Small business owners are mostly made up of baby boomers. Facebook adds new tools. Flexible summer schedules in demand. It's all in the daily rundown.
Welcome to the Small Business Run Down. Each day, we bring you stories and trends that impact small business owners and their workforce.
Today we look at Baby Boomers in business, Facebook’s new tools to make marketing easier for small businesses, and workers’ wishes as the weather warms up. Hint: it’s not margarita machine in the office.
Boomers in business: recent survey finds 57% of SBOs over 50
A recent survey on the state of small business from Guidant Financial highlights recent trends and struggles among small-business owners from from the Baby Boomer generation. The research indicates that the majority of SBOs in the US are over fifty years old and that within this group, men outnumber women by a three-to-one ratio. The top 3 businesses for baby boomers to be involved in are the businesses services, food and restaurant, and health, beauty and fitness industries.
The Number: 73%. Out of the business-owning baby boomers survey, 73% want to grow their business compared to the 8% who want to get out and sell.
The Quote: “In 1996, about 20 percent of small business owners were over 50. Our survey shows that there is a massive shift toward baby boomer owned businesses – nearly 300 percent.”
Facebook adds new tools for small-biz marketing
Online marketing is a big deal for small businesses with tight advertising budgets and Facebook is attempting to make it easier for small businesses to market their goods and services on the social media platform. The roll-out includes an automated ads tool, tailored audience suggestions, and timely notifications about how ads are performing.
The Number: 6. The automated ads tool will allow SBOs to create up to 6 versions of their advertisement.
The Quote: “We know small business owners are strapped for time, which is why we’re committed to building tools that save you time and enable you to focus on the parts of your business you love.”
Flexible summer schedule tops workers’ list of wishes
Flexible work schedules and early-release Fridays throughout the summer are the top two desires of workers, according to a new survey. For businesses struggling to attract and retain talent in today’s labor market, it’s worth considering if non-standard work schedules can be accommodated–at least during the summer–in the interest of keeping employees happy.
The Number: 80%. Flexibility rules. 80% of workers would choose a job with a flexible work schedule over a job without one.
The Quote: “As we head into summer, workers’ wants are shifting. When it comes to recruitment and retention, it’s important to be aware of what will resonate with employees, as habits and lifestyles fluctuate throughout the year. Managers need to pay attention and help their teams achieve work-life balance.”
The benefit of offering bereavement leave
While there are relatively few laws on the books when it comes to guaranteeing grieving employees paid time off, offering your employees some form of bereavement leave can be both the compassionate and the smart thing to do. Check out this quick guide to bereavement leave to find out how local laws impact your company’s policy.