According to Entreprenuer, there are ways to increase your small business productivity.

What if, instead, we found ways to reduce your workload and increase your output? Here are five ways to make more time for your small business and to increase your productivity:

Read the article Entrepreneur

The Biden 2023 budget proposal includes big increases for small business funding, reports Small Business Trends. 

The Small Business Administration budget request for fiscal year 2023 includes some big increases. The budget request has been passed by the Senate Committee on Small Business and Entrepreneurship.

Read the article Small Business Trends

According to the Greater Baton Rouge Business Report, small businesses should offer equity to employees as a way to standout from other businesses in a tight labor market.

Offering employees equity is normal for startups and tech companies, but growing small businesses, more generally, might benefit from looking at employee ownership.

Read the article The Greater Baton Rouge Business Report

There are a number of small business grants available nationwide, reports Small Business Trends.

In this week’s roundup, there are multiple opportunities for small businesses to apply for grants ranging from $5,000 to $20,000 and much more.

Read the article Small Business Trends

Although many potential entrepreneurs have great business ideas, most of them face financial difficulties. This makes starting a small business daunting. Although a great business plan is critical for such a venture, financing is the top element that you need to realize success. Sadly, coming up with the right amount demands discipline and the ability to impress lenders. This may mean that you should have more than one financing option on the table because the traditional lenders have some range they consider before they can fund your idea. If you have a low credit score or lack collateral to give to the lender, there are other alternatives you can try out for your startup. Check these options for small business loans if they can help in your venture.

1. SBA loans

The US Small Business Administration loans program is an amount of up to $50,000 given to small businesses looking to start or expand. The average amount is 13,000 administered by nonprofit community lenders. The SBA loans are easier to qualify for compared to larger loans. However, the key downside is that the funds might not be enough for all borrowers. The SBA’s flagship 7(a) loan program finances borrowers that want to start a business. However, the SBA 7(a) loans are hard to come by. They are given to established businesses with collateral, which can be an asset such as equipment or real estate that can be sold in case of a default. It can also take months to access the loans.

2. Microloans

Microloans allow microlenders and nonprofit lenders to access startup business loans with little complexity, unlike the SBA program.  The microloans are available outside the SBA program and help lenders, mainly those with shaky finances. The majority of microlenders focus on underserved small business owners whom traditional lenders often overlook. The terms for these loans are also better than others because they are given by mission-based organizations. This makes it possible for you to grow your business and establish better credit.

3. Personal loans

As a business owner, you can also access personal loans such as those offered by online lenders. These loans are based on the personal credit history of the borrower. This makes personal loans a competitive option if your small business is too new to qualify for other non-personal loans. They can have high APRs of up to 36%, especially for bad credit borrowers. Therefore, this type of loan is the best option for borrowers with strong personal credit and income.

4. Crowdfunding

This method has become one of the popular methods that small businesses use to raise money. Thanks to various platforms such as Kickstarter and Indiegogo that allow entrepreneurs to solicit cash through online campaigns, you can also do this. Instead of paying back the donors in the future, you give them gifts. Therefore, the online-crowdfunding campaigns are known as rewards-based crowdfunding. This approach is great for business owners who want to test their product or service with a specific customer base without debt.

5. Grants

Small grants targeted at businesses by private foundations and government agencies are another great way of raising funds for your small business. The good thing about these grants is that they are not loans, and therefore they will not be hard to get. The challenge is that it might not be enough for a small business that struggles to start.  

6. Loans from family and friends

This is the most common way of financing startups. It entails borrowing money from friends or family who can lend. However, like a bank, if your credit is bad, you will have to convince them to pay back their money. When exploring this option, find the individuals who understand the risks involved and your plans.

The coronavirus pandemic has indeed subjected many businesses to untold suffering and losses. If your business is struggling, now is not the time to give up. Instead, you should think of ways to remain afloat during these difficult moments. For a small business, there is a lot of pressure to perform after launch. This often leads to the failure of roughly 20% of small businesses. On the contrary, as many as 45% fail within their first five years. Following the outbreak of the COVID-19 pandemic in 2020, their chances of remaining afloat have become slimmer. As such, the number of bankruptcies has risen more than ever before, with Bloomberg's report showing that bankruptcies have increased by over 36%. While bankruptcies cannot be overstated, there are many ways for small business owners to safeguard against the folding over. Here are a few of them.

