Posts Tagged ‘recession’
by Steve Strauss on July 17th, 2009
Q: What are you telling people these days with regard to staying afloat and even getting ahead in this tough recession?
Steve
A: Recently, I was chatting with my friend Rieva Lesonsky about what a challenge it is to own and run a small business in this economy. The topic was especially salient because , as we are both small business owners as well as writers and speakers on the subject, the Great Recession is effecting us in numerous ways.
You may have heard of Rieva. She is one of the top small business experts out there, but even if... Read more »
by Steve Strauss on July 1st, 2009
Q: I keep hearing that one way to make it though this recession is to advertise more – that is one thing that successful companies did to make it through previous bad economies. Is that an accurate analysis of those companies did right?
Amy
A: Advertising more right now makes intuitive sense to me, but does it make actual real business sense? Maybe, but maybe not.
Intuitively, one thing that is clear right now is that people are looking for a bargain; customer loyalty is a bit of any oxymoron as customers are generally more interested in saving money than... Read more »
by Christina Lee on June 16th, 2009
A note to hope to budding entrepreneurs – a study released last week found that more than half of Fortune 500 companies had been founded in a recession or bear market.
The Kauffman Foundation cross-examined data from the U.S. Census Bureau, Fortune 500, and Inc. magazine to figure out how recessions affected new firm formations.
The study found that in general, bad economic times for the nation may not always impact entrepreneurship in the same way. After all, an individual may feel more apt to start a business once laid off, while entrepreneurs could target the newly unemployed as potential... Read more »
by Steve Strauss on May 21st, 2009
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 Rebecca Button on June 10th, 2008
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 »
by Rebecca Button on June 3rd, 2008
Eve Tahmincioglu who writes the Your Biz Blog over at MSNBC.com had a great post today where she enlisted the help of business coach Dan Murphy, president and founder of The Growth Coach , to help cast some rays of hope down upon businesses that are suffering recession doldrums. I thought I might help spread the word a bit.
His tips are sure to help you regain a sense of perspective and lead you to taking active steps in maintaining your business. His advice comes in the tried and true form of the acronym: M.A.S.T.E.R. (as in MASTER your business)... Read more »
by Rebecca Button on May 23rd, 2008
The following is a great excerpt from an article on Forbes.com . It highlights some strategies retailers can use to help get themselves and their customers through the economic storm:
"In the short-term, retailers need to continue providing sales incentives, discounts and promotions that demonstrate value to the consumer. Incentive packages can be offered for cost-saving items such as fuel-efficient cars or energy-saving light bulbs. Innovative ideas to help consumers spend "extra" money will be critical. We have seen this happen already in the travel industry where some resorts are providing gas cards for guests driving to the destination.
Retailers... Read more »
by Leeia Ladipoh on May 7th, 2008
If you’ve been reading the financial news magazines and newspapers in recent weeks, you may be a little worried about where things are heading. With financial giants toppling, and the word recession becoming more prominent, what does that mean for your small business?
If you are like many companies, you’re already looking for ways to trim off a little fat. That could come in the form of not ordering as much inventory, looking for employees to lay off or any other cost-cutting measures.
As a matter of fact, many small business owners are already in a panic, with doomsday visions... Read more »
by Rebecca Button on April 28th, 2008
It’s begun. The Great Consumer Schism is effectively working its way through America-an event last experienced in this country in the ’70s. Economic disparity in America is nothing new. But in times of recession the division is inflated and even more apparent as seen through shifts in spending habits. It makes perfect sense of course that middle to lower income households are switching from brand name items to generic in order to save a few bucks.
So what does this mean for retailers? Well, if you sell cheaper products, this is great news! If you sell brand name (and therefore... Read more »
by Leeia Ladipoh on April 15th, 2008
There is a recession coming according to many economic forecasts. This has many people who were thinking of starting a business changing their minds and running for the hills until the low economic tide washes over. But is this the best solution?
Some would say that hoarding your money during a recession, and waiting until the economic upturn to make any business moves would be a sound financial decision. However, those are very shortsighted views of the world.
A recession is as good a time as any to start a new business. For some, this may even be a better... Read more »