The Art of Holiday TIP/BONUS Giving... Even in a Recession!!

Hello My Fellow Virtuosos...

In this season of giving it is important to think beyond your normal family and friends and still reach out to those people who make your life and business possible. This brings us to Holiday Tipping and bonuses! Who in your life or business, has gone a step beyond for you this year, who is always there when the S*** hit the fan... These are the people you may want to acknowledge and recognize throughout this season. Whether its for your super, cleaning company, assistant or babysitter; it is important that ESPECIALLY in this down economy you stop, take a moment and give a little.

Yes, its a recession. Yes, you've lost income, but so have those people who surround you and make your success that much easier. So in short, you don't need to give a lot, you may give less than you did last year. But giving to these individuals will go a step beyond their expectations of you and will solidify their support in the coming year of 2010! Remember your relationships are a crucial part of your growth as a business owner!

I found the following suggested amounts in an article I read recently... Take a look for suggestions on how much to give and who to give to....

Christmas Tipping

If you are one of many who feels that tipping at Christmas is stupid and unnecessary, then by all means don’t tip. I am not someone who believes there is a moral obligation to give Christmas tips. For those of you wishing or planning on tipping, here are some tipping guidelines to consider.

Christmas Tip – For Who and How Much?

Babysitter: One evening’s pay, plus a small gift from your child.

Barber: Cost of one haircut, and/or gift.

Beauty salon/hairstylist: $10 to $60 each, giving most to those who provide the most service.

Child’s teacher: Give a gift, not cash. Consider a Gift Certificate; fruit basket or picture frame.

Daycare Services: $25-70, plus a small gift from your child.

Dog walker: One week’s pay and/or a gift.

Doormen/Concierge: $10 to $80 each, with a bigger tip for the doormen who serves you more.

Garage attendants and newspaper deliverer: $10 to $30 each.

Housekeeper: One day’s pay.

Mail carrier: Gifts up to $20 each, but no cash. *See the rules below for giving Christmas tips to USPS workers below. Only tip your regular mail carrier that you know and see regularly.

Nanny/Au pair: One week’s to one month’s salary based on tenure, plus a small gift from your child.

Personal trainer – $60-100 upon reaching goal.

Super: $25 to $100.

Doorman: $10 to $80.

Handyman: $15 to $40.

Trash collector: $10 to $30 each (for private service); for municipal service, check local regulations.

I hope this helps a bit and gives you a new perspective on the tradition of giving around the holidays... Thanks for reading!

Your fellow Virtuoso,

Cynthia

Senior Writer & Consultant

Biz Virtuoso, Inc.

www.BizVirtuoso.com

Is the Economy Really Improving for Small Business? You Decide

Is the Economy Really Improving for Small Business? You Decide

As the economists declare we are coming out of the recession, I bet your bottom line tells a different story. After all, they declared the recession months after you had already been knee deep in the throes of the struggle to keep your head above water for many months. But the good news is that the talking heads are discussing a positive outlook on the horizon. That alone helps people feel better about the future.

There are plenty of groups talking about how the signs for small business are improving. Let’s take a look at a few of the statistics.

PNC Economic Outlook Survey

According to the report from the PNC Economic Outlook Survey, their new fall findings support PNC’s forecast that the U.S. economy has started a moderate U-shaped recovery in the latter half of this year that will continue throughout at least 2010. The PNC survey, which began in 2003, gauges the mood and sentiment among small and mid-sized business owners, who represent the bedrock of the American economy. The highlights include:

Small business owners are less pessimistic about their company prospects than they were six months ago. In the spring of 2009, 36% were pessimistic compared to 25% during the fall 2009 survey.

The economic stimulus has yet to trickle down to small business as 79% indicated they had not yet benefited.

Overwhelmingly, 96% of small business owners said the economy has not yet begun to improve, but some (13%) think it’s on its way. This is twice as many as indicated such in the fall 2008 survey.

Small Business Administration (SBA)

The SBA had a tough year. At its fiscal close on September 30th, they had approved less than 45, 000 loans, down 36% from 2008 and 56% from 2007 according to a report from WSJ.com. The good news is that, although slow, the American Recovery Capital (ARC) loan program which is part of the economic stimulus package seems to be picking up as more banks decide to participate.

