Saturday, 29 June 2024

Layoffs Hit 50% of Finance Firms; Fintech and AI Skills in Demand

A recent survey reveals that 50% of finance companies have experienced layoffs, highlighting the sector’s ongoing challenges. Additionally, firms are facing a shortage of expertise in fintech and artificial intelligence (AI).

Despite these issues, many executives remain hopeful about AI’s potential. A report by Fiverr, titled “Strategic Insights: Leveraging Freelance Talent in Finance,” provides a comprehensive overview of the current landscape. This report helps finance executives navigate and adapt to industry challenges.

According to the report, the second quarter is particularly stressful for finance leaders. To cope, two-thirds of respondents report using freelancers on a weekly basis, especially for skills in ‘Fintech Innovation’ and ‘AI Expertise.’

“In finance, especially during our busiest times, freelancers are not just a temporary fix – they’re part of the strategic approach to ensure that core teams remain productive and efficient,” said Maya Roisman, General Manager of Fiverr Pro. “By bringing in experts for specialized tasks, finance leaders reduce the strain on permanent employees, enabling them to prioritize critical projects and drive innovation, which boosts overall job satisfaction and retention.”

The report identifies major obstacles for financial companies. These include adapting to changing customer expectations (27%), addressing sustainability and social responsibility measures (26%), cybersecurity threats (26%), technological disruption (26%), regulatory compliance (25%), and economic volatility (24%).

Executives hold mixed views on decentralized finance (DeFi) and AI. While 64% express optimism about AI, 25% report improvements in efficiency and decision-making. Over half of the executives say AI integration has met or exceeded expectations, though 16% have experienced mixed results. Regarding DeFi, 26% are heavily invested, seeing it as a transformative force, while 43% are concerned about regulatory clarity and security. Some 35% believe DeFi could disrupt traditional banking, and 42% see it as both a challenge and an opportunity.

The report also highlights the difficulty finance companies face in sourcing skilled employees. Over 50% of executives report increased hiring difficulties, prompting 62% to turn to freelancers. Turnover is on the rise, with 68% noting an increase. Additionally, 50% of finance firms have reported layoffs.

Executives are keen to add skills such as ‘Fintech Innovation’ (24%) and ‘AI Expertise’ (18%) to their teams. Many are adopting hybrid work models and improving employee benefits, with 78% reporting productivity improvements.

Freelancers are a key component of the finance sector’s strategy to build a flexible workforce. Currently, 66% of finance companies use freelancers weekly to boost operational flexibility. Some 38% integrate freelancers into teams for independent tasks, while 26% have freelancers lead projects. A large number of executives (83%) are open to hiring freelancers during high-stress periods, especially for financial reporting (22%), strategic planning (19%), and audit preparation (16%).

Image: Depositphotos

This article, "Layoffs Hit 50% of Finance Firms; Fintech and AI Skills in Demand" was first published on Small Business Trends



Effective Strategies for Long-Term Investment Success


You can achieve long-term investment success by diversifying your portfolio, maintaining a disciplined approach, and focusing on consistent contributions. Stay informed about market trends, prioritize low-cost index funds, and regularly review your investment strategy. Maintain a long-term perspective to ride out market fluctuations and maximize returns over time.

Introduction to Long-Term Investing

Long-term investing involves:

  • Holding onto investments for an extended period.
  • Often years or decades.
  • Allowing them to grow and compound.

This strategy is well-liked by investors who want to increase their money gradually. Organizations like Jeff Van Harte Titan Capital Management exemplify long-term investment success principles and best practices, emphasizing the importance of patience and prudent decision-making.

Historically, long-term investments have outperformed more speculative, short-term investments due to the power of compound interest. Your money can increase enormously with compound interest as your earnings yield returns. This applies to many assets, including stocks, bonds, and real estate. The goal is often to generate compounded returns and weather market ups and downs without panic-selling during downturns, allowing the investment to recover and continue growing.

Popular Long-Term Investment Strategies

There are various strategies to consider when thinking about long-term investments, each with its methodology and associated risks:

  • Buy and Hold: Buying stocks or other assets and holding onto them for the long term—regardless of market fluctuations—is the goal of this strategy. It is predicated on the idea that market investments would increase in value over time. Since the stock market has historically produced gains over the long run, investors with patience may find this technique advantageous.
  • Dividend Investing: Investors choose companies that pay regular dividends, providing a steady income stream while holding the potential for long-term capital appreciation. Dividend-paying stocks often belong to stable, well-established companies with a track record of profitability, making them attractive to conservative investors looking for reliable income streams.
  • Index Fund Investing: This involves putting money into index funds, which track specific indices, like the S&P 500. It is a diversified approach that mitigates some risks associated with individual stock picking. Investing in various companies within an index can spread their risk and increase the likelihood of steady returns.

Refer to the comprehensive Investopedia guide for a deeper look into these and other investment strategies.

Importance of Diversification

Diversification is a crucial principle in long-term investing. Lowering risk entails distributing investments among several asset classes. When you don’t put all of your eggs in one basket, the effect of a poorly performing investment on your entire portfolio is reduced. A variety of stocks, bonds, real estate, and other asset types are usually included in an adequate diversification portfolio since they exhibit diverse behaviors in different market conditions.

For instance, stocks offer higher returns but have higher volatility. Conversely, bonds might provide more stability but generally offer lower returns. Combining these assets allows you to balance the portfolio’s volatility and return prospects. Diversifying internationally can also provide exposure to various economic cycles and growth potentials in different regions. For a detailed overview, consider reading the U.S. News article on diversification.

Managing Risks in Long-Term Investing

While long-term investing has the potential for substantial rewards, it also comes with risks that need to be managed effectively:

  • Market Volatility: Market conditions can fluctuate widely, affecting the value of your investments. Staying the course during volatile periods is often crucial to long-term success. Concentrate on the long-term growth potential of your investments rather than making snap selections based on transient market fluctuations.
  • Inflation: Inflation might reduce the purchasing power of your returns over time. To ensure that your purchasing power remains intact over the long term, it’s essential to choose investments that provide returns above the inflation rate.
  • Interest Rates: Bonds and other fixed-income assets may lose value in response to changes in interest rates. Understanding the relationship between interest rates and your investment choices is crucial to navigating these changes effectively. For example, rising interest rates typically decrease bond prices, which could adversely affect a bond-heavy portfolio.

By staying informed and proactive, investors can better manage these risks while potentially reaping the benefits of long-term investment growth.

Tools and Resources for Investors

Numerous tools and resources are available to help investors make informed decisions, ensuring that their investment journey is as smooth as possible:

  • Online Brokerage Platforms: Bonds and other fixed-income assets may lose value in response to changes in interest rates. They often come with educational resources and research tools that can help you better understand your investments and the market.
  • Financial News Websites: Staying informed about market trends and economic indicators is essential. Websites like Bloomberg and Reuters offer up-to-date news and analysis, helping investors to remain aware of broader market movements and economic changes that could affect their portfolios.
  • Investment Calculators: Tools like compound interest calculators help investors understand potential returns and plan their investments accordingly. They can also help visualize how different investment strategies and contributions can impact a portfolio over time.

 



Friday, 28 June 2024

Pinterest Launches Board Sharing Feature for Seamless Social Media Integration

Whether showcasing dream home decor or an ultimate travel bucket list, the new board-sharing feature allows users to effortlessly share dynamic videos of their favorite Pinterest boards on other social platforms. With board sharing, Pinterest streamlines the process of sharing Pinned content and enables users to include a link for others to explore their entire board on the platform.

“Gen Z makes up over 40% of our global monthly users on Pinterest and are our most engaged generation, with a significant increase in the number of boards created by Gen Z Pinners compared to last year. We are enhancing the board features based on user feedback and, this year, board sharing is one of our critical investments as users value the ability to share their creative processes on different platforms and find inspiration from others.”
— Rachel Hardy, Director of Consumer Product Marketing at Pinterest

Pinterest users view their boards as personal sanctuaries for dreaming up their world and showcasing their unique personalities and aesthetics. For Gen Z users, Pinterest isn’t just a platform—it serves as a space for self-discovery and expression, where they shape their identities on their own terms, free from external pressures. This trend of self-reflection has given rise to the internet phenomenon born on Pinterest known as “mecore.”

