Thursday, January 21st, 2010
Using key economic indicators, I’ve prepared my monthly Economic News Summary. I’ve poured over the graphs and numbers to bring you my analysis and predictions. Here’s an excerpt:
The student turns into the master? The Federal Reserve pumped millions of dollars into the economy as chairman Ben Bernanke, an expert on the Great Depression of the 1930’s, learned from mistakes made then. The fear with his approach was that inflation would run wild. So far inflation remains low (see link below); the banking system has been stabilized, and moderate growth has returned.
Read the entire January 2010 Economic News Summary
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Thursday, January 21st, 2010
The January issue of Business/News & Views® contains great advice for your business in the new year.
David Weatherholt encourages you to “Diversify Your Business” — using the proven investment principle of diversification to look at your business in an innovative, risk-reducing way.
In David’s Economic Summary, he discusses the Federal Reserve’s approach to handling the recession, along with presenting his interpretation of important economic indicators.
Amanda Cullen weighs in with advice on “How Not to Treat Your Customers,” and our Internet Tips and Tricks provides tips on “How to Get Repeat Visits to Your Web Site.”
Read Now: Business/News & Views® - January 2010
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Monday, December 21st, 2009
The December issue of Business/News & Views® is chock full of useful news and great advice for small businesses. In the news, David sees growth in the economy’s future with his Economic News Update. Amanda Cullen writes an article about creating great customer experiences and how that grows your profits. David weighs in with the importance of tracking your business’s performance numbers. He provides an easy-to-use cash flow statement and walks readers through each step in this helpful article. Finally, Kevin Donnigan details the seven top social networking sites for businesses– and how you can use them for your business.
Read Now: Business/News & Views® - December 2009
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Tuesday, December 1st, 2009
Entrepreneurs Sydney Mitchell Dawn Walsh talk with David Weatherholt about their venture: a shoe store for women who love shoes beyond reason. Their store, Shoefly + Hudsons, is in Juneau, AK and appeals to shoe lovers in many creative ways– including hosting private parties.
David also talks economic news, using his experience dealing with recessions to encourage businesses. Paul Foutz joins David later in the show to discuss the Alaskan economy and what’s ahead in the coming year.
Listen or download below:
Discovering Latent Revenue
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Wednesday, November 18th, 2009
In the November 2009 issue of Business/News & Views®, David Weatherholt brings us good news about the economy in a thorough analysis of the quarter’s economic indicators. In his editorial, Dave writes on entrepreneurs, heroes and the power of necessity.
Amanda Cullen writes about relationship marketing and how developing relationships with your customers encourages them to buy more and refer more.
Read Now: Business/News & Views® – November 2009
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Monday, November 2nd, 2009
On his radio show “Getting Down to Business,” David Weatherholt talks with Bob Poe, gubernatorial candidate for Alaska. Poe discusses his views on the relationship between government and small business– what it looks like currently and what he thinks it should be. This is a great opportunity for small businesses in Alaska to hear the candidate talk about issues affecting their livelihoods.
Also, David speaks with the deputy director of the SBA about the changes enacted last week by the SBA program. Finally, David introduces the show with a history of recessions, how government intervention has helped or hurt the economy and why we no longer call them “economic panics.”
All considered, this episode of “Getting Down to Business” is full of essential knowledge for small businesses.
Alaska State Government and Small Business
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Wednesday, October 28th, 2009
In October’s edition of Business/News & Views®, you will find some great advice on blogging for small business, pricing for profits and protecting your business’ wireless network. David Weatherholt also provides an economic summary, including unemployment figures, personal income and consumption and the national GDP.
We write Business/News & Views® for your small business, so we are certain you will find the articles informative and useful.
Click here to read October 2009’s Business/News&Views®
Posted in Business/News&Views®, Marketing, Reducing Business Expenses, Small Business, Technology | No Comments »
Tuesday, September 15th, 2009
In the September issue of Business/News & Views®, David Weatheholt sees signs in the economy that the recession may be nearing an end. He also writes an op-ed about the relationship between small business and labor.
Amanda Cullen has some tips for small businesses on how to make websites more visitor-friendly, and the final article provides information on avoiding email scams.
