Category: Brandpoint Business & Finance

2024-12-05T16:27:00

(BPT) – Generative AI is everywhere, especially in the workplace. In fact, many aspiring leaders in the workplace are excited about the widespread adoption of AI and recognize it as a valuable tool for their careers.

Google Workspace — the productivity platform that includes AI-powered tools like Gmail, Docs, Drive, Meet and more, relied on by over 3 billion users and more than 10 million paying customers — commissioned a survey with The Harris Poll to get a sense of how rising leaders view and use AI.

The study surveyed workers ages 22-39 years old who currently have or aspire to hold a leadership position at work. The result? The research found that 82% of young leaders surveyed are already embracing AI tools in their work. And, looking further out, almost all (98%) of those surveyed anticipate that AI will have an impact on their industry or workplace within the next five years.

“Our research shows that emerging leaders are adopting AI to increase their impact at work,” said Yulie Kwon Kim, VP of Product, Google Workspace. “Rising leaders are not simply using AI as a tool for efficiency, but as a catalyst to help grow their careers.”

The findings show it’s clear — aspiring leaders are adopting AI to increase their impact at work. Here are five key ways AI is transforming the way young leaders work.

1. Overcome task paralysis

Getting started on a task, big or small, can feel incredibly challenging and can lead to task paralysis. Luckily, AI can help employees navigate the difficulties of task initiation, with 88% of survey respondents saying they would use AI to start a task that feels overwhelming. Consider using AI to brainstorm ideas, help write an email, outline a blog draft, and more.

2. Improve writing

In the era of hybrid work, strong communication is more important than ever. When sending emails, conveying the proper tone and content can be anxiety-inducing, especially for those earlier in their careers.

To that end, many (88%) young leaders say that AI can help them strike the right tone in their writing. Even more telling, 70% have used AI for tasks like drafting email responses, writing challenging emails from scratch, or helping overcome language barriers.

3. Increase work flexibility

Hybrid work is becoming the new normal for many organizations, so it’s important that people have tools to support more flexible collaboration from anywhere, across any device. A whopping 87% of respondents believe AI can make them more comfortable composing lengthy emails on their phones and 90% also believe they would feel more confident joining meetings on-the-go if they knew AI was taking meeting notes for them.

4. Improve management capabilities

It’s important that managers have strong communication and interpersonal skills, can think strategically, and more. The survey found that these are areas where AI can help in meaningful ways. When considering how to improve their management capabilities, 79% of respondents said they are interested in using AI to become better managers. This includes 47% who said AI can help enhance communication to improve problem-solving and facilitate better relationships.

5. Create a bigger impact

Rising leaders want to drive real impact in their workplace. Oftentimes, however, routine tasks can bog down young leaders and keep them from focusing on strategic, career-defining work. To better prioritize their time, many young leaders are using AI. Fifty percent recognize the current and potential impact of AI to automate routine tasks, so that they can spend more time focused on strategic work.

These are just five ways rising leaders are using AI to aid their professional development and get ahead in the workplace. With AI as an impetus to help young leaders grow their careers and drive more impact, AI will undoubtedly have a ripple effect on organizations around the world.

“The future of work is here — and it’s AI-powered,” said Yulie Kwon Kim.

To learn more about AI and its uses, visit Workspace.Google.com/Solutions/AI/.

2024-12-05T08:01:00

(BPT) – Every day on the news, we hear about another data breach. Ticketmaster recently reported that 560 million customers had their data stolen — names, addresses, email, payment information, etc. AT&T noted that 73 million records were hacked, but their breach also included Social Security numbers. Early in the fall of this year, a hacking group claimed to have stolen 2.7 billion personal records, including Social Security numbers, and sold the information on the dark web. That number is mind-boggling.

The high cost of fraud

Data stolen and used by bad actors is a financial nightmare. But it’s not only that. According to the 2024 Trust Index Report by customer identity and engagement solutions provider Telesign, 47% of global fraud victims experienced financial repercussions, including lost savings and stolen bank information, but they also suffered emotionally. The study found that 34% of victims experienced anxiety, depression and stress. Additionally, 21% faced social repercussions, and 20% experienced physical safety concerns.

Nearly half of all fraud victims (49%) considered the experience life-altering or very impactful. It changed their use of social media, payment services and e-commerce, and it also changed their view of the hacked brands.

