Small Business Lending

January 5, 2017 by

According to the FDIC website, as of September 30, 2016 there were 5,170 FDIC insured commercial banks. They gave a total of 8,544 loans as of the third quarter of 2016.  You might think that with so many banks, and loans given every year to business, there would be a surplus of loans for the small business owner.  That is not always the case. Some small businesses have a lot of  trouble getting a small business loan, even though news around the country claim small business borrowing is increasing.

For more about this and other news, follow the links below.

 

13 top U.S. microlenders for your small business

What is a microloan, and is one right for your small business?

If you’re a small-business owner on a quest for capital, there are several smart reasons to turn to nonprofit microlenders. These lenders go beyond making small loans to entrepreneurs and provide some benefits that traditional lenders don’t:

Profit is not their objective. Many microlenders are called mission-focused or mission-based lenders. They offer loans from government or nonprofit programs geared to helping disadvantaged communities, including areas that are struggling economically. Some microlenders also operate internationally, helping entrepreneurs in developing nations.

Many microlenders and nonprofits provide pro bono consulting and training, including helping small businesses build credit.

US small business borrowing rises as Trump elected president

Borrowing by small U.S. firms ticked up in November, data released on Thursday showed, as Americans unexpectedly elected Republican Donald Trump as their next president and investors bid up U.S. stocks on bets that tax cuts will boost profits.

The Thomson Reuters/PayNet Small Business Lending Index rose to 129.9 in November from a downwardly revised 119.8 in October. Measured from a year earlier, it was the first increase in six months. Movements in the index typically correspond with movements in gross domestic product growth a quarter or two ahead.

“Right now we’ve got this post-election bounce, because we know who will be in office,” said Bill Phelan, PayNet’s chief executive and founder. “Is this going to continue into a new era of growth or no? That’s unclear.”

Small Business Health Reimbursement Accounts Resurrected For 2017

Stand-alone HRAs are back for 2017. Employers don’t have to wait for the repeal of Obamacare to fund stand-alone health reimbursement accountsthat employees can use to pay for medical expenses, including health insurance coverage on the individual market. Tucked into the year-end 21stCentury Cures Act, Congress resurrected these HRAs (“qualified small employer health reimbursement arrangements”) for employers with fewer than 50 employees.

“I’ve been contacting small employer clients, telling them, ‘It looks like we can bring your plan back to life,’” says Amy Gordon, an employee benefits lawyer with McDermott Will & Emery in Chicago. “This was an unexpected surprise.”

Stand-alone HRAs were banned under the Affordable Care Act (aka Obamacare) because they didn’t meet credible coverage rules (HRAs tied to high-deductible health plans and limited HRAs which cover retiree medical expenses or just dental and vision weren’t banned and are still viable). Employers had to freeze stand-alone HRAs and not make any more contributions to them.

 

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Business News For The New Year

December 21, 2016 by

For many small business owners, the new year brings new challenges, but also many fantastic opportunities for their business.  Many small business owners reflect on the opportunities they had, and let them passed.  Was marketing their business effective this year?  Were the products and promotion adequate? Looking back at 2016, many businesses are already making changes, and preparing for the new year.  If you are one of those businesses, we wish you luck and hope all the goals for 2017 come your way.  Happy Holidays!

Cures Act: Small Business Provision Gives Employers More Health Plan Options

Small business owners will ring in the New Year with a new law that allows them to offer certain health benefits through qualified small employer health reimbursement arrangements (QSEHRAs) without facing a huge penalty.

President Obama signed the 21st Century Cures Act, to which the Small Business Healthcare Relief Act was added, on December 13, 2016. The bill comes during a time when small employers with fewer than 50 full-time equivalent (FTE) employees have had limited options when looking for the best individual health plans for their employees. Previously, under the Affordable Care Act (ACA), small employers had been prohibited from helping pay for employees’ individual health insurance through health reimbursement arrangements (HRAs), risking fines up to $36,500 per employee.

HRA fines under the Affordable Care Act

There was a time when HRAs were legal and they were extremely beneficial. HRAs for individual health insurance plans had historically been a useful tool for small employers who wanted to help employees pay for their out-of-pocket expenses.

Just 23 Percent of Small Businesses Expect Increased Sales This Holiday

The holiday cheer seems to be missing for small businesses.

