Industry News
Small Business
Top stories summarized by our editors
7/23/2021

A desire for continuous learning and improvement drives success in service brand franchising, says Mario DiCostanzo, owner of three AdvantaClean units. "I go home satisfied knowing I succeeded in solving problems for others," DiCostanzo notes.

Full Story:
Franchise Update
7/23/2021

Company culture is a key factor in evaluating a franchise opportunity, writes Seth Lederman, CEO of Frannexus. "When prospective franchisees fully understand a franchisor's corporate culture and align with it, the franchisee's odds are likely to improve," writes Lederman, who describes four different types of culture.

7/23/2021

Back-of-house and front-of-house technologies allow restaurants to navigate the labor squeeze by retraining existing employees for different roles, writes executive Eric Symon of Panasonic System Solutions. Restaurants can meet consumer demand using such tools as food lockers, self-order and payment, and real-time analysis of schedules and supplies.

Full Story:
QSR
7/23/2021

Wag N' Wash Natural Pet Food & Grooming reported a 19.7% year-to-date systemwide sales increase in May, and one location's year-to-date sales spiked 97.5%. "It's amazing to see the rate the industry is growing and we're so grateful to be a part of this upward demand for pet products and services," said Kristen Risby, who was appointed president earlier this year.

7/23/2021

President Joe Biden recently said that a restaurant owner could address hiring challenges by paying higher wages, a suggestion that has drawn responses from a variety of groups that note other issues affecting the labor market. "Large corporations can afford to upskill workers to fill specific needs, but small businesses must fill those specific needs with existing talent at a wage that works for both the employer and employee," said IFA President and CEO Matt Haller.

Full Story:
The Hill
7/22/2021

Debt-laden small businesses can exercise more control with Chapter 11 bankruptcy protection than with the cheaper Chapter 7, business professor Samuel Antill says. Restructuring allows companies and creditors to keep more value than they would with liquidation, notes Antill, who recommends agreeing on a plan before going to court.

7/22/2021

Robinhood will set aside $770 million of shares -- as much as a third of its upcoming initial public offering -- for its customers to buy through its app. The IPO, which is expected to be next week, is the first time a company has offered such a large amount of shares to everyday investors, as only about 1% or 2% is typically allocated for customers.

Full Story:
The New York Times, Axios
More Summaries:
Robinhood
7/22/2021

A pitch should ideally be 20 minutes long or less, so entrepreneurs have to get creative to ensure that critical pieces of information are included, writes Scott Schwertly. Schwertly outlines the 10 elements a successful pitch needs, including the problem, solution, financials and the request.

Full Story:
The Ethos3 Blog
More Summaries:
Scott Schwertly
7/22/2021

Mindfulness can be practiced in almost any situation to improve your focus, regulate your emotions, set better goals and be more grateful, writes LaRae Quy. "At its core, mindfulness allows us to observe our interior thoughts and external circumstances with compassion and a lack of judgment, no matter how harsh the reality," she writes.

Full Story:
SmartBrief/Leadership
7/22/2021

Of 30 million small businesses in the US, 1.4 million are structured as C corporations and would be affected by a proposed corporate tax increase, according to US Chamber of Commerce data. This slideshow lists the 10 states with the most small-business C-corps, including California, New York and Florida.