Category: Brandpoint Business & Finance

2024-06-12T12:19:00

(BPT) – For recent high school and college graduates, these life transitions often bring dramatic change — as well as opportunities to learn and grow. As young adults embark on these milestones, learning how to handle their own finances is key. While a great way to learn these skills is by doing, it pays to have a little help along the way.

To support recent grads navigating their increasing independence, here are tips to help them develop good financial habits as they pursue their educational goals, begin their career, and beyond.

1. Talk it out

One of the best things you can do is be open to having candid conversations about money. As parents, discussing the challenges, accomplished goals and pitfalls of finances with kids who are becoming adults can be hugely impactful. Don’t shy away from sharing your own mistakes, explaining what you learned from them, and letting them see that the financial journey doesn’t come easily to everyone — with or without mistakes. Help them talk through their money decisions and discuss financial goals they want to set.

If you’re a recent grad embarking on your own for the first time, decisions about where to live and how to manage your money can be overwhelming. Don’t be afraid to reach out to parents or other trusted family members who may have advice and guidance to help you navigate these new experiences.

2. Use tools designed for young people

Financial tools and resources, including checking accounts, can help high school students, college students and recent grads manage their money with confidence.

• Chase High School Checking is an account with tools and resources for students aged 13-17 that is co-owned by the parent to provide oversight and monitoring, with no monthly service fee.
• Chase College Checking is created for students aged 17-24, giving them the confidence they’ll need to help manage their money independently, again with no monthly service fee up to the graduation date.

Both checking account options can help high school and college students gain financial independence while teaching them how to budget, save and spend wisely. Plus they come with the benefit of having direct deposit, to receive and monitor funds more easily while tracking expenses each month.

3. Consolidate money tools

If you’re just getting started with using online budgeting tools and trackers, it’s tempting to download all of the latest apps to help, but learning how to budget and manage money is easier and more convenient if you do all those things through one app rather than using multiple to keep track of your money.

Chase student checking accounts offer account alerts, the ability to track spending, plus use Zelle^® to quickly send and receive funds with friends, among other helpful services — all in one place, the Chase Mobile^® app.

4. Track income and spending

Teaching your recent grad how to monitor how much money they’re earning, plus tracking where and how they’re spending, is vital as they begin living more independently. It’s crucial to understand the difference between needs versus wants, some of the basics of budgeting, to help establish these habits early in life and better prepare them for future financial stability.

5. Enjoy today while planning the future

Today’s generation is on-the-go and action-oriented, hoping to leave the world better than they found it. They are often focused on a future they may sometimes doubt. Similarly, much of what you do today is in the hope of a better future. Even steps that may seem small or unimportant truly add up — like saving for an emergency fund or other future financial goals. Staying focused on long-term goals or establishing the routine of healthy habits will make the seeds being planted today lead to growth in the future.

Explore more tips, financial resources and tools at chase.com/studentbanking.

Bank deposit accounts, such as checking and savings, are subject to approval.

Chase Mobile^® app is available for select mobile devices. Message and data rates may apply.

Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license.

Deposit products provided by JPMorgan Chase Bank, N.A. Member FDIC.

2024-06-10T08:01:00

(BPT) – Ramen noodles have become a reliable barometer of the economy. Think about it: When the going gets tough, noodle sales rise as consumers turn to goods that help them stretch the power of their dollar. And how is the economy performing right now? Noodle sales have been strong for months, with consumers trading down on purchases to offset the rising costs of food and other essential goods.

These kinds of insights on consumer spending are critical for business success, as they highlight key trends that can help small business owners, and the companies that serve them, chart the best path for growth.

For those looking for information that is a bit more clear cut than ramen noodle sales, the Fiserv Small Business Index is a simple tool providing data at the national, state and industry levels by analyzing consumer transaction data (card, cash and check) at approximately two million U.S. small businesses.

What’s the data showing?