Searches around “mecore” have increased by 565% year over year on the platform, and boards with the title “mecore” have increased by 255% since last year. This connection to introspection has fueled growth in the number of boards created by Gen Z users, outpacing other generations. Gen Z users engage with Pinterest to develop their preferred aesthetic, gather meaningful quotes, create mood boards, and envision their futures.

For the launch of board sharing, Pinterest is excited to partner with notable power Pinners Avril Lavigne and Tierra Whack to unveil their never-seen-before personal boards. Using the new feature for the first time, they will reveal their unique styles and visions, making it easier for their fans to find inspiration from their captivating and imaginative boards.

Pinterest began testing board sharing earlier this year, partnering with influential Pinners and seizing cultural moments. This exciting new feature fosters genuine engagement among diverse and niche communities by providing a window into the inspiration behind creative projects.

How to Share Your Pinterest Boards

  1. Go to the public board you want to share.
  2. Tap the share icon in the top right.
  3. A video will auto-generate.
  4. Click on the “Add to Story” button or “Download” the video to share anywhere.
  5. Optional: Tap the “Edit” icon to edit Pins or select a different template.
  6. Copy the board link.
  7. Click on the “Share Story” button. Instagram will automatically open.
  8. On Instagram, tap on the “Stickers” icon.
  9. Choose “Link,” paste the board’s URL, and click “Done.”
  10. Share to your Stories!

Image: Pinterest.com

This article, "Pinterest Launches Board Sharing Feature for Seamless Social Media Integration" was first published on Small Business Trends



NFIB Opposes Warehouse Worker Protection Act, Citing Harmful Impact on Small Businesses

The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, has sent a letter of opposition to the U.S. House of Representatives regarding H.R. 8639, the Warehouse Worker Protection Act. The NFIB warns that this legislation would result in increased costs, burdensome mandates, and additional red tape for small businesses.

“This is bad legislation and another example of Congress saddling small businesses with more onerous and costly regulations,” said Dylan Rosnick, NFIB Principal of Federal Government Relations. “The Warehouse Worker Protection Act is a grab bag of bad policies that includes several provisions that will further hinder the small business economy. We strongly oppose this legislation and ask Congress to instead focus on policies that would strengthen small businesses and the economy.”

The NFIB’s primary concerns with the Warehouse Worker Protection Act include the provision that directs OSHA to undertake an ergonomic standard rulemaking process and the ban on all quotas and workplace performance standards. Additionally, the Act mandates extensive record-keeping requirements for employers who track employee activity and requires that this data be made available to the Department of Labor (DOL) upon request. The legislation also establishes a “Quota Task Force,” comprised of union representatives and worker advocacy organizations, to enforce the quota ban.

Small business owners consistently rank “unreasonable government regulation” as one of their top concerns. The NFIB argues that the Warehouse Worker Protection Act epitomizes the kind of overbearing regulation that hinders small businesses. By imposing new standards and requirements, the Act would create significant administrative burdens and increase operational costs, which many small businesses are ill-equipped to handle.

For instance, the requirement for employers to maintain detailed records of employee activities and make this information readily accessible to the DOL would necessitate the implementation of new tracking systems and potentially additional staffing to manage compliance. These changes would divert resources away from core business operations and innovation, negatively impacting productivity and growth.

Moreover, the establishment of a Quota Task Force with union and worker advocacy group representation raises concerns about biased enforcement and the potential for overreach. Small businesses, which often operate with limited resources and tight margins, could find themselves disproportionately affected by the rigid application of new rules and standards.

The NFIB is urging Congress to reconsider the Warehouse Worker Protection Act and instead pursue legislation that supports the growth and sustainability of small businesses. By focusing on policies that reduce regulatory burdens and enhance the business environment, Congress can help small businesses thrive and contribute to a robust economy.

In summary, the NFIB’s opposition to the Warehouse Worker Protection Act underscores the organization’s commitment to advocating for policies that protect small businesses from excessive regulation and support their essential role in the economy. The NFIB continues to call on lawmakers to prioritize legislation that fosters a favorable business climate and addresses the real challenges faced by small business owners across the nation.

Image: Shutterstock

This article, "NFIB Opposes Warehouse Worker Protection Act, Citing Harmful Impact on Small Businesses" was first published on Small Business Trends



Thursday, 27 June 2024

Small Businesses Racking Up Credit Card Debt to Combat Inflation Pressures

Small business credit card debt is on the rise. And it’s likely due – at least in part – to inflation. According to data from Bank of America Institute, small business credit card balances are up 18 percent since 2019.

Small businesses reach for credit cards for many reasons. But in 2024, the main factor putting financial pressure on businesses seems to be inflation. In fact, a recent survey by Goldman Sachs found that 71 percent of small business owners feel that inflationary pressures have increased on their businesses over the past three months.

Turning to credit cards is just one of the adjustments that small businesses are making. In addition, 47 percent said they are raising prices, 45 percent are working more hours, and 32 percent are reducing their own salary, according to Bank of America’s survey.

The links between inflation and rising credit card usage are clear; if it costs more for businesses to buy the products and services they need to operate, more are likely to go into debt to cover those expenses. For those who need just a short-term boost, credit cards can be a satisfactory solution. But they generally come with high-interest rates. So, businesses that can cut unnecessary costs or adjust in other ways may be more successful in the long term.

In addition, while inflation may be partially to blame for the overall increase in credit card balances, it also explains why the current rate increase is not as perilous as it might seem.

In fact, when you consider the 22 percent inflation increase since 2019, the 18 percent increase in credit card balances seems much more in line with what would be expected. The data also suggests that businesses are cutting unnecessary expenses. So even with some increased debt, small business owners are largely being smart about their finances, even during a difficult stretch.

Image: Envato

This article, "Small Businesses Racking Up Credit Card Debt to Combat Inflation Pressures" was first published on Small Business Trends



Wednesday, 26 June 2024

Escalating Fraud Attempts Can Lead to Permanent Losses for Small Businesses

An increased number of small businesses are falling victim to fraud. And as two Sarasota, Florida entrepreneurs recently learned, this can lead to permanent losses that are often difficult to recover from.

Joyce and Stan Fox, who run a home-based promotional products company, lost $10,000 from their business account due to fraud this year. It started in February when a fraudulent transfer of $20,000 from their bank account was stopped. However, the fraudsters tried again, the next time transferring $10,000 to their own account, which was ultimately successful.

When the first transfer was attempted, Fox’s bank notified them that someone was accessing their account and sending money with Zelle. The bank also froze their account and asked them to come in. However, the second transfer was able to go through before the account froze. And since the bank has not been able to recover the funds, the Foxes were notified that they won’t be getting their money back.

For a large corporation, $10,000 may not be a huge sum. But to a small business, this type of loss can lead to major struggles. For example, the Foxes had already allocated $5,000 of that money to sales tax and payroll, which they still owe and aren’t sure how to make payments now.

Joyce Fox told WFLA, “All of a sudden you find that somebody can have access to your account and they can take your money and you don’t get it back. It’s unheard of to me. It’s unfathomable to me.”

Unfortunately, the Foxes’ story is becoming more common. Financial institutions across the U.S. are experiencing an increase in fraud attacks, with customers losing nearly $10 billion in 2023.

There may not be a way to completely eliminate this risk. But small businesses that are aware of the increased rate of fraud can take steps to protect themselves. For example, you might contact your bank to learn about fraud protection options or check accounts more frequently. Staying diligent may ultimately help companies prevent losses that can negatively impact operations for years.

