Mine Your Own Business

Why Not To Cut Prices and Other Lessons from This Economy

Here is a short, to the point article listing 6 things that businesses should learn from our current economic situation.  OK, some of them are pretty obvious, but I find that a little reminder is often a good thing.  I thought the section on why not to cut prices on your major brands was very good.  Have you learned any other lessons from this economy?  (Mine would be to watch your inventories carefully at all times.  While carrying too much or not moving out slow-moving items doesn't seem to hurt in good times, when tough times come you really need those dollars and then it is much harder to reduce inventories.)

Bill

So what's all the Twitter about?

One definition of twitter from my ancient Webster's dictionary (copyright 1966) is "to talk in a chattering fashion", but lately the word has taken on a whole new meaning. This posting is about two articles, one from USA Today and one from a local newspaper that present two rather different viewpoints on Twitter and social networking in general.

The USA Today article provides a brief summary of all the new social networking tools on the Internet with a great deal of emphasis on how Twitter is expanding rapidly. The article from the local newspaper has a little less serious view of Twitter, saying it could follow the course of the CB radio fad of the 1970s and proposing a very interesting test to judge Twitter's staying power.

So what do you think of all the new social networking tools, will some of them become indispensable and if so what are the ones that will?

Happy Belated Small Business Week and Happy Memorial Day

It really is not quite belated yet since technically speaking it is still Small Business Week for a little while longer. Did any of you even know it was Small Business Week or even that there was such a thing? Here's an interesting article that makes the case that Small Business Week should be a bigger deal since small businesses play such a crucial role in the United States economy. There are lots of very interesting links to sources that support the argument and also some just plain fun links.

Have a safe and happy Memorial Day!

The 3/50 Project

Heard of the 3/50 Project? It is a concept that is turning into a movement to support local brick and mortar businesses and it appears to be gaining momentum rapidly. You can find out more about it here. Two important points on the Web site is the history of the 3/50 project and the definition of what is an Independent. While you're visiting, make sure you check on the list of Supporters. A list that is growing fast and it might be a list you would like to join as a participant.

Thriving or Surviving?

We've done several postings about the current economic situation and covered many aspects, such as some pitfalls for small businesses, where to look for assistance, and some problems caused by this recession. We read an interesting article that discusses some small businesses that are surviving during the downturn and some that are thriving and provides some thinking on some steps a small business can take to thrive instead of just survive.

So is your business surviving or thriving during this recession? Maybe some tips in this article can help your business change from survining to thriving or if your business is doing well, do you have some tips for others?

Testimonials in E-mail Newsletters

Many of our Tacony customers are now sending e-mail newsletters to their customers.  Here’s an article with some ideas to help make sure your newsletter is being read by your customers. 

 I do think testimonials (mentioned in the article as a way to make newsletters more interesting) or human interest stories really help the selling process and I bet your customer would be willing to give you a good testimonial if asked.  Sometimes, I bet you don’t even have to ask.  Working the register at a consumer event last week, I commented on how colorful the fabric was that the consumer was buying.  She said it was for her 14 year old grand-daughter who had just finished her first quilt and was ready to make another.  She then reached into her purse and brought out a large picture of her grand-daughter holding up her first quilt next to her Baby Lock sewing machine.  She said she could never get her daughter to sew but loved teaching her enthusiastic grand-daughter.  And, the new machines made sewing so easy and fun.         

Bill

 

Small Business Report Card

There was a recent interesting article assessing where small business owners are doing very well and where they need to do better. The article doesn't actually give letter grades, but there is a link to a PDF titled the State of the Small Business Report that does give letter grades and provides a lot more detail on the topic. The PDF is definitely worth looking at.

One other thing the article provides is a summary of how many small businesses there are in the United States, how many jobs are in the small business sector, and how much revenue the sector produces. The good news is that small business owners are faring much better in the current recession than larger corporations.  You can read the whole article here.

A Timeless Article

Actually, this posting is not about an exceptional article but about something we all face in our increasingly hectic lives, the seeming lack of enough hours in the day to get everything done - so we all seem to be timeless or at least not have enough time. This article is particularly appropriate for a posting at Mine Your Own Business because it takes a look at time management based on the issues faced by most small business owners.

An additional bonus for the article is that it provides a link to a Web site where you can post your own to- do list to make sure all your crucial tasks get accomplished. Do you have any tips for more effective time management?

 

Insurance Cuts May Not Be Wise

During these difficult economic times, small businesses are always interested in expenses that can be reduced to help their bottom line. Here's an interesting article on one expense reduction that should be approached with caution and that is insurance coverage. 

The article covers many of the potential pitfalls of reducing insurance and numerous tips on small business insurance in general. Some of the most useful information is probably near the end of the article where there are a number of links to some resources that help business owners determine if they have adequate coverage and the right kinds of insurance.