Think of awards/mentions/endorsements/grants as badges of honor. These are worthy of being displayed in a highly visible place, whether that is on a webpage, promotional materials (such as flyers), front window, etc. It should be noted that adding a certification or award (from the Better Business Bureau, for example) is especially helpful for websites. Nowadays, many people turn to the internet for research and shopping. Show potential customers that your site is secure and that your company is legitimate.

A word of advice though, is to always be truthful and not provide any untrue or unsubstantiated claims. An organization called “Grant Connect” was banned from marketing by the Federal Trade Commission (FTC) for claiming to have the government’s support and the ability to offer grants. They even went so far as to post pictures of President Obama on their website to fool visitors.

Anyone with access to a computer and a connection to the Internet can build a website, so it is important for legitimate business to make sure that they have permission to use badges or pictures of awards received or any affiliations. The safest bet for business owners is to contact representatives of every name you mention, in order to secure written permission (email is best for this purpose).

Someone may challenge your claim at any point in time, much like The Donald did with GOP candidate Mitt Romney. Trump called his rival a “small business guy,” even though Romney owns Domino’s Pizza and helped start the Staples office supply stores.

Image courtesy of perpetualplum.

This is where it gets interesting for small business owners. Game theory software can help entrepreneurs explore different scenarios, whether they are looking to expand, purchase a new business, or sell their existing one. There are different variables in any situation, and game theory assigns all of these variables a numerical value. In short, game theory could help develop a winning business strategy.

According to The Economist Technology Quarterly, game theory software has been especially successful with auctions thanks to its ability to quantify bids, facilitate analysis, and predict the right answer. The article mentions an example in which a group of bidders used game theory to track competitors’ bids to estimate their budgets and secret values that bidders placed on certain items. This lead the team to believe that these items were overvalued and directed them to invest in smaller (thus less expensive) items instead. The result was a success and saved investors close to $1.2 billion.

IBM founder Thomas J. Watson said, “business is a game.” With its uncertain outcomes, wide range of variables, and negotiations, small business could certainly be seen as a game, although perhaps without the fun and levity that’s associated to the word “game.” But are businesses really taking advantage of this predictive tool? Not really, says Fast Company. They contacted a number of game theory specialists around the country and found that none of them knew of any company using game theory to improve business.

As an interesting side note, we should mention that game theory was in part developed by mathematician John Nash, whose life story was told on the award-winning film “A Beautiful Mind.”

Photo courtesy of John-Morgan

We thank our fathers’ support and patience by taking a full day to honor them. This year, Father’s Day falls on Sunday, June 19^th. Got a dad who owns his own business? There are plenty of sweet and useful gifts that go beyond the traditional tie or gift certificate.

• Business Cards: Chances are, dad already has business cards. After all, these are vital introductions to customers, partners, and colleagues. But you could help business dad get a business card that stands out, in turn helping the business stand out. There are many websites that allow users to “design” their own cards. But this design is limited, as users are expected to choose from a limited number of templates and fonts. If you really want to surprise dad, consider working with a graphic designer who can bring a personal touch as well as an innovative approach. Need inspiration? Here are some examples of innovative business cards.
• Smart Phone: Making a surprise gift out of a smart phone can be tricky due to contract signing, service provider changes, and all those legalities. But if you don’t really want to make it a surprise, a smart phone could make a great gift for a business owner who is constantly on the move. Smart phones are not only capable of handling email and storing a heavy amount of data, but they also have apps that make the user’s life much easier. Dropbox, for example, uses a web-based hosting system so you can access them wherever you are.  There are new applications coming out every day, so dad can pick and choose what works best for him.
• Promotional Items: Give dad a gift while helping him promote his business! Everyone loves freebies, and your father’s business will surely stay on the public’s mind with promotional items like customized pens, coasters, key chains, and t-shirts. Most stores can customize almost anything, so you can pick something that goes with the type of business that your father is running.
• Espresso/Cappuccino Machine:Business dads work hard to keep their enterprise afloat, and a good cup of coffee can provide the fuel dad needs to face a busy day. This espresso and cappuccino machine brews café quality drinks quickly. It is also a nice piece to put in a waiting room, so customers can feel pampered. The retro look on this appliance also adds a touch of style to any office.

Do you know any other interesting ideas to give a business-owner father? Feel free to tell us in the Comments section.

*Photos courtesy of thefuturistics and Amazon.com