• Take advantage of the existing government programs

Paycheck Protection Program (PPP) is one of the programs that have assisted many businesses to remain afloat during the pandemic. The program, which was created through the Coronavirus AID, Relief, and Economic Security Act, has assisted more than 800,000 businesses distributing more than $210 billion in loans. Although the PPP ended in May, you can look for other similar opportunities provided by other agencies or institutions. These loans will keep you going until things return to normal. If one institution fails to consider your loan request, try another. Start by looking at the banks that you have a higher chance of getting a loan and go for it.

• Renegotiate the existing contracts and loans

Payment terms and timelines might be affected substantially by the pandemic. This might leave your small business unable to repay its loans or complete all the contracts due to financial constraints. However, you can avoid problems with your financiers or clients by renegotiating the loans or contracts that you currently have. Look at your account payable and find how you can renegotiate them to favor your current situation. Although some of your clients might not agree, others will understand your situation. You can also talk to your property owner regarding rent payment.

• Minimize staff costs

Although it may be a painful decision, you should consider reducing your staff as much as possible. Try furloughing or layoffs to reduce the amount of money you spend on employees. This is often the most sensitive area that needs to be handled with care considering its effects on the future of your organization.  For those who remain, consider pay cuts until things improve. 

• Collect the debts

Money that people or companies owe you can save your business from going under. Although the time is difficult for everybody, some of those who owe you may have the ability to pay. Therefore, you should reach out to them and collect this cash. If there is an invoice you have been holding until work is completed, do not wait any further—Bill for the portion that has been completed. You can also ask your customers for prepayment for a service. This strategy will allow your business to stay alive. Consider giving those who pay upfront a discount to attract them.

If you feel that you have done all it takes but are still unable to pay your bills, seek advice from an attorney. They might have a word or two on how you should move ahead. Some of the advice from your attorney may turn things around and shed more light on what you should or should not do or the procedure of filing for bankruptcy. The good news is that businesses will recover soon, and you will embark on normal service provision.

It is now more than a year since the coronavirus pandemic brought the world's economy almost to a standstill, and we are witnessing changes in businesses that we have never seen before. As the Small Business Administration (SBA) rolled out a massive lending program ever seen in the United States history, fraudsters saw a potential area to exploit, which is the reason for the rising cases of COVID-19-related fraud. The US Department of Justice (DOJ) has termed the high levels of fraud as “historic” and focuses on taking a high level of enforcement action to counter the threat. 

The DOJ has in within a year after Congress passed the $2.2 trillion Coronavirus Aid, Relief and Economic Security (CARES) Act, managed to criminally charge over 474 people for allegedly obtaining $569 million fraudulently through COVID-19-related schemes since banks started processing Paycheck Protection Program loans on behalf of the SBA. Among the problems that SBA cites are forged companies receiving thousands of dollars, businesses getting money even if their payrolls is more than the 500-employee caps, and others receiving money even when the law prohibits them due to existing government debts.   

Most cases are perpetrated by people who see the economic intervention by the government as a way of making quick money. While these individuals are now focused on the PPP loans, DOJ notes that the fraud will likely turn into something more complex and more significant in the coming months if not addressed now. Due to the sensitivity and possibility of the matter getting out of hand if left unchecked, sweeping investigations by the DOJ have commenced with the law enforcement now pursuing charges against large companies that received millions of dollars in PPP loans and individuals who are accused of fraudulently receiving PPP loans to finance their lavish personal lifestyles.

DOJ is responding to this in a variety of ways. Recently, it advertised a vacancy for a trial attorney whose work will be to prosecute cases under the CARES Act, including PPP fraud. This adds to the DOJ’s Market Integrity and Major Funds (MIMF) Unit that prosecutes cases involving government procured fraud and stopping fraud in the SBA COVID-19 disaster relief programs such as the PPP and the Economic Injury Disaster Loan (EIDL). 

Fraud liability comes in a variety of ways. The first one is from the certifications that companies need to have before participating in the CIVID-19 relief programs. For instance, to participate in the PPP, companies must have multiple certifications on their loans and forgiveness applications. This is where the fraud begins. Some companies obtain false certificates that show that they have no other government loans or are not involved in any bankruptcy proceedings when the facts are different. This increases the risk of companies falling victim to more sophisticated fraud. 

As the rate of fraud continues increasing during this season of COVD-19, several companies will soon find themselves subject to government investigation related to the PPP loans. This is shown by the number of whistleblower reports and lawsuits under the FCA (False Claims Act), that has been on the rise, the cooperation among several law enforcement agencies at local and federal levels and internationally, and the audits being conducted on all companies that borrowed more than $2 million under the PPP. Businesses with foreign affiliates or operations are equally at risk due to footprints and the cooperation between the US agencies and their international counterparts. 

