Category: Brandpoint Business & Finance

2023-05-01T10:01:00

(BPT) – Sponsored by Office Depot

More women than ever before are using their energy, passion and insights to create new business ventures. What they’ve learned along the way can provide valuable lessons for anyone dreaming of owning their own business or even those who are farther along on their entrepreneurial journeys.

For more than 35 years, Office Depot has offered innovative solutions and support to help business owners achieve success. In 2020, the company became the premier and founding sponsor of Selfmade, Brit + Co’s interactive virtual community and membership program geared towards connecting women with tools, resources, community and coaching to help them start, manage, and grow their own businesses. Through this collaboration, Office Depot has provided hundreds of female entrepreneurs with the opportunity to participate in the program for free via Office Depot OfficeMax-funded scholarships.

In honor of small business week, here are four tips from some of the dynamic small business owners who took part in the Selfmade program. For more stories, studies and strategies for success, visit Office Depot’s content hub, The Stepping Stone.

1. Home in on the big idea

How does someone know their business idea is good? Most importantly, it should address a problem that needs solving. That’s what led Domeanic Carter-Banks to her great idea. Waiting in a car dealership playroom with her three-year-old, who was diagnosed with non-verbal autism, she saw her daughter become frustrated and irritable.

“There were no appropriate sensory toys to hold her focus and attention,” said Carter-Banks. “I wished there was something I could leave behind to help other autistic children and their parents.”

Carter-Banks applied for an Office Depot OfficeMax scholarship to Selfmade to get feedback from others and hone in on her idea for a sensory toy company. After participating in live workshops with business coaches, one-on-one mentoring and group chats with other entrepreneurs like her, she started Masterpiece Kids Box, a curated subscription box for children with autism that encourages sensory and discovery play.

“My advice to busy moms with an idea is to do what you can in small leaps if you can’t make the big one yet,” said Carter-Banks.

2. Build a network and positive mindset

To help prepare for whatever comes next, it helps to learn from others who are on similar paths. “Being an entrepreneur can be a super lonely journey, so having other people there, especially other people who can understand the highs and the lows, is really helpful,” said Karly Hiser of Crann Organic, which sells 100% GOTS certified organic cotton kids’ clothes for the 9.6 million American kids who suffer from eczema, like Hiser’s son.

And every entrepreneur can feel a bit of doubt at some point, but letting it overcome them in a way that prevents them from moving forward can hinder their success. “It’s very easy to let your feelings and negative emotions get in the way,” said Hiser. “Starting off your day with a little bit of meditation, breathing, yoga, whatever it is, really helps to calm your nervous system so that you can approach your day with a really positive attitude.”

3. Stay organized to avoid burnout

Disorganization in the workplace can have many negative impacts like leading to lower-quality work, missed deadlines, wasted time on unproductive tasks and even burnout. Kinsey Egan-McGee is the founder of Claim Your Roots, a virtual hair care platform for women with textured hair, and she prioritizes organization to help stay productive.

“Whether it’s inside or outside of the business, I try to weigh the importance, immediacy, and level of detail something should be dealt with, so I don’t burn out. I have pretty extensive to-do lists that I have broken down by months and weeks. I’ve loved crossing things off my agenda since elementary school, but I also realized as an adult that it’s great to have a list of completed items that you can reference. You just have to be honest with yourself, whether a task has actually been completed or not,” McGee said.

“I make sure to record meetings … so I can be present and not fixated on taking notes. I also always write down questions/talking points to prepare for a meeting with someone,” said McGee.

4. Nurture creativity when the going gets tough

Being a business owner can be overwhelming. How can an entrepreneur feed the creative passion that inspired their dream? Stay open to new ideas — especially when external circumstances throw curve balls. Jenifer Shwartz owned a wholesale bakery when the pandemic hit. After losing sales from events, catering and restaurants, she had to think creatively and pivot fast.

