Dashboard
A weekly roundup of small-business developments.
What?s affecting me, my clients and other small-business owners this week.
Small-Business Must-Reads
An unregulated, decentralized virtual currency just became a billion-dollar market (but Felix Salmon explains why Bitcoin?s rise is nothing to celebrate). A videographer, Dustin Cohen, tells a Brooklyn shoemaker?s story, and an important part of the health care legislation affecting small businesses is delayed.
The Economy: ?We?ve Been to This Rodeo?
The March jobs report is a ?punch to the gut? (but don?t blame sequestration). Companies added fewer workers than projected last month, held back by limited hiring in construction. Ylan Q. Mui wonders whether this is an April Fool?s economy: ?We?ve been to this rodeo twice already. In 2012 and 2011, seemingly strong momentum in the first half of the year gave way to summer slumps. Will the third try be the charm? Or is this just another prank ? one that?s getting old fast.? Construction spending (pdf), as well as personal income and consumption all increased in February but economic confidence slipped in March. Demand for office space improves. Car sales surge as General Motors introduces a pair of midsize pickup trucks for casual users and small businesses. Economic activity in the nonmanufacturing sector also grows. Steven Hansen says that despite the headlines, manufacturing is not good. And here are 16 big bubbles that are getting ready to burst.
Employment: Hiring Veterans
The National Federation of Independent Business reports that small-business employment climbed last month by the most in a year, but hiring fell according to a monthly survey by SurePayroll. Another study, from Intuit, found that small businesses hired more in February but revenues continued to drop. Derek Bennett says hiring veterans is good business. Workers in seven of the 10 largest occupations typically earn less than $30,000 a year, and for many small-business owners, two jobs are a must. A survey finds small companies favor immigration changes that would provide a path to citizenship.
Management: Disco and Leadership
Bill J. Bonnstetter writes that empathy is one of the qualities most entrepreneurs lack. Terry Starbucker explains what the rise, fall, and comeback of disco teaches us about leadership. Nick Tasler says there are reasons we ignore good advice. Nate Bolt provides a photo summary of how people sit in meetings and what they really mean. A new smart drug is especially popular among entrepreneurs.
Energy: A Zero-Energy Retail Store
The first refinery in the United States since 1976 is being built in North Dakota as the Obama administration moves ahead with sweeping rules requiring cleaner gasoline. Some blame the corn industry for high gasoline prices ? but after a sharp two-month climb of nearly 60 cents a gallon, gas prices have fallen over the past month and may have peaked for the year. Even so, farmers are planning on planting the most corn since 1936. A retailer?s new store will supply its own energy.
Ideas: Smell-O-Vision
These are the 10 fastest-growing industries for small businesses. Teaching a course using your expertise is just one of five potential sources of side revenue you could be earning, according to John Corcoran. Samuel Wagreich thinks there are plenty of profits in 3-D printing. Sperm has become one of America?s hottest exports. A Smell-o-Vision display emits localized virtual odors.
Customer Service: Apple Learns a Lesson
This infographic sums up the true cost of poor customer service. Jason Harter explains how Twitter has revolutionized the way we interact with customers. This is how the Zac Brown Band cultivates fans. Small businesses are finding success with customer-relationship software. Lauren Simonds says giveaways can turn tough sales into easy ones. Apple learns a customer-service lesson in China.
Start-Up: A Giant Mood Swing
Peter Cohan lists five steps for raising start-up capital. Kevin D. Johnson believes ?the potential for attaining greatness is in creating new markets.? These are the 11 start-ups that beat 1,700 others for spots in New York?s hottest accelerator program. Being the founder of a start-up is just ?one big giant mood swing.? CNBC has a new series that will feature small businesses in a reality competition.
Cash Flow: Calculating Gross Profit
An alternative lender plans to provide loans to 100,000 small businesses this year. Here is a useful guide on how to calculate gross profit. Macy?s mistakenly marks down a $1,500 necklace to $47. Amanda Henson shares some options for finding the right small-business grant. Here?s how to go global with your small business, and a Small Business Administration official has?advice for how to get payment for your export sales.
Your People: Working From Home
Barbara Corcoran explains what motivates employees more than money, and JJ Ramberg suggests three ways to energize your staff. Ian Smith offers ideas for creating a more positive environment for employees, and here are 26 delightful ways to make the work day more fun. Stephen J. Dunn analyzes the differences between employees and independent contractors. Liane Cassavoy offers tips for keeping your work-from-home employees accountable (without spying), and Mike Russell has thoughts on telecommuting from a manager?s perspective. A new study encourages men to do less housework.
