Today’s jobs report adds fuel to the economy’s split personality where employment is improving while unemployment persists at 9%. Even before this, however, small business owners were still planning to add employees to their staffs according to a Citibank survey.
The good news this past week, of course, is that whenever the cost of doing business (e.g., price of oil, interest rates) drops, the potential for improved profit margins increase. In fact, according to a FedEx Office poll it appears that 58% of small businesses believe the worst is over. The other news is that these same indicators could indicate a weakening in theU.S. economy.
On Tuesday NPR featured a story on Survival Tips For Small Business Owners which focused on the challenges small business owners face in an uncertain economy. But the advice offered on the program is that if you believe in your business and you’ve done your research, then you should stick with it.
Jim Blasingame in Forbes online this week described another survey of small businesses seeking capital and noted the top two categories (34%) didn’t want or need loans and those who had working relationships with their local community banks (31%). It’s not surprising that many small business entrepreneurs are focused on being self-sufficient or relying on a local community relationship for funding.
Regardless of month-to-month economic reports, any business needs to stay focused on customer relationships and its cost management. Keep this in mind while you get growing!
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