There are a growing number of indicators of a recovering economy. I recognize that it could simply be the eye of storm… but either way you need to be pushing your small business forward. I reached out to the TPE community to get their feedback on the pending recovery and on things small businesses can do about it. Here is what they said:
1. The Customer Is Served
The Economic Recovery And Small Biz: The small business owner really has a handle on what’s going on in the economy. Most of us don’t allow our business to grow any faster than we can handle. We are constantly looking for cost effective ways to manage the day to day while offering outstanding customer service. In my opinion, exceptional customer service is what sustains and makes a small business thrive in any economy. Let’s face it, your customers are what keep you in business.
The Economic Recovery And Small Biz: As a very small business (me!), I can improve my business by observing my large competitors and doing the opposite of what they are doing. I make it easy for clients and prospects to contact me. I answer my own phone. If the call goes to voice mail, the caller is never instructed to “press 1 for customer service, press 2 for purchasing” etc.
The Economic Recovery And Small Biz: When placing content on the web,it is critical to spread that content as far as possible to reach as many people as possible. One of the best ways to do this is to maximize the web resources available. We have to remember that not everyone learns in the same way.Some learn better by hearing, some by reading and some by seeing, then there are those that learn best by doing. To maximize your content you can use written articles for podcast and videos and place the links back to your main website.
The Economic Recovery And Small Biz: We live in an economy driven by innovation. Small businesses have the flexibility to create innovation because they are not stifled by bureaucracy.
The Economic Recovery And Small Biz: The greatest way for entrepreneurs to improve in this economy is to take a look within and see what they are great at. Write down these things and turn this knowledge into a workshop or school. This will make you an expert and your life will never be the same. rn
The Economic Recovery And Small Biz: Small business is essential to the nation’s psyche.If you see or hear of lots of empty stores or office spaces with “for rent” signs,you think “uh oh.” Multiply that “uh oh” with millions of “uh
ohs” and suddenly consumer confidence is down, people are afraid to spend
and all the economic problems are compounded.However, the economy is stabilizing. Spread HOPE to everyone and everyone works harder to turn HOPE in reality.
The Economic Recovery And Small Biz: Entrepreneurs can turn their dreams into a booming business and help keep the economy afloat and here’s how: They invest their money or that of investors into the economy, then the public loves to support a new business or service, instead of mass retailers.
The Economic Recovery And Small Biz: As a small, specialty niche retailer, since 1985, we’ve learned lots of hard lessons about what exposure really works to create customers. We’ve done it all, from direct mail, to print advertising — even national print ads, but the one venue that has consistently directed buying customers to our online operation and created relationships is Ebay. The fact of the emergence of online communities can’t be ignored by any small business looking to broaden their market segment or find new niches
The Economic Recovery And Small Biz: We have been in business for six years and have excellent credit. We still have revenue and contracts yet as money gets tighter we have found that nobody has money to lend. You keep hearing about programs to help small businesses, but where are they? How can we survive the recession with accounts being paid later and later with no credit or access to funds? It seems to me that while small business is the backbone of the economy, nobody seems to care.
The Economic Recovery And Small Biz: The backbone of the US economic growth is in its’ small businesses, but so many of these never survive and this must change today. 24 Million Businesses have less than 20 employees, 80% of them fail and this devastation affects you, me and the US tremendously. 60-80% of all new, net jobs annually over the past decade have been generated through small business, this will only continue to grow. We must all be dedicated to increasing the success rates of small businesses, for everyone’s future.
The Economic Recovery And Small Biz: I believe small business is the backbone of the American economy because starting / owning your own business and having it grow is an ingrained part of the American psyche.
We have business ideas and live in a country that encourages entrepreneurship; so many of us are willing to take the risk and start a company. As we grow, we employ people and buy goods and services from others.
Business ownership is an American dream that’s endured throughout the history of our country.
The Economic Recovery And Small Biz: According to the U.S. Census Bureau small businesses are responsible for more than 50 percent of our nation’s GDP, and more than 50.2 percent of our non-farm private sector work force. Small businesses are the engine that will drive our economy in the coming year. It is imperative that Congress and the Obama Administration move now to assist small businesses that are struggling to keep their doors open by supporting H.R. 2568, the Fairness and Transparency in Contracting Act of 2009.
