Monthly Archives: February 2013

“Over the Hump” Wednesday!!

Happy “Over the Hump” Wednesday! Make social media your next obstacle to overcome and make a successful benefit to the exposure and growth of your business!!

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How To Overcome Social Business Performance Obstacles

 For better outcomes, broaden your use of social software and tighten your focus on results.

The good news: We now know that organizations that use social media in their business activities do indeed generally see positive results. The data, both survey and otherwise, over the years makes that increasingly clear. Often, perhaps most of the time, it comes from amplifying an existing business process, such as marketing or worker collaboration. Sometimes, although less frequently, it comes from rethinking how business itself is done and redesigning operations from the ground up around social.

Either way, as I explored recently in this column on how businesses are reorganizing for social as the industry matures, the tendency is to focus on an individual activity or process and figure out how to apply social to it. Undoubtedly, this is the only practical place to start for many of us. Most companies prefer to experiment with social media and find out where it works for them before they increase their investment and focus on it, despite the rapid demographic shift of most of their stakeholders (customers, workers, etc.) to these new channels.

 

This column continues the discussion from Social Business By Design (2012, John Wiley and Sons), the book I recently co-authored with Peter Kim on the methods that organizations can use to better prepare strategically for social business.More Social Business By Design columns

However, we’ve learned some important lessons in the last couple of years that I’m beginning to suspect should be the new focus of our efforts to strategically derive the long-term promise of social business. While we’ve learned that you can indeed achieve some incremental benefits by sprinkling social media around the edges of your business, the major benefits seem to come from something more substantial. By this, I mean putting social closer both closer to core of how we operate and using it more consistently across our organizations’ boundaries.

This won’t come as a surprise to those who have been doing this for a while. Based on early experience, a more unified vision for social business as a continuum of open collaboration and communication throughout our companies has been brewing for a while now. Unfortunately, as we’ll see, this isn’t how things are proceeding yet in most companies.

[ Get your priorities straight: Social Strategy First, Tools Second

Recently we surveyed the members of the Social Business Council, a community of practitioners from large enterprises, to get a sense of how social engagement was faring overall for them. You can read Susan Scrupski’s high-level summary of the survey for details (she headed the council when it was conducted). The results, at least for those who have tried to achieve widespread change in a global corporation, aren’t much of a surprise. Injecting social business methods while shifting the local culture and aiming at business problems clearly takes considerable time and effort in such organizations, plain and simple.

However, as we read Susan’s summary, a singular fact jumps out at us, namely that a whopping 96% of internal and external social business efforts aren’t integrated with each other. This jibes well with McKinsey’s big insight in their yearly social technologies survey of thousands of large companies. Specifically, that most companies are in the early developing stages of social business. But a few have come out of that process, and they are seeing higher levels of ROI. How few? Of the nearly 3,000 large companies they surveyed, about only 100 had fully networked their ecosystem, inside and outside. When they segmented the results, it was that tiny group that was seeing the best returns on investment by far.

What does this mean exactly? It means there is value in enterprise social media, but the real ROI comes from focusing on where the value is. And that is in breaking down the barriers that are making communication and collaboration perform poorly across and outside your organization. Virtually all enterprises today already have legacy tools to interact digitally. But we know now they are hampered by a variety of early and unavoidably premature technology, infrastructure and policy decisions, such making most information private by default, putting the power to communicate widely in very few hands and having no easy way to find the data or people you need to do your work, even when they readily exist in your organization, to name some of the bigger obstacles.

When we see social business performing particularly well, it’s because the largest possible number of participants was sought and engaged. Time and again in my research of social business case studies, we see this and it’s why Principle #1 in our book is “Anyone can participate.” The first wave of digital interaction tools such as email, IM, shared content management and so on had value. But they still had too many barriers to get at the more profound possibilities writ large by pervasive and global digital networks.

As a result of these communal lessons in the digital world, social media arose as one very potent solution to the remaining barriers, yet it’s often a pretty contrived overlay onto our traditional organizations. And this often hinders much of what makes it so powerful. In most organizations, social media is bent and “adapted” to our local business environments, rather than meeting it in middle. The data we just examined shows that when we deeply and widely connect socially in a business context to a much fuller extent, we see the most impressive results. However, the vast majority of our organizations are clearly not doing this.