Some 64% of global consumers report that fraud incidents negatively impact their perception of the brand responsible for the breach. Many sever ties completely with the brand, but even more damaging, they often take their grievances to social media and discourage friends and family from engaging with it.

What people and brands can do

A straightforward first step everyone can take immediately is to freeze their credit. This doesn’t mean you can’t use your credit cards or lines of credit, but it does mean no new credit can be taken out in your name. It’s simply a matter of contacting the three credit bureaus and filling out an online form. In a few minutes, it’s locked down. When you want or need to get a car loan, mortgage or new credit card, unfreezing is just as easy.

Another step you can take is to avoid engaging with brands that don’t take digital identity protection seriously.

According to the Telesign study, nearly everyone (92%) believes that the companies they engage with are the first line of defense and that brands are responsible for protecting digital privacy.

Christophe Van De Weyer, CEO of Telesign, summed it up. “Companies that neglect to safeguard their customers’ digital identities are putting more than just data at risk — they’re jeopardizing their reputation, customer trust and future growth,” he said. “In today’s landscape, there’s no justification for not implementing stronger security measures like multi-factor authentication, especially since most consumers are willing to embrace additional steps to prevent fraud and feel more secure.”

Multi-factor authentication is one example of an additional step. Receiving a security code or going through a few clicks to ensure you are who you say you are is worth it compared to the repercussions of fraud.

The Telesign study also found that an overwhelming 80% of global consumers believe that security measures such as multi-factor authentication are necessary to protect against fraud.

The 2024 Trust Index underscores the urgent need for businesses, governments and individuals to prioritize trust and security in the digital world. Telesign connects, protects and defends companies and customers and the digital interactions between them. Harnessing intelligence from more than 2,200 digital identity signals, Telesign’s AI models empower companies to transact with their customers free of fear, enabling the promise of the digital economy. Telesign helps its customers prevent the transmission of 30+ million fraudulent messages each month and protects 1+ billion accounts from takeovers yearly.

2024-12-03T08:31:00

(BPT) – As the holiday season approaches, cybercriminals are ramping up their efforts to exploit both businesses and individuals. Cybercriminals know the biggest vulnerability in any organization isn’t the technology — it’s the people behind it. Whether you’re working late to finish up projects or just trying to get some last-minute holiday shopping done, it only takes one slip-up to trigger a costly cyberattack.

Humans remain the weak link in the security chain. According to Verizon data, 68% of breaches involve a non-malicious human element, such as an employee falling for a social engineering attack or making a simple mistake. These human errors can open the door to significant data breaches and financial losses. Even more concerning, a 2022 Statista study found many employees are using their employer-issued devices for personal tasks — 50% checking email and 32% shopping online — creating more entry points for cybercriminals to exploit.

This human factor makes small businesses particularly attractive targets. With fewer resources allocated to cyber security, small businesses are 350% more likely to experience social engineering attacks than their larger counterparts, according to a StrongDM study. Criminals know these businesses are often more vulnerable and easier to breach, plus they hold valuable data worth stealing.

The financial impact can be staggering. According to Acuity Insurance data, the average cyber insurance claim costs more than $20,000. The cost can be much higher than just the immediate financial loss — it can damage a business’s reputation and customer trust.

So how can you protect your business? Start by preparing your employees. Ensure they understand what to look for and how to respond if they make a mistake — like clicking on a suspicious link. Implement multifactor authentication wherever possible and reinforce the message that no business is too small to be targeted by cybercriminals.

Add cyber insurance to your business’s insurance policy. It provides protection for businesses by helping mitigate financial losses and covers a wide range of cyber-risks, including fraud, data breaches, identity theft, cyber extortion and system attacks. Beyond financial reimbursement, cyber insurance gives businesses access to expert resources for incident response, like information technology forensics, legal support and public relations professionals. Cyber insurance provides peace of mind by putting you in contact with experts who know how to manage the aftermath of a cyber event, and the financial backing to know that a cyber incident won’t cost you your business.

2024-12-03T08:01:00

(BPT) – Did you know the cost of a four-year college education has increased 38% at private schools and 32% at public colleges/universities over the past decade?^[1] Between these increasing college costs, lingering inflation and market uncertainties, many families are rethinking the gifts they’re giving for the holidays, birthdays, graduations and more.^[2] Many are asking: Would a contribution to a family member’s college savings account for their children be a more appreciated gift this year?