Small Businesses Are Anticipating Slow Holiday 2016 Sales

A new survey reveals only 23 percent of small businesses are expecting an increase in sales this holiday season. That’s down 29 percent a year ago.

Businesses are Optimistic Overall

On a positive note however, Capital One’s latest Spark Business Barometer, has found despite the drop in sales expectations, the overall small business sentiment seems to be improving.

Forty-nine percent of business owners reported “good” or “excellent” business conditions in their area heading into 2017. That’s an increase of eight points compared to the first half of 2016.

“It is encouraging to see many businesses improving their outlook about the future, after a brief dip in confidence earlier this year. While concerns related to costs and regulations still exist, we are glad to see that optimism is on the rise,” said Buck Stinson, Head of Small Business Card at Capital One (NYSE:COF).

Your small business can afford a CTO. Here’s how

​So you’re thinking about hiring a CTO, or chief technology officer, for your startup —or dreaming about it, at least. Having someone to focus on IT best practices, disaster recovery planning and the implementation of cloud technology so that you can focus on doing what you love would be an absolute dream —perhaps an unreachable one,you think.

The national average salary for a CTO is nearly $165,000, according to Glassdoor. What small business has that kind of money lying around? You’ve perusedrésumés of independent contractors, but hiring one seems risky. Who says they’ll perform? There is a safe, affordable happy medium, and it comes in the form of an MSP, or managed service provider, that can offer you the CTO services you need in an affordable, à la carte fashion, according to the information technology experts at Frontier IT in Colorado Springs.

Why do small and new businesses need CTOs? Why does outsourcing this position makes sense for so many start-ups? How can you arrange CTO services for your company? The experts at Frontier IT answer these questions.

 

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Small Business News And Information

December 13, 2016 by

We must not believe in polls or pollsters ever again, or at least for the near future.  Predictions were wrong when pollsters assured us of an imminent victory for  Hillary Clinton. And, according to them, small business owners’ optimism before the election was assuredly flat.  After the election, the pollsters tell us small business owner’s optimism is soaring. It is soaring so much that despite their great optimism about the new president elect, they are holding onto investing, waiting to see what it’s going to happen when he actually takes office.  As is everyone.

Follow the links for more about this and other stories.

One key thing is missing from small business owners’ euphoria over Trump’s win

Several surveys show that President-elect Donald Trump’s win was a confidence boost for business owners. However, they’re not immediately planning to invest more.

On Tuesday, the National Federation of Independent Business’ report on small businesses continued this trend.

“What a difference a day makes,” said Juanita Duggan, the NFIB CEO, in the release. “Before election day small business owners’ optimism was flat, and after election day it soared.”

The headline Small Business Optimism Index jumped by 3.5 points to 98.4. Like Wall Street, small business owners are betting that Trump’s promises to ease regulations and cut taxes would support their bottom lines.

In fact, compared to the bigger companies — whose shares have rallied since the election — small business owners  are likely more excited about these prospects because they have less muscle to cope in the current environment.

8 Powerful Ways to Market Your Business on a Limited Budget

When money is tight, think outside the box.

According to HubSpot, the third top marketing challenge for companies is the lack of budgeting resources. Unless you are a startup with venture or angel capital, you probably have a limited marketing budget. Here some ways you can market your business on a limited budget.

1. Go guerilla.

Guerilla marketing looks to leverage creativity, imagination and originality in place of a big budget. Smart small businesses with a limited budget often use guerilla marketing to compete with huge companies. There is no shortage of creative guerilla marketing ideas. Here are just a few examples:

In the shadow of Trump Tower, small businesses suffer

The holiday season is typically a busy one for Judge Roy Bean Public House in midtown Manhattan.

The bar and restaurant had been on a solid run, up 20 percent overall for the year, and owner Peter Pernicone had high hopes for strong sales to close out 2016.

Then came Election Day.

The small business is located in the shadow of Trump Tower on West 56th Street, which is now swarmed with New York police officers and Secret Service agents, guarding President-elect Donald Trump as he makes the transition from businessman to commander-in-chief.

“For November, we’re down 30 percent,” Pernicone said. “They’re keeping the streets open, then closing them down. There’s no rhyme or reason. We don’t know what to expect. The police presence on the corner has been intimidating, and tourists are scared to walk down 56th street.”