How can we address this shortfall? This year, as I’ve been attending social business events and talking with practitioners, I see a new set of obstacles along with the original set that limited the first generations of digital communication technology. These obstacles are the information and technology silos that litter the inside of our companies, organizational fiefdoms at the departmental and division level, little or no ability to see the big knowledge picture, or engage meaningfully with the broader marketplace. Corporate culture is another well-known major obstacle to social business. So are regulatory and legal constraints. Many social business efforts are further fragmented or otherwise hampered by industry and government regulations around customer privacy (meaning they can’t say much useful back to most customers in social venues). European Union privacy and customer data laws are particularly vexing, often creating social media silos where none should exist. Geography, traditional org charts and a blizzard of multiple competing social networks don’t help either.

What is the solution to these obstacles to our social business efforts? How can we achieve the high performance that the social business equivalent of the 1% are seeing (something that’s expected, unfortunately, as technology separates the leaders and laggards in general, especially social technology). Unfortunately, the solutions are still somewhat unclear and the challenge is something the industry will have to continue working on. But at least we now have a grasp on the key issues. Frustratingly for some of us, there is some evidence that certain organizations are naturally more amenable to social business, structurally and behaviorally. If so, the available data seems to show that this is a very small minority.

As for the rest of us, my research shows that having an open loop process of adoption (hoping that good things will happen) is the long road. Instead, create a more rigorous and data-driven closed loop set of social business operation. There’s simply no more cost-effective way to guide and tune your adoption activities to get at the larger pool of value. Our goal is to achieve the big double digit ROI of social business that we’ve talking about and measuring in some places. That isn’t something that we just assume we’ll get by rolling out social tools en masse, without consideration of the big picture. We must aim for it using the right process and supporting tools. For most of us, this will require some important changes. But now that we realize what the conditions for success look like, this goal might actually be reachable for many of our organizations.

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Dion Hinchcliffe

Dion Hinchcliffe
Dion Hinchcliffe is a business strategist, enterprise architect, frequent keynote speaker, book author, blogger, and industry analyst who works with…

Social media make the customer more powerful than ever. Here’s how to listen and react. Also in the new, all-digital The Customer Really Comes First issue of The BrainYard: The right tools can help smooth over the rough edges in your social business architecture. (Free registration required.)

Super Tuesday

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Now that Monday is but a memory, let us embrace Tuesday…..SUPER Tuesday!!  As vital as Social Media has become to businesses, still so many of us continue to put little importance on it and our interaction is extremely miniscule. I contribute this, in large part, to one’s understanding of and/or time available to work on our business’ presence.
I ask you to take the poll below, sharing your level of social media activity.

Have a Super Tuesday!!

Until tomorrow…..

Monday Funday~Fun Business Facts!

Happy Monday Funday Everyone! Today our weekend transition day consists of some interesting and fun business related facts.

I hope everyone had a wonderful, rejuvenating weekend and that today’s Monday Funday will start your day with a smile!

1. The retail price for the iPad would be $1,140 if it were built by American workers instead of Chinese.

2. The Gmail logo was designed the night before it was launched.

3. Amazon sells more e-books than printed books.

4. Steve Jobs’ annual salary was $1, just enough to keep company health benefits.

5. All 3 founders of Apple worked at Atari before forming Apple.

6. Bill Gates, the founder of Microsoft was a college drop out.

7. Dell’s first advertisement was made on the back of a pizza box.

8. Dell Computers was started by a 19 year old with only $1,000.

9. The first owner of the Marlboro Company died of lung cancer.

10. The founder of McDonald’s has a Bachelor degree in Hamburgerology.

11. Yahoo! was originally called ‘Jerry’s Guide to the World Wide Web’.

12. Walt Disney World generates about 120,000 pounds of garbage every day.

13. There is no tipping at restaurants in Japan.

14. The most productive day of the workweek is Tuesday.

15. The man who created the Thighmaster was once a Bhuddist Monk.

16. The creator of the NIKE Swoosh symbol was paid only $35 for the design.

17. The average company saves over $7,000 for each employee suggestion that is enacted!

18. Over 4.6 million Whopper sandwiches are sold at Burger King every day!

19. Nearly 22,000 checks will be deducted from the wrong account over the next hour.

20. In most advertisements, the time displayed on a watch or clock is usually 10:10.

21. In Australia, Burger King is called Hungry Jack’s.

22. In 2004, The Japanese Ice Cream Association promoted “raw horse flesh” ice cream in hopes that it would boost the popularity of ice cream!

