In The News: Job and Industry Growth Reported But Businesses Brace for Downturn



attracting new customers

This week’s roundup starts with great job numbers and goes on to report on different aspects of the workforce. This includes the four growth industries 99designs has identified in its annual report as well as how small businesses are preparing for a possible economic downturn.

The good news is January managed to create 291,000 jobs, with small businesses contributing 94,000 of those jobs. For their part, franchises chimed in with an impressive 45,100 jobs of their own.

However, 90% of small business owners say they are preparing for an economic downturn. Nevertheless, they are optimistic. And more than half or 57% admit they feel better about the state of the U.S. economy than just a year ago.

The reason for their optimism is being driven by their ability to attract new customers. And speaking of customers, one of the other articles in the roundup gives you some insights on how to avoid providing a bad customer experience.

According to Zendesk, good customer experiences drive loyalty. So, take a look at the article to see how you can make it happen.

These are just some of the articles in this week’s roundup. Whether it is taxes, hiring, CGI influencers and more you will find it here.



Top Stories

Small Businesses Add 94,000 Jobs from December to January

The historic low unemployment and sustained job growth is continuing as 2020 begins the year with a bang. According to the January 2020 ADP Small Business Report, the private sector employment for the segment increased by 94,000 new jobs. January 2020 ADP Small Business Report Overall ADP is reporting a total of 291,000 jobs in January. This is almost 100K more than December’s 202K jobs.

These 4 Industries Trending for Growth This Year

Each new year brings with it new opportunities and emerging trends in the business world. The 2020 emerging industries to watch report from 99designs has 4 segments in its yearly outlook. For the new decade, the company is bullish about cannabidiol or more commonly known as CBD, veganism, biohacking and astrology.

90% of Small Businesses Prepare for Economic Downturn – But Remain Optimistic

Most small businesses (90%) have taken steps to prepare their businesses for an economic downturn. Despite this, many believe the climate remains predominantly favorable. And more than half (57%) admit to feeling better about the state of the US economy compared to a year ago. The statistics come from the 2020 Hiscox Small Business Owner Risk Outlook.

How to Avoid Providing a Bad Customer Experience

Ready to win back a customer after a bad customer service complaint? It may already be too late. According to a new report from Zendesk, roughly half of customers say they would switch to a competitor after just one bad experience. If the customer’s had more than one bad experience, that number jumps to 80 percent. The message is clear: loyalty is hard-won and easily lost.

Employment

1 in 3 Job Candidates Uncomfortable Talking About Their Personal Life

Interviewing candidates for a job is never an easy task. Businesses not only have to make the candidates comfortable but also keep questions and the conversation appropriate. However, that is not happening as it should be. According to a recent survey from JDP, one in three respondents accepted to have been asked about their personal relationships, making them uncomfortable.

64% of Employees May Leave Their Jobs This Year

A new report from Achievers reveals only 19% of employees feel engaged in their workplace. It also goes on to say up to 64% of employees in the survey may leave their jobs in 2020. This comes out to almost two-thirds of employees who may not be working with their current employer. The 3rd annual Employee Engagement & Retention Report highlights the importance of employee engagement.

Tools

Nimble Launches Update to Prospector 2.0 App

A new browser extension allows small businesses to build contact lists from social media and websites in seconds. Nimble Prospector 2.0 also lets you target businesses using company profiles and manage relationships. As a result, you can gather actionable insights when you’re on the go. Or from wherever you work.

ConstructReach Addresses Employee Shortage Problem in the Construction Industry

Eighty percent of construction businesses are reporting a labor shortage.  The industry is also dealing with a lack of tech innovation. A construction industry workforce development company is looking to tackle both issues in a new way. Small Business Trends contacted Paul Robinson, CEO of ConstructReach, to find out more.

CuriousCheck Sorts Technology Solutions to Help Small Business Owners Streamline

CuriousCheck is an aggregate app focusing on online reviews of business software. It scans the web for independent, credible reviews and products designed to help small businesses. CuriousCheck covers a wide range of areas important to SMBs from digital marketing to payment processing, virtual phone systems and a host of others. SMBs can search for a solution.

Joust Launches Banking App for Freelancers

Joust has unveiled its new improved banking app for freelancers and self-employed workers. The new app by the sole banking platform for freelancers comes with an intuitive design and several features that round out its original beta app. According to the developers, the application is based on customer feedback.

Customer Behavior

42% of Gen Zers and Millennials Couldn’t Spot a CGI Influencer

Some 42% of Generation Z and Millennials who follow influencers don’t know those influencers are actually Computer-Generated Imagery (CGI), according to a research by Fullscreen. In today’s world companies use more and more influencers to leverage their goods and services.

Startup

How the Cofounder of Anytime Fitness Built 4,000 Locations

Most small business owners are never taught how to be a manager or a leader. As a result, they never learn to lead a team. And unless you can lead your team, you can never get the leverage required to build a big and profitable company.

Taxes

State Tax Websites for Your Small Business

Understanding and fulfilling your tax obligations remain one of the biggest challenges with running a business. You usually complete your personal tax returns once a year with a few forms. But preparing and filing your business taxes can prove, for lack of a better term, taxing. Even more so if you do not know about your state’s particular tax regulations.

Perfectly Legitimate Business Expenses You Can’t Deduct

You may incur certain costs for your company that make good business sense. Unfortunately, the tax law doesn’t view them all as write-offs. Check out this list of business expenses that remain non-deductible (in whole or in part) these expenses on your 2019 tax return. NOTE: This article has been specially updated for the 2019/2020 tax season.

Technology Trends

How to Protect Your Small Business From a Cyberattack

This article was written by Joe Galvin, Chief Research Officer at Vistage, a Salesforce partner. Like a heart attack, a cyberattack can strike at any moment — and cause almost instantaneous damage to your company’s productivity, credibility, financial security, and more. Beyond the trouble, this threat is expensive.

Image: Depositphotos.com

1 Comment ▼

One Reaction

  1. I guess it is important for businesses to get ready. I think that it is great because it is a form of risk management – to get ready for the worst.

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