While the companies that did not take advantage of COVID-19 relief have nothing to worry about, they sometimes get asked questions by the regulators and law enforcers. This can be avoided by maintaining robust files that will support presentations and answer all questions that law enforcers might want to know. 

As a small business owner, every penny always counts, and 2021 is an extraordinary year that every income must be secured than ever. As the pandemic-related challenges continue mounting, you must optimize your revenue and income sources, minimize your expenses and reduce your tax liability. Sadly, many entrepreneurs lack adequate knowledge of tricks and tools that can help them achieve this. They, in most cases, end up spending more money than they should. Although some may see taxation and setting up strategies as a challenging undertaking, the truth is that you don’t need to be a professional accountant to understand it and take advantage of the accounting tips. Here are a few strategies that you should consider in 2021.

• Understand your tax planning

The tax planning process is a critical aspect that helps your business reduce the amount of taxes that need to be paid at the end of the year. Although some business owners wait until the last minute to find out taxation regimes, the secret to this is that the earlier you start, the better the chances of receiving a tax refund. Although there are various strategies to approach tax planning, the main ones are; increasing tax deductions, utilizing tax credits, and reducing your income. While relying on certified public accountants can be helpful, it is often important to have a concrete tax planning strategy in place. Doing so saves money and helps you avoid paying unnecessary taxes. Furthermore, understanding your tax planning gives you an overview of things you are spending on each year. 

• Consider changing to a different tax structure.

When starting a business, the first thing you do is specify whether your business is a sole proprietorship of a partnership. However, things may change midway, and the changes and restructuring can impact the business structure. As you re-strategize, perhaps changing the tax structure in your business can help as well. By choosing to be taxed as corporations, businesses can save a lot of money in tax cuts. Before changing your tax structure, make sure the tax cuts you will realize make sense in the new structure. 

• Know your tax payment plan

Although having a business might be your lifetime dream, generating revenue and paying taxes is a different ballgame that can make your dream a nightmare. This can be made worse by the “pay as you go” tax system, which requires businesses to make estimated quarterly tax payments. This payment plan presents a temptation for businesses in paying taxes as they seek to maintain liquidity. Delaying tax payments “as you go” can put you in an awkward position and present a challenge of penalties and interests that occurs due to delays. Ensure that you have a tax plan and money is always set aside to save yourself from the burden of penalties from the IRS.

• Carefully choose your accounting method.

There are different ways that small businesses calculate their revenue. However, most of them use cash method accounting methods. These methods that are based on the time the money is received instead of when an order was placed. This approach also counts the day the expenses were paid instead of the item or service ordered. Regardless of the accounting method you choose, adjust the approach strategically and report income based on the cash receipts if you want to reduce your end year revenues, mainly if you believe there is a possibility that the income for the coming year will be lower and you expect to be in a lower tax project. A proper accounting method allows you to know the possible tax cuts and anticipate the upcoming tax bracket, which helps you devise a proper tax payment strategy for your business. 

According to Atlanta lawyer Scott Zucker, a business succession plan can help retain family harmony when it’s time for company leadership to transition. A business succession plan is an organized, thoughtful arrangement that choreographs a smooth transition in company leadership. They are especially important for family-owned enterprises so when the time comes for a change at the top, everyone involved or impacted by the transition knows what to expect. Hopefully, that will save emotions, arguments and other obstacles to family harmony.

When to transition 

A common misconception is that business succession plans only pertain to situations where a family-owned enterprise is transferred to a family member or insider while the owner is still living. That is untrue. A business succession plan may also be utilized when a family-owned business is transferred to another person, such as a trusted employee, or if the enterprise is sold to a third party.

There is no definite timetable for when the time is right to transfer power and responsibility of a family-owned enterprise. Open and honest communication between the owner and other interested family or business associates about the owner’s health and desire to continue working are imperative to a successful transition.

Seek expert advice 

While it may seem simple to transfer a company from one leader to the next, there is more to it than merely changing the name template on an office door.

To ensure a leadership transition unfolds smoothly, it is important to have the company transition plan committed to writing. Hopefully, all that needs to be done is to put the plan into action rather than negotiate the terms of transition when it’s time for them to occur.

A business owner seeking to establish a viable succession plan would be wise to consult an attorney experienced in creating those plans. Other experts, such as financial planners or tax advisors, should also become valued members of the transition team.