23. If Wal-Mart was classified as a country, it would be the 24th most productive country in the world.

24. Henry Ford, father of the Automobile, is also father of the charcoal briquette.

25.Harrods have three private wells to supply their water!

26. Cow is a Japanese brand of shaving foam.

27. Colgate’s first toothpaste came in a jar.

28. 90% of all restaurants fail during their first year of operation.

29. 80% of Publishers’ Clearing House $10 million winners did not purchase any magazine subscriptions!

30. 7-11 sells 10,000 pots of coffee an hour, every hour, every day.

31. 20% of tuxedo rentals take place in May.

32. ‘Bimbo’ is a brand of soft drink manufactured and marketed by Coca-Cola, Inc.

33. When Scott Paper Company first started manufacturing toilet paper they did not put their name on the product because of embarrassment.

34. Warner Chappel Music owns the copyright to the song ‘Happy Birthday’. They make over $1 million in royalties every year from the commercial use of the song.35. The first product that the toy company Mattel came out with was picture frames.

36. The first product that Sony came out with was the rice cooker.

37. Oil tycoon, John D. Rockefeller, was the world’s first billionaire.

38. Microsoft made $16,005 in revenue in its first year of operation.

39. Duracell, the battery-maker, built parts of its new international headquarters using materials from its own waste.

Happy Monday!

Until tomorrow…….

What’s going on this weekend?

THE ANNUAL VINTAGE SHOW AT THE UPSTAIRS GALLERY IN PEDDLER’S VILLAGE

    2/17/13 – 3/15/13
   Time: daily 10 – 6:00, Fri- Sat 10 – 9:00   

Sponsored by: The Upstairs Gallery in Peddler’s Village
Location: Shop #10 in Peddler’s Village (behind Earl’s Restaurant), Rt. 202 and Street Road , Lahaska, PA
Contact: 2157948486
Vintage sale including artwork, collectibles, estate jewelry

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Year of the Human Body Activities at Inquiry Island

Sundays 1-4pm

The Da Vinci Science Center, St. Luke’s University Health Network, and their Year of the Human Body partners will present hands-on activities relating to the human body at Inquiry Island on the Center’s exhibit floor.

Event Type: Year of the Body
Event Location:3145 Hamilton Blvd Bypass
Event Times:
  • Every day from Sep 15, 2012 – Sep 15, 2013 (11:00 am – 3:30 pm)

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11th Annual
Pennsylvania Horse World Expo

    February 21 – 24

Show Location:  Farm Show Complex
2301 N. Cameron Street
Harrisburg, PA  17110

http://www.horseworldexpo.com/PAmain.shtml

POLL-IT Tuesday!!

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Today is poll-it Tuesday! Since we entered the week with President’s Day I have decided to keep with that theme!

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Here are the answers to yesterday’s President’s Day trivia quiz! Did you get a perfect score? I was stumped on a few myself.

1. James Buchanan

2. William Taft

3. Ronald Reagan

4. All except Calvin Coolidge, John Adams, Jefferson, and Monroe.

5. Franklin D. Roosevelt

6. Teddy Roosevelt

7. Truman

8. Bill Clinton

9. Barack Obama

10. John F. Kennedy

11. John Adams

12. 2

13. Lincoln was the tallest. James Madison was the shortest.

((Sources: Google.com, apples4thteacher.com, trivia playing.com))

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Here’s wishing you a very happy and productive Tuesday!

Until tomorrow…..

Happy President’s Day!!

It’s President’s Day!

What better time to brush up on our history AND have fun doing it!!

Check out the factual information about the two “birthday boys” and then scroll down and take the quiz! The only requirement…..have fun doing it!!

Portrait of President George Washington

George Washington

Term of Office: April 30, 1789-March 3, 1797

Number of Terms Elected: 2 Terms

First Lady: Martha Dandridge Custis

Nickname: “Father of Our Country”

George Washington Quote: “I walk on untrodden ground. There is scarcely any part of my conduct which may not hereafter be drawn into precedent.”

