Welcome to the Small Business Run Down. Each day, we bring you stories and trends that impact small business owners and their workforce.
National Small Business Week has come to a close so we’re back to business as usual today.
There were no shortage of reminders during National Small Business Week that small businesses form the backbone of the US economy and are responsible for providing Americans with jobs. The National Cybersecurity Alliance believes that small businesses are especially vulnerable to cybersecurity attacks, however, and is encouraging SBOs to adopted the framework from the National Institute of Standards and Technology (NIST) to make sure their businesses are protected. A comprehensive plan using the NIST components can help shield small businesses from potentially catastrophic breaches, which often go undetected until it’s too late.
The Number: 5. There are 5 pillars to the National Institute of Standards and Technology: identify, detect, protect, respond and recover.
The Quote: “Small businesses, by their very nature, will not have the internal resources to address the ever evolving cybersecurity threats they face. In fact, most will experience a cybersecurity event and not know it even happened.”
Develop Indy, the economic development office of the Indianapolis Chamber of Commerce, has formed a strategic partnership with Public Advocates in Community Re-Entry (PACE), an organization that helps former inmates find work after leaving prison. While the national unemployment rate has hit a near-record low, exacerbating the difficulty of hiring in a very tight labor market, the unemployment rate for the formerly incarcerated averages about five times higher than the general population, making this program a value tool for business owners looking to fill open jobs.
The Number: 4,400. In 2018, PACE helped approximately 4,400 clients find work.
The Quote: “Our competitiveness as a regional economy, as a city, depends on increasing participation in the workforce. We have a business case that says a more inclusive economy is a more competitive one.”
A recent tech summit in Utah shed light on some key factors that have helped foster the state’s expansion in the technology sector over the past two decades–and ultimately turned Utah into a friendly environment for small businesses. Utah’s huge boom in tech and venture capital companies has created an economic and regulatory ecosystem in which SMBs thrive.
The Number: 17,000. Since 2016, Utah has become home to 17,000 new small business, adding an additional 40,000 to the state’s economy.
The Quote: “The secret sauce of Utah is the people. This is something we just feel in our bones. It’s in our DNA. We just know what it means to bootstrap, to work hard, to be the underdogs, and just grind. When you face hard things like Utah’s pioneers did, it becomes a part of your culture, and people here in Utah have embraced that.”
A good onboarding program can make a world of difference in how new employees perceive the company during those critical first days and weeks in a new job. Check out this list of 5 resources for improving your company’s onboarding program.
The Number: 4%. Research shows that up to 4% of people will leave a job after the first day if it goes badly. The Quote: “When I give candidates their offers, I always ask them what their favorite candy is. I don’t tell them why I’m asking, but on their first day in the office, we fill a big bowl with all of their favorite candy and put it on their desk. This makes it easy for people in the office to come by, grab some candy, and maybe start a conversation with someone new.”