Biggest Business Development of the New Year

Given the economic shambles we've stumbled through in the last year or two, many have held back from recruiting and expanding their business. The recession is far from over despite what the press spin says. Small businesses felt that bite of reduced profit margins in their bank accounts long before the large corporations did.

I think the recent announcement of a $5000 tax break per new employee for small businesses is worth noting. Tough financial decisions need to be made in tough times. It's important to remember that for sustainable and continued growth, you still need to expand when demand for your product/service outstrips your ability to supply it.

Solo businessmen cannot go it alone forever. If they can, their business is likely only maintaining, not growing. Now is a good time to be promoting your business and honing it more in readiness for the economic recovery, not withdrawing advertising dollars and reducing your visibility in the marketplace. Let the competition do that while you stride ahead.

News is out today of a $30 billion plan to transfer funds from TARP. The cash is specifically earmarked for small business lending and being handed out to community banks. This is another step in the right direction. Banks have been nervous about lending and understandably so. That's done nothing to help the small businessman get through this rough time though. The very time when they needed optimal support, the banks have let them down. Today Obama is changing that.

http://blogs.abcnews.com/politicalpunch/2010/02/obama-administration-30-billion-community-banks.html

These two incentives may not be earth shattering for all small businesses or even be of interest to them or you. However their introduction could be enough to tip the balance into a more profitable 2010 through expansion for small businesses, accessibility to credit and the creation of more streamlined business practices through additional staffing. I think they could very well move the needle. Even if you don't take advantage of them, remember that your competition may well do so.

Good luck to you all! Small businessmen and entrepreneurs are the most hardworking, intelligent and dedicated guys I know. They deserve a break.

It is the continued expansion of social media and crowd sourcing int eh business world.

It is all about online buzz and even a local retailer has to make it happen online.

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I think it is beyond a doubt...a business mindset that will be not only the biggest shift in 2010, but the best one to boot.

Business owners should be focusing on ways to support local producers, artists, tradespeople, service-members, and retailers/wholesalers. Focus on the immediate community not only for revenue, but also for supply could be (and should be)...that new business mentality.

Here's to your business doing well this year and in years to come.