Tag: small businesses

8 HR Compliance Challenges Small Businesses Face | Business

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There are many regulations imposed on small businesses. Once you hire employees, you must abide by these ever-changing laws. Not only do you have to keep your finger on the pulse of federal agencies’ requirements, but you must also track changes at the state and local levels. Although there are countless HR compliance challenges you can face, we’ve identified eight primary evolving employment and HR compliance regulations you’ll need to monitor.

HR compliance challenges small businesses face

Understanding how these eight HR challenges affect you is the first step toward maintaining legal compliance.

1. Avoiding discrimination on job applications

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How Tariffs Affect Small Businesses—Plus Tips on Navigating Them | AllBusiness.com

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In early March, Goldman Sachs downgraded its prior economic forecast for gross domestic product (GDP) growth for 2025 from 2.4% to 1.7%. According to Jan Hatzius, Goldman’s chief economist, “The reason for the downgrade is that our trade policy assumptions have become considerably more adverse.”

CNBC reports, “Goldman is warning that tariffs could raise consumer prices and tighten financial conditions, while leading companies to delay investments.”

David Kelly, the chief global strategist at J.P. Morgan Asset Management wrote, “The trouble with tariffs, to be succinct, is that they raise prices, slow economic growth, cut profits, increase unemployment, worsen inequality, diminish productivity and increase global tensions. Other than that, they’re fine.”

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How Lead Generation Software is Changing the Game for Small Businesses | Cool Business Ideas

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In today’s competitive business landscape, small businesses face the constant challenge of standing out and capturing the attention of potential customers. With limited resources compared to their larger counterparts, it’s crucial for small businesses to leverage innovative solutions to stay ahead. This is where lead generation software comes in, offering a game-changing approach that is revolutionizing how small businesses connect with their target audience.

The Rise of Lead Generation Software

Lead generation software has emerged as a powerful tool, enabling businesses to automate and streamline the process of identifying and nurturing potential customers. By leveraging advanced data analytics and artificial intelligence, these tools help businesses identify leads more effectively and efficiently than traditional methods. Haines offers a great tool for home insurance leads and more! Benefits for Small Businesses

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When Community Banks Die: How Small Businesses Are Affected | Business News Daily

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When it comes to financing, community banks have been providing support to small businesses for decades. However, a problem is emerging that’s affecting small business: Community banks are closing and consolidating due to pressure from regulation and an uneven lending playing field. Here’s what to know about how the decline in community banking might affect your small business.

What is community banking?

A community bank is an institution that caters to a smaller, local audience rather than the large national audience of larger banks. These banks typically develop close relationships with their customers, and this personal connection is often a selling point for community banking.

Notably, there’s no one accepted size that defines the term “community banking.” In general, though, a community bank has just a few branches, all of which are located in the same city.

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The Importance of Social Media for Small Business | Business

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Small businesses are constantly trying to find new ways to gain exposure and improve their marketing plans. While some business owners may still be resistant to the idea, statistics prove that consumers are on social media, making it a great space to increase brand awareness and promote content.

According to Statista, there are more than 5 billion active social media users worldwide in 2024 and that number is expected to increase to nearly 6 billion by 2027. Here are some reasons why a social media presence is essential for small businesses.

Why your business needs a social media presence

There are many reasons that your business should have a presence on social media other than that everyone is doing it (although that is also a valid reason). These compelling benefits will convince you to set up those social media accounts and work them with regular posts and interaction with followers.

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Visa Relaunches SavingsEdge with New Offers for Small Businesses | Small Biz Trends

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Visa Inc. has announced the relaunch of its Visa SavingsEdge program, introducing new features designed to offer more value to small businesses in the U.S. and Canada. For over ten years, Visa SavingsEdge has helped eligible Small Business cardholders with savings and tools to aid their growth. The revamped program looks to support smarter spending and saving with a more dynamic platform and new offerings.

Small businesses are showing resilience despite economic concerns. According to the latest Visa Small Business Pulse survey, 77% of U.S. businesses expect revenue growth in 2024, mirroring their experience in 2023. This growth has improved the economic outlook, with 59% of surveyed U.S. small businesses optimistic about the economy’s future, up from 47% in 2023. To build on this momentum and support growth, 64% of small businesses plan to invest in cost-saving technology.

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Scammers Are Now Impersonating Small Businesses Online | Small Biz Trends

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A new type of scam is targeting small businesses and their customers. Copycats are using small business websites, videos, and social media posts to impersonate them, running online ads to attract customers and make their offerings seem legitimate. Then, they redirect users to a replicated version of the small business website where they can complete their “purchase.” Some might receive cheap knock-off versions of the products they thought they were getting, while others don’t receive anything. And all their ire is then directed to the actual small business who was impersonated.

The Wall Street Journal recently spoke to several small business owners who had been targeted by this type of attack.

For example, Ryan Dahlstrom, global director of digital commerce for Merino sock company Darn Tough Vermont, told the WSJ, “They’d find an old ad we had run, flip a 75% or 80% badge over that image, and throw it up as a sponsored ad or a sponsored post.”

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Late Holiday Shoppers are a Key Demographic for Small Businesses | Small Biz Trends

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As small business owners wrap up an intense Black Friday and Cyber Monday season, they should brace for a significant wave of late holiday shoppers. According to the latest Shopify-Gallup Holiday Shopping Pulse, a substantial portion of U.S. consumers, nearly 49%, intend to do most of their holiday shopping in December. This trend presents a unique opportunity for small businesses to capitalize on the late shopping surge.

The survey, which included 1,888 U.S. adults, revealed some intriguing insights. Notably, 16% of participants admitted they wouldn’t begin their holiday shopping until December, with a striking gender divide: 21% of men versus 11% of women. Additionally, younger shoppers, particularly those under 50, are more prone to delay their shopping, with 53% stating they’ll do most or all of it in December. This behavior is primarily driven by financial considerations, as younger shoppers often need to accumulate enough funds to buy gifts.

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What Are Paid Leave Policies? | Business News Daily

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Paid leave encapsulates several benefits, allowing employees to take a leave of absence for approved reasons. But what do these policies mean for workers and small businesses? Are they affordable, or do they unbearably balloon entrepreneurs’ budgets? Do they contribute to staff well-being and productivity? Read on to learn how paid leave policies can help your business.

What are paid leave policies?

Paid leave policies are regulations that extend job protection and paid time off (PTO) to workers for specific situations, such as illness and family emergencies. Different kinds of paid leave policies exist, including sick leave, family leave and parental leave. The exact provisions of these laws tend to vary widely locally and by state. Here’s a quick look at two of the most common types of paid leave policies.

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Government Grants for Small Businesses | Business News Daily

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Find out how you can take advantage of these government grants to start or grow your business.

  • Government grants are free federal, state and locally funded programs to help launch or grow small businesses.
  • Only apply for grants for which you are eligible and ensure you meet all the grantor’s conditions.
  • Increase your grant approval chances by perfecting your resume, working with a prominent local organization or consulting your city or county economic development council.
  • This article is for entrepreneurs and small business owners hoping to secure a government grant to help launch or grow their organizations.

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