North Carolina bills looks to stop fees for those who pay cash, reports WSOCTV.

Small businesses in North Carolina could be required to accept cash under a new bill. The bill, called the Cash Commitment Act, would ban extra charges to customers who pay with cash

Read the Article WSOCTV

Businesses have recourse if someone copies their ideas, reports Entrepreneur. 

I still remember the big plagiarism lecture from high school — this was back in the early days of the Internet, and our teacher said, "If you rip a report off the Internet and use somebody else's work as your own — it's a legal violation!"

Read the article Entrepreneur

According to a new survey, 65% of small businesses feel they would be impacted by the debt default, reports the Guardian. 

The US is careening towards a debt crisis the likes of which we haven’t seen since 2011 when Barack Obama faced off against the Tea Party. 

Read the article The Guardian

Small business optimism is falling, reports Small Business Trends. 

Small businesses are facing heightened challenges due to labor quality and inflation, according to the NFIB’s Small Business Optimism Index. 

Read the Article Small Business Trends

This year, technology will continue to have a growing role in tax departments as they look to do more with what they already have. Digital automation will quickly become an important tool in companies and workforces as business leaders look to make decisions quicker. 

The first step is to evaluate your business to better understand the processes that are already established and the goals you’re trying to achieve. Business Process Reengineering ­– recreating business processes with the goal of improving product output, quality, or reducing costs – is a helpful tool to accomplish this.

After the initial work is done, it’s time to evaluate where automation will be the most effective. In most cases, this will be in departments that leverage large amounts of data in their processes.

Let’s take tax departments as an example. Tax departments are known for having detailed and complex processes that synthesize a lot of data. Manual processes for tasks like reconciliation are particularly challenging. This is where automation can help spot anomalies that might slip through the cracks.

Across the industry, we’re seeing companies driving towards implementing e-invoicing and e-reporting. E-invoicing creates a system that standardizes the format of the e-invoice and transmits it to the proper tax authorities to receive validation in real-time. It also exchanges the transaction between the buyer and seller and retains a copy. This copy is important so tax teams can comply with periodic electronic reporting requirements.

Branching off this process, the digital journey also includes complying with the different invoicing requirements tax administrations implement on the business-to-consumer side, which is important for businesses looking to expand globally. Each country has specific requirements for invoicing, including language, currency, format, tax calculations, format and signatures. Automating the invoice process makes compliance with these regulations easier.

These trends show that automation is continuing to increase, which in turn decreases the workload for tax teams. Digitizing these processes can help accountants work through the complexity of requirements across different jurisdictions and countries. This is especially applicable to those working with a large volume of business transactions and helps to ensure their integrity.

While automation continues to make manual processes easier, it will leave your team with more time to focus on other business processes such as supporting audits or driving and creating new initiatives. With workforces facing labor shortages, economic barriers and supply chain issues, organizations need to find ways to buy back time and energy using technology.

Collaboration within your organization will be key to achieving these goals. Make sure there is a partnership between the IT teams and departments looking to implement automation. This will create an understanding of each team’s needs and allow for the common goal to be reached.

Remember, the best digital transformations happen over time. Don’t rush the process or fall victim to the “I need it all” mindset. The most successful leaders understand that automation isn’t a one-size-fits-all, but rather a useful tool that should be tailored to the business goals of the organization or department.

Bio: Chris Zangrilli, VP - Technology Strategy

Chris Zangrilli is Vice President of Technology Strategy at Vertex Inc. In his role he leads the technology strategy and innovation efforts, applying emerging technologies to understand the art of the possible to drive growth. He has held several technology leadership roles responsible for the architecture and development of SaaS solutions.  He brings 30 years of technology and strategic expertise driving value to customers through tax technology solutions. 

Owning and running a small business is a dream of almost everyone. However, this is a big challenge, especially considering the problems you will likely face. While having the idea is the easiest part, starting and managing a business is not a simple task, as some might want to believe. The first two years of a business are the biggest problem, and most small businesses do not make it past this period. Those brave enough will successfully manage every aspect of the business starting from employees, marketing and administration, and ensure that they do not miss any leads. Here are some challenges that your small business might face.

