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.

This week the Wall Street Journal reported that nearly 300 companies that had received loans through the Paycheck Protection Program had filed for bankruptcy. The very next day, the Journal highlighted Americans using the Covid-19 pandemic to take their first steps on the entrepreneurial journey.

Existing small businesses continue to struggle. New entrepreneurs are seeking opportunities. That is what the data appears to be saying about the state of small business and entrepreneurship amidst the third Covid-19 wave.

Small Businesses Suffering, See Rough Road Ahead

In early November, Goldman Sachs surveyed nearly 900 small businesses. They found that four in 10 had laid off employees or cut compensation. If further government relief were not forthcoming, another 38% said they would need to do the same. Half of small business owners had stopped paying themselves.

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 →

As the owner of a business where 100% live answer is not possible or cost effective, I do receive my fair share of angry voicemails from people wanting to talk to a human right now. It’s kind of interesting actually. I received this one just recently. Many would just delete it, as I usually do with rude voicemail tirades. We receive all manner of unbelievably incoherent, garbled and plain crazy voice messages from people. But as a blunt-spoken no-BS type of person myself, I appreciated this voicemail. I played it proudly for my wife. And I played it for my assistant, “listen, … this is great!” And now I’m blogging about it. The caller scolds me with the blunt, to the point assertion, “if no one is available you get no sales“. Listen to it again yourself. It’s perfect! It’s the kind of communication I respect. Clear, concise, to the ... Read more

Etechify Technologies Private Limited, one of the best digital marketing agencies in India, is thrilled to announce the expansion of its service offerings. [PR.com]

Potential podcasting content covers the gamut. With more than millions of podcasts now available, there are few topics that are not covered by this popular communication channel.

Creative Podcasting for Businesses

Regardless of the size of your business, or whether your company is public, private, a government agency, or a non-profit... there is little doubt that you should consider podcasting. Podcasting is a 21st century medium, and has proven that it is far more than just a passing fad.

Podcasting for Businesses

Gotomyerp, a leading cloud hosting provider for QuickBooks, SAP, Sage Cloud applications, and other third-party ERP (enterprise resource planning) business applications across the United States, Canada, and Mexico is celebrating its 16th year of offering secure and reliable enterprise cloud hosting solutions for businesses with a special offer for new clientele.

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 [...]

The post The Crucial Role of Tax Specialists for Small Businesses appeared first on Braves News World.

Customised Podcasting is an excellent information tool for businesses and organizations. Cerado.com started a Customised Podcast Service as a companion to their existing (Competitive Intelligence) briefing documents. More here.

Podcasting content comes in a wide variety of shapes and sizes. Businesses are finding many different and creative ways of incorporating podcasts into their business strategies and marketing plans.

Here are just some of the various types of content that businesses are turning into podcasts...

Creative Podcasting for Businesses

Podcasting content comes in a wide variety of shapes and sizes. Businesses are finding many different and creative ways of incorporating podcasts into their business strategies and marketing plans.

Here are just some of the various types of content that businesses are turning into podcasts...

Creative Podcasting for Businesses

Regardless of the size of your business, or whether your company is public, private, a government agency, or a non-profit... there is little doubt that you should consider podcasting. Podcasting is a 21st century medium, and has proven that it is far more than just a passing fad.
What is podcasting?

Podcasting is a relatively new communication medium. Podcasting's increasing popularity and low cost of entry makes it a great communication and promotional channel for companies to experiment with.

Podcasting For Businesses

Regardless of the size of your business, or whether your company is public, private, a government agency, or a non-profit... there is little doubt that you should consider podcasting. Podcasting is a 21st century medium, and has proven that it is far more than just a passing fad.

Podcasting For Businesses

Podcasting content comes in a wide variety of shapes and sizes. Businesses are finding many different and creative ways of incorporating podcasts into their business strategies and marketing plans.

Creative Podcasting for Businesses

Podcasting content comes in a wide variety of shapes and sizes. Businesses are finding many different and creative ways of incorporating podcasts into their business strategies and marketing plans.

Here are just some of the various types of content that businesses are turning into podcasts...

Creative Podcasting for Businesses

Regardless of the size of your business, or whether your company is public, private, a government agency, or a non-profit... there is little doubt that you should consider podcasting. Podcasting is a 21st century medium, and has proven that it is far more than just a passing fad.
What is podcasting?

Podcasting is a relatively new communication medium. Podcasting's increasing popularity and low cost of entry makes it a great communication and promotional channel for companies to experiment with.

Podcasting For Businesses

Podcasting content comes in a wide variety of shapes and sizes. Businesses are finding many different and creative ways of incorporating podcasts into their business strategies and marketing plans.

Here are just some of the various types of content that businesses are turning into podcasts...

1. Audio Books

Books that are read aloud are no longer embraced only by the visually impaired. For example, commuters who want to make the most of their travel time have long embraced books-on-tape. The podcast medium is far more compact and portable, so audio books and similar content are now being made available as podcasts.

