May is here and it’s bringing not only a change in the seasons, but a change in the economy! If you missed the news, the Alaska SBDC released its 8th annual Small Business Survey earlier this month. For the first time ever, we also included a short supplemental survey we conducted at the end of April. We wanted to make see if there were any changes in sentiment or economic outlook due to the new tariffs, economic changes or other factors.
Good thing we did too, because the changes in business owner’s economic outlook between the end of 2024 and the beginning of 2025 were pretty significant.
I won’t go over all the data here, but for the first time, political uncertainty has emerged as one of the top three challenges facing businesses. This will likely continue, and during times of uncertainty, it’s more important than ever to have a solid grasp of the fundamentals of running a business: keeping your books in order, monitoring your cash flow, scenario planning, and maintaining clear communication with your customers, staff, suppliers, and lenders. The Alaska SBDC is here to help with all of that through one-on-one advising, practical workshops, and our special programs. To learn more about the survey findings, check out the full report.
Speaking of growing the economy, it’s tourist season once again! So far, it looks like visitors are still planning on coming up to Alaska in droves. Coastal communities, particularly those with cruise ships coming this season, are going to see what many are predicting to be record numbers of visitors this summer. That makes this the perfect time to join the BuyAlaska program and sign up to get your free window cling showing that you’re a local small business! The BuyAlaska team has done a phenomenal job of getting cruise ships in Alaska to promote buying local and encouraging visitors to look for the clings.
If you’re a small business in Juneau you should also reach out to our new Juneau Center Director Sandy! She’s settled in and has been doing an amazing job working with Juneau clients to help them start, thrive and grow. You can read more about her below.
Last, but certainly not least, there are a seemingly endless number of new technologies, innovations and programs out there that are trying to get your attention. Generative AI, SEO, social media trending, blockchain, the list goes on and on. Trying to stay on top of it all while running a small business is darn near impossible. Fortunately for you, the Alaska SBDC has you covered. Our AI program team has been deep diving into all things AI for over a year now so you don’t have to. Our special programs team has created partnerships with Amazon, Google, and several other major tech companies to bring a series of curated, one of a kind trainings and engagement opportunities to you that we feel will help your business run more effectively and efficiently.
As always, reach out to your business advisor to get more information on everything you read about in this newsletter. The Alaska SBDC is here for you. We’ve spent the last decade expanding our services and listening to what you need so we can be here for you in good times or bad. Economic times may be tough right now, but we’ve got you covered.