UPS Announces $25,000 SMB Contest

Nothing attracts small business owners like a chance to win money and gain recognition from the corporate establishment.

That is why UPS has announced it's third annual Best "Out-of-the-Box" Small Business Contest - and this year the company is going international.

UPS is looking for the "the most innovative small businesses" with 2006 revenues between $250,000 and $10 million. The top prize is $25,000 in cash, an IBM small business package and promotion in UPS's international publicity campaign.

Along with the financial reward comes the all important instant credibility that the winning company can use to land new customers and gain additional media exposure.

Contestants need to fill out a form and submit a 500 word essay at the contest website. It is a fairly cheap price tag for UPS to pay considering the exposure they will be getting as a result.

Kudos to UPS - what is your company doing to attract SMB attention?

Small Business Optimistic Despite Weakening Economy

In Wells Fargo's most recent Small Business Index it was found that small business owners continue to be optimistic despite the weakening economy.

The index fell 4 points to 110 from its record high 114 in the fourth quarter of 2006. 90% of small businesses surveyed said they are satisfied being an entrepreneur and 78% said they would do it all over again.

The index measures 6 variables - financial situation, cash flow, revenues, capital allocation, job hiring and credit availability for both current and future expectations.

According to Wells Fargo senior economist Scott Anderson, "The slight drop in small business owner confidence was evident in both the present situation and future expectations components of the index, suggesting weaker current and future conditions than the last quarter of 2006. The combined pressures of high gas prices, resetting mortgage rates, and moderating home price growth continue to put strains on household balance sheets."

Top 2007 Small Business Challenges

A new report by the Wells Fargo/Gallup Small Business Index looked at the top challenges small business owners are facing in 2007. They include:

• Cost of insurance (64 percent)
• Taxes (62 percent)
• Energy prices (54 percent)
• Government regulations (45 percent)
• Finding qualified employees (42 percent)

Of the small business owners who had a written business plan:

• 90 percent say generating stronger revenues is their top priority for the year ahead
• 63 percent also say cutting operating expenses is a major objective
• 57 percent cited reaching more customers
• 42 percent are increasing their advertising budgets
• 37 percent are investing in new technology