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Small businesses can be a breath of fresh oxygen in a world that is constantly dominated by corporate giants. Small businesses bring life and character to communities and add charm and personality. Community involvement is best when it involves interaction between neighbors or helping friends and total strangers.
The local economy and quality of life are greatly impacted by small businesses. The area’s uniqueness and charm are lost if the small businesses are removed from the scene. They are a driving force behind joy and satisfaction for the locals. It would be a mistake to say that small business are the backbones of their local communities.
The number of small businesses in the United States has reached 32.5 million by 2023. This represents 99.9% of all the U.S. business sectors. Small businesses have a significant impact on the entire community. This article will discuss how small businesses can change the outlook of communities.
1. Local Community Revenue Generation and Currency CirculationNearly 44% is generated by small businesses in the U.S. The Nominal Small Business GDP was $5.9 Trillion in 2014, which is the most recent available year. Because most small businesses operate locally, their revenue stays in the community.
Small business owners tend to shop locally and choose local vendors for raw materials. Local businesses often outsource their services. Local business owners might register their business locally. They will choose a local company to get landscaping and interior design services for setting up a fast-food business. They will find everything they need in the local area, including branding, uniforms, tools, furniture, and kitchen items.
Small business owners often eat out at local restaurants and shop locally for their daily needs. This helps to sustain other local businesses. About $68 is left in the local community for every $100 that’s spent on a local small business. The capital generated by their businesses goes back to the communities where they are located. The majority of their money will return to the community. This will support local businesses and stimulate economic growth.
Local customers not only patronize local businesses but also certain local businesses, such as restaurants and local arts and crafts, attract international tourists and travelers. This means that more money flows into the local community.
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2. Get Local JobsSmall businesses not only promote local economic stability but also make it possible for people to work closer to home. This allows more people to stay in their communities. The average one-way travel time from home to work in the United States was 27.6 min in 2023, according to the U.S. Census Bureau. The average travel time to work in the United States was 27.6 minutes according to the U.S. Census Bureau. 4% commute between 60 and 119 minutes.
People must look elsewhere for work if there are no local opportunities. It is expensive to live near large corporations and high-tech companies. People must travel long distances to get to work. People who travel and work a lot can be isolated from their friends and family.
3. How to Create Community Identity
The town’s rich history, culture, and preferences are preserved and reflected by small businesses. Small businesses have a significant impact on the community’s character. You will find many local shops along a street or in a neighborhood. These shops include coffee shops, restaurants, and art & craft shops. This gives the area a distinct flavor.
Local business owners are familiar with their customers. It is common to see diner owners greeting customers and exchanging friendly words with them. Customers and their owners may be seen talking about routine issues at a flower shop or chatting in grocery stores. These interactions create connections and relationships between the local population. Small businesses are passionate about helping youth to become better and passing their knowledge on to the next generation. These small businesses also have a direct impact on tourism and serve as ambassadors for local values and traditions.
Small businesses help their communities by volunteering and donating. Locally owned businesses are preferred by local residents and provide a steady income. The community worked hard to support small businesses during the difficult times of the pandemic.
Large corporations and organizations have a significant impact on social stratification. There are two types of people in such organizations: those who are part of the management structure and those that aren’t. This can result in little to no social interaction. All small businesses, on the other hand, consider themselves to be part of the community. They play their roles without being labeled.
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4. Innovate and Diversify The Local MarketplaceYou might offer unique dishes that are not available on other local restaurants’ menus to make you stand out. Your menu can be innovatively presented, you can follow a theme for the restaurant, or elevate a local dish into a quality restaurant dish. This will help distinguish your company and attract both local customers as well as tourists looking for the best of the local cuisine.
5. Participation in Local Decision Making Can Change Sustainability Dynamics
Participation in political processes and social movements by small businesses is a way for them to shape the sustainability dynamics within their local communities. They are able to create and challenge discourses and navigate urban decision-making. They are more likely to align their business operations with political beliefs and identities, as well as have a socio-environmental effect on locals.
One would think that small businesses are more trustworthy and reliable than elected officials. Gallup’s study shows that people trust small businesses more than the president, congress, and the church. As long as their customers trust them, small businesses can have an impact on voters. Your customers will be more likely to vote for a candidate if you have a pastor hanging in your shop.
