The month of May begins with a focus on the importance of Small Business followed by the love for Mom. The charts and analysis that follow are from Prospers monthly survey of over 7,500 Americans.

We asked Deborah Weinswig, Managing Director of Coresight Research, to provide commentary on the data from the most important deciders for the economy… the consumers themselves.

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Optimism appears to be rising among small business owners (SBOs): 53% of the SBOs who participated in TD Banks 2018 Small Business Survey said they expect their revenues will grow in 2018. That is an improvement over the 46% of respondents who said the same in 2017.

In addition, the number of small businesses -- defined for purposes of the survey as those with $5 million or less in annual revenues -- that plan to hire this year more than doubled. In 2017, only 9% of respondents said they expected to add staff. This year, 22% said they intend to.

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This week is Small Business Week, and on Thursday Amazon released its first Small Business Impact Report. Its position? Amazon has been good for small businesses.

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The Federal Reserve says that the economy is doing well, so it has raised its key rates recently and is expected to do so again in the near future. The strong economy is great for most businesses, but higher rates will likely increase what it costs for them to borrow.

So what's a small business owner to do? Understand how the system operates and consider the ways they can manage.

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Want to get really, really rich? Starting your own business is the best way. Want your upside to be unlimited? Starting your own business is the best way. Want to be free to chart your own course, to make your own decisions, to make your own mistakes -- to let the sky be the limit not just financially but also, and more important, personally?

Starting your own business is the best way.

Still not convinced? Here are 15 more reasons why you should start your own small business today:

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Recently, American Management Services started working with the owner of a restaurant chain, made up of six locations spread across the Northeast. Since the first day they opened their doors, they approached paying vendors with a sense of loyalty by cutting checks the day the invoice was received. While being loved by their vendors, our client was receiving no discounts, and put themselves financially at risk by not safe-guarding their cash!

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The Payment Card Industry Data Security Standard (PCI DSS) is a set of security standards, designed to ensure businesses which accept and process credit and debit card information, do so in a safe and secure environment.

No matter what industry you operate in or what size business you have, if you accept card payments and process, transmit and store cardholder data, you must host your data securely with a hosting provider that is PCI compliant.

The PCI security Standards Council was formed in 2006 by the five major credit card brands — American Express, Visa, MasterCard, Japanese Credit Bureau (JCB) and Discover. While each credit card brand has its own compliance programs, the PCI standards are the foundation for all of them.

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In the wake of yesterdays Supreme Court ruling, e-commerce companies are understandably both concerned and uncertain of their future. The 5-4 verdict overruled a 1992 precedent set by the case Quill v. North Dakota that only addressed mail-order businesses at the time, but it became a powerful legal bedrock for the e-commerce industry. It let companies without a robust physical infrastructure thrive during and after the dot-com boom by exempting purchases from sales tax, so long as the seller did not have a physical operation in the state where the customer resided. Now, following the court’s decision, states can start charging sales tax on internet purchases even when a retailer has no physical presence in that state.

A number of retailers, from Amazon to Etsy to Overstock.com, may be impacted. It is not necessarily because those corporations have been skirting sales tax collection, but some enable thousands of third-party sellers to do so, largely thanks to Quill v. North Dakota. In fact, Amazon, which last year started collecting sales tax in all 45 states that require it by law, may have a substantial amount of work to do to help its Amazon Marketplace sellers stay compliant.

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Small business advocates largely grumbled after the nation's highest court overturned a decades-old decision on online sales tax.

The Supreme Court ruled Thursday that states now have the power to force online retailers to collect sales tax in states where they do not have a physical presence, reversing a ruling from 1992 in a 5-4 decision. The move also revives a 2016 South Dakota law that required large, out-of-state e-commerce companies to collect sales tax, one that big e-commerce players fought. Some online retailers, such as Amazon.com, currently collect state sales tax on products they directly sell but do not collect taxes from many of the independent sellers on the site.

The decision removes the sales-tax savings that consumers could reap by making purchases online instead of buying from local brick-and-mortar shops. Although the move does help to level the playing field for physical small businesses, it also places new burdens on small online retailers.

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Everybody makes mistakes, but some mistakes are worse than others. Some mistakes are almost deadly—to your marketing, at least.

