Welcome to the Small Business Rundown. Each day, we bring you stories that impact small business owners and their workforce.
Today we’re going to look at the heightened threat of fraud small businesses face in the lead-up to Tax Day. Speaking of special days that start with the letter “T” … Taco Tuesday is a great day to look at the explosive growth of Latino entrepreneurs in the U.S. and the contributions these business-owners make to the economy. Finally, SCORE released a new infographic outlining the advantages diverse teams bring to small businesses.
Fraudsters use tax season to take advantage of small businesses
This tax season, small businesses have more than one reason to be on-guard. Data indicates that online scammers are targeting small businesses with phishing attacks that spoof legitimate tax companies. The increase in this fraudulent activity mirrors the overall rise in ransomware breeches and corporate attacks.
The Number:41%. The New York Times reported recently that the number of ransomware attacks has increased by 41% since last year.
The Quote: “While the tax-themed email attacks hit businesses in all sectors, we also saw financial firms and construction industries targeted disproportionately.”
Latinos are numero uno for small business growth
Despite facing very real barriers to opportunities and funding, Latinos make up the fastest-growing segment of small business owners in the United States. Over the past decade, the number of Latino-owned businesses grew by 34% and now account for 5.5% of U.S. jobs. Despite the boom in the number of entrepreneurs, Latino businesses tend to be smaller and bring in more revenue than their white-owned counterparts.
The Number: 8th. The 60 million Latinos in the U.S. account for $2.3 million of the country’s economy. This number alone would make U.S. Latinos the 8th largest economy in the world.
The Quote: “I think that there’s really a positive story when you look at Latino businesses across the country. The number is smaller as a base but it’s growing very rapidly. Latinos are oriented towards starting businesses and are doing it at a significant rate.”
Diversity drives small business success, says SCORE
SCORE recently released a new infographic displaying findings on the ways that diverse teams impact small-business outcomes. The research found that diverse teams make better and faster decisions, are more innovative and perform better financially.
The Number: 33%. Gender-diverse teams outperform homogeneous teams by 21% while ethnically diverse teams outperform others by 33%.
The Quote: “Small businesses with diverse teams have a greater ability to produce creative ideas that catch the attention of consumers, and resonate with a more widespread audience.”