Here are some insights from the index:

• The pace of consumer spending at small businesses accelerated in the first quarter of 2024, growing 3.4% compared to 2023
• Foot traffic is also up considerably, growing 5.3%

However, at the same time, average transaction sizes are decreasing. In other words, while total spending and transactions are up, consumers are spending 2.4% less each time they’re at the checkout counter (meaning they are buying less or trading down for less expensive items, like those ramen noodles).

Where’s the money flowing?

Roughly 40% of all incremental spending in the first quarter went toward experiences rather than goods. For example, people are spending on dining out and lodging away from home, plus fun activities like sporting events, traveling for spring break or holidays — or to watch the solar eclipse.

In fact, compared to 2023, 28% of every incremental dollar that consumers are pouring into the small business ecosystem is going to restaurants.

How data can spur growth

Small businesses that have access to actionable insights are in a position to make better business decisions. As inflation impacts the economy, the Fiserv Small Business Index reveals how consumer spending across small businesses is changing in response.

Armed with that information, savvy business owners can make strategic decisions regarding how and what they’re selling, allowing them to better serve customers and capture a bigger share of wallet. Here are some examples of those kinds of decisions:

Offer multiple payment methods

Different age groups prefer to pay in different ways. Make it easy for all your customers to buy by allowing them to pay the way they prefer, whether that’s via credit card, debit card, mobile wallet, cash, check, bank or even gift card.

Popular point-of-sale platforms like Clover from Fiserv make it easy for small businesses to provide customers with a range of payment options and a seamless shopping experience.

Promote more budget-friendly options

Although consumer spending is resilient, what consumers are buying is changing. As inflation pushes the cost of goods higher, consumers seek to get more bang for their buck.

Businesses looking to combat inflationary impacts on consumers should consider how to drive their own sales through budget-friendly offers: discounts, bonuses and other promotions — or by selling less expensive alternatives to high-priced goods.

Create appealing experiences

Businesses that sell experiences, notably in the restaurant, travel and leisure spaces, are reaping the rewards of shoppers who are increasingly buying things to do instead of physical goods.

Small businesses can capitalize on this trend by creating engaging experiences that make sense for their particular business. For example, an art gallery can host pottery classes, an Italian deli can offer pasta-making lessons, or your business could provide a membership program letting customers tap into special events.

Consider local expansion

As a business grows, opening a new store presents the opportunity to reach more customers, but deciding when and where to open that new shop can be complex.

By analyzing how comparable businesses are performing in potential locations, a small business owner can pinpoint their most advantageous expansion opportunity based on consumer spending patterns in those markets.

“Understanding trends and making the most of them can make a huge difference for any small business,” said Prasanna Dhore, chief data officer at Fiserv. “Right now, businesses that can offer consumers a memorable experience are especially well positioned to succeed.”

Small businesses, and the businesses that serve them, should be optimistic as consumer spending remains resilient despite inflation, and using current data can help them keep their fingers on the pulse of consumer needs and wants.

For more information on the health of small business, visit the Fiserv Small Business Index at fiserv.com/smallbusinessindex.

2024-05-13T15:59:00

(BPT) – So, you’re ready to buy your next car. Are you considering going through a private seller? If you haven’t bought a car from a private seller before, you may have some concerns and questions. To help you navigate the private seller market, Autotrader — one of the most comprehensive vehicle marketplaces — offers the following eight tips to help you purchase your next car with ease.

1. Do your research

Before you begin looking at car listings, do your homework. Narrow down which cars fit your needs and lifestyle. Once you have a handful, research common issues and going rates for specific car makes, models and years. Arming yourself with this information will allow you to enter the world of private car sales with confidence.

2. Create a budget

Once you know which cars you’d like, create a budget and stick to it. If you don’t have a clear picture of your finances, take the time to track your income and expenses. Once you know how much money you have to work with, set a realistic price range and see which cars on your list make the cut.

Remember, your car expenses are more than just the monthly loan payment and average monthly fuel costs. You’ll also need to account for car insurance, scheduled maintenance and other related expenses. You can use a handy tool like Autotrader’s monthly car payment calculator to factor in all your costs.

