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A recent Citizens Financial Group/Mastercard study found 55 percent of small business owners believe better management of employee expenses would reduce costs and benefit their business, while 40 percent said more control over employee spending would give them a better peace of mind.

The study showed 36 percent of small business owners use a cash reimbursement system to enable their employees to pay for day-to-day business expenses, while 32 percent use a company credit or debit card, 29 percent have petty cash funds available, and 21 percent use their own personal credit card.

“With 65 percent of small business owners using either a cash reimbursement system or a petty cash system to reimburse employees for company expenses – and another 31percent handling all expenses themselves,” said Stephen Wooters, head of commercial cards for Citizens Financial Group,” – the conclusion is obvious: This is not the most efficient way of running a business. So

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Tags: Business Owners, Cost, Employee Expenses, Small Business Owners

Those of a certain vintage will all remember Gerald Ratner.

Once upon a time he was the eponymous chief executive of a highly successful downmarket chain of jewellers.

His place in the history books however came from a highly amusing, honest and self-deprecating speech he gave at the Institute of Directors in 1991, in which he sought to explain the success of the Ratners empire.

We also do cut-glass sherry decanters complete with six glasses on a silver-plated tray all for 4.95. People say how can you sell this for such a low price? I say, because it is total crap.

He went on: We even sell a pair of gold earrings for under 1, which is cheaper than a prawn sandwich from Marks Spencer.

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Tags: Ratner, Ratner Moment

While many individuals may be hesitant to run out and start a new small business given our troubling economy, there are opportunities out there for individuals who are willing to try and make a go of it.

As more people are out of work or unhappy in their current positions, feeling that they’re not earning enough money to keep pace with their financial needs, the opportunity to open up their own small business can become more attractive.

In the event you find yourself in the position of considering opening up a small business, obviously your experience level in that particular industry would play a key role in the odds of it being successful.

Some fields are inclined to survive and prosper no matter what the current economic conditions are. F

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Tags: Economy, Small Business

LAST week, I was privileged to join a very well-organised Liverpool Chamber of Commerce trade mission to Boston, robustly supported by the UK’s consul-general, Phil Budden.

The trip had both civic and commercial drivers, and it is fair to say it over- achieved on both counts.

While a visit to a Boston Red Sox game saw tremendous hospitality provided by the Fenway Sports Group, the owner, John W Henry, showed a true Bostonian welcome and met with nearly all participants on the mission. I

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Tags: Liverpool, Liverpool Fc

True story: my wife and I wanted to move but we weren’t sure where. In true MBA fashion, I set up a spreadsheet to compare candidate locations for a series of factor including outdoor sports, weather, smog, traffic, lifestyle, public education, crime, and so on.

So for each of about 12 possible places I input scores from 1 to 10 for each of the factors I’d identified. And when I didn’t like the original conclusion, I (without realizing it as I did it) changed the input factors until it did. We wanted to live in Eugene, Oregon.

I didn’t realize it then but I do now. I set up an objective analysis and then subconsciously messed with the inputs to generate the conclusion I wanted.

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