Small Biz Flash

NEWS ROUNDUP

1
* The rate of inflation (Consumer Price Index) last month was lower than expected.
https://www.bls.gov/news.release/cpi.nr0.htm
* Inflation at the wholesale level also eased in October.
https://www.bls.gov/news.release/ppi.nr0.htm
* The University of Michigan index of consumer sentiment fell in November.
http://www.sca.isr.umich.edu/

2
The Small Business Optimism Index dropped 0.8 points in October to 91.3, the 10th consecutive month the index has been below the 49-year average of 98.
  https://www.nfib.com/surveys/small-business-economic-trends/
  https://assets.nfib.com/nfibcom/SBET-Oct-2022.pdf

3
Hiring at small businesses declined by 1.94% in October.
https://www.cbiz.com/insights/articles/article-details/cbiz-small-business-employment-index-reports-notable-decline-in-october

4
Small businesses are finding it more difficult to borrow money at all sorts of lending institutions, according to the October Biz2Credit Small Business Lending Index.
https://www.biz2credit.com/small-business-lending-index/october-2022

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This podcast is sponsored by SBS Accounting & Advisors.  Use the promo code FLASH and get 20% off your set up fee!  https://sbsaccountants.com/.

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I would love to hear from you!  Please email me at [email protected]. 

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Email me at [email protected].

• Please give me feedback on the podcast.

Show web site:  www.smallbizflash.com 

FEATURE – Advance Your Employees’ Engagement – Part 2 of 2

Today’s guests are Mac and Kim Cantrell, owners of 2 Impact:

Mac’s email:  [email protected]
Kim’s email:  [email protected]
Mac’s LinkedIn page:  https://www.linkedin.com/in/maccantrell/
Kim’s LinkedIn page:  https://www.linkedin.com/in/kimrcantrell/
2Impact:  https://www.2impactlife.com/

Suggested resources:
U.S. Employee Engagement Drops for First Year in a Decade
https://www.gallup.com/workplace/388481/employee-engagement-drops-first-year-decade.aspx
The World's $7.8 Trillion Workplace Problem
https://www.gallup.com/workplace/393497/world-trillion-workplace-problem.aspx

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NEWS ROUNDUP

1
* The economy added 261,000 jobs in October, well above what forecasters expected.
https://www.bls.gov/news.release/empsit.nr0.htm
* 70% of owners believe a recession will begin within the next 6 months, but only 37% said they feel ready for it.
https://news.nationwide.com/small-business-owners-expect-a-recession-but-few-are-prepared/

2
Consumer desire to support small businesses remains strong.
https://www.businesswire.com/news/home/20221026005218/en/

3
Sook is a website that helps consumers discover products from small businesses and helps those small businesses compete against Amazon and other tech giants.
  https://www.geekwire.com/2022/seattle-entrepreneur-acquires-sook-a-tool-to-take-on-amazon-and-boost-small-business-discovery/
  https://www.shopyoursook.com/

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This podcast is sponsored by SBS Accounting & Advisors.  Use the promo code FLASH and get 20% off your set up fee!  https://sbsaccountants.com/.

----------

I would love to hear from you!  Please email me at [email protected].

----------

Email me at [email protected].

• Please give me feedback on the podcast.

Show web site:  www.smallbizflash.com 

FEATURE – Advance Your Employees’ Engagement – Part 1 of 2

Today’s guests are Mac and Kim Cantrell, owners of 2 Impact:

Mac’s email:  [email protected]
Kim’s email:  [email protected]
Mac’s LinkedIn page:  https://www.linkedin.com/in/maccantrell/
Kim’s LinkedIn page:  https://www.linkedin.com/in/kimrcantrell/
2Impact:  https://www.2impactlife.com/

