Category: Brandpoint Business & Finance

2021-06-17T18:17:00

(BPT) – The vaccine rollout has accelerated across the U.S. and people are beginning to return to their routines, but how they communicate, buy and do things has dramatically shifted. People spend more time — and buy more — online than ever before. During the pandemic, the country has witnessed 10 years of e-commerce growth within a few months.

Many small businesses have had to change and adapt the ways they find and communicate with customers, showing grit and digital entrepreneurship amid disruptions and challenges. Businesses using digital tools have experienced significantly less revenue loss than those that are not online. During the pandemic, revenue performance was 50% better for digitally savvy small businesses.

Google is dedicated to supporting and celebrating small business worldwide. Mary Ellen Coe, president of customer solutions for Google, outlines a few stories showing how small business owners have focused on strategies to ensure long-term success for their businesses.

One example of a business doing just that is Studley’s Flower Gardens, a nearly 100-year-old family-owned florist, garden center and landscaping company. After launching their first website in 2003, online advertising helped them expand their reach and compete more effectively with national brands. Fast forward to 2020: Studley’s has created a strong online presence that proved fruitful when the pandemic forced their physical storefront to temporarily shut down. Understanding digital trends gave them the confidence to plan their next moves. Their online store allowed them to quickly transition to contactless pickup and delivery, and their digital sales tripled over the previous year.

Another digitally savvy business is Morgan Miller Plumbing in Grandview, Missouri. When Stella Crewse became CEO, she updated their digital capabilities including advertising and online presence. When the pandemic hit, digital tools enabled Morgan Miller Plumbing to not just survive but to thrive, growing from 15 to 19 employees. Online advertising makes it easy for new customers to find them, and digital scheduling tools help them organize their appointments.

And take CurlMix, a clean beauty brand for natural hair founded in 2015 by Kim and Tim Lewis. In that time, the business has grown from the Lewis’ garage to a warehouse with more than 40 employees. Video has been key to their mission of empowering Black women and their beauty through transparency and honesty. Kim’s videos are a blend of educational — teaching viewers how to best use and style CurlMix hair products — and personal conversations. Lewis’ authentic approach grew their following to more than 30,000 subscribers, and puts relevant content and products in front of more people searching for natural hair care tutorials and reviews.

These are just a sampling of small businesses that leaned into digital to find and reach customers and grow their business. Whether they’re demonstrating products and services on video platforms, updating their online presence to ensure they’re found when consumers are searching or boosting their e-commerce presence, effective digital solutions are available for every type of small business owner.

2021-06-14T05:01:00

(BPT) – Despite disruptions over the last year, the number of entrepreneurs launching startups hit record highs in 2020. In the U.S., vision, passion, grit and a startup-friendly environment have resulted in the world’s highest number of startups.

If you’re one of the millions feeling the pull to start your own company, your timing couldn’t be better. The proliferation of connected devices, the worldwide shift to remote and hybrid work models and the rapid pace of technological innovation are just a few of the factors bringing exciting opportunities for new products and services.

“The shift to global entrepreneurship has underscored something I’ve believed for a long time, that you can start up a company anywhere,” said Brad Feld, managing director at tech investment firm, Foundry Group. “People are finally realizing that tech hubs, while great, are by no means a critical element to startup success. Today’s visionaries can launch tomorrow’s unicorn from their kitchen table. The tech, tools and people are already out there — it’s just a process of leveraging those resources to make it work for you, wherever you are.”

Below are tips to keep in mind if you’re one of the many innovators ready to make the startup jump.

1) Surround yourself with the right people

Having the right people in place can be the difference between success and failure. It’s hard enough for founders, who’ve lost countless hours of sleep and invested their life savings, to entrust their vision to others, but there’s no other way to grow. Personal recommendations and connections are useful, but not always available. Job sites like Indeed allow employers to screen potential hires with supplementary assessment tests to help determine a candidate’s strengths in critical areas like writing, customer service and technical ability. Once you’ve selected a handful of candidates, be sure to ask questions that can help you gauge their excitement about your vision and how they would make that vision a reality.

