Tag: small business

WHAT YOU SHOULD KNOW ABOUT INSURANCE FOR YOUR SMALL BUSINESS

Posted on by Franchise Strategist

WHAT YOU SHOULD KNOW ABOUT INSURANCE FOR YOUR SMALL BUSINESS

By understanding the importance of insurance, the various types of available insurance, and the factors that influence your insurance needs, you can better prepare your small business for the unexpected and ensure its continued success.

Insurance is a vital component in the structure of any small business, providing a safety net against unforeseen circumstances that could otherwise have financially devastating effects. Here’s a breakdown of what you should know about insuring your small business:

1. Importance of Business Insurance:
• Risk Management: Business insurance helps to protect your company and its assets from various risks such as property damage, injuries, lawsuits, and other claims that might arise from your work1.
• Legal Compliance and Liability Protection: Accidents, natural disasters, and lawsuits could run you out of business if you’re not protected with the right insurance. It’s also a legal requirement in many states to have certain types of insurance like workers’ compensation and commercial auto insurance23.

2. Types of Business Insurance:
• General Liability Insurance: This is fundamental for most businesses as it covers medical expenses if a guest incurs an injury on your premises and property repairs, among other liabilities4.
• Professional Liability Insurance: Popular among businesses that provide professional services, covering lawsuits over work mistakes, oversights, and negligence5.
• Commercial Property Insurance: It covers the repair or replacement of stolen, lost, or damaged business property5.
• Cyber Insurance: This covers the costs of a data breach or other cyber incidents at your business5.

3. Determining Your Insurance Needs:
• Industry and Business Specialization: Your insurance needs will vary based on your industry, specialization, and business assets. It’s crucial to understand the unique risks associated with your field6.
• State Laws and Regulations: The legal requirements for insurance may vary from state to state, and it’s essential to comply with the laws and regulations in your state7.
• Cost: Small businesses should budget between $30 to $80 per month for insurance, although this can vary based on the number of employees, business location, and industry risk exposure8.

4. Choosing the Right Insurance:
• Understanding Coverage Options: Knowing the types of business insurance is crucial. It’s advisable to consult with insurance professionals to understand your coverage options better5.
• Comparing Quotes: Obtain and compare quotes from reputable carriers and independent insurance agents to get the best coverage at the best price9.

5. Final Thoughts:
• Continuous Assessment: The insurance needs of your business may change over time. It’s advisable to regularly review and update your insurance coverage to ensure it remains relevant and adequate.
• Professional Advice: Seek professional advice from insurance experts to ensure that you are making well-informed decisions regarding the insurance coverage for your small business.

By understanding the importance of insurance, the various types of available insurance, and the factors that influence your insurance needs, you can better prepare your small business for the unexpected and ensure its continued success.
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This article is researched and edited with the support of AI

EMPOWER YOUR EMPLOYEES: 7 STEPS TO EXCELLENCE IN CUSTOMER RELATIONS

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Photo by iMin Technology

Businesses can ensure that their employees are well-prepared to handle customer interactions and motivated to go above and beyond in their roles. An empowered employee is a company’s most valuable asset in building and maintaining lasting customer relationships.

EMPOWER YOUR EMPLOYEES: 7 STEPS TO EXCELLENCE IN CUSTOMER RELATIONS
By Gary Occhiogrosso

Employees often act as the face of a company, bridging the gap between brand promise and customer experience. Their interactions, knowledge, and problem-solving abilities determine customer satisfaction. Thus, businesses must ensure that their workforce is empowered, equipped, and enthusiastic. Here’s a structured approach with actionable steps and examples to make this vision a reality:

1. Provide Essential Tools:
* Actionable Step: Regularly audit your team’s tools and technology to interact with customers.
* Example: If your business relies heavily on customer support calls, invest in high-quality headsets, noise-canceling technologies, or software that offers easy access to customer data.

2. Offer Comprehensive Training:
* Actionable Step: Organize monthly training sessions that cover product updates, communication skills, and problem-solving techniques.
* Example: For a company launching a new software product, ensure that your customer service team undergoes intensive training. This allows them to address queries and issues effectively.

3. Grant Autonomy in Decision-Making:
* Actionable Step: Establish a framework where employees have a certain degree of freedom to make decisions without always seeking higher approval.
* Example: If a customer is unsatisfied with a purchase, train and trust your frontline employees to offer solutions like discounts, refunds, or replacements without going through a lengthy approval chain.