Online: The Death of QR Codes
These are the top boards for monetizing Pinterest. Marla Tabaka has advice for attracting a huge crowd with LinkedIn. A co-founder of YouTube announces a new video-creation Web site. Christopher Mims explains how the Internet is making us poor. On April Fool?s Day, Google introduces a ?search and smell? feature and trades insults with Microsoft. David Meerman Scott says you should never delete content. Dana Prince says your opt-out rate is one of five online metrics to watch. Christopher Penn says there are times when it?s O.K. to use boring e-mail subject lines. Aaron Strout believes QR codes are dying.
Taxes: The Bagel Tax
K?Lee Banks lists five ways to book the right bookkeeper. Here?s how to claim a home-office deduction for your small business. Paul Caron summarizes a few last-minute tax tips (but be sure to avoid these crazy deductions). These 10 corporate ?taxation heroes? paid as much in taxes as the bottom 75 percent of all American taxpayers. The chairman of the House Ways and Means Committee is outlining proposals to reduce the burden the tax code imposes on small businesses. And did you know that New York State charges an extra 8 percent tax if you ask for your bagel to be sliced? Was Shakespeare a tax-evading food hoarder?
Red Tape: Teenage Tanning
The chairman of the House small business panel wants to know how the Small Business Administration will deal with the sequestration?s impact. The president hints at a budget compromise, continues to push his plan to build infrastructure and plays an April Fool?s joke. The fight over an Internet sales tax intensifies. New Jersey?s governor signs a teenage tanning law despite small-business concerns. New software will allow New York taxi regulators to monitor taxi whereabouts in real time. Saki Knafo believes that New York?s paid sick leave bill may serve as a model for the United States, but New York?s mayor vows to veto it.
Around the Country: Mentor Month
An OfficeMax in Milwaukee refashions itself so that it can offer more to small-business customers. An online Ponzi scheme leaves a North Carolina town poorer. The Small Business Administration and AARP will hold a series of events for ?Mentor Month.? A contest sponsored by the UPS Store will shine a spotlight on small-business owners. Local experts explain the difficulties of making money in Chicago?s comedy business. A longtime owner sells his Minnesota grocery store to his employees. A California city is allowed to go bankrupt. A survey ranks the most (and least) small-business-friendly states and cities while another study concludes that there is more economic freedom in red states. A bunch of people walk backward through Times Square.
Around the World: Jeddah?s Entrepreneurs
Cliff Wachtel shares seven lessons he learned from Cyprus, where many small businesses were caught in the cross-fire. A Small Business Saturday is scheduled for Britain, and a Startup Weekend highlighted Jeddah?s entrepreneurial spirit. Queen Elizabeth gets a raise. One Chinese entrepreneur believes mainland start-ups must ?become huge or die.? China?s manufacturing growth improved in March but the euro zone?s manufacturing slump deepened. The Netherlands falls prey to the economic crisis and the mortgage crisis in Ireland is ?insane.? In a survey, America is found to be the most difficult retail market while Africa is the most promising. With its new start-up visa program, Canada is hoping to lure foreign entrepreneurs. A Samoan airline decides to base its fares on a passenger?s weight. A global giving initiative is hoping to empower small businesses to change their communities and better their lives. Nauru is the world?s least visited country.
Technology: A Data-Centric Universe
New software puts Facebook front and center on Android phones. Kyle Wagner believes battery life is ?the only spec that matters.? Mike Foreman says small-business awareness of the cloud?s benefits is growing. This is how to triple your business with a little guidance and good software. Brace yourself for a data-centric universe with sensors everywhere, says a chief technology officer. Karen E. Klein has examples of how small businesses use big data. The first mobile phone call was placed 40 years ago.
Tweet of the Week
@DearAnyone ? A good way to get out of a conversation is to take off one of your socks and hand it to the person talking.
This Week?s Best Quote
Karen Vitale?s advice to her 20-year-old self includes, ?Chill out?: ?You will get dream jobs, lose dream jobs, realize there are no true dream jobs, and life will march on. Instead of trying too hard to get employers to want you, channel some of that nervous energy into figuring out if this is the best job for you. And if things do go south, remember that how you respond will say more about your character than any pat answer to an interview question. Do your best damage control and show the interviewer how you manage a crisis in real time.?
This Week?s Question: Do you support paid sick leave?
Gene Marks owns the Marks Group, a Bala Cynwyd, Pa., consulting firm that helps clients with customer relationship management. You can follow him on Twitter.
Source: http://boss.blogs.nytimes.com/2013/04/08/this-week-in-small-business-not-again/
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