Will Herman, serial entrepreneur, angel investor, corporate director and startup mentor said, “The commitment you must make is to embody specific roles and responsibilities, including operational and cultural leadership, vision and direction, and especially, building a great extended team.”

2) Use the experience of others

The five-year success rate of startups looms around 50%, but there are many people you’ve never met who are ready to help you succeed. The internet is full of information, advice and tips from seasoned founders, instantly available and often free. Consider a mentorship organization for support, research what accelerator programs like Y Combinator and Techstars offer, read interviews or listen to podcasts with industry leaders, and make use of the resources available through the U.S. Small Business Administration, designed to support startups with information, access to capital and connections.

The Startup Playbook offers insight and expertise from those who successfully launched multiple companies and walks you through lessons they learned the hard way. Do More Faster explores key issues that first-time entrepreneurs encounter and offers proven advice from successful entrepreneurs who have worked with the Techstars accelerator.

3) Put the right tools in place

Today’s entrepreneurs face virtually no technological barriers to entry. Software programs can be accessed through the cloud no matter where you are, eliminating the need to download applications onto computers bound to one physical office. Zoom and collaboration tools like Slack and Microsoft Teams make communication simple. JumpCloud’s directory platform offers a single login to securely connect employees to any file, application, network or IT resource they might need — and it lets non-technical people manage their IT with ease without breaking the bank. Myriad applications can capture and analyze valuable information like market data, how potential competitors are positioning themselves, and vital insights about how effective your social media, lead generation or marketing programs are — all of which can help recalibrate your business model.

If you’ve identified a clear market need or created a product or service you know will have a big impact, it might be the perfect time for you to pursue that dream. As David Cohen of Techstars said, “Having worked with over 2,000 companies, hard work, brilliance and innovation has been a constant for startups. What’s new is the instant availability of elements that can significantly impact a company’s trajectory — expert advice, easy-to-use and inexpensive software, and a truly global network of talent to pick from. While launching a startup is for the hearty, the amount of support for those who push on despite the odds has never been more robust.”

With access to the right people and advice, and the tech tools to make your journey easy, you can be set up to succeed and scale.

2021-06-10T18:14:23

(BPT) – Owning a home is the cornerstone of the American dream. There’s nothing like having a permanent plot of land you can call your own.

If you’ve hit a rough patch with your credit score, this dream might feel like it’s out of reach. However, finding a suitable mortgage with a “less than perfect” credit score is still possible.

Is there a minimum credit score for mortgages?

Typically, there isn’t a minimum credit score required for mortgage applications. However, recent blending of government policy and business practice have resulted in a credit score threshold of around 620. But some lenders may have the power to determine their own score acceptance limit. This can make it hard to find the institution where you may qualify, as each lender operates a little differently.

No matter where you’re at in your path to homeownership, or what your score is, here are a few tips to help you secure that mortgage:

1) Exercise all of your options

If you’ve had lenders reject your conventional mortgage application, there is no need to worry. There are several loan options available aside from conventional mortgages. Some of those include:

• FHA loans: This is a loan provided by an FHA-approved lender. While there are no maximum income limits on an FHA insured loan, they have typically been used for first-time homebuyers or low- to moderate-income borrowers. The loans are insured by the Federal Housing Administration. FHA loans require a small down payment (typically 3.5%) and will frequently accept borrowers with lower credit scores.
• VA loans: For current and former members of the military, a VA loan can be a viable option for securing a home. VA loans typically don’t require any down payment; are partially backed or guaranteed by the Department of Veterans Affairs; and are frequently made available to active duty or former members of the military with lower credit scores.
• USDA loans: Like FHA loans, these are frequently made to low- to moderate-income individuals with low to moderately low credit scores. However, to qualify for a USDA loan, your home must be in a USDA-designated suburban or rural location.

2) Work to improve your credit

If you’re not interested in utilizing a government-backed loan such as FHA, VA or USDA, improving your payment habits, thereby boosting your credit score, can be another viable option. Even if it takes time to raise your credit score a few points, it can still be beneficial. You can boost your score by making consistent, on-time payments, and finding ways to diversify your credit mix or lower your overall credit usage.

