The Daily Rundown: 44% of small businesses unprepared for recession

Are small businesses prepared to face a recession? Plus Oregon’s new paid-family leave law, and the worst/best ways to promote team bonding

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The Daily Rundown

Welcome to the Small Business Run Down. Each day, we bring you stories and trends that impact small business owners and their workforce.

There’s been a lot of talk of recession in the news lately, but how many small businesses have actually taken steps to prepare for lean times? Also: Oregon’s new paid-family leave law and the worst/best ways to promote team bonding.

Almost half of all US small businesses unprepared for recession

If the experts are right, the US is headed toward an economic recession for the first time in over a decade. And while 80% of SBOs surveyed admitted to being concerned about a downturn in the economy, less than half have actually taken steps to prepare their business for a recession.

The Number: 44%. Of the 1,000 small business owners surveyed, 44% have not yet taken steps to prepare for a recession. 

The Quote: “Small businesses should be taking time now to prepare their business while the economy is still strong, particularly when it comes to getting the right financing to withstand any economic condition.”

Oregon advances paid family leave with new legislation

Earlier this month, Oregon passed bipartisan legislation to create a paid family leave program for all Oregon workers — a move that has been met with a variety of reactions from Oregon’s small business community. The law requires businesses with 25 or more employees to establish a fund from which employees can draw paid leave during the birth of a child or if they need time off to care for a family member.

The Number: 18. House Bill 2005 allows workers to take up to 18 week of leave, 12 of which are paid. 

The Quote: “Now I hire someone, which isn’t easy, to go find somebody to fill in a gap for 12 weeks, three months, what if it’s during our busy season? … Then they’re gone and they have to come back and I have to hold their position and give them their job back.”

Surveys says: Skip the icebreakers and break out the rocks

If you ask your employees one thing they want everyone to know about them, almost half might respond that they’d rather be working. A total of 46% of workers would rather complete a work task than engage in icebreaker games, according to a recent survey of 1,000 full-time employees. The researchers found that employees prefer activities that involve alcohol or service opportunities over icebreaker games.

The Number: 95%. Even if they don’t want to play “Two truths and a lie” a full 95% of employees do believe that team bonding exercise increase their collaboration with colleagues. 

The Quote: “Employers should anticipate losing at least some degree of productivity when employees get caught up in the excitement and fervor of these activities and events, so setting some boundaries and expectations may be appropriate.”

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