Image: Envato

This article, "Escalating Fraud Attempts Can Lead to Permanent Losses for Small Businesses" was first published on Small Business Trends



Tuesday, 25 June 2024

How Gary Kusin Founded GameStop and the First Meme Stock

I remember when my kids were growing up, my youngest son Daniel visited GameStop the day it opened up near our home. He said that now since we were so close to GameStop, our home would be more valuable. I am not sure about that but certainly GameStop has had a big effect on the gaming industry and the stock market.

This week on The Small Business Radio Show, Gary Kusin, co-founded two companies, Babbage’s, operating today as GameStop (NYSE: GME), and Laura Mercier Cosmetics. He served from 2001-2006 as President and Chief Executive Officer of Kinko’s, today operating as FedEx Office. He was responsible for the turnaround, strategic growth and transformation of Kinko’s and oversaw the ultimate sale to FedEx, directly reporting to Fred Smith, founder of FedEx, for the 2 years required to integrate Kinko’s into FedEx and be renamed FedEx Office.

Gary Kusin and his co-founder, Jim McCurry, identified the burgeoning potential of video gaming and the rise of specialty store channels in the early 1980s. This foresight led to the opening of the first store dedicated to selling video games and software for personal computers in 1983, which eventually evolved into Babbage’s and later GameStop.

Actionable Advice:

Stay Ahead of Trends: Entrepreneurs should constantly monitor emerging trends and technologies. Tools like Google Trends, industry reports, and social media analytics can help identify shifts in consumer behavior.

Niche Markets: Focus on niche markets that are underserved. This can provide a competitive edge and establish your brand as a leader in that space.

Scaling Up: From One Store to a Global Presence

Under Kusin’s leadership, GameStop expanded to 10,000 stores in 60 countries, generating $10 billion in revenues. This growth was driven by a deep understanding of the market and strategic expansion.

Actionable Advice:

Strategic Planning: Develop a clear growth strategy that includes market research, financial planning, and scalability.

Customer Focus: Prioritize customer experience and feedback. Loyal customers can become brand advocates and drive organic growth.

Transforming Kinko’s: A Case Study in Business Turnaround

Rationalizing Store Locations

As the president and CEO of Kinko’s, Kusin led a significant turnaround by rationalizing store locations. This involved closing underperforming stores and focusing on profitable ones.

Actionable Advice:

Data-Driven Decisions: Use data analytics to assess the performance of different business units. This can help identify areas for improvement and inform strategic decisions.

Cost Management: Regularly review and manage operational costs. Streamlining operations can improve profitability and efficiency.

Implementing a Corporate Sales Organization

Kusin also implemented a large corporate sales organization at Kinko’s, which significantly increased revenue by targeting corporate clients.

Actionable Advice:

Diversify Revenue Streams: Explore different revenue streams, such as B2B sales, to reduce dependency on a single market segment.

Sales Strategy: Develop a robust sales strategy that includes training, performance metrics, and incentives for the sales team.

The Phenomenon of Meme Stocks: Emotional and Intellectual Dynamics

Understanding Market Behavior

The episode also touched on the phenomenon of meme stocks, such as GameStop and Truth Social. Kusin discussed the emotional and intellectual dynamics that drive their valuation and market behavior.

Actionable Advice:

Market Sentiment: Keep an eye on market sentiment and social media trends. Platforms like Reddit and Twitter can provide insights into investor behavior.

Risk Management: Be cautious with investments in highly volatile stocks. Diversify your portfolio to mitigate risks.

Listen to Gary Kusin’s full interview on The Small Business Radio Show.

Image: garyandjillpodcast.com/

This article, "How Gary Kusin Founded GameStop and the First Meme Stock" was first published on Small Business Trends



Monday, 24 June 2024

Learn How to Grow Your Business in Line with Your Goals

As your business grows, your original plans and vision may get lost in the day-to-day operations. But there are many growth strategies you can use to create a successful business that aligns with your actual goals. Learn valuable insights from members of the online small business community below.

Grow Your Startup Without Losing Your Vision

Most business owners have a clear vision for their startup in the early stages. But it’s also easy to get caught up in the day-to-day operations and lose sight of that original plan. Here’s a guide from Ivan Widjaya of SMB CEO, for growing your business without losing that vision.

Find Someone on Social Media Before Hiring

Hiring new team members can accelerate the process of growing your business. But it’s important to hire the right people. Social media can provide helpful insights about potential hires. Lisa Sicard of Small Biz Tipster shares tips for finding potential hires online in this post. After reading, head over to BizSugar to see what community members are saying.

Empower Your Business with Video Conference API

Video conferencing can be an effective way to connect with people all over the world and grow your business. The tools you use can make a huge impact on the success of these communications. Learn more about empowering your business with video conference API in this Decipher Zone post by Mahipal Nehra.

Consider What It Means to Be a Responsible Franchisor

Franchising can be a powerful way to grow a brand by quickly opening new locations throughout the country and even globally. However, companies that use this model have a responsibility to be transparent and uphold ethical business practices. This has been the topic of recent conversations across franchise organizations, which Joel Libava of The Franchise King discusses in more detail here.

Build Meaningful Connections for Business Growth

The people you connect with throughout your business journey can dramatically impact your chances of success. So how can you connect with other professionals in your industry and people who can help in your journey? Read this Noupe post by Luke Babich for insights.

Make the Most of These Sales Tools for Reps and Marketers

Want to make more sales for your business? It’s essential to equip your sales and marketing teams with the right tools. If you’re looking for options, check out this LeadGen post by Mushahid Hassan for a list.

Increase Engagement with Your Social Media Marketing

Your brand’s social media strategy is only effective if you can get followers to actually engage with your content. To learn more about increasing engagement, read this Mostly Blogging post by Janice Wald.

Optimize Your Content Like a Pro

Content marketing is a powerful strategy for promoting nearly any type of business. But it can be significantly more effective if you optimize your content like a pro. Brad Smith of Wordable elaborates on the concept in this post.

Use Customer Feedback in Product Development

If you want to create the best possible products for your target customers, it helps to get their feedback during the development phase. So how can you seamlessly integrate feedback into your new product development process? Learn how in this Small Biz Viewpoints post by Harry and Sally Vaishnav.

Address Underlying Issues with Digital Products

When developing digital products, some businesses attempt to “put lipstick on a pig.” But there are times when you need to actually address underlying issues that make products better for your customers. See more discussion on this topic in this Ishir post by Rishi Khanna.

If you’d like to suggest your favorite small business content to be considered for an upcoming community roundup, please send your news tips to: sbtips@gmail.com.

Image: Depositphotos

This article, "Learn How to Grow Your Business in Line with Your Goals" was first published on Small Business Trends



Sunday, 23 June 2024

Treasury and IRS Issue Final Regulations on Prevailing Wage and Apprenticeship Requirements

The Department of the Treasury and the Internal Revenue Service (IRS) have released final regulations on the prevailing wage and apprenticeship (PWA) requirements linked to increased credit or deduction amounts for certain clean energy incentives under the Inflation Reduction Act (IRA). These regulations provide guidance on how taxpayers can qualify for enhanced benefits by adhering to specific labor standards.

The IRA includes provisions that boost the base amount of certain clean energy credits or deductions by five times for taxpayers who meet the PWA requirements. These requirements pertain to the construction, alteration, or repair of clean energy facilities, properties, projects, or equipment.

IRS Commissioner Danny Werfel stated, “The increased credit or deduction for taxpayers meeting prevailing wage and apprenticeship requirements creates opportunities for both workers and employers. The IRS is committed to ensuring that taxpayers claiming the clean energy credits comply with all of the applicable prevailing wage and apprenticeship requirements.”

To qualify for the increased credit or deduction amounts, taxpayers must:

  1. Ensure laborers and mechanics are paid wages at rates not less than the applicable prevailing wage rates.
  2. Employ qualified apprentices from registered apprenticeship programs.
  3. Meet specific recordkeeping and reporting requirements.

These requirements apply to all contractors and subcontractors involved in the construction, alteration, or repair work. However, the taxpayer claiming the increased credit or deduction is ultimately responsible for ensuring compliance.

