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 CBIZ Small Business Employment Index saw a seasonally adjusted increase of 0.29%.  In June, 29% of companies increased their headcounts, while 17% decreased their staffing.

https://www.cbiz.com/insights/articles/article-details/cbiz-small-business-employment-index-showed-a-modest-gain-in-june

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2

50% of owners said they can’t find candidates to fill positions in the latest National Federation of Independent Business Small Business Economic Trends report.

The Small Business Optimism Index dropped to a record low again, a trend that has continued unabated every month this year.

https://www.nfib.com/surveys/small-business-economic-trends/

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3

Proposed legislation, called The American Innovation and Choice Online Act, may be stalled in the US Senate.

https://seekingalpha.com/news/3855521-antitrust-bill-targeting-amazon-google-apple-may-not-exit-senate-before-summer-recess

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4

On Wednesday, July 20, American Express will be hosting a free, all-day conference for small businesses to provide them with opportunities to learn from industry experts, leaders and entrepreneurs.

https://web.cvent.com/event/7769dad5-6b21-4779-9fd7-1e1893ad9a6f/summary?RefId=PRP

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FEATURE – Develop a Bias for Action

In the bestselling business classic In Search of Excellence, authors Thomas Peters and Robert Waterman examined dozens of large companies and attempted to distill down the factors of their success.  Eight common attributes emerged.  Even though the research was published back in 1982, the wisdom still rings true today, and a lot of it is applicable even for the smallest of businesses.

Let’s examine one:  Developing a bias for action.

Here’s a quote from the authors:  “We have come to believe that the key success factor in business is simply getting one’s arms around almost any practical problem and knocking it off – now.”

There are probably opportunities you’re missing because of inaction.

Don’t let excuses prevent you from action.

Foster the habit of experimentation – that kind that is results-focused.

Make experiments short and manageable.  You don’t have to be overly committed.  When one experiment proves unsuccessful, scrap it.

Fruitful experimentation also needs employee buy-in.

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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

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

Late last week, the Atlanta Federal Reserve’s GDPNow tracker estimated that the US gross domestic product contracted by 2.1% in the second quarter.

Consumer spending, which has an immediate impact on many small businesses, is also moving in the wrong direction.

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

https://www.bea.gov/news/2022/personal-income-and-outlays-may-2022

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2

Walmart held its largest-ever annual sourcing event last week, dubbed “Open Call.”  Many entrepreneurs and small businesses pitched their products to the retail giant, and winners were given large paper golden tickets to indicate they’d received one of the prized deals.  

https://engage.walmart-jump.com/ 

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3

Search engine activity indicates more people are interested in opening a small business, according to data provided by Semrush and reported in Search Engine Journal.

https://www.searchenginejournal.com/small-business-search-trends-on-the-rise-in-2022/456359/

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FEATURE – A Mission Statement That Actually Works

Mission statements matter.  Small businesses that ignore them are at a disadvantage.

A genuinely significant mission statement, one grounded in the real world that actually speaks to your reason for being, brings great benefit. 

Do your employees understand the passion that first led you to start your business?  Do your customers?  Do your other stakeholders?  If they don’t, you’re settling, not flourishing.

For your employees, a mission statement is central to helping them find meaning in their work.

Research shows that employees with purpose beyond just collecting wages are happier, more productive, and change employers less often.

---------- 

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 fearful a new climate rule under consideration by the US Securities and Exchange Commission could have dire consequences on sales, by driving away their larger, corporate customers.

https://www.wsj.com/articles/small-businesses-plead-with-sec-to-show-restraint-on-climate-rules-11655916721?tpl=cb

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2

There is a substantial discrepancy between the way employers and employees of small and medium-sized businesses think about benefits, according to a report released by PeopleKeep, a benefits administration software company.

https://apnews.com/press-release/globe-newswire/small-business-d5d4fa24622a3dba36812a1314da408b

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3

In what could be another sign the economy is slowing, the Federal Reserve Bank of Richmond released its monthly Survey of Manufacturing Activity today.

https://www.richmondfed.org/research/regional_economy/surveys_of_business_conditions/manufacturing

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FEATURE – Net Hiring Score Is a Great Recruiting Metric

One way to make your recruiting process more effective is by measuring its results through a metric called the Net Hiring Score.

