Small Business Issues for 2018

What are some of the issues, small business owners have to be aware of this 2018?

Business Optimism: According to many analysts, business owner’s optimism should stay steady this year, following the high level carry over from 2017.  If the economy and stock market remain as robust as it has been, business owners are bound to stay optimistic.  And although their optimism about the economy has not translated in an increase in hiring, with the new tax laws breaks many analysts believe this can change.

Taxes and Accounting: The new tax bill should benefit many businesses across different sectors of the economy.  Whether you are a small business owner, have a partnership or a corporation, there are bound to be many tax breaks that you can take and that can alleviate the tax burden this year.

For these tax breaks, you need a tax accountant that has an understanding of your business, your financial situation, and an understanding of the new tax laws in order to take all the tax credits that your business is allowed.

Having a knowledgeable accountant can help your business lift or ameliorate the tax burden your business faces while helping you create a path to a healthier one. Accountants can possibly help you save thousands of dollars in fines from the state or federal government if you are not filing the right forms at the right time.

Sexual harassment: A movement that needed to happen long ago, has taken flight and it does not seem to stop. For many businesses across all areas of commerce, sexual harassment has become an issue owners and management cannot ignore anymore.  Preventing sexual harassment in the workplace has been around businesses for many years now, but doing something about it it’s what’s different now.  Training, informing and having an open conversation with all employees in your organization is too important to ignore, and if you haven’t  done anything about it yet, you must prioritize and make it happen now.

Health Care: Many organizations begin the year by reviewing the health care coverage and retirement plans the business has.  Is it important to do it now?  Health care coverage premiums can skyrocket from year to year, and if your business is not shopping around for better rates and coverage for its employees, then you might be paying more for less coverage this year.

Retirement plans are also an important part of the incentives many organizations employ to retain and to attract talent in their business.  The retirement incentives can make a great employee choose to work in your business because of those extra perks they are getting apart from their salaries. 


The Small Business Owner and The House’s Tax Reform Bill


Well, there you have it, folks.  The House’s tax bill, if it passes will indeed benefit the small business owner. If you are indeed a small business owner, this is good news for you.  According to many analysts and bipartisan groups, for the average American taxpayer, the bill changes very little or none at all. But, according to them, the small business owner does have something to look forward to if the bill passes.

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


Two big reasons the House’s tax reform bill benefits small businesses

The House tax reform bill passed last week is really not much, if any, of a middle-class tax cut. Even the Joint Committee on Taxation — a bipartisan congressional group — concluded “the vast majority” of Americans (92 percent) will either pay less or see little change over the next five years and after that, only 40 percent of Americans will pay less taxes.

But then again, this bill was never really meant to benefit individuals. It was meant to benefit businesses. And to that end, it succeeds. Big corporations should be very happy with its passage, and so should small firms like mine. Why? Two big reasons.

According to the Tax Foundation, 90 percent of small businesses are pass-through entities . . . like mine (meaning the income produced by the business is accounted for in the owner’s personal tax filings). Research from 2010 has shown that the typical small business owner makes anywhere from $35,000 to $75,000 per year — reasonable numbers even today considering that the vast, vast number of small businesses are merchants, restaurateurs and operators of very small mom-and-pop firms, freelancers and independent contractors. The House bill will (after some last minute changes) allow most of these business owners to take advantage of a tax rate of 9 percent on their first $75,000 of income with a cap of 25 percent on the rest.


7 Marketing Automation Tools That Could Change Your Small Business

As every small business owner knows, wearing a lot of hats is how you keep your company in the black. The problem, of course, is that any business owner only has 24 hours in a day. Cramming business development, customer service, marketing, production, financials, and everything else on one to-do list is a recipe for disaster (and a complete lack of sleep).

The best way to overcome the limitation of time is by automating some of your processes — and marketing is one area ripe for automation. The key for small businesses is finding a tool that can automate many components of marketing at once, and these seven platforms take different approaches to automating marketing processes to make entrepreneurs’ lives easier.


