7 things to do in a downturn
One sure way to find some excess cash in a downturn is to reduce expenses and lifestyle purchases. The point is not to cut down on the fresh fruit that we buy for our children, but on the new sofa set that we planned for our living room. The new model mobile phone or the new laptop or the new car are a strict NO, at least not till the downturn is over.
Billy Joel with his uptown Girl lyrics was a sensation in the 60s and 70s
Those were the days when uptown and downtown were the in-vogue words. Today its downturn which is garnering all attention. And each one of us is part of the harsh transition from Upturn economy to Downturn economy.
The economic slowdown in India and the recession in many parts of the world is affecting us all in many ways.
Personal loan lender HSBC to go slow on retail and credit card division
The oldest personal loan lender in the country, HSBC has opted to slow down its retail and credit card divisions as it plans to concentrate more on global banking, investment banking, wealth management, insurance and mortgages.
Naina Lal Kidwai, HSBC India Group GM and Country Head said, “We will not chase retail customers till we turnaround our loss-making retail lending and credit cards businesses. We
5 Ways To Waste Your Time On SEO
With consumers spending more and more time on computers and mobile devices, while using Google as a primary tool to find products or services that they need or want, having a prominent position in search engines is an increasingly important part of effective marketing for small businesses.
While hiring an SEO firm is often a desired luxury, most small businesses choose to learn and do SEO on their own.
There are an abundance of free resources that provide instruction on how to plan and execute effective SEO like SEOMoz’s Beginner’s Guide to SEO and blogs like Search Engine Land.
However, this do it yourself approach can lead to many mistakes by small business owners who do not have a full understanding of the latest updates by Google which can make an effective tactic obsolete overnight. Her
Getting Started: The Chicken-and-Egg Question
In her first year of operation, Fran Gunsaulis, founder of Oh Baby Foods, learned that her business plan overlooked the logistical — and costly — realities of producing and distributing her organic, locally sourced baby foods. Her products are sustainable, but at a $5.80 cost per unit — down from $8.01 in 2009 — her business isn’t.
The Challenge: There is only so much Sweet Potato Boogie and Bean Me Up, Baby that one woman (with some part-time kitchen help) can make, sell and distribute. Oh Baby, which is based in Fayetteville, Ark., must increase production to realize the economies of scale that will allow it to become profitable.
“We have to secure a large contract, but how can we do that without proving we can fulfill it?” Ms. Gunsaulis ask
Promotional Products
If you are just starting your business and planning to open a new outlet, it is an advantage for you to start having a promotion to welcome your new customers and earn loyalty points on their part. You need to plan for it well and I am sure that you are also interested in making the budget low so you won’t feel bad about the expenses. In order to have a cheap and yet quality collection of promotional products to give away, you are welcome to find supplier or companies that are offering this kind of service for bulk ordering with great discount. It is not easy to find for fresh promotional goods but as you surf the Internet, you can find the best one on your way. Y
Do Customers Know Your Microbusiness? Are You Sure?
by Jason Keith: Trent Hamm recently penned a wonderful piece on OpenForum that
highlighted a real life story about a small restaurant in his hometown. While the outcome wasn’t uplifting, the lessons learned from the story are vital. And it’s a story that’s recounted all too often amongst micro business owners. Essentially Hamm explains how a local sandwich shop his wife wandered into one day had to close just three weeks later. The reason? No one i