This week, on ASBN Small Business News, anchor Shyann Malone brings you up to date with the latest tools and resources now available for small to medium-sized businesses.
Top Stories
Black-owned small businesses lead in innovation despite challenges
Intuit QuickBooks surveyed 2,069 Black-owned businesses with 0–100 employees in recognition of Black History Month. Supporting the national Black History Month theme of “African Americans and the Arts,” the poll investigates how Black company owners bring innovation and support for the arts to their small enterprises, which is causing change.
Black small business owners are driving the small business sector forward, whether through technology or by becoming trailblazers in their families and communities. According to data from this year and last year, prejudices, stereotypes, racial inequities, and the ripple effect of uncertain economic conditions pose a threat to the innovative advancements of Black small business entrepreneurs. Read More
Survey: 75% of small businesses are financially optimistic despite tightening capital access
A new study found that 75% of small businesses are optimistic about their finances in 2024. Despite 71% reporting inflationary pressures and 77% saying they are concerned about their ability to access capital, 62% of small business owners expect their profits to increase this year.
Furthermore, 57% expect to create jobs this year. Also, 28% rate the economy as good or excellent—a 9% increase from three months ago. These are among the key findings of a survey of small businesses released by Goldman Sachs called 10,000 Small Businesses Voices. This study aims to reveal concerns about current economic headwinds. It also analyzes optimism for the future. Read More
Labor quality remains top concern for small business owners
The National Federation of Independent Business (NFIB) monthly jobs report has revealed that only 14% of small business owners intend to hire new employees over the next three months. This marks the lowest level since May 2020 and a decrease of two percentage points from December.
Labor quality remains the top operating issue for small business owners, as reported by 21% of respondents. Labor expenses were recognized as the most critical difficulty for business owners, increasing by one point to 10% compared to the previous month’s record of 13% in December 2021. Read More
Venmo teases new upgrades to business profiles
Venmo has introduced new features to enhance its business profiles, making it easier for small businesses to connect with their customers and expand their reach in the digital marketplace.
This is a crucial step for small businesses to differentiate themselves and build a loyal customer base. In today’s world, social media presence, word-of-mouth, and online reviews are the backbone of small business marketing. Venmo’s innovative tools help businesses attract new customers, overcome social media marketing challenges, and deal with negative reviews. Read More
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