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Female business owners are embracing social media faster than their male counterparts, says American Express. On the other hand, male business owners are more willing to adopt new technologies and gadgets. “While male business owners focus on the importance of acquiring the tools with which to get connected, their female counterparts are more focused on putting these tools to work for them.”
Small is indeed beautiful when it comes to business structures. Economists who have for long trumpeted the virtues of being small should be able to pat themselves in the back one more time as small enterprises show great resilience, not to mention optimism, despite fears of a global economic crisis. A survey by American Express reveals that a majority of the nation’s small businesses are quickly adapting to the adverse economic conditions and a third expect to increase profits despite from a slowing, and fragile, global economy.
"There has been a shift in spending with more consumers searching for meaningfulness from their purchases,” said Melbourne-based social researcher Jeff Gilling. Small businesses should take the time to get to know their costumers individually and ask for their feedback, they should investigate how they can contribute to their local communities and should develop incentives to encourage customers to return.