The State of Small Business Today

June 3, 2016 by

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Many small businesses where the minimum wage has increased, are dealing with issues that they believed are detrimental to the growth of their companies.  Federal law regulation about overtime pay went into effect December 1, 2015, making this another issue to overcome.  As a small business owner, is 2016 a better or worse year for you?

To read more about this and other news, follow the links below.

What You Need to Know About the New Federal Overtime Rules 

Scheduled to go into effect Dec. 1, 2016, the new rule changes overtime regulations under the Fair Labor Standards Act’s minimum wage and overtime protections. Previously, employees were excluded if they were salaried, earned at least $455 per week ($23,660 per year) or were in positions considered executive, administrative or professional. Now, those exemptions will be lifted and the pay threshold for overtime protections will be raised to $913 per week, or an annual salary of $47,476. That pay threshold will be updated once every three years, indexed to wage growth over time.A rule change announced May 18 by the U.S. Department of Labor (U.S. DOL) would expand overtime protections to an estimated 4.2 million workers, extending the rule to cover those making less than $47,476 per year and removing long-standing exemptions in the law. Business News Daily dug into the specifics of the new regulation and spoke with labor policy experts and human resources professionals about the anticipated effects of the change, for both employers and workers.

Paychex Sees Small Business Job Growth Dip in May

The pace of small business job growth dropped slightly in May after a strong start earlier in the year, according to a new report from the payroll giant Paychex.

The Paychex | IHS Small Business Jobs Index, which the company compiles with the research firm IHS, declined 0.18 percent in May, from 100.77 to 100.59. Nevertheless, the pace of small business employment growth has increased 0.22 percent since the beginning of 2016.

“It’s roughly flat compared to a year ago, but the pace of small business job growth slowed a bit in May after a pretty hot start in ’16,” said Paychex president and CEO Martin Mucci. “We had a good start, but it’s dropped off a little bit. We’ll see if it’s a trend or not, but at this point we still feel like we’ve got pretty good job growth in small business, despite a little slowdown in May.”

Instagram targets small business ad revenue

SAN FRANCISCO — In a major bid to ramp up advertising revenue, Instagram is rolling out new features for small- and medium-sized businesses including the ability to buy an ad within the mobile app.

“This is really the first time you can advertise like this within the app,” James Quarles, Instagram’s global head of business and brand development, told USA TODAY.

“We have millions of businesses, great community members, and today we want to help them to have the capability to be a business on Instagram, not just be an account,” he said.

 

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The State of Small Businesses Today

April 13, 2016 by

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The small business outlook has declined this past March, and some believe that the 7.7 decline over the last year is an indication of a possible recession. Although some small businesses are blaming the increase in minimum wage the culprit for this less than bright outlook, the United States Department of Labor disagrees.

To read more about this topic follow the links below.

As Minimum Wage Marches Toward $15, Small Businesses Adapt

In the aftermath of California and New York becoming the first states to raise the statewide minimum wage to $15, some small businesses with hourly workers are rethinking how they can absorb the increase.

The owners of Dog Haus, a chain of about 20 franchise restaurants in the West, may have customers pick up their meals at the counters in two company-owned stores instead of using servers to carry food to tables. The Pasadena, California-based company is also looking at hiring more experienced workers who can shoulder more responsibilities than entry-level staffers who earn minimum wage. For example, a cashier might now take on some administrative tasks. That way, Dog Haus could hire fewer people.

“We’ve known this has been coming for a while, and we’ve been preparing for it,” co-owner Andre Vener says.

State minimum wages have been rising the past few years as pro-labor groups including unions call for higher pay for workers, especially those at fast-food restaurants. That’s forcing small businesses that are more vulnerable to labor cost increases than large companies to reassess their operations. Some are thinking of cutting staff, and others are raising prices.

NFIB: Small-Business Gauge Is Flashing Recession Warning

Optimism among small-business owners slipped 0.3 point in March to a two-year low of 92.6, and the 7.7-point decline in the index over the last 15 months is a flashing warning signal of a possible recession, the National Federation of Independent Business said.

April’s Index of Small Business Optimism could determine whether a recession alarm should be rung, according to William Dunkelberg, NFIB chief economist.

Regulations were small firms’ top concern, with 21% listing it as their primary worry, followed by 20% of respondents who cited taxes as their main worry.

