Our daily blend of the latest news, trends and tips for the small business community.
What’s going ‘on’:
Banks plan to increase small business support: Financial institutions will increase their focus on small business customers and their levels of technology spending in the coming year, according to a new study by Novarica. The report also suggests banks are spending more to develop better sales and service effectiveness to small firms.
Veterans and contractors score Senate victory: On the eve of Veterans Day, Senators unanimously approved legislation that would offer tax credits to business owners who hire veterans and overturn a withholding requirement on payments to government contractors. The measure is the first piece of President Obama’s job-creation proposal to pass in the Senate and he is expected to sign the bill into law some time next week.
Small firms opt out of holiday parties, bonuses: Only 35 percent of small companies plan to host a holiday party this season — the lowest percentage recorded since American Express OPEN started conducting the survey 10 years ago. Additionally, only 29 percent plan to give bonuses to employees, which is up slightly from last year but still well below the pre-recession average.
Keep an eye ‘on’:
Young entrepreneurs waiting for an improved economy: Most young Americans want to start their own businesses, according to a new survey from the Kauffman Foundation, but an overwhelming majority are holding out until economic conditions improve. The study also revealed that credit access and risk concerns were the most oft-cited barriers to entrepreneurship.
Black entrepreneurship special airing on Sunday: CNN will air “Black in America”, a documentary about eight African American entrepreneurs launching startups in Silicon Valley, on Sunday evening. The special already stirred up controversy when Michael Arrington, after attending an early screening, said he didn’t know “a single black entrepreneur” but would consider funding minorities regardless of the merit of their business proposals.
Helpful advice ‘on’:
How to deliver a perfect elevator pitch (OPEN Forum)
How to keep your work obsession in check (Reuters)
How to craft a business expansion plan (USA Today)
How to avoid time-wasting technology (Entrepreneur)