Apparently, most parents are on board with thinking outside the gift box. According to Fidelity’s 2024 College Gifting Study, a whopping 74% of parents say they would welcome a contribution to their child’s college savings account instead of traditional gifts and 62% would even prefer it. Looking back on their own experience, nearly 7 in 10 parents also say they would have been OK receiving fewer gifts as a child in exchange for more money in their own college funds.

When asked specifically about the holidays, parents in the “sandwich generation” are more likely to say they prefer more money be allocated to a college savings account instead of traditional gifts or experiences, with two-thirds of millennials and more than half of Gen X preferring those contributions for their kids (66% and 59%, respectively). In contrast, 47% of Boomers and 55% of Gen Z say they would prefer this kind of gift.

The study reveals the growing popularity of receiving gifts toward a child’s college fund. Although parents say their friends and family typically spend about 61% of their gifting budget on traditional gifts or experiences, they would prefer gifts be split 54% versus 46% between traditional gifts/experiences and college savings account contributions for their children.

If a contribution to a college fund sounds like a gift you’d like to give or receive, you may want to learn about the advantages of a 529 education savings plan.

Benefits of gifting contributions to a 529 plan

For parents planning for their children’s future, 529 plans are flexible, tax-advantaged accounts designed specifically for education savings. Funds in a 529 plan can be used for qualified education expenses at schools nationwide, including college expenses at postsecondary schools, tuition for K-12 schools, certain apprenticeship costs, vocational schools and student loan repayments. While your money is in a 529 account, no taxes will be due on investment earnings, and withdrawals for qualified education expenses are free from federal income tax.

If you want to contribute to a friend or family member’s 529 plan, contributions up to $18,000 annually are not subject to the federal gift tax, and some states may even offer tax incentives for contributions by state residents.

Even better, in the event that the 529 account is not used for education (such as a child who chooses another path), legislative changes have determined that under certain conditions, 529 plan assets can now be transferred to a Roth IRA for the beneficiary, giving them a retirement boost. Parents can also transfer unused funds to another family member, such as another child, their spouse, extended family, or even themselves.

“A contribution to a 529 plan is a great option for anyone who wants to help give the gift of college this holiday season,” said Tony Durkan, vice president, head of 529 Relationship Management at Fidelity Investments. “It speaks volumes about the importance of education, and helps families achieve their long-term goals in a real, tangible way.”

There are no account minimums required to open a Fidelity-managed 529 account, and you can choose from a menu of portfolios managed by professional fund managers. All five Fidelity-managed plans are also rated Gold or Silver by Morningstar.^[3] Learn more about the firm’s award-winning 529 plans and how to financially prepare your family for college at Fidelity.com.

How friends and family can participate

Ahead of the holidays or for any other special occasion, head to Fidelity.com/CollegeGift to learn more about gifting to a 529 plan.

Need assistance understanding your college savings options? Call Fidelity at 1-800-544-1914 for complimentary access to dedicated college planning representatives or visit Fidelity.com/529-plans/overview for more information.

Methodology

This survey was conducted by Big Village among a demographically representative U.S. sample of 3,008 adults 18 years of age and older. 874 respondents have children under 18 living at home and celebrate the holidays. This survey was live on October 1-10, 2024. Fidelity and Big Village are not affiliated.

The generations are defined as: Boomers (born 1946 – 1964), Gen X (born 1965 – 1980), Millennials (born 1981 – 1996), and Gen Z (born 1997-2012; only those ages 18+ were considered for this study).

Units of the portfolios are municipal securities and may be subject to market volatility and fluctuation. Please carefully consider the plan’s investment objectives, risks, charges, and expenses before investing. For this and other information on any 529 college savings plan managed by Fidelity, contact Fidelity for a free Fact Kit, or view one online. Read it carefully before you invest or send money.

529 distributions for qualified education expenses are generally federal income tax free. 529 assets may be used to pay for (i) qualified higher education expenses, (ii) qualified expenses for registered apprenticeship programs, (iii) up to $10,000 per taxable year per beneficiary for tuition expenses in connection with enrollment at a public, private, or religious elementary or secondary educational institution. Although such assets may come from multiple 529 accounts, the $10,000 qualified withdrawal limit will be aggregated on a per beneficiary basis. The IRS has not provided guidance to date on the methodology of allocating the $10,000 annual maximum among withdrawals from different 529 accounts, and (iv) amounts paid as principal or interest on any qualified education loan of a 529 plan designated beneficiary or a sibling of the designated beneficiary. The amount treated as a qualified expense is subject to a lifetime limit of $10,000 per individual. Although the assets may come from multiple 529 accounts, the $10,000 withdrawal limit for qualified educational loans payments will be aggregated on a per individual basis. The IRS has not provided guidance to date on the methodology of allocating the $10,000 annual maximum among withdrawals from different 529 accounts.

