Business Intelligence: Tips, Trends & Resources for Entrepreneurs

By SBE Council at 11 January, 2023, 2:51 pm

By Karen Kerrigan –

It’s a new year with new laws (of course). The dynamics affecting markets, consumer behavior and policy will continue to remain somewhat volatile. This week’s Business Intelligence roundup includes some helpful content and resources to help your small business navigate through all these areas.

Small Business to Tackle Long List of Challenges in 2023, Associated Press (AP)

Beyond economic concerns, inflation, a tight labor market, and minimum wage hikes, there are new government rules coming down the pike that will impact a significant number of businesses. As SBE Council president & CEO Karen Kerrigan pointed out regarding a DOL proposal to dramatically change the rules governing independent contractors: “The proposed rule is ‘much too broad, unwieldy, arbitrary and confusing, which means it will drag countless numbers of independent contractors and freelancing individuals into a ‘misclassified’ pit, if enacted.'” Read more here.

National Day Calendar 2023 to Promote Your Business, Small Business Trends

“Holidays and celebrations can be perfect opportunities for businesses to offer promotions or highlight their offerings. Even if you want to celebrate every day, there are enough national days to accomplish that goal. The following national day calendar can help you plan your marketing materials and bring some fun to your business throughout all of 2023.”

10 Important Social Media Trends for 2023, Crowdspring

“Social media usage continues to explode and shows no signs of slowing down.

“59.3% of the world’s population is active on social media. Over 4.74 billion active users were reported last year, an increase of 4.2% over the previous year. And people are spending more significant amounts of time on their preferred social media platforms.

“This is good news for marketers and small business owners.

“More people on social means more opportunities to grow your audience and increase revenues.”

But there’s a lot of competition and content on social media, so where should your small business focus its efforts? Read more here.

5 Tech Trends Every Small Business Should Know in 2023, SCE Credit Union

“As the year winds down, experts are already predicting the tech trends that’ll dominate the business landscape in 2023. Here are just a few technologies we forecast will impact consumer behavior, employee engagement, and business growth over the next 12 months.” The piece addresses key trends: the super app, the metaverse, cloud technology, zero-trust cybersecurity and sustainability.

SCORE Webinar: 2023 Hottest Business Ideas, Trends & Markets

January 12, 2023 – 1:00 p.m. ET

Don’t get left behind! 2023 holds a lot of promise for small business owners looking to capitalize on the hottest business trends or entrepreneurs looking for new business ideas.

In this webinar, Rieva Lensonsky will talk about breakthrough small business ideas, the newest business trends, consumer behaviors and industries that are on the rise. If you already have a business, you’ll learn how to adjust your current offers to appeal to new consumers.

The following will be addressed:

● America’s changing demographics and attitudes

● The businesses that are booming right now

● Which consumer behaviors have shifted

● How to adjust to changing consumer demands

Live attendees will receive free business resources, a copy of the slide deck, and a link to this webinar recording. Learn more or register for FREE here.

A New Look at Your Retirement Plan, Big Ideas for Small Business

“The Consolidated Appropriations Act, 2023 , which was signed into law on December 29, 2022, made a number of changes impacting qualified retirement plans and IRAs. Some of these changes are in effect now, while others don’t kick in until next year or even much later. The year in which a particular change becomes effective is noted below in bold. Most of the changes are designed to help employees save for retirement, while some can be viewed as helpful to small businesses. All of these changes require you to look at your plan now and take action as required or desired.” Barbara Weltman summarizes the changes here.

IRS Announcements

● New IRS Rule About PPP Forgiveness: As Ami Kassar recently noted in his Jan. 6 Amisight blog post: “The IRS recently issued guidance addressing improper forgiveness of a Paycheck Protection Program loan (PPP loan). The guidance confirms that when a taxpayer’s loan is forgiven based upon misrepresentations or omissions, the taxpayer is not eligible to exclude the forgiveness from income and must include in income the portion of the loan proceeds that were forgiven based upon misrepresentations or omissions.”

● Boost to Standard Mileage Rates: “Beginning on January 1, 2023, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 65.5 cents per mile driven for business use, up 3 cents from the midyear increase setting the rate for the second half of 2022.”

● One-Year Delay for Implementation of $600 Reporting Threshold for Form 1099-K: December 23 announcement reads, “third-party settlement organizations will not be required to report tax year 2022 transactions on a Form 1099-K to the IRS or the payee for the lower, $600 threshold amount enacted as part of the American Rescue Plan of 2021. As part of this, the IRS released guidance today outlining that calendar year 2022 will be a transition period for implementation of the lowered threshold reporting for third-party settlement organizations (TPSOs) that would have generated Form 1099-Ks for taxpayers.”

15 Fantastic Franchises Under $20K, Small Business Trends

“If you’re looking for a fantastic business opportunity where you set your own schedule, you might want to consider buying a franchise. Why? Franchises attract many small business owners because the business model, marketing, training, branding and more are offered by the parent company — in other words, everything you need to run a successful business. There is also the added benefit of a support network that comes from the franchisor. All of these benefits are geared toward helping you get up and running quickly.” Review the franchise list here.

6 Mistakes Made by Entrepreneurs Due to Passion, Startup Professionals

“The lesson here is that even the most promising startups and experienced teams can be misled by sticking with business models that worked in the past, and market opportunities that may no longer exist. While there should be no stigma for failure, there is no joy in being a dead business walking. The quicker you heed these messages, the sooner you will be able to enjoy and celebrate the entrepreneur lifestyle.”

Karen Kerrigan is president & CEO of the Small Business & Entrepreneurship Council.