Another week has passed for small business owners. And just in case you were too busy to notice all the headlines this past week that were important to people like you, we can take a look back on all the news you may have missed in our weekly small business news roundup.
Included this week are scads of new products and tools that can help you in various functions of your business. And take special note to hundreds of thousands of dollars being made available in grants for women and minority business owners in America.
Let’s take a look at all this week’s top headlines:
Discover Survey Finds Financial Anxiety Rising Among Americans
A recent survey by Discover Personal Loans reveals that 80% of Americans experience financial anxiety, with 34% reporting moderate or severe anxiety. This trend has remained high over the past three years, up nine percentage points from 2021. Financial stress is so severe that many Americans avoid looking at their financial situation.
Data Privacy Bills Could Negatively Impact Niche Small Businesses
Congress is considering new legislation to protect consumer privacy. But limiting the ability to use certain user data in ad targeting could be devastating for some small businesses. For example, J. Landress Brass is a New York City-based company that makes, sells, and repairs brass instruments. Owner Josh Landress largely uses online ads that target people who play these instruments.
$400,000 in Grants Available to Minority- and Women-Owned Businesses
Small business grant programs come in many forms. Some local governments and organizations provide direct funds to businesses. And others may offer grant funds to support specific programs that provide training or assistance. Several programs in both of these categories are currently accepting applications. Read about the opportunities below.
Salesforce and Workday Unveil AI Employee Service Agent to Boost Productivity
Salesforce and Workday have announced a strategic partnership to introduce a new AI employee service agent. This collaboration aims to streamline tasks such as onboarding, health benefits, and career development by integrating data from Salesforce and Workday platforms.
Consumer Spending Slows This Summer
Sales growth at small businesses slowed during June as consumers generally spend less during the summer. However, sales are still up compared to this time last year. This data comes from payments service provider Fiserv, which analyzes point-of-sale transaction data from small businesses to track sales trends for its monthly Small Business Index.
SBA Offers Disaster Loans to Missouri Nonprofits After May Storms
The U.S. Small Business Administration (SBA) has announced the availability of low-interest federal disaster loans for certain private nonprofit organizations in Missouri. This assistance follows President Biden’s federal disaster declaration due to severe storms, straight-line winds, tornadoes, and flooding from May 19 to 27.
Bipartisan Bill Introduced to Boost Support for Rural Small Businesses
U.S. Senators Jeanne Shaheen (D-NH) and John Kennedy (R-LA) have introduced the bipartisan Coordinated Support for Rural Small Businesses Act. This legislation directs the U.S. Small Business Administration (SBA) to designate an Assistant Administrator for its Office of Rural Affairs and formalizes ongoing cooperative efforts between the SBA and the U.S.
Adobe’s New Illustrator and Photoshop Tools Boost Design Efficiency
Adobe has introduced new features in Illustrator and Photoshop to speed up creative workflows and give designers more control. These updates include tools powered by Adobe Firefly, an AI assistant designed to support creative professionals.
Xero Reports Small Business Sales Recovery in 2024
Xero’s recent data release indicates small business sales are beginning to recover in 2024. Despite a decline in the March quarter, sales showed year-over-year improvement, with February marking the first sales increase in 13 months. However, average payment times have improved slightly, while late payments have worsened, now averaging nearly 10 days late.
Canva Report Highlights Need for Creative Tools in Business
In today’s competitive market, businesses must embrace creativity to stand out. Creative ideas inspire teams, engage customers, and drive product innovation, yet not every workplace fosters this mindset. A partnership between Canva and Harvard Business Review Analytic Services surveyed over 500 global business leaders.
Airtable Launches Cobuilder for Instant No-Code App Creation
Airtable has launched Cobuilder, a tool that quickly creates no-code applications. Users describe their needs in words, and Cobuilder generates a customizable app in seconds. This approach allows anyone to build and customize apps easily, transforming their work. Modern companies need custom applications to meet their unique business needs.
Upwork Study Reveals Rising Workloads and Burnout Due to AI
Upwork Inc. released a new study from The Upwork Research Institute revealing that AI is increasing the workloads of full-time employees, hindering productivity, and contributing to burnout. Despite significant investments in AI by business leaders, the study shows that most organizations are failing to realize the technology’s full productivity potential.
Fiverr Transforms into Hiring Platform with 2024 Summer Product Release
Fiverr has launched its 2024 summer product release, marking its transformation from a services marketplace to a hiring platform. This release includes deeper AI integration with Fiverr Neo, a new professions catalog, a satisfaction guarantee, and a rewards program to meet the evolving demands of today’s businesses.
American Airlines Launches Automated Tags for Mobility Devices
American Airlines has become the first U.S. airline to launch an automated tag for mobility devices. This innovation is part of the airline’s commitment to improving the handling of wheelchairs and mobility devices across its network. Developed by American’s Technology team, the tags are now used in airports where American and its regional partners operate.
