Category: Brandpoint Business & Finance

2020-09-08T08:31:00

(BPT) – Are you one of the 48% of adults who says they or someone in their household has postponed or skipped medical care due to the COVID-19 pandemic?¹ If so, you may not have yet taken full advantage of your insurance benefits this year.

Taking care of yourself is a critical component of maintaining health and balance in your life. And with safety at the forefront of their practices, many medical professionals are operating their offices with added precautions, meaning the time is right to schedule that overdue appointment.

While we’re all eager to bid adieu to 2020, don’t forget to take advantage of your workplace benefits before they reset in 2021. These are five typical ways you can make the most of your available benefits during this unique time:

1. Schedule annual checkups with all doctors.

This year has been anything but routine, but don’t let that be an excuse to skip your annual health screenings. These include your primary care doctor, optometrist, dentist, dermatologist, gynecologist, etc. Health insurance typically covers in-network preventative care services like cancer screenings, immunizations, blood pressure monitoring and cholesterol checks. Not comfortable going in person? Telehealth services may be right for you to still receive care from your home.

With flu season approaching, there are concerns regarding the overlap of COVID-19 and influenza, and most health insurance plans cover getting a flu shot. The Centers for Disease Control and Prevention recommends getting a flu vaccination in September or October,² so check with your doctor to learn more.

2. File a claim for your wellness benefit.

Supplemental insurance policies like accident and cancer insurance may include a wellness benefit that pays cash for things like a COVID-19 screening, annual physical, dental or eye exam, mammogram, prostate screening, immunization and more. You can even file a claim for this type of benefit if your health insurance already covers it.

3. Get help with emotional health.

According to the 2020-2021 Aflac WorkForces Report, 59% of employees have experienced burnout due to work. Employee assistance programs, or EAPs, provide support services for a full range of personal, family and work/life issues such as financial counseling or emotional health challenges — like feeling anxious or lonely working from home due to the pandemic. Referrals for family care, elder care and child care, as well as support for financial and legal issues, may be included in an EAP, too.

4. Take advantage of HSA tax benefits.

A health savings account, or HSA, allows employees with a high-deductible health plan to set aside money to pay for qualified medical expenses. Because they’re tax-deductible, HSA contributions help save money, and there are no time limits for when you have to spend it. The 2020 maximum contribution amounts are $3,550 for individuals and $7,100 for families,⁴ and individual account holders age 55 or older also have an opportunity to make an additional annual contribution of $1,000 in 2020.⁵

5. Closely monitor your FSA.

If you have a flexible spending account, or FSA, your plan may allow you to roll over up to $500 of remaining funds into 2021, but you’ll lose any amount exceeding that — even though you paid for it. In some cases, an FSA account may also provide a grace period of 2.5 months at the start of the new year for account holders to use the remaining money in their FSA.⁶ Either way, be sure to submit receipts to get reimbursement for eligible purchases.

Despite its challenges, 2020 has reinforced the truth behind the expression “health is wealth.” So, whether you don a mask and go to the doctor in person or use a smartphone for telehealth, prioritize self-care and make full use of the benefits you’re already paying for.

¹ KFF Health Tracking Poll – May 2020 – Health and Economic Impacts. Accessed Sept. 3, 2020.

² Centers for Disease Control and Prevention, National Center for Immunization and Respiratory Diseases (NCIRD). Accessed Sept. 3, 2020, https://www.cdc.gov/flu/season/index.html.

³ The 2020-2021 Aflac WorkForces Report is the 10th annual study examining benefits trends and attitudes. The surveys, conducted by Kantar, captured responses from 1,200 employers and 2,000 employees across the United States in various industries. Learn more at Aflac.com/AWR.

⁴ HealthCare.gov, Health Savings Account (HSA). Accessed Sept. 3, 2020, https://www.healthcare.gov/glossary/health-savings-account-hsa/.

