Welcome to the Small Business Run Down. Each day, we bring you stories and trends that impact small business owners and their workforce.
It’s only Friday, but already we’re talking about the Sunday Scaries! But first, the double-edged sword of selling on Amazon’s small business platform and SBA loan programs geared toward closing the racial gap in financing.
Amazon’s investment in small business tops $15 billion
Online retail giant Amazon announced earlier this week that they’ve created over 150 new tools and invested $15 billion in small business sellers in 2019. The tools allow SBOs to retain better insight into their inventory, opt-in to price management services, and gain access to support from third-party sellers. Selling through the site, however, comes with certain trade-offs worth considering.
The Number: 360,000. Amazon believes that their technology will be central to the creation of 360,000 more jobs over the next 3 years.
The Quote: “As part of our dedication to supporting independent retailers, we have thousands of employees around the globe who work hard on their behalf, developing tools and services to help them grow their sales in Amazon’s stores. Ultimately, our success depends on their success.”
SBA programs target financing access gap for minorities
It’s well documented that African American entrepreneurs face more barriers to accessing capital than their white counterparts. The Small Business Administration has loan programs that can help level the playing field when it comes to gaining financing for minority businesses, however. The Community Advantage program, in particular, awards loans to businesses operating in underserved communities.
The Number: 73%. African Americans are 73% less likely to have a credit score than white Americans.
The Quote: “African Americans who have aspirations as business owners face greater challenges than whites.”
Workweek anxiety hampers employee productivity
You may not have heard of the term “Sunday scaries” but you’ve probably experienced them at some point in your work life. Research indicates that 39% of workers report feeling anxiety heading into the work week — and that these feelings can have a big impact on worker productivity and engagement. Take heart! There are simple things you can do as a business owner or manager to allay your workers’ fears. For starters, model a healthy-work life balance…
The Number: 41%. Researchers report that 41% of workers admit to being less productive when they’re stressed, costing employers a lot of money.
The Quote: “If an employee doesn’t know why they go to work, then of course they’ll be bummed Sunday night.”
They say that breaking up is hard to do …
It’s not me, it’s you.
Parting is such sweet sorrow.
It ain’t me babe …
Ending a relationship can be tricky. Resist the urge to use cheesy sayings or song lyrics when you have to fire an employee an employee and follow this guide to writing a termination letter instead!