3 Things You Should Know About Small Business: July 30
NEW YORK (TheStreet) -- What's happening in small business today?
1. Retailers balking at swipe fee settlement. After the National Grocers Association became the latest group to reject the proposed anti-trust settlement over credit-card interchange fees last week, data from Sageworks indicates that some retailers "may be more inclined to balk at the deal than others," according to a Forbes article.
The financial data provider for private companies conducted an analysis across several major retail categories. Sageworks found that because owners of gas stations and grocery stores have slim net profit margins in retailing as opposed to retail stores, it "leaves less padding to absorb so-called swipe fees when they rise," the article says.
"The outcome of this settlement and future negotiations could be the difference between staying in the black or not," Sageworks analyst Libby Bierman says.
The likely impact of the settlement on the consumer remains open to debate.
2. Do you use the products you sell? Eric Dodd of Brains on Fire, a marketing and branding company, writes in a blog post about his recent experience with a client's product -- a defining moment which made him realize how important it is for anyone who is selling an item to not only understand the scripted words that define the product, but to know intimately what happens when the product is used.
Dodd describes using his complimentary cans of Liquid Wrench -- a company that manufacture's specialty lubrication products -- in his own home for cleaning tools, putting together a bike stand and fixing locks.