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The US Chamber of Commerce, in conjunction with MetLife, has released its latest Small Business Index (SBI) for Q2 2024. The SBI is a survey of small businesses nationwide on numerous topics that have been impacting them during the past few months, including fiscal issues and operational challenges.
According to the quarterly survey, the SBI hit its highest score since early 2020, demonstrating a sense of optimism about the future business climate. The index score jumped to 69.5 from 62.3 last quarter. Seventy-three percent of small businesses expect their revenue to increase in the next year, which is the highest reading recorded since 2017. Nearly half (46 percent) say they expect to increase investment in the next year, up 10 percentage points from last quarter (and just one percentage point lower than its all-time high in Q4 2022).
Once again, 55 percent of small businesses report that their largest concern continues to be inflation—for the eighth straight quarter. However, revenue remains the second biggest challenge for small businesses at a distant 26 percent. This is the third consecutive quarter where revenue ranked as the second biggest challenge.
Interestingly, technology is at the forefront of small business owners’ minds, as the report shows that 71percent of small businesses believe that hiring workers with AI skills will save them time in the long run. Gen Z- and millennial-owned small businesses (52 percent) are much more likely to report they are very familiar with AI compared to Gen X-owned (36 percent) and baby boomer and older-owned (19 percent) small businesses.
Other key findings:
- 36 percent of small businesses say the US economy is in good health this quarter
- 67 percent of small businesses report that the overall health of their business is good, unchanged from last quarter
- 22 percent of small businesses say they have increased staff in the past year, up slightly from last quarter
The full report is available here.
Visit uschamber.com for more information.
[07.02.24]
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Golden Limousine International President & CEO Sean Duval has been awarded the 2024 Honorary Community Service Degree from Washtenaw Community College (WCC). This esteemed recognition celebrates Duval's support of WCC students and his extensive contributions to the regional community as a local business and community leader.
Golden Limousine International President & CEO Sean Duval
Duval is not only a successful entrepreneur running a thriving business, but he is also a dedicated philanthropist. His vision for Golden Limousine International extends far beyond business excellence. Having held numerous leadership positions within the Ann Arbor & Ypsilanti communities, including two years as chair of the Washtenaw Community College Foundation Board and currently serving as the board chairman of the Ann Arbor Area Community Foundation, he continues to provide engaged and innovative leadership for these and many other organizations and encourages others to do the same. His decades of community service also include significant contributions to Destination Ann Arbor, A2Y Regional Chamber, Ele's Place, Michigan Works!, among others.
The Golden Limo story began over 32 years ago when Duval set out to transform the chauffeured transportation industry locally. His goal was to set new standards in service and reliability and create a company deeply embedded in its community. Today, Golden Limousine International is a proud industry leader, recognized for its unwavering commitment to its core values: Service, Excellence, Reliability, Value, and Efficiency. They believe that by serving their community, they are contributing to its betterment while enhancing their own company culture and values.
During his address to the Spring 2024 WCC graduating class, Duval shared valuable insights from his journey as a business and community leader:
- Failure is inevitable and necessary: "Each of my setbacks has been a steppingstone, a necessary step to learn hard lessons, teaching me resilience, adaptability, and the importance of never giving up."
- If it is to be, it's up to we: "If we continue to foster a spirit of collaboration and mutual support, we can ensure that no one is left behind. It's up to WE. WE are the help we are looking for."
- Opportunity, not passion: "Find what you are good at, continuously hone your abilities, and be open to new possibilities. Success often comes at the intersection of skill and opportunity."
These words of wisdom encapsulate the essence of Duval's leadership and his commitment to making a difference.
Visit goldenlimo.com for more information.
[07.02.24]
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- Category: Industry News
On Tuesday, June 18, the Illinois Limousine & Bus Association (ILLBA) held another session of their midmorning Coffee With ILLBA webinar series. With guest speaker Jim Luff of Aurora Payments, the online event tackled the topic Everything You Want to Know About Chargebacks but Are Afraid to Ask.
In the midst of a heatwave in Chicago, ILLBA President Tracy Raimer of Windy City Limousine & Bus and Secretary/Executive Director Paula DeBiasi addressed upcoming events in the Midwest that will be of interest to operators, specifically the NASCAR Chicago Street Race, the Republican National Convention in Milwaukee, and the Democratic National Convention in Chicago.
Luff was then introduced, who kicked things off by acknowledging that chargebacks are “a necessary evil of the business.” The 35-year veteran of the luxury ground transportation industry and Aurora Payments’ association relationship manager then launched into a PowerPoint presentation.
ILLBA President Tracy Raimer
First and foremost, the session elucidated the definition of a chargeback, namely “the payment amount returned to a credit or debit card after a customer disputes the transaction.” Luff then detailed the three causes of chargebacks, which include True Fraud, Friendly Fraud, and Merchant Errors. True Fraud refers to a customer’s use of a stolen or counterfeit card. To defend yourself from this crime, Luff suggests that operators have procedures in place to verify the ID of the person using the card. Also, he advised that operators be ready to notify the credit card company with a “Code 10” transaction, which alerts the bank of a potential unauthorized purchase. Friendly Fraud, which Luff said is on a huge uptick since COVID, occurs when a family member or employee uses a credit card. In these cases, documentation of the service (e.g., GPS tracking) or threat of legal action generally dissuade the chargeback. The third category of chargeback, Merchant Errors, generally happens when a customer doesn’t recognize the business name on their statement. Again, documentation is key to defending your company in this instance.
Guest Speaker Jim Luff of Aurora Payments
Luff also reviewed the telltale signs of telephone fraud (i.e., overly chatty customers who request that the charge be run immediately) and common myths of chargebacks. Above and beyond everything, operators are strongly encouraged to respond promptly to any chargeback, even if it’s a small amount of money. Ultimately, too many chargebacks on your record can hurt small businesses and negatively impact their relationships with credit card companies. The presentation concluded with a lively Q&A session.
ILLBA Secretary/Executive Director Paula DeBiasi
Before ending the webinar, DeBiasi reminded operators that Chicago City Tax Filing is due August 15. She and Raimer also encouraged all operators and chauffeurs to report illegal operators at the airport. While they said that airport officials and police are making an effort to reduce bad actors, they simply don’t have the manpower to oversee all curbside activity. Taking cellphone pictures of license plates goes a long way with shutting down illegal activity. Incident reports can be accessed by clicking here.
If you missed this month’s Coffee With ILLBA, simply click here for a recording of the proceedings. The next webinar is scheduled for July 16, and will focus on low-cost marketing ideas.
Visit illba.org for more information.
[07.01.24]