New York and California are two states that have passed gradual raises of their minimum wage to $15 per hour — moves hailed by unions but criticized by small businesses.

Supporters of the wage hikes have targeted blue-chip companies such as McDonald’s (MCD) andWal-Mart (WMT), but opponents argue that the pay raises will hurt small firms and their workers more.

Small Business Owners In Ohio Cautious On Economy

Ohio’s small- and mid-sized business owners are turning more cautious about the economy, both locally and nationally, as they fret about the presidential campaign and the stock market, according to a PNC Bank survey.

The survey found that 41 percent of business owners are pessimistic about the U.S. economy, about the same as in the fall survey, but up from 31 percent last spring. When it comes to their local economy, 35 percent are pessimistic, up from 26 percent in the fall.

“There was definitely more pessimism about economic conditions,” said Mekael Teshome, a PNC economist. “But Ohio business owners’ sentiment about their own business is remarkably quite stable.”

Pittsburgh-based PNC conducted the survey from Jan. 21 through March 8. At the time, there were worries about the economy slowing or even slipping into a recession and the stock market was tumbling. Also, 61 percent said they were not satisfied that the presidential candidates were addressing the key issues for business.

 

 

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Cybercrime; Is Your Business Vulnerable?

March 9, 2016 by

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Big and small business are vulnerable to cybercrime.  Many small businesses frequently do not have the budget necessary to protect their data from a cyber attack, thus making them more vulnerable. For many small businesses the financial hardship they endure due to this crime leaves them unable to recover for many years, setting back their business and profits for the near future.

For more about this topic, follow the links below.

 Hacked! Business bank accounts vulnerable to cybercriminals

It’s a chilling moment when a small business owner discovers hackers have stolen thousands of dollars from the company checking account.

Cybercriminals took an average of $32,000 from small business accounts, according to a December survey of owners by the advocacy group National Small Business Association. And businesses don’t have the same legal protection from bank account fraud consumers have.

The Electronic Funds Transfer Act, passed in 1978, states that it’s intended to protect individual consumers from bank account theft, but makes no mention of businesses. Whether a business is protected depends on the agreement it signs with a bank, says Doug Johnson, a senior vice president with the American Bankers Association, an industry group. If the business hasn’t complied with any security measures required by the agreement, it could be liable for the stolen money, he says.

Businesses fail to prepare as cybercrime surges globally

Cybercrime is now the second most reported economic crime and has affected at least a third of organizations in the past 24 months, yet many businesses are still underprepared, a PWC report has found.

According to the Global Economic Crime Survey, cybercrime has jumped from being the 4th to 2nd most reported kind of economic crime, behind only asset misappropriation. Meanwhile, the losses associated with cybercrime are huge and growing, but an alarming number of businesses don’t have a plan in place.

The report finds that only 37% of organizations have a cyber incident response plan, despite the fact that 61% of CEOs said they were concerned about cybersecurity. This backs up the findings from last week’s RSA Conference report, which found just one in seven security chiefs report directly to their CEO, despite rising concern within their businesses.

Around 50 respondents to the PWC survey said they had lost in excess of $5 million, while a third of these said the figure was greater than $100 million. According to the Wall Street Journal, the percentage of companies reporting losses of more than $1 million as a result of cybercrime attacks doubled since 2014.

 Chris McCarty: Protect big, little data against cybercrime

​You probably know about the big breaches. JP Morgan Chase. Home Depot. Target. Maybe you even read a few of those juicy emails between Sony executives bashing Angelina Jolie and Will Smith. I can imagine your reaction: “That’s crazy, but what’re the chances it happens to me or my little company?”

The chances are much greater than you think. In November, during a data breach and privacy law program in Chicago, I attended a session presented by Wesley Hsu, the executive assistant U.S. attorney who headed up the Sony investigation. Here a few statistics provided by Mr. Hsu that should open the eyes of anyone in business:

Every day, there are twice as many cybercrime victims as newborn babies;

There are 50,000 new victims each hour, 820 new victims each minute and 14 new victims each second;

The total number of estimated cybercrime victims over the past year is greater than the combined populations of the United States and Canada.