Ensuring compliance with the PWA requirements and other clean energy tax credits is a top priority for the IRS. Significant resources will be dedicated to promoting and enforcing these final rules in the coming months. The IRS plans to work closely with taxpayers, advisors, and stakeholders through education and outreach efforts, supported by funding from the IRA.

To assist with compliance, the IRS has released several publications, including:

  • Publication 5983, IRA Prevailing Wage and Apprenticeship Requirements Fact Sheet
  • Publication 5855, IRA Prevailing Wage & Registered Apprenticeship Overview
  • A set of frequently asked questions about the PWA requirements

Publication 5855 summarizes the PWA requirements, while the FAQs offer detailed information and guidance on how to report suspected tax violations related to the PWA requirements. The IRS takes such referrals seriously and may use the information received during audits.

The PWA provisions include a penalty framework designed to encourage real-time compliance. To avoid penalties and ensure eligibility for the increased credit or deduction amounts, taxpayers should establish robust compliance frameworks. This includes reviewing payroll records, ensuring contracts require adherence to PWA requirements, and maintaining proper classifications of laborers and mechanics.

Additional steps for compliance might include:

  • Regularly reviewing prevailing wage rates and the percentage of labor hours by qualified apprentices.
  • Posting prevailing wage rates prominently or providing written notice to laborers and mechanics.
  • Establishing procedures for reporting suspected non-compliance without fear of retaliation.
  • Contacting the Department of Labor’s Office of Apprenticeship or relevant state agencies for assistance in locating registered apprenticeship programs.

The U.S. Department of Labor (DOL) determines the applicable prevailing wage rates for each classification of laborers and mechanics in specific geographic areas. For more information about these rates, visit the DOL’s website.

To support compliance, the DOL and IRS are working on a Memorandum of Understanding (MOU) to be signed by the end of the year. This MOU will facilitate joint education, public outreach, and the development of training content for IRS personnel. It will also allow the DOL to share credible tips or information about potential non-compliance with the IRS.

For more information, visit the Inflation Reduction Act of 2022 page on IRS.gov.

Image: Envato

This article, "Treasury and IRS Issue Final Regulations on Prevailing Wage and Apprenticeship Requirements" was first published on Small Business Trends



Friday, 21 June 2024

How To Determine a “Want” Versus a Business “Need”

“How do you determine what a business “want” is versus a business “need”? Please share any frameworks or methodologies you use to help prioritize what your business needs.”

Here’s what YEC community members had to say:

1. Can a business function without it?

“In the book “Profit First”, Mike Michalowicz discusses how start-ups are so scrappy and don’t waste money on anything unnecessary, while still managing to function and scale. But by the time a company gets bigger, there are a lot of wasteful and unnecessary expenses. If the business can function without it, I categorize it as a “want” versus a “need.” ~ Rachel Beider, PRESS Modern Massage

2. Focus on Strategic Alignment

“At our B2B marketing agency, we determine a business “want” versus a “need” by focusing on strategic alignment and impact assessment. Our approach involves first understanding the client’s overarching goals and operational requirements. Needs are identified as critical investments that directly contribute to achieving these objectives, ensuring core functionalities and growth opportunities are supported. This is complemented by a rigorous cost-benefit analysis to gauge ROI and resource allocation effectively. Wants, while beneficial, are viewed as enhancements that may not be immediately essential but could provide additional value when resources allow. By prioritizing based on this framework, we ensure that our efforts and investments are aligned with driving sustainable growth and maximizing client success in their respective markets.” ~ Samuel Thimothy, OneIMS – Integrated Marketing Solutions

3. MoSCow Method

“I employ the MoSCoW method (Must have, Should have, Could have, and Won’t have) to determine business needs versus wants. Must-haves are essential for the business to function and meet its goals, indicating needs. Should-haves and could-haves are beneficial but not critical, often categorized as wants. This method allows for clear prioritization and resource allocation. For instance, upgrading essential software is a need, while aesthetic office improvements might be a want. When considering a career break, use the MoSCoW method to prioritize activities that are essential for your personal and professional development over those that are merely desirable.” ~ Thomas Griffin, OptinMonster

4. Evaluate Impact

“To distinguish between a business “want” and a business “need,” I focus on evaluating impact and necessity through a holistic lens. I begin by clearly defining the business’s short-term and long-term objectives. Understanding these goals provides a solid foundation for identifying what is essential versus what is merely desirable. Next, I assess how each potential action or investment aligns with these objectives, considering whether it directly contributes to achieving key goals. If an action is crucial for meeting these goals, it is typically a need; if it enhances or adds value without being critical, it is more likely a want. I also perform a cost-benefit analysis, comparing the costs involved with the expected benefits of each potential action. Needs usually show a clear and necessary return on investment (ROI) or are essential for maintaining operations, while wants might offer benefits that don’t necessarily justify the costs if resources are limited. Additionally, I create a prioritization matrix to plot actions based on their impact and effort. Needs often fall into high-impact categories, while wants are often lower in impact.” ~ Michelle Aran, Velvet Caviar

5. Consider the Strategic Vision

“When distinguishing between business “wants” and “needs,” it’s crucial to consider the overarching strategic vision of the company and its immediate operational requirements. One effective approach is to incorporate a holistic view that combines financial analysis, strategic alignment, and risk assessment. Start by outlining clear short-term and long-term business objectives. By understanding these goals, you can better evaluate whether a particular initiative is essential for achieving key milestones or if it simply adds value without being critical to success. Next, conduct a rigorous cost-benefit analysis for each potential action or investment. Needs should demonstrate a clear and necessary return on investment (ROI) or be vital for sustaining daily operations. In contrast, wants may offer benefits that, while desirable, may not justify the associated costs, especially when resources are constrained. By integrating these elements into your decision-making process, you can effectively distinguish between business wants and needs, ensuring that resources are allocated strategically to drive sustainable growth and operational excellence in alignment with the company’s overarching goals” ~ Robert De Los Santos, Sky High Party Rentals

6. Run the decision through a framework

“Distinguishing between business “wants” and “needs” is crucial for effective resource allocation. Here’s a framework I use: Impact vs. Cost: Needs directly and significantly impact core business functions. They might be essential for daily operations, legal compliance, or maintaining a competitive edge. Wants, while potentially beneficial, have a less critical impact or a higher associated cost. Necessity vs. Discretionary: Needs are essential for business survival or growth. They are non-negotiable expenses or investments directly tied to core functions. Wants are discretionary expenses that enhance operations or employee experience but aren’t fundamental for survival. Urgency vs. Timeline: Needs often have a clear deadline or require immediate action to avoid negative consequences. Wants, on the other hand, can usually be deferred or implemented on a longer timeline. By analyzing potential initiatives through this framework, you can categorize them as needs or wants. Additionally, a prioritization matrix can be helpful. This involves plotting initiatives on a grid based on urgency and impact. Needs that are urgent and high-impact take top priority, while wants with lower urgency and effects can be placed on hold or reevaluated.” ~ Kristin Kimberly Marquet, Marquet Media, LLC

7. The Eisenhower Matrix

“Determining a business “want” versus a business “need” often involves evaluating the impact on core operations and goals. One effective framework I use is the Eisenhower Matrix, which categorizes tasks based on urgency and importance. Needs are typically tasks that are both urgent and important, directly affecting the business’s functionality and strategic objectives. Wants, on the other hand, may be important but not urgent, or neither urgent nor important. This methodology helps prioritize resources and efforts toward activities that sustain and grow the business. When evaluating a career break, consider using similar prioritization techniques to ensure the time off aligns with your essential personal and professional goals.” ~ Andrew Munro, AffiliateWP

8. Evaluate ROI

“Assess the potential impact or ROI. Consider if an investment will yield higher efficiency (either a productivity boost or time savings), reduced costs, or improvements to sales. Weigh that against the projected spend and then see if it’s ultimately something you need or want. Most of the time, things in the ‘want’ category simply can’t be justified using simple math.” ~ Firas Kittaneh, Amerisleep Mattress

