Category: Brandpoint Business & Finance

2020-07-06T16:03:00

(BPT) – Small businesses are the backbone of the economy. Whether in a busy city or a sleepy suburb, we depend on the many beloved local shops and services that contribute to the vibrancy of our neighborhoods. Where we shop matters, and now more than ever small businesses need our support as they recover and rebuild from the effects of the pandemic.

Small businesses will play a vital role in helping communities around the world get back on their feet. They account for more than half of global employment, and COVID-19 has hit them hard. As a result of the pandemic, 43% of small businesses say they only have money to last six months. Women- and minority-owned businesses have been hit especially hard.

The pandemic has changed the way we shop, work and live — rapidly increasing digital commerce including online shopping, delivery services and curbside pick-up. For small businesses to meet these new essential expectations, they must adopt digital tools across their consumer experiences and back-office operations.

As a long time champion of small businesses, Visa is committing to help 50 million small businesses around the world enhance their digital offerings as they begin to reopen and rebuild. This includes the easy-to-adopt contactless payment technology that has become as much a part of the safe shopping experience in stores as face masks, hand sanitizer and glass screens, and ecommerce technology online.

As individuals, we all play a vital role in supporting the success of locally owned businesses to help our communities thrive. Every effort adds up, so consider these five simple things you can do to support local small businesses:

Make shopping locally a habit

Exploring neighborhood businesses is not only good for the economy, it can make you feel like a real part of your community. Make a daily effort to shop from small businesses for your needs — you’ll likely discover new locally sourced goods, and service providers who cater directly to local taste. From food and clothing to haircuts and car repair, there are many small business owners who would love the opportunity to help you. Use the Back to Business search tool at usa.visa.com to quickly search for local businesses that can help with your needs.

Pay it forward with a gift card

Supporting small business owners now is critical for small business owners. Buy gift cards for neighbors, friends and family as a thoughtful gesture to brighten their day, or just for yourself for future use. It a great way to support local merchants with a revenue stream while they’re operating under limited circumstances — keeping their doors open and workers employed.

Become part of the community on social

Social media platforms have become more than a marketing tool for small businesses — they are vibrant digital communities and can be as unique an experience as walking around Main Street. Sure, you can help grow a small business’s online presence by liking them on social media. And leave them a positive online review so others who might shop there feel confident they’ll have an excellent experience. Even if they don’t have a social media page, you can mention them in your posts to remind your network of your favorite local businesses. But you can also get involved: Yoga studios, wine shops and taprooms, local craft centers and more are all offering virtual experiences and online transactions that keep one-to-one connections alive.

Get it curbside, or on your porch

Although social distancing has changed the way some small businesses can work, many are going above and beyond to meet customer needs. Ask about options like curbside pickup or touch-free delivery, which are becoming another indispensable part of our new normal. Buy online-pickup, in-store orders including curbside, jumped 87% year over year by late March, according to Adobe Analytics. And as shops re-open brick-and-mortar locations, many owners are integrating social distancing, increased cleaning and reconfiguring in-store layouts to help keep customers and employees healthy.

Purchase with purpose

By choosing to make a purchase from a small business, you help support an entrepreneur’s dream and help them get through extraordinary times. You’ll also find that many small businesses in your community are reaching out to help others during the pandemic — whether it’s a restaurant donating food to front line workers, or a local distillery making hand sanitizer for the neighborhood. To help support small businesses during this time when many are struggling, there are ways you can get involved just by shopping. Pay with your Visa card and you’ll be entered for a chance to win $2,000 in small business gift cards and to pick a small business to receive a $5,000 grant from Visa¹.

With more than 30 million small businesses estimated in the United States alone, you have the power to make a difference. These tips can help you support local businesses now, so the community prospers in the future.

1. NO PURCHASE NECESSARY. Open to 50 U.S. & D.C., 18 or older. Void in PR & where prohibited. Ends 07/19/20. For full official rules, including details on non-purchase entries and the link to the grant terms go here: https://usa.visa.com/pay-with-visa/visa-sweepstakes.html.html.

