5 Ways to Protect Your New Business

When you’re just getting your startup off the ground, you’re open to many vulnerabilities you’re likely not aware of. Read on to learn about five critical ways to protect your new company—from the kind of insurance you need to security measures you should take to safeguard your brand to deciding on a business structure.

Business Insurance

When it comes to business insurance, more is always better. Having the right business insurance coverage can make the difference between your company’s survival or failure. To protect your new business, consider the following five categories of insurance: 

1. General liability. To protect your company from lawsuits related to accidents caused by your product or service, you’ll need general liability insurance. In addition, some industries require specific liability coverage. For example, consultants and accountants often get “errors and omissions” insurance to protect against lawsuits about negligence. 
2. Automobile. If your new business plans to provide company or delivery vehicles, you need a separate business auto insurance policy to cover business-related driving. 
3. Property and Casualty Insurance. You’ll need property and casualty insurance to protect your business from damage and loss of belongings and environments, such as fire and burglary. You may need extra coverage if you live in an earthquake or flood zone.
4. Employment-related insurance. In most cases, if you have employees, you are obligated by law to have workers’ compensation insurance, unemployment insurance tax, and, in some states, disability insurance. There are exceptions for sole proprietors and some corporation owners, so check with the Secretary of State’s office in your home state for employment insurance requirements. 

Besides the standard types of coverage, you might also want to protect your company with business income interruption insurance, cybersecurity insurance, and key man insurance, which covers the business for a specific period if a critical member of the company passes away.

Cybersecurity

Besides obtaining insurance in case of a data breach, a new business should do its due diligence to ensure the breach doesn’t happen in the first place. Preventive measures against ransomware and phishing attacks can save your company a future of headaches. Make it a priority to have a comprehensive cybersecurity plan in place. Get started by hiring a cybersecurity expert who understands your business and can explain all possible threats to your company’s critical data. Then compile an action plan and require all employees to adhere to it. With more employees working remotely, the chance of a data breach increases, especially if your staff is not trained to keep the company’s information safe.

Intellectual Property

Your company’s intellectual property (IP) is a valuable asset; therefore, as a new business owner, you must do everything you can to protect it. Here are the differences between each IP and how to protect yours.

• Trademark. A trademark is a word, phrase, name, design, or symbol—or a combination of those elements—that identifies your business’s goods or services. Trademarks are your company’s name, product names, logos, and taglines. A registered trademark protects the business from another business using the name, logo, etc., without permission. Trademark registration is done through the United States Patent and Trademark Office (USPTO) and must be renewed every 10 years.
• Patent. A patented invention gives an inventor (or business) the exclusive rights to manufacture, use, and sell an invention for a specific number of years. The patented property includes software processes, and product designs, among other creations. Patents are secured through the USPTO and must be original, useful, and not obvious to others with basic skills in the field or industry. The patent process is highly complex, and most business owners procure the assistance of an attorney, patent agent, or licensing firm.
• Copyright. Copyrights protect “original works of authorship,” which prevents others from duplicating or using the material without the permission of the creator or owner. Copyright protection includes assets such as music, art, film, literature, website copy, blog content, marketing materials, and computer code. Copyright registration is done through the U.S. Copyright Office and is protected for the author’s life, plus an additional 70 years.

Incorporating Your Business

The easiest (and least costly) way to structure your new business is as a sole proprietorship. However, as a sole proprietor, the state considers your company a “non-entity,” and therefore, there is no legal separation from the business’s owner. In other words, the owner is personally liable for the legal and financial debts of the company. So, if the sole proprietorship fails to pay its bills or gets sued by a customer or vendor, the owner’s personal assets can be seized to settle those debts. 

For this reason, many new business owners choose to incorporate their companies as a C Corp or Limited Liability Company (LLC). Corporations and LLCs enjoy limited liability because the business is legally a separate and distinct entity. If the business fails to pay its debts or is sued, the business owner’s assets (or the business’s investors) are typically protected. 

Incorporating your new business begins at the Secretary of State’s office in your state. It involves filing paperwork, paying filing fees, and staying in compliance with the state’s requirements for good standing. Also, because running a C Corp requires more compliance than an LLC, many business owners choose the LLC for the increased flexibility the management structure provides. 

There are several differences between the C Corp and LLC’s tax structure, investor rules, and more, so it’s important to talk to your accountant and attorney about what makes the most sense for your business. But in general, both entities provide better protection for the business owner’s personal assets than the sole proprietorship.

Keeping Your Business Compliant 

To keep your business in good standing and for long-term survival, you need to keep your business compliant. Compliance rules cover everything from meeting annual filing deadlines to registering for various business licenses and permits to paying the appropriate payroll taxes in the state/s where your company conducts business.

Most states require registered corporations and LLCs to file a Statement of Information, also called an Annual Report, with the Secretary of State’s office. Also, if your business sells products and services subject to sales taxes, you will need a sales tax license from the state tax authority office. 

If your company conducts business in a state other than the state of formation, the state where the business transactions are taking place may require you to apply for foreign qualification within that state. If you plan to have employees working remotely in other states, in addition to paying payroll taxes in your home state, you also must register in the employees’ states. State regulations vary, so be sure to check with each state where you do business.

Finally, every state has its own threshold for economic nexus. If you reach it, as an out-of-state company, you must pay sales tax to those states and comply with their rules and regulations.

It may sound complex, but taking the time to protect your business at the outset will help secure your future success.

CorpNet offers business formations, filings, state tax registrations, and corporate compliance services in all 50 states. Express and 24 hour rush filing services available upon request. Click here to learn more.

Image: Depositphotos

This article, "5 Ways to Protect Your New Business" was first published on Small Business Trends

12 Accounting Mistakes New Business Owners Often Make

A new business won’t survive long if it doesn’t have solid cash flow and a good accounting system in place. Unfortunately, some of the most common financial problems stem from simple mistakes new entrepreneurs may make the first time they’re tasked with keeping the books.

Luckily, there are ways to avoid or fix most of these common mistakes and save your business’s bottom line. To that end, a panel of Young Entrepreneur Council (YEC) members answered the following question:

“What’s one accounting mistake that new business owners might tend to make, and why? How can they fix it?”

Read on for their insights.