Suggested resources:
U.S. Employee Engagement Drops for First Year in a Decade
https://www.gallup.com/workplace/388481/employee-engagement-drops-first-year-decade.aspx
The World's $7.8 Trillion Workplace Problem
https://www.gallup.com/workplace/393497/world-trillion-workplace-problem.aspx
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NEWS ROUNDUP
1
* The economy grew in 3Q22 by 2.6%.
https://www.bea.gov/news/blog/2022-10-27/gross-domestic-product-third-quarter-2022-advance-estimate
* The latest JOLTS report shows the job market is still hot.
https://www.bls.gov/news.release/jolts.nr0.htm
* The personal consumption expenditures price index rose 6.2% for the 12-months ending in September.
https://www.bea.gov/news/2022/personal-income-and-outlays-september-2022
* 63% of Americans lived paycheck to paycheck in September.
https://www.cnbc.com/2022/10/24/more-americans-live-paycheck-to-paycheck-as-inflation-outpaces-income.html
2
Last month, the US Department of Labor proposed the new rule which would make it more difficult for companies to classify workers as independent contractors.
> https://www.reuters.com/world/us/new-biden-labor-rule-would-make-contractors-into-employees-2022-10-11/
> https://sbecouncil.org/2022/10/11/dols-proposed-independent-contractor-rule-throws-called-water-on-u-s-entrepreneurship-and-flexibility/
> https://www.nfib.com/content/press-release/homepage/nfib-opposes-dol-proposed-rule-on-independent-contractors/
3
A forecast by AlixPartners has Christmas sales in inflation-adjusted dollars actually decreasing over last year.
> https://apnews.com/article/inflation-health-new-york-covid-63dda562ec80b34f2489e979302e1a1f
> https://www.alignable.com/forum/holiday-hiring-slumps-to-new-low-just-7-of-small-biz-employers
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This podcast is sponsored by SBS Accounting & Advisors.  Use the promo code FLASH and get 20% off your set up fee!  https://sbsaccountants.com/.
-----
I would love to hear from you!  Please email me at [email protected].

----------

Email me at [email protected].

• Please give me feedback on the podcast.

Show web site:  www.smallbizflash.com 

FEATURE – 3 Types of Software Your Small Business Needs

Today’s guest is Peter Pin, owner of Sharpin Systems:

Peter’s email:  [email protected]
Peter’s LinkedIn page:  https://www.linkedin.com/in/petergpin/
Sharpin Systems:  https://www.gosharpin.com/

Suggested resources:
CRMs:
Active Campaign
https://ActiveCampaign.referralrock.com/l/183RIP9E5SS/
Go High Level
https://www.gohighlevel.com/main-page?fp_ref=sharpin
Freshsales
https://www.freshworks.com/crm/sales/

Task Managers:
ClickUp
https://clickup.com/?fp_ref=r3wjr
Asana
https://asana.com/
Trello
https://trello.com/

Automator:
Zapier
https://zapier.com/

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NEWS ROUNDUP

1
* Jeff Bezos is sounding the alarm about potentially rough days ahead.
https://www.cnbc.com/2022/10/19/amazon-founder-jeff-bezos-warns-its-time-to-batten-down-the-hatches.html
* In October, the economy contracted for the fourth consecutive month, per the S&P Global Flash Composite Output Index.
https://www.marketwatch.com/story/u-s-economy-contracted-in-october-dragged-by-lower-services-activity-s-p-global-271666620358
* Businesses are increasingly dour on the state of the economy, according to the Federal Reserve.
https://www.wsj.com/articles/businesses-expect-economy-to-weaken-feds-beige-book-says-11666204332
https://www.federalreserve.gov/monetarypolicy/files/BeigeBook_20221019.pdf
* Bank of America CEO Brian Moynihan recently reported that the bank’s consumer clients continue strong spending and they continue to have elevated deposits.
https://www.cnbc.com/2022/10/17/bank-of-america-ceo-brian-moynihan-says-the-us-consumer-is-healthy.html
* Jobless claims fell for the week ending October 15.
https://www.dol.gov/ui/data.pdf

2
The new “2022 Report on Nonemployer Firms” by the Federal Reserve finds that nonemployer firms are more likely to experience financial challenges and difficulties accessing financing than their counterparts with employees.
https://www.fedsmallbusiness.org/survey

3
Many small business owners will definitely vote in the upcoming November midterm elections.
https://www.goldmansachs.com/citizenship/10000-small-businesses/US/infographics/september2022/index.html

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This podcast is sponsored by SBS Accounting & Advisors.  Use the promo code FLASH and get 20% off your set up fee!  https://sbsaccountants.com/.

----------

I would love to hear from you!  Please email me at [email protected].

----------

Email me at [email protected].

• Please give me feedback on the podcast.

Show web site:  www.smallbizflash.com 

NEWS ROUNDUP

1

In September, the producer price index, a measure of wholesale inflation, rose 0.4%, which was worse than analysts expected.  For the 12-month period, prices were up 8.5%.

