My wife had a dream recently in which all U.S. businesses decided to move out of the country. Talk about a drain on the economy.
Nothing that earth-shattering is on the horizon, but small businesses have definitely been dominating the news cycles lately. With good reason too, considering the rather substantial role they play in our economy.
Still, it’s been one thing after another.
There’s the good: Hiring at small businesses rose for the second month in a row in April, according to a report from ADP. “And that is a positive sign that larger employers will begin picking up the pace of hiring in the months ahead,” reporter Laurent Belsie writes.
And the not-so-good: At the same time that the IRS has reduced the number of big businesses it audits by more than 20 percent, it has increased the number of audits it conducts on small businesses, in part because the agency believes “smaller businesses are the core of the tax-gap problem,” Dean Zerbe, national managing director of tax consultancy Alliantgroup, told CFO.com.
There’s the uncertain, like the recent Mercer study that found almost 40 percent of businesses are in danger of violating a new mandate that company health-care plans be affordable. That’s in line with what we’re hearing from MACPA members, many of whom believe recent health care reforms will add to their financial burdens.
And speaking of health care reform: According to the IRS, businesses with “cafeteria plans” –– plans that let employees choose from a menu of benefits –– can now allow workers to make pre-tax contributions to pay for expanded health coverage for dependents who are younger than 27. Get details here.
Even Google is getting into the act. The Internet giant is teaming up with the Small Business Administration to offer “Tools for Online Success,” a series of resources “from savvy small business people who have leveraged the web to become more efficient, more cost-effective, and more successful.” They include tips on website design, using social media to connect with your audience, and how to use free marketing tools to educate customers and promote your business.
The Google / SBA partnership looks like a simplistic but potentially helpful crash course in online strategy. The next logical steps will come from projects like LoveLocal Maryland, which aims to connect small businesses to consumers by providing tangible tools like Web pages, e-coupons, text messaging services, e-mail blasts, customer management tools, enhanced search engine features, social networking resources, and more. Keep an eye on the LoveLocal Maryland site for details.
What has your attention on the small business front?