In this latest episode of Small Business Breakthrough, our panel of experts discusses the trend among some social media users to abandon their X accounts in favor of sky…
See what our panel thinks about the rush to join Bluesky and how they believe small business owners, regardless of why users decide to join one platform or another, should go where their customers are.
Check out this entire conversation and all the other topics our panel discusses before the Thanksgiving holiday in this episode of Small Business Breakdown.
Small Business News
Here are some news headlines important to small business owners from the past week:
75% of Small Business Owners Relaunch After Setbacks
Small business owners are proving their resilience, with 75% relaunching new businesses after setbacks, according to GoDaddy’s 2024 Annual Venture Forward report. Despite economic uncertainty, these entrepreneurs persist, with 39% of new businesses becoming the main source of income for their families.
Wix Launches AI-Powered Visual Sitemap and Wireframe Generator for Agencies
Wix has introduced an AI-powered visual sitemap and wireframe generator tool for Wix Studio, designed to streamline the website planning and creation process for agencies and businesses. The tool allows users to speed up site planning by generating dynamic sitemaps and custom frames, helping agencies to better plan, design, and build websites.
Lucihub Launches Creative Copilot AI Platform and Voice-Over Studio to Revolutionize Video Production
Lucihub, the award-winning AI-powered video production platform, has unveiled its latest advancements designed to streamline video production and improve global collaboration.
North Carolina Auto Business Owner Convicted of Failing to Pay More than $2 Million in Employment Taxes
A North Carolina man was sentenced today to one year and one day in prison for failing to pay more than $2 million in employment taxes, causing a huge tax loss to the IRS. According to court documents and statements made in court, George Taylor Jr., of Wilmington, North Carolina, owned and operated National Speed, a high performance auto dealership.
IRS Announces Interest Rate Cut in First Quarter of 2025
The Internal Revenue Service (IRS) today announced this week that interest rates will decrease per calendar quarter beginning January 1, 2025. The revised rates, which apply to overpayments and underpayments, are as follows: 7% of overpayments (payments that exceed the amount owed) for individuals and 6% for companies. 4.
From Cults to Cultures: 4 Ways to Build Cultural Leadership Practices
On The Small Business Radio show this week, I interviewed someone who grew up in the group and what it taught them about building cultural leadership practices. After growing up in a religion and later experiencing its toxic culture, Tobias Sturesson evolved into a prominent advocate of the vital importance of cultural life to the success of human organization and prosperity.
2024 Holiday Spending Trends: Americans Shift to Basics Amid Inflation
A new holiday spending survey from BizInsure reveals a shift in consumer habits this year, with Americans focusing on essentials like clothing while putting off travel and high-ticket gifts. The survey, conducted in early November with 1,200 respondents, highlights the impact of inflation on holiday spending as 85% of Americans report cutting back on entertainment expenses.
Survey Highlights Financial Industry’s Reliance on Manual Processes, Drives Modernization by 2025
PayEm released a new survey today that highlights the financial industry’s lag in adopting modern technology. The findings reveal that 86% of finance professionals still rely on Excel for budgeting and forecasting, while 75% rely on manual reviews and approvals instead of using AI or automated solutions.
IT-Mobile Boosts Home and Small Business Internet Backup Plans with More Data
IT-Mobile (NASDAQ: TMUS) recently announced enhancements to its Home Internet Backup and Small Business Internet Backup plans, offering additional data to help traditional ISP customers stay connected during outages. New customers will also receive three additional free passes of 130GB per year, on top of the 130GB of 5G data per month already included in these plans.
SBA Encourages Consumers to Support Local Small Business Saturdays with “Gift Big, Shop Local” Campaign
The US Small Business Administration (SBA) has announced the start of its Small Business Season holiday campaign, beginning on the 15th annual Small Business Saturday on November 30, 2024. The event, created by American Express, encourages consumers to support local small businesses during the season for the holidays.
Gas Prices Near $3 as Gulf Watches for Potential Hurricane Sara
The national average price for a gallon of gasoline is nearing a record high, now less than 10 cents from dipping below $3 for the first time since May 2021. However, the potential formation of Hurricane Sara in the Gulf of Mexico could disrupt this decline, according to AAA.
Snapchat Introduces New AR Lenses, Platform Features, and Glasses Capabilities
Snapchat has unveiled a series of new lenses, platform features, and tools aimed at improving the augmented reality (AR) experience for developers and users alike. The updates are part of the Snap OS v5.58 release, which introduces new Spectacles capabilities, Snap’s AR-enabled smart glasses, and expanded tools for developers to build and test AR apps.
In the News: Which City Has the Most Forgetful Uber Riders?
Our Small Business Breakdown Team is back for another week and covers more topics. In this week’s episode, the team focuses on a few of the top stories this week at Small Business Trends, including an interesting look at data from Uber about what are the most popular items left behind by riders and which cities have the most forgetful riders.
New York Business Owner Pleads Guilty to Employment Tax Fraud
Victor Aguayo, owner and president of Mabel Interior Design Inc., an interior painting business in Westbury, New York, pleaded guilty today to employment tax charges. Aguayo admitted that he failed to collect and pay employment tax from his employees’ wages, which resulted in a huge tax loss to the federal government.
