Upward Revision of Q2 GDP: The US economy saw a stronger rebound in the second quarter than initially estimated. The Bureau of Economic Analysis revised its Gross Domestic Product (GDP) figure for April through June to an annual rate of 3.3%, up from the previous estimate of 3.0%. The growth was primarily driven by a sharp drop in imports and an increase in consumer spending. This follows a 0.5% contraction in the first quarter of the year.
Consumer Confidence Falls:The Conference Board’s Consumer Confidence Index dropped slightly in August, marking a 1.3-point decrease from July. Consumers’ assessments of both current business and labor market conditions, as well as their short-term outlook, worsened. Concerns about higher prices and inflation, with tariffs being a notable contributing factor, were cited by consumers in their responses.
Tariffs and Trade Policy: The ongoing US trade policy and the imposition of tariffs continue to be a dominant theme in economic news. The recent 50% tariff on Indian goods, in particular, has created uncertainty and is weighing on market sentiment. The unpredictability of these policies has left businesses unsettled and cautious about investments and hiring.
News for Business Owners (Big and Small)
Small Business Lending: The Kansas City Federal Reserve reported an increase in demand for small business loans for the first time since the first quarter of 2022. However, the report also noted that fewer loan applications were approved, indicating tightening credit standards.
SBA Reforms: The Small Business Administration (SBA) has reinstated fees for its 7(a) loan program, which were previously waived. The SBA administrator also announced the relocation of several regional offices to new locations aimed at better serving the small business community.
Corporate Transparency Act: Enforcement of the Corporate Transparency Act’s beneficial ownership reporting requirement has been suspended, with the US Treasury Department making an announcement to that effect. This provides a reprieve for many US citizens and domestic reporting companies.
AI Adoption by Small Businesses: A recent survey by Goldman Sachs found that 68% of small businesses are now using artificial intelligence (AI), a significant jump from the previous year. The survey indicates that business owners are using AI to enhance their workforce rather than replace jobs.
Which College Classes Should Small Business Owners Take to Improve Operations?
College Classes
Small business owners often wear many hats—CEO, bookkeeper, HR manager, marketer, and operations supervisor all rolled into one. While entrepreneurial passion is the lifeblood of a startup or small venture, managing and scaling a business requires a solid foundation of practical knowledge. College-level classes can be a strategic tool to sharpen your decision-making skills, streamline operations, and enhance your business’s profitability.
But which classes are worth the time and investment?
In this article, we’ll explore college courses that small business owners should consider to improve the efficiency, productivity, and long-term sustainability of their operations. These courses are typically found in business, technology, and liberal arts departments and can often be taken through community colleges, online platforms, or university extension programs.
1. Introduction to Business Administration – College Classes
Why It Matters:
This foundational course offers a broad overview of business principles including management, marketing, finance, and human resources. For new business owners or those without formal business training, this class serves as an essential primer.
Key Topics:
Organizational structure
Operational workflow
Business ethics
Financial statements
Strategic planning
Operational Benefits:
By understanding how different business components interconnect, small business owners can better align their departments and allocate resources more effectively.
2. Operations Management
Why It Matters:
Operations Management focuses on the internal processes that turn inputs into finished goods or services. It teaches how to make business operations more efficient, cost-effective, and customer-focused.
Key Topics:
Supply chain logistics
Inventory control
Quality assurance
Workflow optimization
Lean principles and Six Sigma
Operational Benefits:
You’ll learn how to reduce waste, manage time and resources more efficiently, and improve product quality—leading to higher customer satisfaction and reduced operational costs.
3. Accounting and Financial Management
Why It Matters:
Financial literacy is critical to sustaining and growing a business. This course teaches you how to read and interpret financial statements, manage cash flow, and make data-driven decisions.
Key Topics:
Balance sheets and income statements
Budgeting
Cash flow forecasting
Cost-benefit analysis
Tax planning basics
Operational Benefits:
Understanding your business’s financial health enables you to optimize spending, identify underperforming areas, and invest strategically in growth opportunities.
4. Marketing Principles
Why It Matters:
No matter how efficient your operations, your business can’t succeed without customers. Marketing courses teach you how to understand your target audience, position your brand, and drive sales through effective messaging.
