Inflation Still Concerns Global Small Business Owners

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Inflation is the single most important problem for many global small-business owners, the National Federation of Independent Business (NFIB) said, despite price rises slowing to their lowest level in two years in June. Many owners are also reporting a struggle to fill job openings, the federation said.

The percentage of owners expecting an improvement in business conditions in the next six months rose by 10 points to a net negative 30, the highest reading in nearly two years but still very low compared with the historical average, NFIB said.

Read more about how confidence for global small business owners ticked up in July but inflation concerns still weigh on businesses.

Lessons from the Great Recession in 2008

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"Flexibility — both in product lines and operational structure — will help vulnerable businesses survive," says Michael Chow, lead data analyst and economist at the National Federation of Independent Business (N.F.I.B.). The key is listening to customers and anticipating their needs, both today and after the pandemic.

Now is the time to scale up in the spirit of collaboration.

Read more about how small businesses today must focus on adaptability and prepare for timid consumers going forward.

How Do You Stay Optimistic Despite Concerns About Trade Disputes and a Slowing Global Economy?

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The latest National Federation of Independent Business (NFIB) survey finds continuing labor shortage and higher pay for workers.  Small businesses are hiring but still struggling to find help—even as they raise wages.

How do they stay optimistic despite concerns about trade disputes and a slowing global economy? A separate NFIB survey out this week suggests it has a lot to do with the positive impact of the 2017 Trump tax reforms.  Really?

Let's take a look at one person's opinion piece -- keep an open mind and draw your own conclusions.

USA Small Business Outlook According to NFIB

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The National Federation of Independent Business (NFIB) released, "NFIB Small Business Economic Trends" by William C. Dunkelberg and Holly Wade.

The report itself seems to come across as pretty much optimistic from the view of the SME market lens and their outlook.  However, as the author writes:

And no matter how the NFIB spins Tuesday’s [1/8/19] report, reading from U.S. corporates like Apple (AAPL), South Korean giant Samsung, the U.S. manufacturing sector, the Chinese manufacturing sector, the German industrial sector, and the U.S. services sector all point to a global economy that is, at a minimum, in a lower gear.

Factor this in:

This marked the fourth-straight month of declines for the index and is the largest four-month slide since 2012, according to Bespoke Investment Group.

Read more about how small businesses might be starting to lose faith in the current USA administration.

Small Businesses: The Engine of American Prosperity

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Is the National Federation of Independent Businesses (NFIB) a non-partisan organization?  You decide.

2015 a Breakout Year for Small Businesses

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The National Federation of Independent Business reported that optimism among small businesses in December reached its highest level in eight years.

Considerably more small business owners said now is a good time to expand, NFIB reported, with capital investments and hiring both on the rise. Some 60% reported capital outlays, with 42% reporting spending on new equipment, 23% acquiring new vehicles and 16% expanding or improving their facilities.

Let's hope 2015 is a breakout year for small businesses.

Read the entire article:  NFIB Reports Small Business Optimism Grows in December

Tune In: It's National Small Business Week 5/12-5/16

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With the United States having more than 28 million small businesses, it's easy to understand how and why we honor these hard-working individuals who create jobs, spur economic growth and develop innovative measures to improve our world.  That said, there will be lots of excitement, conversations and celebrations around this important week - from SBA to the White House to well ... all the companies who salute the crucial role that small businesses play in our lives.  The national celebrations will be held in four major venues: San Francisco, May 12; Kansas City, May 13; Boston, May 15; and Washington, D.C., May 15-16.

Check out some of the activities and conversations below.

•  The White House Blog
http://www.whitehouse.gov/blog/2014/05/12/national-small-business-week-starts-today

•  Statement by the President of the United States on National Small Business Week:
http://www.whitehouse.gov/the-press-office/2014/05/12/statement-president-national-small-business-week

•  SBA.gov
http://www.sba.gov/community/blogs/official-sba-news-and-views/open-business/national-small-business-week-starts-today

•  National Small Business Week site:
http://www.sba.gov/nsbw/

•  National Small Business Week 2014 - A Celebration of the Accomplishments of Small Business - U.S. Chamber of Commerce
https://www.uschamber.com/blog/national-small-business-week-2014-celebration-accomplishments-small-business

•  Small Business Week - National Federation of Independent Business (NFIB)
http://www.nfib.com/small-business-week/

•  Small Business & Entrepreneurship Council (SBE Council)
http://www.sbecouncil.org/2014/05/12/small-business-week-2014-needs-to-spark-bipartisanship-to-help-entrepreneurs-says-small-business-advocate/

Let's continue to support and celebrate small businesses every day!