The small businesses have the authority to influence local decision-making and communicate community concerns to the county management and the chamber of commerce. Support a candidate at the elections that is able to act in the community’s best interests.
6. Local Infrastructure Development Through A Broader Tax BaseLocal businesses are an integral component of the local economy. A boost in local economic activity through small businesses can increase tax income (including income, sales, employment taxes, etc.). Local governments. If people buy local goods and services, it will increase the sales of small business owners. However, they must also pay more taxes.
Are You Helping Your Local Business?
Their communities are vital because small businesses are their lifeblood. Small, local shops give residents a sense of community and civic pride. They also have a tremendous socio-economic impact on the local economy. Shopping locally and supporting small businesses will make your shopping experience more enjoyable and help you to grow your community.
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Payroll Deductions For Small Businesses
Payroll deductions are amounts withheld from employees’ paychecks to cover expenses such as taxes and benefits.
Mandatory withholdings include federal, state, and local taxes as well as FICA (Medicare and Social Security).
Voluntary deductions include health insurance premiums and 401(k) contributions.
This article is for business owners who are interested in learning about payroll deductions.
As a business owner, you are responsible for ensuring that payroll withholdings are performed on time and correctly, even if you use a payroll service. These deductions are calculated each pay period and include mandatory withholdings – such as federal, state and local taxes, as well as FICA (Medicare and Social Security) – and voluntary deductions, like health insurance premiums and 401(k) contributions.
What are payroll deductions?Payroll deductions are amounts withheld from employees’ paychecks each pay period to cover expenses such as federal, state and local income taxes, as well as employee benefits, like health insurance. These amounts are deducted from each employee’s gross pay to calculate their net pay each pay period.
Here are some common examples of payroll deductions:
Income taxes. Federal, state and local taxes are deducted from the paychecks of W-2 employees. Withholdings are based on employee income, applicable tax rates, employee dependents and other adjustments indicated on IRS Form W-4.
FICA. Deductions are also made for Federal Insurance Contributions Act (FICA) tax, including deductions for Medicare and Social Security premiums.
Health insurance. Any employee portion of health insurance premiums are deducted each pay period.
Retirement plan contributions. Employee contributions to employer-sponsored retirement plans, like a 401(k), are also deducted.
Did You Know?
These deductions are a standard part of payroll accounting. To learn more about how to process your employees’ pay, visit our guide to payroll accounting.
How do payroll deductions work?Payroll deductions are taken from employee paychecks every pay period. These amounts are calculated for each employee based on their gross earnings for that pay period, potentially with taxes based on an estimate of the employee’s annualized income. Amounts withheld from an employee’s paycheck are then paid on their behalf to taxing authorities, insurers or other recipients.
Every time an employer runs payroll for their employees who worked during the pay period, each worker’s deductions are calculated based on their earnings. Deductions are then made for income taxes, FICA, garnishments and any other mandatory items, as well as for benefits such as health insurance and retirement plan contributions.
Because deductions are based on an employee’s earnings for a particular pay period, it’s important to understand payroll frequency. To learn more, check out our guide to deciding how often to run payroll.
What are the main types of payroll deductions?Payroll deductions fall into two general categories: mandatory and voluntary. Mandatory deductions are for payroll taxes, such as income tax and FICA, while voluntary deductions are for benefits such as health insurance and retirement plans.
Mandatory payroll deductionsHere are some typical mandatory payroll deductions:
Income tax. Deductions for federal, state and local taxes are mandatory, if applicable.
FICA. Medicare and Social Security premiums are required, and the amounts are based on the employee’s income.
Wage garnishments. Any court-ordered wage garnishments for taxes, child or spousal support, or other ordered amounts are mandatory.
In certain circumstances, there may be other distributions that employers are required to deduct on the employee’s behalf.
Voluntary payroll deductionsHere are some common voluntary payroll deductions:
Health insurance. If an employee gets health benefits from their employer, any employee portion of the monthly premiums are deducted from the employee’s paycheck. [Looking for more information on health insurance? Check out our small business guide to health insurance.]
Other insurance premiums. Some employers offer other types of insurance, such as life insurance, and premiums for these coverages are also deducted.
