Welcome to the Small Business Run Down. Each day, we bring you stories that impact small business owners and their workforce.
Don’t cry! We’ve got 3 great stories today on small biz tech trends, holiday staffing and a Venti-sized cash infusion headed for Chicago entrepreneurs.
Keep an eye on these small biz tech trends in 2020
As SBOs reflect on the changes of the past year and look ahead strategically to 2020, these small biz tech trends are worth considering when it comes to making plans for staffing, marketing, and investment. The future is now, after all.
The Number: $10,000. Remote work is quickly becoming the norm for millions of Americans — a trend that will continue by all estimates. The city of Tulsa is offering remote workers $10,000 to relocate.
The Quote: “Small businesses may have to replace aging technology to successfully compete.”
SBOs manage employee expectations to avoid holiday staffing headaches
There’s no way around it for many small businesses: someone has to work while everyone one else is eating leftover turkey. When it comes to staffing for the holidays, many SBOs find that they’re not able to make everyone happy all of the time. The solution? Be upfront when hiring, carefully manage employees expectations, and allow employees to work together to find a schedule that seems fair to everyone.
The Number: $143 billion. Holiday revenue is nothing to sneeze at, with online sales alone expected to reach $143 billion despite the period between Cyber Monday Christmas being 6 days shorter this year.
The Quote: “We let the team know that while we’d love to give everyone the Friday off after Thanksgiving, or Monday after a holiday as an extra bonus, we’ll have to wait until just before the holiday to determine the final schedule.”
Starbucks gives Chicago entrepreneurs a shot of caffeine — and an infusion of capital
Just because you can find a Starbucks on just about every corner of every major city in America doesn’t mean that the coffee company doesn’t appreciate the role that small businesses play in communities. The Seattle chain announced recently that they are investing $10 million in four Chicago-based lenders in the interest of fueling small businesses in Chi-Town. The financial institutions are well established in the community development arena and will focus the resources on borrowers who often face barriers when it comes to accessing capital.
The Number: 500. The West Coast-based coffee chain plans to invest $10 million in for community lenders who will then use the money to finance loans to approximately 500 small businesses in the Windy City.
The Quote: “Our communities are filled with talent and entrepreneurial spirit. What they often lack is access to the right kind of capital so that entrepreneurs can launch, build and grow.”