Get Started: National Small Business Week goes digital

AP News
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Posted: Apr 23, 2018 10:58 AM

SMALL BUSINESS WEEK GOES DIGITAL

The Small Business Administration's observance of National Small Business Week this year will largely be an online series of events. The awards ceremonies and conferences that in the past were in-person affairs will be held on Facebook, Twitter and other digital sites. All will be free.

The events begin Sunday with the first of two awards ceremonies. The second, on Monday, will include the announcement of the national Small Business Person of the Year.

A virtual conference Tuesday through Thursday will include online seminars on topics such as changing trends in consumer behavior, how to address discrimination and harassment in the workplace, social media, finances and using video as part of a marketing strategy.

On Friday, the SBA plans a Twitter chat about how to start and build a business.

You can get more information about the events and how to register for them on the SBA's website, www.sba.gov/national-small-business-week .

SURGING BUSINESS SALES

Sales of small businesses surged again in the first quarter, with demand sending prices to record levels. That report comes from BizBuySell.com, an online marketplace for small businesses that tracks the number of transactions reported by business brokers.

BizBuySell.com counted 2,678 closed small business transactions during the first three months of the year, up 13 percent from a year earlier and the largest amount since the company began tracking sales in 2007.

The median sales price for a small business also was a record, rising to $245,000, up 3.4 percent from a year ago.

Sales of restaurants and manufacturing companies saw the most growth during the first quarter. Restaurant sold rose 7.6 percent from a year earlier, while manufacturers sold were up 9.3 percent.

NATURAL DISASTERS' IMPACT

Small businesses that suffered losses in natural disasters in 2016 and 2017 were more likely to lose revenue than property. That's the finding of a survey released by the Federal Reserve Banks of Dallas, New York, San Francisco and Richmond, Virginia.

The survey found that 40 percent of small companies in areas hit by hurricanes and other severe storms and wildfires reported disaster-related losses. Ninety-six percent suffered revenue losses, with 61 percent losing revenue of up to $25,000, and 35 percent losing more than $25,000.

Sixty-four percent of businesses reported property losses, with 45 percent losing up to $25,000 and 19 percent losing more than $25,000.

Power outages were the cause of damage or losses reported by 65 percent of companies. Thirty-eight percent reported flood damage, and 36 percent said they had damage from wind.

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Follow Joyce Rosenberg at www.twitter.com/JoyceMRosenberg . Her work can be found here: https://apnews.com/search/joyce%20rosenberg