Small Business is our Business

A July 2014 survey conducted by Wells Fargo/Gallup of 603 small business owners found these challenges to be the most pressing——

*Attracting customers                           13%

*Government regulations                           11%

*Cash  Flow                                                   11%

*The economy                                              11%

*Taxes                                                           10%

*Hiring qualified staff                                   7%

*Competition with larger companies         6%

*Cost of running business                         5%

THEY ARE CALLED BOOMERANGS—-EMPLOYEES WHO QUIT BUT ARE LATER REHIRED.  A recent article in the journal Personnel Psychology entitled , Gone Today  Here Tomorrow:  Extending the Unfolding Model of Turnover to Consider Boomerang Employees,  found  the trend is growing.  The old idea of company loyalty is changing for both companies and employees.    Although not all companies are on board with this strategy, there is increasing recognition that employees change jobs more frequently than in the past.

Why rehire former employees?

*No recruitment and training costs

*Familiar with company’s culture

*No know what you are getting

Source: This article in Personnel Psychology examined an accounting firm of 15,00 employees ,where, at the time od the study 20% of the hires were people who had left and returned.

If you want peace and harmony in the workplace,  don’t do the following.    A 2014 survey conducted by Accountemps , an employment agency, found these to be the biggest faux pas in the workplace——-

*Use a speakerphone or talking loudly on the phone     36%

*Loitering or talking around a colleague’s desk               23%

*Eating foods that have strong odors                                   15%

*Keeping a messy or cluttered workspace                          14%

*Leaving the phone ringer on loud                                      8%

 

 

 

 

 

Poor website performance kills business.  Online shopping is convenient for shoppers and a potential goldmine for small business—- if it works properly.  A survey from CWCS Managed Hosting revealed 68% of online shopping carts are abandoned prior to checkout because—–

*Website crashed                         24%

*Forced to register                       26%

*Confusing navigation                 25%

*Unsuitable delivery                     16%

More than one-half (57%) of online shoppers will leave a webpage if it takes more than three seconds to load.

Source:   2014 survey conducted by CWCS Managed Hosting, a company that offers cloud, dedicated servers, and co-location hosting.

The percent of Americans taking a vacation is at an historic low.  In the 1970’s, eighty percent(80%) took a weeklong vacation every year.  Today, only fifty percent (50%).  So what is the problem?  A 2014 survey conducted by the U.S. Travel Association found———

*Too much to deal with when they return                  40%

*No one else can do the job                                            35%

*Want to show total dedication                                     28%

*Don’t want to look replaceable                                    22%

 

 

 

Women small business owners are now a force in the U.S. economy.  A recent report by the U.S. Senate Small Business & Entrepreneurship Committee found that woman owned businesses represent 30% of small companies,  yet receive  only 4.4% of the total dollars in conventional small business loans—— that’s $1.oo for every $23.00 loaned.   A close look at the numbers of loans given to businesses owned by women reveal—

*Conventional small business loans—–16%

*Small Business Administration backed loans——17%

When it comes to venture capital funding, these woman owned businesses receive only 7%.  Government contracts are also difficult to receive.  Only four percent (4%) of these businesses  in 2012  received government contracts.  The committee hopes to make changes in the SBA’s microloan program aimed at helping companies borrow up to $50,000.  The Intermediary Lending Program, a program that allows business owners to borrow between $50,00 and $200,00o  is up for reauthorization and the committee recommends continuation.

Starting   and growing a small business is hard  work,  but those who do find the rewards  are great.  In fact seventy-seven (77%) said  they wouldn’t hesitate to do it again, while 77% said they would recommend owning a small business to their children.  The benefits of owning a small business include—-

*Being your own boss                                     79%

*Independence                                                  77%

*Making strategic decisions                          77%

*Close relationships with customers          73%

 

Source:   The Citibank Small Business Pulse, a survey conducted by telephone of 802 small business owners in April 2014.

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