1. Focusing on Overall Revenue

“Pay attention to actual profit and cash flow. Many new business owners focus on overall revenue coming in, but once you account for the cost of goods, staff, fixed costs, etc., net profit to the company can be very different from revenue coming in the door.” ~ Lisa Song Sutton, Sin City Cupcakes

2. Struggling With Classifications

“New business owners sometimes struggle when categorizing purchases as personal or business. As a result, leaders may need to pay more or less on their taxes. This number could vary based on the type of mistake. If you’re unsure how something should be classified, it may be time to call a professional accountant to help keep your finances on track.” ~ Chris Christoff, MonsterInsights

3. Failing to Hire Outside Help

“Accounting can make or break your business. Budgeting monthly expenses, bookkeeping, analyzing profit and cash flow statements and financial planning are critical, detail-oriented tasks that demand a lot of attention. If accounting is not your area of expertise, you need outside help fast. Hire a professional who can focus on these activities while you hustle and build the business better.” ~ Brian David Crane, Spread Great Ideas

4. Ignoring the Difference Between Cash Flow and Profit

“The biggest accounting mistake many new businesses make is ignoring the differences between cash flow and profit. You might sell a product at $1,500, but what if the buyer fails to make the payment on time? In that case, your accounting records will show a profit but you may not have the cash despite the profit you made. So track your selling versus spending records properly.” ~ Josh Kohlbach, Wholesale Suite

5. Reporting on a Cash Basis Instead of an Accrual Basis

“One accounting mistake business owners commonly make is reporting on a cash basis versus an accrual basis. A cash basis accounts for when money is received or spent; accrual accounts for when the sale or expense occurs. In the future, if you plan to sell your business or even acquire funding, advisors will look at the accrual basis only.” ~ Jessica Fialkovich, Exit Factor

6. Failing to Record Expenses and Deposits

“The number one mistake business owners make is they fail to record entries for expenses and deposits. That makes it hard to reconcile the books at the end of the week or the end of the month. It also makes it challenging if the IRS or your tax accountant starts asking questions.” ~ Baruch Labunski, Rank Secure

7. Failing to Maintain an Emergency Fund

“One accounting mistake most new businesses make is not maintaining an emergency fund. Emergency funds can help you bridge the gap between your business’s temporary closing and going out of business entirely. So start putting in some amount separately as your emergency fund.” ~ Thomas Griffin, OptinMonster

8. Forgetting About Upcoming Taxes

“One accounting mistake that new business owners might tend to make is not keeping track of upcoming taxes. It’s possible to estimate how much money you’ll make and set money aside for taxes, but it’s still important to keep track of when they’re due. If you don’t pay your taxes on time, you could be charged interest and penalties.” ~ Blair Williams, MemberPress

9. Underestimating Expenses and Overestimating Revenue

“New business owners can make accounting mistakes due to a lack of experience or knowledge. They might not know how to calculate correct tax rates or might not be aware of different types of taxes. The most common mistake is underestimating their monthly expenses and overestimating their monthly revenue. This leads to underinvesting in the business and, eventually, bankruptcy.” ~ Kristin Kimberly Marquet, Marquet Media, LLC

10. Mixing Business and Personal Purchases

“For new business owners, this is understandable. You go to the store to pick up office supplies and then add a few last-minute home purchases on the same transaction. However, this could cause a big headache at tax time, and you could easily miss an expense that could be deductible. To fix this, always use a separate business and personal account.” ~ Shu Saito, All Filters

11. Failing to Account for Small Expenses

“One of the most common accounting mistakes new business owners make is failing to account for all expenses, especially the small ones. This can quickly add up and put your business in a difficult financial position. To avoid this, be sure to track all of your expenses, no matter how small, from the beginning. That will help you stay on top of your finances and keep the business on solid footing.” ~ Tonika Bruce, Lead Nicely, Inc.

12. Forgetting to Keep an Eye on Everything

“One common accounting mistake new business owners make is not keeping a close enough eye on their finances. This can lead to cash flow problems and other financial issues down the road. It’s important to learn about the basics of reading financial statements and tracking your company’s progress so you can avoid making this mistake.” ~ Syed Balkhi, WPBeginner

Image: Depositphotos

This article, "12 Accounting Mistakes New Business Owners Often Make" was first published on Small Business Trends

Interesting Stats on Too Many Virtual Meetings

Remote working has provided workers with numerous benefits to their work/life balance, but there are some downsides to working from home.

New research published by RedRex – an innovative group of web developers – has revealed virtual meetings to be something of a thorn in the side of remote working. While many virtual meetings are necessary for communication, the research discovered that a significant amount of workers find that the frequency of meetings wastes time, causes stress and digital fatigue while reducing productivity.

The Rise of Video Conferencing Software

The pandemic obviously saw a big increase in remote working and thus the apparent need for more virtual meetings, though video conferencing has actually been increasing year on year since 2000. In fact, RedRex discovered that time spent in video meetings has risen by 8-10% each year since the turn of the millennium. By 2020, the percentage of remote workers using video conferencing technology had reached 48%, with that number rising dramatically to 77% by 2022.

Now, 83% of employees spend up to one-third of their work week in video meetings. Interestingly, 55% say they have more meetings now than they did when working entirely in the office.

It is not just one-off meetings either, but multiple meetings throughout a week and even throughout a single day. Up to 35% of remote workers say they have multiple virtual meetings per week, with 17% saying they have multiple virtual meetings per day.

How Virtual Meetings Waste Time

Productive meetings are not the issue, of course, but unfortunately few meetings seem to be described as thus by remote workers. The research by RedRex revealed that 71% of workers believed that their work time was often wasted due to unnecessary or canceled meetings.

Diving deeper into the research and it becomes easier to see exactly why so many remote workers feel virtual meetings waste their time. The simple act of waiting for meetings to start costs rank and file workers around 11 minutes per meeting, which adds up to three days per year. The time wastage is even worse for senior executives who lose around 16 minutes per meeting, which adds up to nearly six days per year.

Add on top of this the 30 minutes that 40% of workers spend searching for the right link to join a meeting. Also, consider that 42% of remote workers contribute nothing to each meeting.

An average of 31 hours per month is spent in unproductive meetings, with 56% of remote workers actively wanting to reduce how much time they spend in virtual meetings.

Wasted or unproductive time is not the only issue though.

Increased Stress and Digital Fatigue

The constant virtual meetings endured by remote workers have significantly increased stress and brought us a new issue to contend with in the form of digital fatigue.

Remote workers cite the main causes of digital fatigue as meetings running too long (56%), staring at screens for long periods (52%), meetings having no purpose (49%), and constant eye contact (35%).