2020-07-06T06:01:00

(BPT) – For many students starting or returning to school this fall, the experience may be far different from what they envisioned last year. In response to COVID-19, a number of colleges and universities are temporarily moving to virtual learning models. At the same time, there are colleges and universities planning to reopen with new social distancing measures—some still determining exactly how to best proceed.

Not only has COVID-19 been an obstacle for how you’ll physically go to college, but also a setback for how students and parents plan to pay for their education. So, what are some strategies to help you stay on track with your financial plan for college?

1. Tally up all the costs of attendance.

“Education costs will increasingly play a central role in a student’s decision of when or where they attend school,” said Aaron Aggerwal, senior vice president of credit cards and education lending at Navy Federal Credit Union. “As you solidify how much space is in your budget to pay for school, be sure to consider expenses beyond tuition, such as room and board, transportation, a computer, and textbooks. This will help you create a reasonable and realistic financial plan.”

2. Talk to your school’s financial aid office.

If you previously submitted a Free Application for Federal Student Aid (FAFSA) and need to alter it, contact your financial aid office. You may qualify for more assistance or ask them to reassess your financial aid package in order to help you afford the cost of school. This may be especially beneficial if your finances have changed since you first applied.

3. Explore private student loans for bridging any funding gap.

Given the rising expenses for education, there’s a chance the financial assistance you received from the federal student loan program, grants or scholarships isn’t enough to entirely cover your college costs. Thus, private student loans can help fill this funding gap.

“When you’re researching private student loans, find the best rate with features that meet your individual needs,” added Aggerwal. “For example, we offer a 0.25% interest rate reduction for setting up automatic payments; a benefit like this simplifies making payments and helps you save money. We also offer payment options to lower your monthly payment while you’re in school.”

If you’re worried about getting approved for a private student loan, a co-signer could increase your chances. Lenders, like Navy Federal, may allow a co-signer to be released from the loan once a qualifying borrower has entered full repayment or graduated, and has made a total of 24 consecutive, on-time payments.

4. Stay instate or take classes at a community college.

In-state tuition is considerably less expensive than out-of-state tuition. You may also save on tuition and related costs by taking classes at a local community college before school begins or during school breaks. Just be sure to confirm before enrolling that the credits will transfer to the college or university of your choice.

5. Already have student loans? Consider refinancing or consolidating them.

Many lenders will allow you to refinance and consolidate federal and private student loans together. Also if you’re graduating this fall or have parent PLUS loans, this strategy could help you save on interest and get a lower monthly payment.

2020-07-06T08:01:00

(BPT) – In a time of global crisis — pandemic, economic or political — fraudsters and scammers are willing and ready to prey on communities. These ‘bad guys’ take advantage of people’s vulnerabilities by offering false employment offers, bogus cures and treatments and fake promises of assistance and products.

Today is no different. Scammers and fraudsters are in full force — in less than six months, consumers across the U.S. have made nearly 100,000 related reports to the FTC.

Zelle^®, a fast, safe and easy way to send and receive money with people you trust, has dedicated resources to studying scammers’ strategies and protecting consumers from abusive scams and fraud. As the largest bank-owned payment network, Zelle has identified today’s top scams and how consumers can protect themselves:

Practice caution when buying a “quarantine puppy”

Families abiding by stay-at-home orders might think now is the perfect time to adopt a puppy. Unfortunately, that means a rise in scammers who advertise nonexistent puppies for sale online. According to the Better Business Bureau, puppy scams have spiked during the pandemic. Red flags include requests for payment in gift cards or wired funds, too-good-to-be-true pricing and no opportunity to see the pup before you buy.

Beware of charity scams

We all want to give back during this time, but be cautious of scammers who may be trying to take advantage of your generosity. Don’t let anyone rush you into making a donation. Urgency is a clear and consistent scammer strategy. Do your homework first. You can refer to FTC Donate Wisely to help you research charities. You should also reconfirm all email and website addresses since scammers will spoof these to look like actual email addresses or websites.

