Welcome to the Small Business Run Down. Each day, we bring you stories and trends that impact small business owners and their workforce.
Forget your wallet? It’s not a problem…as long as you don’t live in Philly. Plus, legislation to keep track of empty storefronts in NYC and the secret to small business longevity.
Empty storefronts spur NYC council into action on behalf of small businesses
The New York City Council recently enacted a law requiring landlords to register the status of their commercial spaces in the hopes that it will help cut down on the number of empty storefronts in certain parts of the city. The legislation is in response to the closing of “a slew of beloved local establishments across the city closed amid skyrocketing costs.” In Brookly, retail rents averaged about $100 per square-foot in 2017.
The Number: 20%. Manhattan and Brooklyn have the largest number of vacancies, with approximately 20% of storefronts empty in some neighborhoods.
The Quote: “The key to retail success…is to offer customers what they want at a price they can afford.”
Cash-free payments gaining ground around the world
As Sweden and Australia lead the charge toward cash-free societies, many American business owners are wondering how the trend toward digital payments will impact them. Proponents of cash-free transactions cite the ease of tap-and-go payments for both customers and employees as well as the added protection against employee theft. Critics of digital-only payments say that doing away with cash disadvantages people who don’t have access to technology, credit or traditional banking. Philadelphia is so opposed to becoming cash free that they’ve banned cashless stores. Apparently the City of Brotherly Love is still all about the Benjamins.
The Number: 23.4 million. So far, with 23.4 million users, Starbucks has been the most successful at encouraging consumers to use a digital payment platform.
The Quote: “Many people feel that businesses that don’t accept cash are discriminatory against people with lower incomes, recent immigrants, or those who, for other reasons, may not have access to credit and traditional banking.”
Beat the small-biz success odds by taking care of your people
Statistics are not in favor of small businesses. One in three small businesses will fail in the first two years, let alone survive long enough to be passed on to the next generation. Families who do beat the odds and keep the business alive for decades pin their success on taking care of people–both customers and employees. By focusing on customer service, cultivating loyal employees, and investing in the business, savvy SBOs are able to hand a healthy, thriving business on to the next generation.
The Number: 15. Studies from the Small Business Administration found that only approximately 25% of businesses last 15 years.
The Quote: “One reason we survived this long is we didn’t buy any airplanes.”
Is it too early to start playing Jingle Bells?
‘Tis the season…the Open Enrollment season, that is! Even though it’s still technically a few months away, it’s not too early to start talking to your employees about important Open Enrollment dates so they can begin making plans.