The following seven mistakes are dire enough to make your marketing fail. But the good news is once you know how to spot them and avoid them, your marketing has a dramatically better chance of success.

So keep reading, apply what you learn here, and carry on. You’ve got a business to promote

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This transformation from hobby to business creates entrepreneurial avenues for people who might not otherwise have chosen this path. There are several types of activities that can be successfully monetized.

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On Thursday, the Supreme Court overturned decades of law and precedent by allowing states to levy sales taxes on internet purchases. Like many things in life, the South Dakota v. Wayfair decision is a mixed bag. On the whole it was probably the right call, cleaning up an enormously incoherent and unfair tax regime that's only gotten worse as online retail has expanded.

But it will also hit many small businesses hard.

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For most of us, that means establishing a nest egg in the form of an IRA, 401(k), or both. But a large number of small-business owners have a different sort of backup plan for covering the bills in retirement: their businesses.

An estimated 42% of small-business owners say that their businesses will serve as their personal pensions, so to speak, according to data from New York Life. But that's a dangerous proposition in several regards.

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Delissa Reynolds, an actress, ran a popular local bar for years, until the neighborhood changed.

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Growing your business is an exciting task. It means customers are receiving your business well and you are bringing in a profit.

But, growing your business can be intimidating. Many things have the potential to go wrong. That’s why you need a plan. When you know what to do and what to avoid, you can avoid stumbling.

Use the following seven dos and do nots to successfully grow your business.


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Making the right investment in your small business can mean the difference between growth and stagnation. What that right investment is – marketing, training, technology, labor, personal development – will vary from business to business and owner to owner, depending on a variety of factors.

Several entrepreneurs recently shared their best business investment from the past year, or top planned investment for this year.

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While two-thirds of Americans dream of opening their own small business, recent data from the Bureau of Labor Statistics reveals that approximately 20% of small businesses fail in their first year, and about 50% of small businesses fail in their fifth year.

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Are you looking for ways to use email marketing to grow your business? Then you will want to take a look at these five email marketing tips to help boost your sales.

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Marketing has evolved significantly in last few years. Now is the era of demand-driven social marketing which makes email marketing a core part of successful small business marketing strategies. Technological advancements have given marketers no shortage of channels to leverage. Email marketing can be a powerful way for small business to market their brand and their website. It provides them with the flexibility to reach current customers, find new leads, and convert those leads into customers without making a big hole in their pocket. Email marketing can help small business to reach their subscribers and prospects as quickly as possible.

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Technology has started to feel like a four-letter word these days—especially in the business world. Stand by the water cooler and you might hear chatter among employees about what programs, such as machine learning and artificial intelligence, will mean for the future of jobs.

As this technology comes to life, many people fear for their professional future. They worry that robots will soon sit at their desks while they’re out on the street struggling to find work.

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Harvey Weinstein. Bill Cosby. Kevin Spacey.

No, there apparently is no shortage of accused sexual predators roaming Hollywood. And, while there are have been stories galore over the years about the creeps and their casting couches, it wasn’t until the #MeToo movement that women really were able to get the word out about the seriousness of the issue and, if not put an end to it, at least shine a light on it.

And that begs the question: Will there be a #MeToo moment for small business?

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If you do not have something nice to say, don't say anything at all.

Remember this one, from, like, kindergarten? Apologies are one thing, but better to just avoid the whole thing altogether. Note: this is not the same thing as ignoring criticism. There are constructive ways of responding, though, that will not send your companys stocks plummeting.

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Amazon is often blamed for the demise of the Mom and Pop store and other local and cultural icons of Main Street USA. There may be some truth to this, but it is also just as important to say that the company has helped many small and midsize businesses to grow and thrive.

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No. 1: First, have a pretty good idea of what you are getting into before you start. Running a company is not a 9-to-5 occupation. And much, if not most, of running a business has little to do with the quality of the product or service you sell. You have to work long, hard and smart. And learn new things. Fifty percent of new businesses close (not fail) during the first five years, often because their owners didn’t realize how much time, expense and uncertainty would be involved.  

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Every business has to find the right marketing tools to engage its desired audience, and there doesn’t appear to be one magic widget that works for every company every time.

Some find amazing results with social media, SEO and influencer strategies, often combined with compelling online content, some with old-fashioned direct mail, as in messages on paper delivered by a human postal carrier.

