Saturday November 21, 2009

smSmallBiz.com - SmartMoney's Small Business Site

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Small Biz Economy Woes
Why this downturn is hitting small business harder than past economic jolts.
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Gerri Detweiler, co-founder of BusinessCreditSucce Posted: 11:55 AM On May 21, 2008
This article is very timely. I received a lot of calls and email from business owners in distress after 9/11. They are coming in earnest again and are more widespread.

Here in Florida where I live, the real estate downturn is trickling down to everything from massage therapists to restaurants -- even to the seemingly recession-proof healthcare sector.

I just reviewed a new book, The Battle Scarred Guide to Small Business Debt Relief and Recovery on Amazon (Not mine so no self-promotion here!) It has a good perspective on what to do if you’re hurting. The first couple of chapters were especially important as they focus on getting out of the 'regret' and 'self-blame' phase into constructive problem solving.

This time is going be a lot rougher than the 9/11 aftermath, but as with any problem there are opportunities. Business owners need to shift away from what no longer works and find what does - then move quickly in the right direction.
Larry from EntreeBoom / SpaBoom Posted: 4:15 PM On May 11, 2008
Great article! I'm one of the founders of a small software company in Albuquerque, and the nature of our business gives us a unique perspective into the spa/salon (www.spaboo
.com) and restaurant (www.entreeboom.com) sectors. Overall, business is tougher for our clients, as they have to adopt new forms of marketing and become more aggressive at sales and marketing overall. Our product, instant gift certificates, shows that consumers are out there and spending a lot of money, but they are demanding the convienence of the Internet (perhaps to save on fuel costs).

In a nutshell, there is hope in this downturn. Customers are still out there. It's business unusual. Give customers convenience, and new ways to do business with you!
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