⁵ Forbes, IRS Announces 2021 Health Savings Account Contribution Limits, Still Time To Make 2019 And 2020 HSA Contributions. Accessed Sept. 3, 2020, https://www.forbes.com/sites/ashleaebeling/2020/05/20/irs-announces-2021-health-savings-account-contribution-limits/#234f35686875.

⁶ HealthCare.gov, Using a Flexible Spending Account (FSA). Accessed Sept. 3, 2020, https://www.healthcare.gov/have-job-based-coverage/flexible-spending-accounts/#:~:text=You%20generally%20must%20use%20the,use%20in%20the%20following%20year.

This article is for informational purposes only and is not a solicitation for insurance. Aflac includes Aflac and/or Aflac New York.

WWHQ | 1932 Wynnton Road | Columbus, GA 31999

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2020-09-08T06:01:00

(BPT) – Many of life’s interruptions can’t be predicted. Not having funds set aside for unexpected problems can leave you racking up high credit card debt or putting yourself in other difficult financial straits.

“When it comes to savings best practices, it is especially clear after the pandemic how valuable an emergency savings fund can become at a moment’s notice,” said Jaspreet Chawla, Senior Vice President of Savings Products at Navy Federal Credit Union. “Here are some tips that might help you kick start your emergency savings.”

Here’s how to create an emergency fund to protect your finances.

1. Do the math; set a goal.

If your first instinct is to save an enormous sum that will cover all expenses for many months, think again. While financial experts recommend having between three and six months of living expenses in an emergency fund, this number might not be realistic if you’re just beginning to save. It’s often a good idea to start with a smaller goal — $500 or $1,000. Then, as you get into the habit of saving, you can slowly start to raise your future goals until you reach the three-to six-month threshold.

2. Decide where to put the funds.

The money in your emergency fund should be kept separate from accounts you use for paying bills or making purchases and be easily accessible when an emergency arises. Using just one account may make it far too easy to “borrow” from your emergency fund for non-essential items. Instead, place your emergency funds into an interest-bearing account that’s specifically designated for this purpose. Good options include a savings account or money market account. Either can be easily accessed without penalties and allow your money to grow.

3. Get creative and save.

Building an emergency fund means you’ll need to trim spending elsewhere. Quick fixes like evaluating your cell phone plan, cutting the cord on cable or bringing your lunch to work can help free up money for savings. Or think bigger, like refinancing your home or car. Use a refinance calculator to see whether a new loan will save you money.

4. Save unexpected windfalls.

You can boost the balance of your emergency fund when you least expect it with “found” money. Invest birthday or holiday cash gifts, work bonuses and tax refunds directly into your account and see how quickly you can reach your emergency fund goal. Since this money isn’t part of your typical spending, it’s easy to use it for saving without missing it.

5. Make saving automatic.

We all know that saving money for the unexpected is a good idea, but it’s easy to delay in favor of more pressing concerns. Treat your emergency fund like any other monthly recurring bill and have funds directly deposited into your savings account each month. You’ll be less likely to miss the money and can sleep easy knowing you have a safety net when life interruptions occur.

“We always try to emphasize the importance of savings and financial security, and we want to be a resource for our members when it comes to prepping for financial emergencies,” Chawla continued. “An emergency fund isn’t a luxury; it’s an important way to protect the things that matter most to you. I encourage you to talk to a financial institution you can trust, and get started saving as soon as you can.”

2020-09-04T18:55:00

(BPT) – Many people around the U.S. are relying on unemployment insurance assistance as the country battles the pandemic and associated economic effects. As unemployment has risen, fraudsters have been targeting consumers to steal unemployment insurance benefits. They do this by taking personally identifiable information (PII) that cybercriminals have posted on the dark web, stolen from unsuspecting consumers or gained from past data breaches.

Once fraudsters have this information, which can include a victim’s name, address, Social Security number and driver license number, they falsely apply to a state’s unemployment insurance program to register for unemployment insurance benefits. These benefits are typically distributed via direct deposit or prepaid debit cards for those without bank accounts. Once a fraudster has access to the stolen funds, they can use a prepaid payment account service and its mobile app to cash out or make purchases — in-store or online — for items like gift cards, electronics, cryptocurrency, money orders, and money transfers.

