Small Business is our Business

Women small business owners are now a force in the U.S. economy.  A recent report by the U.S. Senate Small Business & Entrepreneurship Committee found that woman owned businesses represent 30% of small companies,  yet receive  only 4.4% of the total dollars in conventional small business loans—— that’s $1.oo for every $23.00 loaned.   A close look at the numbers of loans given to businesses owned by women reveal—

*Conventional small business loans—–16%

*Small Business Administration backed loans——17%

When it comes to venture capital funding, these woman owned businesses receive only 7%.  Government contracts are also difficult to receive.  Only four percent (4%) of these businesses  in 2012  received government contracts.  The committee hopes to make changes in the SBA’s microloan program aimed at helping companies borrow up to $50,000.  The Intermediary Lending Program, a program that allows business owners to borrow between $50,00 and $200,00o  is up for reauthorization and the committee recommends continuation.

Starting   and growing a small business is hard  work,  but those who do find the rewards  are great.  In fact seventy-seven (77%) said  they wouldn’t hesitate to do it again, while 77% said they would recommend owning a small business to their children.  The benefits of owning a small business include—-

*Being your own boss                                     79%

*Independence                                                  77%

*Making strategic decisions                          77%

*Close relationships with customers          73%

 

Source:   The Citibank Small Business Pulse, a survey conducted by telephone of 802 small business owners in April 2014.

Seventy percent (70%) of small business owners describe their company’s financial health as good, very good, or excellent.

Source:   U.S. Bank 2014 Small Business Survey

 

 

Ninety percent (90%) of human resource professionals check out social media profiles, especially Linked In and Facebook, before inviting a candidate in for an interview.

Source:  Knock ‘Em Dead Social Networking by Martin Yate.  2014

Fifty three percent (53%) of small business owners in metro New York already know the fate of their business.  For those with succession plans——

*52% intend to transfer or  sell the business to  a family member

*13% plan to dissolve business

Source:   2014 Spring survey of Small Business Owners by Bank of America

AIR WARRIORS

Most travelers browse online travel sites, but purchase their tickets from an airline.  An April 2014 survey of 2,066 adults by FlightView, a travel app for mobile phones, found——–

59%    purchase tickets from airlines

*30%  purchase airlines tickets from online travel agents

*8%     purchase airline tickets from travel agents

36%     search for airline tickets on airline websites

29%      search for airline tickets on Expedia or Orbitz

 

Brothers International Corporation has just  released findings from the 5th Brothers Small Business Survey.  Seventy-two percent (72%) of small business owners in the U.S. believe new technologies will offer a greater return on investment than new employees(28%).  Small business owners find these technologies indispensable for running their business—–

41%       Mobile devices  (smartphones and tablets)

32%       Customer relationship management software

21%        Social media/social technologies

15%        cloud services

This survey was conducted in January 2014 among 500 small business owners by email .

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