Key Topics:
Market research
Consumer behavior
Branding
Digital marketing basics
Advertising strategy
Operational Benefits:
Better marketing means more consistent customer acquisition and retention, which leads to steadier cash flow and more predictable operational planning.
5. Business Communication
Why It Matters:
Effective communication is the backbone of good management. Whether you’re emailing clients, pitching investors, or instructing employees, how you communicate determines how your business is perceived.
Key Topics:
Verbal and nonverbal communication
Email etiquette
Writing proposals and reports
Public speaking and presentations
Operational Benefits:
Improved communication reduces misunderstandings, boosts team morale, and enhances client relationships, all of which contribute to smoother operations.
6. Human Resource Management
Why It Matters:
People are your most valuable resource. This course teaches how to recruit, manage, and retain talent while staying compliant with labor laws.
Key Topics:
Hiring and onboarding
Performance management
Employment law
Compensation and benefits
Conflict resolution
Operational Benefits:
A strong HR strategy minimizes turnover, boosts employee satisfaction, and ensures compliance with labor regulations—all crucial to maintaining smooth daily operations.
7. Project Management
Why It Matters:
Every initiative in your business—whether it’s launching a new product or revamping your website—is a project. This course offers tools and frameworks to ensure projects are completed on time and within budget.
Key Topics:
Project planning and execution
Resource allocation
Risk management
Agile and Waterfall methodologies
Gantt charts and timelines
Operational Benefits:
Strong project management skills improve your ability to execute ideas efficiently, avoid costly delays, and allocate time and personnel more effectively.
8. Entrepreneurship and Innovation
Why It Matters:
Entrepreneurship classes focus on business development, problem-solving, and innovative thinking. This class is ideal for owners looking to expand, pivot, or revitalize their business model.
Key Topics:
Opportunity identification
Business model innovation
Startup financing
Pitching to investors
Scalability
Operational Benefits:
You’ll gain the strategic insight to adapt quickly to market changes, test new ideas, and evaluate risk intelligently.
9. Information Systems and Technology for Business
Why It Matters:
Digital tools are central to running an efficient business. This course introduces systems like ERP, CRM, and POS, and discusses how to use data analytics to inform business decisions.
Key Topics:
Cloud computing
Cybersecurity basics
Data analytics
Workflow automation
Software selection and integration
Operational Benefits:
Integrating the right tech stack can streamline communication, track customer behavior, and automate repetitive tasks, freeing up time for strategic thinking.
10. Legal Environment of Business
Why It Matters:
Understanding the legal landscape helps you avoid costly lawsuits and regulatory headaches. This course offers insights into contracts, liabilities, and regulatory compliance.
Key Topics:
Business structures (LLC, S-corp, etc.)
Contracts and negotiations
Intellectual property
Employment law
Government regulations
Operational Benefits:
By navigating legal pitfalls early, you protect your business and ensure that your operational practices are both ethical and legally sound.
11. Supply Chain and Logistics Management
Why It Matters:
For businesses that manufacture or distribute goods, mastering the supply chain is crucial. This course teaches how to optimize every step from procurement to delivery.
Key Topics:
Sourcing and procurement
Vendor negotiation
Inventory strategy
Shipping and warehousing
Risk mitigation
Operational Benefits:
A well-managed supply chain can significantly reduce costs, improve delivery times, and enhance customer satisfaction.
Customer loyalty drives recurring revenue. This course explains how to structure and optimize your customer interactions using CRM platforms.
Key Topics:
Customer lifecycle
CRM software implementation
Personalized marketing
Loyalty programs
Feedback and retention strategy
Operational Benefits:
Improved customer insights allow you to tailor services, resolve issues more quickly, and boost repeat business—making your operations more predictable and scalable.
13. E-commerce and Digital Retailing
Why It Matters:
With the explosion of online sales, even brick-and-mortar businesses can benefit from selling products online. This class covers the platforms, logistics, and marketing tactics required for success.
Key Topics:
Online store setup (Shopify, WooCommerce)
Digital payment systems
Online customer service
Fulfillment and shipping
SEO and digital ads
Operational Benefits:
Running an e-commerce channel diversifies revenue and creates operational efficiencies through automated order processing and broader market reach.