Small Business Saturday

Greensburg Square Merchants urge shoppers to ‘Give us a chance’

GREENSBURG – Saturday, Nov. 25 is “Small Business Saturday.” As the kick-off weekend to the 2017 holiday shopping season begins, retail merchants all over the world prepare to greet the throngs of customers whose shopping habits will either make or break their yearly sales goals. In a tough economy, big “box” stores prepare to happily accept almost any form of payment in exchange for those lofty sales figures so important in determining their futures.

Jeff Emsweller, executive director of the Greensburg Chamber of Commerce was asked about Small Business Saturday. “It’s a great program that was started about three or four years ago by American Express.


 

Is The New Tax Bill Favorable To Your Business?

With the ups and downs of small business optimism index this year, October saw a small upward trend again and once again small business owners believe now is the time to expand, and hire.   They believe sales will keep increasing and the economy as a whole.

The retail industry sees an increase in sales due to the holiday season, and as a small shop owner, sales do increase dramatically.  The question now is whether the sales will keep up after the holidays are over and Americans settle to their business as usual, or whether they will again go back to the normal pre-holiday sales. The index may again adjust itself to reflect the normal optimism before this holiday rush.

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


8 small business losers under Republicans’ tax bill

If you’re a small business owner hoping to get a tax cut under the proposed Republican tax reform, pay close attention. While there will be a few small business winners, most owners will see no benefit, and you might be one of the many losers.

While both the House and Senate bills are still subject to revision, both contain a provision directly aimed at small businesses. And it’s got a whopper of a bait-and-switch.

Whenever you hear them talking about lowering the rate on “pass through” income — the kind almost all small business owners report — remember this: It won’t lower taxes on at least 70% of the money you make. It won’t help the overwhelming bulk of small businesses.

How did we get here?

During the Presidential campaign, candidate Donald Trump promised to lower business taxes.   But he meant “corporate” taxes — with a new lower rate applicable only to “C” corporations, generally the largest businesses.


NFIB Small Business Survey: Index Inches Up In October

The latest issue of the NFIB Small Business Economic Trends came out this morning. The headline number for October came in at 103.8, up 0.8 from the previous month. The index is at the 93rd percentile in this series. Today’s number came in below the Investing.com forecast of 104.2.

Here is an excerpt from the opening summary of the news release:

More small business owners last month said they expect higher sales and think that now is a good time to expand, according to the October NFIB Index of Small Business Optimism, released today.

“Owners became much more positive about the economic environment last month, which suggests a longer-run view,” said NFIB Chief Economist Bill Dunkelberg. “In the nearer term, they are more optimistic about real sales growth and improved business conditions through the end of the year.”

The first chart below highlights the 1986 baseline level of 100 and includes some labels to help us visualize that dramatic change in small business sentiment that accompanied the Great Financial Crisis. Compare, for example, the relative resilience of the index during the 2000-2003 collapse of the Tech Bubble with the far weaker readings following the Great Recession that ended in June 2009.


Modified House tax bill hits right notes for small businesses

The House is expected this week to pass the most comprehensive tax reform in more than 30 years. The measure is aimed at boosting the U.S. economy, mainly by reducing taxes on businesses. The Senate introduced its plan last week, which leaders expect to pass before the end of the year.

The respective versions will have to be reconciled, and potential obstacles remain, but the elusive goal of tax reform is within reach. Every American has a stake in the success of this effort, for no other public goal is possible, including national security, better public education or a modernized infrastructure, without stronger, faster economic growth.


 

Small Business Tools For Business

In today’s global market, the small business owner wants and is able to compete with the big companies around the world. By effectively using the marketing tools and management software available to them, they can reach customers across the globe to provide the goods and services that make their business a success.

Marketing and business tools that enable the small business owner to compete in a global market are available to them as well as the big guys.  The difference is the scale and availability of the talent around them.

If you have talented tech people around you, the business dealings you need to do will not be postponed because you need to deal with computers, marketing or software that you may not know anything about.  The talented people you hire to do the technical jobs  are there to make that part of your job a bit easier and hopefully a bit more enjoyable.