There are numerous ways the Net Hiring Score can be implemented.

First, you can calculate a leading Net Hiring Score within 24 hours following each interview, to immediately evaluate the quality of candidates being supplied.

You can also calculate a lagging Net Hiring Score for all hires, conducted 90 days into the new job. 

A third way to calculate the Net Hiring Score is by having the new employee evaluate their job, again 90 days after hire.

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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

NEWS ROUNDUP

1 

The vast majority of small business owners, 83%, are expecting a recession, according to the Small Business Recovery Report issued today by Kabbage.

https://newsroom.kabbage.com/news/new-kabbage-survey-shows-80-of-u-s-small-businesses-are-confident-they-could-withstand-a-u-s-economic-recession/

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2

Rent costs are going up.  52% of small businesses have experienced rent hikes in the last six months, according to a report out this month by Alignable.

https://www.alignable.com/forum/small-business-rent-crisis-reaches-highest-levels-so-far-in-2022

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3

Ship.com is offering a free 14-day trial of its shipping platform optimized for small e-commerce business owners. 

https://www.einnews.com/pr_news/575631468/ship-com-announces-0-trial-of-shipping-platform-optimized-for-small-business

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FEATURE – Attack Inflation With Strategic Price Increases

We’re likely in prolonged inflationary period.  Leaving your prices unchanged and watching your profit margins steadily shrink is not the answer.

View our current environment as an opportunity to strengthen your position in the market.

Lean into your core offering and redouble your efforts there.

Focus on less price-sensitive customers, and go after more prospects like them.

In their book The Strategy and Tactics of Pricing, Thomas Nagle, John Hogan, and Joseph Zale recommend segmenting your products into different packages at varying price points.

Be fair and authentic with customers.   

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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

The top story this week continues to be the overall state of the economy, as it has an obvious impact on small business.  A slew of data came in over the last few days, almost all of it negative.

First, the Consumer Price Index, a widely used measure of inflation, surged 8.6% in May from a year ago. 

Second, partially fueling the red-hot inflation, is the price of gasoline, which is also on a record-setting tear.

Third, the University of Michigan’s Index of Consumer Sentiment fell to its lowest level since the survey began in the mid-1970s. 

Fourth, every single chief financial officer questioned in the CNBC CFO Council survey for the second quarter believed that the US is heading for a recession.

Fifth, according to an article published by Forbes last week, the price of semiconductor chips, fertilizer, and shipping have all started to fall.

https://www.dol.gov/newsroom/economicdata/cpi_06102022.pdf

https://gasprices.aaa.com/

http://www.sca.isr.umich.edu/

https://www.cnbc.com/2022/06/09/recession-will-hit-in-first-half-2023-the-dow-is-headed-lower-cfos.html

https://fortune.com/2022/06/07/three-key-indicators-showing-inflation-is-poised-to-ease/

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2

Effective July 1, the IRS is increasing the optional standard mileage rate used to deduct the cost of operating an automobile for business purposes to 62.5 cents per mile.

https://www.irs.gov/newsroom/irs-increases-mileage-rate-for-remainder-of-2022

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3

The Better Business Bureau recently published a list of the top 10 scams effecting small businesses.  

Here’s another one you may not have given much thought to: phony invoices.

https://www.bbb.org/article/news-releases/19932-bbb-warning-businesses-dont-fall-for-that-scam

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FEATURE - Regression Analysis Is a Powerful Forecasting Tool

For many small businesses, predictive data analysis is basic at best, and probably altogether absent from the decision-making process.  That’s a shame, because today’s technology offers numerous ways for owners and managers to tap into powerful analytic tools without needing a degree in statistics.

