Small business news often reflects economic conditions in the business world. Every business, large or small, needs financing and a good economy will help small business owners. As President Obama has indicated, helping small business owners get a loan is a high priority for his administration. Lenders are clamoring to line up to provide business loans and are willing to make special deals for business owners who can demonstrate they are viable.
Most small businesses have shut down recently. Many have very little revenue and high or minimum operating costs and face the likelihood that they might never reopen or resume. Fortunately, for these small businesses to recover after the recession, and again be a strong engine of American ingenuity, they must receive financial help. Business news tells us that many banks have scaled back or eliminated many business lines of credit. With the current economic situation, more banks are keeping their doors shut in small business programs.
One of the first questions small business owners have is how can they keep their small business going during this difficult time. The answer is simple: via the power of the internet. Recent business news indicates that small businesses with a web presence have an advantage over their non-virtual competitors. In fact, millions of dollars have been funneled into online social media marketing. These small business owners use Facebook, MySpace and twitter to market their companies.
The economic news doesn’t help those small businesses who haven’t already reeled in the internet storm. Many business people see the recession coming and they’re fearful it might close doors to millions of their customers. In reaction, many are now reevaluating their Internet strategies. They know that if they want to keep their businesses open and in business they need to “plug in” and use the power of the World Wide Web.
The news reports have been alarming for small-business owners. Although there’s no known pandemic (a term used to describe a worrisome or unprecedented outbreak) yet, the recession has caused many problems for small business owners. In response, the most effective strategy small business owners have is to follow the news and stay apprised of their industry’s developments. By regularly monitoring the business news, business owners can determine what problems exist, and where they’re headed. In doing so, business owners can make informed decisions regarding their companies, their employees and even their own reevaluation.
How can small businesses be sure that the bad days are behind them and that a recession will not affect them in the future? It’s simple: economics. As mentioned earlier, the “p Pandemic” of this decade is upon us and we must learn to deal with it before it wipes us out. According to economics, economies should grow together. If one economy suffers a pandemic, other economies suffer and, consequently, the world’s poor becomes even poorer. It’s a delicate and cruel game of economics – but it’s also a good game.
If you have a small business and you’re reading this, there is no time to lose. Do not wait until the next pandemic hits before taking pro-active steps to secure your company. First, identify the current issues plaguing the business community and take action. For instance, if business travel is a major problem, you may want to encourage frequent business travel, or offer special deals to frequent business travelers to increase sales. If you have customers who are afraid to travel out of fear of a new or emerging threat, you may wish to review existing security measures and update them or launch new ones.
The economic model under which we operate is one of great uncertainty. It’s unfortunate, but there is a lot we can do to increase the certainty of future profits. Economic hardship can make entrepreneurs more reticent to risk, but it can also make them more decisive. This is especially important for small-business owners because they often have to face significant risks on a regular basis. Don’t let uncertainty keep you from acting when it is in your best interest to do so. When faced with an uncertain business climate, entrepreneurs must act – and they must act boldly!