SBA Encourages Local Shopping with ‘Season of Small Business’
The U.S. Small Business Administration (SBA) has launched the “Season of Small Business” campaign to encourage American consumers to support local businesses during the holiday season. Recognizing the critical role holiday shopping plays in the revenue of startups, particularly in the retail sector, the SBA aims to amplify President Biden’s commitment to uplifting small businesses. Administrator Isabel Casillas Guzman emphasizes the link between holiday shopping and entrepreneurial success, urging people to shop local, dine small, and support businesses that contribute to the economy and community vibrancy. Despite economic challenges, 2023 has witnessed a significant surge in seasonal spending, providing an opportunity for small businesses to capture a greater share of holiday traffic. By prioritizing customer retention and delivering a quality buying experience, small businesses can build a loyal customer base for long-term success.
Source: ASBN
The Small Business Struggle with Retirement Plans After SECURE 2.0
The Small Business Retirement Survey Report by Capital Group reveals that despite a 7% increase in interest among small business owners to offer retirement plans following the SECURE 2.0 legislation, many still feel unable to afford such benefits. The survey, conducted among over 600 business owners, indicates that nearly 40% believe their companies are not currently big or stable enough to implement a retirement plan. While 74% express likelihood of adopting a plan in the next two years, there is a cautious, wait-and-see sentiment. The awareness of the SECURE 2.0 Act varies, with 57% of business owners familiar with its provisions, but only 9% of employees aware of the law. Barriers cited include concerns about company size and stability (39%), limited resources (35%), and a lack of knowledge or uncertainty about where to start (32%). Capital Group’s Senior Vice President of Retirement Plans, Renee Grimm, suggests that overcoming these barriers may require the guidance of financial professionals and third-party administrators to help businesses navigate the complexities and take advantage of available benefits.
Source: Benefits Pro
Survey: Small Businesses Struggle to Meet Gen Z and Millennials’ Expectations
Two GoDaddy polls highlight a significant gap between small businesses’ perception of providing a convenient online experience and the expectations of Gen Z and Millennials. While 91% of 1,000 surveyed business owners believe they offer convenience, only 21% of consumers, including 19% of Gen Z, agree. Small enterprises, targeting younger generations, often fall short in key areas such as “Buy Online, Pickup In-Store,” digital wallet acceptance, free delivery, and online purchasing options. The surveys reveal that 73% of Gen Z and 75% of Millennials would frequent small businesses more if they matched the convenience of larger chains. Notably, aspects like a company’s backstory are crucial, with 65% of customers indicating a higher likelihood of purchase if they know the business story. GoDaddy emphasizes the need for small businesses to prioritize convenience, adapt to evolving preferences, and leverage technology in 2024 to enhance their online presence and meet customer demands.
Source: ASBN
Consumer Price Index Inches Higher in November, Alleviating Fed Concerns
In November, prices for a wide array of goods and services in the United States saw a slight uptick, with the consumer price index (CPI) rising by 0.1%, in line with expectations, and showing a 3.1% increase from the previous year, according to a report from the Labor Department. The monthly rate marked a modest rise from October’s flat CPI reading, while the yearly rate saw a slight decline from the 3.2% recorded a month earlier. Excluding volatile food and energy prices, the core CPI increased 0.3% for the month and 4% from the previous year, consistent with estimates and similar to October’s figures. The report, showing a 2.3% decrease in energy prices, including a 6% drop in gasoline, provided some relief on the inflation front. As the Federal Reserve convened for its two-day policy meeting, the data supported expectations that interest rates would be maintained, with the market closely watching for signals on future policy directions, anticipating a potential shift from tightening to easing in 2024.
Source: CNBC
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