10.13.23

Friday Five Business Briefing – October 13, 2023

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Consumers business services

Do you have business banking questions? Contact our knowledgeable commercial loan officers.

Here’s news you can use in a constantly changing business environment, including an uptick in small business bankruptcies, how email phishing has gotten more sophisticated, a communication technique for making people feel more comfortable when eliciting information and more.

  1. Bankruptcies trending up — Small business bankruptcies accelerated this year. About 1,500 have filed for Subchapter V bankruptcy through the end of September, outpacing 2022. Get the whole story.
  2. Email phishing gets more sophisticated — Hackers are using more sophisticated obfuscation techniques to get past email screening software. A common tactic, called HTML smuggling, distributes malware in a dormant form to make it more difficult to detect. The code turns into malware after clearing a corporate network and arriving on a user’s computer. Discover more.
  3. Popularity of oversized homes waning — 52% of consumers want smaller homes and smaller yards. Desires to declutter, reduce personal spending, focus on what’s needed now and prioritize self-care are driving the trend. See what else home buyers want.
  4. One retailer stands out for lower theft — While retailers like Walmart, Home Depot and Target have seen inventory shrink 53% from 2019 to 2021, Costco stores defy the trend. Costco’s CFO attributes their low theft losses to limited use of self-checkout lanes. Learn more about how theft affects retailer profits.
  5. Find out anything — There’s a technique to persuade people to open up and it’s not asking a question. Instead, make a provocative statement to make them feel more comfortable sharing information. Read how the art of elicitation works.

Thank you to our Friday Five sources: Inc., SiliconANGLE, Forbes, Yahoo! Finance, and Entrepreneur.

 

All loans subject to approval. Rates, terms and conditions are subject to change and may vary based on credit worthiness, qualifications and collateral conditions. Federally insured by NCUA.

Consumers business services

Do you have business banking questions? Contact our knowledgeable commercial loan officers.

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