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When will we begin to see small businesses flourish again?
Goldman Sachs has offered $500M to small businesses and Intel and a group of VCs have offered to invest $3.5B in startup technology firms. The government can only get a $1000 tax credit for new employees passed. Sees like business needs to save business. Thoughts?
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3 Answers
Ian,
Great question and I tend to agree,business needs to save business. On a lower scale or local level we need to start to trust each other and even if it is a small amount we need start to support each other through the purchasing of goods and services.
I also believe whether we are promoting ourselves through social media or other outlets, the intention should be how we can provide the best product or service. If we can promote ourselves and product/service honestly and with integrity, trust can be achieved.
I've always supported businesses that I trusted could give me the solution to my problem.
I'm thinking (and hoping) we'll see more of the light after October 2010
There is never a perfect time for small business. And lots of luck in getting some of the venture capital offered by Intel etc. The criteria is quite severe and many companies will seek any funding available.
Capital is critical for small business to survive a recession. If you started your business with not enough capital, or took too much out for income, these kinds of hard times will have the potential to sink your firm.
It is essential that small business people look out for number 1 which is the survival of their business in tough times. Those that survive will live to see the recovery, which may be out a while longer. If you business has fallen off with the times, now is the time to reevaluate what you are selling/producing etc. to make sure that you are in an area with potential for growth. Make the strategic decisions now to position out of products that are not selling for from customers that can't pay. There are segments of the market that are doing fine; are you positioning to tap these markets.
I once knew a really nice guy whose family business failed. He was so nice that he sold to those who could not pay, loaned to those without resources and kept employees he could not afford. Again, in these times, watch out for number 1.
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