“I thought, let’s start making Japanese cheesecake,” Shwartz recalled. She sold through food delivery services, then fell ill. She had to pause her business, so she freeze-dried the cake. “When I came back to work, I opened a bag of freeze-dried cheesecake, it literally had the same flavor as the fresh-baked cheesecake.”

Her next step was learning how to sell packaged products in stores for her new business, Freezcake. That’s when she saw an opportunity to apply for an Office Depot OfficeMax scholarship to Selfmade. Shwartz also turned to Office Depot for a new printer and laminator machine to help her run her business more smoothly.

Shwartz finds time to nurture her creativity every day. “I always thought that, as a pastry chef, I have to constantly be making new things,” said Shwartz. “But there’s so much creativity in the decision making and different parts of running a business.”

And as a mother of five, she finds ways to be creative at home with her kids as well. “We have lots of coloring, painting, clay. It’s a good way for me to get my creative juices out. I was an artist before I was a pastry chef. Now instead of clay, my medium is flour, sugar and butter!”

Small business giveaway — Lessons in Success

The path to success can get a little bumpy, but the lessons learned along the way can help entrepreneurs take the biggest steps forward. Small business owners can share some of the biggest lessons they’ve learned as a business owner and enter the Office Depot Lessons in Success Small Business Giveaway for a chance to win a $250 Office Depot OfficeMax card to help them achieve their business goals. Winners will be selected at random on or about 5/28/23. Complete the form to enter online at officedepot.com/giveaways.

Small business owners can find innovative products and solutions to help them be successful online at officedepot.com and at Office Depot and OfficeMax stores. They can also take advantage of exclusive benefits and everyday savings on products like furniture, paper and cleaning supplies through the Office Depot^® OfficeMax^® Business Select program. Now through June 3, a first-year Business Select membership is just $49.

2023-04-26T10:01:00

(BPT) – Liquidity is the “it” financial term of the moment as businesses brace for a potential slowdown. Without sufficient cash or the ability to borrow funds quickly, many companies could face tough business decisions and struggle to cover costs or seize growth opportunities.

Banks are now in a situation where they need to keep more cash on hand — which means tighter lending conditions than businesses have seen in some time. Companies needing working capital face additional scrutiny and limited options to access vital funding.

This scrutiny disproportionately impacts newer, smaller businesses that don’t meet traditional markers for bank-backed funding options. Even if a company can secure lending, climbing interest rates increase the bottom-line cost of those loans, deepening the cash flow crunch many businesses face today.

Traditional sources of capital aren’t keeping pace with today’s business needs

The Federal Reserve reports that only 53% of small employer businesses receive all the money they seek when they apply for a loan, line of credit or advance, and about 1 in 5 get nothing. Because the lending risk increases, banks often can’t lend to younger companies, even if they’re fundamentally healthy.

The options businesses typically turn to come with drawbacks that make obtaining funds out of reach for many businesses. Banks, online lenders and factoring come with red-tape challenges, higher costs, hidden fees or simply aren’t reliable sources of funding for the long term.

New options help businesses take control of their cash flow

A new generation of working capital solutions allow businesses of all sizes to access more capital without the need for risk-based underwriting. In many cases, this can be done without taking on debt, giving away equity or jeopardizing customer relations.

There’s an increasing trend of large enterprises working with banking and technology platforms to offer early payment programs for their supply chains. These programs allow businesses to offer a small discount on their approved invoices in exchange for early payment, making it a win-win solution without high costs or unfavorable terms.

