The first week of the month always brings news about jobs created and unemployment levels. It appears that May was a weak month for both and the NFIB says that small business hiring stalled. Perhaps the good news is that only 8% of small businesses plan to reduce their workforce.
We talk about small business financing and loans here on the Small Biz Blog and there is, potentially, a silver lining. According to the Thomson Reuters/Paynet small business lending index, small business borrowing surged in April.
But it isn’t always sweetness and light when it comes to borrowing. A 110-year-old bike shop in Princeton, N.J. is probably not atypical of what any small business faces when getting a loan for operating capital. Small business entrepreneurs are realists and keeping their doors open is a good sign for the economy.
Staying in the game and moving forward requires small business owners to keep asking themselves many of the same questions they would when starting up – What kind of business do I want to be in? Where can I get capital? How do I put social media to use? What do I need to do to incorporate (or take my business to another organizational level)?
Keep asking those questions and stay focused on your customer – success is a series of small steps that can turn into a giant leap forward!
Let us know what your successes are.
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