Your February Executive Briefing

Here's your monthly roundup of some interesting business insights from around the web. [Fit Small Business Logo]( Here's your monthly roundup of some interesting business insights from around the web. [Sponsored By](   [Trader Joe's]( [How Trader Joe's Gets You to Spend More Money]( - SUMMARY: Despite having a much smaller inventory than their competitors, Trader Joe's is selling more than double its competitors per square foot. - Their smaller selection of merchandise makes it easier for customers to pick out what they want, compared to larger stores that offer too many choices. - Their packaging is straightforward and clean, immediately letting the customer know what they're buying. - Trader Joe's is a prime example of a retailer that makes use of simplicity to create a better customer experience. - TAKEAWAY: Small businesses should similarly think about simplifying aspects of their business models to deliver a more accessible experience to their customers. - For example: - Simplify your pricing: make it more understandable. - Simplify your menu: reduce the number of choices to focus on your best specialties. - Simplify your website: make it easier to use, navigate and ultimately buy. [READ THIS ARTICLE](  [How the $15 Minimum Wage Hike Affected NYC Restaurants]( - SUMMARY: The new minimum wage hike in New York has placed considerable financial pressure on the city's restaurateurs. - In response, some employers have been forced to cut back their workforce. - Other employers have been able to adapt by raising their prices and cutting back on discretionary expenses. - TAKEAWAY: Even if you don't live in a state where the minimum wage has been raised yet, it may be prudent to begin accounting for how a minimum wage hike would impact your business. - For example: - Cut costs: one restaurant stopped placing candles on tables. - Raise prices: other restaurants have raised their prices by 10%. - Be efficient: another restaurant made a better use of their space by adding 11 tables and cutting the size of their kitchen. [READ THIS ARTICLE]( [OnDeck]( [Need short-term financing options? OnDeck has you covered. They’ll be able to fund your application as quickly as within a day, and they offer some of the lowest rates available for term loans (up to $500k) and lines of credit (up to $100k)]( [  VISIT ONDECK Â](  [Small Business Owners' Optimism Takes a Dip]( - SUMMARY: Although business operations remain strong, small business owners' expectations for the future have declined. - Hiring, hiring plans, and job openings remained strong in January. - Inventory spending and capital spending were solid. - Nonetheless, owners expressed concerns about future sales growth and business conditions later in 2019. - Key drivers of the uncertainty included the government shutdown and concerns about the slowing global economy. - TAKEAWAY: You can prepare for an economic downturn by taking steps to recession-proof your business: - Cut expenses: cut away the unnecessary expenses to make your business leaner and more effective. - Focus on your finances: keep an eye out for any early warning signs and ensure that your cash flow can keep your business solvent. - Stress-test your business: run through various scenarios, like how you'd handle a steep sales drop or the loss of key employees. Ensure that unexpected developments won't derail your business.  [READ THIS ARTICLE](  💭 Facts Of The Month --------------------------------------------------------------- 1. Two-thirds of all businesses survive at least two years, half of all businesses survive at least five years, and one-third of all businesses will survive at least 10 years (Fundera, 2017) 2. Small businesses comprise 99.9% of all businesses in America, while employing 47.5% of the private workforce (SBA, 2018) 3. 69% of American entrepreneurs start their businesses from home (GEM, 2012)  Disclaimer: We spend hours researching and writing our articles and strive to provide accurate, up-to-date content. However, our research is meant to aid your own, and we are not acting as licensed professionals. We recommend that you consult with your own lawyer, accountant, or other licensed professional for relevant business decisions. [Click Here to See Our Full]( Fit Small Business 315 Madison Avenue 24th Floor New York, NY 10017 United States This email was intended for {EMAIL}. You are receiving this email because you have subscribed to the mailing list of Fit Small Business on 11/26/2016. If you would no longer like to receive any emails from us, no worries. Click below to unsubscribe. [Click here to unsubscribe](