The growth of cybercrime will cost the global economy more than $2 trillion by 2019, according to the Better Business Bureau’s 2017 State of Cybersecurity Among Small Businesses in North America report.

Cost of a Cyber Attack
When it comes to small businesses, the report said the overall annual loss was estimated at almost $80K or $79,841 on average. And as more small businesses become equal parts digital and brick-and-mortar, securing both aspects of their company is more important than ever.
The risks small business owners face in the digital world has increased their awareness of the dangers of this ecosystem. A survey conducted by GetApp in 2017 revealed security concerns ranked second as the challenges small businesses were facing.

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Despite recent stock market turmoil, everywhere you looked this year someone was heralding the strength of the economy, which grew at 3.5 percent in the third quarter. However, not all economic growth favors small businesses, and some even detracts from it. The Inc. Entrepreneurship Index, which measures the quarterly health of the U.S. startup economy, currently sits at 83 out of 100 for the third quarter of 2018. This is down two points from the second quarter and a full nine points from the first quarter of 2017, when our Index peaked. Our indicator sees one factor in particular still dragging like an anchor on the startup economy: job growth.

Even though overall economic conditions have been largely favorable, small businesses have hit a growth ceiling as larger companies--bolstered by generally strong market conditions, favorable tax policies, support from local governments, and easing federal regulations--have been gobbling up talent. This is why, for the past year, the Index has shown a startup economy that is strong but slowing.

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While December has been a lousy month for the stock market, 2018 has generally been a good year for small-business owners. Over half (55%) of owners or decision makers at small businesses in the United States said that their business is better off today than it was a year ago, according to a new survey from Fundera.

Another 33% said their business has remained steady, leaving only 12% that saw their fortunes decline in 2018. Those are very strong and encouraging numbers, but that does not mean it should be assumed the good times will continue to roll.

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When Mandy Bass speaks to business leaders and professionals who want to improve sales, productivity, teamwork, customer satisfaction and profitability she consistently finds that they are working way too hard to achieve the results they seek. With that in mind, for the New Year she has compiled a list of seven small or low-cost things that could get small business owners, solopreneurs and sales professionals big results in 2019.

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Billing your customers is, of course, vital -- but even more critical is getting paid for those bills. Thanks to the ongoing evolution in the payments industry, there are more payment tools and platforms to choose from to help find the perfect option for your business based on how many payments you receive, the type of business you have and your budget.

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Small businesses can be more vulnerable to cyberattacks than larger companies because they often do not have sophisticated and comprehensive systems to protect themselves from hackers, viruses, malware and whats called ransomware. And owners who are focused on customers and employees may not ensure that their defenses are up to date.

But there are things small businesses can do to improve cybersecurity.

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Cybersecurity remains one of the most challenging issues for small business owners. And the problem leads small business owners to seek out managed service providers to present them with solutions.

But a new report from Continuum says the state of cybersecurity among small businesses in 2019 still needs to improve. The data suggests great opportunities for service providers who offer cyber security as part of their package.

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A new report finds that a good number of small businesses (29%) are spending somewhere in the sweet spot of  ($750-$2499) monthly to get the data needed for good online advertising results.

WordStreams Online Advertising Landscape in 2019 report also found that only 10% of the respondents had a monthly advertising budget less than the low end plateau for effectiveness of $750 monthly.

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Secure-computing engineers generally view these schemes as sound in theory and productive to deploy. But in practice, it can be dangerous to rely on a sole element to act as the check on the whole system. Undermining that safeguard—which has proven possible in many companies implementations—strips a device of critical protections. Worse still, manipulating the enclave can make it appear that everything is fine, even when it's very much not.

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Graphic design is an essential aspect of any marketing campaign or emerging business. You can't brand a business without design tools. When you are starting a business, contracting designers for a website, marketing materials, flyers, a logo, and countless other business expenses can add up fast. At some point, you have to be willing to take on some of the creative challenges yourself.

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Learn how the easy availability of big data can help SMBs compete with big businesses.