Digital Insights Second Annual Online Financial Management Survey

The Digital Insight Second Annual Online Financial Management Survey was fielded by Decipher research in July-August 2009. The small business portion surveyed 500 small business owners across the United States. There’s good news in this survey for the banking industry. Nearly 70% of respondents (both consumer and small business) indicated confidence in the stability of their bank or credit union. Other highlights include:

Sixty-one percent of small business owners are expressing optimism about their potential businesses growth.

Seventeen percent of small business owners have increased their use of online financial management tools in the past year.

American Express OPEN® Small Business Monitor

More than half (55%) of entrepreneurs have an optimistic outlook on near-term business prospects, up from 45% in March 2009, according to the American Express OPEN® Small Business Monitor, a semi-annual survey of business owners. Key highlights of this report indicate small business are taking a conservative approach.

Forty one percent say their top priority over the next six months is maintaining current sources of revenue with only one quarter (26%) focused on growing their business, which is the lowest number for growth in Monitor history.

Half (49%) say they are not willing to take on financial risk to grow their business, an all-time high for the Monitor.

Maintaining morale is a big issue. Three-quarters say morale has stayed the same, and nine percent say it has improved. In addition, approximately one in three (28%) business owners see offering financial incentives such as bonuses and paid time off as a way to increase employee morale.

Sixty percent of entrepreneurs report cash flow issues this fall, a slight uptick over the previous fall (55%) and this spring (57%).

The biggest cash flow worry for business owners is the ability to pay bills on time (26%).

When cash flow concerns arise, business owners are most likely to dip into their own pockets: 32% of business owners will use personal or private funds, and one in four (25%) will put off purchases. Others will use credit or charge cards (13%), obtain and use a line of credit (12%), lease rather than purchase business equipment (4%), or get a short-term loan in order to improve cash flow (3%).

What It All Means for Your Small Business

Your situation may be entirely different than any of the companies surveyed, but the general consensus is that the economy is slightly better. Does that mean credit will loosen up and bank loans will be easier to come by? Not likely. You’ll have to continue to keep a sharp eye on expenses and pay close attention to collecting your receivables to stay afloat. Even in a flush economy that’s how small business should operate to stay on the positive side of cash flow. Today’s economy just makes the challenge a bit tougher. But I know you can do it.

Editor’s note: this article was originally published at the American Express OPEN Forum, and is republished here with permission.

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“An Invitation to Growth”

“An Invitation to Growth”

By: Cynthia G. Peacock, Senior Consultant

Biz Virtuoso, Inc.

This is a sound off to all Entrepreneurs, Innovators and Creators… First, let me congratulate you on your courage, conviction and drive to take the treacherous dive into entrepreneurialism. A scary and murkier swamp that it is, it reeks rewards as bold and beautiful as one can ever image.

Let me introduce myself! My name is Cynthia Peacock and you can consider me your personal friend, colleague and “Virtuoso” in your journey ahead… As a small business owner myself of Flowers Peacock, LLC and it’s subsidiary Biz Virtuoso, Inc. I understand and have ventured through what it is and what it takes to become a successful business owner. By creating Biz Virtuoso, Inc. I wanted to afford my fellow entrepreneurs the human capital and intellectual capacity necessary to make their bright thoughts, the next BIG Idea. At Biz Virtuoso, we strive daily to become experts in YOUR business; your industry and your market, with the focus on helping you grow that much more. We offer a full suite of services that can support you in the journey from your beginnings and throughout the business’s lifetime. We make it our personal mission to make sure you are successful in the here and the now!

I trust we have lots in common from the trials and tribulations we all face as business owners or sprouting entrepreneurs… Whether your engrossed in a 9 to 5 at a corporation or are fiercely fighting from 5am to 11pm as your own boss, I can assure you, these time tested tips and ideas we offer will help you gain insight on how to take you and your business to the next level.

Our Blog – “Your Daily Virtuoso”

Our Purpose – Building more successful individuals and businesses that will change the course of our future!

Your Result – Well that for you to decide!

Reach High, Reach Out and Get Out, That the way it’s worked for hundreds of years and although things have changed, technology has improved, our businesses still thrive through those efforts… I look forward to seeing and tracking you, my fellow “Virtuosos”, through your own journey to success.

Take a moment to check out our page www.bizvirtuoso.com to learn more about what make us your business experts and why we strive to be “A Helping Hand In ALL Your Business Needs.”

Signed with Passion and Poise.

Cynthia