We at MaxFilings genuinely hope your small business has experienced a fruitful 2015! There are so many factors that can affect each and every business venture, including the economy, how you manage and market your business, as well as the hiring decisions you make. Some factors are under your control while others are not.
Here are some highlights in market, economy and business news to close out 2015. We hope some of this information can help guide you in making wise decisions for your small business in the year to come.
Economy and Market Updates
- According to the New York Times, the final third quarter estimate shows the U.S economy growing by 2 percent, with economists believing the fourth quarter data will be similar. “The Achilles heels of the second half of 2015 are inventories and trade, which remain a drag on growth,” said Diane Swonk, chief economist at Mesirow Financial in Chicago. “The good news is that consumers are showing a willingness to carry the economy into the new year.”
- Reuters believes that despite the Federal Reserve hiking interest rates, U.S. municipal bonds are healthy and strong heading into 2016.
- Global oil prices fell to levels not seen since 2004, but OPEC predicts these prices will rebound as they will decrease their oil production in the coming year. The “need to develop oil production in more expensive areas will drive long-term oil prices higher,” OPEC said in its report.
- The unemployment rate remained unchanged at 5-percent with job gains reported in the construction, technical and professional fields, while mining and information fields lost jobs this last quarter.
- Starting a small business while in college? Is there a trick to balancing college and a startup? Forbes describes how this may be an excellent time in your life to put those business management, mechanical design and public speaking skills you are learning to good use.
- Do you know an entrepreneur in your community who deserves to be named Entrepreneur of the Year 2015? Click here to submit an online application to nominate someone that has truly inspired you with their drive and passion. You have until March 11th to submit!
- Are you planning to start a business in 2016? Study these 15 business tips to help every entrepreneur make wise decisions in their startup venture.
- A recent study suggests that hiring overqualified individuals may be good for your business rather than detrimental as once believed. Read here to learn how hiring overqualified candidates on a regular basis is the key, rather than a rare occurrence.
- One problem many employers have is maintaining good, quality employees. Learn about 9 mistakes managers make that cause good employees to quit their jobs.
- Tweaking your hiring strategies may help you make more qualified hiring decisions for your business.
- Governor Andrew Cuomo signed a set of new laws in October that will go into effect in January 2016 for the state of New York. These eight laws are called the “Women’s Equality Agenda” and will help expand certain protections for women in the workplace in New York.
- There has not been a definite timetable established for upcoming changes to overtime rules that employers must follow. The final rule is expected to come sometime in 2016, particularly applying to the increases in the minimum salary required for exemption as an administrative, professional, or executive employee.
This completes our last business roundup in 2015. We hope you and your small business had a successful year and that you start off 2016 on a strong and steady footing.
Continue to read our monthly blog on some of the top business and market news that we hope encourages you as a small business owner and entrepreneur.
Visit us at MaxFilings.com to see how else we can help you in various aspects of incorporation and management of business.