realtors, the Richmond Association of Realtors as well as many other real estate and property management groups.

He is a sought after fair housing speaker who has developed a reputation as an engaging and interactive speaker. With a Ph.D in Organizational Leadership JC also helps individuals achieve organizational and personal goals. JC is also a certified life forming coach who recognizes that for individuals to be successful they need to be supported, encouraged and then held accountable.

Community Involvement

JC Cancelleri has been a mentor and foster parent for more than twenty years. Between 1998 and 2006 he voluntered as a mentor at the Barrett Juvenile Correctional Facility in Hanover County working with hundreds of teenage boys. For the past ten years JC and his wife have also been therapeutic foster parents in Hanover County. In 2005 Hanover County desiginated JC and his wife foster parents of the year. JC also served on Hanover County’s Disability Task Force.

Torus Law, PLC
JC Cancelleri

Email JC
Phone: 804-548-4810

Welcome

In today’s business environment, it is necessary to know more than the law. As a client, you’ll have the added benefit of a business adviser by your side. The total package that puts you in front of your competition. Many legal issues entail business operations and implementation as well as contracts and corporate structure. John Cancelleri provides the extra helping hand that accelerates your success.

Practice areas:

  • Business Law
  • Corporate Law
  • Employment Law
  • Estate Planning and Probate

Torus Law, PLC
JC Cancelleri

Email JC
Phone: 804-548-4810

Small Business: Getting Back to Business

It’s Never Been More Important and Never was Unimportant

If the last six months have taught us anything about economics and running a business it’s that continuing to ignore fundamentals will have consequences….including dire ones. Consequently as a New Year begins it’s an opportune time to examine the principles and practices that support your business. This article mentions three considerations that are fundamental to running any business. The three considerations are time, team and money. Most businesses can attribute their failure or success to how well they manage their time, their team and money.

Time. Michael Gerber, author of The E Myth, which is a book about why most small businesses fail and what to do about it, notes that business owners spend most of their time working in their business and hardly any working on their business. For example, how many business owners have a time management plan (TMP)? A TMP helps an owner examine how they are spending their time with the goal of assigning routine functions to someone else allowing the owner to concentrate on more important tasks.

Team. The second basic consideration relates to team building. Even if you are the sole proprietor of your business you still have to manage relationships with vendors, customers and other stake holders. Consequently even sole proprietors should have a strategic plan that defines their businesses vision and mission and charts a course for accomplishing goals and objectives. If a business has employees what type of team building or performance incentive plan does it have?

Money. The third basic consideration relates to how a business generates and spends money. There are several fundamental questions that every business owner should be able to answer about their business, particularly during challenging economic times. These questions include: what are my break even numbers? What are my revenue and profit numbers and what are they telling me about my business? Is the time that it takes me to collect my receivable creating a cash flow problem for me? Am I running my business consistent with my business plan?

These are just a few of the basics that every business owner should understand. Those that do and that have developed effective and efficient systems should emerge as stronger and more profitable as the economy improves. Those that do not or don’t have time to develop supportive systems should commit to getting some help. With a New Year just weeks away why not begin it by committing to partner with a professional to grow your business to new and exciting levels.

Author: JC Cancelleri is a business strategist and consultant. JC’s value as a business professional is augmented by being a lawyer, life coach and by having a PhD in Organizational Leadership.

Torus Law, PLC
JC Cancelleri

Email JC
Phone: 804-548-4810

Business Success: Strength Through Planning

When this article publishes another Christmas will have passed and another New Year begun. Some businesses will have done well during this holiday shopping season while others may have struggled. Regardless of how your business did it’s never been more important to develop a strategic plan for how your business will operate during the next 12-18 months. It’s important because projections are that the overall economy may not begin to improve until the end of 2009 or the beginning of 2010. If it improves sooner great; if it doesn’t how will that affect your business?

To assess what affect market conditions will have on your business consider doing a SWOT analysis. SWOT stands for strengths, weaknesses, opportunities and threats. Strengths and weaknesses reflect internal factors while opportunities and threats reflect external factors.

Strengths: Assessing the strengths of your business includes developing or reviewing your strategic plan. Part of the value of developing a strategic plan is it helps to develop a strategy for your business. As Verne Harnish notes in his book, The Rockefeller Habits, a real strategy must pass two tests: 1) what you are doing must matter to your existing and potential customers and 2) what you do must be different from your competition.

Weaknesses: If your sales during the holiday season were not what you anticipated now’s the time to explore why. Did you lack marketing expertise? Were your products or services undifferentiated in relation to your competitor’s? Assessing weaknesses should also include how other internal factors may affect your store or company’s performance during the next 18 months.

Opportunities: If you’re concerned about how your business will perform during 2009 consider developing a different marketing campaign. Are there strategic partnerships and alliances that you could form that would strengthen your business and increase your profits? Are there new markets, including international destinations that will purchase your product or service? Can you take advantage of a competitor who has left the market?

Threats: If the economy does not begin to improve for 18 months exactly how will it affect your business? Is your business subject to price wars among competitors? Do you have a competitor who is offering a new or innovative service or product? How will the new administration affect your business?

These are a few of the questions involved in a SWOT analysis. The value of doing a SWOT review is that it involves assessing both internal and external factors that could affect your business. For more information about conducting a SWOT analysis and how it can improve your business do a Google search. Or call me. I’d be happy to further explore options for strengthening your business despite a struggling economy.

Author: JC Cancelleri is a business strategist and consultant. JC’s value as a business professional is augmented by being a lawyer, life coach and by having a PhD in Organizational Leadership.

Torus Law, PLC
JC Cancelleri

Email JC
Phone: 804-548-4810