Welcome to the Small Business Run Down. Every day, we bring you stories and trends that impact small business owners and their workforce.
We close out National Small Business Week by looking at the impact of increased tariffs on Chinese goods, the new SEC office that wants to help SMBs succeed, and little businesses that make a big impact.
An increase in tariffs on Chinese goods means that many SBOs must now use capital to pay taxes on goods instead of hiring, marketing or expanding their company. The tariffs, which went into effect at 12:01 this morning, jumped from 10% to 25% and impacts approximately $200 billion worth of products from China. According to US Customs and Border Protection, the increase only impacts goods exported after 12:01 on May 10th, 2019.
The Number: 5. Businesses had only 5 days of advance notice about the possible increase in tariffs on Chinese goods, leaving owners scrambling to find ways to pay the import duties.
The Quote: “I’m not Apple who can just say, ‘Well, if you want the new iPhone, it’s now $1,000.’’ Suddenly, if you just need a whole lot more cash, it’s really disruptive.’’
The SEC is taking a new approach to connect with SMBs through the Office for the Advocate for Small Business Capital Formation (OASB). Under the leadership of Chairman Jay Clayton, the OASB seeks to help SBOs–who add huge numbers of jobs to the US economy–make their way through the regulatory maze related to raising funding for their businesses. It also specifically examines challenges encountered by minority and women-owned businesses.
The Number: 100. Today marks the 100th day of existence for the Office for the Advocate for Small Business Capital Formation.
The Quote: “The more issues that we can identify where we can recommend solutions to fix those issues, help people outside the small business community recognize the impact the solutions would have and ultimately get those solutions adopted so we can have better capital flow in this country.”
As National Small Business Week comes to a close, we take a look at a number of small businesses that make positive waves in society. These companies balance profit with purpose and employ innovative and transformative business practices in the service of social issues such fair-chance hiring, financial instability, and employee ownership.
The Number: 138 million. Out of the 138 million American workers, only 39% have $1000 on hand to cover expenses during emergencies
The Quote: “What began as a modest bakery on the edge of New York City with the moniker that ‘We don’t hire people to bake brownies, we bake brownies to hire people,’ has emerged today as a globally recognized brand with an innovative business model and value proposition.”
When it comes to dealing with Mother’s Day in the workplace, like most things in a life, a little sensitivity goes a long way. Check out Mompreneur’s guide to skillfully and sensitively navigating this tricky holiday with your employees.