Welcome to the Small Business Weekly Rundown. Each week, we bring you stories and trends that impact small business owners and their workforce.
Small Business News Highlights:
- One in five small businesses were on the brink of closure during the pandemic
- Restaurants feel the pinch of rising inflation
- Coalition of small businesses fighting for bigger voice in Washington, DC
- Heat-related workplace injuries undercounted, data shows
One in five small businesses were on the brink of closure during the pandemic
“Over the past year and a half, even in our larger-scale business, we faced great challenges, forcing us to evaluate and regroup on a daily basis.”
A new poll found that 1 out of every 5 small business owners considered closing during the course of the pandemic. Additionally, 2 out of 5 SBOs had to take a pay cut in order to keep the company lights on.
Today, with many aspects of the pandemic receding, 69% of business executives report that they still feel overwhelmed by the current economic climate.
Restaurants feel the pinch of rising inflation
“Business is great. We’re seeing super strong demand. It’s so strong it’s become an issue. It’s hitting us on the labor side with wage pressure and availability.”
After surviving a hammering during the pandemic, restaurants are grappling with the pressures of inflation and the need to raise prices in order to make a profit.
Restaurant owners note that, temporary or not, the price spike for ingredients — combined with the need to raise wages to attract workers — has required them to charge consumers more than usual.
Coalition of small businesses fighting for bigger voice in Washington, DC
“We’ve consistently heard from small businesses across the country that they just didn’t feel like they had a voice in the process.”
Small businesses are fighting to have a voice in the ongoing debates shaping antitrust and infrastructure policy in this country.
Small Business Rising, an advocacy coalition that represents 150,000 independent businesses, formed in April with the mission to lobby the House Judiciary Committee to break up large e-commerce tech companies like Amazon.
In response to the concerns of small business owners, President Joe Biden issued an executive order that directs the Federal Trade Commission to ban “unfair methods of competition on internet marketplaces.”
Heat-related workplace injuries undercounted, data shows
“You get frustrated because you’re hot. But nobody is going to come and do the job for you.”
Government officials are likely undercounting the number of workplace injuries occurring from heat exposure, according to new research.
While heat-related injuries such as dehydration and heat stroke are counted, the new study found that injuries such as falling from a ladder due to heat-related dizziness are not tallied, resulting in the total number of injuries being much higher than indicated.
The Latest from Workest
Concerned that your employees are eyeing the door? Here are our best tips for stopping The Great Resignation from hitting your business.
If you’ve been lucky enough to extend offers to new talent in the past weeks and use background checks as part of your hiring process, check out Cinnamon Janzer’s guide to Everything You Need to Know About Background Checks.
Finally, before we say goodbye for the week, here are 3 things you should know:
- Desperate to hire employees? Follow the lead of one New York brewery and advertise your open jobs on your product.
- If you do get a stack of resumes to review, pay attention to whether they include these 7 common resume mistakes.
- If you feel old, you’re not alone. The majority of SBOs are middle-aged, despite what Hollywood and social media might portray.