RedRox discovered the reasons for increased stress levels were due to the larger faces on-screen minimizing the sense of personal space, while our own faces also on-screen increased self-awareness and anxiety. The lack of mobility during a virtual meeting was also a significant contributory factor.

Image: redrex

This article, "Interesting Stats on Too Many Virtual Meetings" was first published on Small Business Trends

Don’t Miss Reuters Events Strategic Marketing NYC 2022

Find out how you can improve your marketing strategy by attending Reuters Events Strategic Marketing NYC 2022. This event is going to bring together more than 50 chief marketing officers and experts from some of the leading brands in the world. This includes  Frito Lay, GE, Estee Lauder Companies, HP, Albertsons Companies, PepsiCo International, Nationwide, MLB, and many others.

You will learn the importance of authentic communication in a world that has seen consumers emerge with different perspectives, needs and priorities.

Don’t miss the Reuters Events Strategic Marketing NYC 2022 on October 20-21. Register now by clicking the red button.

Register Now

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Featured Events, Contests and Awards

Reuters Events Strategic Marketing NYC 2022
October 20, 2022, Brooklyn, New York

Strategic Marketing 2022 brings together the world’s most influential CMOs and marketing leaders to combat new challenges, share creative insights and discover innovative solutions. This is the global platform to inspire and empower marketing leaders – contemporize your brand, maximize new channel opportunities, and engage in human-first data strategies.. Register now to join the most influential CMOs and innovators!

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More Events

• 2nd REMS Innovation Summit
  August 2, 2022, Alexandria, VA
• Chicago, Illinois BusinessExpos.com CannaTech Expo
  August 0, 2022, Schaumburg, IL
• Transformational CMO and Retail Virtual Assembly – August 2022
  August 9, 2022, Online
• AMA Chicago Workshop Series Presents Digital Collaboration: What’s possible now?
  August 16, 2022, Online
• Let’s Build Community Wealth Together Business Expo
  August 20, 2022, Online
• Let’s Build Community Wealth Together Business Expo
  August 20, 2022, Online
• Denver Small Business Expo 2022
  August 25, 2022, Denver, CO
• TECHSPO London 2022 Technology Expo (Internet ~ Mobile ~ AdTech ~ MarTech ~ SaaS)
  September 1, 2022, London, UK
• Los Angeles Small Business Expo 2022
  September 8, 2022, Los Angeles, CA
• Las Vegas Small Business Expo 2022
  September 22, 2022, Las Vegas, NV
• The Digital Transformation & Innovation In Financial Services Conference
  September 27, 2022, London, UK
• Phoenix Small Business Expo 2022
  September 28, 2022, Phoenix, AZ
• HSE360 Summit
  September 29, 2022, Online
• SINETNew York 2022
  September 29, 2022, New York City
• Advancing Construction Quality 2022 | October 10 – 12 | Scottsdale, AZ
  October 10, 2022, Scottsdale, AZ
• Future Workforce Conference Virtual
  October 12, 2022, Online
• Chief Information Security Officer, Fall 2022
  October 12, 2022, Boston, MA
• San Diego Small Business Expo 2022
  October 13, 2022, San Diego, CA
• 18th Annual Customer Contact West: A Frost & Sullivan Executive MindXchange
  October 16, 2022, Tucson, AZ
• Think INNOVATE 2022
  October 20, 2022, Owings Mills, MD

More Contests

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 Elements

This article, "Don’t Miss Reuters Events Strategic Marketing NYC 2022" was first published on Small Business Trends

Top Crypto Movers of the Week

The volatility of the cryptocurrency market is well known. However, this hasn’t stopped people, businesses, and investment firms from putting their money in crypto. With so much volatility, the top crypto movers for the week have seen some noteworthy gains.

Top Crypto Movers

It is very important to note there are currently over 19,000 cryptocurrencies populated on dozens of blockchain platforms. With that said, monitoring the biggest movers of all the cryptocurrencies will generate a list from the smallest of coins. And to be honest, there is no telling how long they will be around.

The top movers for the week on this list come from Coinbase. And just because they are on Coinbase doesn’t mean they will be around either. Remember, Terra was one of the top currencies trading at $116 just in April of 2022. It is now worth $0.000098.

 

READ MORE: How to Make Money with Cryptocurrency

 

Top Movers for the Week – July 30, 2022

Name	Price	Change	Market Cap	Volume 24h	Supply
Optimism - OP	$1.76	1.0501%	$414.8M	$788.3M	234.7M
Ampleforth Governance Token - FORTH	$6.75	0.9341%	$105.1M	$481.9M	15.3M
yearn.finance - YFI	$11523.2	0.7556%	$420.7M	$463.7M	36.6K
Wrapped Ampleforth - WAMPL	$6.5	0.7196%	-	$2.1M	-
Green Satoshi Token - GST	$0.057	0.6286%	$18.8M	$5.5M	330.0M
XYO -XYO	$0.0108	0.6177%	$139.9M	$11.3M	12.8B
Ethereum Classic -ETC	$39.33	0.4954%	$5.3B	$3.5B	136.1M
Unifi Protocol DAO -UNFI	$9.32	0.4888%	$42.0M	$463.1M	4.5M
Tellor - TRB	$25.63	0.4492%	$43.7M	$96.6M	1.7M

 

Top Three Movers

If you have invested in cryptocurrency, the past several months have been tough, and that is being generous. But like all financial markets, there are opportunities to make money even in a Bear market. If you happen to own the top three movers on this list, you could have doubled your money in just seven days. These currencies managed to increase by up to 105%.

Optimism/ OP – Up By 105.01%

Optimism is a layer two protocol and smart contract platform looking to enable low-cost and near-instantaneous Ethereum transactions. The OP cryptocurrency powers the Token House, which will be a division of the Optimism Collective alongside the Citizens’ House. The Collective governs network parameters, treasury disbursements, and protocol upgrades.

Ampleforth Governance Token/FORTH – Up By 93.41%

FORTH is a cryptocurrency that powers Ampleforth, a protocol that automatically adjusts the supply of its native token, AMPL, in response to demand. It is Ampleforth’s governance token. FORTH holders can vote on proposed changes to the Ampleforth protocol or delegate their votes to representatives who vote on their behalf.

Yearn.finance/YFI – Up By 75.56%

Yearn.finance (YFI) is an Ethereum token that governs the Yearn.finance platform. The platform is a yield optimizer that moves funds around the decentralized finance (“defi”) ecosystem in an effort to generate a high return.