 

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Tax Tips For the Small Business Owner

December 7, 2016 by

Feeling a bit uncertain about the growth of your business for 2017?  Would a bit more money in your pocket alleviate some of the financial burden you are experiencing now?  There are many advantages a C-corporation have that the small business owner does not.  But knowing the advantages your small business have can help put more money in your pocket.  Having an accountant look into your tax returns-if you don’t have the same one-can be beneficial to you.  Spotting mistakes or tax breaks you did not claim the previous years are going to be obvious to spot for the new accountant.  Don’t wait till the week before taxes are due to start preparing to file. Don’t throw away receipts throughout the year, keep them in a folder, and put them there as soon as you enter your office.  But most importantly, talk to your accountant to find ways to keep more money in your pocket.

For more about this and other stories, follow the links below.

Last-minute tax tips for entrepreneurs in 2016

Here’s an opportunity to save, but don’t delay.

If you run a small business, now is the time to shore up your finances and take advantage of available deductions to cut your tax bill.

Bear in mind, you’re wrapping up this year’s books. Advisors say it’s too early to see how the Trump administration will shape the tax regime in 2017.

“For 2016, we can play by the rules we have available to us now,” said Gavin Morrissey, managing partner at Financial Strategy Associates in Needham, Massachusetts. “Small-business owners should re-evaluate things in 2017, once we know the new tax rules under Trump.”

Though the end of the year is a good time for even regular 9-to-5 employees to do some tax planning, it’s especially critical for owners of small businesses. In part, that’s because entrepreneurs are responsible for paying their estimated state and federal taxes on time.

They’re also on their own when it comes to setting up and funding their retirement plans in a timely fashion.

“Those who do not learn history are doomed to repeat it.”

Every year, you pay your taxes. Every year, you wonder why you pay certain taxes. And every year, the process never becomes any more enjoyable. While you’re never going to welcome the action of giving the government your hard-earned money, here are several mistakes you can avoid to make the entire process less painful.

Waiting Until The Last Minute

Most tax deadlines are rigid, so don’t wait until the last minute to start. Just as you’d charge a customer extra for a quick turnaround on a project, so will your tax accountant.

Start the conversations with your accountant long before your returns are due (April 15th — or Sept. 15th for corporations and Oct. 15th for individuals, if you file for an extension). Know what inputs she or he will need, and when you’ll expect to have them. Get on their good side and your tax accountant will be more likely to try to dig up some possible deductions to save you money.

Small business owners feeling the recession pinch

ANCHORAGE – 

If you’re budgeting less for Christmas presents this holiday season, you’re not alone. Local retailers say they’re feeling the effects of the recession.

That’s no surprise to economic experts, like Bill Popp, who is president of the Anchorage Economic Development Corporation. He said consumers aren’t just worried about the drop in oil prices, but also the lack of a fiscal plan at the state level.

“We know that consumers still remain relatively wary of what the future will hold,” Popp said. “They’re not sure which way it’s going to go.”

That has people watching their money more closely and it’s hurting this holiday season for small business owners, like Katie Sevigny, owner of 7E studio.

“Small Business Saturday was down and it was down for most of us,” she said, after speaking with other business owners. But she said besides the drop in sales, it’s the length people are going to for a deal that surprised her. “People actually walking into our store, trying on items, and then either taking a picture of the tag or just looking them up online.”

 

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Looking For A Business Loan?

December 2, 2016 by

59948705Many entrepreneurs have launched their small business with a loan from a parent, uncle, or any other relative willing and able to afford lending a small sum, and perhaps not getting their money back for many years. Not everyone has the means to do that, and that’s why getting a small business loan from a bank is so important for many entrepreneurs, or even the small business owner already established.  Many analysts believe the lack of small business loans available to small business owners has decreased over the years, and the terms of the loans are not very favorable to the small business owner or entrepreneur.  Looking at different alternatives seems the only way for anyone looking for a loan to launch their business idea.

For more about this topic, follow the link below.

Four Smart Ways To Finance Your Next Big Idea Or Small Business

If you’ve ever wanted to start a business of your own, there’s likely been one big hurdle getting in your way: getting the money to finance your big idea.

Fortunately, the internet has made this process a whole lot easier. In the mid-90s, I was able to self-fund my business through the first few dollars I made online, then kept scaling and putting money back into my business over time.

Like most online businesses, my startup costs were extremely low. But not all business models are created equal: Some may need more investment money and funding than others. To help with this process, I’ve listed four different ways you can start raising money or obtaining a financial loan for your next big business idea.

