This week’s top stories include small business advice covering the following four topics:
- What Small Business Owners Should Know About Getting A Loan
- 3 Smart Moves to Survive the Pandemic
- Six Key Drivers of a Restarting Economy
- Don’t Destroy More Opportunities For Small Businesses And Entrepreneurs
Each week we scour all the top business-related magazines and newspapers for articles with the best advice for the small business owner, so you do not have to.
What Small Business Owners Should Know About Getting A Loan
By: Serenity Gibbons
Starting a business is exciting. You get to be your own boss and pursue a dream. Beware, however, that the life of an entrepreneur isn’t an easy one. You’re going to need a lot of help along the way.
Many small businesses apply for loans. It takes a lot of money to start a company, and most entrepreneurs don’t have that kind of capital sitting around. Once they get the business off the ground, they pay back the loan and focus on turning a profit.
You can’t just walk into a bank and expect to be approved for a loan, especially when lending conditions are tight. In fact, about 80% of small business owners who apply for a bank loan get rejected.
Related Post: Advice About Debt Funding (Loans)
3 Smart Moves to Survive the Pandemic
By: Peter Cohan
As the November election approaches, millions of workers who lost their jobs and tens of thousands of small businesses devastated by the pandemic appear increasingly unlikely to receive additional financial assistance from the government, according to the Wall Street Journal.
Leaders who have been struggling to keep their small businesses afloat since March must now redouble their efforts. Interviewed by the Harvard Business Review, Karen Mills, a senior fellow at Harvard Business School who led the U.S. Small Business Administration from 2009 to 2013, proposes three practical steps that small businesses can follow to survive the downturn.
Here is my interpretation of these ideas–the first of which should boost revenues cost-effectively while the second two will enable small companies to cut costs without sacrificing their ability to compete in the future.
Related Post: How to Survive a Crisis
Six Key Drivers of a Restarting Economy
By: Howard Tullman
As businesses begin to emerge from the Covid-19 pandemic (hopefully sooner rather than later) and try to determine how they can maximize their chances for success, they will need to reimagine and reinvent themselves. Rebuilding and trying to get “back” to the future will never get the job done. There are plenty of internal considerations, but it’s going to be essential to also incorporate the major externalities and shifts, which have changed the playing field. Some of these drivers are technological and others are psychological, but they’re all unavoidable, and they need to be part of your mental tool kit as you try to figure out how to succeed in the new world of work.
The desires and expectations of consumers (whether they’re clients, patients, customers, students, or whatever) are constantly changing and always increasing. Up and to the right. We live in a “what have you done for me lately” world where the past is a given and the future is always about more. Yesterday’s miracles are tomorrow’s “so-whats.” To succeed, you’ve got to be able to identify and anticipate your customers’ emerging desires and new needs and create products, services, and solutions that meet and ideally exceed them. To win big, you’ll need to focus on six key drivers.
Related Post: Six Rules To Plan Now For The Post-Coronavirus World
Don’t Destroy More Opportunities For Small Businesses And Entrepreneurs
By: Carrie Lukas
Brick-and-mortar stores (especially smaller boutiques) were having a tough time competing against online retailers.That was true before coronavirus and the economic shutdown forcing businesses to close and reopen only with strict new regulations that massively increase costs and limit stores’ income-earning potential.
Given this reality, it is unavoidable that many, many stores will permanently shut down. Policymakers—like just about everyone—are unhappy with the outcome, but it is simple math: If operations become more expensive and income goes down, businesses’ profit will go down too. For many businesses that were already operating on razor thin margins, operating simply won’t be sustainable.
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