Dashboard
A weekly roundup of small-business developments.
What’s affecting me, my clients and other small-business owners this week.
The Sequester: Already Hurting?
The sequester budget cuts take hold, and Jim Tankersley says it will sock an already vulnerable economy. Scott Sumner explains how we got into this mess. Some feel the sequester cuts are already hurting small businesses. But E. Scott Adler and John Wilkerson say things are bad, but not bad enough, and another blogger says there are nine great things about the sequester. James Walter and Corey Ross say that alternative lending for small businesses will get a boost.
The Economy: Pricing Pressure
Steven Hansen says new home sales in January were “beautiful,” but the economy grew only 0.1 percent in the last quarter. Manufacturing sentiment improved in Richmond, manufacturing activity increased (but at a slower pace) in Texas, and manufacturing activity was down in Chicago. Home Depot’s co-founder says small businesses are struggling. Consumer confidence rebounds but is still at recession levels. New orders for durable goods (pdf) fell but music sales are growing for the first time since Napster. An Ernst Young report says that pricing pressure is among the biggest risks and opportunities ahead this year.
The Fed: Currency Realignment
The Federal Reserve chairman defends the central bank’s monetary stimulus (here’s the full speech). Jonathan Spicer and Ann Saphir say Ben S. Bernanke’s challenge is to “prime markets for a policy turn.” And Paul Krugman says Mr. Bernanke is a hippie. The dollar surges, and one blogger believes there will be a realignment of the currency system. Al Bredenberg says that ending currency manipulation will help manufacturers.
Management: A New C.E.O. for Vistage
Ben Schiller thinks that Whole Foods may be a viable model for the future of capitalism. A new report advises couples to run their weddings like small businesses. Here is how an owner of a technology company powers his business (and this is how this guy became an accomplished party crasher). Vistage International names a new chief executive, and Groupon fires Andrew Mason, who writes an awesome goodbye letter. Rhonda Campbell explains why expanding your production capabilities is necessary to keep your customers satisfied. A document-filing service explains how to make mistakes intelligently. Brian Solis shares some fascinating facts on business failures. A chocolatier shares her thoughts about running a niche business. And a new study answers the big question: Do small-business owners have better sex?
Your People: Time Wasters
Yahoo’s chief tells her employees they can no longer work from home. Wellness incentives at many companies are becoming financially attractive. But if that’s not your thing, then a company sweepstakes may help your employees become healthier. Joanne Tucker explains why you need to have a written health and safety policy: “You, as the employer, have overall and final responsibility for health and safety in the workplace.” These are the 10 biggest time wasters at the office. More employees are raiding their retirement accounts. This is how one successful company hires and fires employees. A determined teenager walks 10 miles to a job interview (but another business owner hires him instead). A naked guy gets locked out of his hotel room.
Finance: Banks Are Doing Fine
The banking industry’s earnings were 19 percent higher than last year and the second-highest ever. But JPMorgan lays off 4,000 workers. January’s leasing volume was up 16 percent from a year ago. Scott Grannis says there is no shortage of money but here are a few reasons banks still aren’t lending to you. A mom-to-be lets online voters pick her baby’s name for $5,000. Capital One Financial expands its partnership with a global microlender. Gary Emmanuel says there are five reasons equity-based crowdfunding won’t work. A Kickstarter-funded film wins an Oscar. Here’s how to pitch a venture capitalist when you’re in high school. A bookkeeper gives advice for using tools (and common sense procedures) to prevent financial fraud, and Savannah Bobo says here’s what to expect if you use an automated payroll system.
Mobile: Payments Heating Up
MasterCard expands its mobile payment system. Samsung offers a new mobile payment service. Another IOS app is introduced to help small and growing businesses accept credit card transactions. Google is chipping away (pdf) at Apple’s mobile market for businesses. These are the three winners from the Mobile Premier Awards. Francisco Rosales offers compelling proof that mobile is changing business. Here are five mobile apps that can help you learn more about your customers.
Start-Up: In Prisons
Start-up mania hits California’s most notorious prison. Chris Groscurth says “competent leaders” are among the three must-haves for changing a start-up’s culture. A start-up quietly delivers smart wires to big power players. Janine Popick says these are the wrong reasons to start a business. Joshua Turner feels there is never a wrong age to start a business. Jenny Fulbright offers advice for starting and running a service business. Bruce Nussbaum says “indie capitalism” is on the rise.