Matters to consider

An important reality business owners should embrace when pondering a business succession plan is whether the proposed new leadership even wants the responsibilities associated with the position.

Not all family members or close friends are qualified to lead a company, so company owners would be wise not to equate a familial relationship with business savvy.

If that’s the case, a succession plan may not be advisable. Perhaps the sale of the company to an interested buyer would be the ideal way to dispose of the entity.

When there’s a sale, there’s a price

With a sale, an owner needs to be realistic about the market value of their enterprise. However, when human emotions intervene, objectivity is lost, which does not help resolve the succession dilemma.

Being realistic about the value of the business is equally as important as is determining whether the prospective new owners are viable choices. A company boss isn’t doing him or herself any favors if the desired sales price is too high for otherwise qualified purchasers to secure financing.

Or, perhaps funding isn’t the issue.

Maybe the vision for the company’s future shared by the prospective purchasers isn’t in line with the current owner’s. While they may not be involved in the enterprise once it sells, some businesspeople egotistically believe they are forever associated with a company they once owned, whether that’s true or not.

Avoid stress

Creating a succession plan can inject stress into the family dynamic, especially when the heir apparent is not the person that actually gets named as the company’s incoming owner. It is also important to remember about family members who haven’t worked in the business but somehow perceive that with new ownership, the door has been opened for them to get involved in the company.

Corporate structure is another matter to consider when creating a succession plan, says Zucker. He says it is imperative that corporate structure and estate planning including the business should be in concert with one another. This is important so the desires of the elder family member, and the company, are clearly stated and are in no way contradictory. Sometimes this is accomplished by the creation of a trust or Last Will and Testament, but it’s best to consult with attorneys licensed in your state to be sure these matters are handled correctly.

“You want to be focused on the front end with corporate structure and the back end with estate planning,” says Zucker.

Watch for potential pitfalls

While planning for a smooth transition in company leadership is usually practical for all those involved, it does have its drawbacks.

For example, there is a risk that something changes between the time the document is created and when it needs to be implemented. Life events such as divorce or unexpected death can throw a wrench into an otherwise straightforward succession plan if not pondered in the document.

Therefore, you must “monitor and amend a plan to adapt to the realities of the situation or else it could lead to litigation,” notes Zucker.

Other practical and potential obstacles exist that could stand in the way of a smooth succession transition. For example, in case of incapacitation, it would be wise for a business owner to share key company information, such as passwords and client/customer specifics with the successor. Systems and processes not committed to writing will likely get lost in the shuffle, a potentially huge inconvenience for the incoming boss.

Knowing when the time is right

Any time in the life of a company is right for a business owner to think about a succession plan, but certain aspects of the plan will differ depending on various factors.

For example, a succession plan for a younger business is usually less complicated than it could be for a more mature enterprise. Reasons include a more established entity could be larger and more complex than a fledgling endeavor, meaning it would be wise to appoint a person extremely familiar with all aspects of the business rather than a newbie.

However, the reality is the timing of a succession plan’s creation is usually correlated to the age of the owner or where they are in life. Another factor is considering who is on the other side of
the succession plan.

No matter what is decided, Zucker acknowledges the decisions needed for a viable succession plan are not necessarily easy.

“Be honest and open about your intentions and create documents to match those intentions, which may require tough family conversations,” he says.

Tami Kamin Meyer is an Ohio attorney and writer who tweets as @girlwithapen.

Starting a new business is easier said than done. It requires a lot of work starting with documentation, legal requirements and developing a strategy. This can even be worse if you are new to the business world. Without an effort, you will struggle to turn your idea into a successful business. Although it is possible to start a business by yourself from scratch, it takes more than just talking about it. You need to put in hours of hard work, dedication and effort. Here are 10 steps to starting your own business that will help you along the way.

1. Refine your idea

As you think of starting your business, you must already know what you want to sell or market. Do a quick search of the existing companies offering similar products in the same industry. Learn what your competitors are doing and identify what you can do better than them.  If you want to deliver something that others cannot, be clear about it and create a business plan. Define whether your business will serve a marketplace or personal needs.

2. Write a business plan.

Once you have an idea of what you want to sell, ask yourself a few critical questions: What is the purpose of your business? Who are you selling to? What are your goals? How will you finance it? These questions can only be answered in a comprehensive business plan. Clearly state your mission, vision, pricing strategy, marketing and advertising strategy, objectives and action plans.