1. Getting customers

While starting a business can be simple, getting customers is a complex undertaking which can be painful sometimes. This is a challenge to startups and multinationals such as Toyota, Coca Cola and Apple, who have the right teams for marketing and customer support. As a startup, you do not have to sit there and wait for people to come and buy your product or service, hopefully. Rather, you must develop a comprehensive strategy to inform people about your product or service and buy it. This is a significant challenge for small businesses because they do not have a recognized brand that people already believe in.

2. Cash flow problems

Small businesses often face the challenge of cash, and entrepreneurs are often afraid to start a business due to this reason. To sustain a startup, you need to spend a lot of cash and engage in various transactions, which can sometimes be challenging. As a startup, therefore, you need to track every transaction and be strict in managing your cash flows. Hire an accountant to help with bookkeeping and in managing your finances.

3. Lead generation

Most businesses face the challenge of lead generation, especially in generating enough leads to satisfy the sales team. Marketers also report that this is a key challenge that business leaders face. Given this problem, it is hard to ensure there is a steady stream of sales and income.

4. Overreliance on one customer

A single, large paying-on-time customer is excellent news for any small business. However, it can also be a major problem. Depending on a single customer for payments makes you appear like a contractor. If they suspend or stop their services, you might end up doing no business at all. While it is important to attract and maintain any customer, you need to find new ones to keep you going when others stop buying from you.

5. Hiring talented employees

Getting the right people to work for your startup is one of the hardest things you may encounter as you start your business. This is a difficult challenge, especially since most quality employees are attracted to bigger brands. According to statistics, 52% of respondents in a CNBC study claimed that the biggest challenge they face is labour quality. This makes it hard for small businesses to get the right people who understand business goals and can work together.

6. Managing workflow

Once you have the right people in place, the next big challenge is to manage the workflow. You must ensure that your team has the right tools and processes to do the right things and work efficiently. This is a problem for startups because some of these processes are new or not tried and tested.

7. Financial planning

 Finances are the backbone of any business. Unfortunately, many small businesses have a problem managing and planning their finances. With this problem, some overspend or fail to use their financial resources prudently, ending their businesses due to cash flow issues. Given this issue, small businesses must find the right planning methods for their finances to last longer in the markets.

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.

 Small business ownership comes with a unique set of challenges and staying informed and adapting to changes is one of them. In todays fast-paced and highly competitive market, business owners need to stay updated with the latest trends and technologies to keep up with the competition.

One way of staying informed is by attending industry events and conferences that provide valuable insights into the market trends and innovations. Business owners should also keep an eye on their competitors and analyze their strategies to adapt to the changing market scenario.

Another way of staying informed is by regularly reading industry publications and following thought leaders on social media platforms. This will not only keep them updated with the latest trends but also provide valuable networking opportunities and collaborations. It's important for business owners to know their strengths and weaknesses and accordingly adapt to changes. The ability to pivot and take corrective measures can make a huge difference in the success or failure of a small business.

Small business owners should also stay informed about the latest regulations and compliance requirements. This could range from payroll tax laws, data protection regulations, to labor laws. It's important to consult with a legal expert to ensure compliance, failing which could lead to hefty fines and legal consequences. Business owners should also be aware of their tax liabilities and keep their financial records up to date to avoid last-minute hassles during tax season.

Another challenge faced by small business owners is managing cash flow. Business owners need to maintain a balance between investing in the growth of their business and ensuring that they have enough funds to cover daily operations. Delayed payments from clients, unexpected expenses or large capital expenditures can disrupt cash flow and hurt the business in the long run. Regular cash flow analysis and proper budgeting can help mitigate the risks associated with cash flow management.

Small business owners should also take measures to manage risks to ensure the longevity of their business. This includes having proper insurance coverage, backup plans for unforeseeable events, and disaster recovery plans. Employee turnover is another risk that small businesses face, particularly in industries with high competition or low unemployment rates. Business owners should focus on employee retention by providing a positive work environment, incentives, and opportunities for professional development.

