The National Federation of Independent Business (NFIB) is hosting a virtual summit on September 15th from 10am to 6pm (ET). Once inside the exhibit hall, attendees will be able to search for and chat with other small business owners, attend seminars and visit vendor booths. Register for free with the code “gbb366″ Registration Page Read more »
Q: With business slow, it seems like it might be a good idea to lower prices and cut our fees. However, I am also worried about eating into my profit margin, which is already pretty thin. What do we do? TJ A: I love this quote from the late, great Paul Harvey: “In times like these, it is good to know . . . that there have always been times like these!” Sure, we have all heard that this Great Recession is the worst economy in 50 years, and it is, but that does not mean that there have not... Read more »
By Bob Willis May 14 (Bloomberg) — Prices paid to U.S. producers probably rose in April as oil costs rebounded, economists said before a report today. The projected 0.2 percent increase in wholesale prices would follow a 1.2 percent drop in March, according to the median estimate of 68 economists surveyed by Bloomberg News. Another report may show the number of people claiming jobless benefits climbed last week from a three-month low. Signs that the worst of the recession is over may boost commodity costs further, alleviating concern over deflation, or an extended drop in prices that hurts the economy.... Read more »
Q: I am on the hunt for any new ideas that can help me through this rough economy. It seems like the same old advice doesn’t really apply in this market. Suggestions? Ann A: I do agree that we are in extra-ordinary times and it makes sense to be on the lookout for cutting edge ideas and strategies. You never know which one might make a big difference. Let me give you an example: We have all heard about R.O.I. – Return on Investment. It’s a useful way to analyze whether you are receiving sufficient bang for your buck for... Read more »
Last year’s stories of financial success, while rare, all demonstrated how businesses adapted to the economic environment – and in some cases, made themselves indispensible. Doba, a Utah-based software company, offered such a story. Since 2002, Doba has hosted its own marketplace for drop shipping, catering to all aspects of selling products: manufacturing, distributing, and retailing. Its Web site and platform hosts about 1.5 million unique products from more than 250 suppliers, and thus has the potential to create thousands of buyer-seller relationships. “We are exclusively focused on managing that supply, in helping retailers and suppliers simplify that process,” said... Read more »
As small business owners attempt to predict their economic futures, the U.S. Small Business Administration presents both new and updated resources that can be used during these harder financial times. The newest addition is an online course, “Down-shifting in a Slowing Economy: A Business Planning Guide.” The presentation, while running less than 25 minutes, takes small business owners through a step-by-step process of how to reevaluate and streamline their strategies. “When sales have slowed and credit markets are tough, it’s easy to become overwhelmed and to view planning as a great idea, but something you just don’t have time for,”... Read more »
Q: I was recently laid off from my job of 10 years. I don’t really have any savings. Could I start a business somehow given my circumstances? Even if I could do something part-time until I get another job would help. Thank you. Ellen A: Of course the conventional wisdom is that this is a bad time to start a business, and one thing I know about conventional wisdom is that it is there for a reason; that is, maybe the group knows a thing or two. No, this is not the greatest time to go into business for yourself,... Read more »
Q: Are small businesses really having a hard time right now? Everything seems OK to me. Sure, gas prices are higher, but all in all, things are fine. Phil A: I’m sorry, but I simply disagree. I think things are pretty tough right now for most small businesses. That said, nevertheless, I will admit that there is a surprising amount of debate on this issue. Case in point: I hosted a roundtable event of small business bloggers in New York last week. The event was sponsored by Brother and the topic was, "Who says a slow economy has to slow... Read more »
Q: I own an upper-end shop in New York and we too are being hit by the economic slowdown. With people looking for bargains, how to we compete without hurting our brand? Jenna A : There is no doubt everyone is feeling the pinch of the economic downturn these days and woe to the business that doesn’t react in accordance with the times. Back at the turn of the 20th century, the automobile was a newfangled contraption. But even so, it was apparent almost immediately that it was also a revolutionary item that was here to stay. That is one... Read more »
Ladies and gentlemen, it’s true. The recession-proof shopper is here and she’s here to stay. A new study commissioned and soon to be published by Elle magazine concludes that 8% of U.S. women are still shopping up a storm and show no signs of slowing down. (for full stats check out this article) So what do you think? Do you think these ladies have what it takes to keep the economy (and businesses) afloat this year? I for one think that it certainly won’t hurt…but it’s not going to come anywhere close to how well those stimulus checks worked-wait…. If... Read more »