Hispanics make up 18.1% of the US population with close to 60 million people. More and more Hispanic entrepreneurs serve this population. According to the 2019 Bank of America Hispanic Small Business Owner Spotlight (PDF), 87% of Hispanic entrepreneurs plan to expand their business this year. This translates to 20% higher than non-Hispanic business owners. Hispanic business owners get their optimism from the community they serve, family and their employees. And this led to exceptional growth, exceeding the expectations of owners when they started their venture. Still a tight labor market makes it much harder to find the right talent and keep them. Elizabeth Romero, Small Business Central Division executive from Bank of America says this is one of the challenges this demographic is facing. In a release, Romero said, “As Hispanic entrepreneurs look to augment growth plans by hiring, today’s competitive job market has created an especially difficult environment to attract and retain talent.” GfK Social and Strategic Research carried out the survey for this year’s report between August 30 and October 16, 2018. A national sample of 1,067 small business owners in the US made up of Hispanic and Non-Hispanic small business owners took part in the survey. These businesses with between 2 and 99 employees generate revenue between $100,000 and $4,999,999. The study then compared the results of the survey to national benchmark standards for size, revenue and region. The study also determined whether the respondents were English or Spanish-speaking. Hispanic Entrepreneurs in 2019Beyond this year, 79% of Hispanics said they plan to grow their business over the next five years. Meanwhile only 55% of other entrepreneurs expressed growth plans. In 2019, close to 3 in 4 or 74% Hispanics also expect their revenue will increase. And 51% plan on hiring new workers. Enter challenges as the labor market continues to tighten. In 2018, all businesses experienced challenges finding qualified talent. But 58% of Hispanic entrepreneurs experienced these challenges. They also report it harder to find talent and retain it. The turnover rate for Hispanic owned businesses affected 45% of organizations, while the rest of the segment experienced a 24% rate. When it is time hire, it is taking longer to do so. It takes three months or more to fill a position and the difference here is pretty much the same for everyone. Forty-five percent of Hispanic business have to wait that long, while it is 40% for non-Hispanics owners. The time also extends to the process of hiring a person, with Hispanics saying it takes them more than 10 hours to make it happen. The number is 13% lower for non-Hispanics at 45%. Adapting to the new Job MarketIt doesn’t matter whether you are a Hispanic business owner or not, if you don’t adapt your hiring practices to the new job market, it will take you longer than ever to fill your open positions. According to Bank of America, businesses will have to refine their hiring and recruiting approach to standing a chance in this ultra-competitive job market. In the report, 75% of Hispanic owners are making these adjustments, compared to 55% of other business owners. Hispanic owners are using social media more to find and recruit talent (32% to 23%), establishing a more flexible culture in the workplace (27% to 25%), and offering higher salaries (26% to 17%). Some of the other benefits Hispanic business owners are offering include flexible hours and work location, professional development, discretionary bonuses, healthcare, and retirement benefits. Image: Depositphotos.com This article, "87% of Hispanic Entrepreneurs Plan to Expand Their Businesses" was first published on Small Business Trends from https://smallbiztrends.com/2019/03/hispanic-entrepreneurs.html
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The Brag Basket is open! This one is for March 8-10, 2019. Bring your good news, big or small, to share with everyone. What can you share in the Brag Basket?
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. How do you join in? Below this post is the comment section. Add your good news there. Reading this in your email? Hit reply. Some weeks you’ll find even more comments on our Facebook Page. Want to see some past Brag Baskets and read some past contributions? Here’s the archive.
from https://smallbizsurvival.com/2019/03/brag-basket-3-8.html Former U.S. President Ronald Reagan had a great grasp on what it means to be an entrepreneur and small business owner. He understood the challenges faced by small businesses and entrepreneurs, and the magic they create. Ronald Reagan Quotes on Small Business and EntrepreneursPresident Reagan (pictured above) not only understood this, but he lived up to his nickname as the Great Communicator. He was able to articulate and describe the contributions of small business owners and entrepreneurs, in a few sentences. Here are some Ronald Reagan quotes that will inspire your journey. His remarks in a June 1983 speech before the National Federation of Independent Business are a perfect example. He gives a realistic and accurate description of starting and owning a business. He acknowledges the challenges, yet captures the rewards both economic and spiritual of being a small business owner:
As the last line above shows, Reagan also was famous for using humor to make his points. With an engaging half grin and a few softly-spoken words, he’d win people to his side. In an April 1982 speech before the U.S. Chamber of Commerce, he observed (video below):
Later in that same speech before the Chamber of Commerce, he quipped:
President Reagan could make you proud to own a business in a mere sentence. Look at his opening words at a rally in Wyoming in October of 1982:
If you happened to be going through tough times, a sentence like that reminds you what it’s all about. Even today, decades later, President Reagan’s description of small businesses and entrepreneurs remains spot on. Let’s recap what he said. Small business owners: (1) Dream big and work hard. (2) Have no guaranteed income — unless they create that income. (3) Must anticipate their customers’ needs. In other words, business owners have to be creative enough to think of the needs and desires of the marketplace and how to meet them. (4) Must deliver before they reap any rewards. There’s risk taking involved in starting and operating a business. Business owners often must spend before they get anything in return. Those with a steady paycheck do not always grasp that. (5) Drive the economy and add to society. Small business owners create jobs and drive innovation, leading to a dynamic, prosperous and progressive society. Every politician talks about small businesses as the “lifeblood of the economy.” With Ronald Reagan, it felt like he actually believed it. The small business world needs more leaders like Ronald Reagan. ? Image: US Government public domain This article, "Inspirational Ronald Reagan Quotes for Small Business" was first published on Small Business Trends from https://smallbiztrends.com/2019/03/ronald-reagan-quotes-small-business.html Building community in your small town sounds like a daunting task. It’s easy to get bogged down, thinking there’s too much to do, that you’d need too many permissions or it would take too much money. The reality of building community is it’s a change of mindset to Take Small Steps.