 

• READ MORE: 3 Crypto Investment Strategies for Business Owners Navigating the Downturn

Investing in Cryptocurrency

Moving from traditional investment avenues to cryptocurrency is a big jump. But it is not that different in that you have to do your due diligence before you put up your hard-earned money. Before you invest your money in anything make sure you are fully aware of the risks. Whether it is a cryptocurrency or a traditional investment avenue, information is your best friend.

 

• READ MORE: How to Buy Cryptocurrency

 

Based on this information make the appropriate investment according to the risk. In that regard investing in cryptocurrency is no different than any other investment. However, cryptocurrencies are not regulated, and their value seems to go up or down without any rhyme or reason. Granted they may have some great underlying value, but that doesn’t seem to have any impact as the market is primarily driven by how Bitcoin and to some extent Ethereum are doing.

As with any type of investment, you must prepare yourself to lose what you put in when investing in cryptocurrencies.

This article, "Top Crypto Movers of the Week" was first published on Small Business Trends

10 Tips for Making the Most of Opportunities While Running Your Small Business

Running a successful business is all about taking advantage of opportunities. Sometimes, you jump on those presented to you. In other cases, you create your own. These tips from members of the online small business community can help with both strategies.

Uncover Growth Opportunities Using Competitor Analysis Tools

The opportunities available within your industry largely depend on gaps left open by your competitors. So you may need to analyze your competition to find the most relevant routes to grow your business. Learn about competitor analysis tools and how they can serve your business in this BloggingWizard post by Adam Connell. Then head to the BizSugar community to see what members are saying.

Find Email Addresses by Name

Often, business opportunities arise based on the people you’ve connected with. You may even need to create your own opportunities by getting in touch with the right people in your industry. In this Criminally Prolific post, Dmitry Dragilev details how to find anyone’s email address by name.

Dive Into Web 3.0 Marketing

New technology like Web 3.0 can bring about tons of new opportunities for businesses. But you need to first understand the implications of these tools to make the most of them. In this DIY Marketers post, Ivana Taylor goes over Web 3.0 marketing for small businesses.

Hone Your Own Creative Traits

Sometimes, taking advantage of business opportunities requires creative thinking. Whether you’re in a creative field or not, it’s often beneficial to recognize what creative skills you have and which may require some extra work. In this Startup Professionals Musings post, Marty Zwilling lists several traits that help creative entrepreneurs thrive.

Prepare to Deal with Emergencies

Emergency situations can harm businesses. Or they can provide opportunities to grow and pivot. If you want to make the most of situations that cannot be controlled on the outside, it helps to be prepared ahead of time. In this Aha!NOW post, Russell Emmental shares emergency preparedness tips.

Become the Best Real Estate Agent

The currently hot real estate market means there are tons of opportunities for entrepreneurs to earn solid income. So how do you take advantage of this option? RE/MAX broker-owner Richard Zompa offers tips in this post. And BizSugar members shared their own thoughts here.

Make the Most of Customer Interactions

Every conversation you have with a customer is an opportunity to make a positive impression. This is even true for those sharing complaints or concerns. In this Noobpreneur post, Elinor Johansen discusses the philosophy of “the customer is always right” and offers tips for small businesses.

Find the Most Profitable Blog Niches

Blogging has provided opportunities for entrepreneurs in tons of niches to earn a solid living. While it’s usually best to cover what you’re authentically interested in or knowledgeable about, there are certain topics that tend to be especially profitable. See a full list in this Themeisle post by John Hughes.

Get Unbiased Local SEO Data

Every piece of data you collect about your SEO and marketing strategy can help you uncover opportunities for improvement. So you shouldn’t look for proof that your existing strategies are working. Instead, look for unbiased data, like the sources included in this Mazepress post by Chris Roark.

Create Your Own Marketing Plan

There are seemingly endless opportunities to market a new business. So it helps to create a plan from the beginning to stay focused. Check out this Visme post by Mahnoor Sheikh for tips on making your own.

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, "10 Tips for Making the Most of Opportunities While Running Your Small Business" was first published on Small Business Trends

In the News: ARPA and Amazon Offering Grants of Up To $25,000

The American Rescue Plan Act (ARPA), as well as Amazon, have several grant opportunities to help small businesses. As always, grants want to address specific issues and in some cases, they can get quite specific. This includes needing to relocate due to local construction. And this highlights why it is so important to apply for grants that apply to your situation. Applying for a grant you don’t qualify for will only end up in getting turned down. So, apply as soon as possible and make sure you meet all the criteria.

The grants from ARPA include a relocation grant due to local construction as well as helping small businesses still struggling from the pandemic. The amount includes anywhere from $1,000 to $25,000 for a range of issues. Check out these grants and see if you qualify.

• Millions in ARPA Grant Funds Available to Small Businesses

The next grant comes from Amazon and it looks to support sustainable small businesses. The grant will provide $20,000 along with access to Amazon Launchpad. This is a platform designed to increase visibility and sales on Amazon. Get more details below:

• Amazon Offers Grant Opportunity for Sustainable Small Businesses

In related news, the US Treasury Department announced the approval of more support for underserved small business entrepreneurs in nine states. The $10 billion will come through the State Small Business Credit Initiative (SSBCI).

• Treasury Department Approves Nine More States for SSBCI Funding

Staying with government-related small business help, the U.S. Small Business Administration (SBA) also announced the federal contracting goals reached $154.2 billion. As a small business, applying for federal contracts is a great way to increase your revenue from a reliable source. And government contracts are a great way of doing it.

• Small Businesses Awarded $154.2 Billion in Government Contracts

 

Small Business News Roundup – July 29, 2022

Bitcoin Weekly Trend Shaky Amidst Uncertainty

On Wednesday Bitcoin’s price reached $21,322 with a 24-hour trading volume of $26,39 billion, down from $23,536 last week, according to Coinbase. Bitcoin’s value rose by 0.95% within the last 24 hours, culminating in a Bitcoin weekly trend that is struggling to reach even the halfway point of its previous high.

Now You Can Use Licensed Music on Facebook Videos and Still Monetize Them

Meta has introduced Music Revenue Sharing on Facebook. The new monetization feature makes it easier for creators to monetize the videos that use licensed music from popular artists.

Small Business Owners Say Inflation Pressure Only Getting Worse

Small business owners say the pressure put on their business from inflation is getting worse. The new survey released by the NFIB Research Center assessed the impact inflation is having on small businesses in the US.