3) Buy within your means

Even if you have a bad credit score, lenders will perceive you as less of a risk if you stay within your means when buying a home. Lenders will likely analyze your income to obligations closely to see if you have leftover reserves every month (which they refer to as “residual income”) to help absorb the shock of unexpected expenses. Do your best to save as much as you can for a down payment but remember — private mortgage insurance can help minimize the importance of a down payment shortage.

4) Don’t give up

While the mortgage qualification process can be challenging, it’s essential to stay vigilant. If it looks like you’re going to get a “no” at first, it might just mean more work needs to be done to evaluate your situation more deeply. Many times, a “no” is really a “not just yet.” But with persistence, patience and passion, you can still achieve your dream of homeownership.

Learn more about what your score looks like and examine the factors using VantageScore’s scoring models at https://vantagescore.com/consumers/our-models.

2021-06-07T11:01:00

(BPT) – Buying products that are eco-friendly and made sustainably is not a new consumer trend, but it is on the rise.

As consumers worldwide increasingly embrace social causes, they are choosing products and brands that align with their values, especially eco-related ones, reports one 2020 IBM study. Nearly eight in 10 consumers place a high importance on sustainability, 57% are willing to change their shopping habits to reduce environmental impact and more than 70% say they’ll pay more to buy brands that are sustainable and environmentally responsible.

“With sustainability front and center, consumers do more than just check the list of ingredients on a label. They want details about sourcing, how products are made or processed, as well as how they are delivered,” the study reports.

Due to their popularity, bottled beverages are among the greatest opportunities for eco-friendly advancement. Millions of consumers worldwide consume a variety of beverages at home and on-the-go each day. Here are three simple ways consumers can make their next sip truly count for our planet.

Purchase beverages in plastic bottles made with recycled content. Be aware of how the bottles used for your favorite drinks are made and buy from companies that are proactively reducing their use of virgin plastic to address the world’s plastic waste problem.

Coca-Cola Southwest Beverages (CCSWB), a company of Arca Continental, manufactures, markets and distributes beverages of The Coca-Cola Company across Texas and parts of Oklahoma, New Mexico and Arkansas. CCSWB is leading the way nationally in such efforts by doubling its use of recycled content across its entire plastic packaging portfolio, significantly reducing the company’s use of virgin plastic. By the end of 2021, every plastic bottle CCSWB produces will contain 50 percent recycled content, making them the first bottler in the U.S. to use recycled plastic (rPET) in its entire plastic packaging portfolio. In fact, CCSWB is hitting Coca-Cola’s World Without Waste goal nine years ahead of schedule with this rPET packaging model, which reduces energy, better controls greenhouse gas emissions and helps reduce the nearly 27 million tons of plastic waste that ends up in landfills each year.

“Demand for using recycled content for packaging is only going to rise in the future — particularly for food and beverage brands — as companies realize it is the most responsible and smartest way to conduct business,” explains Debbie Moody, CCSWB’s vice president of public affairs, communications and sustainability. “We are proud to be on the leading front of this sustainable packaging method, and we hope to continue to set the pace of our nation’s beverage industry regarding sustainable practices.”

Recycle your own beverage bottles. Play your part in the “circle of life” of plastic by sorting them and placing them at curbside or transferring them to local recycling centers. Check the bottle for clear labeling to ensure it is 100% recyclable — including the cap. Beverage companies like CCSWB are committed to making old bottles into new ones by collecting the bottles you recycle. American Beverage’s Every Bottle Back initiative has been a motivator for companies to literally “get every bottle back” from consumers, spurring innovation of products and improvement of local recycling infrastructure that helps keep plastic bottles out of our oceans, rivers, beaches and landfills. Your small act of recycling can make a difference because the beverage industry is united in action to make the lifecycle of its plastic circular.

Find companies that give back. From shoe companies to coat retailers and exercise equipment manufacturers, many brands are proactive in giving back to their communities. This can be through their philanthropic giving, as well as their sustainability practices that are encouraging change by empowering others to be eco-minded. Beverage companies do this too. For instance, CCSWB is encouraging recycling in the areas it services by providing $100,000 in grants to community recycling organizations in Texas, Oklahoma and New Mexico. Conducting a quick online search to learn about the companies who make your favorite items could help you determine a buying choice that actually gives back.

