Welcome to the Small Business Run Down. Each day, we bring you stories and trends that impact small business owners and their workforce.
Today, small businesses expect to see a rise in revenue and hiring, but also should expect to get harder by tariffs, and older workers are still looking for jobs.
Small Businesses See a Rise in Revenue Ahead
Over half of the small businesses responding to a recent survey said they are feeling confident about growth, and that they expect to see a revenue increase compared to last year. This is despite some concern over the economy.
The Number: 23%. Twenty-three percent of small businesses expected to grow their staff compared to 21% last year.
The Quote: “Small business owners frequently report a positive outlook for their business, but they need to create strategies that account for growing headwinds and plans for how to increase revenue while reducing costs.”
Tariffs are Harder on Small Businesses
With more tariffs on the horizon, small business owners are bracing for impact. The tariffs are harder on small businesses than larger ones, mainly because large companies can afford to stock up before tariffs increased. Small businesses have less wiggle room.
The Number: $250 billion. The administration of President Donald Trump have imposed tariffs on $250 billion worth of Chinese goods to date.
The Quote: “Food and home goods, clothing and shoes, toys and electronics — Americans’ entire shopping cart will get more expensive.”
Older Workers Still Looking for Jobs
More than 40% of older workers (55-years or older) are actively looking for work. While it’s illegal to discriminate based on age, that many older workers looking during a tight labor market suggests age discrimination is still a problem.
The Number: 45%. Among the fastest growing occupations (10% or more projected growth), technical writer is the one with the highest concentration of older workers at 45%.The Quote: “Our society tends to view older workers as out-of-touch, lacking in current skills, and unable to learn new skills. But, research over the past decade has debunked most of these myths.”