Be extra vigilant when buying products that are hard to come by

Online sellers might claim they have in-demand products, such as cleaning, household, health and medical supplies. But before you place an order, make sure to do your research or you may never get your shipment. Verify the seller by searching online for the person’s or company’s name, phone number and email address, plus words like “review,” “complaint” or “scam.” If everything checks out, pay by credit card and keep a record of your transaction. If you’re concerned about the pricing of products in your area, contact your state consumer protection officials. For a complete list of state Attorneys General, visit https://www.usa.gov/state-attorney-general.

Keep an eye out for suspicious calls, texts or emails

Scammers may use fake emails, calls or texts to get you to share valuable personal information — like account numbers, Social Security numbers, or your login IDs and passwords. They will use your information to steal your money, your identity or both. Do not respond to these emails. Contact companies directly. Protect your computer by keeping your software up to date and by using security software, your cell phone by setting software to update automatically, your accounts by using multi-factor authentication and your data by backing it up.

Only use P2P (person-to-person) payment platforms with those you trust

The majority of scams revolve around customers sending money to people they don’t personally know for products or services that don’t actually exist. Only transact with people you trust and with reputable marketplaces.

Watch out for scams related to stimulus payments

Don’t respond to emails, texts or social media messages about checks from the government. There is no shortcut to get your stimulus payment from the U.S. Treasury Department faster, so watch out for anyone who claims ‘we can speed that payment up for you for a fee,’ or ‘click here for your payment.’

In the COVID-19 era, we are all more emotionally charged than ever. Don’t let scammers take advantage of the situation to take your information or your money, now or ever. If you do get scammed, inform your financial institution as soon as possible. They can help by putting protocols in place in an effort to stop those scammers from not only hurting you again, but also protecting others in the future.

For more tips and resources on how to pay it safe and protect yourself from scammers, visit https://www.zellepay.com/pay-it-safe.

2020-06-24T08:01:00

(BPT) – First impressions matter now more than ever. If you can create a visually impactful, emotional connection with your branding, customers will respond. In today’s world, eye-catching design can be the difference between winning the sale or losing a potential client.

Customers are bombarded by advertising every second of the day. Well-designed business collateral like brochures and posters can help a business break through the clutter and have meaningful connections right from the start of the user experience.

Design tips to create unforgettable marketing

Great design can be hard, but these simple tips can help your designs become that much more engaging.

• Eye-catching color

Color makes everything more enticing. Grab customers’ attention and build excitement with beautiful pops of color that represent your brand.

• Impactful imagery

A picture is worth 1,000 words. Choose relevant, high-quality photography to make food look delicious, products come to life and your space look inviting.

• Striking fonts

It’s not just what you say, but how you say it. Choosing a font that is easy to read, aesthetically pleasing and on brand can help carry your message a long way.

• Beautiful simplicity

Less can be more. It’s easy to go overboard with design by adding in too many distracting prints and patterns. Keep it simple by steering clear of unnecessary copy, colors and font variations.

With so many companies and brands competing for attention, design is one of the best tools to utilize to separate yourself from the crowd.

Introducing the new FedEx Office design tool

As a business owner, your time is valuable and often limited. Between running your business and managing you team, finance, HR, operations and customer service, you may be short on time to develop and design marketing collateral.

FedEx Office’s new design tool makes it easier for business owners to create the professionally printed materials they need to reach and connect with their customers.

Easy to use

• Drag and drop functionality
• No need to learn complicated software
• Access to thousands of stock images, templates and fonts

Flexible options

• Design and print posters, menus, flyers and more
• Explore custom templates tailored to your needs
• Save functionality to tweak designs or reprint favorites

Refreshingly convenient

• Design and print from anywhere, anytime
• Get professional-quality design without spending designer prices
• Fully integrated into the FedEx Office print network for end-to-end design, production and delivery

With access to millions of images and illustrations, an extensive library of templates, and a simple drag-and-drop interface, you can design virtually anything and print at more than 2,000 FedEx Office locations across the U.S. Ready to take your designs to the next level?

