Welcome to the Small Business Run Down. Each day, we bring you stories that impact small business owners and their workforce.
Welcome to the Small Business Run Down. Each day, we bring you stories and trends that impact small business owners and their workforce.
Let’s wind down the week by checking out how regulations on the vaping industry will impact small businesses compared to their Big Tobacco counterparts. Plus, one New York congresswoman’s efforts to support female entrepreneurs and a look at SMB attitudes toward trade.
Vaping regulations set to impact smaller companies more than Big Tobacco
New public health concerns over the safety of vaping has increased the scrutiny — and the regulatory oversight — faced by the tobacco industry. Economists, however, point to the history books and warn that increased regulations will have a disproportionate impact on small businesses — leaving the big companies without competition.
The Number: 36%. Generally, smaller firms, those with 20 or fewer employees, tend to pay a disproportionately high price when it comes to government regulation. A 2010 study by The Small Business Association found that small companies pay 36% more than “the regulatory cost facing large firms.”
The Quote: “Prohibition in the 1920s shut down many small brewers and distillers, but the big companies such as Anheuser-Busch and Brown-Forman, the makers of Jack Daniel’s, had the resources to wait out the 14-year ban and emerged bigger than ever.”
Congresswoman seeks to resurrect defunct federal agency to support women in business
A congresswoman from Queens, New York is celebrating Women’s Small Business Month in a special way: she’s introduced bipartisan legislation to bring back the now-defunct Interagency Committee on Women’s Business Enterprise. The committee would be responsible for coordinating the resources of several departments within the federal government that seek to support women-owned enterprise and economic opportunities.
The Number: 1979. The Interagency Committee on Women’s Business Enterprise (ICWBE) was formed in 1979 and lasted until 2000.
The Quote: “Getting the ICWBE back to functioning status would help increase the ability of the federal government to provide targeted assistance to women entrepreneurs so they can achieve their business goals.”
Survey finds that U.S. small business leaders support trade
A recent survey by FedEx examined the attitudes of US small business leaders toward international trade and found that “a substantial majority of U.S. small business leaders (82%) see increasing U.S. trade as beneficial to the overall economy.” Furthermore, 75% of small business heads reported that overseas online sales are an important key to the growth of their business.
The Number: 74%. Nearly 3 out of 4 small business owners agree: increasing trade opportunities abroad is an important part of creating jobs at home.
The Quote: “Breaking down trade barriers is essential to creating new opportunities for our small business customers.”