Some of the business tools small business owners can use to make their job a bit more enjoyable are internet marketing software that allows you to produce;

  • Email software that allow you to monitor the recipients opening rates, and personalized the emails to reach your intended target.
  • Blogging tools that allow you to produce content in an easy to use manner while keeping the quality to a high standard.
  • Lead generation tools that enable you to reach more customers while keeping in contact with the existing customers you have.
  • A CRM that allows you to keep your customers and the relationships you have formed active while keeping their data centralized.

Nowadays, the relationships the small business forms can be the difference between a successful business or one that is barely making it. Yes, there are many businesses out there offering the same  goods and services your business is offering, sometimes cheaper and some times better, but unless the difference is pronounced, the relationship you have formed with that client will keep their business with you because they have come to trust you and perhaps like you.

The small business tools you need are out there  to help you and make your business a bit easier to manage, choosing the most expensive ones is not always the solution, you just need to know what you need and research it a bit to see if that is what you need.


 

 

Small Business News

Facebook advertising has proven to be the way to go for some small businesses.  There are others that swear the ads don’t work. The only thing that most online users agree is the fact that if you have a small or big business, or if you are in the spotlight, politics is the last thing you want to be promoting.

As a small business owner providing goods or services to many clients, the last thing you want to do is promote one political view over another.  Stick to business.  Remember that we want clients to spend money with us, regardless of their party affiliation.

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


Small Business Saturday: Big, and getting bigger

It’s not yet Halloween, but for many small businesses, planning for the holiday season has started in full force. If you own a small business, it’s time to start getting ready for one of the most important days of the year.

In all my years working with entrepreneurs and writing about entrepreneurship, Small Business Saturday — falling this year on Nov. 25 — is the most transformative campaign for small businesses I have ever seen.

Since its inception in 2010, this special day — the Saturday after Thanksgiving— has become the biggest sales day of the year for many small companies. For the big day last year, an estimated 112 million Americans shopped at small businesses and independent restaurants, spending about $15.4 billion, according to American Express. That’s about one-third of the American public buying at small businesses and a whole lot of cash infused into local economies.


What Not to Do on Your Facebook Small-Business Page

More entrepreneurs are tapping into the world’s largest social media network: There are more than 70 million businesses now on Facebook, up from about 18 million in 2013, according to chief operating officer Sheryl Sandberg during a recent investor call.

Facebook gives businesses a platform to showcase new products and services, promote specials and provide customer service. But with these benefits comes the potential for mistakes that can damage your brand.

Here are five common small-business mistakes to avoid on your Facebook business page.

1. Don’t post too often

Most industries should aim to post no more than once or twice a day to avoid overcrowding followers’ news feeds, says Cheryl Friedenberg, president of High Key Impact, LLC, a small-business marketing consulting firm.

There are exceptions, though. For example, it’s appropriate for restaurants to post frequently about food specials, happy hours or live music events, or for medical businesses to post about recent health studies, Friedenberg says.

“I don’t think people mind seeing more of those types of posts throughout the day,” she says.


Survey: Small businesses’ appetite for financing weakens

Small businesses’ appetite for financing has weakened in the second half of the year, along with their revenue outlook.

That’s the finding of a survey of small companies released Wednesday by researchers at Pepperdine University’s Graziadio School of Business and Management and Dun & Bradstreet Corp. An index compiled from the survey that measures companies’ demand for capital has fallen more than 10 percent in the third quarter, registering at 36.2 versus 40.4 in the second quarter.

The survey, which questioned 1,176 businesses, is in line with other recent indicators of slowing activity at small businesses. The payroll provider ADP reported this month that its small business customers cut jobs during September. While that was due in part to Hurricanes Harvey and Irma, companies have generally slowed their hiring.


 

Small Business Optimism and Security

Many small businesses and big corporations are at risk of cyber attacks daily.  Companies like Target that spend millions of dollars on cyber insurance and other security measures, do not spend enough to make the cybersecurity risks less probable.

