Every year the federal government awards more than $500 billion to businesses across the country to complete work on its behalf. And every year, the federal government sets a goal to promise a portion of those contracts to small businesses.
This week, we learned that the federal government once again hit that goal. In fact, more than $120 billion worth of federal government contracts were awarded to small businesses.
That figure represents a new record in contracts awarded to small businesses. This news does come with one downside, however. The goal for awarding government contracts to women-owned small businesses was not met.
For other headlines this week pertinent to small business owners, check out our news roundup below:
Employment
52% of Small Business Owners Hired No One in 2018
The U.S. economy is going full steam ahead, and small businesses are doing well. But according to the inaugural “2019 State of SMB Finance Report” from ScaleFactor, 52% of the businesses in the survey didn’t hire any new employees in the past 12 months.
Attention Small Businesses: Gen Z Consumers Most Money-Driven, Powerful Generation Ever
Generation Z is on track to be the most money-driven, financially powerful generation ever. This generation’s unique habits will play a vital role in shaping America’s commerce. Young people’s consumer habits will also be a key driver in influencing retail practices in the future. This was the finding of a new report released by Morning Consult.
Management
62% of Business Owners Feel Depressed Once a Week
The health and wellbeing of small business owners is a critically important public health issue. It is especially important when it comes to mental health. After all, small businesses account for the employment of more than 54 million people in the U.S.
Marketing Tips
Search Giant Introduces New Google for Small Business Package
Google recently announced the launch of a new portal for small businesses to commemorate International Small Business Day on June 27, 2019. The new website provides resources along with product recommendations to teach you how you can improve your business. Called Google for Small Business, it starts by prompting you to answer some questions about your business.
Just 6% of Small Businesses Focus on Keeping Customers
The goal of a commercial business is to increase sales, and retaining current customers is key to making this happen. But according to a new report from The Manifest, only 6% of small businesses are focused on retaining their customers. This is despite the fact their main digital marketing goal is to increase sales.
Retail Trends
10 Tips for Better Sales this Prime Day 2019 on Amazon
Last year, small businesses sold over 1 billion dollars worth of goods on Amazon Prime Day. According to their website Amazon Prime Day 2019 is July 15. The two day worldwide shopping event starts at 11:59 p.m. It began in 2015 to celebrate Amazon’s 20 year anniversary. Small Business Trends spoke with John Lawson, Speaker, Entrepreneur, Best Selling Author.
Technology Trends
Small Business Supply Chain Partners Aren’t Always to Blame for Cyberscurity Breaches
One of the ways hackers penetrate a large corporation is by first breaching the weakest link in the supply chain of an organization. In many cases, these are small businesses. But it is wrongly assumed they are the weakest link. Supply Chain Cybersecurity Statistics A new study from (ISC)² reveals large partners are actually to blame more than their smaller counterparts.
Image: Depositphotos.com