Pre-Sell Your Product Or Idea Before Launching

Wouldn’t it be great if you could prove your model worked before starting your business? In the offline world, this is quite expensive and hard to accomplish. But on the internet, it’s happening every day.

‘Fintech’ fast-cash loans are like ‘wild west’ for small businesses

If you run a small business, you’re likely seeing a flood of offers for easy-to-get loans — through direct mail, pop-up ads, even TV ads — promising fast money to pay your bills or buy new equipment. But that new world of fast cash can come with some costly catches.

“It’s been the wild west,” said Karen Gordon Mills, co-author of a just-released Harvard Business School study exploring the promise and challenges of alternative small-business lending. The sector has exploded in the last few years as a new industry emerged, referred to as “fintech” (for financial technology).

Typically, to get a loan, a small-business owner needs to provide a bank with tax returns, personal and business financial statements and a pile of other documents and data.  “You have to wait weeks or months,” said Mills, who co-wrote the report “Small Business Lending: Innovation and Technology and the Implications for Regulation” with Brayden McCarthy.

Moreover, there’s been a persistent “credit gap” — a dramatic lack of funds available for small businesses needing smaller amounts of money, less than $250,000.

Here Is What Small Business Needs From the Trump Administration

The nation’s 28 million small businesses and tens of millions of self-employed freelancers need a voice the President will listen to.

As President-Elect Trump is busy at work filling his Cabinet positions, the one area that may be among the most important, but is among the least talked about, pertains to small business.

Small business and entrepreneurship are at the center of creating jobs and growing the economy, which are key pieces of Trump’s stated focus. While previous presidents, including President Obama, have raised the Administrator of the Small Business Administration to a Cabinet-level position, Trump should continue his out-of-the-box thinking and make a small business Cabinet position even more front and center in his own administration.

As a leading small business advocate for the greater part of the past decade, I’ve identified several key areas that Trump’s appointee should be able to navigate in order to add full value to the administration, as well as the 28 million small businesses (and tens of millions of freelancers) currently at the center of our economic engine.

 

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Marketing Your Business For Success

November 15, 2016 by

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Marketing is essential for any business.  The global economy has made businesses across the globe have a longer reach.  Marketing therefore is an essential part of doing business here in the USA or abroad.  Depending on what your business is selling, marketing can help your business acquired customers all across the United States, making your success a bit more possible. 

For more about this another topics, follow the links below.

The Trump effect on small businesses

Lisa Hall has mixed feelings about Donald Trump’s victory in the presidential election.

The New York restaurant owner does not agree with all of his politics, but she feels squeezed by some burdens on her business and is optimistic Trump will help her and other small-business owners.

Trump has vowed to lower taxes for big businesses but also cut back on regulations that are hurting small businesses.

“My small-business owner side says something’s gotta give with all the rising costs, not to mention all the rules and regulations they are imposing on us,” Hall says. “I’m willing to pay my share, but some of our regulations are hurting smaller businesses.”

Dan Rorick, who owns a small fast-food business in Oneonta, New York, says he is unlikely to be affected by Trump’s policies on business taxation, because he does not operate as a corporation. But Trump’s potential changes to the United States trade policies could affect him.

“If he does something where imports are cheaper, or production is done in the U.S., then it becomes cheaper for me to buy products that I use, like ingredients that potentially benefit me,” Rorick says.

Does Your Small Business Really Need a Marketing Plan?

There’s no use in denying it — marketing is a critical component of a small business’ success.

There’s no use in denying it — marketing is a critical component of a small business’ success.

The challenge is that so many small business owners have no idea what it takes to make marketing work for them. They are experts in their business, but they simply don’t have the time to become experts in the ever changing world of online marketing.

So what happens? Rather than taking a strategic approach, most SMB’s marketing efforts are the result of off-the-cuff thinking, and it shows. Their marketing mix looks like a fragmented collection of tactics and tools from a variety of in-house and external sources.  On a good day, the business owner doesn’t truly know what is working.  On a bad day, they feel like blowing it all up and cutting of the marketing investment all together!

If any of this sounds familiar, I highly recommend you take a step back… and that “step back” involves creating a strategic marketing plan. Developing a marketing plan is your best chance at success, and here’s why.

Social Media Marketing: 4 Reasons Your Small Business Should Invest In It

The average American spends 37 minutes per day on social media. That amounts to 217 hours or 9 days — almost a week and a half — over the course of a year.