The benefits of early payment programs and technology-driven working capital solutions make these excellent strategic choices for many businesses looking to diversify their funding sources:

• Faster cash flow. Lower costs. Early payment on discounted invoices without exorbitant fees and unreasonable restrictions means greater control and often lower costs by eliminating lending risks.
• More reasonable standards for lending. Loan programs that look at the whole health of a business, including growth and leadership — a critical element for small businesses that are succeeding but might be too young to qualify under existing rules — give more businesses access to funding.
• Rapid deployment of working capital. Funding should move at the speed of business. A partner that can deliver working capital quickly and reliably instead of taking multiple weeks to resolve is vital.
• More flexibility and control for small and medium-sized businesses. Because they are working with large companies, smaller suppliers often have less leverage when negotiating payment terms. A solution that offers smaller businesses the flexibility they need and the control they desire will create a healthier supply chain.
• Multiple solutions, one partner. A partner that brings multiple solutions to the table to fit a company’s unique business needs and the ebb and flow of its business is critical. Every business is unique, so “one-size-fits-all” solutions might not work.

One company on the cutting edge of working capital and supply chain financing is C2FO. C2FO is the world’s largest on-demand working capital platform, helping businesses tap into the large amounts of capital locked up in accounts receivable. The company powers the early payment programs used by some of the world’s largest enterprises and their supply chains, delivering over $275 billion in funding to supplier customers to date.

Maintaining liquidity and diversifying with a dependable cash-management strategy is essential for all businesses, especially for small businesses facing market fluctuations. To learn more about C2FO’s suite of working capital solutions, visit c2fo.com.

2023-04-26T07:01:00

(BPT) – Spring is here! As you enjoy the warmer weather, you may notice that your eyes begin to water or feel like they’re burning. Chances are you may have seasonal eye allergies. According to the Centers for Disease Control and Prevention, up to 30% of the general population suffers from allergic conjunctivitis, otherwise known as eye allergies. Symptoms can include red, watery, swollen or itchy eyes.

While you can’t stop seasonal allergies, there are ways you can handle these symptoms. Read on to see seven ways you can manage springtime eye allergies.

1. Beware of pollen

Pollen can irritate your eyes and set off other allergy symptoms. When the pollen count is high, stay indoors and shut all windows and doors. If you must leave home, change your clothing and shower to rinse pollen from your hair and body.

2. Deep clean places you spend the most time

During spring, pollen and other allergens can make their way into your home. Make sure you regularly deep clean spaces where you spend the most time in your home. A couple of times a week, make sure to vacuum or sweep and mop floors and wipe down counters, tables and other surfaces with a wet cloth.

3. Wash your hands regularly

As you go about your day, indoors and outdoors, your hands will naturally pick up allergens. Wash your hands regularly throughout the day to reduce your exposure to pollen and other allergens. Also, avoid touching your face or rubbing your eyes even after washing your hands.

4. Ensure you’re properly hydrated

Studies suggest that your body produces more histamine, the chemical responsible for allergy symptoms, when you’re dehydrated. Also, if you use decongestants to manage allergy symptoms, you’re also drying out your body. Make sure to carry a reusable water bottle with you throughout the day to encourage yourself to drink more water.

5. Wear your sunglasses

Wearing sunglasses outdoors can help reduce your allergy symptoms. By wearing sunglasses, you prevent pollen, other allergens and airborne particles from making direct contact with your eyes. When you go on a walk, garden or enjoy the outdoors this spring, wear a pair to reduce eye irritation.

6. Use artificial eye drops

No matter how careful you are, you may still experience eye allergy symptoms. When your eyes feel itchy or swollen, make sure to have a bottle of artificial eye drops on hand. There are many different types of eye drops. Some contain antihistamines, decongestants or a combination to help relieve itchy, watery eyes. Read product descriptions carefully to find the one to best manage your eye allergy symptoms.

7. Schedule your annual eye exam

If you suffer from seasonal eye allergies, this spring may be the perfect time for an eye exam. An eye doctor can help diagnose your eye allergy symptoms, prescribe medicated eye drops if needed and recommend other forms of care if needed.

Need help finding a local eye doctor? VSP vision insurance can help. VSP has the largest doctor network, so you can find a doctor quickly and schedule an eye exam this spring. Find an eye doctor near you and schedule your exam today.