 

 

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Small Business Confidence in The United States

February 9, 2016 by

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2016 has not been kind to the stock market. The quarter of a percent increase to the interest rate last year scared many people, even though analysts predicted the change would not be felt too much.  Globally, the markets are not doing any better than the US market, and commerce has slow down across the country and industries.  But despite all these issues, and despite the fact the small business confidence it at its lowest since 2014, the small business community feel confident about the labor market in this country.

For more about this follow the links below.

US small business confidence at two-year low

U.S. small business confidence fell in January to its lowest level in nearly two years amid worries about the near-term outlook for business conditions and sales growth, consistent with a recent slowdown in economic growth.

The National Federation of Independent Business said on Tuesday its Small Business Optimism Index fell 1.3 points to 93.9 last month, the weakest reading since February 2014. Still, small businesses remained fairly upbeat about the labor market.

The NFIB said there was little sign that a stock market selloff and December’s interest rate hike by the Federal Reserve, the first in nearly a decade, had impacted confidence. Owners’ perceptions of business conditions in six months weakened sharply as did their views of expected sales.

Workers Are Ready To Quit; Small Business Pay Hikes Hit 8-Year High

Americans are ready to quit, while small firms are hiking pay rapidly despite weak sales and gloomy forecasts. Business continue to trim inventories too.

Job Openings Jump; More Workers Quit

Job openings rose to 5.61 million in December from 5.35 million in November, the Labor Department said in its JOLTS survey. The number of hires climbed to 5.36 million from November’s 5.26 million. That’s the highest since September 2004.

Total separations climbed to 5.1 million. Quits hit a 10-year high of 3.06 million, up sharply from November’s 2.86 million. That suggests workers are growing more confident about finding other, better employment.

Wholesale Destockpiling Continues

December wholesales inventories fell 0.3% vs. the 0.2% drop expected. November stockpiles were revised from -0.3% to -0.4%. Meanwhile, wholesale sales fell 0.3% after tumbling 1.3% in November. The data suggest inventories were a slightly larger drag on Q4 GDP than first thought. Q4 GDP growth was initially estimated at a 0.7% annual rate, with other data also signaling downward revisions.

Rural businesses are struggling to recruit young people

Poor public transport, sluggish broadband and a talent drain to big cities is making it hard for countryside enterprises to survive

​face a number of challenges with running my rural Indian cookery school in Somerset. So when I had a chance to question George Osborne at the recent Federation of Small Businesses policy conference in London, I asked: “What assistance will there be to attract skilled young people to settle and take jobs in rural areas?”

Osborne suggested broadband was the answer, much to our amusement. His response missed the point: we do need better broadband, poor internet speeds are an ongoing problem in rural areas, but it isn’t the solution to attracting young talent.

To recruit young people I’m competing with a talent drain into the cities. Many young people who grow up in rural Somerset leave for university in Bristol, Bath and Cardiff and never return. Poor public transport links and living costs put them off. The majority of new people moving to my village are retirees.

 

 

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Use Your Business as a Personal Bank (and Ruin It)

February 4, 2016 by

business (11)Too many small business owners don’t understand the difference between personal and business money.  They don’t “get it” to the point of undermining their success.  Countless people have driven their thriving business into bankruptcy or severely limited its growth.

They have the same basic mindset – my business money is just an extension of my personal money.  While there are a variety of ways this thinking affects their actions there are 2 behaviors which are the most common.

Run everything through the business

They believe the business can and should absorb the costs of personal items (i.e. kid’s college tuition, boats, cars for family not working in the company, vacations).  But, that’s what personal money – salaries, savings accounts and loans – should be used for. 

They use the company account as a bank that provides interest free loans, which never get paid back.  Putting aside the tax consequences if they get caught, the bottom line is that most small companies can’t support the cost (overhead) of personal items. 

Money isn’t unlimited and too often the business starts to suffer.  The money to buy a needed piece of machinery, hire more personnel or a new service truck is tied up in the home basement remodel, a family country club membership and a new motorcycle.

Use the company as an ATM

Another way of using business money as personal money is raiding the coffers.  They may or may not run any personal items through the books, but believe the cash assets are fair game.  They unofficially take money out in addition to officially paying themselves a salary and bonuses. 

Some owners take “just a little” cash.  One took $30 a day out of petty cash for pocket money.  He was shocked when the accountant pointed out he was getting a $7,500 bump in salary ($30 x 5 days a week x 50 weeks a year).  A raise he hadn’t formally given himself, because the company couldn’t afford it.  Others take larger amounts, sometimes hundreds or thousands.