3. Find private seller listings

Locating private seller car listings isn’t as difficult as you may think. Do a deep dive into the classified ads, neighborhood chat boards and online platforms. If you’ve narrowed down your choice to a specific model, a website like Autotrader can help you find options based on a make, model and year.

4. Ask the right questions

When you find a car with potential, it’s time to contact the seller. As you discuss the vehicle, come prepared with a list of questions. During your chat, find out why the owner is selling the car, how long they’ve had it and where they got it. Ask if they can provide a vehicle history report that details any accidents and repair history as well as maintenance history and if any warranties still apply.

5. Arrange a trial run

If the seller answered your questions to your satisfaction, your next step should be setting up an appointment to see the car and get behind the wheel. During your test drive, you can experience how it handles and if the vehicle matches your expectations. Make sure to note any strange noises and odd vibrations.

When meeting with a private seller, insist on meeting in a public place during the day and bring a friend or relative. You’ll feel more secure, and your buddy can help you spot any problems or concerns you may have missed.

6. Schedule a professional inspection

Even if the car seems to be in the exact condition the seller specified, ask to take it to a third party, like your trusted mechanic, for a professional inspection. A professional inspection can help you detect any problems that might not be obvious just by looking at or driving the car. Inspections tend to cost $100-$150, and they’re well worth the cost for your peace of mind.

7. Negotiate price and discuss payment

Negotiating the price of a car can sound intimidating, but it’s a common part of the buying process when purchasing a vehicle from a private seller. Remember, be respectful but firm. Don’t be afraid to walk away if the price is outside your budget or you feel that the car’s condition doesn’t reflect its value.

If you agree to purchase the car, talk with the seller about how they’d like to receive payment. There are many ways you may be able to pay for a car, including cash, certified checks, bank transfers and digital payment platforms, just to name a few.

8. Don’t forget the paperwork!

Finally, make sure all the paperwork is in order. The seller must transfer the vehicle’s title to the buyer to complete the transaction. Check your state’s requirements for bill of sale, car registration, and any applicable taxes or fees.

Simplifying car buying (and selling!)

You can simplify buying from a private seller by using Private Seller Exchange on Autotrader. Private Seller Exchange on Autotrader will verify the seller’s identity, provide a platform to chat with the seller, allow you to schedule a test drive, make offers online, confirm a car’s ownership and accident history, and provide a secure payment platform. Best of all, once you’ve purchased the car, you can use Private Seller Exchange on Autotrader to arrange car pickup or have it delivered to your door!

By using Private Seller Exchange on Autotrader, you can proceed with a private car sale with convenience, security and ease. Sellers can also use the platform to list and sell their cars!

Are you ready to buy your next car? Use these 8 tips to make purchasing from a private seller a breeze. Visit Autotrader.com/Marketplace for more information and to view a “How It Works” video.

2024-05-08T07:01:01

(BPT) – Defying the oceans on a 12 meter sailboat — while reaching speeds of 17 knots — to cross the finish line first, showing resilience, courage and great strategic skills: this is Sailing into the Future. Together, the challenge launched by IBSA, the Swiss multinational pharmaceutical company, which chose sailing to tell a great story of sport and sustainability.

In March 2022, IBSA launched an ambitious project: providing talented Italian sailor Alberto Bona with all the tools to promote sharing and inclusion through the thrilling sport of sailing.

After over two years and seven regattas, the Class40 IBSA arrives in the United States to finish the Transat CIC — one of the most difficult crossings of the Atlantic Ocean. Starting on April 28 from Lorient, one of the most famous French ports in ocean sailing, the regatta includes 48 solo sailors navigating to New York, along a challenging and dangerous route, due to the presence of icebergs, fog, currents and very strong winds.

This year marks Alberto’s third season aboard the Class40 IBSA. Bona was the winner of the Class40 International Championship, ranking as the first-place skipper based on his finishes in 2023. He is one of the two favorites among the 13 participants in the Class40 category and is ready to take on the challenge.

