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: the use of social media as a tool for marketing, National Small Business Week’s 2nd Annual Virtual Conference, and paid time off for voting and volunteering in New York and Minnesota.
Nearly 75% of small businesses will invest in social media marketing this year
A new survey found that nearly 3 out of 4 small business owners will invest in some form of social media marketing in 2019. The survey found that small businesses often use social media community groups and pages to promote and market their products and services. More generally, 95% of small businesses plan to increase their marketing budgets in some way in the coming year.
The Number: 85%. According to one estimate, 85% of Americans watch an online video each day, but only 27% of small businesses plan on increasing spending on video marketing.
The Quote: “Without a doubt, social media marketing and advertising is our most successful digital marketing channel.”
Virtual Conference hosted by National Small Business Week for second year in a row
National Small Business Week is less than a month away and registration is now open for the second annual Virtual Conference on May 7th and 8th. The conference is sponsored by the Small Business Administration and SCORE and will feature educational webinars, informational exhibit booths, and even networking opportunities. All the events are free but registration is required. Check out the full list of sessions and then register here.
The Number: 11 million. Since its inception in 1964, the SCORE program has helped over 11 million would-be entrepreneurs.
The Quote: “As part of National Small Business Week, the U.S. Small Business Administration takes the opportunity to highlight the impact of outstanding entrepreneurs, small business owners, and others from all 50 states and U.S. territories.”
Want to Volunteer or Vote on the clock? Go for it!
An amendment to New York’s election law now requires employers to give employees up to 3 hours of paid time off to vote. Governor Andrew Cuomo announced the change to the law today and it became effective immediately. The new policy requires that employees who are registered give their employer two days notice before an election about their intention to vote.
Meanwhile, Minnesota companies are giving more workers time off to volunteer. The state ranks second in the nation, behind Utah, for volunteer rates and companies across the state, both big and small, are enacting VTO policies for their employees. The programs vary in the number of days offered for volunteer work and are part of efforts by employers to give workers more flexibility in their schedule.
The Number: 24%. In 2018, 24% of companies nationwide offered employees some sort of paid time off for volunteering.
The Quote: “Most innovative companies I know are adopting some sort of volunteer time off program. It’s becoming more common … employees really want to feel connected to something bigger in their personal lives.”
Employee commitment is good for business…so how do you foster it?
Committed employees can add value to your business in a variety of ways and often go the extra mile for the good of the organization and their colleagues. Their attitudes and actions demonstrate that they have the well-being of the company in mind at all times. Creating a work environment that fosters commitment in your employees takes effort but can save, and money by reducing employee turnover.
The Quote: Building a workforce of committed employees is a two-way street: as the employer, you must demonstrate prioritization of employee growth and acknowledge their successes. As an employee, go the extra mile.