What Small Businesses Did Right in 2008
by Christina Lee on December 31st, 2008
The news bulletins of 2008 became one relentless reminder of the economic crisis. They reported that businesses and industries suffered, under the great weights of declining sales and a wounded morale.
But the year also taught some valuable lessons, especially to small business owners. Whatever losses they suffered the public noticed, which made their successes all the more notable:
- What they could not compensate in price, they made up for with customer service. Take note of Kelly Spors, small-business writer for the Wall Street Journal, and her recent experience buying trout at her neighborhood fish and meat market:
“Rather than just ringing me up, the man behind the counter spent 10 minutes energetically explaining to me his favorite way to season and broil it,” she wrote. “He obviously knew a lot about the fish and meats he was selling, and it turned out delicious. I know where I’ll go next time I want fish – and it won’t be a major grocery chain. - They sought alternative means of credit as their usual sources dried up. Local, community banks became more viable options. There, commercial and industrial lending continued to rise throughout the year, amounting up to $1.24 billion in November, according to the Federal Reserve.
Credit unions also became a reasonable source of lending. The Credit Union National Association predicted that, with their conservative practices, they should see savings and loans growth this year and into next year. - They lent to a growing online retail environment. And, considering this year’s growth, 60 percent of small and medium-sized businesses could have a Web site by 2010, according to Kelsey Group, a search and directory research firm. About 33 percent of them have a Web site today.
Internet design and marketing companies catering to small and medium-sized businesses also took notice. Web.com saw its number of subscribers more than double over the past year, from 82,000 to about 274,000.
What else did small businesses do right in 2008?