That alone is enough reason for any business to jump on the social media marketing train; however, it’s important to consider that investing yourself in social media is extremely time consuming. Living the busy life of a small business owner, dedicating the time and resources necessary to successfully advertise your business on social media can be costly.

But that doesn’t mean you should avoid social media marketing for your small business altogether. Doing so would set you back in the digital age and you would be missing out on an entirely new audience.

Still not sold? Consider these four reasons why you should be using social media marketing for you small business:

  1. Develop a diverse set of connections

Social media is unique in the sense that it allows individuals to create connections with people of various backgrounds from one central hub. This is no different for businesses. Since I began developing and implementing social media marketing campaigns, I have helped small businesses create key connections with influential people, businesses, and past, present and potential. These connections go a long way in making your business more recognizable and can generate increased sales in the long-term.



 

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Small Business News For This Election Day

November 8, 2016 by

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Today is Election day.  With the uncertainty in the economic climate of the United States, and the global economy, people cannot not participate in this election.  We have choices, and for better or worse as United States citizens, we have a constitutional right to vote. Indecisiveness does not help the economic climate, nor your small business. The small business policies the next president will institute in this country affects us, and the economy.  Think about it. Go Vote!

Survey: Small business owners worried about election impact

Small business owners are concerned about the impact the election could have on their companies but hold mixed views of how supportive the candidates are on different issues, according to a survey by researchers at Pepperdine University.

In the survey done by the Graziadio School of Business and Management, more than three-quarters said they were concerned about the election effect, with about half of those considering themselves very concerned.

Between the two candidates, 66 percent of the more than 1,350 business owners surveyed said Republican Donald Trump was more supportive on tax issues. Sixty-four percent called Trump more supportive on regulatory issues. When asked about equal pay for male and female workers, 59 percent said Democrat Hillary Clinton was more supportive. Fifty-eight percent said Clinton was more supportive of family leave.

The survey covered randomly chosen companies in Dun & Bradstreet Corp.’s database that had annual revenue of $5 million or less.

Indecisiveness Can Be Costly To Small Business Owners: Here’s How To Fix It

Major bottlenecks in businesses are often caused by indecision. It could be that a business owner is waiting on more data before making a decision on a big ticket purchase. They could be too busy to stop and make up their minds on something that needs to be done or perhaps they’re easily distracted by new options that are presented to them. But avoiding the tough decisions that need to be made can paralyse a business, leading to lost opportunities. Here’s some advice from small business expert Dr Greg Chapman to help business owners tackle the problem of indecisiveness.

Over at Australian Small Business Blog, Dr Chapman noted that while many bottlenecks like delays in issuing invoices or suppliers not honouring their commitments may create real costs for a business, being unable to make tough decisions in a timely manner could be even more costly:

Ohio’s tax policy rated one of worst in U.S. for business

COLUMBUS — While Ohio has bragged about being open for business, a Washington-based tax policy think tank ranks the Buckeye State’s business tax climate among the nation’s worst.

The Tax Foundation, a Washington-based nonprofit research center, judges states on how well it believes their tax structures encourage or hinder economic growth. Its 2017 report ranks Ohio 45th, ahead of only Minnesota, Vermont, California, New York, and New Jersey.

Ohio trails all of its neighbors. Indiana ranks eighth; Michigan, 12th; West Virginia, 18th; Pennsylvania, 24th; and Kentucky, 34th.

“Ohio has done some good things in recent years, particularly in lowering the individual income tax rates,” said Jared Walczak, policy analyst with the foundation. “But structurally, the state has a more complex tax code and one of the least neutral tax codes.”

Ohio lawmakers and Gov. John Kasich’s office have preferred to point to other business climate rankings, such as this month’s latest from Site Selection magazine. The magazine gauges corporate opinions and tracks announced project sitings.

 

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The State of Small Business Borrowing

November 3, 2016 by

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A loan pre-approval offer for your business to expand, invest, or cover payroll may not be on the table any longer. Small businesses are dealing with a lot of rejection this time around when looking for a small business loan, and banks seem unwilling to go forth with loans that were pre approved only a few month ago. “The loan is no longer available to us because that was a special offer a few months back, and the bank is not offering it now.” A small business owner claimed. The companies that are struggling to pay past loans are high, and that can be an indication why banks are unwilling to acquire more debt int he form of loans made to small businesses.

