Today’s infographic is brought to you by our friends at Harborcove!:
“Small businesses employ the majority of American workers. We’ve gathered data from various sources to give you an idea of the big picture in the lending industry, among other small business statistics. Many small business owners are skeptical on lending and how it will affect their business, both positively and negatively. After the recession, lenders expected a drop in lending from small businesses; however, they’ve stood strong in tough times and the economy shows some signs of hope. Lending is on the rise and most lenders are now expecting more in the near future. Take a look at some of these statistics around small businesses, factoring, and SBA-backed lending and let us know what you think is in store for the future!” Continue reading
Although governments across the globe are beginning to appreciate the value the small businesses bring to an economy, this realization has come at a time when such ventures are experiencing immense financial difficulty. From 2008-2010 during the years of global recession between 2008 and 2010, a significant number of small businesses were lost to an unforgiving economic climate, which in turn led to a stagnated employment sector and diminished productivity.
This experience has taught invaluable lessons to firms that survived, however, with the result being that a number of small businesses are now far better equipped to consolidate their venture as the economy falters. The key to remaining solvent during a recession lies in implementing an integrated strategy for growth, and one that strives to cut costs while also laying foundations for the creation of new and independent revenue streams. Continue reading
Given the current economic climate, some would think it is crazy to start a new business. And those people are correct: crazy like a fox. The number of new businesses being formed has continued to increase, and there are still lots of entrepreneurs taking their ideas and making them a reality right now.
Even though many are throwing around the dreaded “recession” word, and there is a lot of financial uncertainty right now, there are plenty of new businesses being formed. For those who have an idea and are motivated to start a business, they should know they are not alone. Many are choosing now to start companies and form businesses. Continue reading