There’s a lot of good news this week for small business owners that’s looking in the rear view.
But let’s look a little bit ahead and some big news this week for some retail small businesses.
New data from the National Retail Federation suggests that Back to School shoppers plan to spend $40 more this year than they did last year on school supplies and clothing. Now, that’s on top of some pretty boisterous spending last year, so if you’re in the Back to School business in any way, there’s a good chance you’ll see an uptick in business.
That is, of course, if you’re planning ahead. And that’s why the NRF released these numbers now.
Check out what else they’re saying about the Back to School shopping season just around the corner and then check out that good news we teased at the top in our news and information roundup:
Economy
White House Kicks Off “Made in America” Week
Yesterday the White House proclaimed the start of Made in America Week, which runs July 14 – 20, 2019. The week kicked off with a “Made in America” showcase for products made in the USA. The showcase featured manufacturers, makers and crafters – representing each of the 50 states.
76% of Small Business Owners Say They’ve Been Successful in the Last Year
The success of small businesses is extremely important to the overall economy of the U.S. because of their sheer volume. The Small Business Administration (SBA) puts the number of small businesses at 30.20 million for 2018. So, when a survey reports 76% of small business owners say they have been successful in the last year, it is great news all around.
BizBuySell Predicts 2019 to be the Second Most Active for Business Sales in Over a Decade
The second quarter of 2019 ranks as the most active for business sales over the last decade. The data comes from the Q2 2019 BizBuySell Insight Report, which looks at the national business-for-sale trends and transaction activity. BizBuySell Q2 2019 Insight Report According to BizBuySell, 4,948 transactions took place in the first half of 2019.
Local Marketing
Wow! Small Retail Businesses Hire Nearly 40% of All Retail Employees
Independent retailers are a huge economic engine in local communities. But in order to find out their role on the U.S. economy, SCORE researched the subject and compiled the latest 2019 retail statistics into an easy-to-understand infographic. 2019 Retail Statistics Titled “Small Retailers Can Compete and Win,” it is a timely report because July is Independent Retailer Month.
Research
The Average Business Gets 59 Actions from Their Google My Business Listing
Before today’s digital ecosystem, local small businesses had a hard time growing their brand. Word of mouth and traditional advertising was the only way to go. And the high cost of advertising meant they did very little of it. However, a small business can now let everyone (including a global audience) know who and where they are with digital technology.
Small Business Loans
Only 32% of Small Businesses Reported Securing a Traditional Bank Loan in Q2 of 2019
Capital is an indispensable resource throughout all stages of a business, but access to said capital is not always possible. This is especially the case for small businesses, which leads owners to look for alternative lenders when they need funds.
Startup
Changes in HRA Regulations – and Why They Matter to Small Businesses
New HRA regulations will allow small businesses to fund employee premiums in the individual health insurance market. The new version of the HRA (health reimbursement arrangement) will disrupt traditional group coverage by letting employees pick their plans. Individual Coverage HRA It’s called the individual coverage HRA (ICHRA). This new rule is set to go into effect January 2020.
Zoho and Mastercard Expand Partnership to Benefit Small Businesses
One of the benefits of today’s digital technology is the efficiency it has introduced to small businesses. Enterprise-grade solutions are now readily available at a price point small business can afford. The latest effort in this endeavor is the expansion of the partnership between Mastercard and Zoho.
Taxes
TaxWise Mobile App from Wolters Kluwer Helps Preparers Keep in Touch With Clients
The big five accounting firms get most of the attention in the industry. But they only make up 10% of the firms in the U.S. Overall, 90% of these accounting firms have 10 or fewer owners or partners. Wolters Kluwer Tax & Accounting designed its new TaxWise Mobile app for tax preparers. These preparers have a heavy focus on individual tax returns and thus a very seasonal business.
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