For small businesses that do not have the finances to spend protecting themselves against cyber attacks, the risks are always present.  And although cyber attacks may not be directed against them quite as often, protecting the personal and financial information of their clients should be one of the primary priorities of any business.

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


A Decline In Small Business Optimism

On Tuesday, NFIB reported the September Small Business Optimism Index results, and they showed the Index fell 2.3 points to 103, which was below the lowest consensus forecast. In spite of the decline, the index remains at a high level, as can be seen in the below chart.

A larger percentage of the index components declined in September as the report noted:

“Six of the 10 Index components dropped in September. Three improved, and one remained unchanged. The bright spot last month was inventory plans, which gained five points as more business owners anticipate a strong 4th quarter.”

Below is a table showing the component changes from August.


Half of All Small Businesses Use WiFi Technology Almost a Decade Old

Small businesses are using older WiFi that doesn’t fit their needs on several fronts. A new Linksys sponsored survey says half of the small businesses polled are using WiFi technology that’s over eight years old. Beyond not being able to keep up with mobile expansion, business owners are concerned over the lags in security and speed.

Problems with Small Businesses Using Old WiFi Tech

These findings are important to small businesses still using older WiFi technology. Smaller enterprises that work online need to be both flexible and fast to respond to changing client needs. Your download and upload speeds are the flux to beat the competition to sales. Beyond that, they make for quicker networking with everyone from visitors to mobile employees.


House approves bill to bolster small business cybersecurity

The House on Wednesday approved legislation that would require the federal government to produce and disseminate guidance to help small businesses with cybersecurity.

The bill, introduced by Rep. Daniel Webster (R-Fla.), a member of the House Science, Space and Technology Committee, passed by a voice vote.

The legislation would require the National Institute of Standards and Technology (NIST), a nonregulatory standards laboratory housed in the Commerce Department, to produce cybersecurity resources for small businesses.

NIST produces and updates cybersecurity guidance for the public and private sectors that businesses can choose to use. President Trump signed an executive order on cybersecurity earlier this year ordering federal agencies to abide by the NIST framework.


 

Small Business and Funding

When the time comes for small business owners to finance a part of their business through a loan, things can get quite complicated.  Many banks – especially for small businesses- look into your personal finances to see if you have the credit and trustworthiness to hand you money. Personal credit scores and ending balances for the month in your checking account means something for the banks, and being aware of that fact can make your chances of getting a loan much greater.

For this and other stories, follow the links below.


The GOP says its business tax plan will help workers and small businesses. It won’t.

Instead, it’s a gift to people with lots of capital.

To understand the business tax provisions in the Trump tax proposals, begin with F. Scott Fitzgerald’s insight that the rich are different from you and me — they have more money.

In particular, they have more capital. (Ever polite, economists call piles of money that have been invested “capital.”) Business tax reform really is an exercise in how we should tax capital income — that is, returns on investments. And because the rich have lots more capital than do you or I, the benefits of the multitrillion-dollar business tax cuts proposed by the Trump administration’s tax “framework” necessarily will be vacuumed up by the most affluent Americans. Business tax reform has only a modest connection to the economic future of working stiffs, and the small connection that does exist is a second-order effect.


Small business jobs hurt as hurricanes close retailers

NEW YORK — Hurricanes that swept the southern U.S. last month shut many retailers and put hiring on hold at small businesses.

That’s the finding of payroll provider ADP, which said Wednesday that its small business customers cut 7,000 jobs during September. Many small and independent retailers in Texas and Florida had to close before and during Hurricanes Harvey and Irma, and many suffered significant damage from wind, rain and flooding. That slowed hiring, and employees at some stores were laid off. The Labor Department reported a jump in applications for unemployment benefits following the storms.

The hurricanes also curtailed overall hiring, ADP said, counting 135,000 new jobs at companies of all sizes, the smallest gain in nearly a year. Without the storm, hiring would likely have been closer to the average monthly pace of 185,000 for the last two years, said Mark Zandi, chief economist at Moody’s Analytics, which helps compile the ADP reports.