Major Events While in Office:

  • Elected to first term with a unanimous electoral vote (1789)
  • First United States census (1790)
  • District of Columbia established (1791)
  • Bill of Rights ratified (1791)
  • Proclamation of Neutrality (1793)
  • Whiskey Rebellion (1794)
  • Jay’s Treaty (1795)
  • Pinckney’s Treaty (1796)
  • Farewell Address (1796)

States Entering Union While in Office:

  • Vermont (1791)
  • Kentucky (1792)
  • Tennessee (1796)

Abraham Lincoln

Abraham Lincoln, Sixteenth President of the United States

Term of Office: March 4, 1861-March 3, 1865

Number of Terms Elected: 2 Terms; Was assassinated soon after being elected to his second term.

First Lady: Mary Todd Lincoln

Nickname: “Honest Abe”

Abraham Lincoln Quote: “Whenever I hear anyone arguing for slavery, I feel a strong impulse to see it tried on him personally.”

Major Events While in Office:

  • Civil War (1861-1865)
  • Emancipation Proclamation (1863)

States Entering Union While in Office:

  • West Virginia (1863)
  • Nevada (1864)

Test Your Presidents’ Knowledge!

*Look for the answers tomorrow! I will be interested to hear feedback and comments as to how many questions people got right so please share!!

President’s Day Fun Trivia:

How much do you know about the presidents of the United States? See how many of these you can answer correctly on this Presidents Day:

1. Who was the bachelor president?

2. Who was the heaviest president?

3. Who was the oldest elected president?

4. Which president was not born or did not die on the 4th of July? (double points for this one!)

5. Which president was related by either blood or marriage to eleven other presidents?

6. Which president was the youngest person to become president?

7. Which president was a tailor before he was president?

Just a few more questions to go. How are you doing so far?

8.. Who was the third left handed president? (This one is hard. Hint: He played the saxophone.)

9. Who was the first president born outside the contiguous United States?

10. Which president established the Peace Corps?

11. Who was the first president to live in the White House?

12. How many terms is a U.S. president allowed to serve?

13. Who was the tallest president,  who was the shortest?

(http://www.abc2news.com/dpp/news/education/presidents-day-trivia-fun#ixzz2LC1uBr3X)

Happy President’s Day!

Until tomorrow…….

What is happening this HEART-filled weekend?

Love In The Air With Wine & Chocolateswineandchocolates

When: Saturday, February, 16th, 12:00 pm – 5:00 pm

Venue: Clover Hill Vineyards
Address: 9850 Newtown Road, Breinigsville, PA 18031
Contact Phone: (610) 693-8383

Visit our Breinigsville location and experience the pairing of heavenly chocolates with stellar wines in celebration of Valentine´s Day. Moussey Moose Chocolates will sample their gourmet chocolates with premium Clover Hill wines. Try a Ravishing Raspberry Bonbon with our big and bold Cabernet Sauvignon or a Luscious Lemon Bonbon, shaped like a heart, with our sweet Vignoles. Moussey Moose Chocolates gift boxes available.

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Free Sunday Mornings at Brandywine River MuseumBrandywineRiverMusuemlogo

Sunday, February 17, 2013, 9:30 am

1 Hoffman Mill Rd, Chadds Ford, PA | Get Directions »
FREE

 Free Sunday Mornings, 9:30 – noon. Also enjoy “Breakfast on the Brandywine” Sunday mornings in the museum’s cafeteria-style restaurant, 9:30 – 11:30 a.m.

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Romance on the Fast Track: Valentine’s Day Dinner Train

New Hope Railroad

On February 14th and 16th, the New Hope and Ivyland Railroad‘s popular Valentine’s Day Dinner Train is back and more romantic than ever.  For the couple looking for a unique Valentine’s Day celebration, this dining event features a decadent three course meal carefully prepared by McCaffrey’s and a two hour train ride through the Bucks County countryside to Buckingham Valley, PA.

This trip offers passengers an opportunity to celebrate love nostalgically, riding the rails in a beautifully restored antique dining car from the early 1900s, sipping on champagne and enjoying the soft sounds of classical music. Authentically uniformed staff will serve a complimentary glass of champagne, followed by a refreshing salad of spring mix, pine nuts, cranberry, goat cheese with berry vinaigrette, and soft dinner rolls with sweet cream butter. Entrée choices include grilled, Dijon marinated, grilled pork tenderloin; plump juicy crab cakes with roasted red pepper mayonnaise; and succulent ricotta cheese and spinach stuffed chicken breast. Each entrée includes Yukon gold mascarpone mashed potatoes and sautéed Brussels sprouts with balsamic glaze and dusting of parmesan cheese. This delicious romantic meal is finished off with an elegant heart shaped dessert cake, filled with chocolate mousse.

