All business owners understand and appreciate the importance of revenue to the success of their businesses. At the outset, revenue is critical to the ability of a business to pay its expenses and satisfy any payroll obligations. Investors will examine the history of revenue of a business as a benchmark to evaluate the future profitability and potential growth of the company. Revenue is also an important criteria that lenders use when assessing whether to extend credit to a business — the lifeblood of every business.
With revenue being so important to the success of a business, it is often a surprise how little time most business owners spend on exploring how their businesses can meet — if not exceed — their revenue-generating potential.
The reality is most business owners are so focused on the day-to-day realities of running their businesses that they simply do not have the time to consider if their businesses are generating as much income as they should or if there are other opportunities to increase revenue-generating potential.
A recurring revenue stream is simply a way of conducting business that results in customers paying the business on a regular basis in exchange for some value. This value can either be the right to receive goods or services from a business or the right to access or use the property of the business for a given time.
This is very different from non-recurring revenue-generation business models, such as the sale of a product or the provision of a service, where a business has no expectation that a current customer will be a customer in the future. Recurring revenue streams enable business owners to better predict how much revenue their businesses will generate in the future. Savvy business owners use these recurring revenue streams to attract investors, obtain credit and grow their companies.
It is no wonder that the foundation of many successful modern businesses today often relies on recurring revenue streams.
What are some examples of recurring revenue streams?
You may be intimidated by the idea of a recurring revenue stream. You have no reason to be: Recurring-revenue business models are all around us. Here are three common examples of recurring revenue streams that you may be familiar with and ought to consider implementing in your business.
Renting or leasing. If you have ever leased a car or rented a home, you are familiar with this business model. Leasing is a form of generating revenue where a business collects money from a customer in exchange for giving a customer the right to use a physical asset for a specified time.
Licensing. Do you pay for any online services? Do you use any form of social media? Your relationship with those online services is often governed by a license agreement, which sets out terms for how intellectual property of one party can be used by the other. If one party is required to pay for the rights to use the intellectual property of the other party, those payments are often calculated based on how often that customer uses that intellectual property or on the amount of money the customer generates using the intellectual property of the business.
Subscription. This is the model you are most likely familiar with. Whether it be your account to the latest video-streaming platform, your fresh coffee subscription or even your subscription to a pizza service, subscription-based business models are everywhere. The success of most subscription-based business models relies on providing ongoing value to customers in exchange for recurring payments for as long as possible.
What to ask before integrating a recurring revenue stream
While introducing a new revenue stream for your business is certainly attractive, recognize that not every recurring-revenue business model is the same. The reality is that each type of recurring revenue stream needs to be tailored to the capabilities of each business and the needs of each customer. Here are some questions to ask when considering the opportunities to integrate a recurring revenue stream into your business:
What value from your business are your customers willing to pay for on a regular basis? What price will customers pay for that value on a regular basis? What changes in your business operations need to happen to make these revenue streams a reality?
While I hope this article illustrates some of the benefits of integrating recurring revenue streams into your business, I must emphasize that this is simply an introduction to the concept. Don’t underestimate the amount of time, money and energy that may be required to create a new revenue stream for your business.
I would encourage you to find lawyers, accountants and other advisors to guide both your assessment of the suitability of a recurring-revenue business model for your business and the implementation of your strategic decisions. After all, a little time and energy invested in preparation often pays dividends in the long term.
Most tech entrepreneurs these days stay away from services because investors are looking for high-margin, repeatable revenue. Service revenues don’t command the same multiples that product revenues do.
When I decided to bootstrap my startup, I never expected to be selling professional services. I quickly learned, however, that offering services tied to your product can be incredibly useful when bootstrapping. When my company started offering design and development services utilizing our low-code development platform, these services led to high-margin recurring revenue and greatly improved unit economics. These services also drove a tremendous amount of customer success.
But, service offerings are not for everyone. Here are a few questions you should ask yourself in order to determine whether services should be part of your bootstrapping efforts.
For bootstrapping to work, you need a healthy margin. At one of the companies I founded, our professional services were a necessary element of customer onboarding since product implementation was incredibly complex and not self-service.
Our professional services margin was -20%, which eroded our cash significantly. In this instance, service was not a revenue center but a loss leader — something we had to offer to secure the more valuable recurring revenue. If you find yourself in the same boat, services will never be a viable bootstrapping strategy. They could, however, be a tool you utilize to drive the rapid growth of recurring revenues.
Does the market/customer want the services?
Many technology products simply can’t be used by most people without a services component. At my company, we found that even though our low-code development platform could be utilized by people with minimal coding expertise, certain segments of our user base simply didn’t have the inclination to build their solution on our platform. We also discovered that even with powerful tools, many people wanted to leverage the expertise of an experienced software design team.
This prompted us to spin up a services team that could charge for design and development as an initial project and even provide ongoing development services on a monthly basis. Going this route is driving a three-to-six month payback on sales and marketing investment for us. Do these types of opportunities exist for you?
Can your service offering eventually be outsourced to an ecosystem of providers?
Services can serve as a bridge to help fund platform losses up to a point where outsiders can take over. Building an ecosystem can create an awesome flywheel effect, whereby participants not only become service providers but a channel for bringing in new product sales — without the expense of having to add to your own sales team.
Salesforce and Workday both did a brilliant job of executing this strategy. Ideally your product will gain enough acceptance that you can sell off your services division for additional profit.
Do services provide you with more customer intimacy and enhance your retention metrics?
A customer’s switching costs go way up when there is both a human and technological connection to your product and services. This sort of intimacy can provide a significant boost to your retention metrics and ensure predictable revenue.
Having great people to support clients can make up for early product deficiencies and create a level of trust that a pure low-touch product cannot. This is especially important in the early days of any startup’s product lifecycle.
Can bootstrapping with services strengthen your product development?
Launching a services division also provides another benefit: the chance for you to “eat your own dogfood.” It’s a fact that when employees use their own product, it gets markedly better. At my company, we rotate core team members in and out of the professional services team to ensure every engineer feels what our customers feel. I believe this leads to product brilliance.
Now I’m not advocating you become a services company, but having a product company with a service business could stave off having to secure venture backing before your product is more mature. This can help you avoid things like dilution, a loss of control and the pressure to grow fast for a speedy exit.
As someone who’s previously founded two venture-backed startups, I like how bootstrapping with services is allowing my company to grow more thoughtfully. We have time to think about product/market fit before scaling up, we’re not pursuing growth rates that our platform can’t support, we’re making smart hires and we’re scrutinizing the ROI of all of our expenses because every dollar counts.
Additionally, we are vetting the utility of our own product with real-life customers and creating a virtuous circle of feedback to drive new features. I feel like it’s the smarter way to evolve a business like ours — building a company for the long haul versus hitting some arbitrary goal to secure additional venture capital.
There is one important consideration before bootstrapping with services: You’ll want to make sure you’re growing (albeit at a deliberate pace) and not just treading water. That’s why the above questions are something you’ll want to consider before following my lead. It’s critical you feel confident that you’ll create enough runway and customer success for your ultimate business model to take shape, while not letting services become a distraction.
In computer technology the term bootstrapping, refers to language compilers that are able to be coded in the same language. (For example, a C compiler is now written in the C language. Once the basic compiler is written, improvements can be iteratively made, thus pulling the language up by its bootstraps) Also, booting usually refers to the process of loading the basic software into the memory of a computer after power-on or general reset, the kernel will load the operating system which will then take care of loading other device drivers and software as needed.
Bootstrapping can also refer to the development of successively more complex, faster programming environments. The simplest environment will be, perhaps, a very basic text editor (e.g., ed) and an assembler program. Using these tools, one can write a more complex text editor, and a simple compiler for a higher-level language and so on, until one can have a graphicalIDE and an extremely high-level programming language.
Historically, bootstrapping also refers to an early technique for computer program development on new hardware. The technique described in this paragraph has been replaced by the use of a cross compiler executed by a pre-existing computer. Bootstrapping in program development began during the 1950s when each program was constructed on paper in decimal code or in binary code, bit by bit (1s and 0s), because there was no high-level computer language, no compiler, no assembler, and no linker.
A tiny assembler program was hand-coded for a new computer (for example the IBM 650) which converted a few instructions into binary or decimal code: A1. This simple assembler program was then rewritten in its just-defined assembly language but with extensions that would enable the use of some additional mnemonics for more complex operation codes.
The enhanced assembler’s source program was then assembled by its predecessor’s executable (A1) into binary or decimal code to give A2, and the cycle repeated (now with those enhancements available), until the entire instruction set was coded, branch addresses were automatically calculated, and other conveniences (such as conditional assembly, macros, optimisations, etc.) established. This was how the early assembly program SOAP (Symbolic Optimal Assembly Program) was developed. Compilers, linkers, loaders, and utilities were then coded in assembly language, further continuing the bootstrapping process of developing complex software systems by using simpler software.
See also
Causal loop, also known as Bootstrap paradox – Sequence of events which cause each other
With the acceleration of digital transformation in business, most CTOs, CIOs, and even middle management or analysts are now asking, “What’s next with data?” and what ongoing role will technology play in both digital and data transformations. Other questions that keep these individuals up at night include:
How can people throughout all organizational levels be more empowered to use data and help others make better decisions?
