Omicron is pushing America’s small businesses to the brink, reports Bloomberg. 

Imagine you were born in modest circumstances and spent decades shaking off the limitations of your rural hometown. 

Read the article Bloomberg

The Small Business Administration’s Council on Underserved  Communities is working on ways to boost small business in underserved communities, reports Small Business Trends. 

The Council on Underserved Communities (CUC) has held its first virtual meeting to discuss efforts to boost America’s small businesses and align the priorities of the various contributing groups for the coming year.

Read the article Small Business Trends

According to the Guardian, offering 4 day work weeks could be the answer to solving the labor crisis.

Every small business owner I talk to has the same problem: we can’t find enough people to do the work we need. Well, I have an answer: perhaps we should be offering a four-day workweek.

Read the article The Guardian

Getting a government contract could be an amazing boost for a small business, reports Small Business Trends. 

Learning how to get government contracts on local, state and federal levels is good for your small business. Small businesses prefer these contracts because they pay well. For example, the average federal contractor made over $100,000 a year in 2017.

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. 

As a small business owner, you’ve likely experienced numerous difficulties during the run-up to the start of your business. Perhaps you didn’t anticipate that it would be a challenge to get started on your online marketing campaign. You might not have imagined that there would be so many obstacles that stand between you and your business. There are a few factors that may have contributed to this.

Once you’re on the road to growth, it will be important for you to figure out how to navigate these obstacles with ease. If you’re thinking about how you can improve on these challenges, we offer some tips for promoting your small business:

It is important for small businesses to take advantage of all of the techniques available to them and make the most of them. This can include using social media outlets, using search engines and other search engine optimization tools and promoting their website through various platforms like email marketing software, and more.

Consider a new strategy for getting customers to buy from you

There is a lot of information floating around about the potential of your small business. The challenges that you face in life may not be easy. But there are ways to overcome them. If you would like your small business to succeed, here are some ideas that can help:

The first one is to gain experience and train yourself professionally. This is the key to success in any field. You can use this opportunity as a stepping stone for another career step or start a new job . Once you have experience, you will be able to deliver more value for your customers and increase sales for your store or business.

The second idea is to get involved with an industry association and make it a part of your self-education program . You will gain valuable information by sharing the knowledge that you have learned with others who are also interested in their respective fields .

The third idea is to find mentors and coaches who can teach you all aspects of your business . You will not only learn more about what works but also how others successfully operate their businesses .

The fourth idea is to set up a contest where members of the community can submit ideas and vote on which one they like most. Your idea could be anything from designing a new logo or even finding an effective way to run away from debt!

The fifth idea is to create unique deals for customers and make it clear that these are only available with purchase from your business . Most people will not invest their money if they don’t know what they are getting into so make sure that your business offers benefits worth buying into!

The sixth idea is about making sure that you offer something unique; something different from what everyone else does. This would include distinctive prices, product packaging, products made differently or special service even if it’s only available online or by phone. It doesn’t matter how good or bad the product or service may be as long as it’s different!

The seventh idea is always being open-minded when looking at new products and services because there could be plenty of interesting ideas out there but only some people know about them !!! If this isn’t true then why do we pay those big companies millions on advertising? Perhaps the big companies need us more than we need them!!! Nobody knows everything so let’s find out!! I want my cake but I want it my way!!! Make sure that you research everything thoroughly before making any decision!!!!

Consider your business from a different perspective

Confidence makes the world go round…

In our digital age, confidence is a feat of strength to be practiced, not a wish to be achieved.

The successful small business owner is confident in his or her ability to execute the necessary tasks because they have done so many times in the past. The successful small business owner is confident in his or her ability to design, build and market their products because they have successfully done so countless times before.

Just like any other skill, confidence can be developed through experience and practice. It’s time for you to stop waiting for your perfect day (or PERFECT year) and start building your confidence now. So get out there and make it happen!

Consider the benefits of using multi-tiered pricing models

Many small businesses are struggling to make ends meet these days. They’re often forced to raise prices, add new fees, or just cut back on their expenses. To keep up with the competition, many entrepreneurs are finding ways to reduce overhead and boost profits.

In order for the small business owners to take advantage of this increasing competition by using multi-tiered pricing models, they need to think beyond price alone and consider other factors that could contribute to a successful business.

