The Week in Small Business – 06.18.11
We do the legwork of finding the best in small business news and links. You have more time to do what you love.
No Golden Years Ahead for Majority of Owners
Less than half of small business owners are financially prepared for retirement, according to a recent survey by The Guardian Life Small Business Research Institute. Just 45 percent of the 1,433 owners polled feel very well or even fairly well prepared to kick up their feet later in life. And only nine percent said they'll someday stop working for pay altogether. Close to one in three owners are banking on a future sale of their business to help fund their golden years.
Wells Fargo Answer Business Lending Questions, Redux
A few weeks back, the news included a New York Times interview with the heads of Wells Fargo's small business lending unit. This week, the Times ran a follow-up in which the same executives answered questions from readers, with topics ranging from how geography and industry can play into loan decisions, the five "Cs" of credit applications, and what the bank is doing for the smallest of businesses.
New Threat to Small Business Websites
Security firm Armorize this week turned a spotlight on a relatively new strain of website attacks, and small businesses appear particularly vulnerable. Over at InformationWeek, the company's chief technology officer shared some straightforward, low-cost advice with me to help keep your business's website secure from this and other online security threats. Doing so is a must if you rely on your site for some or all of your sales.
Hey, Why the Long Face?
The NFIB took its monthly temperature check of small business sentiment and found owners feeling blue. The primary factor bugging business owners at the moment is sluggish consumer spending, with one in four respondents citing weak sales as their top problem. It was the third straight decline for the NFIB's Small Business Optimism Index, after moving mostly in a cheerier direction for the last half of 2010 and early part of this year.
How One Small Business Took a (Keg) Stand
Let's call him the Vigilante Brewer: Coby Lake, the owner of a small beer company based in Avondale, Alabama, took matters into his own hands after discovering the theft of 40 metal kegs from his recently renovated brewery. The Birmingham News reports that Lake called the police and filed a report, but then the suds purveyor did some sleuthing on his own by dialing local scrapyards. Sure enough, one reported two guys who'd recently dropped off around 40 kegs. Lake got his business's property back — and the driver's licenses and license plate number of the thieves, which he turned over to the cops. Cheers!
Kevin Casey is a business writer for Intuit and is passionate about solving small business problems.