Working together, consumers and companies can make a difference in the future of our environment by buying and producing products that are on the side of sustainability. Next time you reach for your favorite bottled refreshment, consider whether that business is going about business in sustainable and eco-friendly ways. Because every bottle counts.

2021-06-07T07:01:00

(BPT) – The products you put on your body matter as much as the ones you put in your body. That’s why so many cosmetic labels now include buzzwords like “clean,” “natural” or “organic.”

Unless you’re a clean beauty connoisseur, it’s hard to know why terms like “clean” or “traceable” are important when choosing the best brands and products for you.

That’s why some companies are taking steps to spell out what these terms mean for their products. Artistry™, the skincare and makeup brand sold by Amway, shares why clean beauty is essential and what to look for when choosing products.

What does clean mean when it comes to beauty products?

“Clean” can mean different things for different products. Are certain ingredients clean? What about certain manufacturing practices?

For beauty, clean generally means that a product is safe and has a transparent ingredient label. “Traceable” means that the company can trace the ingredients back to the source.

That’s important because the bloodstream can absorb skincare products and cosmetics, leading to potentially dangerous health risks. Products applied to your skin should be beneficial for you and for the world around you.

Ingredients to put on the ‘No’ list

When searching for clean makeup and skincare, a good place to start is choosing items that match your goals and your skincare standards. One strategy companies use is to develop a ‘No’ list to help identify unnecessary and harmful ingredients versus those that are safe, effective, compliant with regulations and reviewed by a toxicologist.

Trusted brands will be detailed and transparent about their ingredients. If you have to look too hard to find the information, you might want to think twice before using it.

Ingredients to put on the ‘Yes’ list

Clean beauty products avoid toxic and dangerous ingredients. They also prioritize the best ingredients, both naturally derived and synthetic, to create safe, effective formulas.

Just like the definition of “clean,” that can mean different things for different brands. For some it means using powerful botanicals rich in plant nutrients.

It’s also a good idea to think about where your products are coming from and how they’re made. That traceability is one of the best assurances you can get for clean and safe beauty products.

Registered for your peace of mind

Clean beauty standards can still be up for interpretation — so let the buyer beware. It’s always a good idea to seek out third-party validation for brand statements and claims.

If you want to ensure that these products are not tested on animals, you’ll want them to be registered with vegansociety.com.

To qualify for registration, products must meet specific criteria assessed by a team from The Vegan Society that double-checks for any potential inclusion of animal ingredients.

Setting clean beauty goals

Look for brands that evolve with the beauty industry and continuously monitor the latest science, regulations and public concerns about clean beauty.

Some product makers are working to improve product formulations and further increase environmental stewardship, including expanding the number of traceable ingredients.

Spurred by the goal to improve products for consumers while being conscious of environmental impact, the Artistry team created detailed Artistry Clean Guidelines for future product launches. The guidelines call for vegan formulas, pure and safe ingredients, traceability for key botanical ingredients and better manufacturing processes, among other requirements.

“We’re setting ambitious goals to improve our product formulations and further increase our environmental stewardship,” said Marisa Grossnickle, brand manager for Amway North America. “We will continuously monitor the latest science, regulations and public concerns to ensure we are delivering pure, safe and effective products to you.”

Are you ready to make better beauty choices? Start looking at the labels and get ready to swap out your products for cleaner options. For more information, visit artistryskinnutrition.com.

2021-06-03T14:11:00

(BPT) – Terrance Williams always had an interest in fashion design. But a passion sparked when his sister gave him his first sewing machine for Christmas in 2010. He taught himself how to sew, first making pillows and blankets, then clothing and accessories. Terrance specifically wanted to create ethical and sustainable items but had trouble finding anything he liked. In 2014, he took matters into his own hands and brought his imagined ideas to life.

He initially sold his creations on Etsy, then officially launched his small business, Terrance Williams Designs. Growth was slow in the first few years, but the business took off in 2020. Hand-in-hand with the excitement of becoming profitable came uncertainty around how to best manage the business moving forward.

