This Week in Business: Credit Games and Why The Olympics Needs a New Business Model

This Week in Business: Credit Games and Why The Olympics Needs a New Business Model

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Each week, Nav brings you relevant small business news from across the web that we hope you find interesting!

The Olympics Needs a New Business Model

The opening ceremony is today, and so far the dominating story about the Olympics has been foucsed on Brazil’s state of economic crisis, as well as environmental and health concerns “ranging from the Zika virus to polluted competition waters.”

Check out this Harvard Business Review interview with a founding member of the group that crushed Boston’s bid for the 2024 Summer Games. They discuss the history of the Olympics and how the existing franchise model is out of date.

Experian’s Credit Games

Experian polled 1,000 consumers about their credit knowledge, and found that a whopping 46% of consumers don’t understand their credit score and aren’t sure what their score means. 12% of those surveyed believe that it’s not important to have a good credit score.

Furthermore, when asked how they would score if they were to take a credit quiz, only 18% of consumers gave themselves a score of “very knowledgeable.”

You can find out just how you’d score on a consumer credit knowledge test with Experian’s new quiz, the Credit Games quiz.

And if you haven’t yet, test your business credit knowledge via Nav’s latest quiz, our Business Finance and Credit IQ quiz. (Warning: This is no easy quiz!)

Bank of America Women Business Owner Spotlight Survey

A 2016 survey by Bank of America found that female entrepreneurs are not only excited about the future of their small business, but they also demonstrate much greater levels of optimism than their male counterparts. The survey also found that, of top economic concerns, women are most concerned about: (1) corporate tax rates, (2) the strength of the U.S. dollar, and (3) commodities prices.

To Reach Millennials, Try Text Message Marketing

Only 30% of millennials say they get texts from companies with which they do regular business, but 75% of millennials say text reminders for appointments, deliveries, payments, promotions, and surveys are of interest. The numbers show there’s an opportunity to be had: integrating text message marketing into your marketing strategy could give you the upper hand over competitors, as well as a great way to connect with younger customers. Check out these ideas for reaching customers via text messaging.

Some Small-Business Owners Trim Expansion Plans, Cite New Labor Law

The National Labor Relations Board put a new labor law in place last year, holding businesses accountable for labor-law violations against people who are not employees but are affected by working conditions that the business controls.

“The rule, expected to affect fast-food, construction and other industries reliant on contract workers and employees of franchisees, also aims to ensure workers can unionize and collectively bargain with businesses that help control their fates.” Does this law affect your business? Tell us what you think in the comments.

This week’s top Tweet came from Melissa Hughes a business coach, consultant, and dynamic speaker. Hats off to all business owners creating something amazing!

melissa_hughes

 

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About the Author — Lydia serves as Content Manager for Nav, which provides business owners with simple tools to build business credit and access to lending options based on their credit scores and needs.

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