What prevents people from more deeply exploring and using data?
In what ways can analytics tools and methods help more people use data in the daily routine of business—asking questions, exploring hypotheses, and testing ideas?
With this in mind, plus observations and discussions with many Tableau customers and partners, it seems that today’s circumstances, behaviors, and needs make it the right time for predictive data analytics to help businesses and their people solve problems effectively.
Current realities and barriers to scale smarter decision-making with AI
With growing, diverse data sets being collected, the analytics use cases to transform data into valuable insights are growing just as fast. Today, a wide range of tools and focused teams specialize in uncovering data insights to inform decision-making, but where organizations struggle is striking the right balance between activating highly technical data experts and business teams with deep domain experience.
Until now, using artificial intelligence (AI), machine learning (ML), and other statistical methods to solve business problems was mostly the domain of data scientists. Many organizations have small data science teams focused on specific, mission-critical, and highly scalable problems, but those teams usually have a long project list to handle.
At the same time though, there are a large number of business decisions that rely on experience, knowledge, and data—and that would greatly benefit from applying more advanced analysis techniques. People with domain knowledge and proximity to the business data could benefit greatly, if they had access to these techniques.
Instead, there’s currently a back-and-forth process of relying on data scientists and ML practitioners to build and deploy custom models—a cycle that lacks agility and the ability to iterate quickly. By the end, the data that the model was trained on could be stale and the process starts again. But organizations depend on business users to make key decisions daily that don’t rise to the priority level of their central data science team.
The opportunity to solve data science challenges
This is where there’s an opportunity to democratize data science capabilities, minimizing the trade-offs between extreme precision and control versus the time to insight—and the ability to take action on these insights. If we can give people tools or enhanced features to better apply predictive analytics techniques to business problems, data scientists can gain time back to focus on more complex problems. With this approach, business leaders can enable more teams to make data-driven decisions while continuing to keep up with the pace of business. Additional benefits gained from democratizing data science in this way include:
Reducing data exploration and prep work
Empowering analyst experts to deliver data science outputs at lower costs
Increasing the likelihood of producing successful models with more exploration of use cases by domain experts
Extending, automating, and accelerating analysis for business groups and domain experts
Reducing time and costs spent on deploying and integrating models
Promoting responsible use of data and AI with improved transparency and receiving guidance on how to minimize or address bias
Business scenarios that benefit from predictive analytics
There are several business scenarios where predictive capabilities can be immensely useful.
Sales and marketing departments can apply it to lead scoring, opportunity scoring, predicting time to close, and many other CRM-related cases. Manufacturers and retailers can use it to help with supply chain distribution and optimization, forecasting consumer demand, and exploring adding new products to their mix. Human resources can use it to assess the likelihood of candidates accepting an offer, and how they can adjust salary and benefits to meet a candidate’s values. And companies can use it to explore office space options and costs. These are just a few of the potential scenarios.
A solution to consider: Tableau Business Science
We are only at the beginning of exploring what predictive capabilities in the hands of people closely aligned with the business will unlock. AI and ML will continue to advance. More organizations, in a similar focus as Tableau, will also keep looking for techniques that can help people closest to the business see, understand, and use data in new ways to ask and answer questions, uncover insights, solve problems, and take action.
This spring Tableau introduced a new class of AI-powered analytics that gives predictive capabilities to people who are close to the business. In this next stage of expanded data exploration and use, we hope business leaders embrace data to help others make better decisions, and to provide transparent insight into the factors influencing those decisions.
When people can think with their data—when analysis is more about asking and answering questions than learning complex software or skills—that’s when human potential will be unleashed, leading to amazing outcomes. Learn more about Tableau Business Science, what this technology gives business teams, and the value it delivers to existing workflows.
Olivia Nix is a Senior Manager of Product Marketing at Tableau. She leads a team focused on the use of AI and ML in analytics and engagement, including how to use technology to enable more people in organizations to make data-driven decisions. Olivia has been at Tableau for four years where she has worked closely with development teams on new product launches. Prior to Tableau, Olivia worked as an analyst at the Pew Center on Global Climate Change (now C2ES) and Johnson Controls. She has her MBA from the UCLA Anderson School of Management.
In business, predictive models exploit patterns found in historical and transactional data to identify risks and opportunities. Models capture relationships among many factors to allow assessment of risk or potential associated with a particular set of conditions, guiding decision-making for candidate transactions.
The defining functional effect of these technical approaches is that predictive analytics provides a predictive score (probability) for each individual (customer, employee, healthcare patient, product SKU, vehicle, component, machine, or other organizational unit) in order to determine, inform, or influence organizational processes that pertain across large numbers of individuals, such as in marketing, credit risk assessment, fraud detection, manufacturing, healthcare, and government operations including law enforcement.
One of the best-known applications is credit scoring,[1] which is used throughout business management. Scoring models process a customer’s credit history, loan application, customer data, etc., in order to rank-order individuals by their likelihood of making future credit payments on time.
Predictive analytics is an area of statistics that deals with extracting information from data and using it to predict trends and behavior patterns. The enhancement of predictive web analytics calculates statistical probabilities of future events online. Predictive analytics statistical techniques include data modeling, machine learning, AI, deep learning algorithms and data mining.Often the unknown event of interest is in the future, but predictive analytics can be applied to any type of unknown whether it be in the past, present or future.
For example, identifying suspects after a crime has been committed, or credit card fraud as it occurs.The core of predictive analytics relies on capturing relationships between explanatory variables and the predicted variables from past occurrences, and exploiting them to predict the unknown outcome. It is important to note, however, that the accuracy and usability of results will depend greatly on the level of data analysis and the quality of assumptions.
Predictive analytics is often defined as predicting at a more detailed level of granularity, i.e., generating predictive scores (probabilities) for each individual organizational element. This distinguishes it from forecasting. For example, “Predictive analytics—Technology that learns from experience (data) to predict the future behavior of individuals in order to drive better decisions.”In future industrial systems, the value of predictive analytics will be to predict and prevent potential issues to achieve near-zero break-down and further be integrated into prescriptive analytics for decision optimization.
If the pandemic deepened the challenges of dealing with long-felt issues among business owners of color, the recovery is putting them in focus. Access to capital and racial inequity in America continue to weigh on underrepresented small-business owners.
That was the key takeaway from a recent virtual briefing dubbed “Back to Business: Restarting Main Street in the Wake of Covid-19,” which was hosted by Reimagine Main Street, a project founded last year to lead small businesses toward an inclusive economic recovery. The discussion convened business leaders and officials, who offered their own ideas for how to resolve these longstanding issues so that minority-led businesses can get back to business.
Here are their top three tips:
1. Help people get vaccinated.
As the pandemic fueled much of the recent difficulty hitting underrepresented business owners and entrepreneurs, a good first step is to do all you can to overcome the pandemic, which can be achieved by helping people get vaccinated. “You can’t get the economy back on track without beating Covid,” says Cedric Richmond, a senior adviser to President Biden. Specifically, he suggests offering vaccine incentives to employees, customers, and the communities you serve.
He proposes offering paid time off for employees to get a jab, and providing compensation for missing work because of vaccine complications as motivation. “So many people can’t afford to lose a day or two of work,” says Richmond, therefore servicing the needs of your employees is a crucial part of getting the economy up and running again.
As for customers, the more people who are vaccinated, the quicker it is you’ll return to normalcy. So consider rewarding consumers who are fully vaccinated. United Airlines, for instance, last week launched its “Shot to Fly” campaign, offering the chance to win a year of free flights to vaccinated customers. “We just appreciate the business community partnering with us to get it done,” says Richmond.
2. Create an inclusive recovery.
Ensuring Black and Latinx business owners continue to receive financial support is vital, says Tammy Halevy, co-lead of Reimagine Main Street. Passing the American Jobs Plan, Biden’s nearly $2 trillion plan to shore up the nation’s crumbling infrastructure and boost green jobs, would be a start, adds Halevy. Additionally, it would be helpful to offer new grant programs and to “push the [Small Business Administration] to process forgiveness applications faster” to Black and Brown business owners, who need help accessing capital.
But you can’t just rely on the government for help, says Richmond. It is important for all small-business communities to help one another. Yes, you need to focus on supply chains and other internal matters. However, intentionally supporting other ancillary businesses, such as law firms, accountants, and even the local car wash, is an important step in getting minority communities as a whole back in business.
3. Demand greater access to capital.
For many minority-owned small businesses, federal relief was not accessible throughout the pandemic, says Chiling Tong, president and CEO of Asian/Pacific Islander American Chamber of Commerce. “Sixty percent of AAPI businesses, who did not apply for federal relief, did not apply because they did not think they were eligible for relief.”
Tong notes that a lack of awareness was a problem. But also, she adds: There was a potential language barrier. She says that information regarding some federal aid programs was not translated into other languages, at least initially.
These technical disadvantages pervaded long before the pandemic, she adds. The government at all levels needs to partner with various chambers of commerce to disband technical disadvantages these communities face, making sure they have the capability to apply for and maintain the same access to capital that other businesses have, says Tong.
