Small-business owners in Los Angeles are grappling with the aftermath of devastating wildfires that have reduced decades of history and entrepreneurial efforts to ashes, including Paul Rosenbluh and Monique King's Fox's Restaurant in Altadena, a local staple since 1955, Candace Frazee's Bunny Museum and Kristina Adam's wellness studio Aether. The fires have left many small-business owners grappling with the loss of their establishments and the challenge of rebuilding amid destroyed infrastructure.
Lauren and Andrew Gruel, owners of Calico Fish House in Huntington Beach, Calif., have turned their restaurant into a donation hub for wildfire victims, coordinated the collection and delivery of donated goods to community centers in Los Angeles and offered free meals to displaced individuals. Meanwhile, Nebraska state Sen. Megan Hunt is donating half the profits from her Omaha-based small businesses, Five Nine and Ceremony Shop, to GoFundMe accounts for Los Angeles County wildfire victims, emphasizing the importance of using her platform as a lawmaker and business owner to provide direct aid.
Social media scorecards can drive key business metrics, writes Sprout Social's Scott Morris, such as brand discoverability and resonance, customer feedback and competitor analysis, which can inform strategies across departments. "A social media scorecard with the right data can change how businesses market themselves and what they make, who they make it for and how they sell it," Morris writes.
Customer-focused leaders should embody integrity, vision and a willingness to listen, writes Shep Hyken. Integrity builds trust with employees and customers, a strong vision guides teams toward delivering excellent customer service and the willingness to listen ensures businesses can harness the value of customer and employee feedback.
Hiring neurodivergent people can bring significant benefits to companies by enhancing creativity and innovation. Neurodivergent employees, such as those with ADHD or bipolar disorder, often exhibit valuable problem-solving skills and creative thinking. Notable figures like Ted Turner and Charles Schwab have leveraged their neurodivergent traits to achieve remarkable success, illustrating the potential advantages for businesses that embrace neurodiversity.
When a team member's disruptive behavior, negative attitude or lack of accountability hampers team morale and productivity, identify their specific problem and have a clear goal in mind to help them improve performance and measure success before having a conversation, says human resources consultant Wendy Sellers. "Even if a conversation addresses a behavioral issue, continuous support and check-ins are vital for sustainable improvement, and to let that difficult person know that you -- as their manager -- are not going to let their behavior slide," Sellers says.
Small-business owners are increasingly turning to tax advisors for strategic planning as tax laws become more complex, as these experts can help owners navigate tax codes, optimize financial decisions and prepare for the future. Traditional tax preparation services are no longer sufficient, says Mark Kohler, a tax professional, emphasizing the need for year-round support and comprehensive tax strategies.
The Small Business Administration pushed through $8.8 billion in 7(a) loans in the fiscal first quarter that began Oct. 1, a 38% increase from the previous year. The increase is attributed to recent rule changes, such as allowing multiple loans and seller equity, as well as a steady supply of businesses for sale.
Small and midsize businesses, especially in rural areas, are increasingly looking to switch from national financial institutions to local banks such as credit unions and community banks, according to a PYMNTS report. Nearly half of rural SMBs prefer local banks for personalized service, favorable loan terms and lower fees, but local banks must improve digital capabilities to compete effectively with national banks.
Chicago small businesses and content creators are preparing for a potential TikTok ban, which could lead to substantial revenue loss, with TikTok estimating more than $1 billion in lost revenue for small businesses in one month. Andrew Zavelson of Chicago Vintage Posters and Katie Kelly, a lifestyle content creator, have used TikTok to grow their businesses, and Ali Reff of Alice & Wonder attributes the success of her new store location to TikTok-driven traffic.