If you don’t have vision insurance, you can enroll in a VSP individual vision plan anytime. There’s no need to wait for open enrollment or a waiting period. VSP members can save 20% on additional glasses or sunglasses, including lens enhancements, from a VSP network doctor within 12 months of their last exam. To learn more and find the best vision plan for you, visit VSPDirect.com.

2023-04-25T08:01:00

(BPT) – Tighten the purse strings. Balance the budget. Cut back. There are many ways to say it, but the current economy has millions of Americans doing the same thing: struggling to make ends meet. Wouldn’t it be nice to alleviate the financial pressure?

For some people, this means asking for help. Four in 10 people have asked their loved ones for money over the past year to deal with the rising cost of living, according to an Herbalife survey of 8,500 respondents across 10 countries, including 2,000 Americans. Results show respondents are relying on others for help with essentials, including groceries (40%) and their rent or mortgage (29%).

Asking for help is hard to do, but it’s certainly not reflective of people’s lack of effort. In fact, 56% of respondents currently have a side hustle or other form of supplemental income. Of those people with side hustles, 55% shared they started it solely to make ends meet, 40% to deal with the rising cost of living, 38% to be less reliant on a single source of income and 36% wanting to have a disposable income.

“In addition to providing an extra source of income, many side hustles are flexible, allowing people to work at their own schedule,” explained Ibi Montesino, Herbalife’s executive vice president of distributor and customer experience. “Our research shows that on average, most people say that they’d need to earn about $404 more per month to live comfortably.”

The research also shows that those with a side hustle commit an average of about eight and a half hours per week to that side hustle. But that time can vary: 28% dedicate 3–5 hours a week to their side hustle, while 24% devote 6–10 hours per week.

If you think a side hustle might be helpful for you, there are many options based on your interests, resources and availability. Some people care for kids or pets, while others may do house cleaning, landscaping or other handy work. These types of side hustles can help you save money, but it can be challenging when you’re solo and don’t have a support system.

Another option that some people find is a better fit is direct selling. This is when you are an authorized representative that sells products for a company, and the big benefit is that there is often training and a support system to help you succeed.

“The increased cost of living is causing people to search for supplemental income streams. Direct selling provides flexibility and a support system that positions you to reach your goals,” said Humbi Calleja, Herbalife’s vice president and general manager, North America.

If you’re interested in direct selling, it’s important to find an opportunity that works best for you. Montesino and Calleja recommend these simple tips to help people find the right network marketing company:

Pinpoint the ideal product or service: Finding a consumable product that sells consistently and needs replacement is a great option. Choose something you’re passionate about because you’re more likely to dedicate time and effort to it.

Learn about the company: Before deciding what company to move forward with, researching their background is a must. Typically, the longer the company has been in business, the more experience it has.

Determine start-up costs: Once you identify the right company for you, determine the cost of the start-up kit. It will contain everything you need to get started and run your business.

Study the compensation plan: This shows you how the company plans to incentivize and reward your hard work. It will also give you an idea of income expectations, income frequency and how long it will take to reach your goals.

Confirm marketing support: Aside from your start-up kit, having access to marketing support helps grow your business. For example, the company should help you identify the target market to understand your customers better and provide online marketing resources to help you launch effective promotions.

Research training opportunities: Ongoing training and opportunities to connect with people going through the same experience will help inspire you and enable you to run your business better.

Opportunity for growth: Ensure that the company has demonstrated continuous growth opportunities and is committed to helping you with resources and support as you strive to reach your goals.

No one can predict what the economy will do in the future, but you can take control of your finances by adding an extra income stream. Start by researching opportunities and choose the right one for you.

2023-04-20T23:45:00

(BPT) – For companies, it has become important to have a clear, distinctive brand identity that make it stand out among competitors and position the brand as iconic in the mind of consumers. Thanks to social media platforms, consumers — especially the younger generations — are constantly exposed to brands who have been struggling to make a positive impression and stay impactful, working to build a brand identity that will enable it to be loved by consumers from all walks of life.