9. Prioritizing Needs Lead to Long-Term Success

“It’s important for businesses to differentiate between initiatives that are a “want” and those that are a “need,” as prioritizing the latter can make a significant impact on the company’s long-term success. To determine which initiatives are truly critical for the business, it’s necessary to evaluate factors such as alignment with business goals, urgency, ROI, and resource constraints. By taking a thorough and analytical approach to decision-making, businesses can avoid investing in initiatives that may not provide the desired return and instead focus their efforts on those that will yield the greatest impact.” ~ Benjamin Rojas, All in One SEO

Image: Envato

This article, "How To Determine a “Want” Versus a Business “Need”" was first published on Small Business Trends



Thursday, 20 June 2024

Adobe and TikTok Integrate Music Library into Adobe Express

Adobe and TikTok have teamed up to integrate TikTok’s Commercial Music Library into Adobe Express via the Symphony Assistant add-on. This collaboration will empower small businesses and content creators to produce high-impact TikTok content with ease. Announced at the Cannes Lions International Festival for Creativity, the integration provides Adobe Express users access to over a million top and trending songs pre-cleared by TikTok for commercial use.

Adobe Express is an AI-driven content creation app that allows users to design and share social media posts, videos, flyers, and more quickly. By incorporating TikTok’s Commercial Music Library, Adobe Express aims to help marketers and advertisers create, score, and publish engaging TikTok content efficiently.

Music plays a crucial role in the success of brands on TikTok, with 88% of users stating that sound is essential in conveying brand identity and influencing purchasing decisions. With the Symphony Assistant add-on, Adobe Express users can now access a wide range of music styles and genres from emerging and established artists, making it easier to find the perfect soundtrack for their content.

Govind Balakrishnan, SVP of Adobe Express and Creative Cloud Services, emphasized the importance of quick and engaging social content for competitiveness. He stated, “Producing and publishing engaging social content quickly is critical, and on TikTok, music is a must. Adobe Express features, powered by Adobe Firefly, generate stunning imagery at speed and are designed to be commercially safe. By making TikTok’s Commercial Music Library easily accessible within Adobe Express, we can now offer our customers an even easier and faster way of producing more effective TikTok content that works for their business.”

Andy Yang, Global Head of Creative Product at TikTok, highlighted the platform’s focus on creativity. He said, “Content, communities, and cultures are all directly connected to, and built by, creativity on the platform. We are continuously building and investing in creative solutions to help our brands be creative storytellers and connect with the TikTok community. We are excited to further expand our partnership with Adobe, giving brands the tools to soundtrack their TikTok content and create at scale.”

Adobe and TikTok’s partnership looks to improve the creative process for users, making it easier to produce impactful TikTok content. Adobe Express users can now utilize thousands of templates, Adobe Stock video clips, audio, and stickers to edit TikTok videos directly within the app. The Symphony Assistant add-on helps users refine and score TikTok-first video content with best practices, trends, hashtags, and insights to better reach their target audience.

The integration allows social media teams, small businesses, and freelance marketers to leverage trending TikTok songs to increase brand awareness and engagement. For instance, a small business promoting a new location can use the ideal soundtrack to build anticipation for its grand opening, while a freelance marketer can analyze music trends to find the perfect match for their campaign.

Adobe has also become a badged TikTok Marketing Partner, bringing together Adobe’s creative technology and TikTok’s digital expertise to help creators make and market content more effectively.

Starting today, free and Premium Adobe Express customers can access the TikTok Commercial Music Library through the Symphony Assistant add-on in English wherever TikTok is available. For more information, visit Adobe Express.

Image: Depositphotos

This article, "Adobe and TikTok Integrate Music Library into Adobe Express" was first published on Small Business Trends



“Buy Now, Pay Later” Services Subject to Consumer Protection Rules

“Buy now, pay later” services are popular among consumers and can help small businesses make more sales. Now, a recent rule issued by the Consumer Financial Protection Bureau offers more protections for consumers who use these services and, thus, more clarity for small businesses.

The services in question are usually marketed as zero- or low-interest payment plans that allow customers to pay off large purchases over a few weeks or months. There are several third-party companies, like Affirm and Klarna, that allow small businesses to easily offer this option to shoppers.

The benefit for businesses is the improved buying power for customers; they don’t need to wait until they have all the money in their account to complete a purchase. But there are also downsides. For example, if a customer experiences a technical glitch or is unhappy with how the payment service operates, the small business may get blamed. Additionally, small businesses often pay a 1 to 3 percent fee for these transactions, making them similar to credit card transaction fees.

But until recently, these companies did not have to adhere to the same consumer protection rules as credit card companies. Despite about 13 percent of BNPL charges being returned or disputed, service providers were not required to provide protections like refunds or billing statements.

The CFPB is changing that now, interpreting a rule stating that these services are subject to the same consumer protection standards as credit card companies. This doesn’t mean that small businesses using such services have to change any of their specific processes. But the third-party providers are now required to meet these standards.

What this means is a more predictable experience for consumers. And since shoppers are likely to connect their experience with a BNPL provider to that of the small business they’ve bought from, the change could lead to improved reputations and customer loyalty.

Image: Depositphotos

This article, "“Buy Now, Pay Later” Services Subject to Consumer Protection Rules" was first published on Small Business Trends



Cities Offering Discounted Pop-Up Spaces to Fill Retail Vacancies

Some big cities are getting creative to fill vacant retail and office space in their commercial districts. And it’s leading to increased opportunities for small businesses.

For example, Seattle Restored is a program that offers pop-up spaces for retail, events, and art exhibits by making empty spaces available at discounted rates.

Small businesses and artisans in the community can browse spaces on the organization’s website, searching and sorting options based on neighborhood, type of space, and community impact.

The idea is to provide available retail space to small businesses that wouldn’t otherwise be able to afford it, all while revitalizing the city’s commercial districts.

Seattle Restored Program Director Andrea Porter told KXAN, “We were learning from artists and entrepreneurs what their needs were when they were looking at coming out of the pandemic. A lot of them were saying an opportunity to have a brick-and-mortar space would be amazing.”

The Downtown Austin Alliance is also launching a similar program to combat the city’s 12 percent storefront vacancy rate. The Downtown Austin Space Activation program offers discounted spaces for a variety of business ventures, including pop-up restaurants, mini-markets, art installations, event spaces, and collaborative co-working spaces.

The Downtown Austin Alliance Foundation is helping to cover some of the cost of these spaces through donations. So the small businesses that rent spaces will receive them at a steep discount, accessing priority downtown locations without having to sign and pay for long-term leases.

DASA’s website states, “A lack of affordable space poses barriers to many Austinites showcasing their talents downtown. Vacant storefronts and spaces downtown lead to fewer folks coming downtown to play, shop and explore. DASA bridges this gap by connecting artists, artisans, musicians, entrepreneurs, and creatives of all kinds with donated space and resources to bring their ideas to life, encouraging diversity and dynamism in our city.”

Utilizing these retail spaces in prominent business districts can help businesses and artisans reach new customers and bring their ventures to the next level. But the traditional model of long-term leases at full price is often cost-prohibitive for the newest businesses.

Programs like this may not be available in every community. But they’re becoming more popular, and businesses that wouldn’t otherwise be able to utilize brick-and-mortar locations are benefitting.

Image: Shutterstock

This article, "Cities Offering Discounted Pop-Up Spaces to Fill Retail Vacancies" was first published on Small Business Trends



Spotlight: Just Jai Wear Founder Speaks on Importance of Mental Health in Business

Taking care of mental health is an important part of life as a business owner. But sometimes, issues arise that may impact your business journey. In fact, the founder of Just Jai Wear understands how mental health can impact entrepreneurship. Read more about her journey in this week’s Small Business Spotlight.

What the Business Does

Providing stylish tummy control and heated fitness apparel.

Business Niche

Supporting an important cause.