“We’ve seen a significant increase in fraudulent purchases in July, related to unemployment insurance fraud schemes,” said Michael Lemberger, senior vice president and regional risk officer for North America at Visa. “Fraudsters are actively targeting state unemployment insurance programs hoping to find gaps. This problem requires a collective effort with everyone doing their part, including the state workforce agencies, law enforcement, financial institutions, payment processors and payment networks. Consumers must be on-guard for suspicious activities so fraudsters cannot exploit their identity for financial gain.”

The warning signs for these crimes can be tough to spot, but here are common red flags to look out for:

1) Offers from people or organizations you don’t recognize promising early and faster unemployment insurance benefit payments.

2) Solicitations from people you don’t know offering money in exchange for your personal information.

3) Letters or email correspondence indicating new accounts or unemployment insurance benefits have been initiated in your name.

To avoid your personal information from being used for fraud, Visa recommends the following to protect yourself:

• Proactively register for an unemployment insurance account directly through your state’s website. This way, if anyone tries to steal your information, state authorities will notify you as soon as possible and prevent your money from getting stolen.
• Secure your personal information — online and offline. Use online tools to encrypt and lock down sensitive digital information, such as your financial and health documents. For physical documents with your personal and financial information, make sure they’re locked in a secure spot and safely shred any documents you don’t need.
• Be mindful of social media and email scams. If it seems too good to be true, it probably is. Fraudsters will try to convince you that you can get your benefits sooner, you may be eligible for more benefits, or a person you don’t know needs help with their unemployment insurance payments.
• Just like our physical hygiene is crucial right now, so is our cyber hygiene. Don’t click on links or attachments from email addresses and people you don’t recognize or offers you didn’t ask for.
• And, last but not least, your information is valuable so keep your personal information to yourself. Never share your personal information unless there is a legitimate reason to do so.

If the worst-case scenario happens and a fraudster gets hold of your personally identifiable information to commit unemployment insurance fraud, there are steps Visa recommends you take, including:

• Contact the three primary credit bureaus, Equifax, Experian and TransUnion.
• Contact your respective financial institution.
• Contact your state unemployment office.
• Visit IdentityTheft.gov to report the fraud to the FTC and get help with important next steps for recovery.
• Review your credit reports often.

Cybercriminals are continuing to up their game, but if people take the necessary precautions and remain on the lookout for anything suspicious, these fraud attempts will become much less successful and frequent.

2020-09-02T07:01:00

(BPT) – Whether you run a solo small business, or your business is moving from brick-and-mortar to e-commerce, you’ve likely got a long to-do list — and you may not know where to start. Or if your business is already online, you may be trying to improve your website and stand out from the competition. Do you have the skills and know-how to make that happen?

Not everyone does. Chances are, you know a lot about your products or services, but not necessarily how to promote your business and run it successfully using today’s digital tools. And due to the pandemic, increasing your online presence and running your business virtually has become even more crucial.

According to survey data released by Fiverr, 49% of U.S. small and medium-sized businesses are optimistic about their future prospects after the lockdown has passed, but not surprisingly, nearly a quarter (22%) of them do plan to increase their digital marketing spend as a result of COVID-19.

If you’re one of the many entrepreneurs trying to figure out your next steps for taking — or optimizing — your business online, here are some questions to ask:

1. What are you selling?

Are you selling a product or a service? This makes a difference in how you run your business. Can your business happen virtually (if it’s a service), or do you have to manage manufacturing, inventory and shipping on top of marketing and advertising, online ordering and finances?

2. Do you need your own website or online store?

Many small businesses can succeed — or at least start out — by selling products on an existing platform like Etsy or Amazon, rather than creating their entire online store from scratch. But it may not be as hard to build your own site as you think.