Creative Podcasting for Businesses

Regardless of the size of your business, or whether your company is public, private, a government agency, or a non-profit... there is little doubt that you should consider podcasting. Podcasting is a 21st century medium, and has proven that it is far more than just a passing fad.

What is podcasting?

Podcasting For Businesses

Podcasting content comes in a wide variety of shapes and sizes. Businesses are finding many different and creative ways of incorporating podcasts into their business strategies and marketing plans.

Here are just some of the various types of content that businesses are turning into podcasts...

Creative Podcasting for Businesses

Regardless of the size of your business, or whether your company is public, private, a government agency, or a non-profit... there is little doubt that you should consider podcasting. Podcasting is a 21st century medium, and has proven that it is far more than just a passing fad.

Podcasting For Businesses

Regardless of the size of your business, or whether your company is public, private, a government agency, or a non-profit... there is little doubt that you should consider podcasting. Podcasting is a 21st century medium, and has proven that it is far more than just a passing fad.

Podcasting For Businesses

Regardless of the size of your business, or whether your company is public, private, a government agency, or a non-profit... there is little doubt that you should consider podcasting. Podcasting is a 21st century medium, and has proven that it is far more than just a passing fad.

Podcasting For Businesses

Podcasting content comes in a wide variety of shapes and sizes. Businesses are finding many different and creative ways of incorporating podcasts into their business strategies and marketing plans.

Here are just some of the various types of content that businesses are turning into podcasts...

Creative Podcasting for Businesses

Regardless of the size of your business, or whether your company is public, private, a government agency, or a non-profit... there is little doubt that you should consider podcasting. Podcasting is a 21st century medium, and has proven that it is far more than just a passing fad.

Podcasting for Business

Podcasting content comes in a wide variety of shapes and sizes. Businesses are finding many different and creative ways of incorporating podcasts into their business strategies and marketing plans.

Here are just some of the various types of content that businesses are turning into podcasts...

Creative Podcasting for Businesses

Regardless of the size of your business, or whether your company is public, private, a government agency, or a non-profit... there is little doubt that you should consider podcasting. Podcasting is a 21st century medium, and has proven that it is far more than just a passing fad.
What is podcasting?

Podcasting is a relatively new communication medium. Podcasting's increasing popularity and low cost of entry makes it a great communication and promotional channel for companies to experiment with.

Podcasting is online audio content, and sometimes video content, that is delivered via an RSS feed.

Podcasting For Businesses

Podcasting content comes in a wide variety of shapes and sizes. Businesses are finding many different and creative ways of incorporating podcasts into their business strategies and marketing plans.

Here are just some of the various types of content that businesses are turning into podcasts...
1. Audio Books

Books that are "read" aloud are no longer embraced only by the visually impaired. For example, commuters who want to make the most of their travel time have long embraced books-on-tape. The podcast medium is far more compact and portable, so audio books and similar content are now being made available as podcasts.
2. Audio Tours

Interested in a guided tour of a historic site, or a detailed explanation of a museum display? Audio tour podcasts with detailed explanations are becoming quite common.
3. Sermons

The word of God, Allah, or a bible study discussion are now all popular content for podcast material. It does not really matter the what the religious material might be -- what is important is that by turning those conversations and dialogs into podcasts, their reach is being extended and new audiences are being touched.

Creative Podcasting for Businesses

Regardless of the size of your business, or whether your company is public, private, a government agency, or a non-profit... there is little doubt that you should consider podcasting. Podcasting is a 21st century medium, and has proven that it is far more than just a passing fad.

Podcasting For Businesses

(Telecompaper) CtrlS Datacenters has announced it will provide its customers with direct high-speed connectivity to Oracle's cloud and AI services through Oracle Cloud Infrastructure (OCI) FastConnect...

A new report finds 61 percent of organizations have suffered a security breach in the past year because their policies, governance, and controls failed or were not working effectively. This is costing US businesses $30bn and UK businesses £10bn per year. The study from security posture management firm Panaseer surveyed 400 security decision makers across the US and UK and found 72 percent have taken out indemnity insurance in response to growing personal liability, whilst 15 percent have considered leaving the industry. In addition, 85 percent of decision makers are facing greater scrutiny from the board. 57 percent say they… [Continue Reading]

  Sustainability is no longer just a buzzword; it has become a crucial consideration as consumers grow increasingly eco-conscious. For businesses in the travel industry, embracing sustainability offers immense advantages, such as expanding the customer base, securing government incentives, and enhancing brand reputation. Incorporating eco-friendly practices is an excellent starting point, but to make a […]

The post Actionable Branding Tips For Sustainable Businesses appeared first on The Design Inspiration.

When dreaming up new business ideas, some of the most boring businesses are often overlooked. However, it’s the boring business ideas that can often be the most sustainable and profitable. The Best Boring Businesses to Start This Year All of…

The post 20 Boring Businesses That Can Make You Rich! appeared first on Niche Pursuits.

Being prepared for reinvention is crucial in an AI-first future. This research suggests your architecture and mindset need to adapt accordingly.

Several business organisations in Northern Ireland have written to Stormont ministers calling for support with their rates bill.