Zoho Surpasses 80 Million Users and It’s Still Growing

Zoho is celebrating 38% year-over-year growth. The company made that announcement today as it kicked of ZohoDay 2022, its annual analysts conference in Austin, Texas. Milestone investments, research and development and growth were the hot topics at Zoho’s summit.

Stoyan Kenderov on Preparing Your Business for Recession

It’s nice when everything comes together for a video like it did with this one. But before we dive into preparing for a recession, it’s best to talk about what a recession is. We know it’s no fun, but what is a recession, really? A recession is when the economy experiences a negative GDP, falling retail sales and increasing levels of unemployment.

T-Mobile and Apple Forge Partnership for Small Business Package Deal

T-Mobile and Apple have teamed up to offer a comprehensive IT package for small businesses. In what is T-Mobile’s first and only wireless plan, it includes Apple Business Essentials, AppleCare+ for Business Essentials, a new iPhone 13 for new lines, and more.

Instagram Has New Features for Reels

Meta recently announced that they are launching new features to Instagram that will make it more fun for users as well as make it easier for creators to collaborate, create and share reels.

Gas Prices See Drop for 6th Consecutive Week

US drivers are seeing some relief at the pump with average national gas prices reaching $4.355 a gallon down from $4.521 last week. This is the sixth consecutive week that gas prices have gone down following record-high gas prices over the past several months. According to the American Automobile Association (AAA), July 25, 2022, saw average gas prices reach $4.

Deadline to Apply for EIDL Loans Due to Texas Drought Nears

The U.S. Small Business Administration (SBA) has sent out a reminder that the deadline to apply for Economic Injury Disaster Loans for small non-farm businesses in eight Texas counties is approaching. Deadline to Apply for EIDL Loans Due to Texas Drought Nears Director Tanya N.

10 Online Business for Sale in July

An online business gives you a more flexible method of operation. This means being able to reach a much larger customer base, multiple marketing options, faster financial transactions, and cheaper operational costs. This applies to new and established online businesses. However, if you want to hit the ground running, an established online business is the way to go.

Image: Depositphotos

This article, "In the News: ARPA and Amazon Offering Grants of Up To $25,000" was first published on Small Business Trends

Debate Sparked on if US Economy is Now in a Recession

The rule of thumb when it comes to declaring a recession is two consecutive quarters of decline in the economic performance or Gross Domestic Product (GDP).

The US economy has now contracted for two consecutive quarters. However, on Wednesday Jerome Powell, Chairman of the Federal Reserve, said “I do not think the U.S. is currently in a recession.”

While the government is saying the US economy is not in a recession, the metric that has been used until now says otherwise.

 

• READ MORE: How to Prepare for a Recession

The 2022 Recession

With the economy already battered from the disruptions caused by the pandemic fears of a recession are upon us. Gross domestic product fell at a 0.9% annualized rate after a 1.6% decline in the first three months of the year, according to the Bureau of Economic Analysis on Thursday.

Currently, the US is facing near-record high inflation, and high gas prices, with more and more Americans, finding themselves with less purchasing power as prices continue to rise. During the last 12 months, inflation rose to 9.1 % according to the Bureau of Labor Statistics.

Biden Administration Contends It Can Avert a Recession

However, the government is arguing that other factors indicate the economy is not in a recession despite the economy contracting. It points to unemployment remaining at a historical low of 3.6% in June for the fourth consecutive month. This as the US created around 2.7 million new jobs in the first half of 2022 and another million in the second quarter. In addition, gas prices are in their sixth-week decline as recent interest rate increases will tame inflation that is at a four-decade high.

Despite the speculations, recessions are difficult to predict and even more difficult to assess their magnitude. Some could be short-lived while others can linger longer, the best way for businesses is to prepare for any outcome as booms and busts are natural cycles of any economy.

Federal Reserve Tweaks Interest Rates to Tame Inflation

As inflation continued to rise at record levels the Federal Reserve was forced to raise interest rates for the second time by another 0.75 % points on Wednesday, July 27. In a bid to tame runaway inflation without creating a recession the Federal Reserve has pushed up interest rates from zero to almost 2.5- a move never attempted since the 1980s.

By raising interest rates the Federal Reserve hopes to discourage borrowing and encourage saving thereby reducing the amount of money in circulation. This will in return reduce demand for goods and services and bring down inflation.

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This article, "Debate Sparked on if US Economy is Now in a Recession" was first published on Small Business Trends

Hurry Up and Get These Small Business Grants Before They Expire in August

As businesses emerge from the slow summer season, it may be the perfect time to evaluate your needs and consider small business grants. This additional funding can help businesses meet various goals, from hiring staff to creating innovative new offerings.

Small Business Grants with an August 2022 Deadline

There are several grant opportunities available in August 2022. Here are some with upcoming deadlines to consider.

Innovate Alabama Supplemental Grant Program

The Alabama Innovation Corporation is currently accepting applications for its Innovate Alabama Supplemental Grant Program. The program is open to Alabama-based businesses that received Federal Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) grants. Those businesses can apply for up to $250,000 in additional funding to further support their innovative projects. Eligible businesses are encouraged to apply by August 1.

West Hartford ARPA Grants

West Hartford, Connecticut recently launched a new $2 million grant program to support businesses still struggling from the pandemic. Eligible businesses and nonprofits can apply for up to $10,000. To qualify, organizations must have 50 or fewer full-time employees and submit an application by August 10.

Olean Marketing and Rent Grants

Olean, New York recently unveiled two grant programs to support the city’s small businesses. The first program provides funding for marketing activities, and the second provides rental assistance for businesses struggling to make payments. Eligible businesses can apply for $5,000 under each program, with a total of $100,000 allocated for each one. Therea are multiple rolling deadlines throughout the summer. The next window closes on August 12.

Glastonbury Small Business Assistance Program

Glastonbury, Connecticut recently established a small business assistance program for those impacted by the pandemic. Eligible businesses can apply for up to $5,000. Applicants must be able to prove that they were adversely affected by the pandemic and that the funds can help them with long-term viability. The application deadline is August 14, or until funds are exhausted.

Amherst New Storefront Grants

Amherst, Massachusetts is setting up a $40,000 fund to help new businesses open in town. Eligible businesses can apply for between $5,000 and $10,000. To qualify, businesses must have a storefront lease in place and an established business plan. August 15 is the deadline to apply.

