The World Evolves Unevenly

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According to a January survey by JPMorgan Chase’s commercial unit, some 62 percent of small companies, those with yearly revenue of $100,000 to $20 million, expect sales to increase this year. More than 80 percent of mid-size businesses, with up to $500 million a year, expect increased sales.

Still, some people think that small businesses are the last to really notice a change in the economy.

“The world evolves unevenly,” Jim Glassman, head economist for Chase Commercial Bank, told the Washington Examiner. “When the economy starts to get back on its feet, it’s always the big guys that are the first to see it. Smaller businesses hear about things happening but don’t really see it.”

Read more about the global economic outlook for 2018 and how it might impact smaller companies.

Global Small Business Owner: Don't Keep Making Hamburgers When McDonald's Comes to Town

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How does the owner of a small hamburger shop survive when McDonald's comes to town?  What does the little hardware store that provides unquestionable top-line service to the community do when Home Depot shows up a mile away?

In the case of the small hamburger shop, the owner needs to sell something else.  With the hardware store, it's similar -- sell more than hardware and offer more personal service -- something the big guys can't do as efficiently.

As a small business, it’s nearly impossible to protect yourself from this kind of assault. If you want to stand your ground and fight, then the best strategy is to ally yourself with other local businesses and pool your resources. Offer free cross-advertising campaigns and attack the large multinational threat together. While you can’t offer discounts on all your products to fight back, offering rotating sales on select products can attract customers. In an all-out war against the big guys, the enemy of your enemy is your best friend.

Learn more here.

Meanwhile, don't forget Small Business Saturday and Global Small Business Sunday.