3. What do you need on your website?

What will best serve your business? “About” and “Contact Us” pages? Do you want to include a blog? Customer testimonials and special promotions for new clients? Do you need a catalog of products and services? Does your business need to include a list of services, rates and shipping costs? Making a list of what your business needs is a useful starting point for whoever you hire to help build your website.

4. What web templates do you see working best for your business?

Are you familiar with WordPress, Wix and Squarespace? Which would be the best to suit your particular business?

5. What type of content do you want to see on your site?

Would you like to see custom-made illustrations or animation? Stock or custom photography? How about videos?

6. How do you make sure customers can find your website?

There’s a lot of competition out there. Unless you’re well-versed in SEO and how Google algorithms work, you may not know how to build an online presence others can find using a web search.

Some entrepreneurs find the thought of putting their business online daunting, but with an expert in your corner, it can be simple and hassle-free. Fortunately, there’s a service that can help you find the right talent to create a web presence that really reflects your unique brand: Fiverr is a platform connecting businesses of all sizes with skilled freelancers offering digital services in over 400 categories including graphic design, digital marketing, programming, video and animation. You can view professionals according to their skills, along with ratings, reviews and cost of the service you need.

And now there’s a new tool to make it even easier to get started building a website for your business — Fiverr’s The Shift. This new resource hub includes a website developer matching experience that will match you with a verified, highly-rated professional specializing in web design and development. For those new to creating a website, the matched talent will act as a guiding force throughout the website creation process.

On The Shift hub, you can also browse inspiring case studies, read stories about how businesses have transformed their digital presence and get tips from helpful blogs, podcasts and many other useful resources for small and medium-sized business owners across all industries.

2020-08-27T09:01:00

(BPT) – Since the COVID-19 pandemic, university administrators and employers alike are searching for ways to welcome people back safely. Their needs are complex: Higher education institutions must schedule for multiple buildings and even multi-campus environments while trying to maintain social distancing, and businesses need to find ways for employees to safely return to the workplace, along with visitors, vendors, and clients.

Recent technological advances have provided solutions, offering office and university administrators useful tools to help maintain social distancing, schedule extra cleaning — and even initiate contact tracing when someone becomes infected.

Here are ways this new desk booking software can help colleges and companies get going again.

Campuses

Leading cloud-based business software company Epazz, Inc. (Ticker: EPAZ) has developed desk & room booking software called DeskFlex, which is becoming instrumental in helping higher education institutions with their unique scheduling needs.

This software system allows schools to seamlessly schedule multiple classrooms, meeting spaces, and even reserve equipment for faculty and staff. The system ensures that rooms have occupants within the safe capacity, helping the staff and students maintain social distancing. Faculty and students can quickly check classroom reservations, preventing confusion, double-booking or lost reservations. Students can even use the room scheduling software to reserve study spaces, lab spaces or club events.

Universities can also use advanced Bluetooth beacons installed in hallways and other areas to detect how many students are present, helping to prevent overcrowding.

All of these innovations work together to establish and enforce health and safety guidelines across a college campus.

Offices

Similarly, companies can use DeskFlex to schedule desk or office space, ensuring that employees are maintaining social distancing. Vacancy sensors monitor which workstations are available, allowing employees to book a vacant desk before arriving to avoid unnecessary contact. Software tools like this are essential to managing office space, improving productivity and allowing staff to return to work in a safe environment.

The system even allows for automatic notification of cleaning staff after a desk or office reservation ends, allowing time to sanitize the space before the next employee arrives.

Just as with universities, employers can use Bluetooth beacons throughout offices to automatically count who is there, to limit capacity in any given area.

DeskFlex hardware reduces the need to touch shared surfaces. For example, users can check-in and out from room reservations using the QR code scanner of contactless room displays and FlexCube devices. Lobby kiosks make it easy for users to find available workstations with just a few taps on the screen.

Contact tracing feature

Advanced Bluetooth technology also allows businesses or universities to conduct contact tracing. When a student or employee checks into a building, the Bluetooth beacons regularly update their signal to a central server. It keeps a record of users’ login activities, reservations and location in an office or on campus. When users move around the office or school, other Bluetooth beacons pick up their mobile signals and register their position.