Through investments targeted toward an inclusive recovery, vaccine incentives, and expanding access to capital, small businesses will thrive, says Richmond, and “as [small businesses] succeed and flourish, we know that the economy and the country will do the same.”
Market research – To produce a marketing plan for small businesses, research needs to be done on similar businesses, which should include desk research (done online or with directories) and field research. This gives an insight into the target group’s behavior and shopping patterns. Analyzing the competitor’s marketing strategies makes it easier for small businesses to gain market share.
Marketing mix – Marketing mix is a crucial factor for any business to be successful. Especially for a small business, examining a competitor’s marketing mix can be very helpful. An appropriate market mix, which uses different types of marketing, can help to boost sales.
Product life cycle – After the launch of the business, crucial points of focus should be the growth phase (adding customers, adding products or services, and/or expanding to new markets) and working towards the maturity phase. Once the business reaches the maturity stage, an extension strategy should be in place. Re-launching is also an option at this stage. Pricing strategy should be flexible and based on the different stages of the product life cycle.
Promotion techniques – It is preferable to keep promotion expenses as low as possible. ‘Word of mouth’, ‘email marketing’, ‘print-ads’ in local newspapers, etc. can be effective.
Channels of distribution – Selecting an effective channel of distribution may reduce the promotional expenses as well as overall expenses for a small business.
References
Shailer, Gregory E. P. (1 September 1993). “The irrelevance of organizational boundaries of owner-managed firms”. Small Bus Econ. 5 (3): 229–237. doi:10.1007/BF01531920.
*Healers, S. Purdy, D. Stanworth, C. Watson, A.2004. Franchising as small business growth strategy: A resource-based view organizational development: International small business journal,22(6), pp 539-599
“Types of Cooperatives”. Nebraska Cooperative Development Center. University of Nebraska-Lincoln.
Fox, W.F.; Murray, M.N. (2004). “Do Economic Effects Justify the Use of Fiscal Incentives?”. Southern Economic Journal. 71 (1): 78–92. doi:10.2307/4135311. JSTOR4135311.
Longenecker, Justin G.; Carlos W. Moore; J. William Petty; Leslie E. Palich (2008). Small business management: launching and growing entrepreneurial ventures (14th ed.). Cengage Learning. p. 768. ISBN978-0-324-56972-8. OCLC191487420.
Armstrong, Craig E. (28 October 2013). “Competence or flexibility? Survival and growth implications of competitive strategy preferences among small US businesses”. Journal of Strategy and Management. 6 (4): 377–398. doi:10.1108/JSMA-06-2012-0034.
Richbell, S. M.; Wardle, P.; Watts, H. D. (2006). “Owner-managers and Business Planning in the Small Firm”. International Small Business Journal. 24 (5): 496–514. doi:10.1177/0266242606067275.
Nothing propels a company more quickly than innovation, and nothing stifles it more quickly than a “that’s how we’ve always done it” attitude. News startup Axios is an excellent example of a company breaking barriers and thinking outside the box. The company is making a big bet that other companies will pay to learn how to write like Axios reporters.
The new communications platform, AxiosHQ, launched in February and enables companies to send Axios-style, just-the-facts internal newsletters. Its cost? At least $10,000 annually. It remains to be seen whether executives will be willing to invest that kind of money, but it’s a fascinating proposition.
What does it take for organizations to vet, approve and develop similarly innovative ideas? The answer is not simple, and it varies from company to company. Innovation efforts get plenty of lip service, but it’s much harder to perfect a process for selecting and implementing top ideas.
No magic wand for innovation
In the same way that data-driven decisions run many aspects of an organization, leaders need to use data to create a rubric for vetting innovative ideas. This enforces discipline and keeps everyone on the same page.
Without an evaluation process, innovation programs become short-sighted and may fall out of alignment with long-term organizational goals. Having an organized process also removes emotion from decision-making to keep project focus and dollar spend as data-driven as possible.
For innovation to succeed, leaders also have to be aligned around critical factors. This forms a living rubric that can be adapted throughout the organization as business needs shift and evolve. Generally, some sort of innovation leader — a chief innovation officer, a chief strategy officer or a business unit leader — will lead this team to ensure the process runs smoothly and stays on track.
When we developed our rubric at Coplex, we struggled to find a technical solution that was flexible enough while still enabling us to manage our ideas. We ended up building one ourselves. We now use this tool to drive the underlying engine of our entire idea management process, and it works because effective innovation strategy always starts at the top. Bring your entire leadership team together from the beginning of the process to discuss priorities and foster conversations about ideas, outlining your concrete vision along the way.
Here are three ways to evaluate your innovation ideas and create a framework to make them a strategic reality:
1. Create an innovation blueprint
Before you begin to gather ideas from your team, you have to first come up with a blueprint — such as Google’s Eight Pillars of Innovation — that defines the initiative’s overall structure. This helps put up guardrails around the problem spaces the organization is willing to play in and, more importantly, which problem spaces are off-limits.
An innovation blueprint consists of three distinct components: statement, antithesis and thesis. Your statement defines your company’s ambitions and outlines why you believe in what you’re doing, why now is the best time to do it and what makes you the best candidate for the job.
From here, develop an antithesis that defines the problems, business models and core technologies you don’t intend to address. Why? It removes distractions and keeps the focus on priorities. Finally, create a thesis that gives you a clear lens into how you’ll invest in problem spaces, business models and technologies to create the change you want to see.
2. Define innovation themes
Once you’ve developed a solid blueprint, it’s time to identify the themes of problem spaces you intend to solve. This step will define the categories in which your innovation ideas should fall while clearly outlining how your solutions could come into play.
Think of this as similar to how the National Association of Engineers (NAE) outlines the many challenges left to overcome in its field. In its report on the grand challenges of engineering, NAE defines themes (e.g., joy, sustainability, health and security) as areas ripe for innovation and abundant with opportunity.
The core reason for taking this approach? It allows you to consider potential ways to innovate beyond what the organization had imagined before — and to set goals with those parameters in mind.
Once you’ve defined your innovation themes, it’s time to develop the criteria you’ll use to measure your success. Global design firm IDEO made it a goal to quantify innovation by looking at its clients’ internal team dynamics as well as other companies focused on innovation.
The firm identified six areas key to innovation and then sent its survey, coined “Creative Difference,” to larger organizations to understand how team members were performing when it came to innovation. Once the survey was complete, IDEO sent results with tangible innovation metrics and recommendations on how to follow and meet them moving forward.
As you define how you measure innovation and create your unique rubric, keep in mind that you aren’t limited to traditional metrics. Feel comfortable being creative and innovative as you decide on those! It’s possible to measure everything from societal impact and economic value to organizational scale and new market discovery.
The process of pursuing innovative ideas requires much more than a quick brainstorming session or selecting an appealing idea from a list. By creating an underlying philosophy and structure governing the prioritization of ideas that flow through an organization, you can retain control over your innovation program’s outcomes instead of leaving anything to chance.
Business ideas that solve problems are fundamental to developing the world and companies such as Curemark are one of many who do this. Curemark is a biotech company founded by Joan Fallon, who noticed that a lot of the children she treated were low on an enzyme for processing protein and since then she has quit her job and has built Curemark to solve this problem. Curemark has now raised $50 million and is on its way to solving a problem that truly exists.
Profitability is a business’s ability to generate earnings compared to its costs over a certain period of time. This is possibly the most important aspect of any business idea in the long term, as this is what makes a business survive in order to keep having the impact that it has. Profitable ideas need a strong revenue stream against its costs and this tends to create the success of the business, however, some companies defy this and make losses to begin with, yet are still exceptional business ideas that are worth billions.
By: Brenda Schmidt / Entrepreneur Leadership Network Contributor
Latresa McLawhorn Ryan knows well the havoc that COVID has reaped upon small businesses of color in the Atlanta area and believes the effects of COVID are likely to hang over these businesses for some time. She also knows that small businesses of color can bounce back if they get the right kind of assistance.
“We’ve lost a lot of businesses, some that were really anchors in their community,” said McLawhorn Ryan, executive director of the Atlanta Wealth Building Initiative, a nonprofit organization of community investors, advocates, and activists that supports Black-owned firms. She added that the casualties have included yoga studios, restaurants, and other businesses that rely on high traffic and face-to-face interaction. “It will take three to five years, depending on the sector, for businesses to recover from the impact of COVID.”
Because small businesses of color are an important driver of employment and asset building in their communities, the COVID-related business failures send a message throughout the community that perhaps it is more vulnerable to market forces, McLawhorn Ryan added.
The Federal Reserve Banks of Atlanta and Kansas City published a recovery guide in late 2020 to offer strategies that can help small businesses of color bounce back from the COVID crisis. The guide begins by discussing the state of small businesses of color before the COVID-19 pandemic, placing these firms’ challenges into historical context.