2020-06-23T08:01:00

(BPT) – American farm life is often portrayed with images of a happy family, healthy animals, sunshine and green fields. Working in agriculture is a source of pride for many people, but reality is not as perfect as the commercials and storybooks.

In fact, depression and anxiety on the farm are pressing problems that have long simmered beneath the surface with little attention or open discussion. Shelby Watson-Hampton knows this too well; her older brother, Russ, who almost always appeared outgoing and energetic, silently battled depression and anxiety. Suicide claimed his life in 2003. Watson-Hampton farms on their fourth-generation family farm, Robin Hill Farm & Vineyards, located in Maryland.

“Suicide was very stigmatized then. It just wasn’t talked about,” she says. “So I think we did what a lot of farm families do: We just shut down a little bit.”

Anxiety and depression are widespread in agriculture, yet it’s something people often struggle with silently. Farmers and farmworkers say financial issues (91%), farm or business problems (88%) and fear of losing the farm (87%) impact their mental health, according to a 2019 poll sponsored by the American Farm Bureau Federation.

“Rural people take pride in taking care of themselves and handling situations,” says Ted Matthews, director of Minnesota Rural Mental Health. “That positive thing can become a negative when they need help and they have too much pride to ask for it.”

Warning signs of depression

When it comes to warning signs of depression and anxiety — whether in yourself or someone else — Dr. David Merrell says one of the main things to look for is a loss of enjoyment.

“You stop doing the things that you enjoy doing, the activities, the fishing, whatever it is,” says Merrell, the on-site medical doctor for Syngenta in Greensboro, North Carolina. “Individuals who are starting to face depression and anxiety find there’s a mounting weight on them that makes those activities no longer enjoyable.”

Weight gain or weight loss can be another sign, as is increased emotionality, such as becoming tearful over simple interactions. “Maybe deadlines are being missed where they never used to be missed, fields aren’t getting planted when they used to,” Merrell says.

Additional signs indicating that a person might need help include:

• Decline in care of crops, animals and farm
• Deterioration of personal appearance
• Marriage issues
• Opioid abuse
• Withdrawing from family and friends
• Buying more life insurance
• Increase in physical complaints, difficulty sleeping
• Giving away prized possessions
• Comments like: “I have nothing to live for,” and “My family would be better off without me.”

Giving and getting help

Many experts suggest that listening nonjudgmentally, with care and concern, is often the most effective way people can help someone facing anxiety or depression. If someone in your life needs to talk, be sure to listen and don’t blame, Matthews says.

“All of us in rural communities are in this together,” says Matthews. “If people don’t know what to do, they do nothing. More medical doctors and psychologists would be helpful. But without community involvement, little progress will be made.”

For the person suffering from depression, proactively finding that kind of support system is crucial, Merrell says. “This I cannot stress enough: Find somebody you can confide in to say, ‘I’m having a hard time,'” he says. “That person might be a friend, a spouse, a clergy member or a mental health professional who will be able to give you tools and say, ‘Hey, next time this comes up, here’s what you’ve got to do.'”

These conversations don’t always require going into an office. “There are a lot of telehealth opportunities so you can seek help from professionals over the phone,” Merrell notes.

Today, there are more outlets for help than ever before. “Major land grant universities, extension agencies, commodity groups, agribusinesses — they’re all looking at it now. It comes up at almost every ag conference I’ve gone to in the last year or two, which is a huge change,” says Watson-Hampton. “There are farm crisis centers and farm resources like Farm Town Strong, which is a collaboration of the Farm Bureau Federation and National Farmers Union to combat opioid addiction.”

Additional mental health resources

To get mental health counseling or to learn more about mental health issues, contact these organizations:

• American Foundation for Suicide Prevention, afsp.org
• Employee Assistance Program, www.workhealthlife.com
• Make It OK, makeitok.org/resources
• National Alliance on Mental Health, www.nami.org
• National Suicide Prevention Lifeline, 1-800-273-8255
• Ted Matthews, www.farmcounseling.org

To learn more about Syngenta and read more stories about trending agriculture topics, visit www.syngentathrive.com.

