In today’s edition of the PBO Link Roundup: small business are now trying their hand at forex as a hedge; an intriguing article about the concept of “decision fatigue”; and, an important lesson for any business using Facebook.
Before we get to links to articles, here is a link to a contest being run by the Wall Street Journal that may interest some of you:
The recession that started in December 2007 dealt a crippling blow to U.S. small businesses.
Facing tough times, many entrepreneurs did something creative, imaginative or cutting-edge with their business models, which allowed them to survive and thrive. We want to hear your stories.
The WSJ invites eligible businesses to apply for The Journal’s Small Business, Big Innovation competition . Use our application form (deadline: Sept. 5, 2011) to tell us about the challenge your business faced; the innovative solution you put in place; and the significant milestone—such as vastly improved revenue or expansion into new markets—that has resulted since Jan. 1, 2009.
And here is an article from the WSJ as well:
Efforts by small-business operators to crack the challenges of predicting currency movements certainly don’t come without risk. Trading currencies can bedevil even experienced traders. Currencies move largely on central bank rates, which provide the underlying yield of a currency. Expectations of what a central bank might do next requires some guesswork. Geopolitical events and purely technical-based trading can make currencies move suddenly. And knowing when toa position and secure one’s profits can be tricky in a notoriously volatile market. Transaction costs can be steep. Of course, smaller companies have more to lose if they bet wrong.
Do You Suffer From Decision Fatigue? — New York Times
Decision fatigue helps explain why ordinarily sensibleget angry at colleagues and families, splurge on clothes, buy junk food at the supermarket and can’t resist the dealer’s offer to rustproof their new car. No matter how rational and high-minded you try to be, you can’t make decision after decision without paying a biological price. It’s different from ordinary physical fatigue — you’re not consciously aware of being tired — but you’re low on mental energy. The more choices you make throughout the day, the harder each one becomes for your brain, and eventually it looks for shortcuts, usually in either of two very different ways.
Corporate communications folks, listen up. Nestle fell on its social networking sword to teach you this lesson, but apparently you still haven’t learned: If people are posting unwanted links or information on your Facebook wall, you need to address it. What you emphatically do not need to do is shut down your wall. Or get pissy with Facebook “fans”. Or delete wall posts or comments. Or even worse, lie about deleting them.
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