Entrepreneur-In-Residence Scott Shigeoka talks with economic experts and small business owners about overcoming hardships and their message of hope for recovery after COVID-19. Robert Brown, Sr. Director of Business Analytics at GoDaddy, breaks down Venture Forward, a multi-year study looking at the impact of micro and small businesses on the American economy. Resources for Small Businesses: Venture Forward study: https://www.godaddy.com/ventureforward Up-to-date info on COVID-19: https://www.cdc.gov
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A second section provides recommendations for communities looking to assist small businesses of color in the areas of credit and capital, education and training, policy, and community support. The final section shares tools for communities to develop an entrepreneurship network focused on small businesses of color.
Atlanta Fed president Raphael Bostic led a January 14 panel discussion with Southeast community leaders discussing ways to support small businesses. The webinar focused on the need to establish networks that can deliver resources and coaching.
Issue number 1 is funding
Janelle Williams, a senior adviser in the Atlanta Fed’s Community and Economic Development group who wrote the recovery guide with two Kansas City Fed advisers, said businesses owned by nonwhites face especially daunting challenges to regain their footing, with access to funding and credit topping the list.
“There are still structural barriers that limit small businesses of color from securing the capitalization needed to sustain and scale their businesses in a valuable way,” she said.
Much of the funds approved by U.S. lawmakers last year under the Paycheck Protection Program (PPP) to help businesses preserve employment did not reach the smallest companies and many firms owned by people of color. For example, a Federal Reserve Bank of New York analysis found that PPP loans were given to just 20 percent of eligible companies in states with the highest densities of Black-owned firms. In Fulton County, Georgia—which includes the city of Atlanta—a total of 20.8 percent of businesses received loans from the program. In Florida’s Miami-Dade County, just 15 percent of eligible firms obtained PPP funds.
In mid-January, a third round of PPP loans opened. Small business owners of color are hopeful that more funds will reach them this time. A portion of the $284 billion approved for small businesses in the December 2020 COVID relief legislation was set aside for firms with 10 or fewer employees and lenders that cater to underserved communities, including minority-owned banks and community development financial institutions.
Small businesses of color face barriers that make it harder to gain access to capital. They often lack relationships with traditional banks and access to social networks that could help them learn about and apply for available loans. Most entrepreneurs of color don’t have family wealth that could be used to start a business.
Other factors hinder the success of nonwhite small businesses. Williams noted research showing that in the six southeastern states that are part of the Atlanta Fed’s coverage area, small businesses of color are overrepresented in sectors such as food services and retail that have been particularly vulnerable during the pandemic because of required lockdowns, social distancing guidelines, and lower demand for goods and services.
“There is a need for a broader conversation around addressing barriers to entry for small businesses of color that seek to access higher-growth industries that are moderately insulated from market pressures,” Williams said.
Different approaches to financing
The tougher path to viability that small businesses of color face has been well documented. A 2017 report from Prosperity Now, a public policy nonprofit group, notes that deep and persistent patterns of racial discrimination against business owners of color have resulted in greater loan denials and higher interest rates for loans they do obtain. Those financing outcomes result in lower profit margins and limit the opportunities for businesses of color to build thriving enterprises.
The Reserve Banks’ recovery guide notes that the needs of small businesses of color call for financing methods that are nimbler and more accessible to help level the playing field. Those could include interest-free loans, loans with rates that start low and gradually rise, deferred payments and longer repayment time frames, and flexible underwriting terms. Many community organizations consulted in developing the recovery guide “shared that grants, forgivable loans, and patient equity capital will be needed” to help these businesses spring back, the report states.
Williams said the pandemic has challenged the funders that support small businesses of color to think about the kinds of financial assistance that would be meaningful and to understand that some types of aid may not help. “Small businesses of color already are debt averse, so asking them to incur additional debt is a challenge, especially when many rely on their personal income to stay afloat,” she said.
To address these issues, community stakeholders have begun to embrace alternate financing solutions, Williams said. She noted that philanthropic groups were offering program-related investments that provide capital at lower interest rates, while community development financial institutions were introducing funding products that include opportunities for credit enhancement.
The Atlanta Wealth Building Initiative launched a COVID relief fund last year that has provided money to at least 65 small businesses and 18 nonprofits, mainly located in the northwest, southwest, and southeast parts of metro Atlanta where residents’ health and personal income both suffered acutely. The program offers loans that include flexible terms, a six-month grace period, and 30 months of repayment. Through three rounds of grants and two rounds of loans to date, the nonprofit group has dispersed about $800,000 to Black-owned businesses, McLawhorn Ryan said.
The grants and loans have helped in many ways. One restaurant, for example, used a loan from the nonprofit to acquire a food truck that enabled it to sell in different communities and expand its customer base, she said.
“All of our loans were accompanied by specific technical assistance—it helps to have capital, but it also helps to have access to expertise to help think through how to get to the next stage or how to manage cash flow,” McLawhorn Ryan noted.
McLawhorn Ryan said it’s important for funding partners to keep offering funding and general support that will enable small businesses of color to recover and advance to the next phases of development, and she cautioned against a return to business as usual over the next few years.
“This is a new economy, and therefore it requires a new perspective,” McLawhorn Ryan said. “If we are intentional about creating inclusive products, inclusive opportunities for businesses to thrive and survive during this time, we have to be dedicated to the tools that are needed to create a truly equitable environment.”
The Federal Reserve regularly assesses Americans’ financial situation. This Economy Matters article summarizes the Fed’s latest snapshot and looks at how the early stages of the coronavirus pandemic affected people’s finances.
Nearly all firms have been hit by the coronavirus pandemic, but small firms have been hit the hardest. A recent Federal Reserve study surveyed small businesses about business conditions and expectations, and this Economy Matters article looks at the results.
Residential real estate, long a bulwark of the southeastern economy, has been dampened by COVID-19. This Economy Matters article examines recent poll results to view the pandemic’s impact on the industry.
The coronavirus pandemic has profoundly affected employment. This Economy Matters article introduces the Atlanta Fed’s updated state-level Jobs Calculator, using it to show possible future scenarios, including what it would take to return to pre-pandemic employment numbers.
Much has been written about the digital revolution’s impact on developed economies, but what about developing and emerging economies? The Economy Matters podcast features an Atlanta Fed economist who discusses his research into the question.
In this special episode of the Economy Matters podcast, Atlanta Fed president Raphael Bostic talks with researcher Anthony Orlando about income inequality and how a seemingly national problem can have solutions that begin close to home.
In this special episode of the Economy Matters podcast, Atlanta Fed president Raphael Bostic talks with author James Fallows about Our Town, his book that attempts to deepen our understanding of American social, regional, and cultural diversity.
Trade negotiations always require patience and persistence, and the pending deal among the United States, Canada, and Mexico was no different. An Economy Matters story presents the perspectives of Mexico’s and Canada’s diplomats.
The insights of the members of the Federal Open Market Committee go into formulating the “dot plot,” a visual depiction of how they see the future path of the fed funds rate. This Economy Matters article explains what the dot plot is—and isn’t.
Venture capital is always on the lookout for the Next Big Thing. Economy Matters looks at the research of an Atlanta Fed economist who furthers our understanding of the important role venture capital plays in the U.S. economy.
What role does venture capital play in finding and nurturing the Next Big Thing? The Economy Matters podcast tries to answer that question by talking to an Atlanta Fed economist about venture capital’s impact on firm growth and employment.
In this special episode of the Economy Matters podcast, Meghan Cummings of the Women’s Fund of the Greater Cincinnati Foundation talks with Atlanta Fed research director Dave Altig about the benefits cliff and ways employers can make the workplace more accommodating to lower-wage employees.
China and its economy—the world’s second largest, after only the United States—have become staples of the daily news cycle. Economy Matters spoke to an Atlanta Fed economist about Chinese trade, economic growth, the unrest in Hong Kong, and more.
Restricting teens’ ability to drive has had measurable improvements on accident rates, but the restrictions have also impeded their ability to participate in the labor force. An Economy Matters article looks at Atlanta Fed research into the impact of teen driving restrictions.
What ignites an economic expansion? What brings one to a halt? The answer: it depends. Economy Matters looks at the business cycle and why its behavior is inherently challenging to predict.
Gaining a better understanding of people’s health is key to fashioning policies that serve them better as they age and become more frail. Economy Matters examines Atlanta Fed research into the frailty index, a tool that helps assess individuals’ well-being.
States have grown increasingly strict about novice teenage drivers. The Economy Matters podcast talks to an Atlanta Fed economist about the impact of stricter policies on teen labor force participation.
Some workers are forced to choose between a pay raise and the loss of a crucial form of public assistance. Economy Matters looks at the vexing phenomenon known as the “benefits cliff” and how to reduce its challenge.
Sometimes an area’s rents increase faster than house prices. But sometimes they don’t. This episode of the Economy Matters podcast discusses the price-rent ratio and what it indicates about housing markets.
The 2017 tax law implemented extensive changes to people’s deductions, but the law’s impact varied widely among states. Economy Matters looks at some conclusions based on recent research from the Atlanta Fed.
Safeguarding personal data is a challenge in our digital era. In this special episode of the Economy Matters podcast, Atlanta Fed president Raphael Bostic speaks with Heinz College professor Alessandro Acquisti about the field of privacy economics.
