Business Up Front - March 2008

Business Up Front

Parental Perks at Work

Raising a family while working can be a challenge for most parents, but it seems many businesses are lending a helping hand. According to a recent survey, which asked executives if their organization has made changes in workplace policy to accommodate working parents in the past five years, more than 62 percent of executives answered yes. This means that three in five companies have made policy changes to better accommodate working parents. Many professionals are caring for both children and elderly parents so programs supporting a work/life balance are attractive. Smaller firms don’t have as much flexibility in adjusting salaries as larger organizations, so offering programs for working parents can help level the playing field.

How to Beat a Recession

The dreaded “R” word is making the suppertime news, the dollar is in a freefall and consumer spending is slowing to a crawl – a bad-news combination that has struck fear into business owners across the nation. The good news is that there’s a silver lining in all the doom-and-gloom statistics. Studies of previous recessions have shown that smart businesses can turn a bad economy into an advantage. Here’s how to recession-proof your small business.

• Use high-return marketing techniques.

• Spend smart. Look for innovative ways to buy services you need to succeed.

• Increase conversion rates on your Web site.

• Create a distinct advantage.

• Be optimistic.

According to an old Chinese adage, “When strong winds are blowing, some hide behind walls and others build windmills.”

Small Business Owners Concerned About Retirement

Nearly half of small business owners are concerned they will not have enough money to retire (43 percent) and many are worried about not being able to pay for medical costs of a serious illness or accident (47 percent), according to the latest Wells Fargo/Gallup Small Business Index survey. Eighty-seven percent of small business owners surveyed said they do not plan on a traditional retirement, although 47 percent said they may cut back on work. This reflects a 9 percent increase in the number of small business owners who are not planning a traditional retirement, since last surveyed in 2005.  The Index found that 62 percent of small business owners believe their businesses will continue when they stop working, with almost 45 percent of those who believe the business will be continued by a family member.