Business Briefing: Small business trends and tips
In honor of National Small Business Week, we’re highlighting useful reports and resources for the small but mighty powerhouses with 500 or fewer employees that fuel much of our economy.
A Mixed Bag for Entrepreneurship in Michigan
While Crain’s Detroit Business reports that fewer new businesses are being established in Michigan existing business are growing.
The Ins and Outs of Government Contracting
If you want to start or grow your business by selling to the government, beware of companies that charge big bucks for services you can get free. Check out the resources from the U.S. Small Business Administration and the Procurement Technical Assistance Centers (PTACs) of Michigan to learn how to win and successfully complete government contracts.
Keep Costs Down to Keep Profits Up
Both new and established businesses can take advantage of opportunities to reduce operational expenses. Entrepreneur advises four strategies for cutting expenses: 1. Outsource tasks that can be handled by an outside team; for example, document management. 2. Put in systems to improve efficiencies. Established protocols can help you limit the number of employees you need. 3. Automate so you can do more with less manual involvement. And 4. Reduce your energy bill; the savings will add up month after month. Read the whole article here.
Kudos to the 28 million small businesses that account for 54% of all U.S. sales, provide 55% of all jobs, and 66% of all net new jobs since the 1970s! (Source: U.S. Small Business Administration)
Do you have business banking questions? Contact our knowledgeable Business Development Managers or call 800-991-2221. We’re here to help you grow your business!