Welcome to the Small Business Run Down. Each day, we bring you stories and trends that impact small business owners and their workforce.
Today we look at the turmoil in the trucking industry and a group of high-powered CEOS who are trying to turn conventional wisdom about the purpose of business on its head. Plus, tips for procuring government contracts.
Trade war & tax changes contribute to tough times in trucking industry
It’s not easy being a long-haul trucker these days. Recent reports indicate that 2500 truckers have lost their jobs in the past year and that the president’s trade wars and changes to the tax code are at least partially to blame. While some economists believe that the current downturn in the industry is simply the market correcting itself after a particularly robust year, many others believe that increased taxes on truckers’ pay and a drop in manufacturing demand is behind the “bloodbath”–and that it only spells trouble ahead for the larger economy.
The Number: 90%. Truckers, as a group, tend to be more actively involved with politics. 90% of truckers are registered to vote compared to 78% of the general population.
The Quote: “He’s killing our business. If consumers aren’t buying, then there is no demand. This really isn’t about my political leanings — it’s pure business.”
CEOs paying attention, take action at Business Roundtable
We spend a lot of time talking about the shifting values of workers and consumers and it seems that some pretty big-name CEOs have been paying attention, too. An influential group of C-level executives, led by JPMorgan Chase’ CEO, came together at the Business Roundtable to create a document outlining why driving shareholder profits can no longer be their sole priority. Stay tuned for what their shareholders have to say about this…
The Number: 181. A total of 181 CEOs signed this document.
The Quote: “The BRT members that didn’t sign the new document: Alcoa, Blackstone, GE, Kaiser Permanente, NextEra, Parker Hannifin and State Farm.”
Government contracts available to more small biz owners
For small businesses thinking twice about expanding during an economic downturn or struggling to find new customers, government contracts can offer a great alternative revenue source. US law requires the government to buy from small businesses and nearly 25% of contracts are awarded to SMBs. To start bidding on contracts, register your business at www.sam.gov.
The Number: Billions. The federal government awards literally billions of dollars each year in procurement contracts.
The Quote: “A more unexpected way to get a leg up with selling to the government is to market the fact that you accept credit cards as a method of payment.”
How old were you when you went to your first job fair?
A Georgia mother decided to teach her kids the importance of working for what you want and held an afterschool job fair for her 3 children. She posted job listings for laundry supervisor, lead housekeeper and kitchen manager and held mock interviews. We’re guessing the unemployment rate in her home is even lower than the national average.