3. Create a budget

Whether you plan to minimize expenses through learning startup operations or you have enough capital to run your business, you need to create a budget that will show how much your operations will cost. Estimate the costs associated with starting and running your business such as startup costs, equipment costs, licensing and permits costs. List other things like rental expenses, travel costs and salaries among others.

4. Determine the structure of your business

Incorporating your small business protects you and your assets from liability. It will make your company a separate entity from you and so your property cannot be seized to pay business debts in case of a failure to pay. Incorporating it also has some advantages on tax. Before incorporating your business, choose whether it will be a partnership, a Limited Liability Company or a corporation.

5. Find a location

Unless you want to sell online, you will need to find a proper location for your business. Register your business and obtain the necessary licenses that are needed for the purpose of the state taxes.

6. Build a team

Unless you are planning to do it by yourself, you are going to need the right people by your side. Recruit and hire the right people to get your business off ground. Figure out how the people will work together and determine how to address them.

7. Choose your vendors

Running a business can be difficult and is never a one-person affair. Sometimes, it can be difficult for you and your employees to do it alone. You will need vendors to help deliver the products and services you need to run your operations. Partner with various vendors you trust to provide what you need for your operations and your customers.

8. Brand and advertise

Before you start selling your products and services, build your brand and get branding right for operations to succeed. Develop a company website, social media and logo for your company.

9. Create an online presence

After you embark on your operations, set up a website for your business and establish an online presence. Enhance your social media presence by setting up social media accounts and promoting new sites. Create an official email address for use by your business.

10. Grow your business

As you seek to make a profit and stay afloat, you should also think of a way to grow your business and make it more productive. Although growing can take time, collaborating with others can make it easy for you. Volunteer and participate in community outreach to build your business.

Regardless of what your job or work environment looks like today, it is no surprise that there have been major shifts across all industries. Whether it is learning how to navigate remote or hybrid work, implementing new rules and regulations to keep everyone safe or even changes to current roles and positions, it’s safe to say there have been plenty of unique experiences.

We hear about many of these things often, however it is less common to hear about how many organizational cultures have turned casual as a result of these changes, both intentionally and unintentionally. While this may not sound like the worst thing to happen, it can be cause for concern if your work environment becomes too casual.

Before we dive in, it’s important to note that there isn’t one specific definition of a casual culture. It varies between each industry and looks different for every company. We are also not talking about your dress code, although that can play into creating a casual culture. The purpose of this blog is not to say that casual is always bad or that there are specific rules every company needs to follow to avoid becoming ‘too casual’, however there is a fine line. As you read below, think about culture at a high-level and how this can show up in your own situation. 

What a Casual Culture Looks Like

So, what does this mean? Simply put, a casual culture refers to relaxed professional norms and/or boundaries. For example, maybe your job has switched to a fully remote setting where your home is also now your office, and your manager sends you emails late at night making you feel the need to respond right away. Maybe check-ins from your boss have lessened, making it difficult to discuss your needs or bring up uncomfortable conversations. Or, maybe as an employee you feel disconnected or unseen due to lack of interaction between you, peers, the leadership team etc. In any case, culture doesn’t maintain itself and can quickly run the risk of becoming diluted if nothing is done.

How This Affects Your Organization

Culture is at the heart of every organization. Embedded in culture are things like core values, behaviors and actions. If culture becomes unprioritized or put on hold (which can happen very easily), a chain reaction will occur in all these areas. It also can make it difficult for employees to distinguish where the line is drawn when it comes to workplace dos and don’ts or how to handle difficult situations. Everything that goes on in your organization is what contributes to and makes up the culture. Therefore it’s so important to get it right and work on it constantly.

Think of it like an equation (or a recipe for disaster to occur).

Casual leadership + Casual employees = Casual Values leading to a Casual Culture. Yes, you may have the same core values, but are you truly living them and using them as a guide every day? Are you turning the lens inward and doing the work to be the best leader you can for employees and peers? When ignored, there may not be much of a warning when this chain reaction will occur either. This is also a big reason why we’re seeing employees burning out, and ultimately looking for another job rather than sitting back hoping things will change. This goes deeper than simply saying what exists currently, it’s about what is actually being put in place to implement positive changes. The biggest question then becomes, how can organizations ensure their values and culture remain strong and embedded in decision-making and how people show up every day, whether at home or in the office? Let’s break our equation down.