Becoming An Export Country

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With its, "Export Nation" article, MyBusiness Magazine (NFIB) tells you what you need to know about the government’s ambitious export initiative—and whether your business can profit.

Be sure to catch the following part for a glimpse at a powerful learning lesson that a small business owner experienced on an export deal:

Earlier this year, Sheridan O’Brien, an NFIB member and owner of industrial products convertor, manufacturer and distributor CS Hyde Co. in Lake Villa, Ill., received a large Internet order via credit card from Germany—close to $20,000 worth of tape and film. The customer kept adding to the order, requiring CS Hyde to pay the freight forwarder—a third-party company that arranges overseas shipments—several different times. This made her suspicious. She called the credit card company and sure enough, the card was a fraud, even though it initially showed up as approved. CS Hyde ended up paying a fake shipping company $7,000 out of its own coffers.

See how it ends up here.

At this blog or elsewhere online, we've covered how critical it is to arrange a secure method of payment (refer to "Methods of Payment" by Laurel Delaney) on international transactions. It doesn't have to be complicated. Don't let the notion of how to get paid scare you away from exporting. You just need to consult with your trusted banker (that's how I learned the ropes). Hopefully, they have a strong international division to walk you through your options. If they don't, find a bank that does!

As for "Export Nation," happy to be quoted in it. Special thanks to Christina Galoozis for writing it. Over time, the topic will become even more relevant and only grow in importance.

Posted by: The Global Small Business Blog

Use Social Media To Grow Global

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We've been saying this all along ... Wiggly Wigglers, a rural England-based natural gardening company, was awarded (U.S. $50,000!) by Dell and its global partners for its innovation and leadership in social media. Using tools like Facebook, podcasting and blogging, Wiggly Wigglers:

Serves 90,000 customers worldwide and delivers its products across Europe; Cut its advertising budget by 80 percent when the company turned to social media over traditional advertising; Facebook fans currently stand at 898, with over 170 discussion topics; Hosts podcasts from the “Wiggly sofa” reaching thousands of listeners per week, and Built its catalogue based on Wiki ideas generated on its Facebook page by experts and customers.

Read more about the Dell/NFIB Small Business Excellence in Customer Experience Award here.

What a wonderful example of how to use social media to grow your business globally. Congratulations to Wiggly Wigglers and all the other award recipients!

2008 National Small Business Summit

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NFIB and eBay are putting on an important small business conferences in Washington, D.C. from June 8-11. This is one you don’t want to miss, especially if you want to connect with like-minded small business folks.

For more about what to expect over the three-day conference and to register, visit here. All events take place at the Grand Hyatt unless otherwise indicated.

P.S. Not sure about a global focus here ... I imagine Meg Whitman, former president and CEO eBay, Inc., will talk about eBay's growth outside the U.S. and how small business users are driving that growth.

Disruptive Innovator: Is That You?

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Calling all global small business owners!

If you are an owner (and disruptive innovator on technology), president, or chief executive of a company with 100 employees or less that has driven a significant change and/or developed a competitive advantage in delivering superior customer value and experience, Dell wants to hear your story. In addition, they want you to share customer testimonials to show how technology has helped you improve customer relationships.

The International Council for Small Business (ICSB) (www.icsb.org) announced that it is partnering with Dell and Endeavor (www.endeavor.org) to expand the Dell Small Business Excellence Award internationally (www.dell.com/ceaward). Small businesses in countries around the world will be eligible to compete by demonstrating how they use information technology in innovative ways to better serve customers. Additional countries participating in the award program will be announced in the coming weeks.
Winners will receive ... up to $50,000 in Dell solutions, a lifetime ICSB membership and the opportunity to engage with Endeavor's network of business leaders and high-impact entrepreneurs in emerging-market countries world-wide.

Get ready, get set, go here.

Deadline: February 29, 2008!