2020-06-15T07:01:00

(BPT) – Considering the economic challenges the world is faced with today, including some of the highest unemployment numbers in recent history, now could be an excellent time to begin a career as a freelancer.

Recent nationwide furloughs and layoffs caused by the struggling economy and the social distancing necessitated by COVID-19 make that particularly true. But statistics show the number of freelancers has been growing over the past decade, partly because people enjoy the flexibility, control and better work-life balance that can come with the role. And independent contractors span a range of professions these days, from law to graphic design to engineering.

In a survey conducted in the nation’s top 30 cities for freelancing last year, for example, some six million independent contractors were collectively earning $150 billion. Some of the largest markets for freelancers these days? New York, Los Angeles, Chicago and Washington, D.C. Nashville and Austin are also up-and-comers, with the population of skilled freelancers growing by 26% and 27%, respectively, between 2012 and 2017. Miami’s skilled freelance workforce contributes most to its overall city GDP, making up a full 2.3%.

Here are notable advantages to consider if you’re mulling a move to the freelance lifestyle.

Control over your schedule

Freelancing empowers you with much more control over your workload and when you choose to complete it. Not only can you accept or decline assignments based on your availability and preferences, but in many cases you can finish them during the hours most convenient to you. That can be invaluable when you’re juggling other family or business commitments or simply wish to reserve certain time periods for other endeavors.

Relaxed work environments

As your own boss, you establish your own work space, rules, dress code and core values. Having that kind of flexibility in this uncertain world can be a huge boon to your health, comfort and sense of individuality.

Unprecedented reach

Digital technology enables work-at-home capabilities for those who may not have had that option in the past, allowing those in many professions to work entirely online while keeping a safe distance from COVID-19 and other possible threats. Though many people find their freelance work through word-of-mouth or social media, a full 18% now find their clients through online marketplaces such as Fiverr, according to the survey. Last year Fiverr connected 2.4 million customers with independent contractor clients from more than 160 countries across the globe.

Job satisfaction

Those who freelance often see their work as more rewarding than others. In the Fiverr survey, for example, seven of 10 U.S. freelancers called their work highly satisfying, compared to about half of U.S. workers in general. The primary reasons for that added satisfaction? The freedom to work from home, the flexibility of the work schedules and the interesting nature of their work.

Healthy paychecks

Because they can control their own pricing, profit margins and productivity, many freelancers earn more working for themselves than for others. And they’re not expecting their revenues to change significantly during the COVID-19 pandemic; the Fiverr survey found that 59% of independent contractors surveyed expected to earn equal or increased revenues in 2020.

Income equality

Men and women both find success through freelancing, and the gender pay gap seems to be a non-issue among freelancers. Of freelancers worldwide working through Fiverr, for instance, 44% are women — and they earn almost 20% more than the men.

For many, the option of becoming an independent contractor is becoming more and more attractive.

Ready to become your own boss? Fiverr connects employers with digital service workers in more than 300 categories across eight fields, offering transparency, efficiency and ease as work is managed and completed. Contact us to learn more.

2020-06-10T07:01:00

(BPT) – If you’re trying to stay healthy, chances are you have a routine to boost your physical fitness. But what about your financial fitness? As with exercise, you can establish regular routines to help keep your bank account healthy — and increase your peace of mind.

What does a financial fitness routine look like?

1. Create a budget

This is probably the toughest, and most important, step in ensuring your financial health. When you set a budget, you need to take a good look at your income compared with your expenses.

List your fixed expenses (rent/mortgage, utilities, insurance, etc.) and other vital expenses that vary, like groceries. Don’t forget payments you regularly make toward debts like student loans or credit cards.

Knowing the expenses you must cover each month will tell you how much you have left for discretionary spending. But if you’re spending more than you’re taking in, you’ll have to find ways to cut down on expenses, and/or earn more income.

Keep a spending diary to track where your money is going. Review several weeks of your diary to spot common expenses you can do without, like little-used streaming subscriptions or impulse purchases.