Retirement plan contributions. Employee contributions to employer-sponsored retirement plans, such as a 401(k) or a SIMPLE IRA, are also deducted if the employee elects to participate.
The amounts of both mandatory and voluntary deductions can vary over time, though mandatory deductions don’t change much as a result of employees’ decisions, except for altering their number of withholding allowances. Amounts of voluntary deductions, however, can be adjusted.
Did You Know?
Some companies are required to offer health insurance to employees. If you’re wondering whether this applies to your business, check the latest business health insurance requirements.
Items that shouldn’t be deductedCertain things should not be deducted from an employee’s paycheck. For example, employers are responsible for unemployment insurance (FUTA) and workers’ compensation premiums.
How to calculate payroll deductionsFollow these steps to calculate payroll deductions:
Calculate gross pay. Add up the employee’s total gross earnings for the pay period.
Determine the tax rate. Multiply the employee’s annualized income (earnings for the pay period times the number of pay periods in a year) by applicable federal, state and local tax rates.
Calculate FICA withholding. Include deductions for Social Security and Medicare, which are based on established rates and are subject to income limits.
Include garnishments. If an employee is subject to court-ordered wage garnishments, calculate those deductions.
Add voluntary deductions. Divide annual premiums for any voluntary deductions by the number of pay periods.
Determine the total net pay. Add up all of the mandatory and voluntary deductions, and deduct the total from the gross earnings to determine the employee’s net pay for the pay period.
Pay the deduction amounts. Once you withhold the deductions from an employee’s paycheck, pay the withheld amounts on the employee’s behalf.
Although you can follow these steps to calculate payroll deductions manually, the process can be tedious and time-consuming, especially for companies with many employees. That’s why we recommend choosing a payroll service to do it for you. We’ve done extensive research to find the best companies and software for the job, and you can see our picks for the best payroll services.
Survey Of 1,000 Small Businesses Reveals Surprising Digital Marketing Trend
A United States Chamber of Commerce survey of over a thousand of small businesses across the United States reveals that small businesses are using social media to cultivate new business and grow their business across vast geographic areas. Facebook has emerged as the leading platform for small businesses growth. Over 60% of businesses report using Facebook to grow their businesses, increase sales, attract new customers and sell to customers they would not otherwise have been able to reach.
Why is Facebook Popular with Small Businesses?A clue as to why small businesses have gravitated to Facebook is the perceived difficulty and cost of maintaining an online presence. More than 50% of businesses surveyed cited the cost of Internet services as keeping them from building an online presence.
Difficulty and lack of familiarity with digital tools represented another major stumbling block preventing small businesses from going on online. 57% of small businesses reported that digital tools were perceived as challenging.
How Small Businesses are Growing OnlineSixty percent of small businesses reported using Facebook to achieve a wide range of business goals. According to the survey:
32% reported building their business on Facebook.
42% reported hiring more employees since using Facebook
56% said using Facebook as a business tool increased their sales
52% reported that Facebook allowed them to grow their business by allowing them to reach customers outside of their local area, in other cities, states, and countries
70% of small businesses report that using Facebook helps attract new customers
39% of small businesses prefer to send potential customers to their Facebook page than to their own web page.
According to the report:
“In addition to facilitating firms’ successes, over half of small businesses on Facebook reported that the platform as helped them overcome challenges in increasing revenue.”
Small Businesses Lack Skilled Digital WorkersWhen you think of small businesses online, one usually thinks of it in terms of a website. Facebook has dramatically changed how consumers interact with small businesses and make purchasing decisions. Facebook has emerged as a dynamic source of financial growth for small businesses. The U.S. Chamber of Commerce Report titled, Examining the Impact of Technology On Small Business is available here.
Images by Shutterstock, modified by Author
Top 6 Social Media Platforms For Businesses
There are lots of social media websites or platforms available to marketers today, and the ones you use can play a major role in your social media marketing success. Factors like your industry, audience, and brand can all influence the network you use.
Top 6 Social Media Platforms for Businesses 1. FacebookNumber of monthly users: 2+ billion
Demographics: Men and women, ages 18-65 or older
With such a wide appeal, Facebook provides you the opportunity to turn your client base into an area. It’s possible to share behind-the-scenes appearances at your business, brand new deals on your providers, and much more by developing an easy Facebook page. It only requires a couple of minutes to make, and as soon as you upload any pictures, you should begin reaching out to Facebook users .
