In our hyperconnected digital world, trade shows can be seen as a bit of a relic, an outmoded business building tool that entrepreneurs shouldn’t waste their time on. Nothing could be further from the truth.

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Small business sentiment is on the rise to kick off 2020, with confidence nearing all-time highs, according to data from CNBC and SurveyMonkey. The CNBC/SurveyMonkey Small Business Confidence Index climbed two points in the first quarter, from 59 to 61, as concerns over trade policy impacts lessened, thanks to a trade deal with China and the signing of the USMCA. This is a sharp turnaround from the lows seen last summer as trade turmoil weighed on Main Street’s outlook.

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Millions of small business owners will be turning to the government, seeking help for an individual and nationwide cataclysm, the economic devastation caused by the coronavirus outbreak.

The government says it will begin disbursing loan money to company owners and freelancers Friday under the Paycheck Protection Program, part of the $2 trillion relief package signed into law last week. For many companies, it may be the quickest way to rebuild the lifeblood of any business: the cash flow that enables a company to pay its bills.

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Small businesses drive the economy and create the lions share of jobs in the private sector economy. However, right now they are struggling mightily. Although it is recommended that companies have at least six months’ worth of revenue in the bank to weather economic disruptions such as the coronavirus, the reality is that most small companies don’t have enough cash to operate more than a couple of weeks.

For the service industry: restaurants, nail salons, haircutters, landscapers, athletic trainers, and others, the loss of weekly revenue is devastating for the owners and staff of small businesses. Most service workers live paycheck to paycheck and cannot go very long without being paid. We have already seen an enormous spike in unemployment claims, ending an era when the economy has basically been at full employment.

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We had to terminate all of our employees. We talked about different options, like furloughing employees, which is a temporary termination. We talked to tons of other business founders and really leaned on legal advice to the extent that we could. In the end, we had to terminate all of our employees, which we thought was the best for them, because they could file for unemployment very quickly. When the seven-day wait period for filing for unemployment was waived, we felt that was the best way forward.

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There are no magic formulas or secret sales tips for boosting your sales metrics and performance. Sales are dependent on a myriad of factors lining up in your favor, and many of them are out of the numbers on your sales dashboard. The best you can do is do your best putting in the work.

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Expert advice on handling panicked customers, interrupted supply chains, webinars, Zoom meetings, hyper kids, and a work environment that changes by the hour.

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The customer acquisition process is a long journey. As any salesperson knows, there are many phases to this journey, and while the close might get all the glory, the most important part of the process may be all the way at the beginning: prospecting.

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Customers go through a journey before they commit to a purchase. As a small business owner, it is your duty to engage and interact with them until they do so. And when they do, you continue to nurture them so they become your brand’s advocates.

With content marketing, you can convert random online searchers to website visitors, make them a part of your tribe and drive more sales by consistently providing them with valuable information.

Understand the Challenges Your Customers Are Facing
Before you can market during any period, you need to be able to solve a problem for your customers. During a pandemic, the problem you are solving may change. So you have to be able to communicate that. Part of this is just understanding the current climate. It is probably safe to say that many small business customers are hurting financially. Some may also be in a hurry to receive specific types of items. By understanding your market and staying up-to-date on news in your industry, you should be well versed on the basic challenges that might impact your strategy or talking points. However, Perkin also recommends surveying customers however possible so you can quantify how many of them are struggling in specific areas. Once you know the problems your customers are facing, you can work backward to create your marketing communication strategy.

Learn How to Communicate with New Customers
In fact, you may need to pivot all or part of your business strategy in order to stay afloat during the pandemic. For example, Marran pointed out a UPS client that previously sold pet costumes, but has recently shifted into manufacturing face masks and PPE. This is likely to be a temporary change. But they still need to shift their marketing and communication strategy toward hospitals and B2B customers, rather than focusing on the consumers they normally serve.

As the Covid-19 outbreak wreaks havoc on the retail industry, some are asking a curious question, namely: will companies boost their spending on branding in the aftermath the crisis?

What I find strange about this question is the assumption that branding is something you turn on and off, like a light switch; that it is somehow a conscious decision or undertaking that brands embark on as necessary or when it best serves them. I suspect this is because we’ve long confused the concepts of branding and advertising. They are not the same.