Make sure to budget together with anyone you’re sharing your life and household with. Online budget tools can help you set up a workable system. Don’t be surprised if it takes you several weeks to get the hang of budgeting. Just like establishing a workout routine, it takes patience and determination.

2. Make saving a regular habit

Set up an automatic deposit from your paycheck into a savings account as soon as you can, even just a small amount. This will establish the saving habit without you even having to think about it.

Building an emergency fund to cover unexpected expenses or loss of income for a few months will not only give you peace of mind, it will also prevent you from overusing credit cards when a car or appliance breaks down.

3. Set goals

Whether you want to increase your 401(k) contribution, build your emergency fund or save for a large purchase, it helps to set a specific goal or two with measurable amounts, with dates for achieving them.

Post your goals where you can see them every day.

4. Do a weekly check-in

Every week, review how you’re doing on your budget. Did you overspend? If so, where did expenses come from, and were they things you needed? Your spending diary can help you find your weaknesses.

Ways to avoid temptation:

• Stay off websites where you impulse shop
• Cut up credit cards or keep them in a locked box that’s hard to get at
• Post your financial goals where you’ll see them before spending, like a note in your wallet or near your computer

5. Use credit wisely

To improve your credit score or keep it in good shape, make sure to follow good credit practices:

• Pay credit card bills on time, above the minimum balance due when possible
• Don’t use more than 30% of your available credit
• Make occasional small purchases on cards to keep the accounts active

There are actually several credit scoring models out there, and they weigh items in your credit history differently. Some scoring models scan your credit report at one point in time, giving a snapshot that’s limited in understanding your overall credit picture. VantageScore 4.0, which is one of the models often used by lenders, is different because it takes advantage of trended credit data newly available from all three national credit reporting companies. By capturing the trajectory of borrowing and payment behaviors, trended credit data provides a more precise, holistic view of consumer habits.

For a better understanding of how credit scores work, check out this article.

While you’re working on your financial fitness, make sure to check your credit score at Your.VantageScore.com/free.

This article is not intended to provide any credit or financial advice or guidance or to recommend the taking of any specific action. This article is intended solely to describe the possible impact that an action may have on a credit score that is generated using the credit scoring models of VantageScore Solutions, LLC. The possible impacts described herein are based on hypothetical situations and the actual impact on a credit score may vary depending on various factors, including, among other things, a person’s actual circumstances and history.

2020-06-08T15:01:00

(BPT) – As COVID-19 continues to disrupt normal day-to-day operations of small- to mid-sized businesses and nearly half of the U.S. workforce hangs in the balance, employers are taking creative measures to reset their go-to-market strategies and offerings. By changing their operations to meet the demands of their customers, businesses can not only stay relevant but keep their staff employed and thrive in the new economy.

This pandemic offers business owners, investors and solopreneurs the opportunity to take a critical look at their overall business model, offerings and operations and reset the entire business structure, creating new opportunities to serve and prevail. This is the perfect time to explore new legal solutions to the most common business obstacles to help companies preserve and protect their brands and prosper for generations to come. There are great examples of resets happening within many industries.

With the pandemic closing summer camps throughout the country, ACA-accredited Adventure Links, a 23-year-old summer camp in Virginia, has found a way to replace its usual summer adventure camp programs with The CampCloud(TM), an experiential online alternative. The company is now offering its virtual camping programs to individuals and employers to assist employees working from home by keeping their kids engaged, learning and delighted all day from virtually anywhere. The program is being offered to other camps as a customizable, online option for their campers.

Ensuring the health and safety of employers when stay-at-home orders are lifted, and business resumes, is critical. Thanks to a team of entrepreneurs, Disinfect & Shield(TM), an FDA-registered, EPA-approved and eco-friendly disinfectant used in surgical suites for the last decade, is now available to businesses worldwide to kill SARS-CoV-2, the virus that causes COVID-19 and other dangerous organisms. It works by creating a permanent anti-microbial shield, preventing the virus from attaching to surfaces where it has been applied without risk to humans, animals or crops. With Disinfect & Shield(TM), employees, customers and visitors can feel safe knowing that their space has been properly disinfected and treated for optimum health and safety.