- Data is now easier to collect and cheaper to host, making it accessible to nearly every business.
- The availability of data helps small businesses compete against big corporations, but they may still struggle to use that data in practical ways.
- Three ways small businesses can use big data to grow include checking on credit data about your business, monitoring supply chain data, and keeping an eye on artificial intelligence and automation innovations.

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As companies like Amazon, Walmart, and Target begin to dazzle us with the growing possibility of same-day delivery, it’s becoming harder for small businesses to compete in ways that provide the same speedy delivery without relying on high-emission forms of commercial storage or transportation options like renting space in large warehouses and air delivery.

That is all now changing thanks to an organization called Ohi—a US-based warehousing and delivery service that allows small businesses to offer speedy, sustainable delivery options.

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Small business owners have plenty of changes to deal with as 2020 begins — higher labor costs for many companies and some owners will discover that they have to comply with new laws that aren’t on the books in their own states.

As of Jan. 1, there are higher minimum wages in a quarter of the states and new federal overtime rules. The IRS has new W-4 forms owners will need to get used to. Plastic bags are on their way out at stores and other businesses in a growing number of places around the country. And California has new laws on freelancers and consumer privacy that can affect out-of-state companies.

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As of Jan. 1, there are higher minimum wages in a quarter of the states, and new federal overtime rules. The IRS has new W-4 forms owners will need to get used to. Plastic bags are on their way out at stores and other businesses in a growing number of places around the country. And California has new laws on freelancers and consumer privacy that can affect out-of-state companies.

A look at a handful of the 2020 changes in federal, state and local laws and regulations:

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Small businesses are the lifeblood of the U.S. economy and account for 99.7% of all employers.
Small businesses work with large enterprises as vendors, customers, competitors or partners.
Large businesses can learn from small business ingenuity, innovation, agile management, customer service, workplace culture and diversity.

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The deadline for filing taxes in the United States is eight weeks away, but new research has shown that small businesses are already being hit by tax season–related cyber-attacks.

Research conducted by Proofpoint indicates that attackers are aggressively jumping into tax season, with the deployment of two main attack strategies.

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While small businesses make a huge impact when put together, individually they are often operating on small budgets. Which means small business owners need to be aware of every penny.

If you look at the worldwide cost of bad data, it is overwhelming. $3.1 trillion. If you operate a small business, you might just brush that huge number off. But the reality is, when studies put the cost of bad data at $100 per data record, it can add up quickly. Even if you only have 100 contacts—because 20% of your database is likely bad.

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Fifty-four percent of U.S. small businesses have either closed or expect to close temporarily over the next 14 days, according to a new Chamber of Commerce survey.

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When it comes to turning business challenges into opportunities, small business owners are quick, nimble, and creative. With state governments around the country shuttering all non-essential businesses to combat COVID-19 still in full swing, this is truer than ever.

But, unlike years past, where such an unprecedented closure would have put many small businesses out of business permanently, today they’re turning to mobility and connectivity in large numbers to keep their doors open—if only virtually.

Search engine optimization is an effective tool to build awareness and increase sales. If you’re thinking about using search engine optimization (SEO) to grow your business, then the latest offering from Web.com will excite you.
The Company recently announced the launch of an innovative SEO marketing solution, Simple SEO, to help businesses improve their search engine rankings.

It goes without saying that people search online before buying any product or availing any service. According to the search engine giant, Google, 83% of shoppers used online search before visiting a physical store.

So, being found on search results when potential customers type relevant phrases can improve awareness for your business, increasing sales eventually. And implementing the right search engine optimization techniques can boost the visibility for your business on search results.

Social distancing amid COVID-19 has forced millions of businesses to set up remote workstations that rely solely on Web applications and services (SaaS) to conduct business operations.  According to a new survey by the Cyber Readiness Institute (CRI), the virtual workplace has increased cybersecurity concerns for small business owners, as most of them have not implemented remote working policies to address cybersecurity threats.