Earlier this year, the Class40 IBSA was completely overhauled in a French shipyard. The hull underwent several adjustments to prepare the boat to face the grueling North Atlantic crossing, a completely different experience from previous regattas which ended in the Caribbean, a destination much easier to reach and safer to navigate than the northwestern coast of the United States.

“It’s as if we had been preparing for this regatta for two whole years,” said Bona. “Each challenge has its own unique ingredients, but the Transat CIC contains them all: when sailing solo, I will face complex weather conditions; the boat will often have to navigate at risky and difficult speeds. I will have to manage my opponents, the icebergs, the fog and the currents; in short, the perfect regatta in terms of difficulty and exciting like no other. A regatta in which, as in all my endeavors, I will feel all the IBSA people at my side: indeed, they will follow me through the tracking system and encourage me with their messages.”

With this multi-year project, sailing becomes an effective means of reaching a wide audience with important messages about sustainability and inclusion. As part of Sailing into the Future. Together IBSA has undertaken an international project to support inclusive sailing — through the donation of several Hansa 303 boats suitable for people with disabilities — and established partnerships with Swiss, French, Italian and Spanish nautical clubs to support inclusive sailing initiatives, in order to involve people with physical and cognitive disabilities in experiences in close contact with the sea.

“We are proud that, after two years of success in Europe, the Sailing into the Future. Together is coming to the United States,” stated Nick Hart, CEO IBSA USA. “This project is a significant undertaking, which sees us competing in some of the world’s most prestigious and challenging regattas. It also provides an opportunity to highlight IBSA’s values and increase our global visibility as a company with an eye to the future and a commitment to sustainability.”

Educating people on respect for others and promoting a real inclusion of diversity by fighting prejudice and discrimination are the objectives that IBSA aims to achieve through the project Sailing into the Future. Together.

To learn more about the program and follow the Class40 IBSA’s journey, visit the project website.

Photo: Courtesy IBSA | Beppe Raso

2024-05-06T09:01:00

(BPT) – Chase’s fourth annual Digital Banking Attitudes survey explores the ways consumers are using their mobile banking apps and digital tools to manage their finances, as well as how often. For example, users are increasingly monitoring their credit scores, booking travel, and finding offers and discounts. Read on to learn more.

2024-05-01T08:09:00

(BPT) – Time is money, and there’s a premium: Americans say their time is worth $240 per hour, on average, according to new research from Empower, a financial services company. Based on a standard 40-hour week, that puts the perceived value at $499,200 per year — nearly eight times higher than the average U.S. salary of $59,384.¹ One third of people set the price at under $50 per hour, though 1 in 4 Millennials value their time at over $500 per hour — the highest of any generation (just 6% of Boomers name that rate).

Many Americans are racing against the clock when it comes to financial goals: half think they’re running out of time to save for retirement, even though 44% say they started putting money away early enough. Another 43% wish they could go back in time to start saving sooner, and half (48%) would rather have a longer retirement period with less money, than retire later in life with more.

People may be further along than they think. According to Empower Personal Dashboard™ data, the average 401(k) balance clocks in at $291,810 and for people in their 50s approaching retirement age, the number jumps to $580,259² — one key measure of overall personal savings and investments.

Additional key findings:

• Spending time wisely: The average price of 60 minutes varies: Millennials say it’s worth $328.84 per hour, followed by Gen Z at $266.92, Gen X at $215.90 and Boomers at $137.19. Based on this study’s findings of how Americans value their time, two hours of meetings at work cost close to $500 per person; catching nightly Z’s costs nearly $2,000 a day (or close to $60,000 a month).
• Less is more: 1 in 4 people (26%) are willing to take a 15% pay cut to gain more free time. 40% would rather pay to make life easier right now than to save and have more money later and more than 2 in 5 say outsourcing household tasks gives them a better work/life balance (41%).
• Cost of convenience: 36% would rather pay more to get an item delivered instead of driving 10 minutes to get it. A third of Gen Z (30%) would pay up to $5,000 per year to save time not doing everyday tasks like cleaning and yard work, and 36% of Millennials would shell out up to $10,000 for someone to take on in-house chores and cook meals.
• AI to save time: 21% would use AI to recommend money moves to plan for retirement, help pay bills on time (25%) and make a budget by examining personal financial accounts (23%).
• Time on money: 26% would spend $5,000 per year to have someone else manage their long-term financials, investments, and savings. More than a third of Americans admit to procrastinating money tasks like paying their bills.
• Clocking in: 44% say they wish they could work part-time, but can’t afford it. More than a third (32%) say they want to start their own business, but don’t have the time.
• The luxury of time: 6 in 10 people (63%) “feel wealthy” if they have enough time to spend with family and friends. Nearly a third feel comfortable taking on debt if it buys more free time (29%) or a memorable experience (29%). Nearly 2 in 5 say saving time is more important than saving money (37%).