Several small businesses recently shared their best marketing moves, which cover a broad range of approaches and media. Here are a few of their ideas in this first in a series of articles on the topic.

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There is something incredibly important in life that I do not hear enough people talking about. It is called your personal brand and it goes far beyond your career.

I started learning about personal branding over 10 years ago when I got into the entrepreneurial world. I noticed a big difference between some peoples brands and others. So I started taking notes.

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As a small business owner or manager, sometimes the sheer volume of things that need to be done makes it hard to remember to think about others. It's important, however, to give back to your community. In fact, if you own a small business that draws on local customers, it's important to do things that strengthen your bonds with your community.

Not all of these apply to every type of small business. A retail store can do things that a small service-based business can not, but at least one of these should apply to your business.

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The #MeToo movement is making a major impact across industries, small businesses included. From reviewing internal policies to getting the right kind of insurance, these steps can help small business owners protect their companies and employees.

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Business owners need to constantly learn in order to be successful. Whether you’re a beginner or a seasoned entrepreneur, resources like business experts, books, tools and exercises can help you shape your strategies and cultivate sustained success. Here are some suggestions from members of the online small business community for resources and tips that can help you build a successful business and life.

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Instagram is a great source to build your brand’s identity, engage new followers and expand your reach. However, if you’re simply posting images to your business Instagram page, you’re missing out on a major opportunity on the platform: Instagram Stories. With Stories, you can show a behind-the-scenes look at your brand while developing its personality and building authentic relationships with your followers.

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How to Get Traffic to Your Website

In building this strategy, it can help to get input from the experts who have been there before. Here are some tips and tricks ranging from content creation to SEO to social media from digital marketing experts around the web.

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Here are seven reasons why your business is not generating sales:

1. You are marketing, not selling.

Reaching out to a networking contact is a sales call when that contact has expressed a need and interest for what you are selling, and you actually discuss your offer, your pricing, next steps and or other ways to move forward. If your networking meeting is to introduce what you offer or to reconnect in general, that is a marketing call. Many small business owners are busy on social media, tweaking their website, writing blogs, and catching up over coffee – all of which is great for marketing and may lead to sales eventually -- but these activities are not directly generating sales.

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Social media, email, text messaging and other communication technologies are transforming government into a more efficient, effective and dynamic process. Whether it’s an elected official using Twitter to address constituents or a city using a Facebook page to make public announcements, government entities and elected officials are becoming more accessible and connected to constituents. And therein lie today’s nuanced First Amendment related challenges

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Small business optimism is at a record high. In this year’s Wells Fargo/Gallup Small Business Index, business owners consistently reported positive attitudes about their current situation and their future.

Part of that optimism is due to the high availability of financing and access to credit that many small businesses need in order to grow. Indeed, many small business owners are taking the opportunity to use these and other cash flow management tools to expand their business.

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Most small businesses can perform a simple audit and improve their SEO considerably without involving an agency. Ten steps you can take to get started.

I am a big fan of getting the basics precisely dialed in for small business search engine optimization (SEO). Ensuring you lay a solid SEO foundation will typically deliver around 80 percent of the results, for only 20 percent of the effort, for small local businesses.

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It is often assumed that giving back is something that only big corporations can do. After all, larger businesses often have more profits and can easily give away money to notable causes. But it doesn't mean that smaller businesses can't do the same. Often times, small businesses can also have a significant impact on organizations that can use their help.

We asked members of the Forbes Business Development Council for ideas on how small businesses can give back to their communities.

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The company has launched a new store focused on smaller U.S. companies.

For many businesses, Amazon operates as both a competitor and a partner. The online giant offers a platform for companies to sell their goods while it also competes with the same companies it works with.

Now, the digital retailer has launched Amazon Storefronts, a new store that exclusively sells products from small and medium-sized businesses from the United States. It offers more than 1 million products curated by Amazon from 20,000 small and mid-sized businesses.

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Then, as the recovery progressed, taxes and regulations reemerged.   But over the last year, those two concerns have been displaced by the availability of qualified labor.  Finding qualified employees is always a concern in a growing economy and has certainly grown in importance in this expansion, even more prominent than in 2000, when the ratio of employment to the population hit a record high.

