Slowly but surely people are going out and about as increasing numbers of the population are getting vaccinated. And this will eventually improve the revenue of many small businesses. Bank of America’s 2021 Small Business Owner Report has revealed 60% of small businesses agree with that sentiment, stating they expect their revenue to grow in 2021.
In this week’s roundup, 60% of Small Businesses Expect Revenue to Grow in 2021 is the article that takes a look at the optimism small business owners are feeling as the pandemic begins to die out. According to the BofA report, business owners feel the local and national economy will improve along with the revenue increase. And 21% of them also say they plan on hiring new people in the coming 12 months. The report goes on to reveal small businesses transitioned to digital solutions and used different funding sources to stay afloat during the pandemic.
This week we also take a look at the rising healthcare cost and how it has slowed small business growth, the high cost of cyberattacks on small businesses, and things you should know about your remote workforce.
Small Business News Roundup – May 28, 2021
Here are some more stories making news this week:
89% of small businesses believe the cost of prescription drugs is too high. 55% of small businesses providing healthcare coverage to employees say rising costs are hindering opportunities for growth. 63% of small business owners have an unfavorable view of pharmaceutical companies.
When it comes to cyberattacks, small business doesn’t mean small costs. Over the past 12 months, the average financial cost of cyber attacks on a small US business is £25,612. This statistic was unveiled by the Hiscox Cyber Readiness Report 2021.
When working remotely and having to manage your own time, it is not uncommon for breaks to be overlooked. A new survey by the online scheduling platform Doodle confirms the US workforce’s collective neglect of breaks. 72% of US employees admit to feeling less burnt out by blocking their calendars.
Premier Ophthalmic has been providing equipment sales and service to optometry offices for more than 20 years. It was around this same time that Zoho began to take shape. And the two companies’ journeys have intersected for more than a decade.
When you first start a business, part of the process typically involves choosing a corporate structure. As you begin reviewing your options, you’ll quickly learn there are many from which to choose. It’s important to conduct thorough research and carefully consider your goals when deciding which structure is ideal for your business.
I am constantly surprised how in small business, so many people are afraid to negotiate almost anything. This can include situations that range from a customer’s purchase price, a lease rate for their office or any employee compensation. Many leaders see negotiation as a form of conflict and seek to avoid it at all costs.
The pandemic forced many businesses to require their staff to work from home. Now that the economy is opening up, businesses are deciding whether to retain remote work arrangements. A PwC survey found that 55% of employees expect to continue working from home even after the pandemic passes. In making the decision, employers should keep the following factors in mind.