Any earnings on distributions not used for qualified higher educational expenses or that exceed distribution limits may be taxed as ordinary income and may be subject to a 10% federal tax penalty tax. Some states do not conform with federal tax law. Please check with your home state to determine if it recognizes the expanded 529 benefits afforded under federal tax law, including distributions for elementary and secondary education expenses, apprenticeship programs, and student loan repayments. You may want to consult with a tax professional before investing or making distributions.

Under current law, the annual gift tax exclusion amount is $18,000. Annual contributions up to $18,000 from an individual tax filer ($36,000 for married-filing-jointly) per beneficiary are not subject to the federal gift or estate tax consequences.

Investing involves risk, including risk of loss.

Views expressed are as of the date indicated, based on the information available at that time, and may change based on market or other conditions. Unless otherwise noted, the opinions provided are those of the speaker or author and not necessarily those of Fidelity Investments or its affiliates. Fidelity does not assume any duty to update any of the information.

Fidelity Investments and Fidelity are registered service marks of FMR LLC.

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2024-11-25T07:31:00

(BPT) – Thanksgiving is late this year, so the holiday shopping season is approaching faster than ever. As you’re making out your gift list, are you concerned about inflation? Amid global uncertainty, what’s the situation with the supply chain? Will the electronics, toys and other must-haves be on the shelves? How are retailers preparing for it all?

The 2024 Supply Chain Confidence Survey, conducted by Manhattan Associates, explores these questions, and more. Spanning over 1,000 consumers and retail and supply chain executives, the survey measured confidence and concerns for the upcoming holiday shopping season.

The results give a unique perspective across all parts of the shopping spectrum — the supply chain, retailers and consumers.

The majority of shoppers, 85%, cited inflation and increased prices as a top concern. In response, nearly 61% of supply chain leaders reported having invested in new technologies and processes to run more efficiently and reduce overall costs this season.

It’s a symbiotic relationship — consumer concerns and retailers respond to help quell those concerns and make holiday wishes come true. The bottom line is, everyone wants to have a happy, and successful, holiday season. People want to find the perfect gifts for their loved ones without overspending and retailers want to have a robust season that for some, especially smaller businesses, defines their entire year.

What did the survey uncover? Here are some of the top findings.

Top findings of the 2024 Supply Chain Confidence Survey

• Inventory Concerns: 62.4% of supply chain leaders worry about inventory shortages. However, 87.2% of retailers have measures in place to ensure trending products are available during peak shopping periods.
• High Price of Holiday Cheer: 93% of consumers say price increases over the past few years have had a negative impact on them. 60% of consumers plan to buy fewer gifts, while 57% will seek less expensive options, and 52.2% will look (and are willing to wait) for sales and deals.
• Technology Comes to the Rescue: 61.2% of retail leaders recently invested in new technologies to improve the efficiency of their supply chain, and 80% are leveraging AI technology to improve inventory management and customer service.

How should consumers react? Recommendations based on the survey results

In short, have confidence, be flexible and shop early.

1. Shop early. People resolve to do this every year, but this year it’s crucial. Get your shopping list handled now and be prepared to spread out the holiday spend to avoid feeling the pinch. Remember, the best deals will come early this season.
2. Shop online. Many of the best deals can be found online. 40.2% consumers surveyed said they plan to do most of their holiday shopping online. It’s important to do your online shopping early so that you don’t have to pay expedited shipping fees.
3. Make technology your friend. Do you have someone on your shopping list that has everything? The latest GenAI tools, like ChatGPT, can be helpful in brainstorming creative gift ideas. 32.6% of consumer are using AI in their holiday shopping, with 14.2% planning to use AI to find the best deals.
4. Shop the sales and do your research. You don’t have to leave the house to take advantage of Black Friday, Cyber Monday or Small Business Saturday. Scour online sites for deals and steals. Remember, retailers are gearing up for these sales early.
5. Be Kind to Santa’s Elves. As stressful as holiday shopping can be, it is extra stressful for all the truck drivers, store associates, shelf stockers, and delivery drivers that move gifts through the supply chain. Please be patient and be sure to thank them for the important role they play.