Want to see some real world examples? Deb Brown and I are sharing small steps toward big ideas in our March SaveYour.Town video, Big Ideas? Small Steps! I’ve seen lists before of things you can do for your city, but none written for small towns. Let’s fix that. Here are 60+ small-town-approved ideas to build community.
If you like these, reply and add your own ideas. I’d love to get to 99! Join Deb Brown and me at SaveYour.Town for Big Ideas? Small Steps! now through March 15 only. from https://smallbizsurvival.com/2019/03/99-of-the-best-things-you-can-do-for-your-town-dont-require-anyones-permission.html
The Brag Basket is open! This one is for March 1-3, 2019. Bring your good news, big or small, to share with everyone. What can you share in the Brag Basket?
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. How do you join in? Below this post is the comment section. Add your good news there. Reading this in your email? Hit reply. Some weeks you’ll find even more comments on our Facebook Page. Want to see some past Brag Baskets and read some past contributions? Here’s the archive.
from https://smallbizsurvival.com/2019/03/brag-basket-3-1.html About sunrise on Thursday, November 16, 2017, there was report of strong smell of petroleum and a potential oil leak along the TransCanada pipeline that runs through Marshall County, South Dakota. The leak was identified by a farmer 10 miles west and north of Langford (where I live) and approximately 10 miles from Britton. By mid-morning Thursday, TransCanada had people on the ground planning for a long-term stay in Marshall County. Early on Friday morning I received a message on The Front Porch (our local bar/restaurant) Facebook page from someone I didn’t know, which happens often. The person said they would like a catered meal for 50 people that evening at an offsite location. I called the restaurant manger with the information so she could be prepared. It turns out that man was a logistics director with TransCanada. By the time he made direct contact with The Front Porch manager he didn’t need an evening meal for 50, it had ballooned to 7 onsite catered meals for 120 oil spill workers from Friday until Sunday when their contracted food truck would arrive. When we drove into the corn field that first evening with 7 roasters of hot food to set up on a table out in the cold winter air, I asked the logistics director, “How did you find the Front Porch?” He said he Googled us. That is also how he found access to portable toilets, hotel rooms, dumpsters, trucks, and other needed items to set up shop. This was good for us and the other businesses he accessed through Google, but bad for several businesses in nearby towns who also could have provided some of these much needed items. However, these other nearby businesses had never claimed their business location on Google maps, nor did they have a social media presence or website. Because of that initial connection through Google, The Front Porch served a hot lunch onsite, Monday-Saturday to 80 workers from December through March. This is a financial boon for a small town restaurant especially during the slow winter months. Thanks Google! Every month, as the social media manager for The Front Porch, I get a report from Google. On November 17, 2017 our activity skyrocketed! (see photo below) The red spike shows searches from Google maps. Paula is a co-founder, investor, and agent of the board of directors for The Front Porch, a local community-owned bar/restaurant that also holds office space for three additional businesses in Langford SD. #Iamrural from https://smallbizsurvival.com/2019/02/is-your-business-on-the-map.html The Brag Basket is open! This one is for Feb 22-24, 2019. Bring your good news, big or small, to share with everyone. What can you share in the Brag Basket?
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. How do you join in? Below this post is the comment section. Add your good news there. Reading this in your email? Hit reply. Some weeks you’ll find even more comments on our Facebook Page. Want to see some past Brag Baskets and read some past contributions? Here’s the archive.
from https://smallbizsurvival.com/2019/02/get-excited-about-the-good-news-in-the-brag-basket.html Want more public attendance at your events? Make sure your signs include this specific phrase2/18/2019
You do some events that are open to the public, right? Here’s the tip to get more locals to attend. When you hold an event that is open to the public, put up a sign that says, “Open to everyone! Come on in!” Of course you know it’s open to the public, and of course you said so in all your promotion. But we–that is, the public–weren’t paying attention. (sorry) And when we walk by or drive by the event in progress, we can’t tell by looking that you’d welcome us. We’re all used to thinking that we weren’t invited, that this isn’t for us, that we aren’t welcome. It’s just human nature. You can remember times you’ve felt the same way, unsure whether you ought to go in somewhere. But if there’s a giant banner specifically inviting the public, that’s different. That’s one obstacle out of the way in getting us to participate. Give it a try, and let us know how it goes. New to SmallBizSurvival.com? Take the Guided Tour. Like what you see? Get our updates. from https://smallbizsurvival.com/2019/02/want-more-public-attendance-at-your-events-make-sure-your-signs-include-this-specific-phrase.html
The Brag Basket is open! This one is for Feb 15-17, 2019. Bring your good news, big or small, to share with everyone. What can you share in the Brag Basket?
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. How do you join in? Below this post is the comment section. Add your good news there. Reading this in your email? Hit reply. Some weeks you’ll find even more comments on our Facebook Page. Want to see some past Brag Baskets and read some past contributions? Here’s the archive.
from https://smallbizsurvival.com/2019/02/dump-your-good-news-in-the-brag-basket.html
You know I’m a big fan of answering customer questions. That’s been part of my marketing advice for 10 years now.
But there’s a deeper layer to serving your customers. It’s not just about the questions they would ask you. It’s about the questions that people ask your customers. Help your customers answer
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ABOUT MEHello I am Dian Arispe 28 years old from Miami. I love reading articles about business consulting and like to learn more about it. ArchivesNo Archives Categories |