But, regardless of how the cash is siphoned off it takes money to make money and if the business doesn’t have enough operating capital, at best, it becomes impossible to grow it.  At worst, the financial hole is dug too deep; it can’t survive the drain and folds.

No matter how it’s done using the business as a personal bank is short-sighted and self-defeating.  Everyone knows, or should know, the story of killing the goose who laid the golden eggs, and yet many don’t learn from it.  It’s unfortunate, because when used properly business money can be parlayed into bigger profits, which means a higher salary and increased bonuses.

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4 Ways to Increase the Bottom Line

November 16, 2015 by

donk1-300x266The majority of small businesses fail because they aren’t able to generate enough operating capital, they simply run out of money.  But, there are ways to prevent this.  The lack or loss of money is overwhelmingly caused by internal problems.  Contrary to most owners’ beliefs, external forces are responsible for just a fraction of small business failures.

Companies run out of money because the owners won’t or don’t know how to address their structural and operational problems.  Commonly, the actual causes of the typical business’s collapse can be traced to 4 problem areas.  Therefore, if addressed in a timely manner, profit and profit margins can be increased when the problems are identified and fixed.

Key to an efficient operation is putting the right person in the right job.  It’s vital to accurately assess employees’ skills, everyone has strengths and weaknesses.  This is especially true in small businesses where family and friends are often in jobs they aren’t suited for.  Putting people in positions they’re not trained to do or just aren’t capable of doing affects the bottom line. 

Lack of accountability – for owners (who usually don’t hold themselves accountable for their actions), managers and workers – is an enormous problem in workplaces.  This area all by itself can financially affect a business to the point of closing.  Employees, owners and managers must be accountable for their responsibilities and behaviors. 

Another area that directly affects profitability is lack of or poor internal and external communication.  Billions of dollars have been lost simply because somebody didn’t pass on important information, talk over a problem, speak up with a concern or listen enough.  Prioritizing effective communication, at all levels, is a smart fix.

The final area, improve production efficiency, is a no-brainer.  Some of the benefits include: it’s cheaper to produce the product, requires less rework, increased customer satisfaction, is easier to sell, generates referrals and decreased waste. All of which contributes to increased earnings.

These are 4 main ways a company can increase its bottom line.  If a small business owner is willing to learn some new skills, and consistently apply them, the monetary and non-monetary rewards (i.e. time off, happier employees, secure future, increased quality of life) are well worth it. 

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Motivating Your Workforce

November 11, 2015 by

62227730When you are a small business owner, you concentrate in making sure the success of the company is possible by working hard and having employees that can help you achieve your goals.  Your goal is to optimize employees work to reach the success you envisioned.  Dedicated employees that can help you achieve your goals are an important part of having a business, and many employers fail to engage or value key employees that are an integral part to the success of their business.

For more small business news, follow the links below.

How Business Owners Can Stay Motivated Every Day

One of the biggest challenge that business owners face is motivation. Yes, they are motivated enough to start their business but there is no one really on top of them telling them what to do, how to do it, why to do it. They need to figure it out on their own. Entrepreneurs need to motivate themselves each day to get out of bed and create the perfect business.

That takes emotional fuel and it sometimes runs out. Wouldn’t it be great to figure out a strategy to load up on the emotional fuel needed to stay motivated? Imagine you can drink some kool aid that was legal and you can feel motivated with no low after. Sugar can get you hyper but it will also get you down right after it runs out. Real motivation comes from within. Here are a few strategies that have worked for me.

Create Clarity – The most important thing that you can do to feel great about yourself and your business is to have a clear strategy, purpose and vision. You need to be clear on why you are doing what you are doing. Once you know exactly how you will be spending your time and why you will be doing each thing that you are doing you will have two decisions to make.

Working hard to feel better: The importance of corporate wellness

Your shoulders ache, your head pounds and crashing on the sofa after a long day in the office is the only thing for which you can muster any enthusiasm.

If this sounds familiar, you’re not alone. Work-related stress — compounded by poor eating habits and lack of exercise — affects most of us at some stage, leading to low energy levels and, in extreme cases, cardiovascular disease and certain cancers.

