Knowledge of small business news and trends help business owners survive and thrive in any type of market. While it may be difficult for many business owners to find the time to stay up to date, the ones that do are often more successful.

There are many different sources for small business information. It's up to you to decide which formats work best for you.

Some of the best reasons to read up on small business news and trends are:

1. You can stay up to date on the latest trends to support your business. This may include small business resources that you didn't know about.

2. You can get new ideas to improve your business. Smart business owners constantly look for new techniques that will improve their business. Through reading the latest news, they may learn about small business solutions that apply to their business and will help them become successful.

3. You can connect with others. Through various news sources, you have the opportunity to connect with others. This may include other business owners that you can get ideas from or small business vendors that have valuable products and services for your business.

Action Steps
The best contacts and resources to help you get it done

Look to the government as a small business resource

Government websites are a great resource for small business owners. They can let you know of any changes to the law that can affect your business. They may also help you with market research and assessing the need for your product.

I recommend: The government-sponsored Small Business Administration helps small business start up owners to build their business. They offer a wealth of resources including planning and funding information. The FedStats site is an ideal place to get news and trends related to your specific industry.

Subscribe to popular magazines for entrepreneurship information

Magazines offer a convenient solution for learning the latest news about small businesses. You can have the news delivered to your door monthly.

I recommend: Entrepreneur Magazine is a must-have for the small business owner. They offer a number of articles that are of interest to business owners. Inc Magazine is another excellent resource.

Sign up for free newsletters to get small business ideas and information

You can have great information delivered to your email box as well. Free email newsletters can sometimes offer the most current information because they don't have to wait for the news to go to print.

I recommend: Business Know-How offers two different newsletters for small business owners. One focuses on in-depth articles, while the other offers a quick tip that you can easily implement. Microsoft also offers a free business newsletter with a focus on software and technology.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Don't just look at small business news and trends. It's also important that you stay up to date on the issues and trends within your particular industry.

Time management. Change management. Managing employees. As a business owner, you face the dreaded 'M' word at every turn.  And if you’re like most entrepreneurs, you want to run in the opposite direction.  

But don’t. Learning business management is not as daunting as it seems, and the consequences of ignoring the day-to-day running of your company can be severe.  Establishing basic operational systems is not hard, and with the help of readily available web-based business management software and informational sites, it’s never been easier.  

Four basic areas of business management that you need to address are: 

1.  Human resources management to get the most out of your employees.
2.  Developing your own business management style.
3.  Improving your time management skills.
4.  Mastering change management as your business grows.

Action Steps
The best contacts and resources to help you get it done

Learn the essentials of human resources management

Perhaps the biggest ongoing challenge you face as a business owner is managing employees. From the basics, like vacation policy and sick leave, to the more touchy, like bonuses and layoffs, human resources management presents myriad considerations. A solid employee practices manual is the best starting point. With that in place, training in employer-employee communications is a great way to both avoid problems and build organizational strength.

I recommend: Turn to TemplateZone.com for an inventory of items an employee manual should cover then check out Personnel Policy Service, Inc., which offers business management software to create one.  Some providers of training in interpersonal communication skills can be found at Engage Group, Dix & Eaton and Joan Lloyd . 

Discover your business management style

The key to business management: Know thyself. Examine how you naturally lead your troops and then play to your strengths and work on your weaknesses.

I recommend: For an objective perspective on your individual business management style, take the free quizzes at ManagementVitality and Business Bureau-UK.  A self-coaching system like the one at Signature can help boost areas where you need bolstering.  Sign up for the free emails from Foster Seminars and Communications and Thinking Managers for a steady flow of motivation and insight on everything from specific small business management issues to overall human resources management concerns, change management matters and leadership topics.  

Improve your time management skills

From the minute you started your business, you've faced the challenge of too much to do and too few hours to do it in. To balance the work-time equation, overscheduled entrepreneurs need to develop solid time management skills.

I recommend:  Mind Tools Ltd. offers a wealth of time management tools, including a template to help prioritize your workload.  FranklinCovey's PlanPlus business management software performs multiple functions, while TimeWhiz and Time Sheets let you clock activities to see how long various tasks actually take.    

Grow your business with effective change management

As your business grows, change is inevitable. Embrace and capitalize on the changes that face your business, developing effective change management tools, such as a strategic plan for growth. You may not follow the plan to the letter, but you will have a better idea of the types of future changes you will need to address.

I recommend: For help creating a strategic plan that will assist you with change management, download a free template from Gazelles Inc. or PlanWare. Both sites also offer primers on strategic planning. Find more resources on change management at Business.com. 

