Small Biz Flash

NEWS ROUNDUP

1

Continuing a trend most of the year, big companies continue to hire, while smaller companies struggle to retrain workers.

The ADP National Employment Report showed businesses with 1-19 employees lost 47,000 employees in August.

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

https://adpemploymentreport.com/

---------- 

2

Small businesses are on shaky financial ground, according to Fundbox.  74% reported a cash flow issue within the past year.

https://fundbox.com/blog/fundbox-small-business-trends-survey-2022/

---------- 

3

Small companies advertising on Facebook have new tools to help them more effectively target prospects.  Meta is offering its Advantage+ automation and AI technology for individual ad placements.

https://www.searchenginejournal.com/meta-brings-automation-to-small-business-advertising/

----------  

FEATURE – Sharpen Your Negotiating Tactics

In their best-seller “Getting to Yes: Negotiating Agreement Without Giving In,” first published in 1981, authors Roger Fisher, William Ury, and Bruce Patton outline several tactics key to successfully reaching a deal.

Avoid what the authors call “trench warfare,” which is when both sides stake out a position early on and then defend it fiercely, reluctant to make concessions.

Remember that people negotiate, and people are not purely rationale beings.  We have emotions and we are subjective.    

---------- 

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/.

---------- 

NEWS ROUNDUP

1

The latest figures released last week show that in the second quarter, gross domestic income (GDI), an alternative method of measuring economic activity, actually grew by 1.4%.

https://www.bea.gov/data/income-saving/gross-domestic-income

---------- 

2

40% of small companies said they were late paying the landlord in the survey, up 6% from July.

https://www.alignable.com/forum/august-rent-delinquency-breaks-2022-record-up-6

---------- 

3

Only 4 in 10 small business owners are concerned about a cyber attack hitting their firm within the next 12 months.  If an attack were to happen, though, 65% are confident in their ability to respond.

https://www.surveymonkey.com/curiosity/cnbc-small-business-q3-2022/

----------  

FEATURE – Build Out a Strong Tech Stack

According to a new survey by the US Chamber of Commerce, small businesses fully embracing technology outcompete their peers and have owners who are more optimistic about the future.

But getting a solid ROI isn’t as simple as throwing money at the latest shiny software to come down the pike.

https://www.uschamber.com/technology/new-study-shows-technology-platforms-critical-to-small-business-growth

https://www.getapp.com/

https://www.g2.com/

https://www.gartner.com/reviews/markets

---------- 

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/.

---------- 

NEWS ROUNDUP

1 

Retail sales were flat in July, after they increased 0.8% in June, according to the US Census Bureau.

After being adjusted for inflation, average weekly earnings are down 3.6% in July from a year ago.  

https://www.census.gov/retail/marts/www/marts_current.pdf

https://www.marketwatch.com/story/u-s-retail-sales-fall-flat-in-july-on-cheaper-gas-and-weaker-auto-sales-11660739824?mod=article_inline

https://www.bls.gov/opub/ted/2022/real-average-weekly-earnings-down-3-6-percent-from-july-2021-to-july-2022.htm

---------- 

2

Small business owners are more optimistic about the future than at any time so far in 2022.

Still, the number of owners citing inflation as their most important business problem remained at its highest level since the fourth quarter of 1979.

https://www.nfib.com/content/analysis/economy/new-report-how-inflation-takes-its-toll-on-small-businesses/

---------- 

FEATURE – Moneyball for Business

This episode’s guest is Stanton Williams of Culture Index.  Take advantage of his free offer to listeners to have you and your whole team take the survey and then get the results interpreted directly from Stanton.  His contact info is:

Stanton’s email:  [email protected] 

Stanton’s LinkedIn page:  https://www.linkedin.com/in/stantonwilliams/ 

Culture Index:  https://www.cultureindex.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/.

----------  

NEWS ROUNDUP

1

The producer price index, a measure of wholesale inflation, fell in July by 0.5%.

Consumer confidence increased slightly in a preliminary reading for August.

Productivity declined in the second quarter by 4.6%.

The New York Federal Reserve Bank’s Empire State Manufacturing Survey plummeted to -31.3 for August.