While many strive to lead a healthy life, working for more than 40 hours a week inevitably takes its toll, and with the results of a recent IPSOS survey showing that 42 per cent of UAE employees find the workplace stressful, is there more employers can do to improve employee wellness?

“Absolutely,” says Andrew Picken, managing partner at Bespoke Wellness in Dubai, which offers corporate wellness programmes throughout the country.

Going Millennial: The Perks of Hiring Generation Y

Millennials: The Benefits, the Challenges and Why You Should Hire Them.

America’s population statistics are changing, and so is the workforce. Millennials now officially outnumber Baby Boomers 83.1 million to 75.4 million, according to themost recent US Census.

This means the workplace will soon undergo a transformative change—if it hasn’t already.

As more Baby Boomers reach retirement age, more millennials join the workforce. With this  drastic change in maturity comes a dramatic change in style—and we’re not just talking fashion!

Millennials have different takes on life, different motivations and vastly different expectations of the world compared to the generations before them. Businesses that want to remain successful would be wise to keep up with the times and find new ways to appeal to these burgeoning masses.

 

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Strategic Planning For Small Business Owners

October 7, 2015 by

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Developing a business strategy is for many small business owners a fundamental step that they cannot afford to ignore.  Hiring a business consultant to brainstorm ideas and the steps to put this strategy in place is imperative for the success of the strategy.  Many small business owners ignore the importance of not only developing the strategy , but implementing it as well.  Consistent effort should give you the results that a good implemented strategy can bring to your business. For more about this and other news follow the links below.

STRATEGIC PLANNING: Planning for the future

When you bring up the term “strategic planning” to most company owners, you normally get some hesitant stares and mumbled words. Most owners think strategic planning is only for large companies and the time and resource commitment is too large for them to bear. If done properly, it does not have to be so at all. When most companies really think about how much time they think about and discuss all of the future needs of the business, it probably adds up to more time than an actual planning process would take.

Many companies think they have a strategic plan, but what they really have is a one-year operating plan or budget. A strategic plan looks at all phases of the business over a longer time horizon, normally five years or more. It helps companies set a long-term direction that drives short-term activities and behaviors, and helps allocate time and resources to future endeavors, challenges and opportunities that are out there. We all hear “be proactive, not reactive” all the time — a strategic planning process makes you do just that. You can plan for more than you think you can.

 

The 5 Steps of Strategic Planning for a Small Business

Strategic planning for small business is not a process that is completed overnight–or even within one week. According to the U.S. Small Business Administration (SBA), planning for growth should include a “high level review of the different elements of your business,” almost as if you were “describing” your company for the first time.  Take a close look at the marketplace, delineate the precise “needs you are trying to satisfy,” and describe to yourselves (to owners and top managers) exactly how your “products and/or services” are meeting the needs of your target “consumers, organizations and/or businesses.” Honestly evaluate your “competitive advantages,” and your “competitive weaknesses,” within your industry and locale. Then, take your time within each of the following business areas.:

Is budgetting drowning strategic planning in your organisation?

​“The budget is not just a collection of numbers, but an expression of our values and aspirations”…Jacob Lew

We can hardly see any organisation that does not have a well outlined budget in place. Organisations often rely on their budgets to guide them. It is not out of place to have a budget, but it is not enough to rely only on budget in driving the vision of the entire organisation.

Most organisations have missed it. How? They have allowed the budget to drive the organisation’s vision. Such organisations have worked day and night to develop a well outline budget but may not have realised the need to develop a strategic plan first. For the purpose of clarity, your organisation’s vision and the strategic plan are what drive your budget, and not vice versa.

Organisations that are reactive in their operations have low level of planning effectiveness. They allow the budget alone to drive the plan for the entire organisation. They also view planning as synonymous with financial objectives alone. Some other organisations are traditional in their planning effectiveness, and surprisingly are even better than the reactive organisations.

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The Dream vs. the Reality of Entrepreneurial Control

September 8, 2015 by

59350241For many people in our country the American Dream of owning their own business is still alive and well.  Moreover, they’re not just dreaming, they’re doing something about it.  Last year startups increased in 32 of the 50 states, the biggest increase in 2 decades (Kauffman Index: Startup Activity, 2015).  This is a reversal of the last 5 year’s downward trend.

