3C Insider: Navigating challenges and seizing opportunities for small businesses
Last year, thousands of small businesses came together to defeat legislation that threatened to upend the entire digital ecosystem that small businesses love using to grow their companies and thrive. It was a big win, but we can’t take our eye off the ball in 2023. In our latest blog post, “The View from Capitol Hill,” we look at what issues we expect policymakers to consider this year regarding legislative and regulatory issues important to your business.
We’re already seeing some legislators taking big steps to enact policies that would hurt small businesses. Late last month, the Department of Justice filed a lawsuit against Google’s ad technology business alleging they abuse its market dominance in online advertising, which could have significant effects on small businesses.
Our latest study, “Small Businesses Find Big Value in Digital Ads,” shows that competition for small business ad revenue is fierce, with most respondents saying they use at least 11 digital ad platforms concurrently. These businesses benefit significantly from the abundance of online tools, with 78% saying that digital ads generate more revenue than TV and radio ads, and 69% warning that taking away those tools would hurt their businesses. That’s why it’s more important than ever for small businesses like you to have a strong voice in Washington so policymakers understand how much digital tools mean to you and your business. If you want to get involved to stand up for small businesses, send us a note here.
In the meantime, we hope you’ll join us for another exciting 3C Roundtable later this month on February 28th. We’ll be talking to minority-led startups and small businesses about the struggles of accessing capital in those early and difficult days. Minority entrepreneurs historically face greater obstacles accessing capital, and we’ll have professionals on hand to offer tips and advice on overcoming those obstacles. RSVP here to join us for this important event.
Finally, we’d love to hear your thoughts on how online reviews help your business. Take a moment to fill out this short snap poll so we can better understand how you use online reviews to further your business. Your feedback helps us better support and empower small businesses like yours.
Together, let’s navigate challenges and seize opportunities to grow and succeed.
Rob Retzlaff
Executive Director
The 3C Community
Exciting news: after several months of development, we officially launched the 3C Community in January! This private social networking platform is designed for small business leaders to connect and stay up to date on 3C events and activities.
We hope the 3C Community can be a place where small business leaders come together and ask questions, share resources, and stay informed on important policies that could impact their bottom lines. Joining is key to learning what peers are doing and how the digital landscape is evolving—along with the entrepreneurs who use it.
Fill out this form for an invitation to join the 3C Community today!
I am 3C – Small Business Stories
Lawmakers need to see firsthand how digital tools make running a business easier. We would love for you to share an “I am 3C” that reminds policymakers how important digital technologies are to your success. If you are interested in sharing your own story, simply let us know here.
T|W Tote
Many people fondly remember their childhood lunch bags decorated with a favorite hero or cartoon character, but what should adults do if they’re looking for a lunch tote that expresses their own grownup style? Sherika Wynter and her business partner Shallon Thomas wanted to fill that niche, and in 2018 they launched a company that sells fashionable lunch bags.
The pair do a huge amount of business online. They use Facebook, LinkedIn and other tools to reach thousands of people, as well as Google Analytics to analyze their progress and strategy. But they worry that misguided legislation in Congress could deprive them of the very digital tools that helped make their business so profitable. As Wynter put it, “Congress should focus on lowering inflation and gas prices, not messing around with the business tools and services that help us succeed.”
Upcoming Event
Roundtable Discussion: Accessing Capital As A Minority-Led Small Business
Tuesday, February 28th
1:00 PM ET / 10:00 AM PT
Being a small business owner can come with long hours, uncertainty, stress, and challenges with customers and employees. For minority entrepreneurs in particular, challenges accessing capital can make it even harder to start a small business, let alone operate one. This month’s roundtable is devoted to minority entrepreneurship, and will feature small business leaders in the minority community discussing how they launched their successful ventures, what it took to overcome barriers and offer tips and advice.
Sign up to register to attend this event here!
Your Quick Digital Fix
Video editing is a key tool for any small business owner who wants to make their content shine online. Canva makes that easy with its free Video Trimmer, which lets users trim, split, splice, and cut videos until they are just the right length—and send the perfect message.
Here are 5 things you should know:
(From CFO Services Group – Staying Financially Fit: Financial Tips to Kick Off 2023)
1. Know your cash
A smart business owner can predict what their cash balance will be 3, 6, even 12 months down the road, so that proactive action can be taken if the projected cash doesn’t look so good. That’s why it’s important to regularly update cash projection, monitor anticipated cash balances, and solve any anticipated problems before they become actual problems.
2. The early bird gets the worm
Reviewing financials in December to reduce the tax burden come April is another smart idea. That means prepaying any bills possible, buying new equipment that’s been put off, reviewing outstanding receivables, and writing off any bad debt—as well as meeting with the accounting team for an annual review before the year ends.
3. Success boils down to 3 simple variables
Running a small business can be complicated. However, success boils down to three simple variables: the amount of cash that leaves the business, the amount of time that passes, and the amount of cash that comes back into the business.
4. Be financially literate
Understanding a budget and funding programs accordingly is critical. That means knowing the “why” behind every transaction and making sure it fits into the company’s overall purpose.
5. Don’t run the business on autopilot
For business owners who pay bills via autopay, checking statements for incorrect charges is important. That allows for a closer look to be taken at what is actually being spent to see if it’s really a necessity or can be cut out.Do you have a small business story you’d like to share with us or any questions or concerns you’d like us to address? Email us at membership@connectedcouncil.org