Inflation at the retail level was a similar story.  For September, the consumer price index was up 8.2% year-over-year.

Consumer spending was flat in September, according to the Commerce Department, even as prices increased.

Recent data from J P Morgan Chase indicates that consumers’ spending is currently outpacing their income, and their savings are dwindling as a result. 

The Conference Board released a survey last week of CEOs showing a nearly unanimous view among the group that a recession is looming.

https://www.bls.gov/news.release/ppi.nr0.htm

https://www.bls.gov/news.release/cpi.nr0.htm

https://www.cnbc.com/2022/10/14/retail-sales-september-2022.html

https://www.pymnts.com/earnings/2022/jpmorgan-consumer-savings-suffer-spending-outpaces-income/ 

https://www.conference-board.org/topics/ceo-confidence

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2

Small business owners continue to be pessimistic overall, according to the September Small Business Optimism Index.

https://assets.nfib.com/nfibcom/SBET-Sept-2022.pdf 

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3

Small Business Saturday is just around the corner, on November 26, two days after Thanksgiving.  In 2021, U.S. consumers who shopped at independent retailers and restaurants on Small Business Saturday spent an estimated $23 billion.

https://www.sba.gov/about-sba/organization/sba-initiatives/small-business-saturday

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FEATURE – 3 Key Steps to Better Cyber Security

Today’s guest is Kevin Beaver, author of Hacking for Dummies and owner of Principle Logic:

Kevin’s email:  [email protected]

Kevin’s LinkedIn page:  https://www.linkedin.com/in/kevinbeaver/

Principle Logic:  https://www.principlelogic.com/

Buy Hacking for Dummies:  https://www.principlelogic.com/resources/#my_books

Suggested resources:

Wall Street Journal Pro Cybersecurity:  https://www.wsj.com/pro/cybersecurity

Krebs on Security:  https://krebsonsecurity.com/

Search Security:  https://www.techtarget.com/searchsecurity/

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This podcast is sponsored by SBS Accounting & Advisors.  Use the promo code FLASH and get 20% off your set up fee!  https://sbsaccountants.com/.

----------

I would love to hear from you!  Please email me at [email protected]. 

----------

Email me at [email protected].

• Please give me feedback on the podcast.

Show web site:  www.smallbizflash.com 

This podcast is sponsored by SBS Accounting & Advisors.  Use the promo code FLASH and get 20% off your set up fee!  https://sbsaccountants.com/.

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NEWS ROUNDUP

1

The September jobs report came out last week, and the numbers were a mixed bag.  The unemployment rate dipped 0.2% from August to 3.5%, beating forecasts.

The August job openings report was also released last week, and it showed the steepest decline in open positions since April 2020, just after Covid hit.

https://www.bls.gov/news.release/empsit.nr0.htm

https://www.bls.gov/news.release/jolts.nr0.htm

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2

Small businesses are continuing to try numerous ways to struggle with the employee shortage.

According to the September Wall Street Journal/Vistage Small Business CEO Survey, a majority of respondents have already boosted wages, offered flexible hours and remote working, and leadership development programs.

https://www.vistage.com/research-center/wp-content/uploads/2022/09/WSJ-CEO-Survey-0922.pdf

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3

A small business advocacy group has filed a lawsuit challenging the Biden administration’s student loan forgiveness plan.

https://apnews.com/article/business-education-lawsuits-personal-taxes-small-948e5c9ee802bc865f66c2ab28328035

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FEATURE – 4 Tips to Better Webinars

A study by BrightTALK in 2021 found that respondents preferred webinars over all other methods for professional growth.

First, start with the topic – don’t pick something that’s boring.

Next, frame the webinar in the minds of your participants.

Make every minute of the webinar count.

Be as interactive as possible.

Leave your audience with knowledge that is valuable and actionable, even if they never buy your product.

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I would love to hear from you! Please email me at [email protected].

----------

Email me at [email protected].

• Please give me feedback on the podcast.

Show web site:  www.smallbizflash.com 

This podcast is sponsored by SBS Accounting & Advisors.  Use the promo code FLASH and get 20% off your set up fee!  https://sbsaccountants.com/.

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NEWS ROUNDUP

1

The August personal consumption-expenditures price (or PCE) index rose faster than experts predicted, up 4.9% from a year ago.

Consumer spending increased in August by 0.4%, after falling by 0.2% in July.