The Economic Recovery And Small Biz: As a small business owner, I report to three groups: my employees, my clients and myself – not stockholders. These are very personal relationships, and genuine responsibilities. I am committed to do whatever it takes to keep clients and jobs, and solving problems is key to being a successful entrepreneur. The combination of ingenuity and ethics seems to be working: my 9-year-old ad agency is having its best year yet. Hopefully this is a sign that the economy is taking a turn for the better!
The Economic Recovery And Small Biz: Media outlets NEED content. Use news releases to get great visibility at low cost. What are you doing that makes you newsworthy? Write a well-crafted release telling that story, with a clever headline to grab attention. Treat your story as interesting news, not as self-promoting advertising, IF you want the media to post it on their websites or use it as the basis for an article. Include 2-3 links to your website in the release & in the contact information. Use a newswire for best distribution.
The Economic Recovery And Small Biz: As entrepreneurs we are taking advantage of the available opportunities at hand and we have the freedom to find new innovative solutions, while established businesses may not have the visionary agility to tackle these issues. Where large companies continue to downsize, small business are perpetually growing thus creating new jobs. It is this cycle which seems to suggest that small businesses are playing an integral role in lifting us out of our recession, and offering possibilities and hope.
The Economic Recovery And Small Biz: Small business is the job creation engine of the U.S., employing three times as many Americans as large companies and creating a huge market for suppliers. Yet only 2% of the stimulus plan is set aside for small businesses and many can’t access credit. Lines of credit are the life-blood of small businesses, providing backup funds for managing cash flow realities. More resources to grow existing small businesses will fuel our job creation engine, sustaining and expanding jobs economic growth.
The Economic Recovery And Small Biz: Strike – while your competitors are in the bunkers – this has always distinguished growth companies. This is the time to advertise, engage in PR, bring traffic to your website, develop a Killer Offer.
For business growth, entrepreneurs must focus on: C + A + M = PG or Capturing CUSTOMERS + Amplifying CUSTOMERS + Maintaining CUSTOMERS for LIFE which is the secret to Perpetual Growth.
Pay finders fees to anyone who brings you business. That’s like building a virtual sales force.
The Economic Recovery And Small Biz: Every business starts out as a small business. When a new business begins it is like an atom. Solitary and small. As it grows it builds itself larger and larger. It eventually becomes a large business. Google at one point was two guys in a dorm room.
Every business should focus on making and keeping their customers happy. Make them part of your family and treat them right. Get them to bring their friends and family to do business with you. Customers are your life blood… treat them that way.
The Economic Recovery And Small Biz: Small businesses have the unique opportunity and responsibility to adapt to a changing world. Over the past 18 months we’ve seen global circumstances requiring nearly every industry, consumer, and company to modify how they do business. Small businesses have the vital ability to view extreme challenges as powerful opportunities. When we as entrepreneurs skillfully adapt our businesses, we can not only provide a ray of hope to the economy but innovation, opportunities, and jobs as well.
The Economic Recovery And Small Biz: Use the internet & social media to embrace your community! Fresh ideas can be implemented immediately through emerging web technologies that give savvy business people powerful communication capabilities. Small business is THE path to independence and innovation. Entrepreneurs have a unique role because they have a true connection to their communities. We are rooted in the cities & towns we operate from and are not beholden to a faceless group of stockholders who demand profit above all else.
The Economic Recovery And Small Biz: I work with psychotherapists and I find (surprisingly) that they often make the best sales people. They are curious about other person – which in turns makes the other person like them! In your networking next time, allow yourself the joy of curiosity. Ask about her roots and her family (”Have you always lived here?”) and her business – (”I am curious, how did you get started in this business?” and “When making referrals, how would you like me to talk about your business?”)
The Economic Recovery And Small Biz: What encourages progress and improves our quality of life is willingness by the few to set aside the secure — the known quantity — to create and to innovate. To take a chance on something new that may succeed and may fail. Without those wiling to take that risk, we stagnate.
Governments that refuse to allow us to fail, ipso facto refuse to allow us to succeed. That leaves us with no reason to step out of of our comfort zones to make the world (and our futures) better and brighter.
The Economic Recovery And Small Biz: Small business, which constitutes nearly 50% of our GDP, is the back bone of our economy because Small Biz is the embodiment of the American entrepreneurial spirit. This is not an ephemeral concept. Our current economic situation is largely driven by fear. Such a large number of employees in our economy work in Small Business the attitude and demeanor of the public largely rises and falls with small business success and failure.