“My business literally grew overnight, so all the financial aspects of running a business were a surprise for me, because I had to expand very quickly to keep up,” Terrance said. “The expenses every month are overwhelming! Shipping, fabric, packing supplies, software and social media, photo editing apps — it all adds up. And, of course, taxes! Financial success also comes with financial responsibility.”

He received advice from some small business owner friends to set aside money for taxes, but he didn’t know how much to save for taxes or what they needed to cover.

“I was walking past a Block Advisors office on my way to the dentist one day and something told me to stop in and ask about my taxes — and I’m so glad that I did,” Terrance said. “This was my first year filing taxes as a small business owner, so everything was truly brand new for me. I had no idea what quarterly estimated taxes were until my new tax advisor, Mary Zaby, took the time to teach me what I needed to know.”

This allowed Terrance more peace of mind and time to focus on what he loves most about his business — the creations, not the taxes.

“Small business taxes are complicated, but Mary explained them in a clear and concise way,” he explained. “She also helped me set up my quarterly estimated tax payments based on my projected income and expenses for the year. Because I’m working with Mary, I know I’m in good shape.”

Quarterly estimated taxes can come as a surprise

While most people file their taxes once a year and cross it off their to-do list with relief, self-employed individuals and small business owners don’t typically get that luxury. If you’ve left your 9-to-5 job and started a new venture to pay the bills, there are more bills that may come as a surprise: your quarterly estimated tax payments. Quarterly filing dates are generally April 15, June 15, September 15 and January 15, which means the next one in 2021 is quickly approaching.

While Terrance had a jump-start on his small business before 2020, the pandemic forced many others to rethink traditional working models and strike out on their own. According to the US Census Bureau, new business applications were the highest on record last year, up 24% from 2019. If you’re self-employed, own a small business, or are making income but not having income taxes automatically withheld (as you would from a typical employer), you’ll likely need to make quarterly estimated tax payments throughout the year. This “pay-as-you-go” system means you need to pay most of your tax during the year, as you earn your income, rather than paying it at the end of the year.

Unfortunately, this is something many newly self-employed and small business owners learn the hard way after getting another surprise: an unusually large tax bill at the end of the year (full of interest and late payment penalties). In fact, 59% of self-employed individuals fail to file quarterly taxes, according to a 2018 survey from the mileage-and-receipt tracking app Everlance. They either don’t think they need to pay quarterly estimated taxes (42%) or don’t know what quarterly estimated taxes are (17%).

Seek expert help from the start

Luckily, Terrance sought small business tax help from the start — thanks to an advantageous dentist appointment. Since most small business owners start their business to pursue a passion, not to crunch numbers, it’s easy to make beginner’s mistakes like not knowing about or forgetting to pay quarterly estimated taxes. Also, small business taxes can be confusing and overwhelming, especially if you’ve never done them before.

“There’s so much to consider when you start a business or work for yourself,” said Ian Hardman, General Manager and Vice President of small business at H&R Block. “Working with a Block Advisors small business certified tax professional will allow you to focus on the things you love instead of your taxes. Our Quarterly Tax Payment Service helps you better manage your cash flow through precise quarterly tax payments.”

Terrance also recommends other up-and-coming entrepreneurs consult a tax pro.

“Definitely seek expert assistance and guidance before trying to do your small business taxes by yourself,” Terrance said. “My tax advisor, Mary, is extremely knowledgeable about small businesses and small business taxes and is super supportive of both me and my business. She helped me so much this year, but I also know she’ll help me as my business continues to grow. Any time I have an issue or concern, Mary is there with an answer.”

To learn more about calculating and paying your quarterly estimated taxes, or to start working with a Block Advisors small business certified tax professional, visit blockadvisors.com.

2021-06-01T07:01:00

Who are the perpetrators?

When we think of fraudsters, we tend to think of nameless, faceless people sitting in the dark, halfway around the world. In reality, a report by the Office of Financial Protection for Older Americans found that in 36% of cases, the victim knows the perpetrator personally.

This is why caregiving should be a group effort. Bring other loved ones into the conversation, instead of leaving it in the hands of just one person. Lean on the financial institutions you keep your money with to be an extra set of eyes and ears for you. For instance, at Charles Schwab, we have teams dedicated to identifying and dealing with fraud attempts.

