Today’s roundup starts by revealing the one product that is boosting retail sales and includes stories about how veterans are turning to entrepreneurship and how to instill purpose in your employees.
One product gives U.S. retail sales a boost in October
Get ready to be surprised. As Joe Weisenthal of Business Insider writes, retail sales grew 0.5 percent in October, a significant boost from expectations of 0.3 percent—mostly thanks to one product: the new iPhone. Don’t worry if you don’t sell Apple products; the sale of building materials also grew 0.6 percent. Maybe this is a sign that all retail sales will increase in the near future.
Slow payments are hurting small businesses
The numbers are grim: from July through September, firms with up to four employees were about eight days late on payments. Firms with five to nine employees were about seven days late. As Emily Maltby of The Wall Street Journal reports, this cycle has a domino effect on the business supply chain. How are small business owners dealing with delinquent payments? Some are asking for deposits up front, others are demanding credit card payments and some are even walking away from customers who can’t pay. How do you deal with delinquent payers?
Large number of veterans turning to entrepreneurship
Veterans are doing their part to help the economy recover. As Janean Chun of The Huffington Post writes, a whopping 45 percent of veterans are looking for self-employment rather than join an existing company. If you’re a veteran that wants to launch a company, you’re in luck. There are lots of great resources to get you on your feet, including the SBA Office of Veterans Business Development.
How to increase holiday sales without using daily deal sites
Don’t worry if you dislike the Groupons and LivingSocials of the world—there are plenty of other ways to attract sales this holiday season. As Lisa Barone of Small Business Trends writes, small business owners are smart to use Facebook to advertise promotions. E-mail marketing is another great tactic, as is setting up Foursquare deals to remind customers of promotions as they walk by. What are you doing to attract customers this season?
SBOs are using social media more than ever
Consumers are more likely than ever to find their favorite small businesses on Facebook and Twitter. As Martin Lieberman of Constant Contact Community writes, 81 percent of small business owners use social media, up from 72 percent just six months ago. What is their favorite tool? Facebook. What social media tool do you use the most?
Small biz CEO: ‘Why I Hire Vets’
With the Iraq war coming to a close and thousands of service members returning stateside, there’s an awful lot of talk about the merits of hiring veterans. As Randy Stover, co-CEO of The Praemittias Group writes on Inc., he hires veterans because they come to work with values such as loyalty, duty and respect already in place. They know what it means to lead, but can also be a collaborative member of a team; they are comfortable wearing a variety of hats and can multi-task; and they are familiar with other countries and cultures. If you are interested in hiring veterans, check out the U.S. Small Business Administration’s programs that help employees.
Growing businesses turn into growing personal liability
Lets talk insurance. Is your personal net worth between $1 million and $10 million? Will it be there in the foreseeable future? If you answered yes to either of those questions, it’s time to look into personal insurance. As Nancy Germond of allBusiness writes, high-net worth individuals are smart to insure personal assets as they become wealthier.
How to instill purpose in your employees
Do your employees feel a sense of purpose? If you aren’t sure, John Baldoni has a few words of advice. As he writes on Harvard Business Review’s Blog Network, employees who work with purpose help to create positive corporate cultures and work more effectively with clients. How do you instill this purpose? Do some heavy lifting to show your team that you aren’t above anything. Also, invest in developing your next generation of leaders. What are you doing to instill a sense of purpose in your company?