Business owners must also consider how they will be able to create a sustainable client base with their products and services. One way around this problem is by increasing the percentage of income going directly into their pocket through multiple sales channels. This allows them to have more control over the revenue they receive from each channel and ensure that the revenues they receive from each of these channels are sufficient enough so that they can continue operating successfully as a small business owner

Consider the advantages of using Facebook ads for lead generation

Targeting is great when you’re looking to grab someone’s attention, but it’s not always the best way to get them to buy. Facebook is a place where more than 1 billion people can meet and interact with you. It’s a place where potential customers can find out more about your business, so why not use their interest in your business as an opportunity to invite them in?

Facebook ads are a great way to reach potential clients. But if you want get the most information about your business, try targeting people who have already expressed an interest in your products or services. You are already inside their brains; all you have to do is listen carefully and learn what interests them.

You can help users discover your brand by encouraging them through a series of tailored offers that make sense for their needs and interests. Facebook ads also allow businesses to target consumers across multiple social networks. Set up Facebook ads for any of the following networks: Instagram, Twitter, LinkedIn, YouTube and Google Plus .

Consider working with influencers

Who doesn’t want to be remembered as someone who is worth their weight in gold? This article will highlight 9 ideas for promoting your small business.

The first idea is to find people who are already successful in the field you are going to target. This can be anyone, whether it be celebrities, social media influencers, or even people who have been successful in other fields that are related to your industry.

You could ask them for their opinion on your brand and product. If they feel that you’re trying too hard and need some help, they can give you suggestions on what you should do improve on. You may also get their advice for a specific project.

A second idea is to find out what the community wants from your brand, from the products that you offer, and from the services that you provide. Then send out surveys asking people if they would like to buy these products or receive these services from you. The results of these surveys can then inform your marketing strategy so that it is aligned with what people want most from them.

Finally, there is the idea of focusing on large groups of people rather than individuals. For example, if a group of friends all decide to go shopping together at a certain time because they know each other well enough for this type of outing, then this could prove much more appealing for your brand than one friend going out with another friend because he has no interest in shopping!

Incorporating a business refers to a legal process used to form a company's corporate entity. It simply means that you are creating an entity that is legally separate from you. A corporation can own property, sign contracts and can be sold, go bankrupt without your involvement. Specifically, you will not be held personally liable for these because an incorporated company is a separate legal entity recognized by law. They are identified with terms like “Inc” or “Limited” in their names and are separate from their owners. Although the steps of incorporating a company vary from one state to the other, there are six basic steps you need to know.

1. Choose a business name

A company is identified through its name, and the first step is to choose an appropriate name for it. This name is stated in the company's memorandum of association and must end with “Limited” for a public company and “Private Limited” if it is a private company. The first step is checking whether the chosen name is available for adoption by writing to the registrar of companies in your state.  Your state will have a corporation search service that allows you to check on the availability of the business name at any time. In the age of technology, you might want to create a website. This means that you have to look for a domain name too. Look at the United States Patent and Trademark Office to ensure the uniqueness of your trademark.

2. Pick a business location

Although it is not necessary that you rush to rent an office space during the registration of your business, you still require an appropriate business address. Most local and state governments restrict the location of a business and often require companies to adhere to codes and regulations regarding the physical address of a business. You can take advantage of virtual offices and shared workspaces run by some companies like WeWork as you begin. Alternatively, you could sublet an office space or open a rented Post Office box. However, if you already have several employees, you should have a commercial workspace.

3. Choose a corporate entity

After choosing the name and location of your business, you need to decide which among the two forms of corporate entities to choose from. A Limited Liability Company (LLC) is the first option and is often chosen by small businesses as they start. An LLC is a hybrid between a partnership and a corporation. It is owned and mostly managed by its members, most of whom hold company stakes. Your other option is a corporation (either S corporation or C corporation (S corp or C corp, respectively)). The key difference is that C corporations are large publicly traded companies owned and managed by shareholders and the board of directors, respectively. On the other hand, an S corp is intended for smaller businesses and can be taxed regularly or labelled as a pass-through entity.

4. Obtain a tax ID number

IRS needs to keep track of businesses through an Employer Identification Number (EIN). You can obtain the EIN by applying online via the IRS website. EIN is required even if a corporate entity does not have additional employees.  

5. Manage company’s finances.

Once you have obtained the EIN and have an official business name, set up a corporate bank account for business expenses. This establishes the necessary legitimacy and independence of the company. It also offers evidence of the separation between the business and the owners. An independent bank account shields the company from liability and protects the owner while making it easy for taxation and accounting.

6. Secure permits and licenses

Obtain all the necessary permits and licenses that your business needs to operate legally.  Typical permits your business might require include specific business permits, professional licenses for each practitioner and sales tax ID numbers. You can find more information about these licenses and permits from your state’s Department of Corporation website.