The survey, which included 412 small business owners, revealed that while most small business owners are concerned about cyberattacks, many  lack the resources to invest in necessary security measures – and  half of them are worried that remote work will lead to more cyberattacks. It revealed that only 40% of small businesses have implemented a cybersecurity policy. Around 40% of businesses stated that economic uncertainty prevents them from making security investments. While 46% have offered training to help their employees stay secure while working remotely.

Nearly 51% of business owners surveyed said they provided employees with technologies to improve cybersecurity for remote work. And 55% of them said they believe federal and state governments should provide funding for cybersecurity products and services.

Verizon Business today released findings from a recent survey, Small Business Response to COVID-19 to better understand the impact small business owners and decision makers feel COVID-19 has had on their businesses. The survey, conducted by Morning Consult, focused on 500 small and medium businesses that are currently open or plan to reopen. One of the survey’s key results is that small businesses have renewed confidence, with 68% believing they can recoup COVID-19 related losses.

Key Survey Findings:

As businesses grapple with the economic impact of COVID-19, these responses highlight the assistance small businesses feel they need, the communities they feel most supported by, and the changes they have made to adjust to the new normal.

1. A Renewed Confidence
The small businesses that have weathered this pandemic to date express an overall optimism and the financial wherewithal to eventually reopen.

68% of small businesses believe they can recoup COVID-19 related losses
46% (nearly half) of small businesses that remain open say their businesses will be able to stay open for more than six months if the pandemic continues in the same way
48% of small businesses say it’s unlikely they will need to resume operations with a smaller staff
While 78% of small businesses indicate declining sales, less than a quarter (24%) say that they have missed or withheld any payments of bills (rent, utilities, etc.).

The survey shows that consumers have already been going out of their way to support small businesses. 86% of those surveyed say they have continued to support locally owned businesses during quarantine.

The research uncovers how consumers have been supporting local businesses during lockdown. For example, 77% said they have been participating in a virtual experience offered by a local business. 60% of consumers said they have been ordering more takeaways and deliveries from local restaurants.

There is no easy way to say this: America’s small businesses are dying. Small businesses in some industries – retail, restaurant, travel, hospitality – can now be considered endangered species.

If you want to help them survive – if you want your own small business to survive – the most important thing you can do is simple: Wear a mask.

Wear a mask. It is not a political statement. It’s a way to try to stop the spread of the coronavirus, get this country reopened and save lives and businesses, especially small businesses.

Consider just a few statistics:

• Yelp reported 71,500 businesses that were listed on their site have closed for good since March 1.

• 80% of independent restaurants aren’t sure they’ll survive the COVID-19 pandemic.

One of the most important organizations that has always helped small businesses is SCORE with its 300 chapters and over 10,000 volunteers. They are there to offer help when entrepreneurs want it. Now during the pandemic, their free assistance is needed more than ever.

SCORE has established a special Resilience Hub to let small business owners connect with a mentor and help them navigate to specific COVID resources, discounts, grants, training materials and guides for industries. This site includes how to access a network where people can learn from each other.

Remote work was already on the rise before Covid-19 forced many employees to transition to working from home. Today, as many organizations continue to operate remotely due to the pandemic, how can business leaders address the array of security challenges their companies face?

Network security should be top of mind for businesses of all sizes across a variety of industries. While the list of companies experiencing major security breaches in recent years includes some well-known enterprises, addressing security threats is an especially hefty challenge for small businesses—particularly if those businesses lack the resources to implement strong controls and educate staff.

One of the primary appeals of the contemporary small business, in my opinion, is the family-centric culture that comes from a close-knit team. While in modern America, many may feel swallowed by corporations, the notoriety of the small business proves that people still find value in the intimate workplace.

Every industry across the globe has felt the staggering impacts of Covid-19, but small businesses were put under specific strain. Based on what I've seen, however, they have proved their undeniable resilience.

As a proud member of a small business myself, I have felt the social deprivation of working from home firsthand. Similar to my own experience, members of thousands of other small businesses who have worked alongside each other for lifetimes have had to adjust to maintaining an office culture from the comfort (or discomfort) of their home. While online interactions can never compare to the in-person experience, many small businesses, like my own, found that being apart actually meant working closer together than ever before.

