PROTECTING SMALL BUSINESS, PROMOTING ENTREPRENEURSHIP

Business Intelligence: Tips, Trends and Resources for Entrepreneurs

By at 27 October, 2020, 9:55 am

by Karen Kerrigan-

This week’s Business Intelligence focuses on small business resiliency and growth during the COVID-19 economy, and how to leverage “being small” this holiday season. The shopping has already started, but it’s not too late to strengthen your online presence and meet customers where they are! As noted by one of the articles below, 71 percent of American adults plan to do more than half of their shopping online this year and 66 percent plan to shop at more small businesses. Holiday shoppers are looking to #ShopSmall this holiday season, but they need to find you!

5 Key Recovery Strategies to Counter Economic Downturns, Startup Professionals

As Mark Zwilling notes in a recent blog post, “Most companies I know agree that the pandemic has taught them the art of laser-like focus, and compelled them to make better decisions, to become more frugal, and to initiate systems and procedures that will help position them make an economic recovery. Simply deciding to lay low and ‘tough it out’ was never a winning strategy.” He looks at winning recovery strategies and the need to stay vigilant.

Branding: The Definitive Guide for 2020, Crowdspring

Is it time for a Brand makeover? Does your business even have a branding strategy? In this guide, you’ll learn how to create and manage a brand that helps your business or organization become known, loved, and preferred by customers and prospects.  Bonus from Crowdspring: “How to Create Brand Messaging for the New Normal.”

Using Social Commerce to Generate Revenue and Grow Your Business

In a Small Business Insider blog post, small business expert and founder of Big Ideas for Small Business® Barbara Weltman reviews the big growth in social commerce and how small businesses are positively positioned to take advantage of the higher use of social media by consumers in their identification of new brands and products/services during the COVID-19 economy. Great tips and information!  

How Small Businesses Can Prepare for the Holidays with Holidays Amidst COVID, Business Next Door

The holidays are often a frantic time for retailers, but with COVID-19, 2020 will be an especially tricky holiday season. Forecasters are already predicting a marked difference in consumer behavior this year, and that means small businesses will need to get creative with their approaches. Read more here to better prepare (and pivot.)

How Businesses are Preparing for the Holiday Season During COVID-19, Legal Zoom

Radial consumer survey about holiday shopping reported that “despite the impact of COVID-19, shoppers do not plan to significantly change their holiday spend compared to 2019. However, the data did reveal a stronger preference for online shopping, with 66% of shoppers anticipating they will increase their online purchases during the 2020 holiday season.” Here’s what some businesses are doing to entice shoppers to buy from them this holiday season.

3 Things Small Businesses Can Do to Prepare for the Holiday Season, Inc.

Due to “all of the pandemic related disruption, fully 71 percent of American adults plan to do more than half of their shopping online this year, as pointed out in this helpful piece about what small businesses need to be doing now ahead of the holiday shopping season. Because the good news is that “66 percent plan to shop at more small businesses. That makes it even more important to get your online presence sorted out well ahead of peak shopping season.”

How Small Businesses Can Prepare for Black Friday and Holiday Season 2020, Open We Stand

Black Friday, Small Business Saturday, and Cyber Monday are “going to look quite different this year than previous holiday shopping seasons.” They “won’t be flooding into your physical store” but that “doesn’t mean you can’t take full advantage of your customers’ willingness to spend throughout the entire holiday season.” Read how to capture these consumers here.

Will Consumers Spend or Save this Holiday Season? Knowledge@Wharton

Deloitte expects holiday sales will be driven by a K-shaped recovery — a scenario in which growth is uneven because some sectors and income groups do better (at the top of the K) while others do worse (at the bottom). The firm’s holiday retail forecast splits the difference, estimating modest growth between 1% and 1.5%. Read more about the forecast and trends here.

Tips to Boost Your Side Hustle

In a Small Business Insider blog post, SBE Council chief economist Ray Keating takes a look at the side hustle, notes how people use the side hustle, and highlights some great side-hustle insights and tips.

Worker Classification: Current State-of-Play

Independent contractor laws and rules may vary per state, and there has been new federal rule proposed by the Department of Labor. Small business expert Barbara Weltman reviews the latest in a Small Business Insider blog post and covers some recent changes regarding independent contractors.

SBA And Treasury Announce Simpler PPP Forgiveness for Loans $50k and Under

On October 8, a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less was released. There are approximately 3.75 million loans of under $50,000 or less (these loans total $62 billion of the $525 billion on PPP loans issued to date.)

Click here to view the simpler loan forgiveness application.

Click here to view the instructions for completing the simpler loan forgiveness application.

Click here to view the Interim Final Rule on the simpler forgiveness process for loans of $50,000 or less.

 

Karen Kerrigan is president & CEO of the Small Business & Entrepreneurship Council.

 

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