Tax Prepping Now...Hiring Perks to Consider...Introducing Generation Alpha

Welcome back to Small Business Straight Talk. I am the editor of CO— by the U.S. Chamber of Commerce and each week I bring you the latest news and resources impacting small businesses.?

As the struggle to hire and retain employees continues, some small businesses are cutting back on hours and reducing offerings. Others are figuring out how to balance vaccine mandates with the need to keep workers on staff regardless of vaccine status. Here’s what you need to know this week.?

Things to know now:

Hiring perks that work: Retailers, just like everyone else, are having trouble hiring, which is proving especially challenging heading into the holiday season. That has inspired many companies to offer hiring perks including flexible schedules, tuition reimbursement and hiring bonuses. Here’s what’s working for them and might also work for you.?

SBA? lending changes: In an interview with U.S. Chamber of Commerce Chief Policy Officer Neil Bradley last week, SBA Administrator Isabella Casillas Guzman said the SBA is considering a direct lending program for loans of under $150,000. This could be a win for small businesses looking to borrow directly from the SBA. You can watch her interview here.?

Fall tax prep: I recently asked Lil Roberts, CEO and founder of Xendoo,?what small business owners should be doing right now to prepare for tax season. Her answers: This is the time for small business owners to ensure their books are in order so they can maximize tax savings this year by understanding their profits and potentially using some of the tax dollars towards investing in their business by useful deductions. “For example: Let's take a pizza shop owner who may need a new pizza oven. They have $100K in profit, of which their tax bill might be $35K. By investing in the pizza oven before year-end, they can deduct the cost as a Section 179, and approximately $16K that they would have paid in federal income tax is now used toward the payment of the new oven, which will help the business owner grow their business. Also, this is the time of year to sell off old inventory at a discount if needed to turn dead inventory into cash.”

Trends to watch:?

Startup trends: We’re in the midst of? a startup boom and it’s being led by older entrepreneurs and minority business owners. New business filings are on the rise in many industries, with retail leading the way. Here’s what you need to know.?

Generation Alpha: Your newest customers may still be in middle school but they are already catching the attention of marketers. Generation Alpha (some of whom haven’t been born yet!) are the next big buying group on the radar. Here’s what your business needs to know about these up-and-coming consumers.?

Vaccine mandates: Vaccine mandates are getting major pushback from employees in industries where workers are already in short supply. While many small businesses are eager for employees to be vaccinated, they also fear losing workers in such a difficult hiring market. That leaves businesses with a choice between mandating vaccines or simply encouraging them. If you’re leaning toward the latter, here are some ideas from SHRM on how to effectively do that.?

?Opportunities:

For disabled-owned small businesses: The SBA will be celebrating small businesses owned by people with disabilities and providing information on necessary resources for those businesses, as well. The event is tomorrow and you can register for it here.?

Big Week for Small Business: If you missed our Big Week for Small Business, you can check out all the recordings here. In addition to our key events, we hosted a number of workshops that are super helpful for business owners just starting out. That includes this one from top YouTube creators on how to create impactful YouTube videos and this one on how to project your finances going into the new year.

Shopping local: Customers say they are committed to shopping local and that has only increased during the pandemic. If your business hasn’t yet listed itself on Nextdoor, an app where neighbors communicate and businesses market themselves to local customers, you can learn more about how to do that in my interview with Nextdoor’s co-founder Prakash Janakiraman.

Jeanette Mulvey is a passionate advocate for small business and the Editor in Chief of CO— by the U.S. Chamber of Commerce. Follow CO— on Instagram!