On Aug. 16, 2022, President Joe Biden signed the Inflation Reduction Act of 2022 (IRA). The bill was equally divided in votes for and against it, and was passed by a tie-breaking vote from Vice President Kamala Harris. Now it is law. Several things are in it that could affect your small business. An Ongoing…
How the Inflation Reduction Act Can Help Your Small Business
October 1, 2022
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Small Business Profits Drop as 75 Percent Report Inflation Pressures, Says AMEX Survey
Small business owners across the United States are struggling with losses, with overall profits slightly declining from July 2021 and July 2022, according to Kabbage from American Express’s Small Business Recovery Report. Battling supply chain shortages, rising prices, and pandemic-related lockdowns, small business owners have barely been managing to survive in the last two and a half years….
Interest Rate Hikes Add to ‘Perfect Storm’ for Small Business
September 14, 2022
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News Analysis Small businesses are acutely affected by the Bank of Canada’s rapid interest rate increases, as they are carrying more debt than usual due to the pandemic in addition to numerous other challenges they face. “It’s like a perfect storm right now in so many ways,” Catherine Swift, president of the Coalition of Concerned…
American Small Businesses Proving Resilient Despite Inflation and Labor Market Struggles
When it comes to jumping economic hurdles, small business owners are digging deep and finding new ways to overcome the impacts of inflation and workforce shortages this year. More than 31 million small businesses currently operate in the United States, with an anticipated 17 million new startups set to kick off by the end of the year….
Union and Small Business Representative Agree on Workplace Relations Reform
Australia’s peak union body and representative of small businesses have agreed to cooperate on workplace reform ahead of the Jobs and Skills Summit. The Australian Council of Trade Unions (ACTU) and the Council of Small Business Organisations Australia (COSBOA) will work together to simplify and reduce complexities in the industrial relations system for small businesses….
32 Percent of Canadian Tourism Small Businesses Planning to Quit: Federal Report
A third of Canadian tourism operators are planning to call it quits due to rising operational costs, unpredictable business demand, and government regulations they experienced during the COVID-19 pandemic, a report by a federal commerce regulator says. Released on Aug. 15, the report by Innovation, Science and Economic Development Canada (ISED) noted that small and…
Canada’s Red-Hot Job Market Masks Plight of Small Business
News Analysis Canada’s unemployment rate of 4.9 percent in July is a historic low, with over a million job vacancies, but underlying the headline statistics, small business has been struggling in the pandemic recovery as job growth migrates to government and larger firms. Public sector employment is up 10.8 percent in the three years from…
COVID Measures Caused Number of Family-Run Small Businesses in Canada to Plummet, Federal Report Shows
The number of family-run small businesses across Canada plummeted from levels prior to COVID-19 lockdowns in early 2020, a report from the federal Department of Industry shows. “Since the last iteration of this survey in 2017 there has been a substantial decline in the percentage of small and medium-sized enterprises owned by members of the…
Half of Australia’s Big Businesses Failing to Pay Small Suppliers on Time
July 21, 2022
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Around half of Australia’s big businesses are failing to pay small business suppliers on time, according to the country’s small business and family enterprise ombudsman. According to the Payment Times Reporting Regulator, over half the country’s businesses with an annual turnover of over $100 million (US$70 million) managed to meet payment deadlines to 80 percent…
Growing Your Small Business: Have the Vision to Diversify
You did it. You own your own business, and you’re the boss. It’s a healthy business and doing well. But what’s your vision? If you max out on your core business, what’s next? No matter how small or big your business is, the need to think outside the box is essential. Think about your short…
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