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

https://tradingeconomics.com/united-states/producer-price-inflation-mom

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

https://www.bls.gov/news.release/pdf/prod2.pdf

https://www.newyorkfed.org/survey/empire/empiresurvey_overview.html

https://www.marketwatch.com/story/new-york-empire-state-factory-gauge-plunges-in-august-deep-into-contraction-territory-11660566652 

---------- 

2

Some small businesses that have relied heavily on social media marketing are hurting from the changing digital privacy landscape.

https://arstechnica.com/gadgets/2022/08/small-businesses-count-cost-of-apples-privacy-changes/

---------- 

FEATURE – Bananas Can Teach You a Lot About Business

The Savannah Bananas’ experience has two key takeaways that can help your business:  First, clearly identify what the real problem is.  Second, look at circumstances differently and creatively fix the customer’s difficulty.

https://www.youtube.com/watch?v=ulCsMyh7sO4

https://espnpressroom.com/us/press-releases/2022/08/on-espn2-espn-this-friday-premiere-of-bananaland-original-series-live-banana-ball-games/

---------- 

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/.

---------- 

NEWS ROUNDUP

1

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

https://www.bls.gov/charts/employment-situation/civilian-labor-force-participation-rate.htm

https://www.prnewswire.com/news-releases/small-business-job-growth-slows-in-july-hourly-earnings-growth-moderates-slightly-301597745.html

https://www.nfib.com/content/press-release/economy/nfib-jobs-report-nearly-half-of-small-business-owners-still-cant-fill-job-openings/

The July jobs report came out last week, and the numbers were unexpectedly strong.  The unemployment rate edge down to 3.5%.

But the labor force participation rate actually decreased slightly in July to 62.1% and is still well below its pre-pandemic level of 63.4%.

According to a report conducted by Paychex and IHS Markit, hiring at small companies slowed in July for the fifth consecutive month.

---------- 

2

https://thehill.com/homenews/senate/3591443-senate-passes-sweeping-tax-climate-package-after-marathon-vote-harris-breaks-tie/ 

https://nypost.com/2022/08/03/why-irs-80b-expansion-is-a-nightmare-for-small-business/

https://www.crowdfundinsider.com/2022/08/194547-small-business-entrepreneurship-council-opposes-inflation-reduction-act-due-to-negative-impact-on-small-businesses/

The US Senate passed the Inflation Reduction Act along a party line vote, with all Democrats in favor and all Republicans opposed.

Numerous small business groups have expressed opposition to the bill.  One of the provisions that has them upset:  Growing the IRS by estimated 87,000 new employees.

---------- 

3

SCORE is offering a free webinar on “Email Marketing Strategies to Propel Your Business Growth” on August 18.

https://www.score.org/event/email-marketing-strategies-propel-your-business-growth

---------- 

FEATURE – 3 Ways To Make Open Position Candidates Love You

Our guest today was Matt Filer of Innovative Outsourcing:

Matt’s email:  [email protected]

Matt’s LinkedIn page:  https://www.linkedin.com/in/matthewfiler/

Innovative Outsourcing:  https://www.innovative-outsourcing.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/.

---------- 

NEWS ROUNDUP

1

Last week, the official second quarter GDP number came in, and as suspected, the economy shrank.

But what has economists most concerned is persistent inflation.

Consumer confidence is still on a downward trend.

So far, consumers’ glum outlook on the economy hasn’t seemed to catch up with their spending habits.

https://www.bea.gov/sites/default/files/2022-07/gdp2q22_adv.pdf

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

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

https://www.linkedin.com/pulse/financial-optimism-hits-post-2020-low-jolted-inflation-george-anders/?published=t

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

---------- 

2

The Small Business Administration has revised upward its eligibility limits for how much a company can earn to still be considered small.

https://www.marketplace.org/2022/06/08/how-small-should-a-small-business-be-the-governments-answer-is-changing/

----------  

3

The Securities and Exchange Commission delivered its annual Small Business Forum Report to Congress last week.

https://www.sec.gov/oasb/sbforum2022

---------- 

FEATURE – Lift Your Customer Engagement With a Chatbot

Chatbots today can perform a wide variety of functions, from answering questions to scheduling demos, to assisting with making a purchase. 

Depending on how a chatbot is configured, it can personalize a prospects’ experience based on the web pages they visit.

These highly customized interactions can also be designed to encourage visitors to share their contact information.