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Business management software is abundant on the web. Take advantage of it and establish a framework that will ensure an efficient operation, provide time management skills and help with managing employees.
• •  Continually learn. Take courses in areas of business management that are not your strong points. Seek out online sources of business advice. Examine mistakes for the lessons they offer.
• •  Human resources management is one of the biggest challenges you will encounter in running your business. Face it head on and lay the necessary groundwork to prevent problems before they happen.
• •  Develop time management skills so that you are not overrun by details. Prioritize, delegate and eliminate what you can.

Knowing the small business basics will help you turn your business idea into a reality. All new business owners need to research small business information so that they can get off on the right foot.

As an entrepreneur, you may have many small business ideas running through your head at any given time. The key to success is choosing which type of small business start up will be most profitable and most successful.

When seeking out information on how to start a small business:

1. Evaluate your ideas through market research. Note where there are market needs that other companies do not address. Those that are most successful at entrepreneurship are able to find a product or service need and fill that gap.

2. Take the time to think about costs. It's important for you to learn how much it's going to cost to run your small business. Vendors will offer quotes for free so that you can get a good estimate.

3. Get your personal finances straight. When you are starting your business, small business investors or lenders will look at your own finances to determine whether you are worthy of their money.

Action Steps
The best contacts and resources to help you get it done

Look for small business solutions that help with planning your business

The most important part to creating a successful business happens long before you even open your doors. A solid business plan helps you to know where you want the business to grow. It can also help you get the funding you need for success.

I recommend: Bplans.com offers free sample business plans, as well as business planning software and other tools. If you will need significant funding to get your business of the ground, a well-written business plan is even more vital. Contact a professional business plan consultant, such as Cayenne Consulting if you want a bit of help with the preparation.

Check out the various small business resources for funding

Many new business owners need some type of financial help when they start their business. There are many sources of funding available for small business owners. Decide which type is best for you.

I recommend: The amount of money that you need often determines the best sources of funding. Many small business owners can get by with an SBA loan, like the one offered by HSBC or through a business credit card from Capital One. If you need a lot of money, you may want to talk to a venture capital firm, such as Clearstone Venture Partners.

Get legal help for your small business ideas

There are many legal issues that come up when you start your own business, from simply registering the business as a legal entity to making sure that your idea doesn't infringe on any copyrights. It's always best to talk to a lawyer before you are facing legal troubles.

I recommend: Legal Zoom has many of the legal forms that you may need to start your business. It is cheaper than hiring a lawyer and is a great resource for straightforward business ideas. If you have more complex needs, try searching for a lawyer through Lawyers.com.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Some lawyers charge a per-hour fee while others work for a monthly fee. Determine which method works best for your small business.

Starting a small business can be overwhelming. Before you dive into the business world, take the time to understand certain aspects of small businesses that will be important to your success. While the key terms provided below are just a sampling of the information you'll need to know, they will get you moving in the right direction.

Action Steps
The best contacts and resources to help you get it done

Entrepreneur

Entrepreneur is another word for someone who is in business for himself or herself. An entrepreneur has a business idea and runs with it, assuming the risk and responsibility. Entrepreneurs have great leadership, organizational and management skills, as well as a great idea to back them up.

I recommend: Visit Zero Million for more information on the characteristics and qualities it takes to be an entrepreneur.

Business plan

A business plan is the outline for the future of a small business. Many lenders require a business plan before they will consider providing a loan to a business. It consists of a description of the company, an analysis of the market for the product or service, a layout of the organization and management of the company, financial information and descriptions of the executives and stockholders involved.

I recommend: Visit My Own Business or Palo Alto Software's Bplans for more information on what a business plan is and how to successfully write one.

Market research

Market research is the use of customer feedback to determine where there is a need, how well your product or service will do within your industry, and to find a specific target market for your product/service. Market research is especially crucial to small business startups because it will help you determine if your idea will make it.

I recommend: Entrepreneur Magazine provides helpful information for conducting startup market research.

SBA

SBA stands for Small Business Administration, which is an independent agency of the federal government started in 1953. Its purpose is to promote creativity, be an advocate for small business, get results, empower small businesses and help them be successful. Several programs are in effect with these purposes in mind.

I recommend: The Small Business Administration provides information on its purpose, history, principles,leadership and administration.

Public relations

Public relations, also known as PR, is a means of marketing your business. It encompasses how the public views your business and the product/service you provide, through advertising, media (newspapers, television and other publications) and public engagements. PR is about conveying to the consumer the image and standards that are the foundation of your small business.

I recommend: The Free Management Library provides an explanation of public relations, as well as links to several resources.

Human resources

Human resources, or HR, is the management of employees. In includes everything from hiring and firing, to administering benefits and resolving conflicts. Whether you have an entire human resources department, or one office administrator who oversees everything, HR is one of the most important requirements because it ensures that your business runs smoothly.

I recommend: The Society for Human Resource Management is a good source of information on the best ways to conduct your HR department.