Report Forecasts Acceleration in Growth of U.S. Small Business Over Next Decade

The Intuit QuickBooks Future of Small Business Report forecasts an acceleration in the growth of U.S. small business over the next decade, from 30 million in 2016 to over 42 million in 2026.

This forecast represents an average annual growth rate of 3.3 percent, a significant increase on the 2 percent average growth for small business seen between 2004 and 2014.

The report, developed by Intuit Inc. in partnership with Emergent Research, also outlines five trends that will give small business a competitive edge over the next decade:

  • World-class business infrastructure.
  • Insightful data.
  • A growing pool of on-demand talent.
  • Online marketplaces.
  • Cost-effective online advertising.

The Intuit QuickBooks Future of Small Business Report is available online at http://www.slideshare.net/IntuitInc/intuit-quickbooks-future-of-small-business-report/1.

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EEOC Releases New Online Small Business Resource Center

The U.S. Equal Employment Opportunity Commission (EEOC) has released a new online Small Business Resource Center (SBRC) designed to help small business owners comply with  federal employment anti-discrimination laws enforced by EEOC. The SBRC website is at https://www.eeoc.gov/employers/smallbusiness/.

“Small businesses are engines for economic growth,” EEOC Chair Jenny R. Yang stated in a press release about the SBRC. “The release of this new resource is part of the agency’s continuing efforts to ensure that small business owners have the tools they need to ensure equal employment opportunity in their workplaces.”

The SBRC is a user-friendly one-stop source for small business owners who need information on EEOC laws quickly and in an easy to understand format. The website also provides answers to frequently asked questions, guidance for employment decisions, and tips for small business owners on a variety of workplace discrimination issues.

“On behalf of EEOC’s Small Business Task Force, I am very pleased to announce the release of the SBRC,” Commissioner Constance S. Barker, who launched Small Business Task Force in 2011, stated in the press release. “Startups and other small businesses continue to play an integral role in the strength of our nation’s economy.”

“We want small businesses to be able to quickly and easily access the information they need to comply with the laws. It is our hope that the Small Business Resource Center will help them do just that, so that they can focus their time and efforts on growing their businesses and creating new jobs,” Commissioner Barker added.

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Small Business Administration Launches Certify.SBA.gov Website

The U.S. Small Business Administration (SBA) has launched the website Certify.SBA.gov to modernize the Women-Owned Small Business (WOSB) Program certification process. The new website is at https://certify.sba.gov/.

According to the SBA website: The WOSB Federal Contract Program was implemented in February 2011 with the goal of expanding the number of industries where WOSB were able to compete for business with the federal government. 

Currently, this Certify.SBA.gov website is available for the WOSB Program only. The website will eventually serve additional SBA contracting programs. Comments or suggestions should be emailed to certify@sba.gov.

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Hillary Clinton Vows to be Small Business President if Elected to White House

Democratic Presidential candidate Hillary Clinton vowed to be a “small business president” if she is elected to the White House, according to a report from The Washington Times.

The Washington Times reports that Clinton said she would help small business start-ups gain easier access to capital and employees while comparing her economic approach to her Republican rival Donald Trump.

“You don’t go around bullying small businesses because you can,” Clinton said at a campaign rally in Omaha, Nebraska. “Small businesses are the backbone of this economy, and I want to be a small business president.”

The complete story is available on The Washington Times website at http://www.washingtontimes.com/news/2016/aug/1/hillary-clinton-vows-be-small-business-president/.

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Study Finds 9 Out of 10 Small Business Owners Believe Benefits Outweigh Challenges

The Allstate/USA Today Small Business Barometer, a custom online survey issued to small business owners across the country in order to capture their personal sentiments and provide a multi-dimensional snapshot of the current small business environment, found that nearly 90 percent of small business owners believe the benefits of owning a small business outweigh the challenges.

A first-of-its-kind comprehensive profile of the small business environment across the nation and 25 of our largest cities, the Barometer combines a national survey of small business owners with federal data to yield eight key indicators and an overall profile measure. Some of the critical findings of the study include:

  • 79 percent of small business owners reported that in the past three months, their businesses have grown the same as or more than in the same period last year, and 53 percent believe there has never been a better time to own a small business.
  • Over 50 percent of small business owners have tried a new business practice over the past three months with 38 percent trying new technologies, showing the capacity to innovate and adapt even in the face of serious challenges such as significant financial pressures.
  • Almost 50 percent of small business owners have sacrificed their own salary for the good of the business in recent months and 40 percent frequently forgo spending time with family and friends.
  • Over 36 percent of small business owners report that recruiting new clients or customers is one of the biggest problems facing their business today while fewer list taxes or government regulation as a major challenge.
  • 64 percent of small business owners think their businesses will do well next year, while over 70 percent of female and minority small business owners say the same despite the added challenges that women and minorities face.

The survey of small business owners was conducted on behalf of Allstate by Greenberg Quinlan Rosner Research from November 4th-22nd, 2015. Survey respondents included small business owners nationally, ages 18-75, each being owners or part-owners of a business or franchise with annual revenues greater than $25,000 and between 1 and 100 employees. This survey included a representative national sample of 500 small business owners in 25 media markets across the country for a total of 2,640 completed interviews.

The Barometer assigns scores between 0 and 100 for eight indicators that influence the business climate, as well as a combined score. The eight indicators are: capital, commodities, customers, innovation, technology, labor, optimism and regulations. Data related to labor, capital, commodities and customers reflect a combination of public data sources and proprietary survey results, while barometer scores for innovation, regulation, optimism and technology reflect data exclusively obtained from the Allstate survey of small business owners.

The Allstate/USA Today Small Business Barometer provides information about the small business climate in the United States and 25 of its largest markets. Built from a unique proprietary data model, the Barometer combines the findings from a custom in-depth survey of small business owners and existing public data to provide an experiential tool with insight into fundamental small business indicators and sentiment. For more information about the study, please visit https://www.allstate.com/tools-and-resources/small-business-barometer.aspx.