Founder Jai-Leta Colvard told Small Business Trends, “Through our apparel, we empower the community to support mental health.”

How the Business Got Started

To support a personal health journey.

Colvard says, “I was diagnosed with hypertension in 2014 and I wanted to start a workout regimen that empowers women. I wanted to feel good and look good for all women in a great effort to obtain positive results.”

Biggest Win

Scoring some big partnerships.

Colvard explains, “I was featured in Macy’s in Atlanta as a top Producer in 2019, and as a result, was afforded the opportunity to be featured in Macy’s in LA and San Francisco, which solidified my partnership with LPGA in 2023.”

Biggest Challenge

Overcoming mental health challenges.

Colvard says, “In 2020, I experienced the loss of my grandparents and a tragic loss of my best friend which resulted in my mental health crisis. I had to step away from my business. I was able to stay in business since my mom paid for my Shopify for a year.”

Biggest Risk

Re-launching the business after a year away.

Colvard adds, “I did not know how I was going to be received after graduating from a mental health facility. I discovered there were so many people suffering like me. I created a non-profit to provide financial support for mental health challenges.”

Lesson Learned

Don’t wait to address mental health challenges.

Colvard says, “[If I could do it over again,] I would have seen a therapist a week after dealing with depression and opposed to suffering for over a year. I could have avoided a lot of turmoil and could have saved my business earlier.”

Favorite Quote

“I’ve learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel.” – Maya Angelou.

*****

Images: Just Jai Wear

This article, "Spotlight: Just Jai Wear Founder Speaks on Importance of Mental Health in Business" was first published on Small Business Trends



Wednesday, 19 June 2024

TikTok Unveils Symphony Digital Avatars and AI Dubbing

TikTok has launched Symphony Digital Avatars, AI Dubbing for global translations, and Symphony Collective at TikTok World 2024. These new tools look to help creators and brands produce content that stands out on TikTok. Symphony’s suite of AI-powered solutions blends human imagination with AI efficiency, making content development and creativity more scalable on the platform.

Businesses of all sizes, creators, and agencies can use Symphony to boost their content on TikTok. Research shows that creating TikTok-specific ads increases purchase intent by 37% and brand favorability by 38%. Additionally, 79% of TikTok users prefer brands that understand how to create content for the platform.

Andy Yang, Head of Creative Product at TikTok, said, “At TikTok, we aim to empower creators and propel their creativity to a global audience with the power of generative AI. Symphony Digital Avatars unlock a new avenue for creators to scale their opportunities with brands globally. We aim to fuel the creator economy by investing in creative solutions that spark joy, imagination, and action.”

Symphony Digital Avatars bring a new way for creators and brands to engage audiences with AI-generated avatars of real people. These avatars can help scale creative strategies on TikTok, providing a personalized, human touch. With 58% of TikTok users more likely to trust brands they learn about from TikTok creators, avatars offer a way to globalize branded content with diverse gestures, expressions, nationalities, ages, and languages.

Two types of Digital Avatars are introduced:

  1. Stock Avatars: Pre-built avatars created using paid actors licensed for commercial use. They allow businesses to add a human touch to their content with accessible global creators from various backgrounds, nationalities, and over 30 languages.
  2. Custom Avatars: These avatars represent a creator or brand spokesperson with multi-language abilities. Creators can use their own likeness to create multi-lingual avatars, expanding their global reach and brand collaborations. Brands can build Custom Avatars with their brand IP, spokesperson, or a partnered creator, enabling easy collaboration with creators worldwide to localize their global campaigns.

Symphony AI Dubbing, part of the AI creative suite, helps brands scale their creative campaigns by breaking down language barriers. This global translation tool allows creators and brands to translate their content into over 10 languages and dialects. AI Dubbing automatically detects the original language in a video, transcribes, translates, and produces a dubbed video in the selected languages, making the message more inclusive and impactful.

To foster industry feedback and responsible AI use in creative marketing, TikTok has launched the Symphony Collective: Industry Advisory Board. This board includes content creators and thought leaders from companies like Mondelez, American Eagle, Wendy’s, the NBA, and agencies such as OMD, Tinuiti, and VaynerMedia. Creators like Drea Okeke, David Ma, Michelle Gonzales, and O’Neil Thomas will also provide critical feedback on TikTok’s AI marketing solutions and discuss the industry at large.

Image: TikTok

This article, "TikTok Unveils Symphony Digital Avatars and AI Dubbing" was first published on Small Business Trends



iPadOS 18: New Calculator, Handwriting Tools, and Apple Intelligence

Apple has unveiled iPadOS 18, introducing a range of new features designed to improve the iPad experience. These updates include a new Calculator app with Math Notes, advanced handwriting tools in Notes, and more customization options for the Home Screen and Control Center. The Photos app has also been redesigned, and new messaging features have been added.

iPadOS 18 also introduces Apple Intelligence, a personal intelligence system integrated into the operating system. It uses generative models and personal context to simplify tasks and improve user experience. According to Apple, this feature is built with privacy in mind and takes full advantage of Apple silicon and the Neural Engine.

Craig Federighi, Apple’s senior vice president of Software Engineering, stated, “Our most versatile device is becoming even more powerful and intelligent than ever with iPadOS 18.” He highlighted new ways to personalize the Home Screen, a redesigned Photos app, updates to the Notes app, the addition of Calculator with Math Notes, and the introduction of Apple Intelligence.

The new Calculator app for iPad includes Math Notes, allowing users to type or write out mathematical expressions and see them solved in their own handwriting. The app also features a graphing tool and a history function to keep track of previous calculations. With unit conversions and scientific calculator options, users can quickly convert measurements and solve complex equations.

Handwritten notes receive a boost with Smart Script, which smooths and straightens handwriting in real-time. Users can easily edit handwritten text, add space, scratch out sentences, and even paste typed text in their own handwriting. The Notes app also introduces new text highlight colors and the ability to collapse sections under headings for better organization.

Customization options have been expanded with iPadOS 18. Users can now personalize the Home Screen by placing app icons and widgets in any open position, choosing light, dark, or tinted appearances, and resizing app icons for a streamlined look. Control Center has been redesigned for easier access to frequently used controls, with new customization options and support for third-party app controls.

The new tab bar in iPadOS 18 floats above app content, providing easier navigation and complementing the sidebar. Users can reorder or add tabs from the sidebar, enhancing their in-app experience. The Photos app has also received its biggest redesign yet, automatically organizing libraries and offering new ways to browse and pin favorite collections.

Messages in iPadOS 18 now include text formatting options like bold, underline, italics, and animated text effects. Users can react to messages with any emoji or sticker and schedule messages to send at a later time. Safari, touted as the world’s fastest browser, introduces Highlights and a redesigned Reader experience for a more streamlined presentation of web content.

Privacy controls have been enhanced in iPadOS 18, allowing users to lock and hide apps, manage app access to contacts, and seamlessly pair Bluetooth accessories. Apple Intelligence provides new systemwide Writing Tools for rewriting, proofreading, and summarizing text across various apps, as well as new image capabilities with Image Playground.

Other updates in iPadOS 18 include a new Passwords app, improved SharePlay features, enhanced gaming experiences with Game Mode and Personalized Spatial Audio, and new tools in Reminders and Calendar. Apple Maps now offers offline access to custom walking routes and thousands of national park hikes.

Image: Apple

This article, "iPadOS 18: New Calculator, Handwriting Tools, and Apple Intelligence" was first published on Small Business Trends



Small Business Owners Advocate in D.C. for Key Tax and Reporting Changes

Small business owners from across the country gathered in Washington, D.C., for the National Federation of Independent Business (NFIB) annual Fly-In event on Capitol Hill. This event brings together small business advocates to discuss critical issues directly with lawmakers. The focus is on making the 20% Small Business Deduction permanent and repealing the burdensome Beneficial Ownership reporting requirements.

