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September 2, 2010

News for small and independent businesses

Today's Top Stories

Small-business borrowing rose slightly in July
Small businesses increased borrowing by 2% in July from the same period a year ago, according to the Thomson Reuters/PayNet Small Business Lending Index. In addition, fewer borrowers fell behind on their payments, with the number of accounts behind by 30 days or more falling to 2.98% in July from 3.06% in June. Reuters (9/1)

Banks are on shaky ground with small firms as many look to make changes
A historically high number of small and midsize companies are looking for new banks, data from Greenwich Associates show. About 20% of midsize firms and 15% of small businesses issued requests for proposals for new banks in the first half of the year, and more said they plan to do so in the coming year. CFO Magazine (9/2010)

Entrepreneurs may not be the financial risk-takers we once thought
Despite their risk-taking reputation, entrepreneurs are actually more conservative savers and borrowers than non-business owners, found a report from the Kauffman Foundation. Business owners are also looking at the long term in regards to saving with a larger percentage saying their savings horizon is five or more years into the future. Small Business Trends (9/1)

Health Care Reform

NFIB backs Orrin Hatch's proposal to repeal employer mandate
Two of the pillars of the health care reform law should be repealed -- the employer and individual mandates, says Sen. Orrin Hatch, R-Utah. NFIB and other business groups have announced support for a bill drafted by Hatch that would repeal employer mandates, which NFIB calls "blunt instruments that do not address the fundamental issues of our flawed health care system." The Hill/Congress Blog (9/1)

Sales & Marketing

3 ways to snag customers online
Even if many potential clients are just visiting your website, the trick is to convert them into paying customers. Grace L. Williams suggests reaching out within seconds and getting to know your prospects using analytics. The Wall Street Journal (9/1)

Technology for Small Biz

Tools for building a no-cost website
Cost is no longer an excuse if your small business is among the 50% that still lack a website, TJ McCue writes. He tracks down seven do-it-yourself website-building platforms that are completely free -- including hosting. They may not produce a site with all the bells and whistles, but they will allow you to "cease procrastinating and put a stake in the online ground," he writes. Small Business Trends (8/31)

Political Landscape

NFIB plans Labor Day events criticizing Democrats on labor issues
NFIB and other business groups will hold events on Labor Day taking aim at vulnerable Senate Democrats and candidates on labor issues. Events targeting lawmakers such as Senate Majority Leader Harry Reid, D-Nev.; Sen. Michael Bennet, D-Colo.; and Rep. Paul Hodes, D-N.H., will focus on their stances on the Employee Free Choice Act and counter several union events planned throughout the weekend. The Hill/Blog Briefing Room (9/1)

Featured Content

Best Practices

6 things to consider when choosing a mentor
Mentors can be a valuable sounding board -- especially for new entrepreneurs -- but not all mentors are created equal. Business owners should assess their needs, find the right chemistry and consider looking online to connect with the right mentor, writes Pamela Ryckman. She also suggests mentees take charge and establish rules when working with their mentor. The New York Times (free registration) (9/1) , NYTimes.com/You're the Boss blog (9/1)

Is all traffic good traffic when it comes to location?
Heavily trafficked areas may seem like the ideal place for a business, but owners should evaluate traffic patterns and their own business, Gladys Edmunds advises. She notes that some traffic is only pass-through, meaning customers rarely stop to shop, which can be bad for businesses that rely on walk-ins. USA TODAY (9/1)

SmartQuote

For fast-acting relief try slowing down."

--Lily Tomlin,
American comedian and actress

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