Sign of the times

Americans are having to work alongside the wider economy on their journey to hit their goals. Though 30% of adults are not keeping track of any financial “signs of the times,” around a quarter are keeping an eye on shrinkflation (24%), as product sizes get smaller for the same or more cost. It can be a struggle, as more than 3 in 4 Americans believe they’re doing as much as they can to save money while shopping (76%). Some 22% of Americans are also keeping track of their ability to retire and when (22%), as nearly half (48%) worry about how they’ll pay for expenses once they’re no longer working.

Americans are watching the strength of the job market (21%), and cryptocurrency (19%). The same amount are keeping an eye on volatility in the stock market. Compounding gains can play an essential role in building wealth and 3 in 10 people say they would have invested in a popular stock if they could go back in time.

The time is now

Time is of the essence as people work toward streamlining their lives and focusing on what matters most to them, amid commitments across work and home that can affect their financial happiness. More than half of Millennials (52%) and 37% overall think saving time is more important than saving money.

For many, getting advice early on is key: nearly 1 in 5 would have worked with a financial professional sooner. Overall, Americans remain optimistic, with 78% saying it’s never too late to start focusing on your finances.

Methodology

Empower commissioned the “Time is Money” survey, which is based on online survey responses from 2,204 Americans ages 18+ and fielded by Morning Consult from March 11-14, 2024.

1 U.S. Bureau of Labor Statistics Dec 2023. Quarterly Census of Employment and Wages.

2 Anonymized user data from the Empower Personal Dashboard™ as of March 2024.

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2024-04-25T07:01:00

(BPT) – Since joining Aledade in 2022, Coal Creek Family Medicine, a small independent practice in Louisville, Colorado, has used Aledade’s proprietary population health tool and in-practice support to close care gaps and enhance quality care delivery.

“Being a member of Aledade has encouraged us to keep working toward quality care and make sustainable changes in our practice. Aledade has been the most supportive and involved partner we have encountered,” said Lisa Talamantes, M.D., physician owner of Coal Creek Family Medicine. “We have learned a lot about our practice through Aledade’s robust data collection and reporting. Aledade has helped us to look at ourselves more critically and to find ways to improve our care.”

Coal Creek Family Medicine’s story of success corresponds with the experience of so many of Aledade’s 1,900-plus member primary care practices, clinics and health centers throughout the United States.

The nation’s largest and most successful enabler of physician-led value-based care, Aledade continues to draw more physicians to its unique, clinician-empowered model. In just 10 years, Aledade has formed partnerships with 20,000 physicians and clinicians in 45 states and the District of Columbia to serve nearly 2.5 million patients. Aledade also offers more than 200 value-based contracts across Medicare, Medicare Advantage, Medicaid and nearly every national payer.

And just this year alone, Aledade has added to its network more than 400 new primary care practices, clinics and community health centers, as well as more than 60 health plan contracts.

“For more than a decade, we’ve been partnering with primary care physicians across the country in their transition to value-based care,” said Farzad Mostashari, M.D., co-founder and CEO of Aledade, Inc., “so they can do more not only to help their patients and better serve their communities, but also to make sure their practices and health centers thrive.”