DeskFlex’s Contact Tracing software screens students, faculty, employees and registered users for symptoms of coronavirus upon logging into the system. If a student or employee tests positive for COVID-19, the Contact Tracing tool can run a report on that user’s geographical data. Administrators can analyze the user’s data and create a report listing other users who were present in the same location at the same time as the infected individual. The employer or school can then immediately locate and recommend quarantine for those users.

Proactive virus defense

Thanks to machine learning, recent software innovations provide facial biometric information upon someone’s entry into the building. Then the system automatically alerts management when it detects elevated temperatures or people not wearing protective masks. When someone is not wearing a mask or has an elevated temperature, the system will deny them entry to the building, helping to protect the health and safety of everyone at that facility.

Compared to other room booking providers, only DeskFlex can effectively address the coronavirus threat in the workplace with its latest software and hardware innovations. Built-in customization features also let each business or institution modify it according to that organization’s needs.

Visit DeskFlex.com to learn how to help your school or business get back to work.

2020-08-19T06:01:00

(BPT) – For millions of Americans, life has been turned upside down by social distancing, quarantines and business closures from the COVID-19 pandemic. If your finances are stretched thin, Navy Federal Credit Union has tips to help you reset your budget and get back on track.

2020-08-18T14:15:00

(BPT) – A stylish and inviting atmosphere plays an important role in the overall mood and productivity of a company’s employees. It also gives you a chance to tell your brand’s story and connect with your customers while in your store. Meaning a well-designed space can actually impact your business’ bottom line.

Here are four ways to help you energize your workspace and create a connection for employees and customers:

1. Have photos of key business moments professionally printed

Take a trip down memory lane and choose some of the key moments in the life of your business. Think about your grand opening, or your first sale. Consider the milestones along the way that made you proud to be a small business owner and share them with your team and customers by printing and displaying them.

2. Drive home your brand values with art and images that inspire your business

When you think about what your business stands for, consider what kind of art reflects the same persona. Does your business cater to children? Then you might hang artwork by some of your loyal young customers. Do you focus on travel? Consider displaying postcards from your favorite destinations as inspiration for customers. Art is a great way to help customers immediately visualize your brand and all it stands for.

3. Use custom frames to create a polished and professional look

The easiest way to add a professional touch to your photos or artwork is by adding a custom frame. For an industrial feel, use a metal frame. For a vintage feel, use a wooden one. Consider which frame will catch the eye of your target audience. Fortunately, finding the perfect fit for your piece of art might be easier than you think, even if what you’re trying to frame isn’t a standard size. FedEx Office now gives you an easy and affordable solution for any size picture frame.

4. Mix and match mediums for an eye-catching experience

Add a little dimension to your walls with a combination of framed artwork and canvas prints. Event posters can be framed to show off larger prints and styles. A mixture of mediums can create an interesting focal point in any space and draw some much-wanted attention to your space.

2020-08-09T22:01:00

(BPT) – Let’s face it, makeup can be expensive. We are living in a time like no other, with the pandemic and social distancing affecting every aspect of our lives — from our daily lifestyles, budgets, diets — to our beauty regimens. We are all guilty of wanting the most luxe and notable cosmetics to put on our faces. But in this economy, splurging on makeup isn’t a practical option.

Yet these affordable luxuries can be an excellent way to practice self-care when we need a little extra positivity in our lives. In fact, studies show that in challenging times women tend to treat themselves to personal care items as a way to feel better. As we look ahead to what the summer season has in store for us, there’s no question that it’s going to look different than years past — but “different” doesn’t mean you can’t buy the makeup that you love.

We connected with dermatologist Michelle Henry to talk about affordable and accessible ways to fuel up your beauty look in this new normal.