How can caregivers protect senior loved ones?

For caregivers, if you’re worried about your loved ones, start with this checklist to protect them:

• Talk about it. Have a conversation about common scams. Discuss your loved ones’ investment goals and attitudes toward money so that you can recognize irregular behavior.
• Designate trusted contacts. Make sure financial institution reps know who to contact on your loved one’s behalf in the event of suspected exploitation, fraud or health issues.
• Get organized. Locate and safely store important financial documents, such as wills, trusts, powers of attorney, account statements, insurance policies and beneficiary designations.

Even after you put things in place for your loved ones, be vigilant:

• Check in. Regularly review and update important financial documents.
• Listen. Pay attention to what your loved ones are saying and listen for worrying key phrases, such as “people are asking me for money,” “my bills are confusing to me” and “I don’t understand financial decisions that someone else is making for me.”
• Watch. Look out for red-flag behaviors, including unusual or unexplained financial activity, abrupt changes to documents, unpaid bills or mail piling up, new friends or sweethearts or confused behavior.

For more information on ways to educate and protect yourself and senior family members from fraudsters, visit schwab.com/schwabsafe/security-knowledge-center.

2021-05-25T08:01:00

(BPT) – Running a small business focused on health and wellness is not an easy task at the best of times, but the past year’s challenges to the nation’s health have made it even harder. Never before have local businesses seemed so crucial to their communities, especially businesses centered on healthcare and wellness.

For these businesses to thrive, it’s vital to invest time and energy thoughtfully. Here are tips that can help local health and wellness businesses continue to expand and grow.

1. Learn from clients

Ask your clients and community members for their opinions about your products and services to ensure you’re delivering the care they most need and want. Free and low-cost online tools like SurveyMonkey or HubSpot can help you create a professional survey to unlock these useful insights.

2. Prioritize customer support

Make sure your clients have their needs met by measuring your response time to customer inquiries. Many businesses prioritize responding to patients or clients within 24 hours.

Offer your patients and staff the latest tools for success and safety. To reopen since the pandemic, PPE has been the top priority. Provide sufficient PPE and clearly communicate your health and safety protocols to everyone.

3. Invest in learning

Continuing education will make you competitive with other businesses. Keep up-to-date on the latest skills and knowledge to best serve patients and clients, and incentivize your staff to do the same.

4. Leverage your community

Living well starts with a healthy community. Collaborate with local businesses through creative ventures, like joint advertising efforts and events. Offer opportunities like student internships or volunteerism to community members to continue growing.

5. Find funding to fuel growth

Grants, loans and awards are available to help small businesses thrive. Search “small business grants” online or visit the Small Business Administration website, sba.gov.

Many corporations also offer awards programs. Since 2016, the Synchrony Pillars Project has honored small business leaders and healthcare providers who support their communities through changing times.

In 2020, the program recognized 20 businesses for strengthening and supporting their communities in innovative, powerful ways. Winners of the $10,000 prize included:

• Dr. Alexander Koh, DDS, of Riverside, Calif., focuses on periodontics and dental implant surgery. The pandemic forced his office to close twice last year, creating a financial burden. Koh will use some award money for PPE costs and payroll. He will also use some of the funds to run his annual paid summer internship program, offering college students — often from underprivileged backgrounds — opportunities to learn about dentistry.
• Dr. Donald Tucker, DDS, prioritizes giving back to his Williamsville, N.Y., community, offering dental services to underserved or uninsured populations. He used a portion of the award to invest in an inner-city dental clinic and purchased additional PPE. Tucker will use remaining funds on a dental relief mission trip to Haiti.
• Dr. Maria Evelina Guerrero opened Green Apple Pediatric Dentistry, the only holistic pediatric office in the Austin, Texas, area, in 2014. Guerrero will use the funds to create a mission day at her practice for people who cannot afford basic dental care. She will also invest in more PPE and continuing education for her staff.
• Twyla Everett started Level Up Fitness and Wellness Center in Waltham, Mass., after watching many in her family and community suffer from health issues. Her minority- and women-owned and operated business is built on diversity and inclusion. They will use a portion of the award to offer discounted orthopedic massage therapy for those in remission from cancer. The business will use the rest for staff continuing education.
• Moving Mountains Foundation in Missoula, Mont., has a mission to support access to healthcare and raise community awareness by empowering individuals with disabilities to show up as their whole selves in their schools, careers and communities. The foundation will use some of the funds to boost community awareness, while most of the funds will pay for early screenings — a critical component for involving kids with disabilities in early intervention programs.