14. Business Analytics and Data-Driven Decision Making
Why It Matters:
Data is a powerful tool when used effectively. This class teaches how to analyze data sets to improve efficiency, productivity, and profitability.
Key Topics:
Descriptive and predictive analytics
KPIs and performance dashboards
Data visualization tools
A/B testing
Forecasting models
Operational Benefits:
With data-driven insights, you can make informed decisions about everything from pricing to staffing, maximizing output while minimizing waste.
15. Time and Productivity Management
Why It Matters:
As a business owner, your time is your most valuable resource. This elective course helps you master personal productivity and effective delegation.
Increased personal productivity allows you to focus on high-leverage tasks while empowering your team to take ownership of daily responsibilities.
Choosing the Right Educational Path
Degree vs. Certificate vs. Non-Degree Courses
Degree Programs (Associate’s, Bachelor’s, MBA): Offer comprehensive training but require significant time and money.
Certificate Programs: Targeted and faster, they focus on specific skill sets like project management, accounting, or digital marketing.
Individual Courses: Perfect for filling knowledge gaps without long-term commitment.
Learning Platforms to Explore
Community Colleges: Affordable and flexible scheduling
University Extension Programs: Offer evening and online classes for working professionals
Online Platforms: Sites like Coursera, edX, and LinkedIn Learning offer college-level instruction from top institutions.
Conclusion
Small business owners who invest in continuing education dramatically increase their chances of operational success. From financial management to supply chain logistics and digital marketing, each course you take builds a more capable, scalable, and resilient enterprise.
The business landscape is constantly evolving—technology changes, markets shift, and consumer expectations rise. Staying ahead of the curve requires more than just instinct and experience; it demands continuous learning. The right college classes don’t just teach you how to run a business; they teach you how to run it better.
Whether you’re bootstrapping a startup or managing a growing family business, consider building your own educational curriculum tailored to your business’s unique operational needs. The time and money invested today could yield enormous dividends tomorrow.
Who is Kelly Loeffler? Trump’s New Pick to Run the Small Business Administration
Kelly Loeffler, a businesswoman and former U.S. senator, has been nominated by President-elect Donald Trump to head the Small Business Administration (SBA). Known for her conservative political stance, Loeffler’s nomination has sparked interest and debate over her potential impact on small businesses nationwide.
Background and Business Career
Born on November 27, 1970, in Bloomington, Illinois, Loeffler grew up in a farming family before pursuing higher education. She earned a Bachelor of Science degree from the University of Illinois Urbana-Champaign and later obtained an MBA from DePaul University.
Loeffler built a successful career in the financial sector, culminating in her role as CEO of Bakkt, a subsidiary of Intercontinental Exchange (ICE). ICE, led by her husband Jeffrey Sprecher, is a major operator of global exchanges, including the New York Stock Exchange. At Bakkt, Loeffler oversaw the development of a cryptocurrency trading platform, gaining valuable experience in managing innovative business models. However, her tenure faced challenges, including reports of operational hurdles and unmet market expectations.
Political Career
Loeffler entered politics in December 2019 when Georgia Governor Brian Kemp appointed her to the U.S. Senate to fill the vacancy left by retiring Senator Johnny Isakson. She served from January 2020 to January 2021, aligning closely with President Trump during her time in office. Loeffler positioned herself as a staunch conservative, emphasizing her “100 percent Trump voting record” during her campaign.
In the 2020 special election, Loeffler faced a high-profile battle against Democrat Raphael Warnock, ultimately losing the seat. Following her Senate term, she founded Greater Georgia, an organization dedicated to registering conservative voters and advocating for voting law reforms.
Nomination to the Small Business Administration
Loeffler’s nomination to lead the SBA comes at a pivotal time for small businesses recovering from economic disruptions. The SBA plays a critical role in providing loans, grants, and support to entrepreneurs across the country. With her background in business and experience in navigating complex financial systems, Loeffler’s supporters argue she is well-equipped to streamline the agency’s operations and bolster its programs.
However, critics have raised questions about her qualifications, pointing to her performance at Bakkt and her limited track record in directly supporting small businesses. As she awaits Senate confirmation, Loeffler is expected to outline her vision for reducing regulatory burdens and fostering innovation among small enterprises.