Amazon Launchpad Products for Tomorrow

Amazon’ Products for Tomorrow program supports innovative, sustainable product-based businesses. Selected businesses will receive a $20,000 grant, help with sustainability certifications, and Amazon Launchpad membership. Applications are currently available online, with a deadline of August 18.

Houston and Wells Fargo

Wells Fargo is partnering with Houston to support the city’s underserved businesses as they recover from the pandemic. The $20 million Open for Business grant is part of a larger initiative by Wells Fargo to support communities of color that have been disproportionately affected by the pandemic. The program is open to businesses and nonprofits in the Houston area with 50 or fewer employees that are led by people of color. August 23 is the deadline to apply.

Tarrant County Small Business Workforce Recovery Grant Program

Tarrant County, Texas recently allocated $25 million in federal funds for a small business grant program. The program aims to support businesses negatively impacted by the pandemic. Funds can be used for workforce recovery, employee retention, recruitment, and training. To qualify, businesses must have 50 or fewer employees during the First Quarter of 2020. Individual grants can provide up to $27,500. August 31 is the application deadline.

Sac4SmallBiz Small Business & Nonprofit Grant Program

Sacramento County, California is using federal pandemic recovery funds to support its Sac4SmallBiz grant program. The Small Business & Nonprofit Grant Program is offering $7.5 million to small businesses and nonprofits across the Sacramento area, with $10,000 available to each applicant. Applications are due by August 31.

VBThrive Business Relief Grant Program

VBThrive Business Relief Grant program is offering financial support to businesses throughout Virginia Beach. Run through a partnership with the United Way of South Hampton Roads, the city of Virginia Beach, and The Local Initiatives Support Corp. Hampton Roads, this funding round focuses on travel and hospitality businesses. Eligible companies can apply for between $10,000 and $50,000, now through August 31.

LaunchTN SBIR/STTR Matching Grants

LaunchTN is offering $7 million in matching grants to support innovative Tennessee companies. The program is open to those that have received a federal Small Business Innovation Research (SBIR) or Small Business Technology Transfer (STTR) grants this past year. Up to $300,000 is available to those that meet the criteria. Applications are available now through August 15.

Working Washington Grants

Washington State is offering $70 million in grants to small businesses still recovering from the pandemic. Working Washington grants have already provided more than $500 million to small businesses over the past two years. This latest round is focused on industries still struggling with worker shortages and related issues, like travel and hospitality businesses. The application period runs from August 17 to 31.

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This article, "Hurry Up and Get These Small Business Grants Before They Expire in August" was first published on Small Business Trends

Popular Online Negotiation Courses

Every day every one negotiates knowingly or unknowingly. In politics, negotiation is the instrument that settles terms of agreements and disputes between parties. In everyday life, it can facilitate arguments within the household and among the neighbors. And in businesses, it is one of the most important skills as it will shape the outcome of your meetings and deals. Online negotiation courses will provide you with those skills.

Why do you need Negotiation Courses?

• Personal development
• Business communication
• Persuasion
• Planning & Strategy

Personal Development: Even if you are not part of a business or you are a freelancer, negotiation courses will help you boost your self-esteem. Every negation including a job interview will require you to give your terms and negotiate what you are offered. With negotiation courses, you will be able to express yourself the right way and to the best of your interest.

Business Communication: Linking business to client, owner to employees, or business to business needs clean and swift communication. Taking negotiation training will guide you to carry yourself in a professional and timely manner while communicating.

Persuasion: in sales, the power to convince is the biggest quality one should possess. Convincing someone to buy your product or sell you a product takes more than a good handshake and a smile. Online negotiation courses can enhance your sales skills to bear the best result using necessary persuasive techniques.

Planning and Strategy: In their operations, businesses and projects develop plans and design strategies to execute those plans and achieve goals. In this process, where everything is likely to go through some sort of change, negotiation skills help tackle and manage these changes that come along, since every change will be addressed to an individual.

Negotiation Courses for Beginners

Online Negotiation courses are designed to facilitate the professional’s or entrant’s level of learning. The courses are offered for all levels of entry, here are the best negotiation courses for beginners.

Negotiation Fundamentals: How To Negotiate Effectively

Negotiation Fundamentals will teach you the core principles and different techniques of negotiations. The course will explore the cognitive process and help you understand decision-making. It will also show you how to use that to hold higher grounds in the negotiation. Moreover, you will learn how to maneuver every point of the negotiations from beginning to end.

The Negotiation Mastery Blueprint For Freelancers (2022)

Specifically designed for freelancers, the negotiation blueprint will take you behind the structure of price negotiations and how to win them. It shows you how to select the clients that will earn you the best fees. You will learn how to communicate in a direct, confident, and presentable way to leverage the best jobs.

Negotiation Skills: Become A Master Of Negotiation

The negotiation skills lessons elaborate on the basics of negotiations and present the idea of ethical negotiation by showing you how to design a win-win agreement. The lessons include the 7 steps for successful negotiation, managing emotional responses while negotiating, protecting yourself from negotiation tactics used against you, and more.

Intermediate level Negotiation Courses

For those who are familiar with the concept of negotiations, the intermediate-level courses will train you with a specific type of negotiations applicable for a specific type of business sector or individual within. Here are the best intermediate-level negotiation courses.

Negotiations: Manipulative Tactics for Procurement

Manipulative Tactics for Procurement reveals 21 real-life manipulation examples from several business situations. All the negotiation tricks that can be used against you and how to manage them are discussed in brief. You will learn manipulation techniques and principles including the dirty negotiation tricks. Although it is useful for everyone it’s tailored for procurement and purchasing professionals.

The Painless Negotiation

The Painless Negotiation facilitates business-to-business (B2B) deals for optimum results. Avoiding the four common pitfalls in negotiations, designing the best target for the deal, and identifying who needs the deal more are among the topics of the course. In addition to that, it shows you the objection you should expect and how to leverage it.

Negotiate Successfully in China

This course, Negotiate Successfully in China provides insights on how to communicate with business partners and potential partners in China. It shows how to protect your technology and intellectual property. In the same manner, you will learn what the Chinese negotiators want and how to structure deals to negotiate well.

Advanced negotiation courses

Advanced courses are suggested to professionals with negotiation skills looking to improve. These are the courses that turn the professional into a master. The following are the top three expert-level online negotiation courses

How to Negotiate Like A Professional

In How to Negotiate Like A Professional, you will be taught the four negotiation strategies including specific lines to use in your negotiations. This 30-minute course highlights the best negotiation tactics and tips. Furthermore, it tells you which strategy to use at the beginning, during, and when closing the negotiations.

