The traditional marketing mix framework of product, price, place (distribution) and promotion has been in existence for more than 50 years. Virtually all undergraduate business and MBA programs discuss the interplay of these four marketing elements and how they relate to the success of any business. Despite the obvious importance of the second “p”—price —small business owners have a difficult time figuring out how much to charge for what they sell. Many have absolutely no idea how much to … [Read more...]

According to the U.S. Department of Agriculture, there are over 2.2 million farms in the United States.  The average farm generates $135,000 annually in sales.  To generate those sales, the owner of the farm needs to work around 418 acres of land.  This is an industry of vital importance, but one where the return on investment and “return on effort” are very low.     For many family farmers, it’s a labor of love that they won’t easily abandon.  Instead, like true entrepreneurs, they find … [Read more...]

The payments industry is one of the most active areas of business finance today.  I recently wrote about PCI compliance and about different methods of accepting payments like ACH.  Now a popular tool for accepting payments from customers is getting a facelift.   PayPal is currently rolling out a new online checkout process for buyers.  This marks an important change for both businesses that use PayPal and customers that make purchases through PayPal.   Last year, PayPal facilitated $72 … [Read more...]