There are many reasons why more people are becoming entrepreneurs.  Their motivations are as varied as the individuals who have the drive and desire to take the risk.  Coupled with these unique motivations is the universal reason people start a company — control.  Control over: time, money, quality, procedures, ethics, product/service development, etc.

The dream of having ultimate control is a primary one for most entrepreneurs.  A bedrock belief for the majority of them is, “Things will be better once I’m in charge, because I’ll make the decisions and have the final authority”.  And it’s true, having authority is one of the main benefits of ownership.  It gives people the opportunity to finally make their ideas a reality. 

Unfortunately, what’s also a reality is that in addition to control they also have responsibility, which is usually where the trouble starts.  Too often the dream of business ownership is really magical thinking and not based in the real world.  Many small businesses owners want to be in charge without the actual responsibility that goes with it.

Often owners want the control (viewed as positive) without the responsibilities (seen as negative) of: learning and doing tasks (i.e. marketing, sales, understanding financials, customer complaints, quality issues) outside their interests and comfort zone; showing up motivated every day to deal with challenging, as well as, boring day to day operations; actively managing people who don’t want to be managed or do their jobs.

Running a business is a difficult, never ending and time consuming process.  People who start a company quickly learn that ownership is not what they imagined it would be.  Most small businesses’ problems can be traced to the owner’s dream of control without him accepting the reality of responsibility.  This is the primary reason that most small businesses fail.

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Millennials And The Workforce

September 3, 2015 by

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According to some reports, by the year 2025 Millenials will make up the majority of the workforce in the United States. This year alone Millenials comprise 36% of the workforce in this country and continue to grow for the foreseeable future. And although they are a passionate group of workers and can take less money if they are passionate about their positions, they are quick to move on if they are dissatisfied with their job or employer.

  To read more about this and other related topics, follow the links below.

Survey shows work ethic of new hires has deteriorated for small business owners

A survey released Tuesday by the Canadian Federation of Independent Business says about three-quarters of small business owners say the work ethic of new hires has deteriorated in recent years.

It also found that more than two-thirds of them say the quality of applicants has also declined.

“A lack of qualified applicants is the biggest issue for entrepreneurs and concerns about the quality and work ethic of new hires suggests a worrisome trend ahead for Canada’s workforce,” said the report.

 The CFIB said 65 per cent of entrepreneurs said  employees are the most important element to the success of their firm – more important than even their product or service.

 “Canada’s small businesses will be the first to tell you that their employees are their greatest strength,” said Dan Kelly, president of CFIB, in a statement. “But they are finding it increasingly difficult to find qualified applicants, especially workers prepared to consider entry-level jobs.”

Millennials will move, take less money for IT jobs

A new survey suggests millennials seeking IT jobs are willing to accept less money and relocate in exchange for positions they’re passionate about, but they also aren’t afraid to quickly move on if they are dissatisfied with current employers.

Millennials who want to work in IT say they would consider accepting less money and relocating if they find jobs they are passionate about, according to a new Progressive Insurance survey of 1,000 U.S. millennials interested in IT positions. The report, conducted by Wakefield Research, found that 30 percent of the millennial respondents are “very likely,” and 51 percent are “somewhat likely,” to accept smaller salaries in exchange for work they feel strongly about.

“It’s clear from the survey that millennials in IT are more interested in a job that allows them the flexibility to be creative and experimental rather than one that simply offers good compensation,” says Lynley Williams, recruiting director at Progressive Insurance.

Are Millennials Wreaking Havoc on Employers? Or Vice Versa?

Enter the Project Grow Challenge presented by Entrepreneur and Canon USA for a chance to win up to $25,000 in funding for your business. Deadline is Sept. 15 2015. Click here to enter.

“Help! The inmates are running the asylum!” may be the cry these days running through the heads of many business owners who have multi-generational employees.

This is to say that owners are struggling with the rapid rise of this younger segment of the workforce, and the way these employees refuse to behave the way their predecessors did — a scenario creating a wave of chaos in human resources departments. Let me explain further.

Much research has been done and many articles written on the millennials segment (young people born between 1982 and 2004, meaning employees aged 21 to 33) and their impact in the workforce. I personally never paid much attention to the issue until one of my clients experienced the impact of the millennials firsthand and passed on lessons he learned, which I’m passing on to you.

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