Negotiations for Sales: Negotiate like a Pro!

In 2.5 hours, Negotiations for Sales: Negotiate like a Pro! takes you from preparation to running negotiations step by step. The course involves practical real-life examples of negotiations. The modules also include emotional control, collaborative negotiations, facing rejections and overcoming them.

The Art of Negotiation – Become a Master Negotiator

The Art of Negotiation Become a Master Negotiator will teach you how to apply advanced negotiation tactics. You will be able to communicate clearly, control verbal and body language, and be decisive in your negotiation. The lessons also include good impressions, salary negotiations, negotiation tips, and dirty tricks.

What is the best negotiation course?

Successful Negotiations Training Course: prepared by a seasoned expert this negotiation course covers all the negotiation tactics you will need. It will help you develop assertive behavior and emotional intelligence. It further goes into increasing your bargaining power, negotiation tactics and phrases, tradeables, and identifying techniques that will be used against you and how to handle them are all included in the course.

Are there any certifications for online negotiation courses?

• All the courses listed above award you with a certificate of completion.

How much do negotiation courses online cost?

• Negotiation courses online for Beginners cost an average of $35, the intermediate courses on average are $50, and the Advanced courses cost an average of $75.

What assurances are there?

• For every course offered by Udemy, there is a 30-day money-back guarantee

Do the big companies use these courses?

• Big companies such as Adidas, HSBC, Barclays, Lyft, Volkswagen, Bloomingdales, Pinterest, Accenture, Ernst & Young, Nasdaq, box, NetApp, and many others have offered and continue to offer these courses to their employees.

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This article, "Popular Online Negotiation Courses" was first published on Small Business Trends

Learn How to Successfully Run and Market a Local Business This August

August is a big month for local businesses. National Farmers’ Market Week is August 7 through 13, and National Lemonade Day is August 20, ideal for those who started their local business aspirations with the classic lemonade stand.

If you’re interested in starting a successful local business, the first step is figuring how to sell stuff in your local community. Luckily, there are plenty of apps that can quickly connect you with buyers in your area. Some may help you bring in extra cash while you set up a store or website. Or you can use these as a major ongoing revenue source.

The Best App to Sell Stuff Locally

The handmade industry is growing significantly. While online marketplaces like Etsy get lots of attention, you can also sell handmade products locally. Here are some places to consider.

Top 15 Places You Can Sell Handmade Products Locally

Farmers markets are also ideal for selling products to local consumers. Whether you offer food or handmade items, it takes planning and skill to be successful at these venues. Learn the tricks to selling at farmers markets in this post.

25 Tips for Small Businesses Selling at Farmers Markets 

Once you determine where and how to sell your products locally, it’s time to market. There are specific strategies needed to reach consumers in your particular area. Learn more in this post.

20 Local Marketing Strategies 

Once you’ve covered the basics of local marketing, it’s time to make your business stand out. If you use exactly the same marketing channels and messaging as your competitors, you’ll all seem about the same. Stepping up your local marketing efforts can take some creativity or out-of-the box ideas. This post outlines a few local marketing strategies you likely haven’t considered that can take your business to the next level.

10 Local Marketing Ideas You May Not Have Considered – Yet 

If you have a small, local business, we’d love to tell your unique story. Getting featured on Small Business Trends may help you reach more potential customers or gain attention for your business. To share your story with our editorial team, reach out here for consideration.

In addition, we’re always looking to provide value to our small business audience by featuring tools and companies that assist with local business marketing or sales. If you offer a relevant app, marketing service, or platform, connect with our team here to potentially get featured in an upcoming post.

We even offer advertising opportunities for companies that serve local businesses and their customers. These opportunities allow you to partner with our team and reach our large, engaged audience of small business readers. Learn more about media and sponsorship opportunities here.

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This article, "Learn How to Successfully Run and Market a Local Business This August" was first published on Small Business Trends

Ethereum Weekly Trend Reveals a Steady Path to a Rebound

Ethereum’s current price has reached $1,619.21, up from Wednesday’s $1,500 showing signs of a rebound. In addition, the cryptocurrency saw a boost with Wednesday’s announcement by the Federal Reserve on raising the interest rate by 75 basis points. Ethereum soared more than 11.15% in just 24 hours on that move.

Ethereum Weekly Trend – July 28, 2022

This follows Ethereum’s 40% rally last week, triggered by the network’s developers announcing a tentative date for its massive software update. The unexpected rally puts to rest worries among investors that a possible interest rate hike might bring the value of cryptocurrencies further down.

This week Ethereum recorded its lowest valuation between $1361.67 on Tuesday while seeing a high of $1659.66 on Thursday. With a current circulating supply of more than 121 million and a market cap of 197.8 billion Ethereum accounts for some 15% of the crypto market.

 

• READ MORE: Types of Cryptocurrencies

 

Ethereum, the second largest cryptocurrency remains 66.75% below the all-time high of $4,891.70 last November and has risen by 9.25% in the past seven days. It came close to that figure last December topping $4,100 but has since then ranged between $2,100 and $4,000. Despite its slow start to 2022, experts are predicting Ethereum’s price could potentially hit and exceed $12,000 this year.

 

• READ MORE: How to Create a Cryptocurrency

 

The Latest Ethereum Trend Showing Prospects for More Growth

Besides the improvement in its value, Ethereum also broke a new record with over 1.1 million addresses conducting ETH transactions on Wednesday –48% higher than the previous record.

Ethereum is experiencing a resurgence also thanks in part to the news of the current execution layer of Ethereum merging with the Beacon Chain proof-of-stake system. This would mean the end of proof-of-work for Ethereum and a full transition towards proof-of-stake.

This will also mean opportunities for the blockchain for future scaling upgrades including sharding and reducing Ethereum’s energy consumption by around 99.95%. The Merge is one of the most significant and anticipated upgrades in the history of Ethereum allowing for enhanced features and security.

The Ethereum ecosystem is seeing significant developments in the race to scale the network and has become a favorite among program developers as it offers users a myriad of applications such as executing smart contracts in the trading of Non-Fungible Tokens (NFTs).

Founded in 2013 Ethereum is a decentralized, open-source blockchain with smart contract functionality. It was designed to expand the uses of cryptocurrencies by allowing developers to create their special applications.