Here is something good that has come out of the pandemic. Because people have had fewer buying opportunities, the countrys personal savings rate is the highest it’s been in 30 years. Retail sales have continued to grow and consumer confidence is at a six-month high.

But the biggest impact on the sales of smaller retailers has been online. According to the U.S. Department of Commerce, online sales have increased more than 44% compared with the previous year and, as more shutdowns, quarantines and other disruptions potentially loom, many expect this trend to continue. Small retailers in this area know this, and many have been investing heavily in e-commerce to succeed this holiday season.

Have you heard that 90 percent of new businesses fail? Or that 50 percent of new businesses fail? Stick around in the entrepreneurial community long enough and you’ll likely hear a wide spectrum of claims, mostly falling between these two extremes.

But what is the true failure rate of small businesses? And should it influence your decisions as an entrepreneur?

What we know about the failure rate of small businesses

According to data from the Bureau of Labor Statistics, as reported by Fundera, approximately 20 percent of small businesses fail within the first year. By the end of the second year, 30 percent of businesses will have failed. By the end of the fifth year, about half will have failed. And by the end of the decade, only 30 percent of businesses will remain — a 70 percent failure rate.

1. Have an adaptable business model
2. Diversify supply chain operations
3. Create an omnichannel customer experience

Finding and keeping the best talent has never been easy. It became the top concern for HR professionals this past year, with more than two-thirds reporting struggles with their recruitment and retention efforts. While the reasons for those struggles run the gamut, they often relate to attracting qualified candidates (49%), retaining star employees (49%) and issues with the talent-culture fit (42%).

For small and midsize businesses (SMBs), any difficulties with finding talented hires end up wasting precious resources. Worse yet, the cost of a bad hire is equal to 30% of the hires first-year salary – without factoring in the potential losses in revenue and time associated with onboarding the wrong person for a job.

The United States has seen an increase in new businesses formed this year. According to the United State Census Bureau, in week 50, there were over 86,000 new business applications nationwide — representing a 38% increase over filings during the same week in 2019. The challenges small businesses have experienced in 2020 have led to some core lessons that those in the business community need to apply — whether they own an established small business or a newly formed one.

Minimum wage is a complex issue for small businesses, says the Small Business Development Center in Binghamton.

The SBDC adds that, typically, small businesses have a close relationship with their employees and if they could pay them more originally, they would.

They add that they believe some business owners may have to pick up the slack in order to keep costs low.

In a world in which e-commerce has become a necessity for nearly every retailer, it can seem they have only two options: list their goods on marketplaces run by giant companies, or sell to consumers directly, hoping they will make more on each transaction despite fewer sales. In other words, either join a dominant marketplace like eBay , Walmart or Amazon —which by itself represents 38% of U.S. online sales, according to Digital Commerce 360—or hope they can find customers through advertising and word of mouth.

For many small- and medium-size sellers, a third option has emerged, embodied by the rising star of e-commerce, Shopify . This approach gives merchants access to cloud-based third-party services such as payments and fulfillment, but lets them maintain more control of their branding and customer relationships than the biggest marketplaces offer. Shoppers might not even know they’re buying something from a Shopify-powered retailer, and that’s the point.

In addition to making goods available on sellers’ own sites, these software companies—which also include BigCommerce and Magento—can perform the laborious task of listing merchandise on the giants marketplaces. By becoming hubs for managing sales through multiple channels, including social-media platforms, they represent real competition for Amazon and its ilk, potentially giving merchants more leverage when dealing with those entrenched giants.

Invoice financing is a type of business funding wherein the business sells its outstanding invoices or account receivables (A/R) to financing companies to get an immediate cash flow boost. The financing company takes over the invoices, and sometimes be in charge of collecting customer payments (as in invoice factoring).

Invoice financing is a popular financing option for businesses that have to wait 30,60, or 90 days to get their clients payments.

A survey of small businesses conducted by Appalachian State University in coordination with Selective found that cybersecurity and technology issues were growing concerns for 44% of survey respondents due to the COVID-19 pandemic. Yet, only 20% of survey respondents have cyber insurance coverage.

