As we all gradually get over the massive economic and societal hurdles the Covid-19 pandemic brought about, the U.S. economy is sliding into more drama: inflation and recession.
Prices are rising, supply chains are still in turmoil, and customers and business owners alike are pinching every penny as their lives get more expensive. Economists agree that this high inflation could be long-lasting and play a major part in the oncoming recession. They see hard times ahead, particularly for small business owners and new entrepreneurs.
When people ask where they can find me on social media, I say, everywhere except TikTok”. But now I realize that so many small business owners are using videos on TikTok (and you don’t need to know how to dance!) in their marketing strategy.
The growth of Tik Tok statistics as a social media platform are nothing short of amazing. According to Sprout Social:
- TikTok has over 1 billion monthly active users. (This is similar to Instagram and Twitter only has 330 million per month.)
As a small business owner, I have been avoiding thinking about cryptocurrency and Bitcoin for many years. But on this week’s The Small Business Radio Show, we discuss what you need to know about Bitcoin for your small business, your customers, and vendors.
Chris Brady is a New York Times best-selling author and speaker with a new book called “The Bitcoin Bride”. He was listed Richtopia’s Top 200 list of most influential authors in the world.
According to Chris, Bitcoin is not that complicated. He says that “it’s just money. Bitcoin was created to fix the money system since it’s broken. Governments and banks can expand its supply anytime they want…. backed by nothing. This is bad news for consumers since it results in inflation, erodes business profits and personal savings. Bitcoin is a hedge against inflation.”
November fueled another record month for the Great Resignation, as 4.5 million workers either left or switched jobs, according to data released Tuesday by the Bureau of Labor Statistics.
The November milestone usurps the previous record of approximately 4.4 million workers who ditched their jobs in September.
The so-called quits rate, which examines the amount of voluntary departures as a percentage of total employment, increased in both smaller businesses employing one to nine workers as well as larger shops with 1,000 to 4,999 workers.
It took only four months within the first half of 2021 for the global cryptocurrency usage to double to over 200 million. In this article, we’ll show you how to accept crypto payments as a small business.
As more people continue to warm up to crypto, a good number of small businesses are way ahead of the news, positioning themselves to serve the increasing number of crypto-paying customers.
Accepting Cryptocurrency Payments
According to a January 2020 HSB nationwide survey, 36% of small businesses accept cryptocurrency payments. If you’re among the enterprises left out of the crypto payments bracket, it’s probably time to start figuring out how to accept crypto payments to keep pace with the competition.
Too many small businesses are stuck at the bottom of the economic mountain, watching in frustration as larger competitors hog the top, snagging resources and reaping the benefits.
Bigger companies can afford to use quantity discounts to undercut prices. Banks are happy to accept small-business deposits but don’t build strong relationships with credit and loans for their smaller customers.
Even programs marketed for small businesses, such as vendor finance programs and dynamic discounting programs, often benefit the large company that takes the discount. Even government help seems to favor the well-connected. Just see what happened with the Small Business Administration’s Paycheck Protection Program.
Just surviving will be a huge success for most small businesses this year.
And few expect to break even given all that’s happened as a result of the coronavirus pandemic.
Yet Meriwether Cider in Boise, Idaho, is on track to meet that mark, thanks in large part to Covid-related federal assistance, according to Ann Leadbetter, who owns the business with her husband and two daughters.
Also helpful: Meriwether Cider makes money a few ways, so while some lines of revenue took a hit, others went up. Sales are down at its two sit-down venues — a cider house in downtown Boise and a smaller tap room at its bottling facility in nearby Garden City. So are its sales to bars and restaurants. But the company has made more from its distribution to grocery stores and the curbside pickup it now offers customers.
As we wrap up the year and prepare for the next, make sure to give your business a cash health checkup. This is more than looking at a statement to see if there is money in the bank or to check the profit margin. It’s analyzing where you are, deciding where you want to be, and outlining a strategy to get you there.
The Chubb’s Third Annual Cyber Report reveals employee education is key for small businesses to prevent cyberattacks. Even with headline after headline about the latest data breach, people are not encouraged to defend against their cyber exposure.
The goal of the report is to determine the level of understanding individuals have about their cyber risks. While at the same time looking at the steps they are taking to protect themselves.
For small businesses with limited resources, complacency can have detrimental consequences. This is because the chance of a small company going out of business after a cyberattack is highly likely. And the best way to defend themselves is by making everyone in the company more aware.
Amazon Storefronts is a new way for small and medium-sized businesses to sell products directly through Amazon. Amazon has established a separate section where it will highlight small businesses, feature curated collections of unique products and provide a platform for an online small business experience. Instead of navigating thousands of online sellers, Amazon wants customers to interact with small businesses and have an intimate, mom-and-pop-shop experience through the online platform.