The Most Problematic Commodity Price Increases Effecting Small Biz in 2011

Even as the stock market continues its heady rally and some economic indicators suggest that the economy is improving , the surge in commodity prices, many of them unavoidable staples, has wreaked havoc on small business profit margins.

But, the pain is certainly not being felt equally by all. Some industries have been hit harder then others over the past 12 months. Below is a breakdown of the most problematic price increases effecting countless small businesses across multiple sectors:

Oil- Currently trading at almost $114 dollars a barrel, the spike in the cost of crude oil has definitely been one of the most well-publicized commodity price increases- especially as Americans come to grips with their gas pump sticker shock. The rise in oil prices have effected the majority of American small businesses in some way, whether via increased shipping and delivery costs or the increased cost of business travel. Those that operate gas-powered machinery and equipment have also been hit particularly hard.


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Finances in 55 Seconds: Create a Credit Card Debt Reduction Plan

  1. List all of your credit card accounts: Make a list of your credit card accounts, jotting down your current balance, the minimum payment, and the interest rate. When I did this my list followed this format: BOA Visa – $2,500 – $75 – 9.99%. (16 seconds)
  2. Figure out which order you want to pay them off in: Next, decide what order you want to pay your credit cards off in. Either order it by starting with the lowest balance, or by starting with the highest interest rate. Paying of the high interest card will save you money in the long run, but there is something to be said for the emotional boost that comes from starting with the lowest balance and paying something of quickly. (7 seconds)
  3. Decide how much you can pay toward debt reduction each month: Review your monthly budget, including expenses. This can be done quite quickly if you have personal finance software, or use a web app. Figure out where you can cut back on waste. Experts estimate that most households waste 10% to 15% of their income each month. Look through yours, and decide how much wasted money you can reclaim and put toward debt reduction. (23 s


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The Biggest Business Mistake?… Borrowing Money!

The other week over at Small Business Trends, I saw an interesting poll. The sole question: “What’s your biggest business mistake?” Though there are various options to choose from, such as “Failing to market my business,” and “Selling myself short,” the overwhelming favorite response is “Borrowing money.”

 

While this may come as a shock to those who still believe that the banks should be handing out more credit to businesses in order to jump start the economy, several well-regarded reports, such as this recent one by the NFIB, have pointed to the fact that many small business owners these days are not looking for credit, and a significant amount of businesses are actually focused on dumping the balances they’ve already racked up.

But this brings up a dilemma of sorts: part of a healthy cash flow strategy when running a business is having options to borrow, both in the short and long term, and without investment , growth will typically be impossible.

So how do you know if it is good for you to be borrowing money for your business? Here are a few questions you can ask yourself to help ensure that your business borrowing doesn’t end up being a business blunder:

1. What are you borrowing


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How to Save Money on Road Trips

I’m a big fan of the road trip. Whether we’re just going up to my parents’ for a couple of days, or planning something more substantial, I just like being on the road. It’s fun to see new things, and visit interesting places. However, with rising gas prices, hotel costs and the expenses associated with eating out while on the road, the cost of a road trip can quickly add up. And that doesn’t include admissions to some of the attractions you might want to visit along the way.

Of course, like so many other things in life, you can save a little money if you do some planning. If you have a general idea of your route, and what you would like to do, you can create a plan that will cost a little less than you might think. Here are some general ideas for saving money on your next road trip:

Look for Discounts

The first thing you should do is look for discounts. If you will be going through a major city, CityPASS is a great option. You can save money on a number of different attractions in different cities with the help of a city pass — and you get to skip ticket lines in some cases. (This worke


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Benefits of a Credit Card Purchase Protection Plan

Beyond inflation and interest rates, paying the purchase price of a faulty item or damaged product can add a whole new frustration and stress. One of the greatest advantages of using a credit card is the purchase protection plan that provides that extra layer of security and peace of mind.

Most cards offer differing levels of protection: Basic protection and extended protection are the most common. Within each level, coverage can vary by card type, by issuing institution or even purchase or manufacturer’s location. Degrees of protection can vary: One card can offer a basic plan that covers all purchases from damage or destruction within the first 90 days from purchase. Another card may offer coverage for 180 days or 80% coverage for one year, for example.

Extended warranty coverage is another benefit people enjoy. People purchasing an item that comes with a limited manufacturer’s warranty or a short-term warranty can extend it through a card’s purchase protection plan.

The second warranty-related benefit people too often require involves product return refusals.
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