Advertising is what a brand says about itself to consumers. Advertising is a conscious effort on the part of a brand to promote itself, its products and its services. Advertising can be bought and sold. Advertising is transactional.

Branding, on the other hand, is a very different thing. Branding is what others think and say about you. And it’s informed by a wide range of inputs, far beyond what a brand says about itself. More critical is what a brand actually does or doesn’t do. Branding reflects the sum total of every organisational action, set against the backdrop of culture, all of which reveals the true character of a company. Branding cannot be bought or sold. Branding is transformational.

Search engine optimization is an effective tool to build awareness and increase sales. If you’re thinking about using search engine optimization (SEO) to grow your business, then the latest offering from Web.com will excite you.
The Company recently announced the launch of an innovative SEO marketing solution, Simple SEO, to help businesses improve their search engine rankings.

It goes without saying that people search online before buying any product or availing any service. According to the search engine giant, Google, 83% of shoppers used online search before visiting a physical store.

So, being found on search results when potential customers type relevant phrases can improve awareness for your business, increasing sales eventually. And implementing the right search engine optimization techniques can boost the visibility for your business on search results.

The pandemic is revealing to small businesses just how versatile they are. So: A home-decor company, a skirt designer, and a business that makes boots for horses all realize they can craft face masks. A manufacturer of pet supplements and a hot sauce company join myriad craft distilleries in production of hand sanitizers.

The task of disinfecting workplaces tainted by or vulnerable to coronavirus also has attracted a variety of unexpected entrants. At AK Wet Works, the partners set out at once to reengineer their dustless blasters to produce a cold vapor fog that can sterilize 20,000 square feet an hour. In 100 hours, they produced a working model and began converting all 10 of their machines.

Seeking validation for their plan, the founders reached out to FQE, a local chemical company with an EPA-approved coronavirus disinfectant, to create a blend for them. Thinking their idea might have legs outside the Houston-area market, they next approached MMLJ, the original blaster manufacturer, which agreed to mass-produce the modified parts and market them to its large client base. MMLJ is paying a royalty to AK Wet Works, Bland says.

Seventeen-year-old Avi Schiffmann is an entrepreneur. But he is a different kind of entrepreneur. He’s not in it for the profits, fame and continued growth opportunities. At least, not right now.

Schiffmann, a high school teenager who lives in Washington State, has attracted worldwide attention through his amazing Survival Rate Calculator website, which tracks critical information related to the coronavirus outbreak. Since launching the site during the early stages of the pandemic, Schiffmann's web crawlers have been configured to pull in, parse and process real time data from the World Health Organization, Centers for Disease Control and other governmental websites and convert that data to show infections, deaths, recoveries and rates of change for all countries around the world. The site breaks down infections on user-friendly maps, provides health information and also attempts to calculate a survival rate of someone who contracts COVID-19, based on user-submitted health data of age, gender and other health factors.

Is the site popular? You bet. According to a profile of Schiffmann on Business Insider, the site attracts about 30 million visitors a day and 700 million total so far.

Since the onset of the coronavirus pandemic, consumer confidence has declined in all 50 states, according to ongoing research from Morning Consult. And we all know that consumer confidence is a critical component of economic growth. As businesses begin to reopen across America, they need to work hard to restore this critical sentiment. To that end, consumer confidence may well be the only marketing message that matters for some time to come.

As consumers weigh the pros and cons of carefully reemerging from quarantine, many marketers will need to make a point of reassuring them in their messaging. Here are four smart marketing approaches to consider as you seek to restore consumer confidence.

1. Reframe social distancing.
2. Acknowledge the struggle.
3. Build consumer trust.
4. Emphasize safety.

Social distancing. Telemedicine. Self-quarantine. These are all words that at the start of 2020 weren't part of our vocabulary, but several months into the new decade we are all hearing and using them daily. There is no denying that the coronavirus outbreak has dramatically changed just about every facet of just about every person’s life around the world.

From a business perspective, the stock market saw its largest one day loss and largest one day gain in history. The U.S. saw the largest job-loss report ever. We are in uncharted waters, and how long we will remain in them remains uncertain. However, there is one thing that we all know, and that is that this outbreak will change the lives of everyone for years or decades to come. Nearly 20 years after 9-11, enhanced airport security, no-fly lists and counterterrorism efforts are still the norm. The same will be true of the COVID-19 aftermath. Is your business ready for the five largest macro trends we are about to see?