Leadership and collaboration are primarily a matter of principles and process, and not personality and content alone. When leaders master the process, they achieve consistent results, and people love working with them. Yet persistent low engagement scores reflect four central mistakes leaders make. Without attending to the ‘soft’ side of business, leaders are trying to win the Indy 500 without having a talented pit crew who know how to work with one another. 

How people feel at work matters. A sense of belonging contributes to greater cohesion in teams and organisations. What can leaders do to create this sense of belonging and agency?

Build your relationships. Too often leaders lose confidence with work relationships and either let people form their own relationships, or not, or outsource them to Human Resources. This is like outsourcing parenting or life partners, HR professionals are poor surrogates as leaders. That just doesn’t work. Leaders who connect with each staff member, become aware of their strengths and talents, and are easily available to give guidance and direction have productive staff.  They know how to tap into their staff’s brilliance, and who else they can collaborate with.

Equality of relationships. Leaders think it is the relationship between themselves and their executives that is paramount. They fail to recognize is that it is the quality of relationships among their leaders, and among leaders and staff that are crucial to releasing the brilliance that lies in their organisations. People know who to go to solve problems, who the sounding boards are, who can help, who to go to to make things happen, and are confident in the decisions they make.   When business relationships are based on high quality informal connections, shared life experiences and values, rather than people’s professional identities, the formal structure, or job function, people find it easy to gain a sense of belonging and give their best.

Make the people you are influencing the ‘client’ rather than your information and content. Leaders can create meeting environments where people want to give their best. Volumes of papers that are habitually delivered at short notice remains the modus operandi of many business and government organisations interactions. This has to stop.

Leaders who shift from preparing screeds of content to attending to participants in first four minutes of every meeting engender vitality and stellar contributions. They do this with six steps: they

• begin meetings with an inclusive welcome,
• are simply appreciative
• make an anticipatory ‘I’ statement
• acknowledge the experience and expertise in the room
• focus ruthlessly on the outcome they want for their organisation and go backwards from there by crafting a question that mines their audiences’ experience and expertise, and
• create a process for participation.

These six steps enable participants to ‘arrive’ and bring their best selves to the table. The leader can relax as participants do the work through their experience and expertise. Overall there is a mindset shift for leaders, that they cease being meeting leaders and become guardians of group development.

Don’t underestimate the power of new moments. When new people enter groups or new groups form, these are crucial moments to capitalize on. Leaders can learn how people get to know one another and rapidly work well together. Gone are the days where people take years to get to know one another from working together, or via dinners, or overnight team development sessions.

Every leader today needs to have the capacity to rapidly build relationships in their mindset and toolkit. Leaders already have the approaches they need; vision, expectations, and results. Instead of letting relationships with new appointees form haphazardly, successful leaders capitalise on their investment in appointing newcomers. They do this by personally introducing each appointee to their colleagues, their team, and the wider staff  including the reasons why they chose the person, the impact they want them to have, three or four qualities they know the person brings to their work, one or two experiences they bring, and how they want team members to work with them. By being systematic in personally inducting their appointee with each relevant group, rapid informal interpersonal relationship connections result ensuring the newcomer is integrated rapidly, and they know how they can give their best.

New groups form for specific results, whether it is a new board, an agile team, or a new or refreshed organisation. Too often groups dive into the work without knowing the gems that are at the table and how to best use them. We all know that names and roles just aren’t enough to bring vitality to interactions and create strong informal connections rapidly. More has to be done to release that brilliance that lies within groups.

Leaders can help new groups by Inviting board or team members to introduce themselves with one, some, or all of

• One experience they have that draws them to the work of the board/team

• 3 – 4 qualities they bring to difficult conversations the board might have
• An influences on them now from within their family
• Something they are really proud of in their work
• 1 – 2 people/groups who have been influential in how they lead
• What/who motivates them to get out of bed in the morning
• The legacy they want to leave by being in the group

These simple self-disclosures give both breadth and depth to each person creating connections, similarities and differences with the others. Bonds form and acceptance deepens when people know one others’ backgrounds and motivations.

Leaders can learn how to develop relationships rapidly among themselves and among those they lead. Recognising that shaping group behavior is describable as a process, which they can learn gives them the levers they need to tap into the inevitable brilliance that lies within their organisations. Simple self-disclosure, those areas which have been private and personal, create powerful connections with others. People rapidly understand where one another are coming from and how they can work together. Without this, each person unconsciously falls into relationship patterns influenced by early family or work experiences.