And just when you think the evening couldn’t get any sweet, each table will receive a delicate long stem red rose and a personal size box of Pierre’s delicious Swiss chocolate truffles. Guests can also enjoy seasonal drink specials; choose from a wine list for bottle service, and a variety of other onboard beverage services.

Chocolate Truffles

  • $99.00 per person (Railroad Seating) Passengers may be seated with other guests at a table of four.
  • $139.00 per person (Private Seating – table for two) Passengers are GUARANTEED a private table for two.

The New Hope & Ivyland Railroad is located at 32 West Bridge Street in New Hope, PA

The Bradway Blog wishes you a very happy, HEARTy, and fun weekend!

Happy Valentine’s Day!

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It’s that day…that day of love and chocolate and flowers. Have you ever wondered the history behind Valentine’s day and how it came to be? I have…and so I researched it and thought today was a great day to share this with all of you! Happy ❤ heart ❤ Day!!

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The Legend of St. Valentine

(http://www.history.com/topics/valentines-day)

The history of Valentine’s Day–and the story of its patron saint–is shrouded in mystery. We do know that February has long been celebrated as a month of romance, and that St. Valentine’s Day, as we know it today, contains vestiges of both Christian and ancient Roman tradition. But who was Saint Valentine, and how did he become associated with this ancient rite?

The Catholic Church recognizes at least three different saints named Valentine or Valentinus, all of whom were martyred. One legend contends that Valentine was a priest who served during the third century in Rome. When Emperor Claudius II decided that single men made better soldiers than those with wives and families, he outlawed marriage for young men. Valentine, realizing the injustice of the decree, defied Claudius and continued to perform marriages for young lovers in secret. When Valentine’s actions were discovered, Claudius ordered that he be put to death.

Other stories suggest that Valentine may have been killed for attempting to help Christians escape harsh Roman prisons, where they were often beaten and tortured. According to one legend, an imprisoned Valentine actually sent the first “valentine” greeting himself after he fell in love with a young girl–possibly his jailor’s daughter–who visited him during his confinement. Before his death, it is alleged that he wrote her a letter signed “From your Valentine,” an expression that is still in use today. Although the truth behind the Valentine legends is murky, the stories all emphasize his appeal as a sympathetic, heroic and–most importantly–romantic figure. By the Middle Ages, perhaps thanks to this reputation, Valentine would become one of the most popular saints in England and France.

Origins of Valentine’s Day: A Pagan Festival in February

While some believe that Valentine’s Day is celebrated in the middle of February to commemorate the anniversary of Valentine’s death or burial–which probably occurred around A.D. 270–others claim that the Christian church may have decided to place St. Valentine’s feast day in the middle of February in an effort to “Christianize” the pagan celebration of Lupercalia. Celebrated at the ides of February, or February 15, Lupercalia was a fertility festival dedicated to Faunus, the Roman god of agriculture, as well as to the Roman founders Romulus and Remus.

To begin the festival, members of the Luperci, an order of Roman priests, would gather at a sacred cave where the infants Romulus and Remus, the founders of Rome, were believed to have been cared for by a she-wolf or lupa. The priests would sacrifice a goat, for fertility, and a dog, for purification. They would then strip the goat’s hide into strips, dip them into the sacrificial blood and take to the streets, gently slapping both women and crop fields with the goat hide. Far from being fearful, Roman women welcomed the touch of the hides because it was believed to make them more fertile in the coming year. Later in the day, according to legend, all the young women in the city would place their names in a big urn. The city’s bachelors would each choose a name and become paired for the year with his chosen woman. These matches often ended in marriage.

Valentine’s Day: A Day of Romance

Lupercalia survived the initial rise of Christianity and but was outlawed—as it was deemed “un-Christian”–at the end of the 5th century, when Pope Gelasius declared February 14 St. Valentine’s Day. It was not until much later, however, that the day became definitively associated with love. During the Middle Ages, it was commonly believed in France and England that February 14 was the beginning of birds’ mating season, which added to the idea that the middle of Valentine’s Day should be a day for romance.