All of these efforts can help health and wellness businesses not only survive, but grow and expand. To learn more about the Synchrony Pillars Project and how it celebrates small business leaders and healthcare providers, visit SynchronyBusiness.com.

All company, product and service names are the product of their respective owners and are for identification purposes only. Use of these names does not imply endorsement.

2021-05-24T11:01:01

(BPT) – Over the past year, small businesses have had to adapt, often learning that their bonds with their surrounding communities are crucial to their survival. As your business continues to weather today’s challenges, here are tips to help your business stay strong while you stay connected to your customers — and your neighbors.

Know your customers

Ask your customers, employees and community members for their opinions on your products and services and discover what they want. Free and low-cost tools like SurveyMonkey can help you create a professional-looking online survey. A low-cost customer relationship management (CRM) tool can also help you stay connected to your customers.

Leverage digital marketing

Did you know 81% of Americans use YouTube¹, 69% use Facebook and 40% use Instagram? In addition, 60% of consumers say they will continue shopping online, with 26% saying they will shop online even more in the future.²

Meet customers where they are by posting and advertising on these powerful digital platforms. Create email campaigns to contact customers. If you don’t have a website, make one. Inexpensive tools like Wix or GoDaddy can help you build a basic site quickly.

Support your community

Stay engaged with your community by sponsoring youth teams or holding food drives at your location. Be visible and be a good neighbor.

Find funding to fuel growth

Money is available for small businesses, if you know where to look. Grants, loans and awards can help your business grow. Start with the Small Business Administration and U.S. Chamber of Commerce. You can also try a simple online search for “small business grants.”

Many corporations offer awards programs. For example, since 2016 the Synchrony Pillars Project has honored small business leaders who support their communities. In 2020, the program recognized 20 winners for supporting their communities in innovative, powerful ways. Each of the winners received a $10,000 prize. Here are a few highlights from a sampling of the winners:

• All About Automotive, an automotive repair facility servicing foreign and domestic vehicles in Gresham, Oregon. During the pandemic, the husband-and-wife-owned company created a Pay It Forward Campaign for those suffering financially. Customers, friends and family donated to help pay for parts, and All About Automotive matched the donations with free labor. All About Automotive is investing their award into equipment for their shop and the Pay it Forward Campaign.
• American Mattress, a local premium mattress and bedding retailer in Colorado Springs, Colo. Since opening its first store in 2017, the family-run and veteran-operated business has been passionate about giving back to the community. They first donated beds to an organization housing homeless mothers with children. Despite needing to close two months during the pandemic, the business continued supporting the community by donating beds to foster parents and shelters. The award money has helped American Mattress invest in inventory, which it continues to allocate to the community.
• Backstage Music in Starkville, Miss., has been North Mississippi’s premier music store since 1978. However, it does much more than sell guitars and basses. The owners created the go-to audio/video business for local governments, churches, restaurants and schools. When the pandemic forced it to close, Backstage Music developed solutions for local organizations suddenly needing live streaming. In addition to seeking ways to support music and music education, the business collects food for local food pantries (bring five food items, get a free guitar restring job), and hopes to match donations using the award money.
• Valdosta Properties, a property management business in Houston, Texas. Being led by an African-American woman in an industry men dominate makes this business unique and challenging. The pandemic forced them to adapt, because of their direct contact with customers. The team has gone above and beyond to assure customers they can complete remodeling projects safely, with care and respect for their health. A community-oriented business, Valdosta Properties chose to use half the award money for a marketing campaign called “Are You Ready?” which aims to provide generators for senior citizens’ homes.

Learn more about the Pillars awards and last year’s winners at Synchrony.com/smallbusiness.

With an approach fostering stronger relationships within the community, small businesses can continue to survive — and even thrive — during difficult times, whatever the future holds.