DIANA JONES is a sociometrist; she studies and measures attitudes of social acceptance and rejection among members of a social grouping. This, in combination with her more than 30 years as an executive coach and leadership advisor, gives Jones a unique vantage point to understanding that it is the invisible personal qualities and little-known private experiences that create emotional connections and increase vitality in groups. She is author of LEADERSHIP LEVERS: Releasing the Power of Relationships for Exceptional Participation, Alignment, and Team Results (Productivity Press/Routledge, November 4, 2021)

As the year-end draws closer, it is a good time to reflect on the progress of your business and what you achieved in the year. This is followed by planning how you want to develop in the coming year. Ask yourself whether you want to increase your success in the coming year or if you want to create more chances to increase your business. Below are the top ten New Year’s resolutions designed to help your small business in the coming year.

1. Review and plan your business

As you start the New Year, it is right to review your business plan and the objectives and goals. After looking at your business and how things went the previous year, ask yourself if it is time to review your business plan. This can also mean that you might need to relook at your last year's goals. How did you perform the past year? Do you need new goals? Write all these down and see what needs to be corrected. Defining your plan and the objectives you want to achieve keeps you on track as a new year begins.

2. Think about delegation of duties

As a business owner, it is sometimes hard to do everything yourself. Many things can keep you occupied and exhausted. This can be detrimental to your health. However, you can avoid these problems by delegating some duties.  Let someone else help you in some tasks for a change. Delegating some of your duties is good for a healthy work-life balance.

3. Prioritize

After clearly defining your goals, objectives and plans you have for the future of your business, decide what you want to do first and what should follow. Develop a list of things you want to achieve, when and how in order. This will make your life as a business owner easy, and you will be able to focus on what is essential and see results as they unfold.

4. Consistently market and promote your business

More often than not, small business owners fail to promote their businesses consistently. However, if you want to attract new customers and let people know the products or services you offer, you have to prioritize marketing and promotion. Hire marketing experts or take time to create a marketing plan that suits your plan and follow through.

5. Attend networking events

 As important as they are, networking events are crucial to small business owners. As we start a new year, make it a habit to attend a few networking events to meet other small business owners in your area. Such events can help you find new opportunities, vendors, customers and even friends. Look for events in your area. There is a higher chance of getting various networking opportunities that suits you in the New Year.

6. Listen to your employees and customers

There is a saying that customer is always right. This means that you must listen to them and try as much as possible to fix the problems you identified. If there is a product or service that a customer has asked for, look into it and try to fulfill their desires whenever possible. For the employees, these people keep your business running. Therefore, listen to them and ask them what works, what does not and how you can make their job better. Remember that a good leader listens and follows through. Therefore, your listening skills might be helpful to your organization as you seek to create a good relationship with your customers, shareholders and employees.

An ever-changing economy creates new opportunities for entrepreneurs, even during these rocky times that COVID-19 has caused.

Whether people are looking for a better work-life balance, a new job after having lost one, or an extra source of income, opening a seasonal business is one strategy that fits those goals, says Chris Buitron, president of Mosquito Authority® (www.mosquito-authority.com).

“Many people are taking this route as a reliable way to generate income,” Buitron says, “because although the economy is changing dramatically in some ways, seasonal businesses still fulfill annual consumer needs.

“The benefits for a seasonal business owner are attractive: more freedom, both in running a business and having the ability to take a few months off; the satisfaction of providing a service or product to which customers stay loyal; lower overhead costs than a year-round business; a solid second income; or, if done right, a sufficient income by itself.”

Buitron offers these tips on how to run a seasonal business successfully:

• Carefully construct your business model. Since you won’t be open year-round, it’s important to account for downtime in your cash flow. “If the seasonal business is your main or only source of income, you’ll need to put in extra work during the season in order to make it through your off-season,” Buitron says. “Make sure you have access to credit and plan your budget very specifically. It’s a bonus if you can find ways to diversify income streams for your seasonal business in the off-season. Determine the other needs of your customers and how you can fulfill them.”
• Evaluate the past season and plan accordingly for the next season. “Analyze your successes and shortcomings from the previous season,” Buitron says. “Seek customer feedback to assist your evaluation. Overall, determine why some things worked and others didn’t. The analysis will help you build a solid plan for the next season. Look at areas such as staffing, inventory, and other expenses. Did you have enough employees and how did they perform? Which products or services weren’t successful? Should you introduce new ones? Would it be cheaper in the long run to buy your equipment rather than lease it?”
• Connect with the public year-round to build your brand. Social media allows a seasonal business owner to build their business, their authority and strengthen their place in the community. “Your target audience is just as accessible in the offseason,” Buitron says. “You can reach out to them and offer exclusive pricing, or create a rewards program. Publish blogs and post updates on the sites your customers follow. Give them content that can educate them beyond the reach of your business’ services. Showing you care about their lives and the community helps them remember you.”
• Attend networking events and workshops. The off-season is the time for self-improvement that leads to business improvement. “Learning and networking opportunities help you and your business grow,” Buitron says. “Local business events, trade shows and conferences are great ways to gain new partnerships and skills.”