Valentine greetings were popular as far back as the Middle Ages, though written Valentine’s didn’t begin to appear until after 1400. The oldest known valentine still in existence today was a poem written in 1415 by Charles, Duke of Orleans, to his wife while he was imprisoned in the Tower of London following his capture at the Battle of Agincourt. (The greeting is now part of the manuscript collection of the British Library in London, England.) Several years later, it is believed that King Henry V hired a writer named John Lydgate to compose a valentine note to Catherine of Valois.

Typical Valentine’s Day Greetings

In addition to the United States, Valentine’s Day is celebrated in Canada, Mexico, the United Kingdom, France and Australia. In Great Britain, Valentine’s Day began to be popularly celebrated around the 17th century. By the middle of the 18th, it was common for friends and lovers of all social classes to exchange small tokens of affection or handwritten notes, and by 1900 printed cards began to replace written letters due to improvements in printing technology. Ready-made cards were an easy way for people to express their emotions in a time when direct expression of one’s feelings was discouraged. Cheaper postage rates also contributed to an increase in the popularity of sending Valentine’s Day greetings.

Americans probably began exchanging hand-made valentines in the early 1700s. In the 1840s, Esther A. Howland began selling the first mass-produced valentines in America. Howland, known as the “Mother of the Valentine,” made elaborate creations with real lace, ribbons and colorful pictures known as “scrap.” Today, according to the Greeting Card Association, an estimated 1 billion Valentine’s Day cards are sent each year, making Valentine’s Day the second largest card-sending holiday of the year. (An estimated 2.6 billion cards are sent for Christmas.) Women purchase approximately 85 percent of all valentines.

Vday1Vday3

Hope you enjoyed that little bit of history.  Nothing….to me….is more fitting than to end this blog with a word from the one and only Charlie Brown…..

peanutsv-daycomic1

Happy Valentine’s Day to Everyone!! Until tomorrow!!

7 Steps to Online Marketing growth!!

Today I am sharing a slide show with you, entitled, “7 Steps to Take Your Online Marketing to The Next Level”. You will find some valuable information that, when applied, will take your business to the next level! Don’t wait!! Check out the slides right away!!

Have a great Wednesday!!

Small Business Problems…Be aware and clear the air! Be a success!

fat tuesday2Upon reading the blog below I found the content to be very informative for all those entrepreneurs-at-heart, entrepreneurs, and future entrepreneurs. I look forward to the input and conversations that stem from this blog entry.

Happy Fat-Tuesday Everyone! Enjoy!

fat tuesday

Problems of Small-Scale Businesses

by Chris Joseph, Demand Media

Owners of small-scale businesses experience several advantages over their larger competitors. They have the flexibility to make decisions quickly, and they can develop closer personal relationships with their customers, which often leads to greater loyalty. However, there are some situations where smaller businesses have difficulty keeping pace with large corporations.

Limited Employee Benefits

Small-scale businesses often cannot afford to offer important employee benefits, particularly health insurance. In many cases, the businesses do not have enough employees to qualify for less expensive group insurance rates. Instead, they may have to offer high-deductible plans where employees have to bear a larger burden of health care costs to make the premiums affordable. A lack of benefits makes it more difficult to attract and retain talented workers who may find more comprehensive benefits packages with larger employees.

Reduced Buying Power

Small-scale businesses may not have the buying power of their larger counterparts. Because they have limited warehouse space for carrying inventory, they often do not have the luxury of buying in bulk, meaning they are not eligible for price discounts and lower unit costs. A small retailer, for example, does not have the means to purchase and store mass quantities of merchandise like a larger competitor such as Walmart. Higher unit costs often mean higher retail prices, making it more difficult for smaller businesses to compete.

Surviving Difficult Times

Smaller businesses may have greater difficulty surviving difficult economic times. Larger businesses may have a greater financial cushion and access to more resources that can help them weather the storm. Diversified large companies can focus their attention on areas that may be performing well despite difficult economic conditions. For smaller companies, a loss of even one major customer in a struggling could deliver a fatal blow, as they may have no way to replace the lost revenue.

Obtaining Financing

Small businesses often face greater challenges in obtaining needed financing than larger businesses. Banks are reluctant to loan money to unestablished small businesses, leaving the entrepreneur to rely on credit cards or home equity loans for survival. They may not have the assets needed to collateralize a business loan. A lack of financing can also prevent a business owner from expanding her operations unless she resorts to other methods like taking on investors or franchising

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