Do you need to file an annual report to stay compliant and continue operating legally? Companies like Harbor Compliance can handle this entire process for you, but how do you know you’re choosing the best service? As a supplement to your own research, my team and I researched and reviewed the commonalities and differences of
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The Brag Basket is open! This one is for November 17-19, 2017. Bring your good news, big or small, to share with everyone.
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Don’t like to brag? Just share some good news for someone you’re happy for. It’s a conversation with friends. So jump in. And remember to cheer for each other.
Small business optimism remains high and with this optimism comes thoughts of growth.
According to a Microsoft Store and SurveyMonkey survey to determine trends for the upcoming year, the company found that 90 percent of small business plan to hire one or two employees next year. At the same time, counter to this optimism, is the reality of running a small business.
Of those responding, 23 percent said budget constraints were their most important worry for 2018. This worry could be a damper on plans to grow by hiring.
For the survey, Microsoft Store polled 1,300 small businesses in the U.S. Companies surveyed had between 1 and 200 employees. Microsoft Store shared the information with Small Business Trends ahead of releasing the data.
2018 Small Business Trends
Here are some other key takeaways from the results, highlighting where small business owners will be focused in 2018:
A number of small businesses (37.6 percent) planned on launching new services and or products despite these ongoing concerns about their budgets. Still, these potential cash issues topped the list of worries for 23 percent of respondents and small companies that had been in business for less than a year were the most concerned.
There were other optimistic numbers. Just over 35 percent of the respondents said they were going to put together a new marketing strategy. Just under 40 percent said they have plans to give back to the community where they run their business.
However, many small business were lacking when it came to one of the most important issues for modern enterprises.
Many reported they felt unprepared for cybersecurity threats. What’s worse, a number were either not concerned about a serious data breach (50 percent) or are not planning to protect themselves (25 percent).
There were also a number of respondents that took cyber security seriously. Of those, many said they would rather pay for a service than do it themselves. Thirty percent of this group reported using encryption software and 40 percent said they made sure their employees were using antivirus software.
Less that one quarter of small businesses said they were looking to partner with another small business. Only a small number of respondents (6.2 percent) were trying to find a mentor.
For more information about the Microsoft Store survey, please see the infographic.
Image: Microsoft Store
This article, "90% of Small Businesses Plan to Hire in 2018 — Depending on Budget" was first published on Small Business Trends
Let’s start with two underlying truths.
First, you probably are near the point where your time is maxed out. It would be hard to add anything more and still manage to stay on top of everything at work and in your personal life.
Second, things change and there are always new opportunities and requirements coming at you in terms of running the business. Just look at some of my blog posts in the last 30 days – innovation, distinguish yourself, and tracking customer value. Each is a suggestion of something to try.
So how do you mesh these two truths that are each tugging in different directions?
Peter Drucker, management consultant and author, gave us an answer with his advice, “If you want to do something new, you have to stop doing something old.”
His statement acknowledges the fact that you just can’t keep adding new practices onto what you are already using. .
By practicing his advice, it forces you to ensure that your gain will be greater than your lose.
So often we get caught up in the new bright, shiny idea that we fail to look long term at what it might cost us. Yes, it’s great to be practicing the newest trend but does it really enhance your total return.
When considering the gain of doing something new in operating the business is no different then when consider adding a new product or service to your offerings. Does it strengthen your business position?
Staying abreast and taking advantage of new tools and techniques is necessary in building and sustaining your business. Just the time to do this though must be carved out of a busy day.
And if you wish to implement a new idea, you should think seriously about Drucker’s advice – if one thing comes in, another goes out.
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