Casual Leadership + Casual Employees

A casual leader can look like many different things, but the bottom line is that they do not act as a role model for their team and organization. When managers don’t lead, their actions and behaviors are inconsistent, expectations for everyone are unclear and boundaries are blurred. This trickles down at all levels throughout the business and encourages similar behavior throughout. Leading this way not only makes it confusing for employees, but ironically, being too casual creates a chaotic work environment. Without any direction, employees may underperform, trust is broken, openness and honesty will be lacking, and stress and burnout start to occur. Because all of this involves people, it is easier to see or visualize interactions and how situations play out. However, when nothing is done, it can be difficult to analyze the larger ramifications such as values misalignment and eventually a toxic culture. 

Casual Values Leads to a Casual Culture

Regardless of where your values show up visually, they mean nothing if they are not practiced, understood and used as a guide for decision making. In other words, how are they showing up in everything you do? When leaders and employees are casual in their actions and behaviors, core values translate the same; misaligned, inconsistent, blurry and detrimental to the culture all together. It is the same thing as saying one thing and then doing the opposite. For example, if you say you value accountability but never take responsibility for your actions, that sends a message that the values in which the organization was built upon do not really matter or don’t prove to be true. As a result, your culture will suffer which can be very difficult to recover from. 

What Can You Do?

As mentioned above, everything that goes on in your organization is what contributes to and makes up the culture. The first thing you should NOT do is leave your culture up to chance. Instead, evaluate the parts of your culture that are still working today, thinking about all the areas that need improvement and what is important to both you as a leader and your employees.

Next, consider ongoing development and coaching for your leaders in addition to consistent communication around leadership norms, actions, and behaviors. These nudges will help leaders remember not to get too casual and to provide mentoring and coaching for their own direct reports. One thing to consider is bringing in a leadership coach or consultant to help you navigate and work on developing your leaders. Leaders who feel prepared and supported in their roles can directly relate to the overall health of an organization. Coaching is a great option that not only helps meet you where you are on your leadership journey, but it also helps you feel supported as an individual. We know that culture starts from the top down, so having the right resources in place to set you and your organization up for success will create a positive impact in all areas of your culture.

Collectively, there is a lot to consider when it comes to your culture especially because there is not a specific set of rules or guidelines to follow. With so many employees speaking up about their preferences in the wake of the Great Resignation, companies can no longer afford to let their culture suffer. Now is the time to invest in yourself, your team and your organization as a whole and create a competitive advantage that will last regardless of what comes next.

Hema Crockett and Jamie Jacobs, HR and corporate culture experts, co-founders of GigTalent 

and co-authors of Designing ExceptionalOrganizational Cultures: How to Develop Companies Where Employees Thrive 

 The metaverse came into the limelight in 2021 as Facebook changed its name to Meta and announced an investment of billions of dollars into metaverse. Being an entirely new thing, the term metaverse has entered people’s vocabulary in a big way. The conversation is changing about how metaverse will alter the world by the day.

What is metaverse?

Metaverse is a “real-world” version of the internet that enables virtual environments for people to interact with one another while creating, buying and selling products. This environment is hosted online, and you will need a virtual reality headset to access it. Although Facebook (now Meta) introduced this idea, it has been around for years now. This concept has received widespread attention from other big players like Google and media outlets as consumers and business leaders seek to know how it will benefit them.

According to professionals, the concept of metaverse is not yet mature. According to Meta, it might take a decade or more before it comes of age. In the meantime, small business owners are looking for opportunities that will benefit them from it. Here are some things that small businesses must understand about metaverse.

1. Metaverse is not here yet

Metaverse is more about an interoperable environment where multiple worlds are connected to communicate with each other and exchange items and assets. Since the idea of metaverse has its roots in science fiction, it will take time before it comes of age. Although there is a lot of talk about this concept, it might take up to ten years for its fruits to be realized properly. For the enthusiasts, they have to wait for some time before they can reap the benefits of metaverse.

2. Don’t expect profits from metaverse just yet

According to Meta CEO Mark Zuckerberg, Meta will invest $10 billion in its metaverse projects starting from 2021. Despite this massive investment, he advises that it will take years before profits can be realized. In his view, the investment in metaverse will not be profitable any time soon, and it might be too soon to expect instant success. This is the same advice that small businesses need to heed. Although this is the case, small businesses should continue focusing and investing in knowledge regarding metaverse.

3. Small businesses should consider adjusting their business models

As metaverse continues gaining ground, adjusting your business model in preparation for the future might make sense. This will allow your business to conduct operations in virtual reality. For businesses that are in the tech sector, they should embrace metaverse-friendly models due to the changing trends. Small businesses must change their tactics to develop unique and immersive communication platforms that will allow changes to be adopted.

