The Daily Rundown: Recession-proof Your Business

There’s good news out of Milwaukee about minority entrepreneurs, plus steps for recession-proofing your business, and alarming statistics about on-the-job deaths

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.

On today’s agenda: some good news out of Milwaukee about minority entrepreneurs, followed by steps for recession-proofing your business, and finally, alarming statistics about on-the-job deaths for a certain type of worker. On that note, have a Happy Thursday!

Milwaukee accelerator program reflects positive gains for entrepreneurs of color

Last year, the African American Chamber of Commerce of Wisconsin launched a new accelerator program for minority entrepreneurs in the Milwaukee area. 31 of the 33 participants of the program so far have been African American women — the fastest growing demographic of entrepreneurs in the country.

The Number: $9,000. The Rise Program awards African American entrepreneurs with $9,000 in capital as well as other types of in-kind services. 

The Quote: “… the statistics reflect small business venture growth for a certain demographic across America.”

5 ideas for making your business recession proof

Earlier this week, we looked at how 44% of SBOs have done nothing to prepare for a recession. For business owners unsure how to even begin preparing, experts suggest a few changes that can go a long way toward preparing your company to weather tough times. For starters: trim the fat now and begin looking for places where you can cut costs instead of waiting until it’s do or die.  Goodbye fancy coffee in the breakroom …

The Number: 30. Business advisors recommend cutting down the timeline for getting paid during tough economic times. Instead of giving clients 30 or even 90 days to pay, offer a small discount for people willing to pay upfront. 

The Quote: “There’s some things you can do that are just going to be good no matter what. And some are very specifically helpful in a recessionary environment.”

Gig workers account for 1 in 8 on-the-job deaths

The Bureau of Labor Statistics published statistics recently indicating that being a gig worker could be hazardous to your health. According to the BLS numbers, during the 2-year period under review, gig workers accounted for 1 out of 8 deaths in the workplace. Out of the 1,275 deaths of independent workers, 173 were tractor-trailer truck driver fatalities and just over a quarter were among workers between the ages of 55 and 64.

The Number: 12.3%. In 2016 and 2017, independent contractors accounted for 12.3% of worker fatalities. Slip and fall injuries comprised 26.4% of these fatalities. 

The Quote: “Independent workers are considered … to be an at-risk group because of their fluid employment situation, which potentially puts them at greater risk for poorer workplace safety and health outcomes.”

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