Finding qualified employees and adjusting to lower sales are two big challenges small businesses are facing as the economy continues to reopen. This is according to the ADP Small Business@Work Survey. The more than 2,000 small business owners in the survey also said cash flow, the economy, increase in production costs, capacity constraints and supply chain disruption are ongoing challenges.
This week’s roundup starts with, the ADP Survey Finds Small Business Facing 2 Big Challenges article. This is a timely piece, as many owners are starting full operations of their business. Some of the reasons in the survey for the difficulty in finding employees are hesitation from employees, ongoing health concerns, and family responsibilities. Even with these challenges, two-third of business owners with 25 or more employees are looking to hire more people within the next six months.
As the economy starts to see its way out of the pandemic, Small Business Trends weekly roundup is going to highlight articles like this one and many others on issues that are very relevant to small businesses. Other topics covered in this roundup include how local retailers are fighting to compete with online marketplaces, how to exit your small business rich, and more.
Small Business News Roundup – June 18, 2021
Here is the rest of the roundup.
A new Shopify merchant/consumer research reveals local retailers are fighting more than ever to compete with online marketplaces. This as the economy starts opening after what seems like a never-ending pandemic. Competing With Online Marketplaces According to Shopify research, two in five local retailers are struggling to compete.
A recent 3-day event provided small businesses with useful info. The Rev.Up Summit for sales, marketing and operations was hosted by Dun & Bradstreet. It ran from June 8-10. Featured speakers covered topics from buyer engagement to digital growth. Stacy Greiner, Chief Marketing Officer at Dun & Bradstreet, covered the highlights with Small Business Trends.
Amazon just announced that it’s launching a $150 million Black Business Accelerator program for third-party sellers on the site. Almost all third-party sellers on Amazon are small to medium-sized businesses. Third-party sellers represent nearly 60% of product sales on Amazon, and they enjoyed record sales growth in 2020.
SyncFloor, a B2B platform that provides licensed access to commercial music for businesses, has launched a service that gives fitness instructors access to music for digital classes. Via online subscription services Bande and The Class, SyncFloor will bring music for on-demand and live streaming fitness classes.
The shift towards becoming a cashless society is gathering momentum. Data presented by TradingPlatforms.com, an education and comparison platform for online traders, shows that by 2024, mobile wallets will be responsible for one-third of all POS transactions globally. Even prior to the pandemic, small business owners were looking at cashless payments as a way of driving bottom line.
As markets and the economy continue to recover from the pandemic, businesses are looking for more space to rent for employees. Data from commercial real estate experts SquareFoot, shows in the post-pandemic world, the number businesses in the US looking for office space is rising. The cost employers are paying for office space is also increasing.
Music has long been shown to boost both cognitive performance and productivity. With more and more people working from home, listening to music can help combat loneliness, increase happiness and wellbeing, and provoke analytical thinking. Certain jobs and professions are more suited to background music than others.
As many as one in four Americans (24%) are planning on starting a side hustle in 2021. This is on top of the 34% (one in three) of people in the US who have already initiated a side hustle venture this year. These statistics showing America’s current penchant for side hustles were unveiled by a survey by Zapier.
The dream of most small business owners is to exit their business rich. Many of them have over 80% of their personal wealth tied up in their company’s value, but statistics show only about 30% will end up selling their business to an outside buyer.