Right for doctors, patients and society

Aledade’s mission — to do what is right for doctors, patients and society — is at the core of its physician-led model. Through this proven, scalable model, which includes cutting-edge data analytics, user-friendly guided workflows, health care policy expertise, strong payer relationships, and integrated care solutions delivered, Aledade empowers physicians to succeed financially by keeping people healthy.

As a result of joining Aledade’s ACO, Pershing Health System went from owing Medicare money at the end of the year to earning shared savings in the Medicare Shared Savings Program. The Brookfield, Missouri-located practice is using those earnings to plan for future projects, expansions and more staff in just two years.

“With our growing clinics, we are hoping to earmark some of the shared savings to expand our walls in the future,” Schwager explained.

Nation’s top-performing ACOs are with Aledade

The physician- and patient-first approach is increasingly attractive to independent practices like Columbia Medical Practice in Howard County, Maryland, which needs the same level of resources offered by large, health system-owned ACOs, but wants to retain ownership of their practices.

“We took the opportunity to be part of a health system ACO, but learned we needed more support that recognized our priorities in independent care,” said Sohail Khwaja, executive director of Columbia Medical Practice. “The support we received from Aledade in the first three months was exponentially greater than what we had ever seen before … We’re getting the support. We’re getting the funding. We are getting the resources we need to take care of our patients.”

This investment in the success of its members has yielded tremendous results for Aledade’s ACOs. Among the top 10 Medicare Shared Savings Program ACOs in the United States, five are Aledade ACOs. Those five include a large, suburban practice, a small, micro practice and rural practices focused on a predominantly minority population, underscoring the fact that Aledade empowers all kinds of practices — city, rural; large, small, etc. — nationwide.

Aledade ACOs continue to outperform other tenured ACOs in quality scores and Medicare shared savings. To wit, practices within Aledade’s ACOs have generated more than three times the savings rate of non-Aledade practices, while also delivering quality scores nearly 4% better.

With those stellar performance results, physicians like Laura Theis, M.D., president of Central Coast Family Care in Santa Maria, California, are passionate about continuing their value-based care journeys with Aledade as their partner.

“(Participating in value-based care with Aledade) has definitely been an additional source of income, and not a small one. It’s been viewed very favorably by the physicians, and it’s brought the entire staff a better understanding of how we can affect the patient experience,” Theis said. “More and more Medicare and commercial insurances are moving away from fee-for-service and toward a value-based platform. Aledade does an excellent job of supporting that, and I hope our practice continues to thrive and continues to grow in this partnership.”

Is your primary care organization ready to explore value-based care with a partner committed to your success? Visit https://info.aledade.com/get-started to get started.

2024-04-24T08:01:00

(BPT) – By Sarah Acton, Chief Marketing Officer, BILL

National Small Business Week rolls around once a year, but the impact that these businesses have on our livelihoods, families, communities and economies is astounding. In fact, 99.9% of American businesses are small and midsize businesses (SMBs). They are engines of our U.S. economy, and essential job creators — accounting for two out of three of all jobs created in the last 25 years, and employing more than 62 million Americans.

But SMBs are more than just the cornerstone of our nation’s economy. These entrepreneurs are also incredibly innovative, resilient and successful. One of my favorite parts about my job is the opportunity to speak with, and learn from, these entrepreneurs.

Whether you’re just starting out, or you’re running an established business, here are some of the best tips and advice I’ve learned from SMB leaders on how to be resilient and successful.

1. Harness the Power of Your Network

Don’t underestimate the strength that lies in your network. Knowing when and how to ask for help is a superpower. It’s about building bridges, fostering collaboration, and embracing the collective wisdom of your community.

Take Kreyòl Essence, a skin and hair care brand that harvests castor oil from Haiti. They were catapulted into the national limelight after their appearance on Shark Tank. While that was an incredibly valuable experience, Stéphane B. Jean-Baptiste, COO and Co-Founder, told me that a real key to success for them was building their network. They looked to their network for advice on everything from how to beef up their supply chain to what to expect when you’re scaling quickly.