For more about this and other topics, follow the links below.

U.S. small business borrowing falls, delinquencies rise

Borrowing by small U.S. firms slipped in September, and the percentage of firms late on repaying existing loans rose to its highest in nearly four years, data released on Tuesday showed.

The Thomson Reuters/PayNet Small Business Lending Index fell to 128.9 from a downwardly revised 132.8 in August. Measured from a year earlier, it was the fourth straight monthly decline, with the index at its lowest point since January.

Companies also struggled to pay back existing debts, PayNet data showed. Loans more than 30 days past due rose in September to 1.64 percent, the sixth straight monthly increase and the highest delinquency rate since December 2012.

Bank turned down your small business loan? Now it must offer an alternative

From today, the UK’s nine largest banks will be legally required to help entrepreneurs find funding elsewhere, thanks to the bank referral scheme

Katrin Herrling felt she had nowhere to go when, in the midst of the financial crisis, her bank suddenly changed its lending terms. She had inherited a dairy farm and needed support with her cash flow during the four months of the year the cows weren’t producing milk. “Nothing in our position had changed but the banks felt they had to rebuild their balance sheet,” she says. “I didn’t know where to turn … I [knew] that just going to another bank where I didn’t have an established relationship wasn’t going to solve the issue. Outside of banks, I had no idea.”

From today, entrepreneurs should not find themselves in Herrling’s position. As part of the Small Business Enterprise and Employment Act 2015, the UK’s nine major banks will be legally required to refer those SMEs they refuse to finance to an alternative provider, under the bank referral scheme.

Study: Women Small Business Owners Being Shut Out of Major Government Contracts

Jane Campbell

Jane Campbell is the director of the National Development Council’s Washington office and president of WIPP.

When Komal Goyal started her IT company, 6e Technologies, in 2003, she knew she had what it takes to run a successful business. She’d made a name for herself in the IT services space and had a robust list of contacts in the commercial arena. What she didn’t have was a hefty government contract—something that could propel her business to new heights—so she set her sights on locking one down. Thirteen years later, she’s still trying to nab one of the large umbrella contracts with the federal government that could double the size of her business in just a few years.

The problem is that most of these super contracts—the kind many federal agencies favor because they create a pre-approved list of businesses that can supply unlimited goods or services during a specified period, of up to 10 years—have requirements to allow various socio-economic groups to compete, but not for women.“The contracting officers putting together a list of possible vendors must ensure certain groups have access to these contracts,” Goyal said. “If women-owned businesses aren’t one of those boxes to check off, we don’t even get the chance to compete.”

 

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What You Need To Know About Motivating Employees

October 27, 2016 by

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The January 2016 Gallup poll about employment engagement in 2014 and 2015 shows a .5% increase in 2015.  That said, employment engagement in the United States is still only 32%.  The small increase is minimal, and employment engagement has been flat since 2000 according to them.

Also, according to the Gallop poll information, “Engaged employees are involved in, enthusiastic about and committed to their work” in other words, only one-third of employees in the United States are enthusiastic, or committed to their job.  Many employees believe they have very little or no say in the way they do their jobs, and that their work lives are not in their control.  Many believe the impact they have in their place of work is minimal if any at all.  As a manager, what can you do to improve employment engagement, or motivate them to do better?  Follow the links below for more about this topic.

How to Motivate Employees to Work

Motivation can simply be defined as your willingness or eagerness to accomplish a task. Motivation is what enables you to take action instead of procrastinating about doing something. Motivation isn’t the same as inspiration. A lot of people might be inspired to do something but that does not mean that they will be motivated enough to get started on the work that needs to be done in order to achieve the goal.

So what keeps people motivated at work? Although we need motivation to do almost everything other than just work but since work is what we do in order to make a living, we’ll keep this article to what it takes to ensure your employees are motivated to work and be productive.

First of all, the stress of not doing something that needs doing can sometimes in itself make people motivated to get work done. But not everybody performs so well under stress plus constant stress can affect the health badly.

Have you ever noticed that you don’t feel like doing anything until the deadline of submission comes really close and then you panic and start working all hours of the day. Well that’s the kind of stress some people feed on in order to get things done. So a positive way to ‘push’ people to perform can be by fixing a deadline to tasks. When they know that they don’t have unlimited time to complete the task they’ll be more motivated to work on it.