The point is that small business owners need to stay informed and continuously adapt to changes to succeed in today's competitive and dynamic market. By attending industry events, reading industry publications, and analyzing competitors, owners can stay ahead of the curve. Being compliant with regulations, managing cash flow, and mitigating risks are crucial for the longevity of the business. And finally, providing a positive work environment and employee incentives can help retain valuable talent and drive the growth of the company.

As a small business owner, you always seek means to reduce costs without sacrificing quality or service. You can achieve this by outsourcing your tasks. Outsourcing refers to delegating certain business functions to third-party providers, domestically or abroad. Although outsourcing may seem daunting to some entrepreneurs, it has many benefits. This article presents the main advantages of outsourcing for small business owners, such as freeing up time, saving money, gaining access to expertise, and more. Whether you are just starting or looking to grow your business, outsourcing can be a valuable tool in your arsenal.

Cost savings

Cost savings are actions that reduce a company's overall spending on assets that can directly impact its bottom line. This can include improving efficiency, negotiating lower prices for supplies, reducing travel, and evaluating partnerships. With proper resource management, minimizing waste, and avoiding new expenses, companies can customize their cost-saving plan to maintain a budget and increase profits. Therefore, companies must carefully take into account the outcome of different cost-saving methods before implementing them.[1][2]

Access to expertise and resources

Access to expertise and resources is crucial for the success of any company. Small and medium-sized businesses can benefit from outsourcing activities such as database management, accounts billing, IT support, and website development to compete with larger businesses. With technology, access to skilled workers from different cultural backgrounds who can bring innovative ideas to the table has been made simpler and quicker. Outsourcing also allows organizations to tap into industry specializations according to country, helping them establish a presence in new markets. Furthermore, outsourcing can help companies reduce costs while maintaining the same quality level.[3][4]

Improved efficiency and productivity

Improved efficiency and productivity are essential for any successful business. One way to achieve this is by setting and tracking attainable goals, providing constructive feedback, and encouraging a culture of trust within the team. It is also important to reorganize office space by investing in comfortable workspaces, providing stand-capable workstations, and creating a relaxing work environment. Additionally, taking breaks, concentrating on one task at a time, and designing a daily routine can help improve work efficiency and productivity. Businesses can optimize their work processes and achieve higher levels of success by implementing these strategies.[5][6]

Scalability and flexibility

With the changing markets, scalability and flexibility are essential for businesses to adapt to the changes in demand. Cloud computing offers the ability to easily upscale or downscale IT requirements and enables employees to access files using web-enabled devices, increasing flexibility. Managed data centers with cloud experts offer businesses a solution for scalable, customized, and secure resources. With the ability to pay for only what is used, cloud computing provides cost-effective solutions that offer competitive advantages over traditional solutions.[7][8]

More time to focus on core business activities

The key to increasing productivity lies in freeing up time to focus on core business activities. McKinsey suggests that future-ready companies organize around three key principles: understanding their identity and what they stand for, operating with speed and simplicity, and scaling innovation and learning. Meanwhile, knowledge workers can reclaim up to 20% of their workday through conscious time management, dropping or delegating low-priority tasks, and replacing them with value-added ones. This can increase their satisfaction and contribute more to their organizations.[9][10]

Access to technological advancements

Access to technological advancements has become a part of daily life, from communication and entertainment to healthcare and transportation. The internet has enabled global communities to form and ideas to be shared easily. However, the overuse of some technology may affect health and well-being. The ongoing pandemic has shown us the importance of technology in staying connected, working remotely, and accessing essential services. As we move forward, ensuring equitable access to technology to reap its benefits is essential.[11][12]

Streamlined communication and collaboration

Remote-first workforce, streamlined communication, and collaboration are more important than ever. Internal communication tools help organizations provide an effective flow of information between departments and colleagues, increasing efficiency and productivity. Leveraging these tools allows employees to collaborate effectively with their peers, think creatively and problem-solve together. It also helps managers track tasks, boost transparency, and accountability, making it easier to optimize their teams. With the right tools, communication flows freely, ensuring that teams are available and easy to connect with, so you can get in touch immediately and minimize valuable time-wasting.[13][14]

