PROTECTING SMALL BUSINESS, PROMOTING ENTREPRENEURSHIP

Business Intelligence: Tips, Trends and Resources for Entrepreneurs

By at 17 November, 2020, 12:57 pm

by Karen Kerrigan-

RIEVA’s Trendcast: Holiday Spending Trends 2020

NPD calls Holiday 2020 “more of a renovation than a rebuild” and expects it to “accentuate underlying trends that have been developing over the past few years,” according to a Trendcast blog by Rieva Lesonsky. “And, ‘free shipping is the number-one factor influencing where consumers will shop’ this year.” Expect consumers to “buy more ‘old school’ gifts and spend less on personal experiences and experiential gifts. Think gifts that evoke ‘getting cozy, indulgencies like in-home spa, family fun, and outdoor activities.”

Related Content: Morning Consult’s report: “State of the 2020 Holiday Shopper.”

6 Ways Small Businesses Can Boost Holiday Sales in 2020 Amid the Pandemic, CNBC.

“Small businesses have already faced unprecedented challenges in 2020, and the holiday season appears set to bring plenty of its own, amid a shaky economy and continued concerns about another wave of coronavirus infections. Still, even in a difficult environment, there are opportunities for small businesses to drive revenue through the holidays. Sixty percent of Americans consumers plan to do the majority of their shopping with local retailers this year, the Visa study found.” Read tips here.

SCORE Webinar: Google Analytics 101 – Improve Your Online Business by Understanding Essential Data

November 17, 1:00 p.m. ET

Google Analytics is a fantastic tool. Best part is, it’s free to use for everyone! No matter if you have a 2-page website or a massive e-commerce website, you can use Google Analytics to understand how your customers are using your website and where you can improve their experience.

During this webinar, expert in business data analytics Mo Hossain will walk you through the steps of how to set up Google Analytics so you can start getting data from your own website.

In this workshop you’ll learn:

● The basics of Google Analytics

● Why Google Analytics is important

● How you can use it for your benefit

Register here.

 

Thriving in the Face of COVID-19: The Power of Support for Small Business, Small Biz Daily.

The Next Chapter for Small Business, a Forrester Consulting study commissioned by Xero, investigated how small businesses in key global markets have responded to COVID-19. It identified a number of commonalities amongst small businesses that have been able to thrive in the current landscape.” Key among them: The right technology, tapping into the

power of community, ecosystem engagement and learning (and implementing) how to build resilience. Read more here.  

10 eCommerce Tools for Your Small Business, NextDoor.

With the ongoing COVID-19 pandemic, eCommerce has become more essential than ever for many small businesses. Even if you run a restaurant or coffee shop – businesses that tend to rely primarily on foot traffic – you can still adopt a strategy for increasing sales through online engagement. So if you’re wondering how to start showing up in local search results, boost sales, and manage your shipments and finances, use this short guide to learn about ten affordable, and easy-to-use eCommerce tools for small businesses.”

Learn to Adapt for Success from 8 Thriving Businesses that are Beating the COVID Recession, Crowdspring.

“The recent economic downturn has presented challenges that not all businesses were equipped to handle. And, as with any challenging situation, a business’s success hinges on its ability to adapt. The good news is that there are businesses that have found ways to thrive in the midst of the disruption. And, their actions can serve as lessons to light the way forward for those that are still lost. If your business isn’t thriving, consider taking one of these 5 paths.”

Six Observations on Key Challenges Facing Every Startup, Startup Professionals.

“When entrepreneurs introduce new products to the market, their passion and conviction often leads them to assume that every potential customer will see the immediate need and value, and will quickly adopt the solution. They are devastated when their business growth never starts or stalls, and they have no idea how to get it moving again.” Here are six principles of a customer-centric business that will help boost your chances of success.

SBA Announces New Reduced 504 Loan Debenture Rates

The U.S. Small Business Administration announced the updated interest rates for the 504 Loan Program offered by Certified Development Companies (CDC). The program now allows for 10, 20, and 25-year interest rates at 2.231 percent, 2.364 percent, and 2.399 percent, respectively. Small businesses can now apply for a 504 loan at these low-interest rates.

“These are very encouraging terms and very supportive of our nation’s goal to bounce-back from COVID-19,” said William Manger, SBA Chief of Staff and Associate Administrator for the Office of Capital Access. “The longer terms and now lowest interest rates support and encourage entrepreneurs to step outside of the box and look at real investments.”

Partnered with the SBA are the CDCs, which are the driving force behind the 504 Loan Program. See SBA’s 504 Loan Program factsheet for more information on how to expand your business real estate or improve your working capital.

State and Local Government Distribute Billions in Small Business COVID Relief, Small Business Trends.

This week, a new report examined how much money’s been doled out to small business owners in the U.S. from state and local governments, reports Small Business Trends: “The Institute for Local Self-Reliance found that about $9.27 billion in small business relief, through grants and loans, has been dispersed in addition to the PPP and other loans.” To read more about this often overlooked work, check out Small Business Trend’s report on the data: Local and State Governments Have Distributed $9.27 Billion in Small Business COVID Relief.

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

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