Getting tired of all the political chatter about how small business owners are affected by today’s economy? I started on a quest to find out what they really are doing and found these choice bullet points help capture the essence of what is really going on*:
Here are a few selected findings:
*20 percent of small employers have reduced, postponed or canceled a planned investment or reinvestment in the last six months; the slowing economy is the primary reason in more than half of these cases. They are becoming much more prudent in their resource commitments for expansion.
*20 percent of small employers have reduced, postponed or canceled a planned investment or reinvestment in the last six months; the slowing economy is the primary reason in more than half of these cases. They are becoming much more prudent in their resource commitments for expansion.
*Increased marketing and sales activity is a common strategy to combat an economic downturn. However, this is one of the least frequent approaches a small business owner uses. This is a big problem for the future. Now is not the time to reduce marketing efforts!
*44 percent of small business owners are spending more time at their businesses today than six months ago.
*Over the past six months, small business owners are highly likely to have become more attentive to their cash flow and inventory status. This is key, and should also include cutting overhead and debt. Creative ways to always use "Just in Time Inventory", leverage assets for working capital, use suppliers as the "Bank", and how to stretch A/Rs has become a major topic.
Would have to agree Jack, the uncertainty both politically and economically are suppressing small business. Spending more time on the business was probably needed, but would prefer to see more innovation thinking on expense/cash control than passing the issue on to suppliers.
ReplyDeleteIt's so true that small businesses need to market now - before it's too late. Business owners need to take the time to understand digital marketing so they can make smart, affordable marketing choices.
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