Patience and flexibility will go a long way. And remember, it’s not really about what’s within that holiday wrapping paper. It’s about spending time with who is unwrapping it.

For more information, visit https://www.manh.com/our-insights/resources/research-reports/the-state-of-supply-chain-confidence-ahead-of-the-2024-holiday-season.

2024-11-22T09:31:00

(BPT) – Is there a secret to financial success? Most Americans (52%) say “yes” — and the average salary considered successful is $270,000 per year, and $5.3 million in net worth, according to new research from Empower, a financial services leader in investing, planning, and advice.

But it’s not just money — it’s what money can buy. Only 27% rank wealth as the highest measure of financial success. Rather, most Americans say happiness (59%) is the most important benchmark — being able to spend money on the things and experiences that bring the most joy, doing what you love, followed by the luxury of free time (35%) to pursue personal passions.

People say success is about the “Factor of Four”: hard work (84%); talent (65%); who you know (55%) or The Network Effect; and luck and circumstance (51%). The secret is to be a visionary (36%) — and then outwork everyone (32%), a belief held most firmly by those with incomes over $100k, rising to 40%. Pay yourself first, say over one third of people (35%), by putting money away and saving for retirement. For 1 in 5 younger generations (Gen Zers and Millennials 19%) a secret to success is “fake it ’til you make it.”

“Fortune favors the bold, and people feel success is within their grasp with the right combination of dreaming and planning,” says Rebecca Rickert, head of communications at Empower. “It’s about disciplined, smart money choices, but overall people define financial success as very meritocratic, and a little serendipitous. There’s a sense that effort and outperformance will take you far.”

Still, nearly half of Americans (47%) feel they’ll never achieve the level of success they’re seeking. Just 37% of people consider themselves financially successful right now — with higher numbers of men than women (42% compared to 33%). Only half (50%) of people state they are or will be better off financially than their parents, a long-held meterstick for generational success.

Barriers to success

More than one third say the economy (35%) and income instability — irregular or insufficient income streams (30%) — is a culprit, along with lack of knowledge about managing finances (20%). Nearly a third say the biggest obstacle to success is not setting clear financial goals (28%). Over 1 in 4 (26%) say procrastination or delaying financial planning or decision-making gets in the way. People see a lack of savings (35%), overspending and not budgeting effectively (37%), and debt (36%) as barriers to success.

Despite hurdles, most Americans (58%) believe that they will achieve financial success in their lifetime, with the younger generations most optimistic (Gen Z 71%, Millennials 70%, Gen X 53% and Baby Boomers 45%).

Success, realized

For most people (63%), financial success is found in tangible wins: being able to pay bills on time, owning a home (52%), and affording experiences like travel and entertainment (47%). For 40%, it’s about retiring at a goal age — and while they are working, enjoying the job (42%).

Having a financial plan (45%), building up retirement plan savings like 401(k) investments (30%), and investing in stocks (27%) are top money moves people say propel greater success. One in 3 people (30%) say getting good financial advice is worth its weight in gold.

More key findings from Empower’s report, “Secret to Success“:

• Making it: People say the surest path to success is a well-paying job (51%), saving as much as possible and the power of compounding (46%), along with making smart investment decisions (46%). Some 36% say it’s financial education. People reveal that a secret to success is never spending more money than you make (52%).
• Risking it: Nearly 1 in 4 (23%) say taking risks is an important money move to get richer. A third (34%) believe success means prioritizing your efforts because Time is Money.
• Society says: Americans say their personal definition of success is often at odds with what society prizes. Less than half of people (43%) define financial success as having a certain amount of money or assets. Conversely, people say society equates success with wealth (59%), power (44%), and fame (35%). Just 6% say they value “power” as a measure of success for themselves.
• Success through the ages: Almost half of Americans (49%) feel less financially successful compared to others. 60% say that for their generation, financial success is much harder to achieve than for other generations — a sentiment highest among Millennials at 69%, and lowest among Boomers at 49%. Still, the definition of success may be evolving, as 83% agree that each generation has its own idea of success.
• Success is in the eye of the beholder: Most Americans agree (71%) that there is no single measurement for financial success. One point of agreement: 61% say you can never have enough money.
• Health = wealth: Over a third say success is just as much about physical well-being (35%) as it is how much money they have (27%).
• More money, more problems: 47% agree with the adage “more money, more problems.” The majority (71%) say being rich has a positive connotation, and 61% say being rich is more than dollars and cents.
• Success at work: People say the definition of success at work is how much money they earn (38%), benefits like healthcare, insurance and time off (36%) — but it’s also about the intangibles: finding the right job fit that aligns with their values and personality (35%) and receiving recognition and appreciation (35%). A third say having a good boss is worth its weight in gold (29%), and people view success in the workplace as flexibility (26%) and autonomy (20%).
• The value of a degree: 35% say the college you attend is a big determinant of how rich you are (vs 65% who say it isn’t).

