Here’s What Happened in the World of Small Business in October 2021

Here’s What Happened in the World of Small Business in October 2021

small business owners

 

Here are five things that happened this past month that affect your business.

 

1) Higher corporate rate appears to fall out of economic package

Biden’s advisers said that they are pursuing a range of ideas that could still raise substantial sums of money from corporations and the rich, including a tax on billionaires’ assets. ( Full story via The Washington Post)

Why this is important for your business:
It appears policy makers are going after increasing taxes on the super rich versus many small business owners with their new proposals. 
 
 
See Relax Tax’s Debt Guide at relaxtax.com/debt
 

2) Returning to the office can be stressful for many team members. Make it easier by following these 5 tips. 

The Covid-19 pandemic and the Delta variant have postponed many office reopenings. For many of your employees, the fear and delays have created added stress. A seasoned therapist shares her top five strategies for making the return to work as stress-free as possible.  (Source: Full story via CNBC )

Why this is important for your business:
Businesses nationwide are struggling with retention and finding new hires. Make sure you take care of your current team first. 
 
 
Entrepreneurs have plenty of ideas and vision, but they don’t always have the capital that’s needed to make their dreams a reality. Small and medium-sized businesses that want to grow beyond what they’re able to accomplish with their own resources often seek funding from investors who want to both support their goals and realize a profit while doing so. 
 

3) Pushback to proposed $600 bank reporting causes the new threshold to increase to $10,000 in annual deposits or withdrawals

The revised version of the bank reporting proposal will also weaken its scope by exempting all wage income from counting toward the $10,000 threshold withdrawal, intending to ensure it applies to only larger account holders.(Full story via The Washington Post)

Why this is important for your business:
A higher threshold would have made small business reporting more complicated. 
 

4) Entrepreneur burnout is a real thing.

If your business is a startup or you're an independent consultant with a handful of clients, chances are you're burning the midnight oil binging on caffeine-laced drinks to stay alert and functional. (Source: Full story via Entrepreneur )

Why this is important for your business:
As entrepreneurs, we shouldn't want to "hustle harder." We should organize and automate the hustle. 
 
 
A sustainable business is one where profitability and growth rates are in harmony. Running a sustainable business involves using your resources economically, where cash flow and budgeting lead to long-term success. Sacrificing the future for a short-term expansion may not always be the best strategy.
 

5) Have you noticed? Cyber attacks are on the rise. 

This is in part due to COVID-19 — hackers, wanting to take advantage of the chaos caused by the pandemic, growing digitalization, and the pivot to work-from-home, have stepped up their attack efforts over the past 18 months.(Full story via Venture Beat )

Why this is important for your business:
As attacks become more frequent, exploitable assets can become a serious liability for businesses.

Feel free to reach out with any questions or concerns in running and managing a small business. Contact our office at 551-249-1040 to talk things over. 

Do you have some questions? Dennis Harabin at Relax Tax can answer them!
 

Recommended Readings:

 

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