Welcome to the Small Business Rundown. Each day, we bring you stories and trends that impact small business owners and their workforce.
It’s Wednesday, the perfect day to consider the SBA’s new cybersecurity practices, how small business might cope with rising wages and the value of hiring more full-time workers.
US House passes legislation to bolster SBA cybersecurity, protect SBOs
The House of Representatives passed two bills earlier this week intended to help the SBA and the small businesses it serves guard against the threat of cybercrime. The first of the two bills creates new timelines for the SBA to report to Congress and the public about cybersecurity threats, while the second bill requires small business development center counselors to become certified in cybersecurity.
The Number: 30. Under the new legislation, the SBA would have 30 days to notify businesses of incidents and attacks on th
The Quote: “Our businesses are the backbone of our economy but are increasingly the target of cyberattacks and theft of small business data and intellectual property.”
How small businesses can prepare for a national minimum wage hike
As legislation to increase the national minimum wage moves steadily toward the floor of the House of Representatives, companies of all shapes and sizes must grapple with how best to prepare for the increased cost of doing business. Though the bill faces plenty of pushback from Republicans, it signifies the wider trend that’s gaining momentum at the state level and small businesses must decide if they’re going to recoup the cost by raising prices, shifting their hiring practices, or relying more heavily on technology.
The Number: 10. It’s been 10 years since the last increase in the federal minimum wage.
The Quote: “For small, independent restaurants, the profit margin is so small that a significant wage increase would have to be offset somehow.”
Hire more full-time workers, says Harvard Business Review
Finally, the Harvard Business Review makes a pitch for the value of hiring more full-time workers in the midst of the labor shortage and burgeoning gig economy. While taking on more employees with benefits might not be in the cards right now, the article is worth the read for the important points it makes about stressed-out workers and employee engagement.
The Number: 20%. As of 2018, one out of five American jobs was filled by a contract worker.
The Quote: “Recent research shows that anxiety levels among gig workers are nearly twice as high as those among people whose primary income comes from traditional work arrangements.”
And speaking of employee engagement…
Have you ever been blindsided by an employee handing in their notice? Check out these five signs that one of your employees might be about to quit.