Here’s news you can use in a constantly changing business environment including optimism for Michigan’s lakeshore companies, the risk of a wage-price spiral, how to talk to your team about distressing news events and more.

 

1. Optimism along the lakeshore — 95% of surveyed companies in Allegan, Muskegon and Ottawa counties reported stable or increasing market share in 2021 compared to 69% the prior year. Over two-thirds plan to expand in the next three years. Learn more about these optimistic projections in the Lakeshore Advantage annual report.
2. Forecasters warn against wage-price spiral risk — In the coming year, 72% of CEOs plan to pass along the rising costs of transportation and labor to consumers, this includes leaders of small businesses too. Discover more about the projected wage-price spiral.

3. Robot trends — By 2030, as many as 20 million manufacturing jobs will be performed by robots. Robots are also gaining roles in hospitality, medicine and security. Explore seven jobs being taken over by robots. 

4. New IRS rules will lead to phishing — New reporting rules now require financial apps to report business payments that total $600 or more, meaning businesses must be more vigilant than ever. Fraudsters are expected to use the new rules to dupe people into handing over sensitive information such as personal login credentials and Social Security numbers. Learn more about how the new rules will lead to more phishing fraud.

5. Open a dialog — Managing teams is tough when a global, geopolitical crisis weighs heavily on our minds. Check out these tips on how to talk to your team about distressing news events.

 

Thank you to our Friday Five sources:  CFO Dive, Grand Rapids Business Journal, Finance Buzz, The Guardian and Harvard Business Review.

Do you have business banking questions? Contact our knowledgeable commercial loan officers online or call 800-991-2221. We’re also available to help in person at your local office.

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