4. Establish a Feedback Loop:
* Actionable Step: Create platforms where employees can share their insights, challenges, and suggestions regarding customer interactions.
* Example: Host weekly or bi-weekly meetings where team members can discuss customer pain points and brainstorm ways to enhance the customer experience.

5. Recognize and Reward Empowerment:
* Actionable Step: Set up a system to recognize and celebrate employees who showcase exemplary problem-solving skills and customer service.
* Example: Introduce an “Employee of the Month” program focusing on customer service champions, granting them tangible rewards and public acknowledgment.

6. Foster an Open Culture:
* Actionable Step: Encourage team members to communicate their needs, whether tools, resources, or training, to ensure they can perform their roles effectively.
* Example: Set up a suggestion box or a digital forum where employees can voice their needs and ideas without hesitation.

7. Simulate Real Scenarios:
* Actionable Step: Conduct workshops simulating challenging customer interactions, allowing employees to practice their skills.
* Example: Role-play a scenario where a customer is irate about a late delivery, enabling the team to navigate the situation and find a suitable resolution.

By incorporating these steps, businesses can ensure that their employees are well-prepared to handle customer interactions and motivated to go above and beyond in their roles. An empowered employee is a company’s most valuable asset in building and maintaining lasting customer relationships.
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This article was researched and edited with the support of AI

GENERATION Z AND THEIR ENTREPRENEURIAL ASPIRATIONS: NURTURING THE NEXT WAVE OF INNOVATORS

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Photo by RF._.studio

Generation Z, born between the mid-1990s and early 2010s, has emerged as a generation driven by entrepreneurial ambitions. Unlike their predecessors, Generation Z possesses unique characteristics, experiences, and attitudes that have shaped their desire to become entrepreneurs. This article delves into the factors contributing to Generation Z’s entrepreneurial aspirations and explores how society can nurture and support their potential. By examining their digital nativism, exposure to technology, changing work landscape, and desire for autonomy and purpose, we gain insights into the motivations driving Generation Z’s entrepreneurial spirit. Furthermore, this article highlights the importance of educational initiatives, mentorship, and inclusive opportunities for fostering Generation Z’s entrepreneurial growth.

Generation Z and Their Entrepreneurial Aspirations: Nurturing the Next Wave of Innovators
By Gary Occhiogrosso – Founder and Managing Partner – Franchise Growth Solutions

Introduction:
Generation Z, the youngest cohort in the workforce, is demonstrating a strong inclination toward entrepreneurship. Unlike previous generations, their mindset is shaped by an ever-evolving digital landscape, exposure to advanced technologies, and a desire for autonomy and purpose in their careers. This article explores the factors contributing to Generation Z’s entrepreneurial aspirations and discusses how society can support and nurture their potential. By understanding their unique characteristics and motivations, we can create an environment that fosters their entrepreneurial growth and enables them to impact the global economy positively.

Digital Nativism and Technology: Generation Z is often called “digital natives” due to their lifelong exposure to technology. Growing up with smartphones, social media, and instant access to information, they possess remarkable digital fluency. This inherent familiarity with technology provides them with the tools and resources to navigate the digital landscape, build online businesses, and leverage social media platforms for entrepreneurial endeavors. The ease with which they can create and market products and services online has fueled their aspirations to become entrepreneurs.

Changing Work Landscape: Generation Z is entering the workforce during a time of rapid change, where traditional career paths are no longer the only option. The rise of the gig economy, remote work, and the increasing demand for flexible work arrangements have opened up new avenues for entrepreneurial pursuits. This generation values freedom, flexibility, and the ability to work on their terms. Entrepreneurship allows them to create their ideal work-life balance, paving the way for their desire to be their own boss and control their professional destiny.

Autonomy and Purpose: Generation Z seeks more than financial success; they are driven by a deep desire for autonomy and purpose in their careers. They value work that aligns with their passions and allows them to make a meaningful impact on society. Entrepreneurship provides an avenue for them to pursue their interests, develop innovative solutions, and address societal challenges. By starting their own businesses, Generation Z can shape their work environment, prioritize their values, and contribute to causes they care about, fueling their entrepreneurial aspirations further.
Education and Mentorship:
To nurture Generation Z’s entrepreneurial spirit, it is crucial to provide them with relevant education and mentorship opportunities. Traditional education systems must adapt to the changing landscape and incorporate entrepreneurship programs that equip young individuals with the necessary skills, knowledge, and mindset to embark on entrepreneurial journeys. Mentorship programs and initiatives connecting experienced entrepreneurs with Generation Z can offer guidance, support, and valuable insights into the world of entrepreneurship, helping them overcome challenges and develop their ventures.