Looking Ahead at Kelly Loeffler
If confirmed, Loeffler will likely prioritize policies aimed at empowering entrepreneurs and creating jobs. Her leadership style and decisions will be closely watched, especially as the SBA continues its mission to support the backbone of the American economy—small businesses.
As the global economy continues its recovery from the impacts of the COVID-19 pandemic, small businesses are demonstrating remarkable resilience. Despite facing a significant labor shortage, many small businesses are not only surviving but thriving, showcasing their ability to adapt and innovate in challenging times. Small Businesses Grow Despite Labor Shortage
Small Businesses Continue to Grow Despite Labor Shortage
The Labor Shortage Challenge
The labor shortage, which began in the wake of the pandemic, has been a pressing issue across industries. Many workers left their jobs during the pandemic, some for health reasons, others to seek better work-life balance or to retire early. As the economy reopened, businesses found it increasingly difficult to fill open positions, leading to increased competition for talent. Small Businesses Grow Despite Labor Shortage.
For small businesses, this challenge has been particularly acute. With fewer resources than larger corporations, small businesses often struggle to offer the same level of wages, benefits, and job security. Yet, many are finding creative solutions to attract and retain employees.
Innovative Solutions and Adaptation
One of the key strategies small businesses have employed is flexibility. Offering flexible work hours, remote work options, and part-time positions has allowed them to attract a broader pool of candidates. This flexibility has become a significant selling point, particularly for workers who prioritize work-life balance.
Additionally, small businesses are increasingly investing in employee development. By offering training programs, mentoring, and opportunities for advancement, they not only improve their workforce’s skills but also foster loyalty among employees. This focus on personal and professional growth is helping small businesses retain talent in a competitive job market.
Moreover, some small businesses are turning to automation and technology to bridge the labor gap. From automating routine tasks to using digital tools for customer service, these businesses are finding ways to maintain high levels of productivity with fewer employees. This shift not only helps to mitigate the effects of the labor shortage but also positions these businesses for future growth in an increasingly digital economy. Small Businesses Grow Despite Labor Shortage.
Economic Growth Despite Challenges
Despite the challenges posed by the labor shortage, small businesses continue to play a vital role in economic growth. According to recent data, small businesses have been responsible for a significant portion of job creation in the past year. Their growth is fueled by strong consumer demand, which has remained robust even in the face of rising inflation and economic uncertainty.
This growth is also supported by community support and local spending. Many consumers are increasingly conscious of the importance of supporting local businesses, which has translated into strong sales for many small enterprises. Additionally, government programs and financial assistance have provided a lifeline to businesses struggling with labor costs and other challenges.
Looking Ahead
While the labor shortage is expected to persist in the near term, small businesses are proving that they can adapt and thrive in the face of adversity. By embracing flexibility, investing in their workforce, and leveraging technology, they are not only overcoming current challenges but also laying the groundwork for future success.
As small businesses continue to grow, they will remain a cornerstone of the economy, driving innovation, job creation, and community development. Their resilience and adaptability are a testament to the vital role they play in both local and global economies.
In today’s rapidly evolving digital landscape, small businesses face both unprecedented opportunities and challenges. As technology continues to advance, one tool stands out as a game-changer: artificial intelligence (AI). While AI might seem like a tool only accessible to large corporations with hefty budgets, small businesses can also harness its power to drive growth, enhance efficiency, and stay competitive in their respective industries. Here are some ways small businesses can use AI to their advantage:
How Small Businesses can use AI to their Advantage
Automating Repetitive Tasks: Small business owners often find themselves wearing multiple hats and juggling numerous tasks simultaneously. AI-powered automation tools can streamline operations by handling repetitive tasks such as data entry, email responses, appointment scheduling, and inventory management. By automating these routine activities, business owners can free up time to focus on strategic decision-making and business development.
Personalizing Customer Experiences: Understanding customer preferences and delivering personalized experiences is crucial for small businesses looking to build strong relationships and foster customer loyalty. AI algorithms can analyze vast amounts of customer data, including purchase history, browsing behavior, and social media interactions, to create personalized recommendations, tailor marketing messages, and anticipate customer needs. By providing personalized experiences, small businesses can enhance customer satisfaction and increase retention rates. Small Businesses can use AI.