Also read: The Top 10 Digital Process Automation (DPA) Tools
2. TwitterNumber of monthly users: 350+ million
Demographics: Men and women, ages 18-49
Twitter provides its users a continuous flow of information and fresh content from all around the world wide web. It’s countless users that are engaged each month, and nearly every new on earth has an accounts to upgrade its own customers. This social media for companies might not have the exact same broad market as Facebook, but it is easily among the most available networks around Earth.
This usually means you’ve got to be succinct, interesting, and enlightening all in 1 tweet, and that is not simple. However, while you do it properly, folks are able to prefer or retweet exactly what you’ve composed so you are able to interest a wider audience. Fundamentally, if you would like to expand brand awareness, Twitter is still among the very best social networking platforms.
3. InstagramNumber of monthly users: 1+ billion
Demographics: Men and women, ages 18-64
Instagram is among the most popular social networks on the market, with the vast majority of consumers under 25. This makes it the great social media for brands or businesses which target young, fashionable demographics.
Instagram will have a larger following in urban locations, meaning businesses that are devoted to digital or fashion technology will generally do better than businesses focused on agriculture or home-building.
Although that is not to mention you can’t find success if you are not a youthful, stylish company — only that you are going to need to be more imaginative with all the photographs you require.
Also read: How to Start An E-commerce Business From Scratch in 2023
4. PinterestNumber of monthly users: 450+ million
Demographics: Women, ages 18-64
Pinterest is a place to share (or “pin”) different visual content so that other people can see it. That can include everything from a scarf to an infographic, which means practically any company can find at least part of their niche on this social network. It’s one of the best social media platforms to promote new visual content you create, especially if you regularly maintain boards.
Utilize some graphic design magic to liven up some data or other intriguing, evergreen content that will continue to have hooks and develop your brand awareness with time.
This is particularly useful if your organization creates a product or provides a service particularly for girls — mathematically, about 85 percent of Pinterest’s user base is feminine.
And if you do not, you are still able to create Pinterest work for you. It’s several hundred million consumers each month, and a number are guaranteed to be curious about everything you need to offer you.
5. LinkedInNumber of monthly users: 310+ million
Demographics: Men and women, ages 25-64
Concerning professionalism, no social media can conquer LinkedIn. It is a booming community of employees and business owners that discuss and join on a professional degree, which makes it far more formal than some other social networking platforms. Owing to that, its customers often react much better to B2B content than B2C.
Also read: Top 10 Trending Technologies You should know about it for Future Days
6. YouTubeNumber of monthly users: 2+ billion
Demographics: Men and women, ages 18-65 and older
Product reviews, educational videos, and related sorts of articles do tremendously well on YouTube, particularly whenever you’re teaching part of your intended industry.
Additionally, as soon as you create a movie, it will begin to appear at Google and YouTube lookup results, and you could market it in your other societal accounts. If your clients want to understand, you just can’t conquer YouTube.
Tiktok Offers New Resources & Ad Credits For Small Businesses
TikTok is launching several initiatives to support small businesses, including tips from successful creators and $100 in ad credits.
In an announcement, TikTok promotes the launch of a small business “accelerator,” a landing page that links to helpful business resources.
“Right now, small businesses need our support more than ever, which is why TikTok and American Express are launching a brand new program to help merchants reach new audiences and grow their business. The # ShopSmall Accelerator, powered by TikTok and American Express features popular TikTok creators Anna Sitar, Brandon Blackwood & Sofia Bella and will be complemented by a custom Shop Small® soundtrack created especially for TikTok content. This new effort aims to help small businesses stand out in the crowded holiday shopping season and make the most out of Small Business Saturday® on November 26.”
Here’s more about what’s new from TikTok for small businesses and how to apply for $100 in ad credits.
TikTok’s #ShopSmall Mini-SiteTikTok’s new mini-site for small businesses contains tips from popular creators, links to different tools and resources, and information on how to apply for $100 in ad credits.
Tips From CreatorsTikTok gathered three full-time creators to put together a brief yet educational video for small businesses.