Does economic history hold any lessons about an economy in a sustained period of full employment? Atlanta Fed economist Julie Hotchkiss discusses her recent research into the question on this episode of the Economy Matters podcast.
Brazil, Latin America’s largest economy and an important U.S. trading partner, is feeling optimistic about its economic future after years of sluggish growth and uncertainty. Economy Matters presents some expert views of the country’s prospects.
The popular perception of millennials is that their habits differ markedly from those of older generations. But Economy Matters looks at recent survey data and learns that—at least in terms of how they spend money—they’re not very different after all.
If one thing is certain, it’s that the Atlanta Fed is measuring uncertainty. Economy Matters discusses the Survey of Business Uncertainty, which recently made its debut.
When the unemployment rate becomes very low, is it beneficial to try to keep it there? An Atlanta Fed economist looked into the question, and Economy Matters discusses her research.
Arriving at answers about economic inequality requires research from a variety of perspectives because isolating the relevant factors behind it is a formidable challenge. Some top researchers recently visited the Atlanta Fed to discuss their work on the matter.
Wages and their movements offer an important perspective on the macroeconomy. A new episode of the Economy Matters podcast features an Atlanta Fed economist discussing his observations on recent trends.
What relationship did the growth of subprime loans have to booming house prices last decade? The Economy Matters podcast talks to two Atlanta Fed economists who researched the question.
How our food is sourced has changed dramatically over time. In this Economy Matters podcast episode, Atlanta Fed president Raphael Bostic talks with Purdue University professor Jayson Lusk about food production and economics and their impact on people’s lives.
A relação dos EUA com Cuba tem sido tensa por dácadas, mas continua a evoluir. A revista EconomyMatters discute algumas das recentes mudanças e quais poderão ser seus impactos econômicos.
A relação dos EUA com Cuba tem sido tensa por dácadas, mas continua a evoluir. A revista EconomyMatters discute algumas das recentes mudanças e quais poderão ser seus impactos econômicos.
The U.S. relationship with Cuba has been a fraught one for decades, but it continues to evolve. Economy Matters discusses some of the recent changes and what their economic impact might be.
What factors go into where people choose to live? What makes some places more attractive than others? The Economy Matters podcast talks to an Atlanta Fed economist about new research into these questions.
In the run-up to the housing crisis, Atlanta Fed economist Kris Gerardi and his Fed colleagues were seeing an alarming increase in mortgage defaults. This Economy Matters story looks at Gerardi’s research in the housing market, before the crisis and now.
In this special episode of the Economy Matters podcast, economic historian Ran Abramitzky discusses ways he has tried to measure the economic effects of immigration.
Tariffs have largely fallen into disuse, which complicates a study of their economic effects. Economy Matters looks at how tariffs and their implementation have evolved over decades.
For economists, examining the job market is like looking through a kaleidoscope: many perspectives are available. In this Economy Matters story, Atlanta Fed economist John Robertson discusses some of the ways he views the labor market and some of the tools he has helped develop to improve that view.
Economies throughout the Americas are tightly linked, and understanding those linkages is vitally important. Economy Matters looks at the work of the Atlanta Fed’s Americas Center, which furthers our understanding of these relationships.
Before the U.S. housing market grabbed the headlines, Atlanta Fed economist Scott Frame devoted himself to intensely studying it. Economy Matters looks at Frame’s work and what led him to his professional path.
Taking the pulse of businesses and attempting to divine the future from the findings is an exacting business. In this Economy Matters article, the Atlanta Fed’s director of surveys discusses the craft of constructing useful surveys.
Budgeting is rarely easy, and decisions, especially for young adults, can have lifetime implications. Economy Matters looks at the choices involved in saving for retirement while paying off student loans.
Los presupuestos rara vez son fáciles, y las decisiones, especialmente para los adultos jóvenes, pueden tener implicaciones de por vida. Economy Matters analiza las opciones de ahorro para la jubilación mientras paga los préstamos estudiantiles.
Understanding an increasingly complex economy requires increasingly powerful tools. Economy Matters looks at the research of Atlanta Fed economist Nikolay Gospodinov, who is committed to supplying them.
Industry regulators often return to work in the industries they had overseen. This episode of the Economy Matters podcast talks to an economist about approaches that have been successful (or not so successful) in remedying the revolving door.
What is the cost of rising unemployment to a family? The Economy Matters podcast talks to an Atlanta Fed economist about her new research that seeks to find out.
What is the financial consequence to people when they lose public health insurance? An episode of the Economy Matters podcast looks at new Atlanta Fed research that attempts to quantify the effects.
About half of Americans over 50 will stay in a nursing home at some point. Yet only about 10 percent of those over 65 have long-term care insurance. Atlanta Fed economists are researching this and other puzzles in U.S. health insurance.
After an extended period of relative stagnation, wages have been showing signs of growth. This episode of the Economy Matters podcast discusses recent wage trends and how the Atlanta Fed views wage behavior.
Everyone knows that money woes can prey on one’s mind. But what about on one’s health? Economy Matters looks at recent Atlanta Fed research that explores the impact of delinquent debt on mortality.
Once off limits to U.S. tourists for decades, Cuba is now luring growing numbers of American visitors. But a number of questions loom, and the answers to them will determine if this growth will continue. Economy Matters looks at the perspective of Cuba experts to learn more.
It’s no surprise that carrying unmanageable debt is stressful. But can it also bring adverse health effects? The Economy Matters podcast features an Atlanta Fed economist who looked into the question.
After a decade at the helm of the Atlanta Fed, Dennis Lockhart is preparing to step down as president and CEO. In this Economy Matters podcast episode, Lockhart looks back at his time leading the Bank.
The problem of financial institutions whose distress would be large enough to imperil the larger economy has vexed policymakers for decades. The Economy Matters podcast looks at some of the challenges involved in solving too big to fail.
Today’s labor market poses numerous questions for economists. Economy Matters looks at some of these questions and considers the good news they portend, as well as the not-so-good news.
When low-skill immigrants arrive in the United States, and middle-skill jobs are offshored, how are wages affected? An episode of the Economy Matters podcast looks at research into the question.
The Chinese economy—the world’s second largest—is of broad interest to economists and many others, and efforts to better understand it are numerous. This episode of the Economy Matters podcast talks to Atlanta Fed economists who have worked to provide clearer data about China’s economy.
This final article in a three-part series in Economy Matters looks at trade flows between China and the rest of the world, comparing them with the trade flows of the United States. How have these patterns changed over time and across what types of goods?
Este último artículo de una serie de tres partes publicado en Economy Matters aborda el flujo comercial entre China y otros países del resto del mundo, y lo compara con el flujo comercial de Estados Unidos. ¿De qué manera han cambiado estos patrones comerciales a través del tiempo y con respecto a los tipos de bienes?
Este último artigo de uma série de três da Economy Matters examina os fluxos comerciais entre a China e o resto do mundo comparando-os aos fluxos comerciais dos Estados Unidos. Como esses padrões de comércio mudaram ao longo do tempo e entre quais tipos de mercadorias?
A China é a segunda maior economia do mundo, mas ainda é desafiador entender totalmente sua economia. Uma equipe de economistas do FED de Atlanta está trabalhando para abreviar esse desafio. Economy Matters conversou recentemente com a equipe sobre este trabalho.
China’s growing economy has increasing influence on the economy of the United States. Economy Matters talks to some Atlanta Fed economists who are working to better understand China’s economic data.
China es la segunda mayor economía del mundo pero entender su economía es un desafío. Un equipo de economistas de la Fed de Atlanta está trabajando para dilucidar este desafío. Economy Matters conversó recientemente con ellos acerca de su trabajo.
The housing crisis made clear that not all mortgage bonds are equally good investments. But what can we learn today from how mortgages are offered for sale as investments? The Economy Matters podcast talks to an Atlanta Fed economist to find out.
The Atlanta Fed is home to a Research Data Center (RDC), which gives qualified researchers access to data available in few other places. In this Economy Matters podcast episode, Julie Hotchkiss, director of the Atlanta RDC, discusses how the facility enables research that otherwise would not be possible.
Just as the economy has evolved over many decades, so too have the ways economic activity is measured. What was once perhaps a key metric might now be only a marginally useful vestige in an economist’s toolbox. Economy Matters looks at some newer tools and how they help assess the economy.
All businesses seek the right hires, but for a small business, having the right employees is arguably even more crucial. The fifth and final installment of Economy Matters‘ Gazelle Project talked to some founders of gazelles—or fast-growing small businesses—about the role of hiring in establishing and building a business.
The number of Americans 65 and older will increase by 66 percent over the next two decades. This article offers highlights of a recent ECONversations webcast in which two Atlanta Fed research economists discussed the economic and fiscal implications.
The surge in the population of older Americans is fueling the growth of “senior living facilities” to house this population. Economy Matters looks at this nascent industry.
¿Cuánto importa y exporta China en los mercados globales y que tipos de bienes intercambia? La segunda entrega de una serie de tres partes de Economy Matters describe el comercio entre China y el resto del mundo en las últimas décadas.
How much does China import and export globally and what types of goods are exchanged? Economy Matters charts China-world trade over the past few decades in the second of a three-part series.