Improving Decision-Making with Data Analytics: Data-driven decision-making is essential for small businesses aiming to identify trends, optimize processes, and capitalize on opportunities. AI-powered analytics tools can sift through large datasets, extract valuable insights, and generate actionable recommendations in real-time. Whether it’s predicting market trends, optimizing pricing strategies, or identifying cost-saving opportunities, AI-driven analytics empower small business owners to make informed decisions that drive business growth.
Enhancing Customer Service with Chatbots: Providing excellent customer service is paramount for small businesses striving to differentiate themselves in a crowded marketplace. AI-powered chatbots offer a cost-effective solution for delivering round-the-clock support, answering frequently asked questions, and resolving customer inquiries promptly. By implementing chatbots on their websites or social media platforms, small businesses can improve responsiveness, enhance customer satisfaction, and reduce the burden on customer support teams.
Streamlining Marketing Efforts: Effective marketing is essential for small businesses to attract new customers and increase brand awareness. AI-powered marketing platforms utilize machine learning algorithms to optimize advertising campaigns, target the right audience segments, and deliver personalized content across various channels. Whether it’s through predictive analytics, dynamic pricing models, or sentiment analysis, AI enables small businesses to refine their marketing strategies, maximize ROI, and achieve better results with limited resources. Small Businesses can use AI.
Predicting Business Trends and Opportunities: Anticipating market trends and staying ahead of the competition is critical for small businesses to adapt and thrive in a dynamic business environment. AI-driven predictive modeling techniques can analyze historical data, market trends, and external factors to forecast future demand, identify emerging opportunities, and mitigate potential risks. By leveraging predictive analytics, small business owners can make proactive decisions, capitalize on emerging trends, and maintain a competitive edge in their industry.
In conclusion, AI presents small businesses with unprecedented opportunities to innovate, streamline operations, and deliver exceptional experiences to customers. By embracing AI technologies and integrating them into their business strategies, small businesses can level the playing field, drive growth, and achieve sustainable success in today’s digital economy. While adopting AI may require initial investment and learning curve, the long-term benefits far outweigh the challenges, making it a worthwhile investment for small businesses looking to thrive in the 21st century.
As Small Business Week rolls around, it’s a perfect time to celebrate and support the backbone of our economy – small businesses. These enterprises not only contribute significantly to local communities but also add diversity and character to the marketplace. Here are ten impactful ways you can show your support:
Top 10 Ways to Support Small Businesses During Small Business Week
Shop Local: When you need to make a purchase, opt to buy from locally-owned businesses instead of big chains or online giants. This helps keep money circulating within your community and sustains local jobs.
Spread the Word: Utilize social media platforms to shout out your favorite small businesses. Write reviews, share posts, and tag them in your content. Word-of-mouth marketing is incredibly powerful for these enterprises.
Attend Events: Many small businesses host events during Small Business Week to engage with their community. Attend these events, workshops, or fairs to show your support and learn more about what they offer.
Buy Gift Cards: Purchase gift cards from small businesses, even if you don’t have an immediate need for them. You can use them later or gift them to friends and family, introducing others to these local gems.
Volunteer Your Skills: Offer your expertise pro bono to small businesses. Whether it’s graphic design, marketing, or accounting, your skills can help them grow without stretching their tight budgets.
Join Loyalty Programs: Many small businesses offer loyalty programs to reward repeat customers. Joining these programs not only benefits you but also provides steady support to the business.
Collaborate: Small businesses can achieve more by collaborating with each other. Encourage partnerships and collaborations among your favorite local spots. For example, a café and a bookstore can host joint events.
Provide Feedback: Constructive feedback can help small businesses improve their products and services. If you have suggestions or criticisms, share them politely and directly with the business owner.
Write Blog Posts or Articles: If you have a blog or contribute to local publications, write about your experiences with small businesses. Highlight their unique offerings and the value they bring to the community.
Advocate for Policies that Support Small Businesses: Get involved in local politics and advocate for policies that benefit small businesses, such as tax breaks, streamlined regulations, or support for entrepreneurship programs.
Small businesses are the heart and soul of our communities. During Small Business Week and beyond, let’s show them the love and support they deserve. Together, we can help them thrive and create vibrant, resilient local economies.
