Welcome to the Small Business Rundown. Each day, we bring you stories that impact small business owners and their workforce.
Yesterday we took a look at some of the ways that small businesses can help alleviate stress for employees. Today we’ll dive deep into creative ways to promote “wellness” for employees. Then we’ll take a look at how small businesses contend with staying relevant amidst changing neighborhoods before checking in with small businesses that import the majority of their products from China.
Embracing wellness to retain employees
For many small businesses, promoting employee wellness means more than just offering discounted gym memberships. In fact, many business owners see offering health and wellness incentives and benefits as a key part of retaining good employees and preventing turnover. Moreover, these employers know that “wellness” is a term that can encompass many aspects of physical and mental health and that employees should be able to decide how to use funds.
The Number: 3%. A Minneapolis restaurateur adds a voluntary 3% surcharge on guests’ checks to help pay for employee health and mental health insurance.
The Quote: “You can get nails done, anything you feel is helping your overall well being.”
Staying relevant as the neighborhood changes
Shifting demographics and attitudes can make it difficult for small businesses to stay relevant (and solvent) as the neighborhood around them changes. Savvy SBOs understand that changing with the times can be an important component of staying afloat. This can mean creating parking, adding additional services and finding ways to make visiting a restaurant a special experience.
The Number: 42%. Recent data suggests that 42% of start-ups fail because of a lack of market need.
The Quote: “You have to afford the rent for sure. That’s why we never opened too big. We started small and kept it small. If we had taken over this whole space, it would’ve been way too much.”
Small businesses feeling the pinch of halted imports from China
Small businesses who import from China and keep less inventory on hand are concerned about the future. As China continues to struggle to contain the highly-contagious coronavirus, factories have halted production, drying up supply lines to U.S. distributors. In particular, small businesses that sell on Amazon are especially concerned about what a dwindling supply of products means for the future of their business.
The Number: 90%. Many small businesses report importing as much as 90% of their inventory from China and stocking only a few weeks worth of products at one time.
The Quote: “I contacted my manufacturer today and their factories are closed right now.”