Assisting its rise to number one has been the decline in the concerns about taxes and the cost of regulatory compliance.  The sharp decline in concerns about taxes and regulatory compliance are most likely due to the policies of this administration.  Record levels of proposed regulations peaked in the last two years of the last administration but dropped to practically nothing early in this term.  Since then, many existing regulations and rules have been eliminated or scaled back.

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Going into business for yourself is a big deal. There is always a long to-do list and you will find yourself wearing many different hats from time to time. Your business is more of a hobby if you are not making money. Properly managing and organizing your small-business finances can contribute to the success of your business and make sure you’re hitting your profit goals. Like personal finance, there are plenty of ways to organize your small-business finances depending on what your goals are.

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It is not a one-time undertaking but an ongoing process that must be revisited throughout the life of any business. In fact, nearly half of all CEOs launch a company reorganization during their first two years on the job.

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It is easy to see why text messaging is the most-used data service across the world. We send and receive five times as many texts compared with the number of phone calls each day, according to mobile intelligence firm Informate.

A huge 90 percent of the time, a text is read within the first three minutes of receiving. Customers who receive texts from businesses tend to have a 40 percent higher conversion rate than those who do not. Small businesses could benefit from this consumer behaviour.

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A few rules of SEO, like publishing great content and providing a good user experience, are universal.

But not all websites thrive by using the exact same set of SEO guidelines.

News websites, in particular, place greater emphasis on certain elements than other types of sites.

Here are five best practices you should keep in mind to optimize your news site for search.

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Your role as CEO, president or founder is critical to your small and growing company — you need to focus on products, customers and strategies. One of the last things you want to do is babysit your bookkeeper. Yet I can think of dozens of horror stories born of a lack of accounting oversight in the early stages of startup growth.

What should you track? Here are seven items I have found are key to request from your bookkeeper and how to review them. Asking for these items is good accounting hygiene: It informs your bookkeeper that you are inspecting their work and allows you to quickly identify and minimize potential problems. And, in my experience, it should not take you more than an hour a month.

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Social media is a crucial component of any small business' marketing efforts. When done well, a strong social strategy helps you connect directly with your customers, and can even create some free publicity along the way.

For all of social media's advantages, there are pitfalls as well. The internet can look like a cavalier place when it comes to copyright rules, but there are plenty of no-nos that you need to follow if you want to stay out of legal trouble.

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Savvy small businesses are already looking ahead to the holiday shopping season, including Black Friday, Small Business Saturday and Cyber Monday. Here are four things you can do to prepare your business for the holidays.

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As a small business owner, it can be a point of pride to watch your dreams translate into equitable profits. However, the road to success has many potholes to avoid and expressways to take — if you recognize them in time.

With the vast array of personal finance knowledge out there, it can be tricky to figure out which advice is the best fit for small business owners. Ten members of Forbes Finance Council weighed in with their own personal wealth management tips to help you keep your personal and professional finances in good shape.

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Whether you are a small business owner, a consumer, or the CEO of a big corporation, you likely know that small companies are a pretty big part of the economy. This year, show your support for small enterprises by participating in Small Business Saturday® (SBS).

My accounting and payroll software company, Patriot Software, is an advocate of Small Business Saturday. And personally, I am a major supporter of small businesses. I know how much time, dedication, money, and hard work entrepreneurs pour into their small companies.

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The holiday season is already in full swing. And, I believe, you would have already pushed all the right buttons, at all fronts, be it your website pages, social media pages, marketing emailers and all, before things might get too hot to handle for you.

However, a checklist will always come handy, I believe. It will not only keep you on your toes but will remind you of the pending activities that might need your attention, now or later on.

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The growth of cybercrime will cost the global economy more than $2 trillion by 2019, according to the Better Business Bureau’s 2017 State of Cybersecurity Among Small Businesses in North America report.

Cost of a Cyber Attack
When it comes to small businesses, the report said the overall annual loss was estimated at almost $80K or $79,841 on average. And as more small businesses become equal parts digital and brick-and-mortar, securing both aspects of their company is more important than ever.
The risks small business owners face in the digital world has increased their awareness of the dangers of this ecosystem. A survey conducted by GetApp in 2017 revealed security concerns ranked second as the challenges small businesses were facing.

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