Unlike other traditional apps, Ethereum-based applications, are called decentralized applications which are self-executing thanks to the use of smart contracts. Today Ethereum is a popular cryptocurrency and second only to Bitcoin in market capitalization. Due to its use cases, Ethereum is considered one of the best crypto tokens to purchase right now.

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This article, "Ethereum Weekly Trend Reveals a Steady Path to a Rebound" was first published on Small Business Trends

Titanium Blockchain CEO Pleads Guilty to Cryptocurrency Fraud Charges

The CEO of Titanium Blockchain Infrastructure Services (TBIS) has pleaded guilty to charges of securities fraud after using ‘false and misleading statements’ to convince investors to buy unregistered cryptocurrency tokens.

Titanium Blockchain CEO Pleads Guilty to Cryptocurrency Fraud Charges

Michael Alan Stollery, 54, of Reseda, California, admitted his role in a cryptocurrency fraud scheme involving TBIS’s initial coin offering (ICO) that raised around $21 million from investors both in the United States and from abroad. His TBIS firm were presented to investors as a cryptocurrency investment platform who were lured into purchasing ‘BARs’ which were supposedly legitimate cryptocurrency tokens but which Stollery had not registered with the U.S. Securities and Exchange Commission (SEC).

Investors Hoodwinked by Crypto Fraud

Stollery has since explained that in order to entice investors, he falsified aspects of TBIS’s white papers. The falsifications purportedly offered investors and prospective investors an explanation of the cryptocurrency investment offering, which included the purpose and technology behind the offering as well as how the offering was different from other cryptocurrency opportunities. He also falsified the prospects for the offering’s profitability.

Announcing the charges and plea in court were Assistant Attorney General Kenneth A. Polite, Jr. of the Justice Department’s Criminal Division. Also present were Assistant Director Luis Quesada of the FBI’s Criminal Investigative Division and Acting Special Agent in Charge, Cory Nootnagel, of the Office of Inspector General for the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection, Western Region.

Crypto Criminal Used Funds for Hawai’i Condo

A statement on the Department of Justice website further explained: “Stollery also planted fake client testimonials on TBIS’s website and falsely claimed that he had business relationships with the Federal Reserve and dozens of prominent companies to create the false appearance of legitimacy.

“Stollery further admitted that he did not use the invested money as promised but instead commingled the ICO investors’ funds with his personal funds, using at least a portion of the offering proceeds for expenses unrelated to TBIS, such as credit card payments and the payment of bills for Stollery’s Hawaii condominium.”

Stollery’s guilty plea comes four years after the SEC first obtained an emergency order to halt TBIS’s ICO in 2018. An emergency asset freeze was also approved, and a receiver to hold the firm’s assets was also appointed.

One of the lawyers representing Stollery, Andrew Holmes, explained that the plea was the criminal follow-up to the SEC action. Holmes spoke to the Wall Street Journal, saying that Stollery’s crimes were: “Overexuberance that went beyond what he should’ve done.”

Holmes also explained that most of the investors’ funds that were converted to cryptocurrency are in the possession of the receiver and that Stollery has been cooperating with the authorities from the beginning of the case. “He’s very remorseful,” added Holmes. “He wants to get as much money as possible back to those that put their money in.”

Fraudster Faces Up To 20 years

Stollery is scheduled to be sentenced on November 18 and could face up to 20 years in prison. A federal district court judge will determine any sentence and will take the U.S. Sentencing Guidelines and other statutory factors into consideration.

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This article, "Titanium Blockchain CEO Pleads Guilty to Cryptocurrency Fraud Charges" was first published on Small Business Trends

Small Businesses Awarded $154.2 Billion in Government Contracts

The U.S. Small Business Administration (SBA) recently announced that the Biden-Harris Administration has exceeded its small business federal contracting goal, awarding $154.2 billion in federal contract dollars to small businesses.

Small Businesses Awarded $154.2 Billion in Government Contracts

The amount is an $8 billion increase from the previous fiscal year, with the share of contracts going to small businesses equating to 27.2% of total federal contracting funds. Along with the $72 billion in subprime contracting goals, this ‘historic spend’ has helped to support over a million jobs in the American economy.

SBA Proudly Exceeds Contracting Goals

The SBA sets a certain number of contracting goals for each agency and then works with government buyers to ensure that they prioritize small businesses.

Overall, the federal government exceeded its goal of 23% in prime contract dollars earning themselves an ‘A’ grade on this year’s government-wide Scorecard. Eleven of the federal agencies also earned an ‘A+’ grade for their achievements in small business contracting.

‘Historic Records’ for Small Business Contracting

Administrator Isabella Casillas Guzman said of the SBA’s achievement: “The Biden-Harris Administration set historic records in small business contracting, including the highest percentage spend to Small Disadvantaged Businesses and growth for our Service-disabled Veteran Small Businesses, which has advanced competition, strengthened local economies, and supported job growth across the nation.

“By expanding small business opportunities and building equity in federal procurement, we have helped to ensure that federal agencies can fully leverage the extraordinary talent and innovation delivered by our nation’s entrepreneurs. Building on the major procurement reforms announced last year; the SBA will continue to further progress in all federal procurement goals so more entrepreneurs can grow their businesses with government contracts, including those presented by President Biden’s Infrastructure Investment and Jobs Act.”

The U.S. Transportation Secretary Pete Buttigieg added: “Small businesses know how to get the job done, and they have a key role to play in delivering the generational infrastructure investment underway through the Bipartisan Infrastructure Law. We know that it hasn’t been easy for small businesses – particularly those owned by women and people of color – to reap the benefits of past infrastructure investments, and we’re proud of the actions this Administration is taking to level the playing field, remove barriers to opportunities, and increase access to wealth creation for small businesses across America.”

As one of the departments to receive an ‘A+’ grade, the Department of Homeland Security (DHS) Alejandro N. Mayorkas said: “Last year alone, DHS obligated $8 billion to American small businesses working to support the homeland security mission. DHS will continue to lead in small business contracting by focusing on small business outreach and engagement as we support diversity, equity, and inclusion.”

Agency Scorecards Reveal Spending Details

The agency scorecards showed that spending on small disadvantaged businesses reached 11% for the first time in history, which achieved President Biden’s committed increase to such business contracting one year ahead of schedule.

The spending on small businesses owned by service-disabled Veterans reached 4.4%, which easily cleared the original 3% target. That represents about $25 billion in procurement and a $1 billion spending increase over the previous year.

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This article, "Small Businesses Awarded $154.2 Billion in Government Contracts" was first published on Small Business Trends