Their network also led them to BILL, which helped them automate and streamline their financial operations. “Your network is a treasure trove of knowledge and solutions; reaching out can transform your business,” Stéphane told me, demonstrating that effective networking can lead to solutions that drive growth.

2. Maximize the ROI of your most valuable asset – YOU

Almost every SMB leader I speak to started their business because they want to serve their customers with amazing products or services. That’s what they want to spend their time on — not managing the back-office or getting bogged down in manual processes. The key to success for many of these leaders has been embracing technology to be more efficient and productive.

Co-CEO and Co-Founder Brenden Martin of Joe Coffee is a great example of an innovator in this space. Joe Coffee created point-of-sale and mobile ordering software for small coffee shops. Their technology is helping local cafés compete with corporate giants by giving them advanced technology to better serve their customers.

Brenden’s advice for other businesses: “Do the boring thing first, because you need to put all your focus on building what your customers want. Any time and attention that’s not going into that, you’re failing.” This is one of the reasons why Brenden also partners with BILL, so he can leverage technology to automate their financial processes, reduce manual workload and allow the company to focus on core business growth areas.

In a competitive environment, technology can be a strategic advantage for businesses. Whether you’re leveraging technology like Joe Coffee to help better serve your customers, or BILL’s integrated Financial Operations Platform, these innovations can be an unlock for success and growth.

3. Be Flexible and Ready to Pivot

Running an agile business isn’t just about adjusting to changes. It’s about actively embracing the opportunity to pivot when the situation calls for it. It’s this ability to swiftly shift directions that keeps a business dynamic, relevant and resilient.

Take Dagne Dover, a fantastic business designing problem-solving bags. When they were hit with the unexpected challenge of the pandemic right after opening their New York City retail store, they didn’t just adapt; they transformed their setback into an opportunity for connection and support. They reshaped their product line to suit the ‘new normal’ — less focus on travel and office bags, and more focus on promoting handy fanny packs to carry masks and hand sanitizer for quick errands.

COO and Co-Founder Deepa Gandhi recently told me, “We are always thinking about what day-to-day, week-to-week needs can we address? What’s our customer not using our product for?” This pivot wasn’t just a strategic move — it was a heartfelt response to their customers’ changing lives, strengthening their bond with the community. As Deepa told me, it’s helped them build loyal customers for life.

4. Build a Team That Grows Together

If you have a great idea, you can build a business. If you also have a great team, the possibilities are endless.

Every business leader I talk to emphasizes the importance of their team. The strongest teams are not necessarily the ones with the most experience or the biggest salaries — great teams are ones that grow together, that believe in the mission, and share your passion to serve customers.

How do you build a team for success? McKenzie and Colby Bauer, founders of Thread Wallets, gave great advice. Like many small business owners, initially they took on multiple roles, from customer service to product design. However, McKenzie realized the power of delegation: “I was doing so much, but I learned it’s crucial to ‘Do what you do best, and hire out the rest.’” This approach not only allowed them to focus on their strengths, but also fostered a team dynamic where everyone plays to their strengths. This has helped them build their company’s reputation for quality and innovation.

Every Journey is Different, Every Journey Matters

For me, National Small Business Week is an opportunity to honor the incredible contribution these businesses make. As a former small business owner myself, I know that running a business is never easy — but it’s an incredible journey that should be celebrated.

At BILL, we’re more than just observers of their incredible entrepreneurial spirit; we’re active participants, offering the trusted financial tools that small businesses need to thrive. We champion small and midsize businesses and work hard every day to support their journey — because we know just how hard they work every day for us. So as we celebrate the spirit of small business, let’s embrace these lessons, and take inspiration from their innovation, resilience and contribution. To learn more, visit bill.com. Here’s to the indomitable spirit of small business owners everywhere!

2024-04-23T10:01:00

(BPT) – While eating healthier, working out and spending more time with family and friends are big priorities, 87% say their top goals in 2024 are related to money, according to research from Empower, a financial services company. Read on to learn more about Americans’ top financial goals and some strategies to make them happen.