Welcome back! As we head into December, the good news is that small business confidence is rebounding ahead of the news of a U.S.-China trade deal. The not so good news is that employee online shopping may be putting your business at risk! Let’s find out more …
Possibility of U.S.-China trade deal boosts small business confidence
The U.S. small business community’s outlook about trade with China has improved — raising the level of small business confidence along with it. CNBC’s Small Business Confidence Index hit an all-time low in the third quarter, but recent developments in trade negotiations with China have improved SMB confidence. China has reportedly demanded rollbacks on U.S. tariffs, while U.S. support for Hong Kong has also raised concern.
The Number: 59. The CNBC/Survey Monkey Small Business Confidence Index rose 2 points to 59, indicating that more small business owners are optimistic about the future of their business.
The Quote: “Despite the administration’s repeated insistence that a deal is imminent, no agreement officially has been signed.”
Small Business Saturday tops over $3 billion in sales
Lin-Manuel Miranda’s push for Small Business Saturday paid off. While the total revenue for November 30th holiday shopping is yet to be determined, online sales alone reportedly smashed records from previous years. A total of $68.2 billion was spent online between November 1 and the last day of the month.
The Number: $3.6 billion. Online shopping gave Small Business Saturday a significant boost, pushing the total sales to $3.6 billion.
The Quote: “The weekend between Black Friday and Cyber Monday is emerging as a truly lucrative period for online commerce.”
Employee online shopping poses cybersecurity risk
A recent survey explores small-business owners’ understanding of the risks posed by employees who make online purchases using a company device. While the majority of SBOs expect their employees to use business-issued devices, they do not fully understand the risks posed by phishing scams — and worse — don’t know how to mitigate the risk.
The Number: 82%. Shopping on the company dime takes on a new meaning these days. 82% of SMB executives expect their employees to use a work device to make online purchases this holiday season.
The Quote: “Research shows mobile users are more susceptible to phishing, probably because of their user interfaces and other factors.”