This week’s small business news review found brand leaders could be a target for small biz, credit unions are lending less, the anticipated small business health insurance exchanges are not materializing, a company that started with less than $20, and small businesses are avoiding expensive salaries by getting more from tech.
- No Credit From Credit Unions
While the Great Recession locked small biz out of the banks, credit unions were there to provide capital. Now, a recent Biz2Credit survey of small business lending shows credit union approvals have dropped each month over the past year.
- SHOP Around?
Insurers are not breaking down the door to join the impending Small Business Health Option Program exchanges that are being set up in every state. The state of Washington will have only one insurer providing coverage through an exchange in 2014. Part of the reason might be that small biz owners aren’t expressing interest in the program.
- She Started a Small Biz With $13(video)
In 2009, a woman from Oman opened a business creating something she loved. Early revenues were turned right back into the company and now it generates 400 lbs of deliciousness each month. Learning all she could from the Internet and a government sponsored mentor, she has built a brand that is looking to go global.
- Brand Leadership Paper Suggests Small Biz Should Battle the Big Boys
Brand leadership is a tough position to maintain. A Dartmouth marketing professor advises small companies to target brand leaders that may be vulnerable to loss of their leadership position because the numbers don’t look good over time. Less than 4% of brand leaders have wrestled their leadership position from the up-and-comers.
- Shedding Salaries
One of the contributing factors to frequently less-than-stellar small biz hiring reports is the migration towards technology from traditionally salaried responsibilities. One company saved $2.7 million a year by investing in website-related capabilities.