7 Things About Funding Sources that Small Business Owners Don’t Know — But Should

Getting funding for your small business is essential but not always as straightforward as you might think. Here are 7 things about funding sources you might not know about but should.

Small Business Funding Facts

You Need to Keep a Positive Ending Balance

Hanna Kassis works for Segway Financial. He says a small business should not only have money in a bank account before they apply for a loan, but a specific amount at month’s end.

“Lenders want to see that you’ve got a positive ending balance,” he says. “Say you’re anticipating needing a merchant cash advance at the end of the month, go put $500 dollars in your bank account.”

Your Personal Credit Score Affects Your Business Financing


 

Marketing Your Small Business The Smart Way

We all probably heard the saying” Think outside the Box” and for marketers and small businesses, that means finding creative, smart and financially achievable goals without spending too much time and money.  Marketing your small business doesn’t mean writing big checks for companies to market your business, or promote your services.  Creativity nowadays is something every small business owner can do without breaking the bank.

Follow the links  below for more news about small business


Think Small Business To Help America’s Middle And Working Classes Win Big

 In spite of a rebounding and more robust economy, many in the lower middle and working classes remain anxious and concerned about their futures. There has been low and slow wage growth and, as we discussed in our last blog, the changing nature of jobs, the middle class and the American Dream have pushed a large part of the workforce toward a gloomy perspective.

There have been various proposals to make the economy work better for America’s workers. The Trump administration suggests that a restrictive skills-based immigration bill (the RAISE act) that considerably reduces the number of immigrants will increase the chances for more and higher paying jobs. The Administration has also asserted that cutting corporate taxes will stimulate job creation and wage growth.


Small businesses expand, invest despite gridlock in Washington

Small business owners are tired of sitting on their hands while Washington dithers.

Despite lingering uncertainty over tax and health care policy, U.S. entrepreneurs are moving ahead with investment and expansion plans that could juice economic growth.

Thirty-two percent of small businesses are planning capital outlays in the next three to six months, the strongest reading since 2006, according to the National Federation of Independent Business’s August survey. And 27% say the next three months is a “good time to expand,” the largest share in 13 years.

A September survey of economists by the National Association for Business Economics, out Monday, predicts that business investment overall — by small and larger companies — will grow 4.4% this year, up from their 3% median estimate in December. Businesses that expand, buy new equipment or build new structures typically hire workers to operate the machines or occupy buildings, while the factories that make the products generally need to staff up as well.


Huge List of National Holidays for Marketing in a Small Business

National Kick Butt Day is coming up. Bet you never heard of that one, did you? Today it seems as if there are national holidays, a national day or national month for everything. In fact, there are over a thousand national holidays, national weeks and national months. Add bank holidays and major religious holidays, and you have one crowded calendar!

National days of observance have become trendy and popular in part because companies have learned to use them for marketing. Just look at social media. Judging from the hashtags for various food days, people days, pet days, medical condition days, military days or industry days — it seems like every single day is a national holiday or national day of observance on Twitter and Instagram.

If you’ve ever wondered, “what national holiday is today?” — we’ve got you covered. Our hand-picked list of national holidays for marketing appears below. But before we get to that list of national days, we have some advice.


 

Customer Service and Your Business

Customer service has been an important part in the success of any business in the United States and around the world.  An increase in technological advances has made it possible for companies  to do business not only across states , but across the globe as well.

Unless you are a local mom and pop shop servicing a small town or city, globalization for you doesn’t mean much, but for many businesses, expansion seems like an obtainable goal they are trying to achieve.

Doctors, dentists, optometrists and other types of small business rely very much on customer service.  They are facilities that are specialized and serviced their communities, and rely on giving excellent customer service. But are they?

The front of your practice or the front of your retail store are the first welcoming sights customers see as soon as they enter the premises.  Great customer service begins there and then.  Many small businesses forget how important those first moments are when customers enter the store or  their private business. 

In the retail industry, research has shown how important customer service is for the prevention of shoplifting.  For many other industries where services are provided, great customer service means keeping your current customers and adding some more.  As a doctor, optometrist, dentist or other health care provider, the front office is as important as the service the health care professional is providing.

