As a small business owner in America, we have much to be thankful for and should reflect on that during this holiday season. The freedom and opportunity in this country to be an entrepreneur and to pursue your dreams is a privilege. Of course, that doesn’t mean managing a business is easy…
MaxFilings believes all business owners should stay informed of the latest trends and developments in the economy so that they can be prepared for the challenges that inevitably strike. For instance, how is the end of the year shaping up for your small business? Is your company prepared for the holiday season?
Below is a quick and dirty list of relevant business news about the economy and market during the month of November.
Economy and Market Updates
- Various earnings reports from some retail giants have indicated the holiday season may not bring as much of a boost to the U.S. economy as expected. Some are in doubt that lower gasoline prices and better jobs will translate into more buyer spending.
- Will the Feds decide on a rate hike at their policy meeting in mid-December? According to San Francisco Fed President, John Williams, “Assuming that we continue to get good data on the economy, continue to get signs that we are moving closer to achieving our goals and gaining confidence getting back to 2-per cent inflation… If that continues to happen there’s a strong case to be made in December to raise rates.”
- The debate was strong in November for many businesses as to whether or not they should remain open on Thanksgiving Day. Outdoor goods chain, REI, announced a decision to close on Black Friday to encourage workers to get outside with their families.
- According to the New York Times, states’ unemployment benefits dropped by 5,000 in mid-November, meaning this is the 37th consecutive week of jobless claims being under the 300,000 mark.
Entrepreneurship
- Huffington Post recently discussed how many leaders and entrepreneurs face loneliness when the “going gets tough,” touching on the value of support groups and how they aid you in your sense of belonging. Deep personal connections can help decrease anxiety, stress and the risk of depression.
- Did you know that KFC’s Colonel Sanders chicken recipe was rejected 1,000 times before a restaurant added it to its menu? Learn more about this and other interesting facts about famous entrepreneurs.
- Do you feel like you need a guide to survive as an entrepreneur in this competitive business world? Here is a list of 10 great business books for your Nightstand!
Business Management
- According to Entrepreneur.com, a recent study showed that one main reason many small businesses are unable to obtain bank loans is due to their failure in understanding their credit score.
- Forbes shares information on how companies can use certain hiring strategies to find more qualified candidates, such as using more realistic job postings.
- Can running a successful business really be as simple as using few words and making things easy and obvious to your consumers? Find out more here.
Business Law
- The new rules that the DOL (Department of Labor) has issued regarding substantial increases in the minimum salary level needed to classify an employee as an exempt executive, administrative or professional employee may not take place until late 2016.
- Read how the EEOC recently released a proposed rule on employee wellness plans that will guide companies in designing such programs to meet their obligations under the Americans with Disabilities Act (ADA).
And that’s our business wrap-up for the month of November. Tune in soon for a recap on how businesses and the economy fared during this holiday season. We hope you have learned some valuable information to help you as a business owner.
Don’t forget to also visit us at MaxFilings.com to see how we can help you incorporate, as well as learn more about starting & managing a small business.