1. The rise of enhanced websites and digital tools
2. Cybersecurity concerns take center stage
3. An increase in virtual meetings
4. Increased control in expenses
5. Even more remote employees

Small businesses could soon see a rollback of several universally loathed measures attached to the original Paycheck Protection Program, the $669 billion loan and grant initiative aimed at helping small businesses keep employees on the payroll.

When the House convenes next Wednesday, it is expected to vote on the Paycheck Protection Flexibility Act, a standalone bill that would, among other things, lengthen the time businesses may spend the funds from their PPP loans. The bill would also eliminate the requirement that 75 percent of a loan's proceeds must be spent on employee pay and benefits. The measure was originally proposed on May 15 in the House by representatives Dean Phillips (D., Minn.) and Chip Roy (R., Texas).  

The survey shows that consumers have already been going out of their way to support small businesses. 86% of those surveyed say they have continued to support locally owned businesses during quarantine.

The research uncovers how consumers have been supporting local businesses during lockdown. For example, 77% said they have been participating in a virtual experience offered by a local business. 60% of consumers said they have been ordering more takeaways and deliveries from local restaurants.

In the current environment, cybersecurity is essential for businesses of all sizes. Many small or medium-sized businesses find themselves without adequate cybersecurity, either as a result of believing that they don’t need it or simply overlooking it among the many demands that come with running a business.

1. Use protection against ransomware
2. Invest in employee security training
3. Adopt multifactor authentication
4. Use a Security Information and Event Management system
5. Implement effective systems for protecting and monitoring data
6. Have a plan for mobile device security

A small, overlooked federal agency is shouldering a massive relief effort for the nation's small businesses and their workers left reeling by the novel coronavirus. The U.S. Small Business Administration has committed to auditing every sizable emergency loan it approves, yet nearly two months since the $660 billion Paycheck Protection Program was launched, the agency has yet to make public the recipients of taxpayer aid.

A price strategy is every bit as important as what you have got to sell. After all, they dictate what you will charge for the goods and services you have on the market. In the end, getting these pricing strategies right is a bit of a balancing act. You will need to find that sweet spot between market demand and maximum profits.

1. Competition Based Pricing Strategy
If you are selling things that are similar, this is the pricing strategy your small business should be looking at. Here’s how competitive pricing works. First off, this works best for products rather than services. It works when the price for those products has reached a balancing point between your business and others.

This pricing strategy starts out using the going market rate to set a price.

2. Value-Based Pricing
Basically this is pricing based on what customers are willing to pay.

There are several steps to this pricing model. You need to do a bit of detective work here to find a competitive product. Next, you will need to list all the ways your product is different. Stress the financial value on these differences. This is a reasonable way to defend your pricing strategy.

The coronavirus pandemic has placed tremendous stress on the American economy. More than 55 million Americans have filed for unemployment, and more than 100,000 small businesses have been permanently shuttered, according to the National Bureau of Economic Research.

Though the news seems dire, these changing times could present an opportunity if you are a hopeful entrepreneur.

Whether you have been planning to start a business for years, you have been laid off and are looking for new opportunities or you are moving your existing business in a new direction, now might be the time to figure out how to start a business.

How people usually do elevator pitches
Among those who put thought into their elevator pitches, there tends to be two basic formulas:

Formula A: Introduce oneself and the name of the company, then describe the product or service in the context of the customer or industry’s pain point. Then, at the end, make the ask.

Formula B: Identify the pain point before introducing oneself and the name of the company. Then describe the product or service, followed by the ask.

While I am adamant that the only hard and fast rule of communication is that there are no hard and fast rules, I favor Formula B. People are most likely to embrace a solution when it is provided within the context of a problem they care about solving. By starting with a pain point, the entrepreneur is speaking to what an uninformed audience cares about right away thus making sure that the first thing their audience hears has intrinsic value to them. This helps the audience become immediately invested in solving the problem, which helps the entrepreneur to build some momentum.

One of the most important organizations that has always helped small businesses is SCORE with its 300 chapters and over 10,000 volunteers. They are there to offer help when entrepreneurs want it. Now during the pandemic, their free assistance is needed more than ever.

