In the News: Should Small Businesses Be Joining Bluesky?

In this latest episode of Small Business Breakdown, our expert panel discusses the trend among some social media users of abandoning their X accounts in favor of bluer skies … pun intended.

See what our panel thinks of the rush to join Bluesky and how they believe small business owners, no matter the reason users decide to join one platform or another, must go to where their customers are interacting.

Check out this entire discussion and all the other topics our panel discusses ahead of the Thanksgiving holiday on this episode of Small Business Breakdown.

Small Business News

Here are the rest of the headlines important for small business owners in the past week:

75% of Microbusiness Owners Relaunch After Setbacks

Microbusiness owners are proving their resilience, with 75% relaunching new ventures after setbacks, according to GoDaddy’s 2024 Annual Venture Forward report. Despite economic uncertainty, these entrepreneurs persist, with 39% of new ventures becoming the primary source of income for their households.

Wix Launches AI-Powered Visual Sitemap and Wireframe Generator for Agencies

Wix has introduced a new AI-powered visual sitemap and wireframe generator tool for Wix Studio, designed to streamline the website planning and creation process for agencies and enterprises. The tool enables users to accelerate site planning by generating dynamic visual sitemaps and custom wireframes, helping agencies efficiently plan, structure, and build websites.

Lucihub Launches Creative Copilot AI Platform and Voice-Over Studio to Revolutionize Video Production

Lucihub, an award-winning AI-powered video production platform, has unveiled its latest advancements designed to streamline video production and enhance global collaboration.

Owner of North Carolina Automotive Business Sentenced for Failing to Pay Over $2 Million in Employment Taxes

A North Carolina man was sentenced today to one year and one day in prison for failing to pay more than $2 million in employment taxes, causing significant tax losses to the IRS. According to court documents and statements made in court, George Taylor Jr., of Wilmington, North Carolina, owned and operated National Speed, a high-performance automotive services business.

IRS Announces Interest Rate Decrease for First Quarter of 2025

The Internal Revenue Service (IRS) today announced this week that interest rates will decrease for the calendar quarter beginning January 1, 2025. The revised rates, which apply to overpayments and underpayments, are as follows: 7% for overpayments (payments exceeding the amount owed) for individuals and 6% for corporations. 4.

From Cults to Culture: 4 Ways to Build Cultural Leadership Habits

On The Small Business Radio show this week, I interviewed someone that grew up in a cult and what it taught him about building cultural leadership habits. Having grown up in a religious cult and later confronted its toxic culture, Tobias Sturesson evolved into a prominent advocate for the vital importance of cultural health for organizational success and human flourishing.

2024 Holiday Spending Trends: Americans Shift to Basics Amid Inflation

A new holiday spending survey from BizInsure reveals a shift in consumer habits this year, with Americans focusing on essential items like clothing while pulling back on travel and high-ticket gifts. The survey, conducted in early November with 1,200 respondents, highlights the impact of inflation on holiday spending as 85% of Americans report cutting back on discretionary expenses.

Survey Highlights Financial Industry Reliance on Manual Processes, Urges Modernization in 2025

PayEm released a new survey today that underscores the financial industry’s lag in adopting modern technologies. The findings reveal that 86% of financial professionals still rely on Excel for budgeting and forecasting, while 75% rely on manual reviews and approvals instead of leveraging AI or automated solutions.

T-Mobile Enhances Home and Small Business Internet Backup Plans with More Data

T-Mobile (NASDAQ: TMUS) announced recently an enhancement to its Home Internet Backup and Small Business Internet Backup plans, offering more data to help traditional ISP customers stay connected during outages. New and existing customers will receive three additional free 130GB data passes per year, in addition to the 130GB of 5G data per month already included in these plans.

SBA Encourages Shoppers to Support Local Businesses on Small Business Saturday with “Gift Big, Shop Local” Campaign

The U.S. Small Business Administration (SBA) announced the kickoff of its Season of Small Business holiday campaign, beginning with the 15th annual Small Business Saturday on November 30, 2024. The event, founded by American Express, encourages consumers to support local small businesses during the holiday season.

Gas Prices Near $3 as Gulf Watches for Potential Hurricane Sara

The national average price for a gallon of gasoline is approaching a milestone, now just under 10 cents away from dipping below $3 for the first time since May 2021. However, the potential formation of Hurricane Sara in the Gulf of Mexico could disrupt this decline, according to AAA.

Snapchat Introduces New AR Lenses, Platform Features, and Spectacles Capabilities

Snapchat has unveiled a series of new Lenses, platform features, and tools aimed at enhancing augmented reality (AR) experiences for developers and users alike. The updates are part of the Snap OS v5.58 release, which introduces innovative capabilities for Spectacles, Snap’s AR-enabled smart glasses, along with expanded tools for developers to create and experiment with AR applications.

In the News: What City Has the Most Forgetful Uber Passengers?

Our Small Business Breakdown crew is back for another week and they’re covering a wide array of topics. On this week’s episode, the team focuses on several stories that made headlines this week on Small Business Trends, including a fascinating look at data from Uber on what are the most popular things left behind by passengers and what cities have the most forgetful riders.

New York Business Owner Pleads Guilty to Employment Tax Fraud

Victor Aguayo, owner and president of Mabel Interior Design Inc., an interior painting business in Westbury, New York, pleaded guilty today to employment tax crimes. Aguayo admitted to failing to collect and pay over employment taxes from his employees’ wages, resulting in significant tax losses to the federal government.