Fred Owensby, Director, NMSBDC at Dona Ana Community College

When it comes to hiring people, small businesses usually don’t have the resources of large corporations, which have human resources specialists who are trained to recruit employees and to monitor their performance with regular performance appraisals. A small-business owner usually has to rely on gut instincts, observation and pointed questions when hiring a new employee and thereafter has to monitor how the employee is doing to make sure she is a good fit for the job and is performing at the height of her abilities. While large corporations sometimes tolerate the underperformance of mismatched workers, hiring the wrong person can be devastating to a smaller company.
 
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Shelley Gregory, President of Media Matched, Inc.

Judging by the number of Americans who participate in sweepstakes and other promotional contests, a company owner wanting to generate business might consider hosting some type of giveaway contest as a promotion for its product or service. Advertising the contest can make the promotion even more effective, but a business owner should know the rules before initiating such promotions.

The Federal Trade Commission has federal oversight over contests on behalf of the tens of millions of Americans who participate every year. But the FTC also advocates for the public when the contests seem rigged and offers sponsors advice about how to run a contest without running afoul of the law.

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John E. Barraclough, Jr., CPA and Managing Principal, Barraclough & Associates, P.C.

Recessions tend to stress-test many businesses. When financing is tight and customers are pinching pennies, a business that was treading water despite poor management, chaotic cash flow or short-term planning might find itself going under. In some cases, the problems are insurmountable, and the owner is forced to sell or close a business.

As long as the failure wasn’t due to industry-wide crises, such as depletion of raw materials or a massive turn away from a product or service, one businessman’s failure can be another’s success. In fact, an entrepreneur with a sharp head for business can find many opportunities in a sluggish economy to turn a poorly run company into a profitable venture.

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Marie C. Johns, Deputy Administrator, U.S. Small Business Administration

In July 2010, the Census Bureau reported that the number of minority-owned businesses increased by 46 percent from 2002 to 2007. This is good news. These new businesses are creating jobs and driving local economic growth all across the country.

However, this is no time to lessen the commitment or resources available to help minority small businesses grow and create jobs.

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