SCORE has established a special Resilience Hub to let small business owners connect with a mentor and help them navigate to specific COVID resources, discounts, grants, training materials and guides for industries. This site includes how to access a network where people can learn from each other.

Remote work was already on the rise before Covid-19 forced many employees to transition to working from home. Today, as many organizations continue to operate remotely due to the pandemic, how can business leaders address the array of security challenges their companies face?

Network security should be top of mind for businesses of all sizes across a variety of industries. While the list of companies experiencing major security breaches in recent years includes some well-known enterprises, addressing security threats is an especially hefty challenge for small businesses—particularly if those businesses lack the resources to implement strong controls and educate staff.

Ankur Jains investment firm, Kairos, is funding training sessions and job placement for 10,000 workers.

There are three types of CRMs that work with Gmail. Some - like Zoho , Sugar, Insightly and GoldMine - have their own, built-in email clients that can connect to Gmails server to send and receive messages. Others - such as Salesforce - will just quickly integrate with Gmail right out of the box via a plug-in and then synchronize messages back and forth. And then there are a few – like Copper and Streak - that work right inside of Gmail.

Entrepreneurs have seized the opportunity to start new companies in a wide variety of industries during the Covid-19 pandemic. While not all of these ventures will be successful, businesses that help alleviate some of the new challenges created by the pandemic are poised for long-term growth. Here are three industries that hold promising opportunities for entrepreneurs looking to start new businesses.

1. Contactless Tech
2. Telehealth
3. Education Tech

Recovery is slow: In fact, more than half (56%) have experienced a slower recovery than expected after shelter-in-place orders began to expire, with nearly half of small business owners fearing they may need to shutter their business within six months if pandemic restrictions are not lifted or if shelter-in-place orders resume in the near-term.
    
Survival requires adaptability: Yet despite fear of survival, owners are demonstrating resiliency and adaptability, with about a third (30%) creating products/services to meet new needs and half (50%) of those with an online presence increasing their digital footprint to meet the moment. And, they’re looking for help in making those changes – nearly 70 percent of female and 60 percent of male small business owners say they need one-to-one small business advice.

They depend on their community: While small businesses continue to be important facets of communities, many small business owners have noted changes in their customers and worry that people will not be able to afford doing business with them. However, half of small business owners believe that there seems to be a renewed interest in shopping locally in their area.

1. Focus on the positive
2. Hit the reset button
3. Never give up
4. Network

The end of the year is a critical time for businesses especially for small businesses that are looking to make the most out of holiday shopping. 23ABC spoke with two business consultants on how small businesses can adapt to make the most out of this final stretch of 2020.

Starting with investing in your community.
Their second piece of advice is to build an honest and transparent relationship with your customers and business neighbors.
As times have slowed down, they are encouraging business owners to take a good look at who their ideal client is and reshape their marketing for them.
Lastly, being collaborative and creative.

1. A question that delves into past experiences within working cultures and extrapolates where future environments may/may not align. For example: Creating the right culture is important for our company. Can you share details on a time you were in a toxic work environment, and how did management handle the situation? Describe when you were in a wonderful work environment and what management did correctly.

2. Deciphering how the candidates prefer to be managed as a key to ensuring management-style alignment. For example: Taking guidance from leaders is a critical part of any working arrangement. Describe how you like to be managed and how would you describe the ideal leader for your personality style?

3. Understanding motivations and expectations for long-term engagement. For example: We believe in long-term retention, and so we are cautious on the type of candidate we onboard. If you were going to commit to helping build this company long-term, what would it take for you to be happy and motivated?

4. Perspectives on their self-awareness of personal growth objectives and needs. For example: We all have challenges we are working to overcome. If you had to assess your challenges, where would be areas that you would focus to develop and look for support to improve?


5. Communication competence and tolerance for different interaction styles. For example: We all have different communication and coordination styles. What is the method you most effectively consolidate new information to inform your work, and what is your preferred communication style to align with your leadership and stakeholders?

While major corporations furloughing workers and declaring bankruptcy tends to get the biggest headlines, our culture's dramatic shift to working from home is the true breakout business story from this pandemic. The transition has certainly had its share of ups and downs, but rapidly growing acceptance indicates this is a trend that is almost certainly going to shape the future of work.