To get the answers, AI can evaluate a variety of your company’s knowledge assets.

While a big advantage of chatbots is there 24/7 availability and the reduced need for employees to jump in, keep expectations real.  You can’t launch your chatbot and then just let it be.

---------- 

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/.

---------- 

NEWS ROUNDUP

1

Last month, the US Department of Labor announced it was going to engage in new rulemaking on determining employee or independent contractor status under the Fair Labor Standards Act.

https://blog.dol.gov/2022/06/03/misclassification-of-employees-as-independent-contractors-under-the-fair-labor-standards-act

https://www.inc.com/ali-donaldson/new-rule-department-labor-employees-independent-contractors.html

https://www.inquirer.com/business/labor-department-independent-contractor-rules-small-business-20220718.html

---------- 

2 

The Strengthening Subcontracting for Small Businesses Act of 2022, which is now before the Senate, would require federal agencies to consider past treatment of small business subcontractors by large prime contractors when determining whether to award future contracts to those prime contractors.

https://www.congress.gov/bill/117th-congress/house-bill/7694/text

https://www.startribune.com/rep-staubers-small-business-bill-gets-house-approval/600190760/?refresh=true

https://mfume.house.gov/media/press-releases/congressmen-kweisi-mfume-and-pete-stauber-pass-bill-to-protect-small-business-subcontractors

----------  

3

T-Mobile and Apple are teaming up to offer a new cell phone plan for small businesses.

https://www.reuters.com/business/autos-transportation/t-mobile-apple-sell-small-business-connectivity-plan-2022-07-21/

---------- 

FEATURE – Write a Powerful Code of Conduct To Guide Your Employees

You need a Code of Conduct – a rulebook informing your team of the rules to play by.

A Code of Conduct is too critical to mess up.  So how do you get it right?

First, you as the management set the tone.

Second, make the language as clear and down to earth as possible. 

Third, your code’s content should be multifaceted and wide-ranging.

Fourth, the code should provide hypothetical, but realistic, examples of situations that may occur, and what the correct outcome or resolution would be.

Fifth, have ongoing conversations and training around your code to keep it front and center in the minds of your employees.

Finally, from time to time, check the pulse of your employees as to their perceptions regarding the company’s integrity.

---------- 

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/.

---------- 

NEWS ROUNDUP

1

Inflation is roaring and on the top of everyone’s mind.  The CPI and PPI for June both exceeded experts’ predictions.

The Atlanta Federal Reserve’s GDPNow tracker currently estimates that the US gross domestic product contracted by 1.6% in the second quarter.

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

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

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

---------- 

2 

A poll conducted by M&T Bank, and reported by CNBC, found that only a paltry 2% of small business owners know their company’s value.

https://www.cnbc.com/2022/07/17/most-business-owners-dont-do-the-math-on-their-most-valuable-asset.html

---------- 

3

A study conducted by Podium discovered small business owners are stressed.  72% said they feel burned out from the pandemic’s impact on their company.

https://www.prnewswire.com/news-releases/small-business-owners-struggle-with-burnout-301588521.html 

----------  

FEATURE – Counterpunch Inflation by Touting Your Small Business Status 

Covid has significantly changed the landscape.  Consumers buy more goods from big providers that can deliver quickly and have a pricing advantage over smaller companies.

But as a small business, you do have one major, albeit often overlooked, advantage – your size.  You see, people want to support small businesses.

The 2022 Gallup Confidence in Institutions Survey found that 68% of Americans have a “great deal” or “quite a lot” confidence in small business.

So, you need to trumpet your worth – to your customers and to your community.

While you do want to generally keep the focus on the customer, bring the fact that you’re a small business into focus to distinguish what you can do better than large competitors.

Talk about your contributions to the community.  

Tell your business’ story, and what it does to make the lives of your customers better.   

https://news.gallup.com/poll/394283/confidence-institutions-down-average-new-low.aspx

https://news.gallup.com/poll/1597/confidence-institutions.aspx

https://www.thimble.com/blog/small-business-confidence

---------- 

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/.

---------- 

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

---------- 

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/

----------  

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

---------- 

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

---------- 

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.

---------- 

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/.

---------- 

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

---------- 

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/ 

---------- 

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/

---------- 

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