A weekly roundup of small-business developments.Dashboard
What?s affecting me, my clients and other small-business owners this week.
The Big Story: Not a Great Week for Housing
Housing starts, existing-home sales and mortgage applications to purchase a home all decline. As does builder confidence. But the American Institute of Architects remains positive and new building permits reach a three-and-a-half-year high. Bill McBride says the debate is about the strength of the recovery and not whether there is a recovery.
The Economy: There Is No Invisible Hand
American Express says business owners are optimistic but cautious. Gallup says economic confidence is up. A Chamber of Commerce study finds that while small-business confidence has been increasing since January, hiring has remained stagnant. Steve Forbes discusses economic cycles and job creation. Manufacturers may struggle to fill three million jobs by 2020. Bruce Bartlett wonders if small businesses really do create jobs. Bill Roth says that high gasoline prices are actually creating jobs and expanding the economy. Jonathan Schlefer says there is no invisible hand. Charles Biderman believes ignorance is bliss when it comes to financial data from the government: ?My solution is very simple. Fire all the government economists and disband the B.L.S., B.E.A. and Census Bureau.? This guy thinks there are 10 economic indicators that mislead small businesses. Inflation may pose problems for small businesses. And, for the third year in a row, there is no federal budget.
The Data: Hot Sauce
Economists are predicting that gross domestic product will rise to 2.4 percent in the second quarter. Retail sales (pdf) jump in March, and most economists agree it was another strong month. Farhad Manjoo suggests ways for Best Buy (and other retailers) to survive. Reports show healthy railroad profits and container traffic. February?s freight transportation services index rises, and business sales and inventories are up. The index of leading economic indicators climbs 0.3 percent. Hot sauce is the eighth fastest growing industry in America. Members of the Conveyor Equipment Manufacturers Association report an increase in orders. But March?s industrial production was flat and manufacturing slowed in the New York and Philadelphia regions. And two girls released a terrible video.
Marketing: The Mother Casket
A bakery owner turns Mitt Romney?s insult into the Cookiegate Special. Heidi Cohen summarizes the blogging advice of 15 search engine optimization experts. Customers chime in on Costco?s $949 Mother Casket. Anna Farmery asks: Do you create a lasting smile with your content? A search engine specialist shares the secrets of a successful landing page. A study finds that less than 20 percent of small-business Web sites link to social media, and 93 percent are not mobile-compatible. A new AT&T report (pdf) says that restaurants and auto-repair services are most frequently searched on mobile devices. Shannon Cherry says that adding a questionnaire to your site will re-energize your profits. Yellow Pages sites are more accurate than Google for local searching. Here are five content lessons from Jackie Robinson and five ways to respond to a social media attack, including: ?Take protesters? comments seriously and make commitments to investigate their concerns or provide more information.? One of the seven traits of an ideal marketer, says Nemo Chu,? is a pleasant personality.
Start-Up: Is This a Bubble?
A start-up that specializes in bringing free university classes to the Web raises $16 million. Neal Cabage wonders if we?re in a start-up bubble. A sleepover camp and an author series are resources for starting a business. Erica Swallow shares a start-up?s strategy for hiring ?awesome? employees. This infographic shows where the start-up jobs are. Jeff Haden offers start-up advice you may not want but you absolutely need, such as, ?Don?t complain about your demanding business schedule?: ?That?s just how it goes. Deal with it.?
Around the Country: Lunch With Sean
The second annual Small Business Works seminars kick off May 21 in Pittsburgh. The Coachella music festival releases its 2013 all-hologram lineup. A bunch of other small-business competitions are happening this spring, including one where you can win lunch with Sean Parker. According to the Office Depot Small-Business Index, 70 percent of small businesses anticipate becoming more environmentally conscious over the next two years. Virginians find that bees are good for business. Chicago?s mayor announces a 60 percent reduction in the number of required licenses. Small businesses in Sanford, Fla.,?are hoping for a return to normal. Deformities in Gulf Coast seafood alarm scientists. A TV channel for dogs is set to roll out. Potential post office closings are making small businesses nervous.