Read now: Business/News & Views – September 2009
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Tuesday, July 14th, 2009
Over the past eight months, we have witnessed economic upheaval not seen since the 1980’s, over twenty years ago. The speed of the deterioration and lack of warning caught us all by surprise, leaving us in a state of shock and awe! Now that the shock has worn off and reality sets in, the surprise is that life goes on. This is a great opportunity to look at your business model, clearing away any debris from the economic storm, and prepare to move forward.
Winston Churchill, who understood turbulent times, said, “A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty.” We are now presented with a unique opportunity to take the time to examine meaningful changes in our business models.
Start by reviewing all expenses. Nothing is sacred- trim, trim, trim. Every penny trimmed is important, but keep in mind that trimming expenses alone will not lead to a better business model. Trimming 100 percent of expenses is certainly possible but would also result in closing your doors. This may be the best option but should not be taken without looking at all available options and preparing to weather this economic storm. Let’s look for some opportunities.
Look hard at bank fees. If your business has an “analysis account” you may be surprised by the rate increases. Banks are businesses and need to make a profit, however, sit down with your banker and go over your statement line-by-line, ask questions and evaluate the options. You may be surprised at services that can be trimmed because they are redundant or not used.
Review telephone and cellular telephone accounts going over it line-by-line like your bank statement. You may find redundancies or items that are not used. For example unlimited texting is a great option but if a minimum number of text messages are actually sent then it would be cheaper to pay a per text message charge. Again, trim, trim, trim.
Talk to venders, and ask for prompt payment discounts. Discounting terms were frequently used to enhance cash flow but usage of this practice has declined. Don’t be afraid to ask.
If you lease space and are locked into a contract that was negotiated at higher rates in better times, then it may be a good time to sit down with your landlord and review the lease terms. They may be receptive to reasonable accommodations.
Compensation is an area that should be reviewed. Look for creative bonus opportunities that can create a win-win for you and your employees.
Review marketing and advertising expenses. Marketing expenses may look like a prime area for reducing overhead expenses, but remember the reason for this expense category. Marketing and advertising expenses should be viewed as buying customers. Measure every expenditure against the results produced (i.e., does it produce customers?) If it doesn’t, then pare down. If it does, you may need to do more of a good thing and even increase effective marketing.
Advertising spent on branding is hard to directly trace to new business. Branding is an effective part of your overall marketing campaign and may be a good reduction area, but don’t eliminate it completely.
Using an economic downturn to review expenses and trim, trim, trim is a great first step but is only half of the solution. Look hard at sales and revenue sources and add, add, add.
Cash today is better then cash tomorrow. This basic finance concept works and can be your incentive to provide discounts to your customers for early payments. Look for creative ways to reduce your accounts receivable.
Review all product/service categories, applying a simple cost benefit analysis and modify or eliminate product/services that don’t produce adequate benefits.
Be creative and look for new sales channels, getting your products/services to customers, such as using kiosks, the internet, dealers, or outside sales efforts.
Look for new products/services and business opportunities. Changing your business model is not bad. Every business that successfully makes it past their first five years usually has changed significantly from the business that started. In the beginning of a business, product/service knowledge was your advantage but now that you have demonstrated successes operating a business, look for ways to replicate that success by using your business experience to promote other product/service options.
Paying attention to changes in this economic climate is a good thing as long as it leads to healthy introspection, not fear. Hopefully, this article motives you to redirect that fear of the unknown or change using past successes to see the “opportunities in the difficulty.” What opportunities do you see?
Posted in Finance, Recession, Small Business | No Comments »
Monday, June 15th, 2009
In the June 2009 issue of Business/ News & Views®, David Weatherholt delivers a stirring op-ed to see the opportunity for cutting costs in this recession– there’s never been a better time to trim fat. Amanda Cullen explains how your existing customers create new customers for you. The Internet Tips & Tricks feature provides advice for small businesses on getting more websites to link to their websites.
Read now: Business/News & Views® – June 2009
Posted in Business/News&Views®, Customers, Entrepreneurs, Marketing, Recession, Reducing Business Expenses, Sales, Small Business | No Comments »
