Dashboard
A weekly roundup of small-business developments.
What’s affecting me, my clients and other small-business owners this week.
Economy: What Fiscal Cliff?
A new survey finds chief financial officers less optimistic about economic growth. Brad Plumer explains why fears of a fiscal cliff are not hurting the economy, and Jared Bernstein reveals important new research on a fiscal cliff issue. Defense contractors brace for federal budget cuts. Economic advisers to President Obama and Mitt Romney squabble. Zachary A. Goldfarb says that under Ben Bernanke the Federal Reserve has become more open and forceful. The chief of the San Francisco Federal Reserve Bank anticipates that the economy will “gain momentum over the next few years.” A new book tries to help entrepreneurs reignite the economy. A bacon shortage threatens the world.
The Data: A Seven-Month High
Manufacturing growth improves in Texas and the central Atlantic region. Home prices notch their biggest gains in seven years. Consumer confidence rises to a seven-month high, and consumers step up their spending. But new home sales fall slightly and orders for durable goods plunge. And revised gross domestic product increased at an annual rate of 1.3 percent in the second quarter of 2012.
Finance: Could It Get Any Worse for B. of A.?
A new Visa study says cash flow concerns top the list of small-business worries. One of the biggest lenders to small businesses will soon be on the auction block. Even when consumers are comfortable using new payment technologies, studies show they sometimes prefer paying cash. Here’s why used car prices are rising. The replacement ref who made that controversial call last Monday is a vice president for small business at Bank of America. Did Iran attack our banks (and lose its sense of humor)?
Start-Ups: A Start-Up That Helps Start-Ups
Tim Ferriss explains Y Combinator’s contribution to the start-up scene. This is a start-up that helps start-ups. A solar panel start-up will tap a $197 million loan guarantee. Amazon may be getting into the wine business — and it’s also lending money to small businesses. A San Francisco start-up offers scooter rentals. The Wall Street Journal names the top 50 start-ups.
Selling: Replace Your Reps
Jill Konrath suggests cold-calling strategies. Matthew Bellows explains how small companies can stand out when selling to big companies: “Showing your prospects the characteristics that set your company apart is key to moving the conversation beyond a checklist comparison.” To sell well, John Jantsch says, you must tell stories. Laura Spencer has some advice for dealing with tire-kickers and other bad clients. Lars Lofgren explains why you should replace your sales representatives with ambassadors.
Marketing: Are You a Jerk?
These are the top cities in America for social-media-savvy small businesses. Jessica Levko says there are 10 signs that you’re a social media jerk, including: “You’re attached to your smartphone.” A show with Martin Sheen explains how small businesses can use social media to find new customers. These are the most important local business directories for search engine optimization. A new Facebook service facilitates the creation of “couponlike” promotions. Erica Ayotte explains how to use Instagram to promote your business. These are five types of images that will enhance your online marketing. A few entrepreneurs share their promotional swag secrets. Annette Du Bois thinks your marketing may be a turnoff. Here’s a case study on how a clothing company lifted its sales 205 percent with daily deal e-mails. This is what a Las Vegas casino can teach you about marketing. These are the five most effective business-to-business word-of-mouth marketing techniques.
Around the Country: Hipster Neighborhoods
Friday is Manufacturing Day, and the United States unveils a “Make It in America” contest. HLN introduces a new weekday series about “Making It In America.” Nissan invites “Edisons in training” to win a $50,000 grant (as well as a brand new 2013 Altima). FedEx introduces a small-business grant competition. Brooklyn booms as record rents drive construction. These are America’s hippest hipster neighborhoods. New York’s first chief digital officer discusses how she achieved 80 percent of the goals laid out in her “digital road map.” A supply chain management firm wins an award for small business from the Air Traffic Control Association. A cash mob hits a small business in San Antonio. A small-business owner in Dallas gives 240 customers a month the opportunity to “act like psychopaths.”