Diversity of service offerings

Companies around the world are embracing diversity in service offerings. From Sodexo's focus on gender parity to Johnson  Johnson's commitment to racial diversity in management, these companies have found that diversity and inclusion strategies hugely benefit their business, including increased performance and revenue. Mastercard and Deloitte are also among companies providing inclusive work environments with employee resource groups, practical employee benefits and focused diversity initiatives. A diverse workplace fosters innovation and creativity and improves the workplace experience.[15][16]

Competitive advantage

Competitive advantage is what makes a product, service, or brand preferable to all of the other alternatives within a market. It is an advantage over competitors achieved by providing consumers with greater value. Competitive advantage is all about uncovering a hole in the market, something that other competitors cannot easily provide. Companies can increase their competitive advantage by providing exemplary customer service, making their products or services simple, constant innovation, reputation building, and through economies of scale. Through these strategies, companies can improve their sales performance and profit margins.[17][18]

Starting and running a small business is a challenging endeavor, but growing that business can be even more difficult. With limited resources and fierce competition, it's easy to feel overwhelmed and unsure of where to start. However, with the right strategies and mindset, it's possible to take your small business to the next level and achieve sustainable growth. In this blog post, we'll discuss some proven strategies for growing your small business and staying ahead of the competition. Whether you're just starting out or looking to take your existing business to the next level, these tips are sure to help you succeed. 

Market research to understand target audience

Market research is a crucial aspect of any business looking to grow. It helps businesses learn about their target audience and understand their needs, preferences, and behavior. By conducting market research, businesses can create buyer personas, identify their competitors, and gather feedback from their customers. This information helps businesses make informed decisions about their marketing strategies, product development, and pricing. It is important for small businesses to conduct market research despite limited resources, as it can provide valuable insights that can lead to success in a competitive market. [1][2]

Developing a sales funnel to convert leads into customers

Developing a sales funnel is crucial for small businesses to convert leads into customers. It involves tracking prospects as they move closer to making a purchase. A sales funnel consists of three parts: top, middle, and bottom. The top involves attracting prospects through marketing strategies such as advertising and social media. The middle entails nurturing the prospects before they make a purchase, while the bottom is the final purchase stage. By optimizing the sales funnel, businesses can enhance their sales and marketing strategies, leading to increased revenue. [3][4]

Increasing customer retention through loyalty programs

One effective strategy for growing a small business is through customer retention programs. These loyalty programs increase repeat business by incentivizing customers with rewards or discounts for frequent purchases. By building strong relationships with customers and providing excellent service, businesses can create a loyal customer base that generates a significant portion of their revenue. This leads to lower costs for acquiring new customers and can boost profits in the long run. Implementing a well-designed loyalty program can be a crucial element in a small business’s growth strategy. [5][6]

Using a CRM system to manage customer relationships

Implementing a CRM system is crucial for managing customer relationships in a small business. CRM software organizes customer data and automates sales and marketing processes, allowing businesses to focus on nurturing relationships and generating revenue. By identifying target customers and creating personalized campaigns, businesses can improve communication and increase customer loyalty. Using data-driven strategies and prioritizing specific goals, a successful CRM strategy can save time, reduce costs, and boost profits. Overall, incorporating a CRM system is an essential step in growing a small business. [7][8]

Engaging with customers on social media

One of the best ways for small businesses to engage with their customers is through social media. By using different types of posts like behind-the-scenes content or educational content, businesses can establish a relationship with their followers. This personal connection can lead to increased sales and customer loyalty. It’s also important to use humor in social media posts, as it can increase engagement with customers and attract new followers. Every social media post should have a goal and purpose that ties back to the overall brand strategy. [9][10]