Seek premium products that offer multiple benefits

“We are living in the age of low-effort beauty, now more than ever. Layering on multiple makeup products at once is not a great idea in the summer, especially if you’re going to wear a mask. It can result in breakouts and clogged pores,” says dermatologist Dr. Henry. “It’s important to look for multi-benefit beauty products that help keep skin healthy and simplify your regimen; products with sunscreen and additional vitamins and antioxidants are great options.”

One high-quality drugstore foundation that offers multiple benefits for skin is Neutrogena Healthy Skin Liquid Makeup Broad Spectrum SPF 20. It offers a triple punch of natural-looking, silky coverage, effective sun protection and an exclusive blend of antioxidants to help your skin counter stress and improve luminosity, tone and texture over time. It’s makeup backed by the science of skincare — that keeps your skin healthy — at an affordable price.

For example, here are some ways you might pamper yourself with drugstore products — without overwhelming your budget.

Look for makeup dupes for value

Save money by finding specially formulated products that help you look good and feel better. Look for makeup dupes for value; dupes are a great way to feel out colors and formulas without having to let go of hard-earned dollars, while still getting effective, high-end products and benefits. Turns out most luxury brand makeup has the same ingredients in it and provides the same multi-benefits as the drugstore ones!

Use quality makeup brushes

Often, a perfect makeup job is more dependent on the usefulness of the tools than the amount spent on the products. Invest in well-made brushes, sponges and applicators that can be washed and used over and over. When you buy good quality tools, they help you achieve a more natural-looking makeup application and can even help you use less makeup.

But remember, failure to keep your tools clean leads to broken bristles that will show up on your skin. Cleaning makeup brushes has always been important, but during the pandemic, worries about avoiding exposure to germs and preventing cross-contamination are at an all-time high, so always clean your brushes.

Take advantage of frequent-shopper discounts

Once you find the drug chains that carry your favorite makeup brands, sign up for their rewards cards so you can accrue points toward future purchases and learn about special promotions. You can often rack up points picking up groceries, pharmaceuticals, and other items on offer, then use the discounts on your choice of cosmetics.

As the economy slowly recovers from the effects of COVID-19, savvy consumers continue to seek ways to care for their own well-being while also watching their money.

Neutrogena’s portfolio of makeup fueled by skincare can make you feel pampered, help you look radiant and empower you to present your best possible self, no matter the challenges you’re facing from day to day. Try Neutrogena today, available nationwide at any mass drugstore.

2020-08-07T09:01:00

(BPT) – By Richard Whitworth, Cetera Financial Group

In the months since the coronavirus grew into a pandemic, small businesses have worked their way through all the stages of grief. Like much of the world, we’ve moved past the shock and denial of this health and economic crisis and settled into acceptance. But instead of settling into complacency or staying in the comfort zone, small businesses are showing signs of optimism and resilience and are pushing forward. Small businesses of all stripes can take a page from the financial professional’s playbook. As a relationship-driven business, investment professionals — on and beyond Main Street — have seen their offices and operations impacted as the pandemic has affected the way they serve and interact with customers — both current and prospective.

While many financial professionals have spent the past few months working to prop up their businesses and stabilize revenue, now they are looking once again toward growth by better serving their clients’ needs. The crisis has bolstered their determination and sparked creativity. With no other options and facing unprecedented challenges, the field has been forced to shift, yielding new lessons and strategies. To withstand the uncertainty ahead and build a stronger foundation for the future, small business owners should weigh a few key strategies:

Craft a referral strategy – Being a successful small business owner requires strong relationships, trusted service to the community and building a recognized brand and profile. For financial professionals, those relationships are essential to keeping clients, as well as getting new ones. The social distancing required amid the coronavirus pandemic put a halt to many of the traditional face-to-face marketing and networking opportunities that enable those connections. Without them, it is more challenging to share knowledge and build trust with clients old and new. Instead, consider developing a referral strategy with an automated marketing module to tap into the networks of existing clients who will spread the word of your services and success.

