Small Business News: Best Practices

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Lots of factors go into making your small business the best it can be. But a look at what will make your business work the best includes a look at not only how you configure your business, but also the best public policy and environment in which small businesses thrive. We thought we’d take a look at some of the factors not only in the U.S. but around the world. What do you think make for best practices in small business. Please enter your suggestions below!

Legal

Do-it-yourself legal work will save your business money. This list of cost cutting suggestions for small business startup includes legal resources that can help you shave legal fees off your launching costs. The Web contains some excellent resources for legal basics. Not all are a substitute for hiring an attorney, but some can save you cash on the simple things. Daily Dose

Don’t forget legal and other details when creating your business. Getting excited with a great idea for a new small business is euphoric. But don’t forget there’s plenty of hard work involved including logistics. Here is a list of just some of the considerations, including some legal issues, you should be considering as you start your new small business. Sentinel Source

The art of hiring an attorney. Hiring an attorney, or attorneys, for your small business isn’t what it used to be, and that can be great news for small businesses struggling to cut costs. A new tighter economy has reduced legal costs and made it possible to negotiate on fees and parcel out the work for increased productivity at lower cost. Here are some very basic starting points. NYTimes.com

Trends

Are you willing to put your brand on the line? A new Maryland designation allows some socially conscious small businesses to do just that. The state’s new “benefit” corporation status lets businesses put their commitment to fair trade, eco-friendly or other specialized goods and products into their charter. So far the states has had 15 companies take them up on the new designation. Would you? The Washington Post

Transparency is the new standard. This law firm is blazing the way in a way that we see across the spectrum in terms of the behavior expected of small businesses and, indeed, all businesses today. Explain the basis of your billing, don’t keep secrets from your clients or try to keep them in the dark. It’s important for businesses to learn how to take a new approach to dealing with customers and each other. Irish Times

Policy

Healthcare battle begins in the U.S. Senate. Opponents of a healthare package seen as unfriendly to small business vow to push for repeal of the legislature in the U.S. Senate following a successful effort in the U.S. House. Attempts to repeal the law in the Senate will be more difficult due to support from the majority support there. A recent survey indicated most small business owners oppose the law which might force many businesses to either offer health benefits or pay a penalty. The Washington Post

Feds change course on anti-business regs. Two regulations pushed by U.S. federal agencies but opposed by business group seem no longer to be on course for implementation perhaps thanks to a change in administration policy. The regs proposed would have required elimination of noise in manufacturing environments and required more testing for medical devices. Your thoughts? WSJ

Global

Tax favoring small business may break EU law. You might think regulations benefiting small business would be viewed as a good thing by everyone. But it turns out a so-called “supertax” on big retailers in Scotland may break EU law. And a large retailer effected by the tax may take it to court. Of course, as much as we support small business here at Small Business Trends we’re not quite sure penalizing another class of business is the way to do it. See the full article. Press Association

Finance

Why more funding isn’t always the answer. Debate continues over the importance of funding to small business growth. But a recent story shows how funding isn’t necessarily the answer to businesses large or small. In this article we see a company that still went bankrupt laying off hundreds and leaving millions in debt, including to other small businesses, after receiving $8 million in funding backed in part by state tax credits. Chicago Tribune

Taxes

Important small business tax changes. There have been some important small business tax changes for 2011 and while not all will make a big difference to your overall tax preparation, it’s important to understand those that do allowing you to make better choices about running you company. In particular, be aware of changes related to the Small Business Jobs Act of 2010. Details in the link above. Herald-Tribune

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