The Small Business News Roundup
Changes in tax laws, labor trends, and the role of artificial intelligence are just a few of the topics making small-business headlines recently. Here's our roundup:
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HR TRENDS: Keeping summertime fun. Small business owners are helping their teams cope with the challenges of a long, hot summer, offering summer hours that ease the demands of childcare and other lifestyle factors.
Talkin' about their generations. A Forbes Advisor poll focusing on generational characteristics of employees found that Gen Z and Millennial workers are the most dissatisfied with their roles. What's even more interesting: the most desired workplace benefits.
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YOUR TAXES: A small business tax break faces 2025 sunsetting... The Qualified Business Income (QBI) deduction, a tax break that's given many so-called "pass-through" small businesses similar tax breaks as large corporations owners have enjoyed since 2017 is set to expire. What are the pros and cons of extending it?
...Meanwhile, the kids are alright with this tax provision Hiring your children comes with significant financial perks, if you follow the rules. Benefits include a tax deduction and funding your child's Roth IRA.
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HIRING: Who's feeling the pinch of labor shortages? Though fewer employees have quit since the Great Resignation started in 2021, small businesses are hardly immune. Here's a breakdown by industry and state of those hit hardest by labor shortages.
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LEGAL BEAT: A more small-business friendly Supreme Court? The NFIB reports several victories and a favorable trend in the Court's rulings regarding small business operations in 2023 and 2024 thus far.
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TECH: Is artificial intelligence your next smart hire? Though the Census Bureau reports that only 5 percent of American businesses claim to be using AI, small businesses are considering its possibilities.
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SALES: Keeping up with customer experience trends. Did you know that 53 percent of consumers say the quality of their interactions with a brand are just as important as the product or service itself? This is just one of the many, many customer service findings you should know about.
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STARTUPS: Gains in new business starts offer inspiration. Record numbers of entrepreneurs are setting up shop. Included in this trend are greater numbers of women, minorities, and "side hustle" ventures.
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COMMUNITY: 5 Types of Businesses that communities need. If you're looking to start a business in your own town, here are some often overlooked types of business ventures to consider.
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TRENDS: Who's Minding the Store? A Brookings Institution study finds that while the number of family-owned small businesses has declined, other more positive ownership trends have emerged.
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GLOBAL IMPACT: A Consulting Maverick focuses on small business. For years, the McKinsey Global Initiative has set its sights on large-scale business trends. But this year marks the first time MGI is analyzing the productivity of small businesses.
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