Around the Country: Selling Pickles to China
An owner of a “bicycle academy” explains why he chose a Volkswagen van for his business. Michigan’s Black Chamber of Commerce celebrates Black History Month by promoting entrepreneurship. Brad Tuttle explores the “smoking hot network” for gently used cars. March will be small-business month for a bunch of northern Ohio communities. A North Carolina small business increases sales of pickles in China and becomes the Ex-Im Bank’s 500th “express insurance” customer. Macy’s and Penney are fighting over Martha Stewart.
Around the World: Another Cruise Ship
A new study from DHL finds the world today is less globally connected than it was in 2007. The British economy grew more than previously thought in 2012. In July, Honda plans to do something it hasn’t done for almost 50 years. South Koreans chow down on McDonald’s french fries, while North Korea approves 28 model hairstyles. Taiwan’s smaller start-ups realize that co-working is the way to go. A report from Italy explains the election mess. An abandoned Russian cruise ship drifts towards Europe. China suffers a lull in manufacturing and its biggest weekly cash drain ever. The Onion warns that Chinese third-graders are falling behind American high school students in math and science.
Red Tape: Start-Up Legislation
The Internal Revenue Service reminds that it has a small-business and self-employed tax center. Nelson Nigel asks if your company is ready for government procurement: “The tendering process is something you’re almost always given only a single shot at. If you fail to make a good impression the first time around, you’ll usually have a hard time getting the government to give you another chance.” Felix Salmon says the pending Startup Act 3.0 is a no-brainer.
Marketing: Pricing Secrets
Here are the answers to questions about lead nurturing and marketing automation. Chris Penn says the secret to setting prices is to base them on value. Heidi Cohen says there are four cornerstones of content marketing, and these are the four types of content people love to share. When selling, Geoffrey James believes that you have three decision makers to win over. And Mike Major says you should avoid these four sales mistakes. David Frey lists 13 elements of effective advertising. Here’s a place to get some marketing training for the Web. Anum Hussain says there are eight big marketing campaign mistakes to stop making.
Social Media: Using YouTube
Here’s how to make the most of Twitter’s promoted advertising. Anna Farmery shares three social media tactics for business-to-business consumers, and Louise Julig explains how business-to-business marketers are benefiting from Facebook. Here are 20 examples of how some companies advertise their text-messaging campaigns through their Web sites. And this list defines all of the social media marketing acronyms. Liz Lockard says these three Google Analytics insights will matter to your business. Jim Smith shares thoughts on getting the most from YouTube. A baby tries to nap, but it’s just not happening.
Technology: A 3-D Car
Microsoft upgrades its cloud-based Office 365 for businesses while two small businesses say yes and one says no to the Microsoft Surface Pro. A brilliant machine separates Oreos. An innovative motion controller for PCs starts shipping in May. This is a practical guide to live chat implementation. Here are six utilities to supercharge your laptop. A Skype competitor hits 175 million users. Deimar Gutierrez says 3-D printing is the new hotbed of innovation and that it will affect every business. It will be used to build NASA’s spare parts and rocket engines, and a 3-D printed car is as strong as steel, half the weight, and nearing production.
Tweet of the Week
@indecision – One way to get people to care about sequestration is to get Jennifer Lawrence to say something wacky about it.
The Week’s Bests
Jennifer Warawa wants to know if you’re really listening: “Maybe there are clues about career challenges, struggles with a project or just general dissatisfaction. Maybe an e-mail was an employee’s cry for help and because you only had time to gloss over it, you missed their message all together. It’s no wonder so many people today feel disconnected or unheard – most people don’t have time (or make time) to listen.”
Glenn Muske says that you have a secret advantage to use in battle against huge marketing budgets. “Small-business owners develop deep connections with their customers. Those connections arise from close interactions. In such an interaction, the owners can identify the specific problems the customer is trying to solve. They can find the unfilled niche and learn how to attract an audience.”
This Week’s Question: Do you let employees work from home?
Gene Marks owns the Marks Group, a Bala Cynwyd, Pa., consulting firm that helps clients with customer relationship management. You can follow him on Twitter.
Article source: http://boss.blogs.nytimes.com/2013/03/04/this-week-in-small-business-its-on/?partner=rss&emc=rss