The findings highlight an awareness gap among small businesses about the risks they face from cybercrime. Twenty-eight percent of data breaches impact small businesses, and phishing attacks account for over 30% of breaches, making them the biggest cyber threat for small organizations.1 Cyber coverage from Selective can help small businesses manage and mitigate risks with comprehensive coverage options and cyber threat education.

This month almost 135,000 businesses are showing strain, as the impact of a year of Covid-19 restrictions reverberates.Businesses in the services and retail sectors accounted for almost three-fifths of those showing distress, said Mazars. Sectors allowed to reopen were faring better, with construction and manufacturing businesses making up 7.9 per cent and 6.7 per cent of those in distress respectively.

For some of the smallest businesses that applied for forgivable loans through the Paycheck Protection Program, waiting just a few days or weeks would’ve gotten them thousands of dollars more.

But they had no way of knowing what was coming.

The Biden administration in late February announced a slew of changes to the loan program, which offered forgivable loans in return for keeping employees on a company’s payroll, after it reopened in January with $284 billion in funding. Those amendments included an adjusted loan formula that would mean larger amounts for sole proprietors as well as expanded eligibility for small business owners with certain criminal records, were delinquent on student loan debt or were non-citizens.

The Small Business Administration has extended deferment periods for all of l its disaster loans made either in 2020 or 2021, the agency announced on Monday.

The extended deferment includes the SBAs Economic Injury Disaster Loan – or EIDL – program, which many businesses that did not qualify for Paycheck Protection Program loans or other funding used to bridge the losses incurred during the COVID-19 pandemic.

All SBA disaster loans made in 2020 will have the first payment due date extended from 12-months to 24-months from the date of the note, the agency said. Disaster loans made in 2021 will have a first payment due date extended from 12-months to 18-months from the date of the note.

Millions of businesses across the country are struggling, yet many are not taking the latest version of government aid: a second round of Paycheck Protection Program (PPP) loans. This is not happening because businesses are better off than they were last year; it is because the PPP still contains structural blockers that are stopping businesses from obtaining the aid they urgently need.

A recent survey by the Federal Reserve Bank found that 30% of U.S. small businesses — totaling 9 million — fear they will not make it through 2021 without more government assistance. And yet, many are not applying for aid. The Small Business Administration (SBA) reports that seven weeks after round two of PPP began, nearly half the funds remain, and only 31% of 2020 PPP loans have been forgiven to date.

Interesting.  I’ve been an HSBC business customer for 10 years, and was surprised to find out that they are no longer interested in small businesses in Canada.  Their new focus, I was told on the phone, is international businesses with sales over 3 million dollars. So, while they’ve graciously ‘grandfathered’ my business account, I can’t … Continue reading HSBC not interested in small businesses in Canada →

In the dynamic landscape of small businesses, the need for professional tax specialists is often underestimated. While larger corporations may have dedicated teams to navigate complex tax rules, small businesses can greatly benefit from the expertise of tax specialists. This article explores why engaging a tax specialist is essential for the financial health and success [...]

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Washington – Health and safety standards could be weakened in certain cases because small businesses have been left out of the federal rulemaking process, according to a report from the Center for Effective Government.

Washington — OSHA is asking representatives from small businesses, as well as local governments and nonprofit organizations, to weigh in on how a standard to protect workers from heat illness would affect small entities.

Salem, OR – A new comprehensive guide from Oregon OSHA intends to help small-business owners and managers develop respiratory protection programs.

Washington — Self-inspection checklists for ergonomics, young workers, workplace violence and infection control have been added to the OSHA/NIOSH Small Business Safety and Health Handbook.

Liverpool, Nova Scotia – Small to medium-sized employers have a new online resource to help them create a safer workplace.

Lexington, KY — A new toolkit from the Kentucky Injury Prevention and Research Center is intended to help small businesses hire, support and retain workers recovering from a substance use disorder.

Washington — Employers whose workers use 3D printers in non-industrial settings can take steps to limit employee exposure to emissions from heated filaments, polymers and powders, NIOSH says.