Your People: Happier and Healthier
Norm Brodsky says it’s cost of goods sold that determines whether you can afford another employee: “Once you know your gross margin, it’s easy to figure out the new sales you’ll need in order to break even on the addition of another employee to the payroll. You simply add up all the new costs associated with that new person — salary, benefits, extra phone usage, travel and entertainment, whatever — and divide by your gross margin.” A lawyer suggests that if you’re going to fire employees, you should let them know. Barclays’ chief executive plans to pay his employees based in part on whether they are good citizens. Executives at Research in Motion thank their developers with this awful video. New research concludes that the argument that a chief executive will leave if he or she isn’t well compensated is bogus. Freelancers are happier and healthier than full-time employees. Here are 13 office trends that will disappear in the next five years. These communication tips will make your business buzz with productivity. A Wisconsin news station uses a replacement weather guy.
Red Tape: On Taxes and Cheating
A workplace pregnancy bill is introduced in the Senate. Clint Stretch discusses taxes and cheating: “The I.R.S. estimates that in 2006 alone, the Treasury missed out on $385 billion in revenue due under the current tax law from a combination of underreporting of income, overstatement of deductions or other benefits, or nonpayment of taxes owed. To put that in perspective, increased revenue of $385 billion annually likely would be enough to make the Bush tax cuts permanent and to permanently patch the alternative minimum tax.” The Small Business Administration wants to help entrepreneurs over the age of 50. Thomas P. Hanrahan suggests 10 safeguards against consumer lawsuits, including: “The more variety there is in how you promote, the harder it is for a class-action plaintiff to prove that every consumer was taken in by the same misleading message.” Deborah Sweeney offers her small-business checklist for September.
Management: The Return of Myspace
This article discusses the benefits of being done versus being perfect. Mr. Sexy tries to bring back Myspace. The Queen of the Fuzzy Slippers warns us that problem solving is a productivity issue. Nadia Goodman shares three easy exercises to increase your creativity. Here are five incredibly useful tips from TED Talks. Cassie Mogilner says you will feel less rushed if you give time away. Here’s how to find the peak time to do everything. Going for a coffee is among the top 20 time-wasting activities. “The Daily Show” weighs in on the replacement refs.
Technology: Verizon’s iPhone Secret
Google introduces a new service for entrepreneurs and reports that its Play Store hit 25 billion app downloads (thankfully, it’s not run by the National Football League). Here’s how smartphones are changing health care. A puppet shares 10 useful mobile apps for businesses. A woman gives a dubious explanation for why she is waiting in a line to buy an iPhone. Jim Ditmore suggests six things he’d like to see in a future smartphone. Verizon’s iPhone 5 has a secret feature. Here are the 12 best practices for mobile device management for your company. Consumers will soon be able to get their hands on a much-talked-about light field camera. October is National Cyber Security Awareness Month. In the near future, developers say car apps will be big and Facebook may be the social network of the past. An 11-year-old girl wins $20,000 from ATT for a road safety app. Toyota reveals a new robot to help around the house.
Tweets of the Week
@smallbiztrends: I am getting my car serviced and guy says “you’ve only driven 5K miles in 10 months.” I reply “I run a Web business!”
@gitomer: They don’t want your brochure. They want answers to their situations and concerns.
The Week’s Bests
Jeet Banerjee says that when finding a business idea there’s nothing wrong with imitating: “Some of the greatest business ideas have been imitations of others in different ways. If a certain solution has a large market share and not enough competition, you can definitely create a successful business. … If you find a business with a solid business model, feel free to implement their model into other industries. Many ideas are so strong that they have the ability to work in different niches with just a bit of fine tuning.”
Brett Martin explains how to avoid being cheated by a contractor: “Know who’s on the job site. You might sign a contract and make payments with a person who isn’t doing all of the work. Ask upfront if your crew will subcontract parts of the job to somebody else. If so, do the same research into that person’s business as you did for the general contractor. It’s awkward to have a perfect stranger show up on your doorstep ready to swing a hammer, but beyond that, the balance between contractors and subs can lead to some of the biggest headaches on a big project — delays, incorrect installations, damage to finished work and all sides blaming the others for errors while no one takes accountability.”
This Week’s Question: What would you do to revive Myspace?
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/2012/10/01/this-week-in-small-business-about-that-replacement-ref/?partner=rss&emc=rss
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