Small business, large corporations, global economy, it all goes together in the business world. Statistics and information are a powerful tool to help us make decisions. For instance if you want to know how much you should make in a month, you can look at your income statements and balance sheets to see how much income you are bringing in and compare it to your expenses. By doing this kind of work with a minimal amount of investment you will come out making sound business decisions, based on sound economics.
In the business world the other day I was talking to a group of small business owners and most of them were scratching their heads because they had never been exposed to enough business news and analysis to understand what it was saying about their industry. Most business owners are too busy running their business that they don’t seem to have time to follow business news closely. For example if you have a small business and your business is growing very rapidly in number you probably want to expand. If you have the time and money you might want to consider growing to ten or twenty units rather than growing to four. This can be critical because in a rapidly expanding business the cost of equipment, supplies, labor, etc. increases exponentially causing an oversupply of certain items and shortages of others.
This brings me to the third point I am going to bring up in this article, which is pandemic thinking. In the business world there seems to be an obsession with trying to prevent or contain epidemics. For example, if there is a deadly pandemic sweeping the nation small businesses would be putting all of their eggs in one basket to try to stop the pandemic. Of course, if the pandemic turns out to be non-existent all business owners would quickly be scrambling to put the brakes on their business.
How does this relate to the topic I am addressing today? Well, if there is an online website crisis do you think that small businesses will react with online advertisements? Many small businesses have turned to creating online ads that promote the company to the web in hopes of stopping a potential online pandemic. Although many of these online ads are well crafted and have proven to work sometimes, the online ad crisis is not so much a crisis as it is an over reaction.
What do I mean by an over reaction? Well, let’s say for example that there is a natural disaster or epidemic in the city of Atlanta, Georgia and the pandemic has broken out in that city. If every small business in Atlanta closes their business, it would still not stop the surge in business due to people wanting to get to work. The same thing could happen with every other city in the world.
So the bottom line is business needs to think about pandemic economics and business response time. Can you start to see the problems with how small businesses view pandemic economics? I certainly can and it gets worse when you realize the damage that closing your business can do to the local economy. In an economic depression your business will suffer. So, you need to ask yourself “If this were a national crisis how would you handle it?”
Now then, most people look at this question from a business point of view by thinking that businesses in every large metro area would close down. And in large metro areas the news would be all about how terrible the situation was. In a small business news stand-alone magazine type publication small business owners will get all the economic news they need and a little bit of business news about the pandemic. However, small business news will not make much sense to the customer because they won’t understand the latest buzz.
What is missing in much of the business press, though is stories about entrepreneurs making money online while managing to keep their business afloat during the worst economic recession since the Great Depression. There has been a lot of talk about Internet marketing in this global economic meltdown. Entrepreneurs are buying websites with domain names similar to theirs and re-branding them for the purpose of getting free web traffic. Small business news online will discuss the hottest online business trends in this fast paced world. As long as there is a story in a small business magazine, online business newsstand or on a website focused on small business, entrepreneurs will find it.