Financing small businesses

I’m not sure that availability to capital for small businesses has improved much over the past few months. From what I’ve seen, many small businesses have had credit lines reduced or terminated, and have difficulty finding banks who are willing to extend credit. There seems to be some activity by the administration and congress to improve the business credit situation. If you’re concerned about business credit, take a look at these Wall Street Journal articles:

Stimulus Relief Extended for SBA Loans

Another Chance For Small Business Loans?

Small Business Credit Cards Now Carry Sizeable Risk

Will Limkemann
Siqua Group Limited
www.siqualtd.com

A Standard for On-Line Shopping

From all accounts, more and more of our shopping is done on-line from the comfort of our homes. Retailers, and even commercial distributors, recognize the value of the Internet and keep making improvements to their web sites to enhance our on-line shopping experience.

Very few companies, however, can meet the standards set by electronics distributor Digi-Key Corporation. Digi-Key carries over 1.3 million parts from over 430 manufacturers – electronic components that range from integrated circuits to electronic test equipment, to power cords. Electrical engineers, corporate purchasing agents, and electronic hobbyists all buy from Digi-Key.

I’ve had the pleasure of purdhasing from Digi-Key on many occasions over the past ten years. Here are some of the things that sets Digi-Key appart from other on-line businesses:

1. With over 1.3 million parts an well-designed web-site makes it is very easy and fast to drill down to the exact component you want to purchase.

2. An accurate computerized inventory control system always shows the available quantity of any selected item, and the lead-time needed to replenish the stock.

3. All orders are acknowledged within a few minutes of being placed by e-mail.

4. Any order placed before 8:00PM central time (Digi-Key is in Minnesota) will ship the same day! (I once placed an order that, for some rare reason did not ship the same day, but Digi-Key, at their own expense, shipped it via express).

5. Shipment is quickly acknowledged with UPS tracking number. I once placed an order and received shipping notification twenty minutes later! Wow – what an efficient warehouse.

6. Returning a product for full credit is no problem – regardless of whether you ordered the wrong item or they (rarely) shipped the wrong stuff.

From time-to-time I purchase from a competitor, as even with a huge inventory, Digi-Key can’t possible stock every conceivable electronic component. Yet, due to a great shopping experience, I will always start with Digi-Key. This company has set the on-line shopping bar very high!

Will Limkemann
www.siqualtd.com

What is your IQ (Innovation Quotient)?

Dell Computer Company, Apple Computers, Microsoft, Google, and E-Bay share much more than only occupying space in the computer-sphere. Each of these businesses was founded by people who was not satisfied with the status-quo, who looked at the world differently, and constantly asked “why?”. These businesses not only started with an innovative idea but have thrived on continued innovation.

The December 2009 Harvard Business Review features innovation in business and published findings of research conducted over a six-year period. Among the interesting findings is that innovation starts with top person in a business. In the most innovative companies the CEO personally spends 50% more time innovating than leaders of other businesses.

The study determined that the most innovative people have these skills:

1. They are good at connecting-the-dots – associating diverse ideas

2. They are curious and constantly questioning and asking why.

3. They are keenly observant of the world around them.

4. They are constantly experimenting and conducting mental exploration.

5. They network with other individuals to test their ideas and get insight.

Like all skills these  are partially “genetic” but to a large extent can be learned and honed through continual practice. Leaders who are concerned about growing their businesses or even just surviving should look at developing their own innovation quotient and fostering innovation within their companies.

Will Limkemann
www.siqualtd.com