So, how can brands do this? A great example of this is LG Electronics and its newly updated brand identity. This month, the company unveiled a new brand direction and outlined its visual identity, shedding light on its corporate value with a more dynamic and youthful look across all physical and digital customer touch points. For LG, the aim is to raise brand awareness, enabling the brand to be loved by customers across countries and generations and, ultimately, establish itself as an iconic brand.

Let’s look at key points that brands need to focus on to become a brand loved by all.

Being Unique, but Showing up with Unified Visuals and Messages

Consumers of today empathize with and respond well to authentic brands, especially those with values they agree with. This is why it is vital for a brand to be consistent and well-aligned, delivering a great consumer experience that makes good on its brand promise. LG prioritized brand alignment, outlining changes to its branding under new brand guidelines shared with all employees around the world. The new guidelines even reiterate the company’s core values of ‘Uncompromising Customer Experience,’ ‘Human-centered Innovation’ and ‘Warmth to Power a Smile,’ ensuring that the brand’s values are reflected in all its communications.

Creating a Memorable Brand Slogan

As much as a name and logo, a memorable slogan has the power to attract attention and differentiate a brand. This year, LG repackaged its brand slogan of Life’s Good — encompassing the message of how the company enables its customers to enjoy a quality life and indulge in precious moments via LG products, services and communication — in a new design inspired by the lines and shapes of the company’s products. This new brand asset will be widely distributed across all customer contact points, including product packaging.

Giving it a Spin by Adding Vitality in the Digital Space

With more and more customers engaging with a brand through online and mobile platforms, digital assets are a great opportunity for companies to win customers’ hearts. In the case of LG, the company brought its symbol to life to engage customers with a new level of expressiveness. Creating a face with the letters ‘L’ and ‘G’, LG’s brand symbol can perform eight unique motions, such as nodding, spinning and winking, enabling the company to greet customers with a friendly smile across digital platforms.

Establishing Brand Personality through Colors

Color isn’t just an aesthetic element but a great tool when it comes to branding. Associating a color with a brand can significantly build brand awareness. For LG, its main color has always been the unique and bold LG Red, representing the friendliness of the brand and emanating the strong impression of the company’s commitment to deliver the best. This year, the company has introduced the new Active Red, rejuvenating the brand with a young, energetic and modern image.

Not limited to this, the company also introduced a warm palette of grayscale colors to bring a touch of warmth to its communications. Utilizing these colors, LG also has developed various new gradients that utilize the company’s key colors to deliver depth, warmth and richness. The gradients also offer variety as they can be applied according to the unique characteristic of each product or service.

With a revamped brand strategy, LG can better communicate its value proposition and unique identity, which harmonically blends innovation and warmth.

To learn more about LG and its updated brand strategy, visit LGnewsroom.com.

2023-04-12T08:01:00

(BPT) – For small manufacturers, every penny counts. From buying raw materials to paying for equipment and utilities, expenses can add up quickly. That’s why finding ways to save money wherever possible is crucial. One often overlooked method is taking advantage of credit card rewards programs. Using credit cards strategically can allow small manufacturers to earn rewards and cash back on their everyday business expenses, reducing overall costs, increasing emergency savings, and allowing low-income earners to benefit from rewards.

Check out how you can save big when using a cashback rewards card for your small manufacturing business, below.

Reducing costs

Credit card rewards, like cash back, can provide valuable cost savings for small business owners in the manufacturing industry. Small manufacturing stores often struggle to purchase large quantities of products or expensive machinery. These costs can add up quickly, leaving little room for other necessary expenses in the budget. With credit card rewards, small businesses can save money on their purchases and increase their budget. The funds can then offset other expenses, such as rent or payroll, providing additional cost savings.