4 Ways to Motivate Employees to Achieve Phenomenal Results Every Day

Motivating your employees day-in and day-out is no easy task. But, if you want to keep them engaged, productive, and happy, then it’s a necessity if you want your business to thrive. Not only will your employees give you their all, they’ll also be more inclined to stay with you, which reduces the cost of hiring and training new employees.

If you’re looking for a good starting point, here four ways to motivate your employees to be phenomenal every day.

1. Identify and retain your A-Players.

Arguably the most important way to motivate your employees everyday is to make sure that you have people who are talented and can fit your company’s culture. In other words, you want to surround yourself with people who are, asBrent Frei, executive chairman and co-founder of Smartsheet, describes as “A-Players.”

Three steps to making employee motivation work

Engagement is key to employee happiness, says a workplace psychology expert.

Numerous works have been written about how to keep staff happy, motivated and productive. Adrian Furnham, professor of psychology at University College London for the last 25 years, can write his principles of good people management on a small piece of paper.

First priority is setting clear objectives. The second is supporting employees to do their job. The third is providing constructive feedback.

Stick to these and you won’t go far wrong, he says, even in a disrupted working environment where the pace of change is breakneck and managers are struggling to separate threats from opportunities.

“People always think that change is faster in their generation than in any other,” Furnham says. “However, I think there is reasonable evidence to suggest things are changing faster than ever before, particularly in relation to technology. We are all so interconnected now that changes in one part of the world create changes everywhere else.

 

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Competition, Profitability and Retirement; Are You Ready?

October 19, 2016 by

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“I find that the harder I work, the more luck I seem to have.”

— Thomas Jefferson

As a business owner, there are many that believe the above mention phrase and relish the opportunity to be their own boss, and profit from the hard work they do.

Online marketing has given many small businesses the opportunity to compete with bigger companies, and be successful with it.  Marketing a business is no longer for the big guys. Small businesses can have successful online marketing campaigns to attract customers, and to market their business and benefit from the results.  Now, the attraction and the challenge for every small and big business is the ability to compete in a  global market and come up on top.

For more about this and other topics concerning the small business owner, follow the links below.

How to Deal With Competition in Business

The way I see it, competitors are everywhere. Whether you’re a startup owner or veteran, you need to know how to deal with competitors in business.

After being a business owner for over 30 years, I’ve learned how to handle the competition. I know first hand how important it is to pay attention to businesses in your industry but also to not make them your priority.

You don’t want to be completely oblivious to your competition. You should put your energy into your own entrepreneurial tasks above all else.

Why you shouldn’t ignore the competition

Ever hear the saying, Never underestimate your opponent? The same holds true for business.

I have a general idea of where my competitors are, where they’re going, and how fast they’re going to get there. Other than that, I don’t lose sleep over them.

5 facts you didn’t know about retirement

Here are some important retirement-related facts about Social Security, long-term care, retirement savings balances, homeownership, and taxes.

If you want to have the best retirement possible, it’s important to take steps to prepare for the things that could affect you the most. Here’s a closer look at five retirement facts that could have a huge impact on your retirement plans, and there’s a good chance you may not even know about them.

Whether you’re a few years or still a few decades from retirement, these five facts are important. Let’s take a closer look at how they could affect you.

1. You’ll probably need long-term care (and have to pay for it)

According to the U.S. Department of Health and Human Services, 70% of people who live past 65 will need long-term care. If you’re married, there’s a 90% likelihood either you or your spouse will need long-term care. In other words, if you live to retirement age, the odds are good that you’ll end up needing some sort of long-term care.

How to Manage Your Profitability in Your Small Business

A profitable small business is rarely an accident; you have to constantly work for new revenue.

Projecting profits on a financial statement in a business plan can make you feel hopeful as an entrepreneur. But your business plan is simply your hypothesis of what you thing will happen in the marketplace of your business. However, the only way to ever realize the profits you want is to mentally, and physically, exert your leadership while executing your sales plan. The following are several important factors I would encourage you to consider as you work to focus on the profitability of your business.

Invest Wisely

You have a very narrow margin of error in a small business. Therefore, making wise investment decisions is critical to your profitability. Whether hiring a new employee or acquiring equipment or assets for your company, always assess the potential return on investment. Before buying a building, furniture, resale products or supplies, consider the direct or indirect impact the investment has on your bottom-line.

 

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