The transition began before 2020
While Covid-19 restrictions caused an abrupt shift, working from home was already accelerating. Research from FlexJobs found that the number of people in the United States who worked from home grew by an astounding 159 percent between 2005 and 2017.

Much of this growth can be attributed to freelancing. Upworks Freelancing in America 2019 survey found that the number of Americans who did freelance work grew from 53 million to 57 million between 2014 and 2019. Younger generations were especially likely to participate, with 40 percent of millennials and 53 percent of Generation Z contributing to the gig economy.

During a crisis or emergency situation it is important that a cell phone has battery life. Many people only think of plugging a charger into the wall. But what happens when the power is out for an extended period of time during a crisis?

Replacement Cell Phone Battery
Some cell phones have the option of replacing the battery. There are both options for original manufacturer replacement batteries as well as batteries manufactured by third parties. If your phone is critical consider carrying a charged backup/replacement battery for your cell phone.

Tube Battery Cell Phone Charger
A number of manufacturers have created all-in-one portable charger, that is essentially a "tube" battery chargers. The chargers will charge cell phones or other wireless devices provided that you have the appropriate cables and connections. Tube battery chargers are compact and light weight, making them quite portable, and a great backup power option.

Alternate Power Sources for Cell Phones

The former vice president won the top job, but undoing Trumps discordant legacy will not be easy.

Many of the elements of Trumps biggest legislative achievement--the Tax Cuts and Jobs Act (TCJA) of 2017--are set to expire in the next few years. To name two: the research and development tax credit, which in 2022 requires businesses to amortize expenses over five years rather than doing so immediately, as is the current case. And full expensing for short-term business investments will begin phasing out in 2023.

Google has beta-launched a program for small businesses (SMBs) to help them become better marketers on Google. Called Small Business Advisors (SBA), the program offers 50-minute individualized consulting sessions on a range of products from Google My Business to Ads and Analytics to YouTube.

No enterprises or agencies. Google told me in an email that the program is is open to small businesses in the United States with an active Google account.  Large businesses, marketing and SEO agencies are not eligible to participate. The cost is $39.99 per session. There’s no fee through the end of 2020.

Small business does not appear to be defined, so theoretically companies with up to 100 employees or even 499 employees (the U.S. Small Business Administration definition). As a practical matter, the program will likely be utilized by very small businesses with relatively few employees. Suspended accounts are not eligible to book an appointment and must get reinstated before gaining access to the program.

1. Organize your business documents
2. Have a scalable technology plan ready
3. Plan to spend money to earn money
4. Prepare to outsource tasks
5. Create a blueprint for business continuity
6. Develop a strategy for balancing work and life
7. Build your team

Finding and keeping the best talent has never been easy. It became the top concern for HR professionals this past year, with more than two-thirds reporting struggles with their recruitment and retention efforts. While the reasons for those struggles run the gamut, they often relate to attracting qualified candidates (49%), retaining star employees (49%) and issues with the talent-culture fit (42%).

For small and midsize businesses (SMBs), any difficulties with finding talented hires end up wasting precious resources. Worse yet, the cost of a bad hire is equal to 30% of the hires first-year salary – without factoring in the potential losses in revenue and time associated with onboarding the wrong person for a job.

A business owner who spent nearly $46 million over the years on Facebook ads said he got booted from the platform without warning.

Jordan Nabigon, the CEO of the Ottawa, Ontario, content-curation site Shared, said Facebook deleted his companys main Facebook page without warning in October, and without providing an explanation. He shared a Medium post detailing his experience, which has received more than 400 claps from readers.

Nabigon spent $45,870,181 on Facebook advertising between 2006 and 2020 for Shared and his other company Freebies, according to expense reports reviewed by Business Insider. Shared employees three people full-time and 12 contract writers, Nabigon said.

Facebook increased its use of artificial intelligence to oversee advertising and other content during the COVID-19 pandemic, and Nabigon is among hundreds of business owners who said they suffered from Facebook's crackdown on ad policies.

The pandemic is accelerating existing trends.

Covid-19 has initiated some trends and altered the direction of others, but its most enduring impact will be as an accelerant. Take any trend--social, business, or personal--and fast-forward 10 years. Even if your company isn't living in the year 2030 yet, the pandemic has spurred changes in consumer behavior and markets. This is clear in the rapid increase in online shopping, in the shift toward remote delivery of health care, and in the spectacular increase in valuation among the biggest tech firms.

