Are Banks Finally Getting Ready to Lend? |  |
- Are Banks Finally Getting Ready to Lend?
- Heightened Awareness: Small Businesses Address Today’s Worker Vulnerabilities
- 6 Content Marketing Tips For Google+
- National Small Business Week is Coming: Look for Big Things in May!
| Are Banks Finally Getting Ready to Lend? Posted: 02 May 2012 11:30 AM PDT If you've been on the fence about seeking a small business loan, the results of the 2012 Banking Trends Outlook Survey by Omega Performance suggest now might be the time to stop dithering and start applying for the financing your business needs.
The global survey of bankers has good news for both businesses and consumers seeking loans, but the outlook is especially optimistic for small business, with 74 percent of bankers worldwide reporting that their banks were planning to increase their small business lending in 2012. Bankers were also very optimistic about the economy's growth prospects, both globally and in the U.S. in particular. Here's a closer look at what the survey discovered and what it means to your small business. Loan Standards to Ease In the U.S., 19.8 percent of banks planned to ease their lending standards for consumer and commercial loans slightly, while 15.1 percent planned to tighten them slightly. The majority (59.9 percent) said standards would remain the same. What It Means to Your Business: If you've tried and failed to get financing in the recent past, finding a different bank—one that is easing its loan requirements—could be the key to success this time around. Commercial Lending to Rise While commercial lending is projected to increase around the world, the outlook is especially positive in the U.S. Some 60.8 percent of U.S. banks surveyed said they plan to do more commercial lending in 2012, and 12.7 percent said they plan to do "considerably more." About 19 percent plan to do the same amount of commercial lending. Just 7 percent reported plans to decrease or "considerably decrease" the amount of commercial lending. What It Means to Your Business: Talk to your banker about his or her bank's plans for commercial lending going forward. Watch the news for reports on banks increasing their commercial lending. Even banks that weren't highly active in commercial lending might be getting in on the act, so keep your ears open for new entrants into the field. Banks Will Pursue Small Business Drilling down even further, small business lending in particular is projected to increase around the world, with the U.S. outlook again being particularly good. Among U.S. banks, 12.7 percent said their small business lending would increase drastically in 2012, and 63.7 percent said it would increase slowly. Some 18.9 percent said small business lending would stay the same, and just 4.7 percent said it would decrease. In fact, when asked which areas of lending they would actively pursue in 2012, the leading answer was "small business." More than 78 percent of banks reported they will pursue small business lending this year, far ahead of the 66 percent that will pursue lending to midsized and large businesses. What It Means to Your Business: As more banks pursue small business lending, you could find yourself with more options, including new banks you may not have considered before. Use a variety of sources to keep in the loop as to which banks are most aggressive in pursuing small business loans. Bankers Are Optimistic Behind banks' positive plans for increased lending is their belief that the economy is improving. Sixty-six percent of U.S. banks surveyed project the U.S. economy will "improve slowly" for the remainder of 2012; only 31.1 percent project it will remain flat. A mere 1.9 percent expects decline. What It Means to Your Business: Just as banks' tightening of credit at the beginning of the recession threw a chill over the economic landscape, their optimistic outlook now can help thaw everything from business plans to consumer spending. Make sure your business is prepared to take advantage of economic growth by developing a plan now to get the financing you need to serve customers, expand and thrive. Lending Photo via Shutterstock From Small Business Trends |
| Heightened Awareness: Small Businesses Address Today’s Worker Vulnerabilities Posted: 02 May 2012 08:30 AM PDT May is full of important health and wellness awareness dates, including Employee Health & Fitness Month, Disability Awareness Month and Women's Health Week (May 13-19).
