Day: August 11, 2020

Small Business Optimism Index Drops in July

The National Federation of Independent Business (NFIB)’s long-running “Small Business Optimism Index” fell 1.8 points to 98.8 in July. Small business owners continued to temper their expectations of future economic conditions as the COVID-19 pandemic is expected to continue.

“This summer has been challenging for many small business owners who are working hard to keep their doors open and remain in business,” said NFIB’s Chief Economist Bill Dunkelberg. “Small business represents nearly half of the GDP and this month we saw a dip in optimism. There is still plenty of work to be done to get businesses back to pre-crisis numbers.”

Key findings in July’s small business owner index

18% | Job creation plans increased two points to a net 18%.
5% | Five percent acquired new buildings or land for expansion
10% | Spent money for new fixtures and furniture.
26% | Planning capital outlays in the next few months.

“Even with states reopening, sales are often lower due to business restrictions, social distancing requirements, and a still-reduced willingness of consumers to go out and mingle with the general population.”

A net 15% of the owners surveyed reported raising compensation (seasonally adjusted), remaining well below the 36% reading in February before COVID-19 policies were implemented in March. A net 13% plan to do so in the coming

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Cybersecurity Practices That Protect Your Small Business

4 min read

Opinions expressed by Entrepreneur contributors are their own.

Success instills pride. Unfortunately, valuable possessions also attract thieves. Entrepreneurs think lack of customers, bad service and limited capital are what causes bankruptcy. Try being a victim of cybercrime.

A 2019 report by insurance carrier Hiscox found that 60 percent of companies that are victims of a cyberattack go out of within six months. The average loss is $200,000. That’s a hefty sum for startups, most of which are already reeling from the virus outbreak. Currently, 15 percent of small businesses do not expect to survive the recession, which means a cyberattack would have devastating consequences.

Here are cybersecurity practices that protect your business.

Train staff on security protocols

While big companies get all the media attention, hackers also exploit smaller organizations. It’s partly because criminals know that small firms have less resources to devote to IT security. A 2019 Accenture study found that 43 percent of cyberattacks are aimed at small businesses but only 14 percent are prepared to defend themselves. A different McAfee study found that only 30 percent of employees receive annual cybersecurity training.

Related: Is Working Remote or Working From an Office More Secure?

Because startups have leaner budgets, it’s essential to implement the right security protocols that mitigate

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