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More than three-quarters of small business owners believe that their company is equipped to handle any upcoming economic instability, according to new research.

The survey of 1,000 small business owners revealed that increased interest rates (61%), inflation (59%) and a looming recession (44%) are small business owners top economic concerns for the remainder of 2023.

Results revealed that record-high inflation has driven small business owners to make tough decisions about their businesses this year (62%).

Specifically, small businesses have tapped into different financial resources including savings accounts and loans (61%), adapted prices (50%) and reduced the production of various goods and services (45%).

Other small businesses have raised prices (38%) or reduced staff (35%) as a result of inflation.

Conducted by OnePoll on behalf of Melio, the survey asked small business owners about inflation and the impact of the rocky economic climate.

Though almost half (48%) of respondents have raised their prices by an average of 7% over the last six months, those that increased their prices are still reporting an increase in repeat business (66%), sales (63%) and number of new clients (56%).

Interestingly, despite inflation and other economic concerns, 72% of small business owners feel more optimistic now about the financial prospects of their company than they did at the beginning of the year.

This might be due in part to some of the changes they have made this year: respondents have increased their advertising and marketing efforts (66%), increased their digital presence (58%) and started selling products online (52%).

In fact, more than two-thirds (67%) believe that having an online presence is more important to small businesses than it used to be.

Despite the challenges posed by inflation and interest rates, small business owners seem to adapt to the current economic climate and demonstrate impressive agility and resilience, said Tomer Barel, Melios president and COO. Small businesses are the foundation of the economy, and it is critical that they have the tools to overcome future challenges.

Small businesses are interested in digitizing or further digitizing all aspects of their businesses, including bookkeeping and payments (53%), inventory management (51%) and customer service (42%).

But even beyond the importance of their digital footprint, three-quarters feel that it is more imperative to accept forms of payment beyond cash than it used to be.

Since the pandemic began over three years ago, theres been a strong demand for tools to help small businesses digitize and that trend has only continued in 2023, said Prashant Gandhi, Melios CBO. Small businesses are embracing new technologies that can help them take control over their finances and weather economic uncertainty.

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Environment

Massachusetts launches a two-year V2X pilot program

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Massachusetts launches a two-year V2X pilot program

Massachusetts is launching a first-of-its-kind statewide vehicle-to-everything (V2X) pilot program. This two-year initiative, backed by the Massachusetts Clean Energy Center (MassCEC), aims to deploy 100 bidirectional chargers to homes, school buses, municipal, and commercial fleet participants across the state.

These bidirectional chargers will enable EVs to serve as mobile energy storage units, collectively providing an estimated 1.5 MW of new storage capacity. That means EVs won’t just be getting power – they’ll be giving it back to the grid, helping to balance demand and support renewable energy use. The program is also focused on ensuring that low-income and disadvantaged communities have access to this cutting-edge tech.

The Massachusetts pilot is one of the largest state-led V2X initiatives in the US and is designed to tackle key challenges in deploying bidirectional charging technology. By strategically placing these chargers in a variety of settings, the program aims to identify and resolve barriers to wider adoption of V2X technology.

Massachusetts EV owners and fleet operators enrolled in the program will get bidirectional chargers capable of both vehicle-to-grid (V2G) and backup power operations at no cost. Here’s what they stand to gain:

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  • No-cost charging infrastructure: Bidirectional charging stations and installation are fully covered for participants.
  • Grid resilience: With an estimated 1.5 MW of new flexible and distributed storage assets, the program strengthens Massachusetts’ energy infrastructure.
  • Clean energy integration: V2G technology allows EVs to charge when renewable energy is available and discharge stored energy when it’s not, supporting the state’s clean energy goals.
  • Backup power: EV batteries can be used as backup power sources during outages.
  • Revenue opportunities: Some participants can earn money by sending stored energy back to the grid.

Clean energy solutions firm Resource Innovations and vehicle-grid integration tech company The Mobility House are leading the program’s implementation. “With the charging infrastructure provided through this program, we’re eliminating financial barriers and enabling school districts, homeowners, and fleets to access reliable backup power,” said Kelly Helfrich of Resource Innovations. “We aim to create a scalable blueprint for V2X programs nationwide.”

“Bidirectional charging benefits vehicle owners by providing backup power and revenue opportunities while strengthening the grid for the entire community,” added Russell Vare of The Mobility House North America.

The program is open for enrollment now through June 2025. For more details, visit the MassCEC V2X Program webpage. A list of eligible bidirectional vehicles can be found on that page.

Read more: Cambridge’s new solar VPPA is the largest ever by any US city


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Sports

Ohtani opens spring with solo HR in first at-bat

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Ohtani opens spring with solo HR in first at-bat

GLENDALE, Ariz. — Shohei Ohtani put any concerns about his surgically repaired left shoulder to rest with just one at-bat.

Ohtani crushed a full-count fastball from Yusei Kikuchi over the left-field fence in his first plate appearance this spring Friday night, staking the Los Angeles Dodgers a 1-0 advantage against the Los Angeles Angels.

Ohtani batted twice more, popping out to short in the second inning and striking out swinging in the fifth. He left the game after the fifth inning, as planned.

Friday’s home run comes after Ohtani underwent arthroscopic surgery in November to repair a torn labrum in his left shoulder suffered when diving into second base during the World Series. The 30-year-old, who won his third Most Valuable Player award to cap a dream first season in which the Dodgers captured their eighth World Series title, had been cautious in his return, hoping to ensure he’s healthy for Los Angeles’ season-opening series against the Chicago Cubs in Japan on March 18.

When Ohtani ascended the dugout steps at 6:08 p.m. local time, fans greeted him with a cheer and watched him take three practice swings before stepping into the batter’s box accompanied by a louder ovation. He started the at-bat from Kikuchi, his countryman who joined the Angels this winter, by staring at a 95 mph fastball for a strike. Ohtani took a curveball for a ball, swung through another for a strike, stared at one more low and didn’t bite on an outside fastball before taking a 94 mph fastball into the Dodgers’ bullpen in left field.

Ohtani, in his second season with the Dodgers, continues to rehabilitate his right arm after a second Tommy John surgery, which caused him to not pitch in 2024. He is targeting a return to the mound in May.

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Politics

FTX’s 2-year repayment delay is a ‘win,’ claims trader who predicted FTX’s collapse

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FTX’s 2-year repayment delay is a ‘win,’ claims trader who predicted FTX’s collapse

FTX creditor repayments being facilitated a little over 2 years after FTX’s shock collapse is a “win” given all the jurisdictional issues that were involved, an industry pundit said.

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