Do you have a private practice? Have you checked lately how the people in the front office greet and interact with your customers? Is that something that as the owner you find acceptable?

The front office of your private practice is a small window into the care customers might be expecting when they visit your practice.  Loud, obnoxious, and tactless front office personnel cannot be an acceptable choice for your practice even if they are great at paperwork.  If you find yourself questioning whether the way the front office employees behave while doing their job is appropriate, it might be time to relegate them to the behind the scenes office.  You might find that even though,  you as a doctor are providing excellent care, customers are unwilling to come back to your practice.

Adding new customers to your current list means good business.  Are you adding them or loosing them?  Do you know the reason why you are losing them?

Providing excellent customer care every single day, and not only providing good service but making sure you go beyond what is expected, is one of the ways some businesses across the globe are thriving while the competition is shrinking.


   

Employee happiness and Business Success

Regardless of what you hear from Congress or any other politician in Washington, American workers are not the best in the world.  As a nation, we are lacking in skills ranging from math, and problem-solving to literacy. The study done by the Organization for Economic Cooperation and Development, shows the American labor force is not only not comparable to other equal nations, but we are falling behind.  The skilled workforce needed to fill basic job positions is not longer there, and hasn’t been there for many years now.

Finding and keeping talented employees has become a struggle for many businesses, and the perks these businesses are willing to offer to entice talented people are a sign of the shortage of skilled employees.

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


Keeping employees happy a key to business success

Business owners may want to pay attention to more than how many widgets their employees are making.

They also should consider how happy those workers are while making them.

Experts – and a boatload of research – agree that satisfied employees tend to work harder and smarter, which in turn can boost a company’s bottom line.

“An engaged employee who feels valued and fulfilled is more likely to go all in and be far more productive,” said Evren Esen, director of workplace analytics for the Society for Human Resource Management.

“They also are more likely to stay with an organization longer, which reduces turnover costs,” she said.

That might sound like common sense. But finding out what makes an employee happy and then doing things to engage them is not an exact science.

Most workplace studies and surveys concentrate on two main areas: tangible gains, such as salary and health care benefits, and intangible bonuses, such as respect and job security.


Good businesses, even universities, invest in their employees

If higher education truly wishes to help solve the world’s complex problems, it is essential that all voices get a seat at the table, including those of graduate student workers. At Washington University, we need to do more to ensure graduate student workers don’t have to choose between academic success and personal well-being.

We are “privileged to be here,” we graduate student workers are so often told, and we shouldn’t question issues of compensation if we are truly passionate about the work we do. But as long as Washington University insists that we are students only, graduate student workers receive none of the protections afforded to employees under the law, even while we are compelled to remain in this tenuous position in order to complete our degrees.

While Washington U. is ostensibly committed to its role as a beacon of higher learning in the St. Louis community, it is in fact run as a business — and an incredibly lucrative one, at that. But good businesses invest in their employees. By promoting the well-being of the whole employee, Washington U. stands to benefit from higher graduation rates, better job placement, better academic and teaching work, and a healthier spirit of collaboration between students and their faculty advisers.


Family philosophy behind Marlex Pharmaceuticals’ success

Savar Patel, president of Marlex Pharmaceuticals, believes employees go the extra mile for him and his brother Samir because of loyalty.

That mindset stems from Samir and Savar’s father Amrish, Marlex’s founder, who the brothers say was an employee-centric boss who never wanted to treat people badly.

“We’ve just continued on with that philosophy,” Savar Patel said.

That philosophy has landed the New Castle-area-based packaging and distribution company on The News Journal’s list of Top Workplaces four years in a row.

Marlex Pharmaceuticals was ranked first among small businesses in The News Journal’s annual Top Workplaces survey conducted by WorkplaceDynamics of Exton, Pennsylvania.

The company engages in the distribution and packaging of pharmaceuticals. All products are made in the United States and distributed nationally, with access to every hospital, pharmacy and nursing home across the country.