NFIB Weekly News

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NFIB Weekly News Leading the News

Continuing Coverage Of December Small Business Optimism Index (01/25/2022)

Franchising (1/19, Pipes) reported, “The NFIB Small Business Optimism Index ticked up slightly in December to 98.9, up 0.5 points from November. Almost a quarter (22%) of small business owners reported that inflation was their single most important problem encountered in operating their business. Price raising activities have reached levels not seen since the early 1980s when prices were rising at double-digit rates.” NFIB Chief Economist Bill Dunkelberg was quoted saying, “Small businesses, unfortunately, saw a disappointing December jobs report, with staffing issues continuing to impact their ability to be fully productive. ... Inflation is at the highest level since the 1980s and is having an overwhelming impact on owners’ ability to manage their businesses.”

Business Climate

SBA Launching Cybersecurity For Small Business Program (01/25/2022)

Infosecurity Magazine (1/24, Coble) reported the SBA is set to launch its Cybersecurity for Small Business Program, which “will award $3m in grants to help entrepreneurs defend against cyber-threats through the program.” On the program, SBA Administrator Isabella Casillas Guzman said, “Throughout the COVID-19 pandemic, small businesses have adopted technology at high rates to survive, operate and grow their businesses. As a result, cybersecurity has become increasingly important as now, more than ever before, small business owners face cyber-risks and challenges that could disrupt their operations and competitive advantages.” Infosecurity Magazine says, “As part of the pilot program, through the Office of Entrepreneurial Development [OED], state governments can compete for funding that would provide emerging small firms in multiple industries with training, counseling, remediation and other tailored cybersecurity services.” SBA Associate Administrator for the OED Mark Madrid added, “The bottom line is we must do more to help small businesses combat cybersecurity threats, which continue to increase, evolve and inhibit. This pilot program will empower state governments to expand existing services, innovate, adapt to current environments, develop new resources and scale solutions to assist more small businesses.”

Small Business Marketing

Expert Recommends Small Businesses Make Digital Marketing A Top Priority (01/25/2022)

In a Council Post article for Forbes (1/18), Dun & Bradstreet General Manager of Small Business, Joe Pascaretta, recommended small business owners should make digital marketing a top priority in 2022. Pascaretta wrote, “As technology advances, artificial intelligence and machine learning are now being leveraged to understand what target audiences are doing online and how to turn their behaviors into insights that deploy messaging on sites ‘where they are.’” He said this technology can help small businesses to identify which social platforms and websites are the best ways to reach target audiences.

Wages and Benefits

Survey Shows US Employers Expect To Raise Wages By 3.4% In 2022 (01/25/2022)

CNBC (1/18, Iacurci) reported, “U.S. employers expect to pay an average 3.4% raise to their workers in 2022, according to a Willis Towers Watson survey.” Senior Director Lesli Jennings says “Inflation is an element of it, but that’s not the sole factor. I think the bigger piece is about this race for talent,” citing how some companies “are also focusing on career advancement, mental well-being programs and other workplace elements to keep employees happy and engaged.”