Clint Coons, founder of Anderson Business Advisors, offers 5 financing and entity creation tips to help entrepreneurs and small business owners:

1. Know how to use loans: CARES Act loans have specific guidelines like having to use at least 60% of the loan within 24 weeks of receipt for payroll expenses. Concerned that money would dry up, many small business owners applied with no way of utilizing them because their business cannot reopen under the strict guidelines imposed on the industry.
2. Alternate cash sources: Borrow from a 401(k) or IRA to keep businesses afloat, as it does not need to be paid back for at least 3-6 years. However, pulling money out of a retirement plan comes with some risk, such as if the business does not see profitability, then retirement funds were wasted on a failed business venture.
3. Beware of increasing liabilities: Because insurance will not cover claims brought under COVID, reopening comes with risk and business owners are wondering how they will operate under strict COVID-19 related guidelines and still make a profit. Now is the time to pivot and reset.
4. Consider restructuring: Set up your business in the right entity and state. Mistakes in formation or taxation can have a lasting negative impact on business growth and viability. Before starting a new business, consider the best structure for asset protection and tax minimization. For example, a limited liability company (LLC) gives business owners time to operate at a loss for the first few months and write off the loss on their individual 1040 forms against other forms of income. There are different entity funding options with protection ramifications.
5. Utilize Privacy Shield Protection by creating anonymity with trusts.

COVID-19 has shown that many businesses aren’t prepared for worst-case scenarios and make common mistakes that can affect their ability to grow and borrow money. If approached strategically, small- to medium-sized businesses can take this time to implement changes and help their operations succeed and thrive.

2020-06-08T07:01:00

(BPT) – If you’re a tween or teen trying to earn money or save for a goal, it can be hard to sort out the mixed messages about money you hear from the media, your friends — and even your family. Sometimes parents don’t like talking about money, or they may not always practice what they preach.

How can you be smart about your own money? Take advantage of this down time in quarantine to teach yourself smart money management skills that will serve your future. As you can see, being a savvy saver and being on top of your credit in times of unexpected financial stress, such as COVID-19, is a critical skill to develop. If you’re disciplined, it’s quite simple. Here are some healthy financial habits to help you be more on top of your own earning, spending and saving.

1. Learn how budgets work

Now is a good time to find an easy-to-use online budgeting tool or app. Budgets help you prioritize your spending and be aware of your cash flow — incoming and outgoing. There are even features designed to help you save for specific goals like prom or college.

One of the great benefits to these apps is that you can see all your account balances in one environment. You can learn tips for keeping track of the money you earn and planning ahead.

2. Limit spending

Budgets are about making decisions. How much money do you want to save, and how much do you want to spend? First, figure out how much money you’re earning (through allowance, part-time work, etc.) per week or month. From here, you can identify your needs versus wants. This enables you to set your goals.

Do you have a specific item you want to buy, or an event (like a trip) you want to save for? Perhaps you want to contribute to your college fund. Decide a reasonable percentage of what you earn to set aside. Some banks even have an auto-save feature where you can elect a specific, recurring dollar amount to be moved from your checking to your savings account. If it’s out of sight, you’re less likely to spend it.

3. Save what you can

As the saying goes, “It’s not what you make, it’s what you save.” Even if you’re not earning much yet, commit to saving a small amount every time you get money from your allowance or part-time job. If you start setting aside a little bit each time you earn in, you’ll have this habit for life. Your future self will thank you!

4. Avoid impulse buys

When you see something great that tempts you to spend immediately, consider taking a day and sleeping on the idea. Remind yourself how long it took you to earn the cost of the item. If the video game or pair of shoes you want would cost 10 hours of working at your lifeguard job, you may not be so quick to make that purchase.

Rest assured that this is not the only opportunity you’ll ever have to buy that item. Another idea is to decide to take at least a day to think about any purchase that is over a certain dollar amount (such as the equivalent of 3 or more hours at your part-time job).