Inclusive Opportunities:
Creating an inclusive environment for Generation Z is vital for their entrepreneurial aspirations. Many young entrepreneurs need help with barriers such as limited access to capital, lack of networks, and biases. By providing equal opportunities, eliminating systemic barriers, and promoting diversity and inclusivity, society can ensure that socioeconomic factors, gender, or race do not hinder entrepreneurial ambitions. Inclusive programs, incubators, and support networks are crucial in leveling the playing field, fostering a diverse entrepreneurial ecosystem.

Conclusion:
Generation Z’s desire to be entrepreneurs is driven by a unique combination of factors, including their digital nativism, exposure to technology, changing work landscape, autonomy, and purpose-driven mindset. Understanding and nurturing their entrepreneurial aspirations can contribute to the growth of a dynamic and innovative economy. By providing relevant education, mentorship, and inclusive opportunities, we can empower Generation Z to harness their creativity, overcome challenges, and make a lasting impact as the next wave of entrepreneurs.

HARNESSING SOCIAL MEDIA FOR SMALL BUSINESS GROWTH: TACTICS, TARGETING, AND COST-EFFECTIVE CAMPAIGNS

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Photo by Tracy Le Blanc

Social media platforms are indispensable tools for small businesses looking to expand their reach, attract new customers, and build relationships with existing ones. By understanding and employing demographic and geographical audience targeting, managing costs effectively, and choosing the right strategy for your needs, you can leverage these platforms for remarkable business growth.

Harnessing Social Media for Small Business Growth: Tactics, Targeting, and Cost-Effective Campaigns

Introduction
Small businesses continue to leverage social media platforms as cost-effective means to engage their audiences, drive growth, and foster brand loyalty. With over 3.6 billion users worldwide, platforms like Facebook, Instagram, Twitter, LinkedIn, and Pinterest present unprecedented opportunities to reach local and global markets. However, The key to success lies in effectively targeting demographic and geographical audiences, creating engaging content, and tailoring your social media strategy to align with business objectives.

Demographic and Geographical Audience Targeting
The first step to effective social media marketing is understanding your target audience. Social media platforms have intricate systems for demographic targeting, allowing businesses to reach specific age groups, genders, occupations, and interests. For example, a local women’s boutique may target women aged 18-34 interested in fashion within a 30-mile radius. Similarly, a car dealership may focus on men and women aged 24-54 in the local city and its suburbs.

Geographical targeting is particularly beneficial for small businesses seeking to make an impact within their community. You can narrow down your audience to your city or state, ensuring that your ads reach potential customers in your locality. For instance, a farm-to-table restaurant in Seattle might use geographical targeting to reach food enthusiasts in the Pacific Northwest, thus optimizing their advertising spend and increasing the potential for in-person visits.

Cost and Potential Return
Social media advertising offers a flexible and scalable solution for small businesses. The cost can be as little as $1 per day on platforms like Facebook and Instagram. These platforms employ a bidding system for ad placement so that costs can vary based on factors like ad quality, relevance, and the competitiveness of your target audience.

The potential return on investment (ROI) for social media advertising can be significant. In 2022, businesses made an average of $5.20 for every dollar spent on Facebook ads. Moreover, 75% of customers said they use social media as part of their buying process. When designed and executed correctly, campaigns can drive traffic, generate leads, and convert followers into loyal customers.

DIY Posting vs. Hiring a Digital Marketing Firm
Small business owners can manage their social media presence or hire a digital marketing firm to run their campaigns. Doing it yourself can be cost-effective and allows you to connect personally with your audience. However, it requires time, effort, and an understanding of each platform’s algorithm.

Alternatively, hiring a digital marketing firm can offer expert guidance, a professionally crafted strategy, and detailed analytics. Firms can also save you time, allowing you to focus more on running your business. These services can range from $1,000 to $20,000 per month, depending on the size and scope of your campaigns.