Increasing emergency savings

Unexpected events in the U.S. economy and recent inflation increases have significantly impacted small manufacturing businesses’ financial stability. Having a robust emergency fund can make all the difference in ensuring the long-term sustainability of a business. Credit card rewards that offer cash back can be particularly useful, especially for small businesses with high costs. Many credit card companies offer credit cards with cashback rewards for purchases made on necessary business expenses, which can help manufacturing businesses accumulate a significant amount of cash back over time.

Invigorating the local economy

Using credit card rewards with cashback benefits can positively impact on the local economy and help support small manufacturing businesses in many ways. Having both consumers and small businesses earn cashback rewards on their purchases allows them to have a larger amount of disposable income to spend. This increased spending, in turn, can help small manufacturing businesses by creating more demand for their products and services. In addition, many payment networks partner with small businesses to offer exclusive deals and discounts for those using credit cards, driving more consumers to local establishments. Credit card rewards programs with cashback benefits contribute to the growth and sustainability of the local economy by supporting small manufacturing businesses.

Ultimately, utilizing cashback rewards from credit cards ensures small manufacturers reinvest in their businesses and expand their operations. Main Street shops should take advantage of the valuable cost savings. Credit card companies empower individuals of all socioeconomic backgrounds to benefit from credit card rewards and support local businesses by offering rewards.

2023-04-12T08:01:00

(BPT) – Whether it’s your local ice cream shop, neighborhood dry cleaners or go-to family-owned grocery store, mom-and-pop shops bring communities together. These businesses foster connections between residents and merchants, provide a more personalized shopping experience and support the local economy.

So how can these local businesses provide the benefits we know and love? The answer might surprise you: credit card rewards programs.

Credit card rewards allow consumers to earn points for their purchases. One example is through cash back, where consumers can earn cash based on their credit card spending. But if cash back isn’t for you, there are other rewards you can earn, like points toward travel, hotels, groceries or gas. With credit card rewards, the possibilities are endless.

The best part about credit card rewards is that they don’t cater to one specific consumer group. In fact, consumers of all income levels use and benefit from credit card rewards every day. According to a 2021 survey from Phoenix Marketing International, 98% of credit cardholders owned a rewards card, including 82% of cardholders earning less than $20,000 annually. And luckily, credit card rewards are a win-win for both consumers and local businesses.

Credit card rewards programs are essential to the success of mom-and-pop shops. They keep community institutions afloat and allow these stores to adopt the latest technological advancements. These programs’ amazing benefits incentivize consumer spending and generate additional revenue. It’s called the ticket lift phenomenon — the availability of credit and rewards actually increases consumers’ spending ability, benefiting local businesses by increasing cash flow. This, in turn, allows companies to invest in themselves, providing shoppers with innovative technology, efficient transactions and an overall better customer experience.

But the benefits don’t stop there. Credit card rewards programs also fuel payment innovation for small businesses. Mom-and-pop shops are able to integrate new technologies like contactless payments, mobile wallets and tap-to-pay systems, making the shopping experience smoother than ever before. And with these advanced payment systems, small businesses can more easily compete technologically with their larger, wealthier corporate competitors. Small business owners can draw customers with the same convenient tools offered by the likes of Amazon and Walmart — all while resting assured that their customers’ credit transactions are safeguarded by top-tier fraud protection.

And believe it or not, credit card rewards make this all possible. By bolstering consumer credit spending, rewards programs help fund the very mechanisms that allow the industry to offer its myriad benefits. Data security, consumer privacy protections and seamless transactions all result from a healthy and vibrant credit card economy. And with credit card rewards, everyone wins. Consumers earn the points and cash back they love, while small businesses receive the latest payments and security technology needed to compete in the modern marketplace.

Indeed, credit card rewards benefit not only consumers but also small businesses and the communities they serve. These programs help keep economies humming, shops thriving and locales blossoming. They’re truly a victory for the little guy. So, what are you waiting for? When you’re ready to make a purchase, get rewarded for shopping small.