The video goes over why small businesses should use TikTok, how to stay on top of audience interests, and what to share on a business account.
$100 In TikTok Ad CreditsBusinesses have until December 24 to apply for the ad credit, which expires a little over a month later, on January 31, 2023.
TikTok is giving away $250,000 in ad credits to small businesses that meet its eligibility criteria.
To be eligible for TikTok’s $100 ad credit, businesses must:
Create a TikTok Ads Manager account
Enroll for the ad credit by submitting a form
TikTok says the ad credit will appear in TikTok Ads Manager within 1-2 days of meeting the eligibility criteria.
#ShopSmall StickersLastly, TikTok is launching a selection of stickers to raise awareness about supporting small businesses.
Anyone can add these stickers to their content by tapping the stickers button and searching for “shop small.”
Source: TikTok
Featured Image: askarim/Shutterstock
Introducing Gofungibles’ Community Governance In The World Of Crypto
OkDecentralization and Web 3.0 are hot topics in the world right now.
A byproduct of blockchain technology is the emerging world of Web 3.0. The idea behind Web 3.0 is that users on the internet will interact with each other and data will be stored in a decentralized way, giving users data privacy and sovereignty. This is different from Web 2.0, where most of the activity on the internet is composed of users interacting with each other and data stored in centralized storage locations that are controlled by large companies. These companies also profit off of the data.
Most users would prefer to have their data private, or for that matter profit off of the sales of their own data. If that is the case, why have most of us opted into major Web 2.0 platforms that store our data?
One major reason is that data storage was not broadly considered during the rise of Web 2.0. This came to light recently. But even so, and even with distrust and issues with centralized platforms, most users opt-in to receive the best user experience.
This could mean better ease of use, or better access to content. For creators, there is a connection to a potentially large community. These are the pain points that centralized platforms resolve.
Decentralized services can solve these pain points with the blockchain instead of a potentially arbitrary central decision point. The problem is one of the errors in governance.
When a decentralized system does not have a predetermined method of governance to deal with a situation, things can go haywire and need to be solved with a potentially arbitrary central decision point.
In the history of cryptocurrency, this has happened. No resolution for two conflicting ideas has resulted in “hard forks” with two cryptocurrencies emerging. Ethereum and Ethereum Classic in 2023 and Bitcoin and Bitcoin Cash in 2023 are some of the most famous examples. For Bitcoin Cash, this was followed by a fork that created Bitcoin Cash and Bitcoin SV in 2023.
What is needed is a sensible decentralized governance mode to address any eventuality.
GoFungibles Tackles Governance
GoFungibles is an upcoming NFT marketplace that features a play-to-earn mobile game and is built using the Polygon side-chain solution. This allows it to access the Ethereum network with lower gas fees when minting NFTs.
GoFungibles also bridges NFTs and decentralized finance together with staking and yield farming powered by its utility and governance token, $GFTS.
Here is how governance works in GoFungibles.
Once launched, the GoFungibles team roadmap includes creating a DAO, or Decentralized Autonomous Organization. A DAO exists to create or remodel services on the platform and is run by the community without a centralized authority. It is also fully transparent and every vote appears on the blockchain.
In addition to other benefits such as yield farming, and other financial value and/or utility on the GoFungibles platform, the token is also a governance token.
$GFTS token holders that stake their tokens are the eligible voters in this community. The number of votes is proportional to the amount of staked tokens. Those with the greatest interest in the benefit of the platform are also granted the greatest influence, creating a win-win for the community as a whole.
For example, User A has X number of staked tokens. User B has a 2X number of staked tokens. User C has a 1.5X number of staked tokens. User A would get 1 vote, User B would get 2 votes, and User C would get 1.5 votes.
As the tokens are staked, this prevents bad actors from being able to make detrimental decisions and then dump the tokens and then secretly exit or “rug pull” the other community members.
Again, this is a DAO, so the GoFungibles team will not be able to override the decisions of the community and the community is protected against a rug pull from any team members.
An additional layer of security is built-in with the Polygon framework built on top of Ethereum, the world’s leading application-layer blockchain.
Bringing a DAO community governance framework to the GoFungibles platform makes it one of the most exciting new projects being built on Polygon and Ethereum.
Contact
Contact the GoFungibles team across social media and the web here:
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