Holcomb: Be creative to weather economic woes

Holcomb

July 10, 2012

Consumer sentiment drives consumer spending, and consumer opinion about the economy remains at one of the lowest levels in recent U.S. history.

Thus today’s news about less optimistic small business owners can’t be called surprising, said Dr. Tim Holcomb, executive director of The Jim Moran Institute for Global Entrepreneurship housed in the Florida State University College of Business.

According to the Associated Press, the National Federation of Independent Business’ measure of small business owners’ attitudes concerning the economy fell 3 points in June to 91.4, decreasing again from May’s mark.

But there are ways to tackle the current business climate, Holcomb said.

“Entrepreneurs need to be patient and look for ways to control costs and spending,” he said, “and now more than ever, they need to be creative in ways that could potentially increase revenues.”

One less costly way to bolster business, he said, is to find ways to serve current customers better. For instance, shop owners might offer a new clothing line option for loyal patrons instead of spending money to market to a new customer base.

The Jim Moran Institute provides consulting services for companies looking to be innovative in how they control their cash flow. More information can be found on the center’s website, http://jmi.fsu.edu.