Review and refresh their digital presence – In unprecedented times like these you can’t rest on your laurels or remain static in your services and experience. And with the closing of offices and storefronts, your digital presence needs to do the bulk of the work of inviting and engaging potential customers. That means you can no longer get by on that 15-year-old bio and photo. It’s time to update your website and social platforms and consider how to differentiate your services from everyone else. There are an array of digital tools to help, including webinars and effective marketing platforms to communicate your value proposition.

Get back to the basics of growth, virtually – Knowing that dinners, seminars and other tried-and-true business development tactics are off the table for the time being, small business marketers must be creative in getting their message out. The world has now embraced video conferencing and digital communications as effective substitutes for in-person consultation and even larger events. People are more likely to feel comfortable meeting and networking via digital platforms that have dynamic engagement features and are relatively easy to use. Even in an economic crisis, or perhaps because of it, there is demand for financial guidance and an experienced professional to guide and reassure wary investors. Technology can help you reach a broader audience and extend the conversation beyond the initial meeting or event. And financial professionals may be at an advantage at this moment in time since clients understand that uncertainty and risk are even greater. When there’s no predicting where the economy will go or when the crisis will subside, clients are more inclined to blame the crisis, and not the financial professional, when their financial strategy hits a speed bump.

Establish knowledge in the current context – No one has all the answers in this evolving crisis, but staying current and being innovative can help you sustain your business and give you the topical experience clients are seeking now. As states and localities shift to re-open more businesses, financial professionals need to be steeped in totally new areas. Knowing best practices for following the CDC’s health guidelines, for example, positions financial professionals to re-open safely while being able to better support small business clients facing similar challenges. And expanding knowledge in succession planning — a new reality for many small business owners who may experience illness themselves or among their family and staff — can help clients manage the temporary setbacks inherent in today’s crisis.

Be a realist, and an optimist – While the pandemic has proved devastating to many small businesses across the country and put tremendous strain on a range of sectors, there are many examples of people stepping up and showing resilience. Financial professionals and the small businesses they serve are rediscovering their community focus and pitching in to solve the day-to-day problems we are all facing. But the see-saw ride — with the ups and downs of re-opening and subsequent shutdowns as the virus resurges — even keep optimists like me up at night. The uncertainty of how to re-open, and how long it will last (and whether the client base will still be there) makes it impossible for a small business owner to forecast revenue, keep up production and manage expenses. Since most small businesses lack access to sufficient capital, the stop and start of the economy has a damaging effect on cash flow. Financial professionals must take a strategic approach then in helping clients accept this new COVID-driven reality and navigate a path forward.

But there is no such thing as planning right now. As sound a strategy as it might have been to create a 3-year financial strategy in the past, that type of approach is all but futile in the face of so many tactical and short-term challenges. Businesses, instead, need to prepare for the immediate next phases of this crisis. Financial professionals can help them get ready to reopen, for example, and then to be nimble enough to shift the revenue model, the client engagement approach, and even the nature of the product or service to respond to another shutdown.

Look to other industries for models and inspiration – The financial services industry is not always quick to adapt or innovate. But doing so now is urgent and necessary. There are examples in other industries that can inspire our own creative thinking and action. There are some compelling lessons in entertainment, for example, and in the boldness of industry giants like Disney in bringing “Hamilton” and other blockbuster films direct to the consumer. Far from being a small upstart, this iconic leader in in-person entertainment was nimble enough to pivot to create more engaging virtual experiences. Now it’s rocking its digital strategy.

Ultimately, small businesses will play an enormous and essential role in the comeback of the economy and the resilience of local communities. The sheer size of this sector — small businesses account for 44% of all economic output in the U.S. and employ 53% of the nation’s workforce — signals its vital role in any recovery¹. Financial professionals can help those clients endure these unprecedented ups and downs by putting the right tools and strategies in play. And we can all sleep a little better knowing the potential for the small business sector to rebound when this crisis stabilizes and subsides.

Richard Whitworth is Head of Business Consulting at Cetera Financial Group.

¹ (Small Business Administration (SBA)).