However, whether or not small businesses recognize these and other official declarations, there are two critical observations decision-makers need to make about their employees today, and consider year-round, because of their potential to directly impact business productivity and turnover costs. First, U.S. workers are in denial about the likelihood of accidents and serious illnesses. In addition, they are not prepared to handle the financial consequences of unexpected health issues. Workers' Unrealistic Health Optimism When it comes to anticipating a serious illness or accident, Americans may be overly optimistic. According to the American Cancer Society's Cancer Facts & Figures 2012, one in three women and one in two men will be diagnosed with cancer at some point in their lives. The American Heart Association's Heart Disease & Stroke Statistics 2012 shows that one in six U.S. deaths in 2008, was caused by coronary heart disease. Despite these findings, the 2012 Aflac WorkForces Report revealed six out of 10 workers (62 percent) think it's not very or not at all likely they or a family member will be diagnosed with a serious illness like cancer, and more than half (55 percent) said they were not very or not at all likely to be diagnosed with a chronic illness, such as heart disease or diabetes. In addition, despite optimism about their physical health, the study reveals that American workers also are concerned about their financial health, and many admit they are unprepared to handle the financial consequences of a serious illness or accident in their family. Financial Strain & Productivity Drain Half of American workers (51 percent) are trying to reduce debt, according to the Aflac study, and nearly six in 10 (58 percent) don't have a financial plan to handle the unexpected. In addition, only eight percent of U.S. workers strongly agree their family will be financially prepared in the event of an unexpected emergency, and 28 percent have less than $500 (51 percent have less than $1,000) in savings for emergency expenses. These are among the personal challenges weighing on workers' minds daily and impacting individual productivity through absenteeism and distracted work. Decision-makers are keenly aware. In fact, 63 percent of leaders at small businesses believe that productivity is lost because employees are concerned about personal issues, according to the study. The fact that American workers aren't aware of their medical risks and the potential financial impact of those risks is a very real concern that is only compounded when workers don't take full advantage of available benefits options or adjust their savings strategies to be more prepared. For example, when asked how they would pay for out-of-pocket expenses due to an unexpected illness, the study found that more than half (57 percent) of respondents said they would have to tap into savings, 30 percent would use a credit card and 19 percent—nearly one out of five people—would have to withdraw funds from their 401(k) plans to cover the costs. Now, more than ever, American workers need to understand that well-being means more than just good health—it's being prepared for the reality of whatever life may bring and taking the necessary measures to protect themselves and their families. A very real connection exists between health and finances—a worker's financial stability and employment security can be threatened by an unexpected illness or accident, and conversely, the ability to obtain adequate medical care can be influenced by finances. Many Benefits of Employer Action Most individuals are looking to their employers to educate them about all available benefits options, not just traditional benefits changes or choices, to better understand how they can have a more secure safety net. The Aflac study revealed that 58 percent of employees at small businesses would be likely to purchase voluntary health insurance plans if offered by their employer. Yet, small businesses are least likely to offer voluntary insurance policies (just 19 percent, compared to 41 percent of medium-sized and large companies) for various reasons, including the common misconception that these policies will increase their health care costs. Workers' perceived lack of benefits understanding also is a limiting factor. For example, only 19 percent of HR decision-makers at small businesses believe their employees are extremely/very knowledgeable about voluntary benefits. However, despite these low figures, small businesses excel at putting employees' benefits interests first. The study found that small businesses are more likely than medium-sized and large businesses to rank taking care of employees as their top objective, with 23 percent ranking it first. More small businesses are realizing that making group voluntary insurance policies available to employees has no direct cost and may reduce corporate taxes by cutting FICA tax contributions. Additionally, savvy decision-makers are seeing the value of voluntary plans to not only enhance a company's benefits package and competitive status versus larger organizations' benefits programs, but they can demonstrate to employees that they matter and ultimately help avoid the high cost of turnover. Conclusion Once benefit options are added or expanded, it's critical for employers to effectively communicate year-round about how new benefit options like voluntary insurance can help with high out-of-pocket expenses associated with a serious illness or accident. By doing so, businesses can not only help their workers have a better understanding of the options that are right for them, but also help reduce common mistakes made during the enrollment process, generate stronger retention, and build greater appreciation for their total compensation packages. Health Photo via Shutterstock From Small Business Trends |
| 6 Content Marketing Tips For Google+ Posted: 02 May 2012 06:00 AM PDT With 170 million users and growing, Google+ has certainly proven that it's worth the SMB time investment and a content marketing strategy to go with it. But that doesn't mean small business owners have taken to it like fish to water. It's been a rough transition for some. Or at least I know it was a rough transition for me! I haven't always felt as comfortable on Google+ as I have on other social networks. It's always felt a little awkward, a little cold, a little bit like an empty room. But it doesn't have to go down like that. For me, getting more comfortable on Google+ meant settling in, adjusting to site-specific features, and finding different ways to attract my audience. Sure, Google+ may have features similar to other social media sites, but that doesn't mean they work the same way.
Below are 6 ways I've found success using Google+. 1. Grab Readers' Attention With Formatting Content may reign supreme on the Web, but the formatting of that content comes in a very close second. After all, if a user can't process your information because of display or readability problems, it doesn't matter how great it is. They still can't read it. The same rule applies here. On Google+, content passes by at lightning speed with new content constantly pushing down the content that came before. To stand out, you need to format your updates for prime readability and visibility. By doing so you increase your chances that a reader is going to find and want to read your content. As a publisher, it also gives you more control of your content and the message it's sending to users. To make your updates pop in a user's Google+ timeline, use formatting hacks like:
It may seem trivial, but often the difference between a headline that gets read and one that doesn't is its ability to be seen. 2. Incorporate +Mentions & #Hashtags Let's be honest here, we're all on Google+ for one reason – to increase our visibility and brand awareness. Lucky for us, Google+ provides two great features to help us successfully do that.