Quanto a China importa e exporta globalmente, e que tipos de mercadorias são comercializadas? A segunda parte da série de três artigos da Economy Matters faz um mapa da participação chinesa no mercado mundial nas últimas décadas.
The European Central Bank loosened monetary policy to boost the euro area economy. But that brings economic risk, said a German central banker at a recent luncheon at the Federal Reserve Bank of Atlanta. Economy Matters offers highlights of his presentation.
Medical demands of the increasingly aging population will boost the health care and social assistance sector, contributing substantially to the U.S. labor market. This Economy Matters article investigates where the jobs will be and looks at the balance between aging patients and an aging workforce.
If you remember the job you held as a teenager, you might be part of a dwindling group. Fewer teens are entering the labor force today, and Economy Matters looks at some of the factors behind the decline.
Soon after the release of Michael Lewis’s book The Big Short, some Fed economists wrote an analysis of the book for the Atlanta Fed’s Real Estate Research blog. Read about them here.
Founders of small businesses always have a vision for what they want to achieve, but they don’t always have all the answers. Economy Matters talked to some founders of gazelles—or fast-growing small businesses—about the role of mentors in establishing and building a business.
By some calculations, labor resource utilization rates across the United States still have not returned to prerecession levels. But according to this story in Economy Matters, the Atlanta Fed’s ZPOP measure paints a brighter picture.
Regionally, the real estate sector has been important to the economy and has acted as a bellwether for other sectors, such as employment. In the new episode, two Atlanta Fed experts discuss real estate—and whether we’re in a new bubble.
With the U.S. labor force aging and baby boomers moving into retirement, pensions have garnered much attention in recent years. Economy Matters spoke with an Atlanta Fed pension expert about the challenges and opportunities ahead.
Soon after the release of Michael Lewis’s book The Big Short, some Fed economists wrote an analysis of the book for the Atlanta Fed’s Real Estate Research blog. Read about them here.
Just as every picture tells a story, numbers can also be quite telling. Economy Matters has selected a few interesting integers about the trade relationship between the United States and China.
Quão atrelado ao desempenho econômico da China está o desempenho da economia dos EUA e o desempenho das economias em todo o mundo? Esta primeira parte de uma série de três artigos da Economy Matters lança uma luz sobre essa questão.
How tied up in China’s economic performance is the performance of the U.S. economy and the performance of economies around the world? This first installment of a three-part series in Economy Matters sheds some light on this issue.
Cuál es el grado de asociación de la actividad económica en China y el desempeño de la economía Estados Unidos y del resto del mundo? Esta primera entrega de una serie de tres partes en Economy Matters arroja algo de luz sobre esta cuestión.
In a recent speech, Atlanta Fed President Dennis Lockhart observed a number of improving economic barometers. Can a monetary policymaking move be far behind? Economy Matters summarizes his remarks.
Setting monetary policy requires an understanding of current conditions, but it also takes into account how policy changes reverberate down the road. Economy Matterslooks at recent remarks by Atlanta Fed President Dennis Lockhart about considerations that go into the policymaking process.
Since its 2014 debut, the Atlanta Fed’s GDPNow tool has compiled an impressive track record in estimating changes in the gross domestic product. In this episode, Atlanta Fed economist Pat Higgins, the creator of GDPNow, discusses the tool, how it works, and some of the challenges involved in measuring the economy.
Founders of small businesses face innumerable challenges, chief among them financing. Economy Matters talked to some founders of gazelles–or fast-growing small businesses–about how they financed their endeavors and how financing affected their business strategies.
Mexico, one of the largest trading partners of the United States, has been experiencing significant economic changes. A representative of Mexico’s central bank recently visited the Atlanta Fed to discuss some of them, and Economy Matters recaps his remarks.
There are as many reasons for founding a business as there are businesses. Economy Matters talked to some founders of gazelles, or fast-growing small businesses, to learn their reasons for setting out on their own.
The Dutch bank florin—the dominant currency in Europe during much of the 17th and 18th centuries—lost its reserve currency status during the period 1781–92. In this Economy Matters podcast, Atlanta Fed economist Will Roberds talks about the rise and fall of the currency and what lessons it holds for today’s central bankers.
Some economists have been fretting about the declining labor force participation rate. But how big a source of concern should it really be? Economy Matters looks at a recent examination of some trends to draw conclusions.
If a young person gets a raise at work, could the extra money lead to increased reckless behavior such as drinking and driving? A new Economy Matters podcast discusses Atlanta Fed research into the question.
Setting monetary policy requires an understanding of current conditions, but it also takes into account how policy changes reverberate down the road. Economy Matters looks at recent remarks by Atlanta Fed President Dennis Lockhart about considerations that go into the policymaking process.
Gross domestic product, or GDP, is an important measure of the economy’s health. However, official figures are released with a delay, posing challenges in gauging current conditions. Economy Matters explores the Atlanta Fed’s GDPNow model, which provides several real-time forecasts each month.
Economists often base decisions on efficiency, but does this sort of decision making consider its gender impact? Economy Matters sat in on a recent talk by an academic who discussed the question.
Could government-issued and privately issued electronic money coexist? Based on the 1914 to 1934 experience in the United States, the answer is yes, according to an Atlanta Fed working paper. Economy Matters summarizes the paper.
More than three-quarters of all part-time workers in the United States choose to work fewer hours. The remaining quarter are involuntary. Economy Matters tells you who the part-timers are and their reasons for working part-time.
Young, high-growth companies—sometimes known as gazelles—have traditionally been an important source of job creation, but the number of U.S. start-ups is in long-term decline. Economy Matters looks at the impact a diminishing herd of gazelles could have on the employment market.
Track your own personalized level of inflation with myCPI, a new calculator from the Atlanta Fed that tailors the U.S. inflation measure to individual circumstances. Economy Matters introduces this tool for the “armchair economist.”
When the U.S. housing market swooned in 2008, the housing agencies Fannie Mae and Freddie Mac became distressed and entered into a government conservatorship that was intended to be temporary. In this Economy Matters podcast, Atlanta Fed economist Scott Frame discusses the circumstances leading to the ongoing conservatorship.
Conceptually creative people do dramatic things, while experimentally creative people just keep working away, eventually accomplishing great things. Economist David Galenson posits two types of creativity, and argues for more research.
Healthy wage growth has been an important missing ingredient in an otherwise strengthening economy. But recently, the Wage Growth Tracker, a new tool from the Atlanta Fed, showed a sharp rise in wages. Economy Matters introduces this tool for the “armchair economist.”
Atlanta Fed research director Dave Altig recently sat down with Economy Matters to discuss productivity, technological innovation, and the reasons he feels optimistic about the future of the U.S. economy.
All eyes have been on the Federal Open Market Committee as the central bank’s main policymaking body considers when to raise the federal funds rate for the first time since 2008.
Not many people get the opportunity to sit in on a meeting of the Federal Open Market Committee. But in this debut Economy Matters podcast, Atlanta Fed President Dennis Lockhart, a voting member of the FOMC, takes us behind the scenes, describing how participants conduct deliberations, reach consensus, and cast votes on setting national monetary policy.
Wage growth matters to the Fed. Wages and broader labor costs are crucial to both components of the central bank’s dual mandate: price stability and maximum employment.
Through 2014, a range of indicators suggested that the underutilization of labor market resources gradually diminished. But how much labor market slack remains?
Every business has to start somewhere, and most start with one employee. New Atlanta Fed research—summarized in this Economy Matters article—looks into how these firms—known as nonemployers—obtain financing.
As part of its efforts to support SMEs, Facebook presented the latest installment of its Global Report on the State of Small Businesses, a survey conducted in February 2021 of 35,000 SMEs around the world to learn how the restrictions imposed to control The pandemic impacted their operations, their income, their workforce and even their medium-term plans.
Facebook is committed to supporting SMEs on the road to economic recovery by making relevant and actionable information available to companies, organizations, government agencies and the general public to find solutions that help this important sector of the economy. This is in addition to the free tools and training that Facebook offers to SMEs to support their digital transformation.
The 2021 edition of this report studies the continuing effects of the COVID-19 pandemic on SMEs. In this context, Facebook research aims to provide insights and information that can facilitate meaningful support for this important sector.
Among the main findings of the Global Report on the State of Small Businesses it was found that, in February 2021, globally 76% of SMEs were operating or participating in some income-generating activity, compared to 75% registered in Mexico. While in October 2020, according to the last installment of last year, the percentage reported in our country was 86%.
The SME sector is the largest employer in any economy, and it plays an even bigger role in developing and emerging economies. However, access to credit is often a big challenge for SMEs. This is mainly because of their specific characteristics, especially their opacity and lack of verifiable information on their operations. Banks have traditionally used relationship lending to extend finance to SMEs, although in recent years other innovative lending technologies have also showed a lot of promise. Link to learn more about the FDFIx course and register for the public: https://www.edx.org/course/financial-… Link to learn more and register for government officials: https://www.imf.org/en/Capacity-Devel…
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Meanwhile, in February 2021, 27% of SMEs globally reduced the number of their employees, while in Mexico it did so 38%; percentage that in 2020 was higher with 42%.