The manufacturing sector, which accounts for 12% of the US economy, slowed significantly last month.

The Atlanta Federal Reserve’s GDPNow tracker has revised its forecast for the US gross domestic product for 3Q2022 upward to 2.3%.

https://www.cnbc.com/2022/09/30/pce-inflation-august-2022-inflation-accelerated-even-more-than-expected-in-august.html

https://www.marketwatch.com/story/consumer-spending-barely-rose-last-month-after-factoring-in-high-inflation-11664542525

https://www.reuters.com/markets/us/us-manufacturing-activity-slowest-almost-2-12-years-september-ism-2022-10-03/

https://tradingeconomics.com/united-states/business-confidence

https://www.atlantafed.org/cqer/research/gdpnow

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2

The US Treasury Department said last week that it is creating a database of small businesses and their owners and beneficiaries, in an effort to prevent criminals from unlawfully hiding assets.

https://fortune.com/2022/09/29/biden-treasury-department-small-business-database-money-laundering/

https://home.treasury.gov/news/press-releases/jy0979

https://www.fincen.gov/beneficial-ownership-information-reporting-rule-fact-sheet

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3

A new study from Homebase finds that workers at small companies have higher job satisfaction than workers at large ones.

https://www.law.com/dailybusinessreview/2022/09/30/small-businesses-have-a-unique-advantage-as-labor-shortage-persists/

https://joinhomebase.com/wp-content/uploads/2022/09/Homebase-Future-Local-Work-Small-Business-Wins-People-First.pdf

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FEATURE – How To Implement Your Net Promoter Score Program

The NPS is a vehicle that should help drive your business to become more customer-centric.

Depending on what you sell and how you sell it, you may need to ask your customers at numerous places along the buying journey the NPS question.

Automate the analyzing and distribution of the results to your team.

Breaking down the NPS by departments, individual customer-facing employees, and customer segments is also useful.

NPS Calculator:  https://www.npscalculator.com/en

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I would love to hear from you! Please email me at [email protected]

----------

Email me at [email protected].

• Please give me feedback on the podcast.

Show web site:  www.smallbizflash.com 

This podcast is sponsored by SBS Accounting & Advisors.  Use the promo code FLASH and get 20% off your set up fee!  https://sbsaccountants.com/.

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NEWS ROUNDUP

1

The Atlanta Federal Reserve’s GDPNow tracker’s current estimate for US gross domestic product for 3Q2022 is a an almost no-growth rate of 0.3%.

CNBC’s September poll of economists and other financial experts predicted a 52% chance the US would enter a recession in the next 12 months.

The Conference Board recently released data showing its Leading Economic Index dropped 0.3% in August.

Other data from The Conference Board shows that consumer confidence rose in September.

August new residential housing starts were up 12.2% percent from July, beating expectations.

https://www.atlantafed.org/cqer/research/gdpnow

https://www.cnbc.com/2022/09/23/there-is-an-80percent-chance-of-the-us-going-into-a-recession-steve-hanke.html

https://www.marketwatch.com/story/economy-is-slowing-and-potentially-signaling-recession-leading-index-finds-11663856001?mod=economy-politics

https://www.cnn.com/2022/09/27/economy/consumer-confidence-conference-board-september/index.html

https://seekingalpha.com/article/4542087-new-residential-housing-starts-up-12-percent-in-august-surprises-forecast

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2

Small business revenues have risen sharply in the new era of inflation, but profits, well, not so much.

https://www.paymentsdive.com/news/profits-slip-for-small-businesses-survey-american-express-payments-b2b-amex-bank-of-america/632164/

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3

To help small businesses bolster their cyber security, the SBA is holding a free, virtual National Cyber Summit on October 26.

https://www.globenewswire.com/news-release/2022/09/21/2520574/0/en/SBA-Announces-Inaugural-Small-Business-Cyber-Summit-to-Take-Place-During-National-Cybersecurity-Month.html

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FEATURE – Track Your Net Promoter Score to Edge Out Competitors

Start measuring customer sentiment using a metric called Net Promoter Score (NPS). 

NPS asks a simple question of your customers: “How likely are you to recommend us?”

You may need to ask it multiple times along the customer’s buying journey if the purchasing cycle is lengthy or complex.

Customers answer the question on a scale of 0-10, with 0 being the lowest and 10 being the highest.