One such tool is called regression analysis, and it’s available in Microsoft Excel.  

https://smallbusiness.chron.com/application-regression-analysis-business-77200.html

https://www.nav.com/blog/regression-analysis-1354163/

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This podcast is sponsored by Mai Thai Premium Coffee.  Enter the promo code FLASH at checkout for a 10% discount!  https://maithaicoffee.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 

Small businesses continued shedding jobs in May, even though the overall job market remained strong.  Businesses with less than 50 employees lost a total of 91,000 jobs, according to the ADP Small Business Report. 

https://adpemploymentreport.com/2022/May/SBR/Report

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2

Consumers are planning changes to their buying habits to cope with rising costs.  According to a survey released last week by BMO Harris Bank, 42% of respondents are avoiding brand names, opting for cheaper items, and buying only essentials when they shop for groceries.

https://newsroom.bmoharris.com/2022-05-31-BMO-Real-Financial-Progress-Index-Inflation-Causing-a-Quarter-of-Americans-to-Delay-Retirement

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3

Small businesses selling on Amazon could see a boost to their top line soon.  The e-commerce giant is testing a badge identifying items offered by third-party sellers that are small businesses. 

How to Get Amazon Small Business Badge
https://www.youtube.com/watch?v=nd0BCa6e6ZY

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FEATURE - Stay Close to Your Customers

In the bestselling business classic In Search of Excellence, the authors discuss principles that excellent companies practice.  One of them is:  staying close to the customer. 

Businesses that really put their customers first, by listening to them and taking care of their needs, outperformed those that did not. 

IBM measured customer satisfaction every month, and a significant portion of incentive pay for senior management was dependent on how happy customers were.

Frito-Lay instituted a “99.5% service level” that was remarkable.

Johnson & Johnson was the first consumer goods company to widely use an 800 phone number on its packaging.  The move was a rousing success. 

All of these illustrations may be from big companies, 40 years ago, but their lessons are timeless:  stay close to your customers.  If you don’t, you risk losing them to a competitor who will.

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This podcast is sponsored by Mai Thai Premium Coffee.  Enter the promo code FLASH at checkout for a 10% discount!  https://maithaicoffee.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

Small business CEOs are growing concerned about a recession, according to a report published earlier this month by the Wall Street Journal and business-coaching firm Vistage Worldwide.  57% of small businesses believe the economy will worsen in coming months.  

https://www.vistage.com/research-center/wp-content/uploads/2022/05/WSJ-CEO-Survey-0522.pdf

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2

As gas prices continue to surge, there may be some relief coming for small business owners.  A group of 18 US House members sent a letter to the IRS Commissioner earlier this month asking him to increase the optional standard mileage rate used to deduct the cost of operating an automobile for business purposes. 

https://rubengallego.house.gov/sites/evo-subsites/rubengallego.house.gov/files/evo-media-document/Gallego%2C%20Davids%202022%20Standard%20Mileage%20Rate%20Letter.pdf

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3 

51% of small business owners are worried that inflation could force them to shut their doors within the next six months.  That shocking statistic was part of a poll released last week from small business network Alignable.

https://www.alignable.com/forum/special-report-restaurants-salons-gyms-top-list-of-businesses

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FEATURE - Accepting Cryptocurrency Payments

Should your small business start accepting digital currencies as a form of payment from customers?

Bitcoin is highly volatile.  But stablecoins are alternative worth considering.

There are advantages to accepting cryptocurrency payments, including avoiding credit card fees and getting paid faster.

But you have to be prepared for the work it will take to accept digital currency payments, and make sure your cyber security is strong.  You’ll also need to be sure you understand the tax and bookkeeping implications. 