In addition, 55% of the companies surveyed globally reported a decrease in their sales, compared to the same month last year. In Mexico the impact was less, but considerable with 48%; In October 2020, 64% of Mexican SMEs reported this reduction compared to their sales in October 2019.
On the other hand, 51% of SMEs globally and 56% in Mexico reported trusting in their ability to continue operating for at least six months if current circumstances persist.
Regarding future challenges, both globally and in Mexico, 19% of SMEs surveyed in February 2021 (33% in October 2020 in our country) anticipated challenges related to cash flow, while 24% foresee challenges related to demand or lack of customers.
Entrepreneurship and women
Regarding the statistics that show the disproportionate impact among Mexican SMEs led by women, compared to those by men, it was observed that:
73% of women’s SMEs are in operations, compared to 76% led by men (84% versus 88% in October 2020)
52% of women’s SMEs reported lower sales in February 2021 compared to the same month in 2020 (prior to the COVID-19 pandemic), compared to 48% of SMEs run by men.
As the pandemic enters a new phase with the reduction of restrictive measures, it is important to understand what are the most important challenges that SMEs face on the road to economic recovery.
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Virtual Capitol Hill Week On June 9th -11th, more than 2,000 small business owners joined the 10,000 Small Businesses Voices Virtual Capitol Hill Week to connect with Members of Congress through 400+ online meetings to make their voices heard on Capitol Hill. Learn More Goldman Sachs 10,000 Small Businesses Conversations We connect with US political leaders to discuss the current state of small businesses.
[…] Cuyahoga County, the City of Cleveland and key service organizations seek to understand the current state of small businesses in this environment […]
Warren Buffett, the chairman and CEO of Berkshire Hathaway, turns 91 in August. Remarkably, at an age where most people’s cognitive functions have entirely regressed, where many are now at the hands of caretakers, Buffett still captures the world’s attention as the fifth richest person on the planet.
The greatest investor of this generation has amassed a following of millions who’ve learned, like Buffett, that long-term success is achieved by making smart decisions — in investing and in life.
Here are four Buffett lessons that will yield good returns when you choose to act on them.
1. Master the practice of “boundaries”
With all the demands on him every day, Buffett learned a long time ago that the greatest commodity of all is time. He simply mastered the art and practice of setting boundaries for himself. That’s why this Buffett quote remains a powerful life lesson. The mega-mogul said:
The difference between successful people and really successful people is that really successful people say no to almost everything.
Buffett’s advice is a bull’s-eye to our conscience. We have to know what to shoot for to simplify our lives. It means saying no over and over again to the unimportant things flying in our direction every day and remaining focused on saying yes to the few things that truly matter.
2. Invest in your personal development
What assets should you be investing in the most? In a 2019 interview, Buffett said: “By far the best investment you can make is in yourself.”
As Buffett has repeatedly taught us, it means to never stop acquiring knowledge — the kind of knowledge that betters yourself as a whole person, not just as an investor.
Buffett’s lifelong pursuit of learning, which he shares with his longtime Berkshire Hathaway partner and colleague Charlie Munger, is the secret sauce of his success.
3. Model the leadership behaviors of the best managers
In Buffett’s 2015 letter to shareholders of Berkshire Hathaway, he summarized how one arrives at leadership greatness in a few words:
Much of what you become in life depends on whom you choose to admire and copy.
The quote was in reference to Tom Murphy, who taught Buffett everything he learned about managing a company. Murphy, who was Buffett’s biggest admirer, gave plenty of lessons on the best management practices that Buffett has adapted for his own companies, including:
Give autonomy to workers.
Delegate your authority effectively and wisely.
Hire for integrity.
4. Build a positive reputation
Buffett’s reputation is founded on his principled and level-headed approach to his personal and professional life. When it comes to building a good reputation, these are some things worth prioritizing:
Establishing trust, transparency, and fairness
Offering good value and high-quality products and services
Treating people with dignity and respect
Communicating clearly and promptly
Providing a service to the community
You should treat your business practice as a reflection of yourself, and that means being thoughtful and considerate of how your decisions affect others. If you embrace professional opportunities as a chance to add value to your community, your reputation will reflect your own personal growth.
The millionaire mindset is the key to changing your fortune. It’s how you go from average results to great wealth.
To become a millionaire you must first learn how to think, feel and act like a millionaire. Once you have achieved that mindset, you will have access to the riches of the world.
If you want to be rich; have a million dollar fortune and feel financially free then you should start with the millionaire mindset.
6 Steps to the Millionaire Mindset
Invest in yourself
Invest in learning
Don’t work for money, work to learn
Don’t learn for entertainment, learn for value
Invest in vehicles that will generate income.
Shift your motivation from getting to giving.
Follow these six steps to get the millionaire mindset and start to change your fortunes today.
Why I don’t make Millions?
I, like so many others in the world, had been brought up with the message: ‘Get a good job, work hard and you will be able to enjoy a modest to good life.’
This, I have to admit sounded like good advice. My fiancée and I had good jobs and we were living well and saving a reasonable amount of money.
But when we started to think about how we wanted to live, and the life we wanted for our future children, and how we wanted to live in retirement, we came to the realization that we would need to work a very long time and save a whole lot of money. And even then, we couldn’t live the way we wanted.
Steps to Think and Act Like a Millionaire
I knew there was a better way. I was aware that there were people living much easier. And I wanted more than the normal plan would give. I wanted financial freedom.
Millionaire Lessons
So I needed some new messages and some new lessons.
I read mountains of material and one of the most helpful resources I found, the one that got me started, was a blog I read for free on Medium.
I would encourage you all to read this article and learn directly from him what it means to live like a millionaire. However, at this stage I just want to explain how rules 1–6 have changed my ways of thinking and put me on a path to success.
Rules of the Millionaire Mindset
1. Invest At Least 10% Of Your Income In Yourself
The basic lesson of this rule, is if you want to be a millionaire you need to be committed.
If you just have dreams and plans, you will never really be driven to make the kind of changes needed to have the type of life you want.
Also, if you want to be earning millions, you need to have the skill to earn millions. You need to be worth it. To become worth it you need to invest in developing yourself and you need to invest real dollars so you take it seriously.
Success Lesson
So I realized, if I wanted to earn big and become a million dollar level earner I needed to invest in myself. To begin with I started by researching and taking advantage of the free information on the internet. As my ideas became more focused I began to make small investments in books that I thought would hold valuable knowledge that I required.
I bought several books, which I will expand on at a later date, but by thinking of them as an investment of my valuable time and money, I read them with purpose and soaked up all the knowledge they had to offer on becoming a success and making millions of dollars.
To read about some of the books that have boosted my understanding, my confidence and my millionaire mindset, follow these links:
The next step was to up the game a small amount. From my research and reading I learned the value of online resources and the power of being part of a professional community. So I invested in a subscription to Medium. Knowing the valuable insights it contained and that it was costing me valuable money, I was driven to read every day.
This kept me focused with the kind of reading that was geared to making money and being influential in the 21st century. It also kept me up to date with what was happening in the world. But most importantly, it put me in contact with serious people; people playing the game at a higher level than I was. This expanded my knowledge, my thinking, my community and my scope of living.
Future steps
My next step will be to take courses that will work to provide me with the skills to one day launch my own business. A business that I will be inspired by, one that won’t feel like work. One that will eventually lead to full financial freedom and the feeling of working because I want to work and not because I have too.
The Lesson
By being invested and ‘having some skin in the game’, a wild dream can start to become a reality.
By putting money and time on the line, it forces you to take it seriously and to make very serious evaluations about what is possible.
Also, by expanding your knowledge, you start to answer the questions you need answered. Through this process, my fiancée found out where to invest our money and she made some great moves. I came to know where my skills were and about the areas I needed to go to find that great idea that would make me boss.
If you really want to live like a millionaire you need to be more than interested.You must be invested!
2. Invest At Least 80% of Your “Off” Time into Learning
I used to think that you work hard then you got to enjoy your time off.
I used to work my full day then come home, go to the gym, have dinner, then relax — which usually meant watching TV, playing guitar, going out with friends, drinking, eating and so on.
Basically, all my free time was about consuming what I earned during my work time.
Millionaire Mindset Rule 2 was a huge change for me.
My fiancée and I decided we would no longer waste our free time. We would invest it. At night I started reading articles and books about investment and making money. She would study the stock market and discuss investment options with her friends in the stock market game.
On the weekend, my fiancée worked on Saturday, so I decided to make Saturday my writing day. It started with 2 hours and then it quickly became a whole day job.
I cut back my drinking on the weekend and invested much more time into productive activities. This cut down our consumption on things we didn’t need and freed up more money to invest. We were becoming more focused on our goals and more aware of our situation in the world.
Millionaire Mindset: Becoming more productive
Free time, entertainment and relaxation are all very important. But like everything, they should be done in moderation and with purpose. We spend quality time doing what makes us happy. But we spend the greater quantity of our free time on making us stronger, smarter and better. This helps us to live with purpose and guides us towards our million dollar goals.