2023-04-12T08:01:00

(BPT) – Farmers: there’s no doubt that you are the backbone of our nation. Hardworking, industrious and passionate, you’re the small business owners that put food on America’s tables. But that doesn’t mean you’ve got it easy — far from it. So, let’s talk about an often-neglected tool that can give you a major leg up — credit card rewards. That’s right, choosing the right rewards program can help you save money and improve your bottom line, like a bumper crop all year round.

So, how exactly can cashback rewards help you? Here’s how:

Lowering Operational Costs

For starters, you can use the cashback you earn from your credit card purchases to offset future expenses. That means you can save money on everyday things like fuel and equipment repairs and even on those big-ticket items like farm equipment upgrades.

Farmers can also use cashback rewards to purchase farm supplies such as fertilizers, seeds and other agricultural products. These expenses can quickly add up, but by using cashback programs, farmers can better adapt to year-over-year price changes of bulk-purchased goods. And if you’re frequently traveling for business (like to farmers’ markets), you can utilize cashback rewards to pay for your travel expenses, and some cards even offer fuel bonuses and vehicle insurance protection.

Making Upgrades

Speaking of upgrades, we all know that the latest and greatest equipment can make a huge difference in crop yield and client acquisition. But we also know that they can cost an arm and a leg. That’s where cashback rewards come in — they can help offset those costs and even allow you to purchase equipment entirely with reward points. Some cards even allow entire equipment purchases to be made with reward points, saving hundreds of thousands of dollars.

Farmers can even use cashback rewards to invest in sustainability initiatives, such as renewable energy sources, water conservation or soil conservation projects. These initiatives can help reduce the environmental impact of farming while also providing long-term cost savings. And if you live in a state where environmental regulatory pressure is increasing, cashback could very well play a part in affording compliance.

Rewarding Employees

But cashback isn’t just for equipment and sustainability — you can even use your rewards to reward your hardworking farmhands! Imagine using your points to purchase gift cards or bonuses for your staff, boosting morale and showing them how much you appreciate their efforts. Well-earned credit card rewards can allow you to make a difference in the lives of your employees.

Building a Rainy-Day Fund

And let’s not forget about the importance of having a rainy-day fund in the agriculture business. With so much uncertainty, extra financial security can make all the difference. Cashback rewards can help you build up that rainy-day fund and prepare for anything that comes your way.

Ultimately, credit card rewards are a farmer’s fierce ally. They can help you save on operational costs, upgrade your equipment, invest in sustainability, reward your employees, and build a rainy-day fund. So, what are you waiting for? Start raking in those cashback rewards and watch your bottom line improve!

2023-04-06T12:01:00

(BPT) – It’s that time of year again. Time to renew the commercial insurance policy for your business. When it comes to commercial coverage, liability and property coverages are common but sometimes they’re not sufficient to protect your business from common risks.

“We’re seeing several claims from business owners who incorrectly assumed that their traditional policies covered them for things like cyber breaches or employee theft,” says Brittney Passini, commercial lines product director with Acuity Insurance. “Unfortunately, that’s not always the case.”

With 2022 Acuity data showing commercial claims at a five-year high — up about $3,000 per claim from 2021 and record inflation squeezing businesses tighter — it might be beneficial to put more thought into your commercial coverage this year.

As you think about renewing your insurance policy, consider these four commonly overlooked coverages:

1. Cybersecurity

With larger businesses investing in cybersecurity tools, hackers are increasingly targeting small and medium-sized businesses. In 2021, the FBI’s Internet Crime Complaint Center received 847,376 complaints about cyberattacks and malicious cyber activity with nearly $7 billion (about $22 per person in the United States) in losses, most of which targeted small businesses.

Cybersecurity insurance typically packages cyber liability and data breach coverage. Cyber liability coverage pays if you’re liable for unintentionally spreading malware, and data breach provides coverage to respond to accidental loss or release of customers’ personal and identifying information.