NFIB President Brad Close emphasized the challenges facing the small business economy and the impact of current policies from Washington. He noted, “The small business economy continues to face significant challenges and the policies coming out of Washington aren’t making it any better.” The Fly-In offers small business owners a unique opportunity to speak directly with lawmakers about the importance of the Small Business Deduction and other pressing issues.

One of the main advocacy points for the NFIB this year is the passage of the Main Street Tax Certainty Act. This legislation aims to prevent a significant tax increase on small businesses by making the Small Business Deduction permanent before it expires in 2025. Small business owners argue that this deduction is crucial for their financial stability and growth, and its permanence would provide long-term tax relief and predictability.

Another key issue on the agenda is the Repealing Big Brother Overreach Act. This proposed legislation seeks to repeal the Corporate Transparency Act and its associated beneficial ownership reporting requirements. Many small business owners view these requirements as overly burdensome and invasive, arguing that they add unnecessary complexity and costs to their operations.

During the Fly-In, NFIB members attended various advocacy programs designed to prepare them for their meetings with lawmakers. These programs provide essential information on how to effectively communicate their concerns and the specific impacts of current and proposed legislation on their businesses. By sharing their personal stories and experiences, small business owners aim to highlight the real-world consequences of legislative decisions and advocate for policies that support their growth and success.

Brad Close also penned an op-ed in the Washington Times, outlining the top issues small business owners will discuss with Congress. This piece serves to further raise awareness and support for the NFIB’s key advocacy points, emphasizing the need for policies that foster a favorable environment for small businesses.

The NFIB’s annual Fly-In is a significant event for small business advocacy, providing a platform for business owners to engage directly with policymakers. By voicing their concerns and priorities, these entrepreneurs play a vital role in shaping legislation that affects their operations and the broader small business community.

Small business owners will continue to make their voices heard on Capitol Hill, advocating for the Main Street Tax Certainty Act and the Repealing Big Brother Overreach Act. Their efforts aim to ensure that small businesses can thrive and contribute to the economy without being hindered by unfavorable policies and regulations.

Image: Envato

This article, "Small Business Owners Advocate in D.C. for Key Tax and Reporting Changes" was first published on Small Business Trends



Tuesday, 18 June 2024

Apple Unveils watchOS 11 with Vitals App and Training Load Measurement

Apple has introduced watchOS 11, bringing new features to Apple Watch users. This update builds on existing sensor technology, algorithms, and a science-based approach to offer users a better understanding of their health and fitness.

With the new Vitals app, users can access important health metrics to make informed daily decisions. Training load measurement provides a new experience for improving fitness and performance. Activity rings are more customizable, and the Smart Stack and Photos face offers more personalization. The Health app on iPhone and iPad now supports pregnant users more effectively. The Translate app and new double tap gesture capabilities improve connectivity and convenience on Apple Watch.

David Clark, Apple’s senior director of watchOS Engineering, stated, “watchOS is the world’s most advanced wearable operating system, supporting Apple Watch users throughout their day to stay healthy, active, and connected. This fall, watchOS 11 makes Apple Watch an even more helpful companion by offering users additional actionable information about their health and fitness, more personalization to fit their unique needs, and new ways to stay connected while on the go.”

The Vitals app in watchOS 11 allows users to measure heart rate, respiratory rate, wrist temperature, sleep duration, and blood oxygen during sleep. It provides a quick view of these metrics and offers context for better health management. The app notifies users when multiple metrics are out of their typical range and links changes to factors like elevation, alcohol consumption, or illness. This app uses data from the Apple Heart and Movement Study to inform out-of-range classifications and notifications.

watchOS 11 also offers additional support for pregnant users. When a pregnancy is logged in the Health app, the Cycle Tracking app on Apple Watch displays gestational age and allows symptom logging. Pregnant users receive reminders to take mental health assessments and alerts for potential fall risks during the third trimester. These features aim to reflect changes in physical and mental health during pregnancy.

Training load is another new feature in watchOS 11, providing understanding into how workouts impact the body over time. This feature compares workout intensity and duration over the last seven days with the last 28 days. Users can rate their workout effort on a scale from 1 to 10, with an algorithm estimating effort for cardio-based workouts. This helps users adjust their training for optimal results. Training load data can be viewed in the Activity app on Apple Watch and the Fitness app on iPhone.

Activity rings are now more customizable in watchOS 11. Users can pause their rings without affecting award streaks and customize goals by day of the week. The Fitness app on iPhone offers new metrics for workouts and allows customization of the Summary tab. Apple Fitness+ has also been redesigned with personalized spaces and new awards.

The Smart Stack in watchOS 11 has new widgets and improved intelligence for easier access to important information. Widgets can be suggested based on time, date, location, and daily routines. The Photos watch face uses machine learning to recommend the best photo options and offers new customization features.

Check In is now available on Apple Watch, allowing users to share their location during workouts. The Translate app provides translation for 20 languages directly on the wrist, with suggested widgets for traveling. The double tap gesture can now be used to scroll through any app on Apple Watch.

Other updates in watchOS 11 include new workout types, custom workouts for pool swims, and Apple Maps hikes for U.S. national parks. Summarized notifications from iPhone will be forwarded to Apple Watch, and ticketing information in Apple Wallet is improved. Tap to Cash allows users to send and receive Apple Cash with nearby devices.

The developer beta of watchOS 11 is available to Apple Developer Program members, with a public beta coming next month. The final version will be released this fall as a free update for Apple Watch Series 6 or later, paired with iPhone Xs or later running iOS 18.

Image: Apple

This article, "Apple Unveils watchOS 11 with Vitals App and Training Load Measurement" was first published on Small Business Trends



Monday, 17 June 2024

Some AI Startups Are Bringing Hustle Culture Back to Silicon Valley

The hustle culture that was prominent among early Silicon Valley Startups has dwindled in recent years, giving way to more work-life balance and trends like soft entrepreneurship and quiet quitting. However, the quick advancements of AI has created an ultra-competitive field that has some startups veering back into the hustle-harder mentality.

One example of this re-emerging trend is a recent X post from Jeffrey Wang, co-founder of AI startup Exa Labs. The post, which inquired about purchasing nap pods for his company’s San Francisco office, went viral, with many founders and professionals expressing interest in napping at work. Others joined the conversation to discuss the issues with employers expecting their teams to work such long shifts that may necessitate sleeping at work.

Wang pushed back on that idea in a recent conversation with TechCrunch. In his view, the nap pods would simply be made available to employees who want to optimize sleep since it’s not always possible to do so at home. In addition, he stated that employees are “well paid” and have equity in the company. So, the idea of hustling harder for the business can lead directly to more personal earnings.

He told TechCrunch, “Maybe at some startups, it’s okay for the company to not be your main priority in life, but like, definitely not at a high-growth one.”

This mentality isn’t for everyone and certainly won’t work for every business. Especially in today’s work environment, where employees value flexibility and work-life balance, expectations of hustling all day and potentially even sleeping at work won’t appeal to many new hires.

But there are certain competitive fields where team members may be willing to put in longer hours and make more sacrifices to help their businesses grow. AI is an emerging field with tons of potential. So startups that can innovate quickly are more likely to edge out their competition and eventually create successful offerings, at which point their teams may be able to slow down or spread out the workload a bit. Employers who are upfront about expectations and provide fair compensation may benefit from this mentality, though history shows that this trend may be short-lived.

Image: Shutterstock

This article, "Some AI Startups Are Bringing Hustle Culture Back to Silicon Valley" was first published on Small Business Trends



Sunday, 16 June 2024

For the Latest in Tech Don’t Miss TECHSPO Atlanta 2024

TECHSPO Atlanta 2024 is a two-day technology expo taking place June 30 – July 1, 2024. This event brings together developers, marketers, and innovators to showcase the latest advancements in technology and innovation.

You will experience cutting-edge Internet, Mobile, AdTech, MarTech, and SaaS technologies presented by leading players in the field. The expo provides a platform for networking, learning, and collaboration, offering insights into how these technologies can drive the growth of your small business and improve customer engagement. Register today to connect with industry leaders and stay ahead in the tech world.