“A seasonal business comes with an array of unique demands,” Buitron says. “But with the right combination of good business practices and the passion to make it a way to enhance others’ lives, it can be a profitable and enjoyable experience for the seasonal business owner.”

Chris Buitron is president of Mosquito Authority® (www.mosquito-authority.com), a nationwide leader in mosquito control with franchises serving communities across the U.S. and Canada. Buitron has an extensive background in franchise industries. He was chief marketing officer for Senior Helpers, vice president of marketing for Direct Energy (home services division), and director of marketing for Sunoco Inc., where he supported the company’s 4,700 franchised and company-owned rental facilities across 23 states (over $15B in annual revenues).

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.

In a world where working from home, family, recreation, faith and other factors compete for our time, people speak about the need to seek a “balanced life.” But maybe “balance” is the wrong goal.

“The concept of being in ‘balance’ has the potential to set us up for immediate failure,” says Michael Sipe, author of The AVADA Principle and founder of the consulting firm 10x Catalyst Groups (www.10xgroups.com).

“We talk about work/life balance as if work and the rest of our lives are separate things. But in reality, work and everything else are all part of one life.”

Instead of balance, Sipe suggests seeking an “integrated life,” where the integral parts of life are combined into a fully functioning whole. He acknowledges that’s easier said than done.

“It’s a challenge to determine what the integral parts of human life are, how to integrate them, and what a fully functioning and completely whole life would be like,” he says.

For Sipe, a major part of that integration involves faith. But his suggestions on how to approach your job so that it is integrated into the rest of your life are relevant regardless of spiritual views.

In Sipe’s view, work often gets a bad rap. Work is actually a neutral concept, he says,  and the larger evaluation is not that we “have” to work, or how much we work. Instead the key is to look at the purposes toward which our work is directed and to be intentional about how we allocate our energy.

In managing your attitude about work, Sipe recommends that you:

• Focus on purpose. “One definition of work is energy directed toward a purpose,” Sipe says. “If you find yourself holding a detrimental attitude about your work, take a look at your purpose. Perhaps you simply are not directing your energy toward a purpose you care about.” If so, he says, consider changing your work so that you can invest your energy toward a purpose that matters to you. Alternatively, perhaps you have not connected your work to your purpose, and thus, your motivation to work is suffering.
• Avoid griping. The more you declare that work is hard, bad, unpleasant, a waste of time, and a drag, the more it will be all those things for you, Sipe says. “Reframe work as good, as a joy, a blessing, a challenge, an opportunity, a privilege, an investment,” he says. “Loving your work is a choice – your choice.”
• Take responsibility and take charge. If you don’t like your work, Sipe says, then change it. “You are not a tree rooted in place; you can move,” he says. “You are not a victim or a slave. If you are blessed to live in the Western world, and especially if you are blessed to live in America, you are free to do the work you love toward purposes you desire”
• Ask yourself better questions. When things aren’t working out as you hoped you might be inclined to ask yourself, “Why me? Why is this so hard? What did I do to deserve this?” Instead, Sipe says, ask yourself: “What am I supposed to learn here?” He says you could also do as the late Jim Rohn, a motivational speaker, instructed: “Don’t ask why things are so hard; ask how you can get better.”

“The concept of work is simple, but we tend to complicate it,” Sipe says. “And work really does apply to everything we do. Yes, we can work at a job, but we also work on our health, work on our education, work on our marriage, work on our friendships, and work on our faith. It’s all energy applied toward a purpose.”

Michael Sipe, author of The AVADA Principle, is the founder of 10x Catalyst Groups (www.10xgroups.com), which helps entrepreneurs grow profitable and thriving businesses organized on a foundation of Biblical principles. Sipe has also enjoyed a successful 30-plus year career in mergers, acquisitions, and business development as the founder of CrossPointe Capital, a middle market investment-banking firm. In that capacity, he consulted with and evaluated over 5,000 companies and has provided advisory services for approximately a half-billion dollars in business sales involving hundreds of companies. He remains active in transactional work and has been a key advisor in mergers and acquisitions projects covering a multitude of industry sectors.

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.