Resource Nation’s Pick For Top 5 Business Stories of the Week
Posted by Shannon Suetos on September 17, 2010 in Business Start Up Advice [ 0 Comments ]
This weeks top stories help us refresh our perspective on the ever-changing small business and social media world. Small businesses universally are confident about the economic climate despite unemployment rates. Additional tax and incentive programs are on their way, but big businesses are chipping in to help as well. Foursquare is making a hard-pressed effort to niche itself in another way avoiding Facebook Places, and Twitter recaps on its origins. These are the top business stories of the week.
- Big business pipeline for small business [Reuters] “Six of America’s largest corporations – IBM, AT&T, Bank of America, Citigroup, Pfizer and UPS – have banded together to create a “one-stop shop” for small and mid-sized businesses looking to sell to them” Big Businesses are banding together to assist in a small business supplier connection program to help small businesses get larger contracts.
- How Twitter.com Went from a 7500 Domain to a $1 Billion Company [Business Insider] Evan Williams the founder of twitter tweeted that twitter was founded for $7500 as a side project. This gives us an opportunity to look as the rapid growth of twitter even within the last year. Last year in October twitter registered its 5 billionth tweet; this year gigatweet is reporting over 24 billion tweets! William’s tweet helps us put in perspective the intense growth of Twitter’s popularity.
- America the Poor [Big Think] Last year the median household income fell and poverty rate increased from 13.2% to 14.3%. The fact that 1 in 7 Americans earn less than $10,830 dollars a year is shocking. In contrast to these numbers is the fact that 80% of the growth in income from 1980 to 2005 went to the richest 1% of Americans. Keeping the economic climate in mind is important for business owners to gauge direction
- Senate Passes Small-Business Aid [Washington Post] “This bill takes [the] credit crunch head on and helps small businesses access the capital they need through targeted tax cuts, robust incentives for investment and support for entrepreneurship,” said Senate Finance Committee Chairman Max Baucus
- McDonald’s Foursquare Day Campaign Increased Checkins by 33% [Mashable] McDonald’s uses location based social media services to help increase foot traffic. We’ve all seen the social media promotions, coupons and daily specials but McDonalds is one the first to use promotions through checkins. McDonald’s offered 100 gift cards of $5 and $10 dollar value to people in their restaurants whom checkedin on Foursquare.com. Apparently, it worked and increased foot traffic by 33%.
This week was swarming with small business news and with a little bit of creativity and ingenuity, increasing sales may not be as hard as it seems. Big businesses are pairing to help increase supplier relations, location based social media efforts are taking off, and Senate passes more tax incentives to help support entrepreneurship. Modern business is trending towards #keepingupwiththetimes and it will be exciting to see what the future holds.
Matt Krautstrunk is an expert writer based in San Diego, California. He writes extensively for an online resource that provides expert advice on purchasing and outsourcing decisions for small business owners and entrepreneurs.