Visit The Currency™ to read Empower’s full research report, “Secret to Success.”

*ABOUT THE STUDY

The Empower “Secret to Success” study is based on online survey responses from 2,203 Americans ages 18+ fielded by Morning Consult from September 13-14, 2024. The survey is weighted to be nationally representative of U.S. adults (aged 18+).

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2024-11-21T10:31:00

(BPT) – With the holiday shopping season right around the corner, you may be making your list and checking it twice to ensure you don’t forget a single thing this year. Meanwhile, endless options both online and in-store can make it feel overwhelming to find the perfect gift for everyone on your “Nice List.” In all that hustle and bustle, there’s nothing worse than adding another trip to the store or dealing with frustrating customer service.

Fortunately, retailers are helping take the hassle out of shopping for your loved ones by tapping into technology built to assist you during the entire process — from browsing, to purchasing, to shipping and service. According to a study by AI-powered customer experience orchestration leader Genesys, 76% of organizations are using AI to personalize customer experiences, which means support, product recommendations and discounts tailored specifically for you. As AI becomes more mainstream in customer service, it can become the personal assistant you need, giving you a more enjoyable experience without even having to visit a store.

While retailers are working to make shopping merry and bright, Ginger Conlon, customer experience advocate at Genesys, has steps you can take for better, faster customer service this holiday season.

• Avoid the busiest hours: If you’re calling for support, reach out in the early morning or late afternoon. Genesys analyzed the number of calls to US retailers’ customer service lines during the 2023 holiday shopping season (Nov. 1–Dec. 25, 2023) and found that the hours of 10 AM through 12 PM ET were overall the busiest times, which could mean longer hold times for you.
• Ask the bot: With 24/7 availability, using chatbots can make it easy to get help faster. Genesys research showed that nearly 90% of surveyed organizations are using chatbots for customer service. Taking advantage of this easily accessible support tool can save you a little extra time when you’re looking for information like return policies, the status of an order and other simple questions. And as AI continues to advance, expect chatbots to evolve into even more helpful virtual agents capable of handling more complex needs.
• Explore your options: Reaching customer service by phone isn’t your only option. Using one of the many communication avenues businesses offer like chat, email, social media or texting can provide the help you need on your schedule.
• Skip the hold music: Instead of waiting on hold, opt for customer service to call you. Many customer service lines offer callback options, letting you get on with your day without losing your place in line. In an era where time is money, enjoy the convenience and flexibility that this helpful support feature offers.
• Don’t be a Grinch: The holiday season is a particularly busy and difficult time for customer service representatives who may deal with hundreds of frustrated shoppers every day. Don’t be one of the many customers who have lost their temper during service interactions. Remember that agents are there to help you. If you’re feeling stressed, pause for a beat — it will make for a better experience for both you and the representative.

This holiday season, use technology to your advantage to skip the lines, get top-notch customer experience and navigate the post-holiday service rush. Happy shopping!

2024-11-19T09:01:00

(BPT) – For many contractors who work seasonally, winter may signal an end to their busiest time of year; for others, winter is the start of their busiest time. No matter when your busy season is, the annual lull in active projects presents an opportunity to assess business performance, set new goals, and streamline operations — and that includes managing your insurance.

As the in-house construction consultant at Acuity Insurance, John Lack leverages more than 35 years of contracting experience to help construction businesses improve important aspects like risk management, jobsite safety, project management and overall profitability. With a background in overseeing the construction of supermarket locations throughout the Midwest, Lack knows firsthand how critical it is for contractors to pair their service offerings with the right insurance coverage.