Companies that lead their industries in NPSs are usually more profitable.

https://hbr.org/2003/12/the-one-number-you-need-to-grow

https://www.netpromotersystem.com/about/how-net-promoter-score-relates-to-growth/

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I would love to hear from you! Please email me at [email protected].

----------

Email me at [email protected].

• Please give me feedback on the podcast.

Show web site:  www.smallbizflash.com 

This podcast is sponsored by SBS Accounting & Advisors.  Use the promo code FLASH and get 20% off your set up fee!  https://sbsaccountants.com/.

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NEWS ROUNDUP

1

Small business owners are continuing to get hit hard by inflation on multiple fronts, including soaring labor costs and being forced to raise their prices.

The Consumer Price Index came in worse than expected for August, rising 8.3% over the last year.

The Producer Price Index, a measure of wholesale inflation, declined slightly for the month, meeting expectations.  Still, for the last 12 months, the PPI is up 8.7%.

https://www.bls.gov/news.release/cpi.nr0.htm

https://www.bls.gov/news.release/ppi.nr0.htm

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2

Numerous surveys of late have determined that Americans are not saving nearly enough for retirement.  A growing number of states, currently at 10, are trying to address the problem by mandating retirement plans, which apply even to small businesses.

https://www.forbes.com/sites/brianmenickella/2022/04/29/small-employers-beware-new-state-retirement-plan-mandates-are-here

https://www.ellinandtucker.com/insights/a-new-maryland-retirement-program-is-coming-will-your-business-be-affected/

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3

89% of business owners are concerned about the state of the US economy, according to the recently released State of Small Business Survey by Verizon.

https://www.verizon.com/about/news/small-business-survey-2022

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FEATURE – Make Your Team Victorious With Change 

If you don’t keep up in the business world, you’ll be overrun by more nimble competitors.

In their Wall Street Journal bestselling book Switch, brothers Chip and Dan Heath offer insight to help us more successfully bring about change.

The fundamental thing to understand is that our minds are ruled by two different systems – the rational mind and the emotional mind, and these two systems are continually competing for control.

To help your employees move forward, first give them a clear script.

Next, appeal to both the rational and emotional minds.

Finally, shrink change down into manageable chunks.

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I would love to hear from you! Please email me at [email protected].

----------

Email me at [email protected].

• Please give me feedback on the podcast.

Show web site:  www.smallbizflash.com 

This podcast is sponsored by SBS Accounting & Advisors.  Use the promo code FLASH and get 20% off your set up fee!  https://sbsaccountants.com/.

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NEWS ROUNDUP

1

Small businesses are likely to feel the brunt of steep Obamacare premium increases next year.  Some health insurers are proposing median rate hikes by as much as 20%.

https://www.wsj.com/articles/affordable-care-act-health-plan-premiums-set-to-rise-11662671934?mod=business_lead_pos1

https://dailycaller.com/2022/09/09/obamacare-costs-hit-small-business/

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2

63% of small businesses can’t afford to add staff, and 10% are actually reducing their staff.

Labor costs have increased by 50% or more for 58% of the businesses.

https://www.alignable.com/forum/63-of-smb-employers-put-hiring-on-hold-10-start-layoffs

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3

Inflation isn’t just impacting salaries.  According to another survey, this one from PNC, 63% of small business owners expect to raise their prices in the next six months.

https://thepncfinancialservicesgroupinc.gcs-web.com/news-releases/news-release-details/pnc-survey-shows-small-business-owners-optimistic-despite

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4

Amazon Business recently kicked off Small Business Month, which offers tools to small businesses to help enhance their buying capabilities and scale their businesses.

https://www.eseller365.com/amazon-business-launches-small-business-month/ 

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FEATURE – Get Your Money! (Accounts Receivable Best Practices)

To have a healthy cash flow, your company must properly manage Accounts Receivable.  But a lot of small businesses only do a mediocre job at AR.

Increase the chances of getting paid by customers in a timely manner by crafting a rock-solid credit policy, insisting on accurate and timely record keeping, applying payments to invoices quickly once you receive them, and creating a follow-up routine and sticking to it. 

You also need one or two KPIs (key performance indicators) to track AR.  These may include Days Sales Outstanding (DSO) and/or Bad Debt to Sales Ratio.

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I would love to hear from you! Please email me at [email protected].

----------

Email me at [email protected].

• Please give me feedback on the podcast.

Show web site:  www.smallbizflash.com