4. Conduct customer research

Since metaverse is a new concept, small businesses need to conduct research so that they can understand what this technology involves. Ask yourself if your company will be a beneficiary of metaverse and the consumers' perspectives on this technology. Furthermore, keep an eye on your competition to find out how, when and if they are rolling out the VR tech in providing their services. Consistent market surveys might be the right place to start assessing the time to venture into the metaverse technology and identifying when customers will be ready to embrace it.

5. Start by experimenting today

As you wait for the technology to mature, you need to try it up. You can do this by visiting virtual worlds like Fortnite or Roblox. With various digital platforms rolling out tools for small businesses to learn the benefits of virtual environments, you can also check on Shopify’s 3D models available on its product pages and allow customers to see products in a virtual environment.

According to Small Business Trends, the federal American Rescue Grant continues to provide grants to small businesses. 

The economic stimulus grants provide small businesses can be the difference between staying open and closing entirely. Even before the pandemic, small business grants offered great opportunities to keep operating as well as support growth with strategic funding. 

 Read the article Small Business Trends

Running your own business can be hectic for many business owners. For small business owners, however, having all the responsibility to all operations, including successes and failures, can be detrimental to one’s health. Sadly, health among small business owners has not been taken seriously as it should despite the economic significance of such businesses to society and the economy. The mental health of small business leaders leads to a healthy working environment. It also leads to effective teams that are characterized by respect and trust in one another.

Large corporations with complex and well-structured succession plans can hardly be affected by health issues that may affect their leaders. The well-laid down succession plan ensures that in the absence of the CEO, operations run without hitches. Unlike big multinationals whose operations cannot be affected by the health issues among those in the high offices, poor health among the leaders of small businesses can end operations and render employees jobless. The simple structure of a small business is risky, and the impact of the demise of a CEO is unimaginable. With an instant disease or a condition such as a heart attack, everything can go down the drain since everything revolves around an individual. From this, it is evident that health is the greatest capital of small business owners. The smaller the firm, the higher the vulnerability in case the owner develops health complications, either physical or mental.

The health of such business owners may have damaging consequences not only for those that have been employed but can also impact those that depend on them entirely. For example, the family members who rely on the owners can also be significantly impacted. Similarly, health problems among the personnel and family members can destabilize operations and how the business runs. Small business owners face many challenges that often affect their mental wellbeing. According to a Danish study, there is a significant link between entering entrepreneurship and receiving prescriptions for sedative or hypnotics and/or their spouses. This is a clear suggestion that entering entrepreneurship is a health risk as it is a potential source of stress for entrepreneurs and their family members.

Many studies have found out that stress level among the business owners is higher than those of the employed. The always conflicting issues such as ambiguity in the business environment, lack of adequate resources, and daily hassles as well as failure to clarify roles increase stress and the possibility of health complications. Work overload is another factor that many small business owners face and may result in a complication. Entrepreneurs often work for more than 50 hours a week. Working for long hours, including weekends doing intensive tasks, is a potential cause of stress. 

Uncertainty is often identified as another factor that can cause health problems among self-employed individuals. The fast-changing business environment is always a concern for entrepreneurs who are always worried about their businesses in case things do not go as planned. These owners have many things to worry about, including their employees, government regulations, and reduction in profits, all of which determines the success of their businesses.  Loneliness of business owners also results in burnouts, which in itself is a potential contributor to mental health. Loneliness can be harmful in an environment where difficult decisions are to be taken, such as firing or hiring employees.

As seen above, health issues among the small business owners have severe spillover effects on those they employ and their families. Unlike CEOs of large companies that have a proper succession plan, health challenges among small business owners can cripple operations. As such, it is crucial to always stay ahead by addressing potential causes of health problems before they manifest into catastrophes.

Even before the coronavirus pandemic struck and sank the world’s economy, retiring at the age of 65 was already becoming a hot topic among many professionals. Now that the pandemic has impaired many businesses, both small and large plans of many organizations are in shambles. One of the areas that have been significantly affected is retirement. Business owners that were planning to retire are now forced to rethink. This could mean that the retirement age is likely to fall further as employees try to pick up from where they left once the economy reopens and the pandemic eases.

Although the recovery is expected to happen sooner or later, it may take some time. This is if the 2007-2009 recession is an example to go by. The recovery time can even be longer considering the severity of COVID-19 compared to the recession witnessed in 2009. As such, many small business owners may be tempted to consider selling their businesses rather than waiting for things to get better.