3. Visuals Work Want to become a Google+ ninja? Make sharing images an important part of your content marketing strategy. It doesn't take much perusing around Google+ to notice that this is one social network that places a large emphasis on photos. And it makes sense that they would! As content consumers, we love sharing photos because it's easy to consume. Be aware of that as you build your Google+ content marketing strategy. Look for opportunities to create unique images to go along with blog posts or the content you're sharing. Or share photos of others – maybe asking users what their favorite business books are, sharing what your staff is up to today, giving people a sneak peek at your new office space. We love this content. 4. Break Out The Archives As I mentioned earlier, life moves pretty fast on Google+. Content publishers are constantly updating their timelines and users are logging in at different times to access their stream. For businesses with years of archives or who live to aggregate content, this provides a great opportunity to recycle content they've already produced or shared. Have a post from a year ago you think deserves new legs? Share it on Google+. Have an article on your site that you noticed has been getting a lot of search traffic? Share it! Want to use Google+ to share your Best Of posts? Do it! Those of us who have been creating content for years suddenly have a new way to bring life to old posts or images that before were just collecting dust in our content archive. 5. Partake In Targeted Sharing Perhaps the most awesome thing about Google+ is the ability to share targeted content with segmented Circles you create. You get to define your audience in your own words and then cater content specifically designed for them. It's like shooting fish in a barrel. Only more effective. If you haven't optimized your Google Circles yet, it has to be Step 1 of creating your Google+ presence. SMBs may want to have Circles such as:
Once you have your circles, make them public and let people be a part of what you're building. 6. Start a Real-Time Think-Tank As a content publisher, I can't help but think one of the coolest things about Google+ is the ability to have conversations in real-time with my audience. I can post a question, a potential blog topic, or just a random thought to my wall and, in minutes, get dozens of responses. As a business owner, this is very useful. It can be useful to test content ideas before you dedicate time to expanding on them, to see what products/services your audience would be like to see, or serve as a thought leader think-tank space. For me, this is one of Google+'s biggest strengths – real-time conversations without any annoying character limitations. Above are some of the techniques that have helped me see value in Google+. What have I missed? Have you boarded the Google+ train yet or are you still hanging out at the station? From Small Business Trends |
| National Small Business Week is Coming: Look for Big Things in May! Posted: 02 May 2012 02:30 AM PDT Can you feel the excitement? National Small Business Week is coming beginning May 20. It will be an opportunity for folks all across the US to celebrate small businesses and, of course, for small businesses to learn about added resources as well. Follow what’s happening in our small business roundup week below: Momentum BuildsTwo days of killer events. Two days of killer events kick off small business week. Check out the schedule now available from the Small Business Administration. Small business owners should take full advantage. SBA How banks are getting into the act. Availability of loans has been an important small business issue of late, and during National Small Business Week lenders like TD Bank are responding. Look for other companies and vendors to launch similar programs or products focused on small business this month. MarketWatch Grassroots SupportiveSome communities aren’t stopping at a week. Take Palm Beach County, Fl, for example. The county commissioners recently proclaimed May Small Business Month. Look for some of the events that will make this month memorable. SunSentinel.com Regional small business groups recognized. Small business organizations can be hugely important to bringing small business communities together. National Small Business Week will recognize many of these on the national level. Kitsap Peninsula Business Journal Contests AboundCreate your message with video. A National Small Business Week video contest allows small businesses helped by the SBA to shine. Check out more details on how to enter the contest at the above link. National Small Business Week Video Contest Local organizations launch their own competitions. Organizations like the Small Business Development Center for Enterprise Excellence, Tarrant Small Business Development Center, and others are launching small business contests coordinated with the national event. Fort Worth Business Press Local Talent RecognizedWhat events are your local group organizing? National Small Business Week also presents a great opportunity for local small business groups across the nation to raise their profiles and otherwise help local small businesses thrive. This local chamber, for example, will be awarding small business grants to its members. RomeSentinel.com Small businesses are also being recognized. Yogurt manufacturer Chobani Inc. will be presented with SBA’s 2012 Entrepreneurial Success of the Year Award at this year’s National Small Business Week. UticaOD.com Events OngoingSupport your local businesses with a cash mob. If you want to support small businesses in your community for National Small Business Week (and hopefully the whole year round), this approach is a simple and direct one. Cash Mobs Look for other small business events throughout the year. Though Small Business Saturday doesn’t officially occur until Nov. 24, you don’t need to wait for a special month or day to make something happen with your small business or to help other small businesses do the same. Small Business Saturday From Small Business Trends |
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