Around the World: Spain?s Economy Goes to Pot
Here are the world?s most resource-rich countries. A Spanish municipality turns to the growing of cannabis to bolster its finances. Britain?s economy is taking advantage of the Internet. The International Monetary Fund is predicting modest growth as Europe starts to exit recession. A German company makes a new kind of solar panel. Italy struggles to foster a start-up culture.
Red Tape Update: No Chance
Small businesses are getting a lot of political attention these days, and a few representatives help Congress determine what?s next on the entrepreneurship policy agenda. Scott Shane suggests the best investments government can make in small businesses. The Internal Revenue Service explains what to do if you get a notice. The Buffett Rule would hit only 1 percent of small-business owners, and the Senate torpedoes it. The House of Representatives passes a $46 billion small-business tax-cut bill that has little chance of clearing the Senate or surviving a presidential veto. Ever wonder which 25 companies pay the most in taxes? Or why it?s hard to be Michael Jordan? The health care mandate?s roots can be traced to George Washington. Here are 10 signs your accountant is dumb.
Finance: Mobile Banking Is Not Optional
Drew McLelland says that mobile banking is not optional ?for financial institutions that want to be in business in 2020.? Mark Marich reports that angels are feeling confident. Jose Pagliery reports that small companies are faring better ? but not enough to justify taking on debt. Small businesses in Buffalo are borrowing less, and this report says small businesses are having a tough time getting loans all over. A Delaware bank says its job creation program has created more than 100 jobs since September 2011. Wells Fargo goes into the prison business.
Management: I Have a Dream
Nick Hughes explains how he made sleep a priority ? and became more productive. Laura Smoliar explains how to dress for success when running your business. Here are some business tools that will give you more time with your family. A study from Nationwide Financial shows African-American small-business owners are worried about their employees? retirement plans. Here are six steps to crossing anything off your bucket list. Nick Scheidies points out the four biggest mistakes of the world?s four biggest entrepreneurs. A study of hiring personnel finds social media Web sites are playing a significant role in the hiring process. A study reveals businesses can manage without the boss but not without the office administrator. Warren Rutherford suggests five reasons baby boomers will buy a franchise. Shabbir Dahod explains why entrepreneurs are unreasonable: ?Unreasonable people see the world as it should be and not how it is today. We don?t want incremental improvements but a whole new way of solving customer problems.?
Technology: A Pocket Whiteboard
Michael Dell talks about Dell?s present and future. Microsoft had a nice quarter. Nokia is on track to run out of cash next year. Jill Konrath says she learned three things about e-mail last week. Battery-powered autos are proving a tough sell. Here are some insanely expensive gadgets for the 1 percent. The space shuttle arrives in Washington. Greg Anderson says that tablets bring sales force automation back to the future, and Eric Berridge explains how the iPad is transforming the enterprise. The Noteboard is a $10 pocket whiteboard. Rick Broida lists five free programs every business owner should use. New York is the second-biggest city for technology start-ups. Philly Tech Week has a busy schedule this week.
The Week?s Bests
Advice for Expanding In China. Angela Yang suggests embracing cultural differences: ?The Chinese work culture is more personal than in the U.S. ? Sometimes it takes longer to do business in China because of this getting-to-know-you phase. Yes, it can test the patience of non-Chinese but this is a key cultural difference worth remembering. Not understanding and respecting this cultural difference can be perceived as being insulting, overly aggressive, and result in lost business and relationships.?
Reason to Choose Optimism. John Horgan says we?ve come a long way: ?Yes, we still face enormous problems globally, and continued progress is by no means guaranteed. We may never entirely eradicate poverty, disease, tyranny and war, as J.F.K. hoped. But given how far we?ve come toward creating a healthier, wealthier, freer and more peaceful world, surely we can go much further, especially if we reject pessimism and work to solve our problems. Journalist and peace activist Norman Cousins liked to say, ?We don?t know enough to be pessimists.? I?d go further than Cousins: We know enough to be optimists.?
This Week?s Question Are you considering doing business in China?
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.
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