News & Events
Wednesday, Dec 23, 2009Tough Times for Small Business
Posted by rmaylone
GRAZIADIO IN THE NEWS
Pepperdine professor of entrepreneurship Larry Cox commented during a CBS Evening News report on the rise in bankruptcies among small businesses in California. Correspondent Ben Tracy reported that nationwide, small business bankruptcy filings are up 44 percent.
Watch video and story here:
http://www.cbsnews.com/video/watch/?id=6011718n&tag=mg;eveningnews
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Category : In the News | Video
Our 2010 Independent Business survey found that the #1 challenge for small to medium sized business this year will be attracting customers.
Consider that SMBs repeatedly trade into a relatively small customer base in their market and any loss of customers is magnified compared to a larger enterprise. Add in that it is widely accepted that all business will lose 20% of its customers a year, for a variety of reasons. Therefore, SMBs need to replicate 20% of its customer base each year to remain level in terms of customer count. That is a significant number. Unfortunately most SMBs don’t know how to get there and the downward spiral begins.
Regards,
Peter Morris
CEO
Greenstead Group LLC
Helping Business Get Customers, Keep Customers and Increase Sales [SM]