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This podcast is sponsored by Mai Thai Premium Coffee.  Enter the promo code FLASH at checkout for a 10% discount!  https://maithaicoffee.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

The Small Business Administration is offering a great opportunity for free, executive-level training through its T.H.R.I.V.E. Emerging Leaders Reimagined initiative.

https://sbathrive.com/

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2

Small businesses in the manufacturing sector continue to be more optimistic about recovering from the pandemic’s economic hardships than their peers in the services sector.

https://www.nfib.com/content/press-release/economy/new-nfib-report-industry-specific-small-business-economic-trends-survey/

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3

The US Senate failed to advance a small business aid bill last week, which would have allocated $48 billion to help restaurants, gyms, live event servicers, and other firms impacted by the pandemic. 

https://www.congress.gov/bill/117th-congress/senate-bill/4008

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FEATURE - Boost Your Customer Communications With Text Messages

Text messages can boost your customer communications.  Consider this fact:  98% of text messages are read within 3 minutes of receipt.  That’s way better than for an email.

But you need to know some rules to follow.  Laws are stricter for text messages than for email messages.

Also, while texting is typically used in the B2C space, it does have application in the B2B space too.

Here is a comparative chart of 48 SMS (text) marketing solution providers:

https://www.g2.com/categories/sms-marketing?utf8=%E2%9C%93&selected_view=grid&segment=small-business#grid 

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This podcast is sponsored by Mai Thai Premium Coffee.  Enter the promo code FLASH at checkout for a 10% discount!  https://maithaicoffee.com/.

---------- 

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

Small businesses increased both spending and deposits from April 2021 to April 2022, according to a new publication by the Bank of America Institute. 

https://business.bofa.com/content/dam/flagship/bank-of-america-institute/economic-insights/small-business-checkpoint-may-2022.pdf

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Indeed.com’s 2022 State of Small Business Hiring Report found that small businesses are struggling to keep and retain workers.

https://www.indeed.com/press/releases/indeed-launches-50m-small-business-hiring-fund?hl=en&co=US

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Small businesses are being targeted more often by cyber criminals, according to research by Barracuda, a cloud and network security company.

https://assets.barracuda.com/assets/docs/dms/Spear-phishing-vol7.pdf

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This podcast is sponsored by Mai Thai Premium Coffee.  Listeners of this podcast, enter the promo code FLASH at checkout for a 10% discount!  https://maithaicoffee.com/.

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

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Email me at [email protected].

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Show web site: www.smallbizflash.com

Small businesses actually lost jobs last month, even though the overall job market remains strong.  The culprit?  Employees are going to larger companies that can pay higher salaries.

https://adpemploymentreport.com/2022/April/NER/docs/ADP-NATIONAL-EMPLOYMENT-REPORT-April2022-Final-Press-Release.pdf

https://adpemploymentreport.com/2022/April/SBR/SBR-April-2022.aspx

https://www.goldmansachs.com/citizenship/10000-small-businesses/US/news-and-program-information/pages/10ksbv-press-release-25-apr-2022.html

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The US Chamber of Commerce advocates for a Small Business "Bill of Rights".

https://www.uschamber.com/small-business/u-s-chamber-calls-on-congress-to-support-small-business-growth

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Facebook-parent Meta and Adobe have teamed up to offer free training on creative and marketing skills called "Express Your Brand".

https://blog.adobe.com/en/publish/2022/05/03/its-about-get-easier-express-your-brand-adobe-meta-partner-to-provide-small-businesses-with-essential-creative-marketing-skills

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Persistent inflation is impacting consumer confidence and spending behavior.  But there are strategies that small businesses can employ to fight the potential economic headwinds.  Two ideas from Noah Fleming's book Evergreen are to:  (1) create customer segments to better understand and serve customers, and (2) build community around your brand.

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This podcast is sponsored by Mai Thai Premium Coffee.  Listeners of this podcast, enter the promo code FLASH at checkout for a 10% discount!  https://maithaicoffee.com/.

----------

If you would like to contact us, we'd love to hear from you!  Please email Adam at [email protected]. 

----------

Email me at [email protected].

• Please give me feedback on the podcast.

Show web site: www.smallbizflash.com