5. Use credit carefully

Once you hit 18, you may be barraged with invitations to apply for credit cards. When you go to college, it’s a good idea to apply for at least one credit card to start building your credit history. You can use the card to occasionally make a small purchase that you know you can pay off when the bill is due.

But remember, anything you buy on a credit card has to be paid off, and credit cards charge interest when you carry a balance — making whatever you bought with the card even more expensive.

If you can’t come up with the money to pay a credit card on time, or simply forget to pay it when it’s due, those late payments can lower your credit score, which is like a grade given to your credit history. And if you max out your credit card through over-spending, that will also lower your credit score. A good rule of thumb is to never charge on credit what you can’t pay for in full with cash.

Why should you care about your credit score? A poor credit score makes it harder for you to borrow money later, for example, when you might want to buy a car. Overall, learning good habits like budgeting, saving and keeping track of your spending now will help you enjoy a more financially sound future.

This article is not intended to provide any credit or financial advice or guidance or to recommend the taking of any specific action. This article is intended solely to describe the possible impact that an action may have on a credit score that is generated using the credit scoring models of VantageScore Solutions, LLC. The possible impacts described herein are based on hypothetical situations and the actual impact on a credit score may vary depending on various factors, including, among other things, a person’s actual circumstances and history.

2020-05-29T11:31:00

(BPT) – As the U.S. begins to reopen, many small business owners across the world are strategizing for the future and the new normal.

According to data recently published by the U.S. Census Bureau’s Small Business Pulse Survey, more than 85% of U.S. small businesses have been negatively impacted by COVID-19.

But still, we are starting to see glimpses of optimism. According to a recent survey, as businesses are slowly reopening, a majority of Americans are looking forward to supporting small businesses. The survey found that 75% of people plan to support local businesses as much as possible once physical restrictions are lifted in their communities.

“The last few months have had a dramatic impact on our business, but it also has shown how resilient we can be and given us the opportunity to help more people. When your business is purpose-driven and keeps customers top of mind, you can not only survive, you can thrive,” said Jasmine Crowe, founder and CEO of Goodr.

Here are four steps businesses should focus on as the nation moves into its next economic phase.

Manage and motivate your people

As the world continues to shift and adapt, your employees will be looking to you to set optimal safety standards while keeping everyone safe, productive, and customer-focused. Help your employees stay connected to the vision of your company and practice radical transparency with them. Acknowledge how their contributions are helping your company to thrive, while being sensitive to the responsibilities they are juggling outside of work. Continue to reinforce company goals such as speed, accuracy, productivity, teamwork and commitment to customers, but also support employees and be flexible to their needs in this environment. Whether you’re helping customers or helping your employees, the more you can encourage others to stay connected and get the support they need, the more your business will thrive.

Prioritize customer service

Your customers will be wondering whether you’ll be able to maintain the same quality of service in light of all the economic disruption. Now is the time to do everything possible to foster their trust by maintaining high standards and meeting every commitment you can. At the same time, it’s important to be fully transparent if your company simply can’t function as it normally would. Fill customers in on what you’re doing to mitigate risk, support your staff, help your community and plan for the future.

Establish financial strength

Consistently take a hard look at your finances, evaluate the resources available, and determine what actions you need to take to keep your business solvent now and into the future. Do not make short term financial decisions — think of the long tail consequences. For example, look for smart financial options that offer zero or low interest rates and deferred payments.

Continue planning for the future

Never stop being proactive about planning for the future. Think about how your company will continue to function as the world moves into recovery and growth stages. Keep adjusting budgets and strategies as the economy evolves, trying to identify new industry opportunities and ways your firm can continue to grow and prosper.

A critical piece of a successful path forward for small businesses is technology. The small business advisors at Dell Technologies are partners who can recommend technologies that will help you lay the essential foundation your company needs to thrive in the coming months and years. We work closely with our customers to help them determine if strategic investments could help them reduce costs, solve business issues and drive growth.