Register Now



Featured Events, Contests and Awards

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This weekly listing of small business events, contests and awards is provided as a community service by Small Business Trends.

You can see a full list of events, contest and award listings or post your own events by visiting the Small Business Events Calendar.

Image: Envato

This article, "For the Latest in Tech Don’t Miss TECHSPO Atlanta 2024" was first published on Small Business Trends



4 Tips for Starting a Family Doctor’s Office


Family doctors are very special providers within a community. They typically treat patients of all ages, genders, and backgrounds. You’ll find them everywhere from big cities to rural areas. They offer a variety of services, from prenatal care and vaccinations to screening tests and advice on how to maintain a healthy lifestyle. Experts agree that everyone should see a doctor once a year at minimum.

Perhaps you were inspired to become a family physician by watching the plethora of television doctors we all see who make it look so easy. The reality is that being a family doctor, while rewarding, can be a long process to get off the ground. Let’s review a few tips for starting a family doctor’s office.

  1. Ensure You Have Enough Funding

Family doctors wear many hats, including being a business owner. When starting, you’ll need to ensure you have enough funding to cover everything. This includes real estate (whether you choose a building, office suite, or home office), equipment, software, malpractice insurance, and staff. If you don’t have enough capital, you’ll need to consider a loan. You can also cut costs by taking on a partner, splitting the costs with another doctor, or renting out the space to another professional (massage therapist, chiropractor, etc.) at night or on weekends.

  1. Have the Proper Credentials for Insurance Companies

A large portion of your income will likely come by way of insurance companies. To accept patient insurance, you’ll have to show the companies that you are properly credentialed. This process could take several months and includes you proving to them that you are licensed, have malpractice insurance, and that you’re complying with the rules and regulations of your state.

For example, proof that you have contracted a company to properly disclose medical waste will be needed. Fines for improper disposal of hazardous waste can cost medical practices up to $37,500 per incident. This fine will be charged each day that the situation is not remedied.

  1. Have a Good Practice Plan

One of the keys to a successful family doctor’s office is to have a great practice plan in place before even opening the door. You don’t want the office to appear chaotic or messy when patients start coming. A few things to solidify include staffing (office manager, medical assistant, etc.), janitorial/cleaning services, secure vendors for supplies and equipment, ensuring you have easy-to-use, secure software to manage patient files and have services in place for diagnostics (lab work, MRIs, etc.). You’ll also want to consider your patient policies (cancelation, payment options), how you will bill, and have clear expectations for the duties of staff. Be sure to communicate with staff both verbally and in writing.

  1. Market Your Practice

As much as you love being a doctor to your patients, you must always keep in mind that your practice is a business, so it’s important to market your practice and yourself so that you can attract new patients. The good news is that with the wonders of technology, marketing has never been easier (and more cost-effective). The even better news is that if you’re good at what you do, over time, your patients will be your best marketing tool.

But in the meantime, get started by hiring pros to create a website and design a nifty logo to represent your practice; don’t be afraid to showcase your talents and skills as a physician on social media. You can also hire marketing experts to start an email or direct marketing campaign that revolves around specific seasonal issues, like allergies or the common cold. It’s estimated that about half of common cold cases occur in the spring and fall, so consider running a special incentive or promotion for patients to come in during that time.

As a doctor, starting a family practice can be a very rewarding experience. You get to help those in need, but you’ll get to build relationships and watch as your patients grow and add to their families. It’s never easy to start a new business, but with some careful planning, you can make a difference in the lives of many people!



Saturday, 15 June 2024

NERC Reports U.S. Regions at Risk for Energy Shortfalls in Summer

Parts of the United States could face electricity supply shortages if demand peaks are higher than anticipated or if less electricity is generated than expected, according to the North American Electric Reliability Corporation’s (NERC) 2024 Summer Reliability Assessment.

Under normal summer conditions, NERC expects the continental United States to have adequate power resources this year. No areas in the United States were considered at high risk this summer, a category indicating a risk of outages during normal conditions.

Electricity demand rises as temperatures increase, with homes and businesses using more air conditioning.

Higher-than-normal temperatures can affect reliability by increasing demand and causing power plant outages or reduced output due to heat.

Widespread heat waves can also limit electricity movement, as more power is needed locally. Transmission can be limited due to overheating risks, natural disasters like wildfires, and insufficient capacity to carry energy where it is needed.

NERC highlighted concerns about having enough resources to meet peak demand as baseload generation retirements increase, and variable resources like solar and wind replace traditional power plants.

Certain regions are at elevated risk of electricity supply shortages during extreme summer conditions. These areas include parts of California, the Southwest, the Midwest, Texas, and New England. This elevated risk means these regions could face shortfalls if summer conditions exceed normal expectations.

Image: Shutterstock

This article, "NERC Reports U.S. Regions at Risk for Energy Shortfalls in Summer" was first published on Small Business Trends



Friday, 14 June 2024

Inflation Remains a Top Concern for Small Business Owners

The NFIB Small Business Optimism Index saw its highest reading of the year in May, reaching 90.5, a 0.8-point increase from April. Despite this rise, it remains the 29th consecutive month below the historical average of 98. The Uncertainty Index jumped nine points to 85, the highest since November 2020. Inflation remains the top problem for small businesses, with 22% of owners identifying it as their most significant challenge, unchanged from April.

NFIB Chief Economist Bill Dunkelberg commented on the situation, stating, “The small business sector is responsible for the production of over 40% of GDP and employment, a crucial portion of the economy. But for 29 consecutive months, small business owners have expressed historically low optimism, and their views about future business conditions are at the worst levels seen in 50 years. Small business owners need relief as inflation has not eased much on Main Street.”

Key findings from the report include:

  • A net negative 8% of owners viewed current inventory stocks as “too low” in May, the lowest reading since October 1981.
  • Owners’ plans to hire rose three points to a net 15%, the highest reading of the year.
  • A net 28% plan price hikes in May, up two points from April.
  • Six percent of owners reported that financing was their top business problem, the highest since June 2010.
  • A net 18% plan to raise compensation in the next three months, down three points from April, the lowest since March 2021.
  • Forty-two percent of owners reported job openings they could not fill, seasonally adjusted.

In the last six months, 58% of owners reported capital outlays, a two-point increase from April. Of those, 40% spent on new equipment, 25% acquired vehicles, and 16% improved or expanded facilities. Eleven percent spent on new fixtures and furniture, and 6% acquired new buildings or land for expansion. Twenty-three percent plan capital outlays in the next six months, up one point from April.

Sales figures show a net negative 14% of owners reported higher nominal sales in the past three months. Expectations for higher real sales volumes fell one point to a net negative 13%. The net percent of owners reporting inventory gains fell one point to a net negative 7%.

The net percent of owners raising average selling prices remained unchanged from April at a net 25%. Price hikes were most frequent in the retail (55% higher), finance (50% higher), construction (42% higher), manufacturing (42% higher), and services (37% higher) sectors. Seasonally adjusted, a net 28% plan price hikes in May.

In terms of compensation, a net 37% reported raising compensation, down one point from April. A net 18% plan to raise compensation in the next three months, down three points from April. Ten percent cited labor costs as their top business problem, and 20% identified labor quality as their top issue, just behind inflation.

Profit trends remained negative, with a net negative 30% reporting lower profits, three points worse than April. Weaker sales, higher material costs, labor costs, and lower selling prices were the main reasons for lower profits. For those reporting higher profits, increased sales volumes, seasonal changes, and higher selling prices were credited.

Three percent of owners reported that all their borrowing needs were not satisfied, while 29% reported all credit needs met, and 58% were not interested in a loan. A net 6% said their last loan was harder to get than previous attempts.

The NFIB Research Center has been collecting Small Business Economic Trends data since the fourth quarter of 1973. This survey was conducted in May 2024.

Image: Envato

This article, "Inflation Remains a Top Concern for Small Business Owners" was first published on Small Business Trends