2. Business income and extra expense

After a fire, windstorm or other property loss, a business owner’s immediate focus is usually on repairing buildings and replacing lost inventory. Until those repairs are made and customers start coming back in the door, retailers also may suffer loss of income. This loss of income is not normally covered by a basic business property policy. Business income coverage helps bridge the gap, and extra expense coverage pays for added costs needed to resume operations. Without these additional coverages, businesses that endure a property loss may not have enough capital to keep their business running. While property insurance covers the physical damage, business income and extra expense coverage helps bridge the gap by providing funds to replace the income that is lost while the physical property damage is being restored as well as cover additional expenses, such as rent.

3. Employee dishonesty

A recent study from Zippia shows that 75% of all employees steal at least once, including cash, merchandise and business property. The same study shows that an average of 5% of an organization’s revenue is lost each year due to employee theft, which isn’t covered in typical business property policies. Employee dishonesty coverage protects you against employee theft of money, securities or property.

4. Peak season

While these busy seasons can vary depending on your industry, most businesses experience a few months each year that are busier than most. While some businesses carry extra inventory or have extra staff on hand during these busy months, many business owners overlook these times when setting limits on their property policies. Peak season coverage increases the limit of your business personal property during these times, without needing to carry a higher limit all year.

Ultimately, Passini recommends a collaborative approach to ensure your business is adequately covered.

“Don’t fall into the trap of making assumptions about coverage,” Passini says. “Work with an independent insurance agent who’s dedicated to understanding your business and can provide the right coverages, limits and discounts to fit your business’s needs.”

2023-03-22T08:01:00

(BPT) – With spring comes the desire for a fresh start — whether it’s for yourself, your wardrobe or your home. It’s the perfect time to sport a new look, clear out clutter and swap out tired, old decor for fresh, seasonal colors and textures. Unfortunately, revamping for spring can easily become an overwhelming task or bring a hefty price tag.

But don’t despair — here are some tips to help you prepare for the new season without the added stress:

Set a budget

A spring refresh should be just that — a refresh! But with your excitement about a new start can come a seemingly endless to-do list that prompts you to spend more time and money than you’d like. At the onset, decide how much time you want to devote to cleaning, and set timers or listen to a favorite podcast to help you stick to your time limit. Make sure you also consider how much you want to spend on anything new so you don’t go overboard.

Out with the old

Whether you’re looking to update your closet or your home, make room first by removing old clothing or decor. Consider donating what you’re ready to part with, or selling the items with a second-hand retailer like Poshmark or The RealReal to pocket some extra cash.

Remember small changes can make a big difference

You don’t need to overhaul your entire wardrobe or home to feel refreshed. Choose a handful of new items — like vibrant, flared pants or statement earrings — and pair them with your timeless pieces, mixing and matching to create new outfits. When it comes to your home, consider a couple of simple changes or additions to give your favorite spaces a whole new look — like replacing artwork with a large mirror to bring in more natural light or adding new throw pillows.

Shop with a flexible, transparent payment option

Another way to enjoy a spring refresh without losing control of your budget is by paying over time with Affirm. Whether you’re shopping for a fresh floral dress or a new, bold patterned sofa, Affirm gives eligible shoppers the ability to pay biweekly or monthly. Just enter a few pieces of information to check if you’re eligible, and then approved shoppers can spread purchases out in a way that works best for their budget. Don’t worry — you’ll never pay a penny more than you agree to at checkout because Affirm never charges late or hidden fees.

Ready to start your spring refresh? Select Affirm at checkout or download the Affirm app and request a virtual card to use online or in-store pretty much anywhere.

Payment options through Affirm are subject to eligibility and are provided by these lending partners: affirm.com/lenders. CA residents: Loans by Affirm Loan Services, LLC are made or arranged pursuant to California Finance Lender license 60DBO-111681.