Increasing market penetration

Increasing market penetration is essential for small businesses to achieve growth and success. It requires a clear strategy focused on increasing the sales volume of a product or service compared to its total market potential. A good starting point is market development, which involves taking steps to increase the number of potential customers. Businesses should also focus on developing a widely-recognized brand, improving visibility in the market, and reducing costs without compromising on quality. By increasing market penetration, small businesses can gain a competitive advantage and achieve long-term success. [11][12]

Focusing on market segmentation

Market is a marketing concept that helps businesses to divide their customers into groups with similar profiles. By doing this, they can create personalized campaigns, expand their reach, and increase sales. A good segmentation strategy can focus on multiple specific segments or overlapping segments that consider different combinations of variables. To create a customized market segmentation strategy, one needs to identify the primary need for their product, gather data about their customers, look for underserved segments, research audience behaviors, and develop distinct buyer personas for each possible segment. [13][14]

Don't overlook existing customers.

Small business owners should prioritize their existing customers over new ones. Neglecting loyal customers can be a costly mistake. One of the best ways to increase sales is to keep customers happy and engaged. By providing a great customer experience and offering incentives, small businesses can build brand loyalty and encourage repeat business. This can result in positive word-of-mouth recommendations and referrals, which can be the most effective form of marketing for small businesses. Not to mention, it is more cost-effective to retain existing customers than to acquire new ones. [15][16]

With most businesses and customers moving online, a well-designed and effective website is crucial for success, mainly for any small business. A good website is a virtual storefront that gives potential customers a first impression of your brand and your products or services. Therefore, building an effective website for your small business needs careful planning and attention to detail. In this article, I will elaborate on essential tips to help you create a website that drives traffic, engages visitors, and converts them into loyal customers.

1. Focus on Your Website’s Goal

Before you dive into the design process, you need to define the primary goal of your website. In most cases, the goal is to generate leads, sell products, or provide information. You must align every aspect of your website, from layout to content, to this goal.

2. Ask for Feedback

Feedback from friends, colleagues, and even potential customers can be helpful during the development phase. Their views and fresh perspectives can offer valuable insights and help identify areas for improvement. Furthermore, testing your website on different devices and browsers ensures optimal performance and a seamless user experience.

3. Make Your Website Easy to Navigate

A website is as good as its interface. As such, a user-friendly navigation structure of a website keeps visitors engaged. You must organize your content logically and create a clear menu easily accessible from any page. Furthermore, employ descriptive labels for navigation links and include a search function to help users find the information they need faster.

4. Invest in Visuals

High-quality visuals significantly enhance the appeal of your website. Therefore, you should invest in professional photography or use stock images that align with your brand. Remember to convey information effectively by incorporating engaging graphics, videos, and infographics. Using visuals captures attention and evokes emotions, making your website more memorable.

5. Create a Content Strategy

They say “content is king,” which also applies to your website. As a small business owner, you need to develop a content strategy that aligns with the needs and interests of your target audience. Craft compelling and informative content that offers value. Additionally, you should update your website regularly with relevant articles, tips, and industry insights to establish yourself as a trusted authority in your field.

6. Keep Your Site’s Content Fresh

While content is essential for a small business website, outdated content can harm your website’s credibility. Regularly review and update your content to ensure accuracy and relevance.

7. Ensure Mobile Responsiveness

With the increasing use of mobile devices such as smartphones and tablets, optimizing your website for mobile responsiveness is necessary. A mobile-friendly site ensures that visitors can easily navigate and access information regardless of their device or location. It also enhances user experience and boosts search engine rankings.

8. Use High-Quality Images

Images are powerful visual elements. They can convey your brand’s personality and professionalism. Use high-resolution images that are visually appealing and relevant to your business. Avoid using generic stock photos and invest in customized visuals that reflect your unique brand identity.

9. Make it Easy for Customers to Contact You

With everything said, you should provide multiple contact options for your visitors to reach out to you. Your contact information should be prominent on every page, including phone numbers, email addresses, and social media links. Consider integrating live chat or contact forms for immediate communication and lead generation.

Building an effective small business website requires strategic planning and attention to detail. Remember, a well-designed website is an invaluable tool that can help your small business thrive by enabling you to tap into new markets and display information your customers want.

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.