The more disruptive the crisis, the greater the opportunities--and the risks.

With the ongoing move of smart phones towards near-ubiquity, much of society has come to take these do-all devices for granted. In overcoming the novelty of smart phones, many of us have lost our one-time sense of awe at this technology, and have ceased marveling at the effect it has had on the world around us. However, it is undeniable that smart phones have exerted a huge and multi-faceted impact on society, and continue to do so to this day.

How Smart Phones Have Changed the World

Invoice financing is a type of business funding wherein the business sells its outstanding invoices or account receivables (A/R) to financing companies to get an immediate cash flow boost. The financing company takes over the invoices, and sometimes be in charge of collecting customer payments (as in invoice factoring).

Invoice financing is a popular financing option for businesses that have to wait 30,60, or 90 days to get their clients payments.

A survey of small businesses conducted by Appalachian State University in coordination with Selective found that cybersecurity and technology issues were growing concerns for 44% of survey respondents due to the COVID-19 pandemic. Yet, only 20% of survey respondents have cyber insurance coverage.

The findings highlight an awareness gap among small businesses about the risks they face from cybercrime. Twenty-eight percent of data breaches impact small businesses, and phishing attacks account for over 30% of breaches, making them the biggest cyber threat for small organizations.1 Cyber coverage from Selective can help small businesses manage and mitigate risks with comprehensive coverage options and cyber threat education.

The data on business startups and closing show a mixed bag across the United States. Some states have seen an increase in new business applications over the past year (February to February) and some states have shown a decline. The Mid-Atlantic and Northeast are among the weakest regions, with Virginia showing a 3.5% decline in year-over-year applications.

Business closings are harder to track month to month because small business operators do not always file documents when they shutter their doors, and it is hard to distinguish between permanent and temporary closings. Closings do show up eventually in tax filings and articles of incorporation.

Staying tuned in to the pulse of your industry is key to becoming a successful entrepreneur. Public groups, online forums and the like are among the most valuable resources for gathering and contributing industry information. But if someone is looking for in-depth insight into their business niche, locating the right groups where this discussion occurs is the first step. T

For some of the smallest businesses that applied for forgivable loans through the Paycheck Protection Program, waiting just a few days or weeks would’ve gotten them thousands of dollars more.

But they had no way of knowing what was coming.

The Biden administration in late February announced a slew of changes to the loan program, which offered forgivable loans in return for keeping employees on a company’s payroll, after it reopened in January with $284 billion in funding. Those amendments included an adjusted loan formula that would mean larger amounts for sole proprietors as well as expanded eligibility for small business owners with certain criminal records, were delinquent on student loan debt or were non-citizens.

The Small Business Administration has extended deferment periods for all of l its disaster loans made either in 2020 or 2021, the agency announced on Monday.

The extended deferment includes the SBAs Economic Injury Disaster Loan – or EIDL – program, which many businesses that did not qualify for Paycheck Protection Program loans or other funding used to bridge the losses incurred during the COVID-19 pandemic.

All SBA disaster loans made in 2020 will have the first payment due date extended from 12-months to 24-months from the date of the note, the agency said. Disaster loans made in 2021 will have a first payment due date extended from 12-months to 18-months from the date of the note.

Every business was considered small at some point in its history. Some go big, but some stay small and do quite well. The size of a business in common measurements (revenue, employees, locations) is less relevant than the size of your customer base and the corresponding loyalty of customers.

Millions of businesses across the country are struggling, yet many are not taking the latest version of government aid: a second round of Paycheck Protection Program (PPP) loans. This is not happening because businesses are better off than they were last year; it is because the PPP still contains structural blockers that are stopping businesses from obtaining the aid they urgently need.

A recent survey by the Federal Reserve Bank found that 30% of U.S. small businesses — totaling 9 million — fear they will not make it through 2021 without more government assistance. And yet, many are not applying for aid. The Small Business Administration (SBA) reports that seven weeks after round two of PPP began, nearly half the funds remain, and only 31% of 2020 PPP loans have been forgiven to date.

Title: Federal Court Orders EPA to Re-examine Whether Roundup Causes Cancer
Category: Health News
Created: 6/20/2022 12:00:00 AM
Last Editorial Review: 6/20/2022 12:00:00 AM