About Cetera Financial Group^®

Cetera Financial Group (Cetera) is a leading financial advice firm. It empowers the delivery of an Advice-Centric Experience^® to individuals, families and businesses across the country through independent financial advisors as well as trusted tax professionals and banks and credit unions. It’s headquartered at 200 N. Pacific Coast Highway, Suite 1200, El Segundo, CA 90245-5670.

Comprehensive services include: wealth management solutions, retirement plan solutions, advisory services, practice management support, innovative technology, marketing guidance, regulatory support, and market research.

“Cetera Financial Group” refers to the network of independent retail firms encompassing, among others, Cetera Advisors LLC, Cetera Advisor Networks LLC, Cetera Investment Services LLC (marketed as Cetera Financial Institutions or Cetera Investors), Cetera Financial Specialists LLC, and First Allied Securities, Inc. All firms are members FINRA/SIPC.

Individuals affiliated with Cetera firms are either Registered Representatives who offer only brokerage services and receive transaction-based compensation (commissions), Investment Adviser Representatives who offer only investment advisory services and receive fees based on assets, or both Registered Representatives and Investment Adviser Representatives, who can offer both types of services.

2020-08-06T08:01:00

(BPT) – Access to cellular service during the COVID-19 pandemic has become more essential than ever, whether for staying connected to family and friends as you remain socially distant, getting the latest news, or reaching medical providers.

But with the economic impact of the crisis, millions have also been looking for ways to save on this valuable necessity. Are you ready to switch? If your wireless bill has simply gotten to be too much, ask yourself these questions to help find the best fit, and the best deal, for you.

Are you free to go?

While wireless contracts in the U.S. have pretty much become a thing of the past, you still have to make sure you’re free and clear of any financial obligations to your carrier before you can move on. Make sure you’ve paid off your phone in full. You’ll need to pay what you owe before you can cancel your service.

How much do you really need?

Review the usage on your current bill to find out how many minutes and texts, and how much data, you actually use each month. You may be paying for far more than you actually use, and could save by switching to a smaller plan.

It’s also a good idea to find out if a new carrier offers a grace period, just in case things don’t work out. Many provide a 14- to 30-day trial, so if it turns out the service doesn’t meet your needs, you can cancel without penalties.

Need a new phone?

Oftentimes, you can switch carriers while keeping your current phone. Your new provider simply issues you a SIM card — a small network ID card — which you place in your phone to access the wireless network. You’ll need to verify that your phone is compatible with the new service — there can be some nuance to this — but if it is, it makes switching even more affordable, plus you keep a phone you’re already comfortable with.

If you do want a new phone, be sure to factor it into your budget. Cellphones — especially smartphones — come with a wide range of options, and costs range from under $100 for a basic model to around $1,000 for top-of-the-line “flagship” smartphones like the latest Samsung Galaxy or iPhone releases.

Bringing the family?

Are you looking for yourself or for a group? A shared or family plan, which splits a monthly allotment of data among multiple phone lines, usually winds up being cheaper per month than going solo. Carriers can vary widely on how much they charge for adding extra lines to your account, so be sure to compare to find the best price.

How’s the coverage?

The fanciest phone on the market won’t get you anywhere if you can’t get reliable data or voice service. Ask your friends, colleagues and neighbors how good their reception and signal strength are where you work and live — and who their carrier is.

What about extras?

Consider value-added extras a carrier may offer. Do they charge for activation on their service? What about added fees if you need to change your plan? And don’t overlook customer service: if you have questions about your bill, or need to troubleshoot an issue with your phone or service, do they have a reputation for providing good support? The little things can add up to a terrific value. For example, Consumer Cellular has been ranked #1 for customer service 9 times in a row by J.D. Power, and also offers free activation in addition to very affordable monthly plans.

You want to save, and there’s no shortage of competition for your cellphone dollars even during these uncertain times. By finding the right answer to these questions, you’re sure to find a carrier that fits your needs, and at a price that’s right for you.