“Profit margins in construction are notoriously thin,” Lack says. “The seasonal nature of the business means cash flow can fluctuate dramatically. The last thing contractors need during the slow season is insurance-related stress. Instead, insurance should be a tool to help them manage these transitions more smoothly.”

Lack offers a few key suggestions for ensuring contractors get the most out of their insurance, especially during slower periods:

• Optimize Workers’ Compensation Premiums

For many contractors, the winter months can bring a dip in active projects, which impacts payroll and overall business activity. While you’re addressing slow-season challenges, insurance offers opportunities to improve cash flow management.

By proactively reporting any fluctuations in payroll to your insurance provider, contractors can avoid overpaying for workers’ compensation coverage during slower months and ensure they’re paying the right premiums as business ramps up. Insurance premiums tied to actual payroll or job activity can better align with your cash flow, offering savings and flexibility when you need it most.

Acuity Insurance offers AcuitySmartPay to provide a smarter way for contractors to manage their workers’ compensation insurance premiums. In addition to providing a web-based system that simplifies monthly payroll reporting, AcuitySmartPay provides multiple benefits to those who enroll, including:

• • Improved cash flow
  • Fewer surprises at audit
  • Flexible premium payments based on business activity
  • Enhanced business planning and budget insurance expenses

• Consider Insurance Coverage and Resources When Diversifying Operations

Winter can be an ideal time to diversify your business and look for new revenue streams. Expanding your services by offering winter-specific contracting jobs or specialized services can help keep cash flow steady during the slow season. However, these new offerings may bring additional risks that could impact your insurance premiums.

Before introducing new services, be sure to inform your insurance provider about any changes to your operations. Certain types of work — like roof repairs, hazardous material handling or using specialized equipment — carry higher risks, and failing to update your coverage could result in an underinsured business or unexpected costs down the road.

When expanding your scope, don’t forget to consider employee training implications. Your insurance company should have loss control and risk management resources you can leverage. Many insurance companies, including Acuity, provide valuable services to help contractors identify and mitigate risks before they result in costly claims. These resources can include safety audits, jobsite inspections, safety training and tailored risk management strategies. By engaging with these services, contractors can not only improve safety and reduce the likelihood of accidents, but also lower their long-term insurance costs by proactively addressing risks that might otherwise lead to higher premiums or claims.

Make the Most of This Winter Season

Winter is a great time of year for most contractors to analyze their business and identify opportunities or resources that can elevate their bottom line. Having the aid of industry experts who understand the construction industry can provide invaluable support to contractors who want to grow and protect their business. Whether they’re looking for expert advice, policy support or dependable claims service, contractors are encouraged to visit acuity.com or speak with an independent insurance agent to identify the best coverage, services and solutions for their aspirations or evolving business needs.

2024-11-19T07:01:00

(BPT) – The holiday season is right around the corner, and if recent retail sales forecasts are any indication, it’s going to be a massive year for small businesses. The Mintel Holiday Shopping Report 2024 predicts U.S. retail sales in November and December will reach upwards of $1.07 trillion and people are planning to start their shopping early. Are small businesses ready?

For many small to medium-sized businesses (SMBs), the holidays can make or break their year. Small businesses don’t have the same luxury as big corporations and, in most cases, operate with a lean team, tight inventory and limited resources. With this in mind, every second and every dollar matters. So, how can businesses ensure that they’re optimizing internal processes and utilizing their employees effectively to drive growth?

Technology can be a powerful enabler, opening up new opportunities and giving small businesses a significant edge toward success. The right technology will allow businesses to reach the right audience, meet customer demand and drive maximum traffic.

Here are three ways SMBs can leverage technology to stand out and scale up this holiday season, from the pros at Lenovo.

Use AI to improve efficiency

AI isn’t going to replace people, especially in customer service and sales, and it can be a big help in improving the way owners operate their business. According to the Small Business & Entrepreneurship Council, 75% of small businesses are using AI for a variety of tasks, and nearly half of those report AI allows their (human) employees to focus on more meaningful, higher-level tasks. Whether it’s streamlining processes, generating new ideas, tracking inventory or creating custom marketing materials, AI can be molded and incorporated into your business to address your needs. AI can also provide support with analyzing customer data to create targeted advertising and personalized recommendations, automation of repetitive tasks like data entry, and creating chatbots for simple customer service questions or needs, allowing team members to prioritize more complex projects.

