This Week in Small Business: From Bank Lending to Product Pricing
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Are you curious why it’s so hard for small businesses to get a bank loan? Maybe you’re interested in bringing in extra income for your business, and have heard that the sharing economy is a good way to do that. We discuss these questions on Bplans, as well as the inspirational story of an entrepreneur who started two distinct businesses at once, successfully! Let us know what you think, and check out this week’s articles on Bplans.
1. 9 Pieces of Technology Every Entrepreneur Should Invest in This Year
As an entrepreneur, you know the technology world is rapidly evolving. While this doesn’t mean that you should try everything, there are plenty of tools that can help small businesses run more smoothly and efficiently. We asked entrepreneurs from the Young Entrepreneur’s Council what tech they feel will be indispensable to them in 2015.
2. Why Banks Are No Longer Lending to Small Businesses
Time was, a would-be small business owner could approach their local banker for funding, and have all the confidence in the world that they would be granted a loan. Nowadays, it isn’t that easy; banks simply aren’t lending to small businesses the way they used to. We discuss the reasons why, as well as the growth of alternative lending services that your business may be able to take advantage of.
3. 10 Ways to Help Your Team Prioritize Their Customer Service Efforts
It can’t be denied that customer service is important to your business, but are your employees allocating their time to the right people? Sometimes unhappy customers end up taking time away from happy ones, which can have the discouraging result of ruining the latter relationship. The result? Two unhappy customers! We asked the YEC to share their tips for prioritizing customer service, so that you can keep your happy customers happy, and devote the right time and energy to those with complaints.
4. From Problem Solving to Organic Pickles: 7 Startup Lessons from an Inspiring Entrepreneur
Many entrepreneurs have a vision, but they are afraid to actually start their business. Luh Dewi, cofounder of DoPickles and Clothing Manufacturing Agent Bali, is an inspiration; not only did she start one business, she started two—without any business experience. Read her story and the lessons she learned along the way—from doing business abroad to celebrating little success moments.
5. How Small Businesses Can Effectively Use the Sharing Economy
The “sharing economy” is characterized by low commitment—and in this case, that can be a good thing. The sharing economy is great for small businesses, which can save money and forge connections by taking advantage of services like Airbnb, renting out unused office space, and services like AskforTask.
6. 7 Strategic Ways to Price Your Products and Services
Product pricing can be tricky to navigate; after all, you want to both maximize your profits while minimizing costs. We break down seven key pricing strategies to be aware of when pricing your products. Different tactics are better suited to different business types, so you’re sure to find one that suits your industry.
What small business questions have you been asking? Tell us in the comments.
