Welcome to the Small Business Run Down. Every day, we bring you stories and trends that impact small business owners and their workforce.
Today we take a quick peek at six pieces of legislation to promote US small business growth, three challenges facing female entrepreneurs and why you should go to Orlando if your business needs a new backhoe.
The US House of Representatives Small Business Committee recently voted on six pieces of legislation aimed at supporting America’s small businesses. The bipartisan bills seek to expand SBO access to capital for rebuilding after a natural disaster, invest in cybersecurity measures and awareness, create a streamlined resource for compliance issues and clarify requirements for procuring federal contracts.
The Number: $25,000. H.R. 277 raises the minimum amount for disaster relief loans for which the SBA can require collateral from $14,000 to $25,000.
The Quote: “Last week, I helped advance six important pieces of legislation that directly start to address the issues plaguing our small business owners and the millions of people they employ.”
Despite gaining ground in recent years, women entrepreneurs still face three major challenges when it comes to starting, establishing and expanding their businesses. Though there are approximately 11 million female-owned companies in the US, creating nearly 9 million jobs, women continue to face difficult social expectations, limited access to funding and a lack of support when starting a company.
The Number: 7%. Female-owned businesses receive just 7% of venture capital investment funds.
The Quote: “The high-level business world is still dominated by men making it hard to facilitate conversations and add elite connections to your network.”
For small construction companies across the country, a yearly heavy machinery auction in Florida offers an opportunity to buy big equipment for less, connect with others in the industry…and even let loose a bit with family and friends. Throughout the month of February, a series of auctions around Orlando attract construction SBOs looking for deals on excavators, backhoes and the other big machines they need to stay in business. Start looking for plane tickets now.
The Number: 1.3 trillion. By all accounts, US construction spending is healthy, hitting a record of $1.3 trillion last year.
The Quote: “Heavy-equipment bidders are a boots-and-jeans crowd, mostly men who on ordinary days arrive at their work sites by 4 a.m. and obsess over deadlines and safety.”
If the goal of your business is to promote a happy and engaged workforce, salary benchmarking is an excellent tool to make sure your workers are being paid fairly. By comparing third-party wage data at the national, state and local level against job descriptions, salary benchmarking can help create an a well-structured compensation plan and promote fairness for all parties involved.