This week’s small business news roundup is heavy on the economic status of small businesses—not surprising considering the week the American economy has seen. There are also some great Twitter and website tips for newbies and pros alike. Let’s go!
- Why the Dow’s Plunge Hurts Small Businesses More: The Wall Street Journal makes the case that even though small businesses may not have their stocks in the market, the Dow’s drop coupled with the Standard & Poor’s downgrading of the government’s credit rating may end up hitting small business owners the most—because consumers may just “tighten their purse strings even more than they already have.”
- What the Downgrade Means for Small Business Lending: WSJ also reports that “the Federal Reserve announced plans to keep interest rates near zero for at least the next two years. That’s good news for banks—but less assuring for small-business owners.”
- Nervously Watching as the Economy Churns: The New York Times “asked small-business owners around the country whether they were feeling the effects of the economic turmoil and whether they were still trying to build—or just to hang on.” Read their comments here.
- Small Business Owners Turn to Pawn Shops: Cynthia Hsu of FindLaw.com reports that the “tight economy and lack of lending” is pushing small businesses to request loans from pawn shops instead of banks — which are often easier to obtain, but with much higher interest rates. This goes back to that cash flow issue we discussed in last week’s roundup.
- How to Use Twitter for Small Business: 8 Steps: Yes, we’ve been around the Twitter block quite a few times around here, but these are exceptionally good tips to keep in mind, and there are some great links to click in and after that article, such as 8 Words That Should Never Appear in Your Twitter Bio and 7 Ways to Write a Better ‘About Us’ Page.
What’s new in your small business world this week?