Create and optimize an online presence to attract consumers

Consumers expect businesses to have an online presence in addition to a physical presence. In fact, data from Expert Market shows 98% of small businesses have some kind of online presence, however, only 63% have ecommerce integrated into their website. That’s a missed opportunity. According to the Mintel report, 82% of people are multichannel shoppers who shop online. Adobe Analytics predicts online holiday sales will top $240.8 billion this year, with this being the most “mobile” shopping year to date. With all of those online and multi-channel shoppers, small businesses must include ecommerce on their sites to stay competitive.

Improve customer experience

SMBs should ensure they are reaching customers where they are by offering an omnichannel experience. For those with an established online presence, they must continue to incorporate new techniques that elevate their customers’ online experience so they continue to return. A robust, user-friendly website with ecommerce creates a great customer experience. You want shoppers to feel as welcome online as they do in your physical business. Chatbots can help out with customer service, personalized email campaigns can make your customers feel seen and heard, while social media marketing can build loyalty, create community and put you in touch with people all over the world. Other tools like customer relationship management systems can store customer data, track purchase history and provide targeted offers, further upping the relationship level.

By leveraging technology, small businesses can level up just before the holiday rush. Technological advancements will help small business owners create an engaging, personalized presence for customers and can help run your business more efficiently and smoothly, too. For more information about how technology can help your business, visit Lenovo.com.

2024-11-19T07:01:00

(BPT) – As you start checking off everyone on your holiday shopping list, it’s important to remember that more online shopping means more opportunities for cyber scams. But don’t let the Grinch steal your holiday cheer! It’s time to deck the halls with essential cybersecurity tips to ensure a safe and merry shopping experience.

Unwrap some festive tips to keep your holiday season jolly and scam-free!

1. Update your devices for a holly jolly holiday

In your tech-driven lives, your devices act as your personal elves, guarding your digital stockings. Regular updates help to patch vulnerabilities and protect you from the latest security threats. So, as you prepare for your holiday online shopping sprees, make sure all your devices — smartphones, tablets, laptops — are running the latest operating systems. This not only enhances security but also improves functionality, making your online experience smoother as you shop for that perfect holiday gift.

2. Protect your holiday cheer: Avoid public Wi-Fi for financial transactions

As you dash through shopping malls or bustling airports, the convenience of public Wi-Fi can be tempting. However, these unsecured networks can quickly become a hacker’s winter wonderland, making it risky to conduct financial transactions or access sensitive information. Instead, opt for secure networks that require a password, or better yet, use your mobile data when making purchases. It’s always worth waiting for a safer connection to protect your personal data and avoid potential cyber pitfalls during your holiday shopping adventures.

3. Stay off the naughty list: Skip ads and go straight to the site

While it’s easy to get drawn in by eye-catching ads promising unbeatable holiday deals, clicking on them can expose you to scams. Advertisements often track your data and lead you to fraudulent websites. Instead, take a moment to type the URL directly into your browser. This small yet impactful action not only safeguards your personal information but ensures that you reach the legitimate sites for your holiday shopping, allowing you to shop with confidence.

4. Keep your digital wallet as safe as Santa’s sleigh

Digital wallets are convenient tools for both in-person and online shopping, especially as you navigate holiday markets or browse for gifts during your travels. They encrypt your account details, ensuring your card numbers are never shared. However, it’s vital you secure this personal vault. Protect it with a robust passcode and enable biometric locks, such as fingerprint or facial recognition. This added layer of security ensures that your financial information remains safe, allowing you to enjoy your holiday shopping without fear.

5. Jingle All the Way with Zero Liability

This festive season, let Zero Liability keep your holiday cheer intact and free from worries. Financial institutions that issue Mastercard cards won’t hold you responsible for “unauthorized transactions,” as long as they are promptly reported and you’ve taken reasonable care to protect your card from loss or theft. As a Mastercard cardholder, Zero Liability covers your purchases made in-store, over the phone, online, via a mobile device, and even at ATMs. With such protections, paying with your card brings more peace of mind than paying with cash or check.

So, keep your card close, and let your holiday spirit shine bright without any worries! As the holiday season jingles on, remember to be proactive about cybersecurity to make your shopping experience merry and bright. Whether you’re sipping hot cocoa at a cozy café while hunting for last-minute gifts online or exploring local treasures in a new city, these tips will help you navigate the bustling holiday landscape safely. So, deck the halls with cyber smarts, enjoy your festive shopping, and travel safely.