¹ PEW Research Center, April 2021 (https://www.pewresearch.org/internet/2021/04/07/social-media-use-in-2021/).

² Synchrony Consumer Sentiment Monthly Tracking Survey N=1000 U.S. Consumers – Feb 2021.

All company, product and service names are the product of their respective owners and are for identification purposes only. Use of these names does not imply endorsement.

2021-05-24T11:01:01

(BPT) – Over the past year, small businesses have had to adapt, often learning that their bonds with their surrounding communities are crucial to their survival. As your business continues to weather today’s challenges, here are tips to help your business stay strong while you stay connected to your customers — and your neighbors.

Know your customers

Ask your customers, employees and community members for their opinions on your products and services and discover what they want. Free and low-cost tools like SurveyMonkey can help you create a professional-looking online survey. A low-cost customer relationship management (CRM) tool can also help you stay connected to your customers.

Leverage digital marketing

Did you know 81% of Americans use YouTube¹, 69% use Facebook and 40% use Instagram? In addition, 60% of consumers say they will continue shopping online, with 26% saying they will shop online even more in the future.²

Meet customers where they are by posting and advertising on these powerful digital platforms. Create email campaigns to contact customers. If you don’t have a website, make one. Inexpensive tools like Wix or GoDaddy can help you build a basic site quickly.

Support your community

Stay engaged with your community by sponsoring youth teams or holding food drives at your location. Be visible and be a good neighbor.

Find funding to fuel growth

Money is available for small businesses, if you know where to look. Grants, loans and awards can help your business grow. Start with the Small Business Administration and U.S. Chamber of Commerce. You can also try a simple online search for “small business grants.”

Many corporations offer awards programs. For example, since 2016 the Synchrony Pillars Project has honored small business leaders who support their communities. In 2020, the program recognized 20 winners for supporting their communities in innovative, powerful ways. Each of the winners received a $10,000 prize. Here are a few highlights from a sampling of the winners:

• All About Automotive, an automotive repair facility servicing foreign and domestic vehicles in Gresham, Oregon. During the pandemic, the husband-and-wife-owned company created a Pay It Forward Campaign for those suffering financially. Customers, friends and family donated to help pay for parts, and All About Automotive matched the donations with free labor. All About Automotive is investing their award into equipment for their shop and the Pay it Forward Campaign.
• American Mattress, a local premium mattress and bedding retailer in Colorado Springs, Colo. Since opening its first store in 2017, the family-run and veteran-operated business has been passionate about giving back to the community. They first donated beds to an organization housing homeless mothers with children. Despite needing to close two months during the pandemic, the business continued supporting the community by donating beds to foster parents and shelters. The award money has helped American Mattress invest in inventory, which it continues to allocate to the community.
• Backstage Music in Starkville, Miss., has been North Mississippi’s premier music store since 1978. However, it does much more than sell guitars and basses. The owners created the go-to audio/video business for local governments, churches, restaurants and schools. When the pandemic forced it to close, Backstage Music developed solutions for local organizations suddenly needing live streaming. In addition to seeking ways to support music and music education, the business collects food for local food pantries (bring five food items, get a free guitar restring job), and hopes to match donations using the award money.
• Valdosta Properties, a property management business in Houston, Texas. Being led by an African-American woman in an industry men dominate makes this business unique and challenging. The pandemic forced them to adapt, because of their direct contact with customers. The team has gone above and beyond to assure customers they can complete remodeling projects safely, with care and respect for their health. A community-oriented business, Valdosta Properties chose to use half the award money for a marketing campaign called “Are You Ready?” which aims to provide generators for senior citizens’ homes.

Learn more about the Pillars awards and last year’s winners at Synchrony.com/smallbusiness.

With an approach fostering stronger relationships within the community, small businesses can continue to survive — and even thrive — during difficult times, whatever the future holds.

¹ PEW Research Center, April 2021 (https://www.pewresearch.org/internet/2021/04/07/social-media-use-in-2021/).

² Synchrony Consumer Sentiment Monthly Tracking Survey N=1000 U.S. Consumers – Feb 2021.

All company, product and service names are the product of their respective owners and are for identification purposes only. Use of these names does not imply endorsement.