A study by StreetWise Retirement Confidence Index in May indicated that 26% of those interviewed stated that they would postpone their retirement plans after the coronavirus. Their decision is due to the economic conditions that the virus has caused. As damaging as they may seem, the decision is not surprising, given the uncertainty and fear that the pandemic has caused in many industries in different countries. The uncertainties have had an impact on the financial strategies of organizations and have forced many businesses to change their priorities. Another study by Allianz Life Insurance Company found out that almost half of Americans interviewed went into early retirement for reasons beyond their control. One of the reasons that were cited in the research is job loss. This was cited by 34% of the respondents, while 25% cited health challenges as their primary reason for retiring early. As an entrepreneur or employee who is willing to persevere and try their best to achieve their dreams, all is not lost. Taking some steps can enhance value and build your business so that you can sell more and retire as you planned or even early.

Creativity is one of the ways that can help you remain open in the current era of uncertainty. As a business owner, try your best to find creative ways that can adapt to the changes in the business environment. One way you can do this is by adding other services that will replace the revenue that has been lost. For example, as a restaurant owner, you can supplement the revenue lot by ordering food and selling them. This will create a new stream of income and increase profits even when other sources of revenue are not doing well enough.

A good rapport with banks is also crucial to businesses. Regardless of the size of your organization, always ensure that you have a good relationship with financial institutions. Having a wrong sense of security will only deceive you, and you will not have anyone to turn to in case things become tough. With the right relationship, you will have someone to run to for loans when the revenue stream dries up, and you need additional funds to keep running. Always ask yourself, is my bank relationship stable? If the answer is yes, then you are in the right place.

Coming up with a transition plan is another approach that you must consider. Just because you are delaying your retirement plans does not mean that you should not establish a transition plan. Take time to build a working transition plan that will not leave your organization in chaos when the right time comes. Most business owners lack a proper transition plan. This leads to a lack of focus on what is needed for a business to operate successfully.

It’s a good strategy to be forward-thinking and plan for the future, so now is a fine time to consider future vacation ideas. Not only will you have something exciting to look forward to, but you may need a longer lead time to put one of these plans in motion.

There are few places on Earth that are more remote, exotic, and accessible as Hawaii. With direct flights from almost all major US cities, and no passport required, Hawaii is a great destination to feel like you have left the monotony of day-to-day life behind. What’s even more exciting about getting to the most far-flung US State is that there are multiple islands, with 4 very different vacation styles for every taste. The big island offers no shortage of adventures, from walking across a volcano to snorkeling with sea turtles and manta rays, to tropical hikes with breathtaking waterfalls. Oahu provides the familiar hustle and bustle of city life with picturesque beaches. Maui is the most popular destination, with relaxing beaches and lively nightlife both. Finally, Kawaii is the most relaxing and serene of the islands.

If you prefer to stay in the continental US, the Southwest has plenty of adventure! From riding dune buggies through the desert to a train ride to the Grand Canyon, there is a right-pace adventure for everyone. Relax in a hot air balloon over Albuquerque or relive the old west with a trip through Tombstone, Arizona and other gold-rush towns. Few images are as inspiring as a desert sunset over the mountains, and once the sun goes down, the action never stops in Las Vegas.

Stretching along the Coast, there’s many options for a memorable vacation. Traveling to New England may seem like quite a change of pace, but there is plenty to keep one busy from Maine down to Connecticut along the coast. Enjoy a lobster dinner on the oceanside, hike through some of the nations oldest states and national forests, and get lost in miles of winding roads. Boston or Portland make perfect bases of operation to go a few hours north to the backwoods of Maine or to enjoy the finest foods from a wide variety of different cultures right in Boston or Providence.

While you won’t be able to enjoy an ocean view, the Midwest offers plenty of excitement as well. The mighty Mississippi touches 10 different states, each one with different scenery to enjoy. Whether you’re up for rugged hiking in Minnesota or a leisurely cruise on the river in Louisiana, the Mississippi River has dozens of perfect destinations along it’s 2320 miles. St. Louis boasts some of the region’s best museums while Memphis, Tennessee is a must-see for Elvis fans everywhere.

No matter where your interests take you, across our vast nation, there are ideal vacation destinations to be had. From coast to coast, you can’t go wrong planning your vacation in any region. Take your mind off any current worries, let your dreams loose, and plan ahead.