Small business lending is down – find out why that’s a good thing! Also, find out why finding out what you’ve done for years isn’t working isn’t the end of the world. Plus tips for the holidays and much more in our forecast!
Small Business News That May Impact Your Week
It wasn’t a total surprise, but small business lending was down by 14% last month according to Direct Capital. While this sounds like a bad thing, this actually might show some positive signs in the small biz community.
For one, this means small business owners were likely taking vacations during July. Not particularly newsworthy in of itself, but this also means that these owners had money to actually take vacations. Expendable income is always good news and if small biz owners have some that’s positive signs for their companies.
This also likely means the first half of the year was strong growth for the industry. While good news for small businesses is sometimes few and far between, having an entire good half of a year is amazing.
On top of that, small business lending was actually up 8% over July of 2012, and overall growth is up 30% this same time last year. So we’re seeing a lot of great movement in the industry, and hopefully it will continue throughout the rest of 2013 and beyond!
Around the Entrepreneur Web
Links from around the web! They’re not necessarily the most current news or blogs, but we found them to be helpful, insightful, or just plain interesting.
On the Fly: When Did the Customer Stop Being Right? – We live in a world where rude waiters and indifferent cable companies are the norm. Here’s why businesses need to lose some of their cut-throatedness.
The Power of One Question – Want real, helpful customer feedback? Keep it simple.
Fearing Obsolescence, a Company Charts Its Reinvention – Realizing what you’ve done for years doesn’t work anymore is terrifying, but it doesn’t have to be the end.
Outright Community Speaks
Our users surprise us every day with questions and concerns. Here are some to think about this week:
User Question: How do you enter in a company’s initial capital contributions from a partner?
User Question: Which income category is appropriate for a check reversal/returned check?
Have questions or concerns? Stop by our Outright Customer Care forum!
Outright To-Do Tip: The Holidays
As summer winds down (depending where you live it may inexplicably already heading down that path), it’s time to start thinking about your holiday plans. No, not where you’re going to find gifts for all those cousins you only see once a year – your business holiday plans.
However, just focusing on that admittedly important December madness isn’t the whole story. There are several holidays between now and then you can take advantage of. Every chance you can take to increase sales you should take it, and ignoring holidays means you’re missing out on making some good money.
Don’t think you don’t have anything to offer for every holiday. Halloween, for example, is a great money-maker for businesses, as people are willing to snatch up anything remotely fall-related in celebration. So even if you sell coffee cups you’re bound to have something with a ghost or fall leaves on it – even something orange and purple can move well during this time!
Also, if you think this is all a little premature, consider that most shoppers start their Christmas and other winter holiday shopping mid-summer. While they’re poking around your website looking for winter deals, they could also be picking up items for Thanksgiving they never knew they needed!
That’s it for this week’s Small Business Forecast! Hope you have a great and profitable one!