As the economy continues to sputter along, the sources of traditional small business financing have been quickly drying up. Collectively, banks and commercial lenders are requiring more collateral while simultaneously approving smaller loan amounts. And this is coming as other personal financing products, such as home equity loans, are getting harder to come by. As […]
Monthly Archives: March 2009
How Small Businesses Can Retain Employees in a Recession
In the midst of all the outrage surrounding AIG’s infamous bailout bonus packages, a surprising detail has emerged. The so-called “retention” bonuses were paid to 52 people who have packed up and left the company. Though one could perhaps argue that the people who left technically could afford to leave, and anyway they weren’t doing […]
Famous Companies that were Founded in an Economic Recession
In several of my previous posts, I mentioned that hard economic times are known to be the harbinger of innovation and business opportunity. So I thought I would give you a few examples of some famous companies that got their start in the harshest of economic conditions: General Electric (GE). GE got its start in […]
Laid Off? Get Back to Work by Starting Your Own Small Business
As the unemployment rate surges across the nation, a diverse group of people of various ages and backgrounds are suddenly being faced with the question: What next? History attests to the fact that economic difficulty often spurs innovation and creativity, and our current economic crisis should be no different. In a recent post, I noted […]
Stop Overpaying On Your Overhead Expenses!
Do you know that you may be paying too much for many of your overhead expenses? Here are 12 simple ways that small businesses can save a significant amount of money on some of the most common operating costs: 1. Cell phones and business credit cards Cell phone plans and credit card options can vary […]