You can’t earn a million dollar lifestyle by paying for free time.Invest your free time so you can spend your time free in the future.
3. Don’t Work For Money, Work to Learn
By this stage we were starting to develop a millionaire mindset. We were starting to invest our savings and feeling very grateful that we were in a situation where we could afford to make substantial investments every month. We were making modest gains from the stock market and feeling very good about our decision to become investors.
However, the dream of being financially free and living blissful everyday was not yet a reality. And it was starting to become frustrating dragging myself into work every day.
How to have a millionaire mindset when you have a average job?
In my dreams I was rich, I was the boss — I was making the world a better place with my great wealth and amazing company. But in reality, I was still working day to day.
However, when I decided to change my mindset and decided to see work as a process of learning and not just a process of trading time for money, I discovered much more purpose and passion for it. I came to see that I had skills teaching. That probably the best area for me to make the most money was still in education.
Don’t Focus on the money.
So, I decided not to focus on the money. Work was now a possibility to learn and develop skills. Where possible, I guided work to fit my new needs; as a teacher I was able to choose activities and topics that played into my interests. My students also benefited from learning about real life issues and skills.
Alongside this, I became more conscious of learning how to become a better teacher, a better communicator, how to use my time better, how to deal with children and colleagues and how to use new technology and so on. I was learning more skills and purposefully becoming smarter, stronger, and better.
Don’t simply work to make money. Work to learn the skills you need to take your life in the direction you want to go.
4. Don’t Learn For Entertainment, Learn To Create More Value
A simple but tough lesson for me. As a teacher, I value learning for the sake of learning and I enjoy it.
However, if you want to have the millionaire minset, you can’t waste your valuable time learning things that don’t add value.
For me it was difficult. I used to love playing guitar. When I was in Ha Noi, just prior to coming to Ho Chi Minh and starting out on this journey, I played guitar all the time. I was watching YouTube and studying how to play Spanish style guitar and how to finger-pick. And I had finally mastered Stairway to Heaven — well I could play along start to end (minus the solo).
Now, I don’t play much guitar anymore. But when I weigh the value of my future success to my family, as opposed to the joy they would get from my guitar playing, I know I am making the right decision.
For others it may have been the right decision to keep playing guitar, but for me I know deep down I don’t have the passion to make it pay — my employable passion is writing, so that’s what I’m working at and trying to master.
Nurture the passions you make pay.
I have always loved creative writing and I studied it at university. When I started at my new school I put my hand up to run a creative writing class and I make time every week to write. However, before I was writing very casually and it was very much an enjoyable time filling activity.
Now I write with purpose: if it’s going to take up my valuable time it needs to add value. Now I write professionally; I write to improve my life and my abilities, and I write with the goal that I will one day be able to make something out of it.
Get rid of hobbies that are bad.
The other thing I love is TV. I haven’t been able to cut it out all together, but it’s now a very minor amount of my time. It’s part of that 20% rest and relax time, and I’m cool with that.
Long story short: If you want the millionaire mindset, you need to make everything add value. You don’t have time to master hobbies and interests that don’t add value. But at the same time, if you take a million-dollar-mindset to your hobbies, you can turn waste of time activities into a true path to success.
If I thought I could play like Hendricks I’d be a guitarist, and not a writer.Find your true passions and skills and make them pay!
5. Invest At Least 10% Of Your Income Into Vehicles That Will Generate More Money
The path to absolute financial freedom is by investing money in passive income generators like the stock market and property.
This is central to the millionaire mindset. You can never work your way to free. You need to leverage your time and money and make money flow to you.
The obvious streams of wealth creation are stocks and property.
We plan to do both, but at the start, with minimal capital, we started with the stock market. I will cover more on this at a later stage, but basically, the more you can invest and the earlier you invest the better.
If you can start early and put away at least 10% of your income every month, then through the power of compound interest you can create a revenue stream that will one day let you retire before you’re old and allow you to live well.
My partner and I wanted freedom. We want it in 10 years time. So we put every spare dollar we can find into the stock market. We are making good returns by investing in good companies. We also feel a sense of empowerment when we think of ourselves as part owners of some of the biggest companies in the country.
Also, by being invested, we watch our money working for us every day.
Advantages of Investing
It is a reminder of what we’re worth and a driver for us to increase our worth. We still live well. Not as extravagantly as others, but we don’t go without.
I will admit that occasionally I do get a bit jealous when I see my colleagues jet-setting off here and there every holiday. However, every day I’m buoyed by the thought that one day we will be making money by doing nothing at all. What we don’t consume today will multiply and provide me with everything I need in years to come. That’s a very happy thought.
Don’t work for money, make money work for you.
6. Shift Your Motivation From Getting To Giving
All of these lessons turned me on the millionaire mindset, the kind of purposeful thinking and living that is needed if you want to go for massive success. However, there was still one massive question that bugged me:
Why do I deserve to make millions?
I was raised with a Christian ideal for money — the message very clearly was “rich don’t go to Heaven”. So for me it was difficult to say I deserved to be a millionaire. It was something obscene to want to live lavishly and to have more than others. But rule number 6 gave me the answer.
Ethics of the Millionaire Mindset
If you want to make millions and you want to be a big success, you need to provide value to others. If you want to have a big successful company, you need to provide something your customers need.
Also, if my motivation is solely to be rich so that I can have a lot of stuff, then I won’t make it. Right now I have lots of stuff and I don’t really need much more — it would be nice but I don’t need it and it makes it hard to work extra hard for stuff you don’t need.
Furthermore, if it’s just about free time for me then that’s not enough.
Work gives people purpose. I used to be a slacker trying to avoid work and I can tell you it didn’t make me feel good. I had plenty of free time and nothing to do.
Contribution is the ultimate purpose.
But what drives me is my need to give to others. I have started to develop my idea for a business and it is rewarding because it fixes a problem in the world and it is designed to help humanity with its very real needs.
This genuine motivation drives me to write every Saturday morning, even after I’ve worked all week and I wake up already living like a wealthy person. I can see the value and I love doing it, and it’s what I want to do forever.
I’m also really driven for my investments to do well. Not because I want more stuff, but because I want more time with my fiancée. I want to be able to spend more time with my son. And I want to be able to help people in trouble and I want to be a force for good in the world.
If I just wanted the money and the stuff, I would give up now. It’s too hard to win big just for stuff I don’t need. But I have a passion to make everything better. I want to live that million dollar life style I dream of and I want to help as many people as possible.
Make your life a gift to the world and your life will become a gift to you and let you live like a millionaire regardless of the money in the bank.
Now I have the Millionaire Mindset:
In Hardy’s list he goes on to explain how to build your business into a million dollar business. I will work through these steps as I start to develop my own business ideas further. But for the time being, I truly believe that following these initial guidelines have put me on a path to tremendous success. In this way Hardy has given a great gift and I have no doubt he will have all the success he deserves.
I think you’ll agree with me when I say that everybody wants to know how to become a millionaire and get rich. Unfortunately, some people just don’t know where to start. Would you be surprised to learn that you can get rich in your own way, starting today? http://bit.ly/2ZBFdpX The following 6 tips will help you visualize the road ahead of you and enable you to set goals to make more money than you ever dreamed.
Surely you have ever heard that mixing love and business is not a very good option, which is not necessarily true, since the success of a business will always depend on how its owners manage it and not on their kinship.
The simple fact of starting a business is a great challenge that generates fear, and if your idea is to start with your partner, this can become an even greater challenge, which few dare to try. According to figures from the 2016 Global Entrepreneurship Monitor (GEM) Annual Report, approximately 34% of entrepreneurs are afraid of failure. So that this does not happen to you, it is necessary that you take into account the following tips, which will be very useful when starting a business together with your partner:
1. Define objectives: before starting your business, it is important that you define the objectives you want to achieve in the short, medium and long term, as this will help you to have a guide for decision making.
2. Make a budget: it is essential that from the beginning they consider what expenses they will have month after month and that they keep an updated record of their income and expenses. To do this, I recommend you download the Monthly Budget format for free, with which you can significantly improve your business finances.
3. Establish their functions: discuss and agree on what functions they will have, the position they will carry out and the specific and general objectives. This will help them to have a better organization and avoid conflicts.
4. Separate personal finances: when they have defined what functions they will perform, it is necessary that each one has a salary assigned, since one of the worst financial mistakes they can make is to take the money that is destined for the business to pay your personal expenses.
5. Emergency fund: they must take into account that if they decide to work in the same business, all income will depend on a single source of work, so if the business stops operating, the income of both can be seriously threatened. For this reason, they must have a cash emergency fund that allows them to cover at least three months of their monthly expenses and which they only use for a true emergency.
Remember that love should not be an impediment for a business to grow and be maintained, undertaking as a couple can also bring you great benefits that improve your relationship. The only thing that must be maintained is communication and organization.
Community growth expert and business mentor Best-selling author and business strategist Jadah Sellner believes that all business is personal, and that love has a very important role in the workplace. Why You Should Listen: At no other time in our history have humans been so connected — and so lonely. And companies that can tap into our innate need to be part of a tribe will stand head and shoulders above the crowd.
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