The Economic Recovery And Small Biz: So far I have not seen signs of a recovering economy. Workers are still losing their jobs, credit cards companies are hiking up interest rates and houses are still being foreclosed so on. Despite the economy small businesses are important because they care and work harder to please customers. I am finding out that a lot of small businesses will work with one another by offering cheaper rates or sales.
The Economic Recovery And Small Biz: Entrepreneurial activity correlates with economic growth:
*Creates new jobs at a faster rate than larger companies. All net new jobs over the past 25 years have been created by companies less than 5 years old.
*Develops new products and services
*Changes processes and approaches to the way things are currently being done
Entrepreneurs reinvigorate the economy during downturns
The Economic Recovery And Small Biz: Small business is agile because the decision makers are closer to the ground. When a source of work or customers dries up, the small business owner can identify the problem faster than a big corporation would, and then respond by identifying and pursuing emerging opportunities to make up the shortfall. This makes small businesses better at saving employees’ jobs in uncertain economic times.
The Economic Recovery And Small Biz: Small businesses are important to the economy because it allows those who have been displaced to create an income and pour money back into the economy. A displaced person would be someone who has been laid-off, fired or forced into early retirement. A simple way to start a business would be to take a skill that you are passionate about and turn it into a business. Then once you grow your business, you could hire others who have been displaced.
The Economic Recovery And Small Biz: ‘Small business’ is important to our economy because:
1. It enables people who can’t find a job to be productive and contribute to our economy.
2. All big businesses started out as small businesses – they just grew. Without new small businesses growing up, outdated businesses would die out with nothing to replace them.
The Economic Recovery And Small Biz: Two reasons why I believe small businesses are the backbone of our economy.
1. They drive innovation, and successful innovations ultimately drive job growth.
2. They support local economies and have the biggest potential to help our country make needed changes in how we build a sustainable future for our kids.
In today’s economy, entrepreneurs need to keep networking, find ways to creatively partner with others and always think outside the box.
The Economic Recovery And Small Biz: Small business entrepreneurs are the backbone of the economy because:
1. They produce most of the innovations that create new markets. From the dry copier (licensed from Chester Carlson) to major Web firms (Google, Facebook, and Twitter), small companies usually did it first.
2. They develop most of the new services that enable others to be more productive so everyone can afford to buy more.
I see the economy as turning up now based on many reports from my small business stu
The Economic Recovery And Small Biz: All large businesses were once small. Therefore, all growth comes from small businesses. Support for small biz and start-ups is the fastest way to economic recovery.
In retail, the small businesses rule. They employ more people per sale, pay more per person and donate more to charity.
A study in Grand Rapids, MI showed how a 10% shift in shopping from chains to locals adds 1600 jobs and $137 million. Without spending a penny more! That is true economic growth!
The Economic Recovery And Small Biz: Small Biz is the backbone of the economy. They are the best way for individuals to make it through the next few years as the economy slides sideways. Small companies will do well and can navigate this next part of the double dip recession.
Small Biz hires great people while currently the only industry that’s hiring is government who should be cutting costs instead of adding them.
The Economic Recovery And Small Biz: Every business started out as a small business and an idea. A small business is like a small town that welcomes you with open arms and greets you with a smile. They go the extra mile to help you out rather than a large store with too many employees. Small businesses teach us that no matter how big or small that it can be a success and anything is possible if you work hard. Don’t think of your business as a “small” business, it’s a small business doing BIG things…
3 Responses to “The Small Business Economic Recovery”
Small Business Economic Recovery (TPE) « The Customer is NOT Always Right… Says:
November 10th, 2009
[...] Here is the article link: Small Business Economic Recovery [...]
alex Says:
January 7th, 2010
What I like about small business owners is that they are not afraid to take huge risks and lay it all on the line. But, I agree they do need a lot of help with their marketing. I think having them go the social media and email route is not only the least expensive but its also the most effective. Thanks for the stats!
alex Says:
January 9th, 2010
According to the study, the most important tool for small businesses to succeed in 2010 is search engine marketing, while email marketing, public relations and social media cited as crucial for success.
November 10th, 2009
[...] Here is the article link: Small Business Economic Recovery [...]
January 7th, 2010
What I like about small business owners is that they are not afraid to take huge risks and lay it all on the line. But, I agree they do need a lot of help with their marketing. I think having them go the social media and email route is not only the least expensive but its also the most effective. Thanks for the stats!
January 9th, 2010
According to the study, the most important tool for small businesses to succeed in 2010 is search engine marketing, while email marketing, public relations and social media cited as crucial for success.