15 Must-Use Hashtags
Including popular, relevant hashtags in your posts can significantly boost their visibility. Here are 15 top hashtags for small businesses:
#SmallBusiness
#SupportLocal
#ShopLocal
#SmallBiz
#Entrepreneur
#BusinessGrowth
#DigitalMarketing
#BusinessOwner
#Success
#MarketingTips
#StartupLife
#BusinessGoals
#CustomerLove
#BrandAwareness
#CommunityOverCompetition

Conclusion
Social media platforms are indispensable tools for small businesses looking to expand their reach, attract new customers, and build relationships with existing ones. By understanding and employing demographic and geographical audience targeting, managing costs effectively, and choosing the right strategy for your needs, you can leverage these platforms for remarkable business growth. Remember to measure your results and adjust your strategy to maximize your ROI.
While the prospect of advertising on social media may initially seem daunting, the potential rewards are substantial. Whether via DIY posting or enlisting the help of a digital marketing firm, a well-executed social media strategy can elevate your business to new heights.

Keywords: Small Business, Social Media Marketing, Demographic Targeting, Geographical Audience Targeting, Cost-Effective, Advertising, ROI, Digital Marketing Firm, Hashtags, Business Growth, Local Community, Customer Retention, Brand Loyalty, Facebook, Instagram, Twitter, LinkedIn, Pinterest.

Featured Franchise – HEALTH BENEFITS OF DANCE AND GYMNASTICS FOR YOUNG CHILDREN

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A Bundles of Tumbles class in action in New Jersey

Summary: Dance and gymnastics are both excellent activities for children to participate in. Both dance and gymnastics help to increase muscular strength, flexibility, and coordination. In addition, dance involves a great deal of physical activity that improves the cardiovascular system of your child by increasing their heart rate and strengthening their muscles.

HEALTH BENEFITS OF DANCE AND GYMNASTICS FOR YOUNG CHILDREN
By: Marianne Ecanosti, Founder and President – Bundles of Tumbles

Introduction

We know that children need to be active and healthy to grow up well. But how do you get your kids off the couch and moving? Dance lessons are an excellent way for young children to get physically active. A study in the journal Pediatrics found that after only one week of dance lessons, children showed increased activity levels and improved their abilities at playing with others.

Research shows that children who participate in physical activity regularly are less likely to be obese and more likely to be healthier, fit, active, and self-confident.

Research shows that children who participate in physical activity regularly are less likely to be obese and more likely to be healthier, fit, active, and self-confident. Regular physical activity also helps reduce stress, promote good mental health and improve sleep quality.
And it’s not just about your child becoming healthy — it’s also great for you! Being active together can help you strengthen your bond with your child while staying fit at the same time.

The benefits of dance and gymnastics include increased muscular strength, flexibility, and coordination.

Dance and gymnastics are both excellent activities for children to participate in. Both dance and gymnastics help to increase muscular strength, flexibility, and coordination. In addition, dance involves a great deal of physical activity that improves the cardiovascular system of your child by increasing their heart rate and strengthening their muscles. In addition to these benefits, dance can also help with self-confidence as well as social skills development because it is an activity that encourages participation from others who may be performing alongside them.
Gymnastics teaches children how to control their bodies in motion, improving balance and coordination and overall health benefits such as increased bone density and muscle tone. In addition, gymnasts tend to have lower body fat levels than non-gymnasts due to the amount of exercise they do each week, which contributes towards an overall healthier lifestyle when combined with a balanced diet.

Learning rhythmic gymnastics movements can help children develop large muscle groups and learn spatial concepts.

Rhythmic gymnastics is a sport that combines dance, tumbling, and trampoline. This activity is excellent for improving your child’s balance, coordination and flexibility. It can also help improve their spatial awareness, control, and balance. These are all essential skills needed to perform well in school and sports like soccer or basketball.

Children enrolled in dance classes improve their spatial awareness, control and balance.

Dance and gymnastics classes are the most effective ways to improve your child’s spatial awareness, balance, and control. As a parent, you may be concerned that dance or gymnastics will make your child too hyperactive. However, research shows that children enrolled in a structured program of dance or gymnastics can lead to better self-esteem and lowered anxiety levels.
In addition to improving motor skills, these classes also help kids develop their sense of rhythm and timing. Many times when kids are dancing, they are also listening to music, so this helps them think about how the music makes them feel and how it affects their body movements and other people around them who might be dancing at the same time as well!

Children enrolled in dance lessons also have increased self-confidence, social skills, and awareness of their bodies.
This is very important in a child’s development.

• Increased self-confidence and self-esteem are significant benefits of dance lessons for young children. Dancing helps them grow into their bodies, learn about the world around them, and understand how to interact with others. By participating in classes that teach proper safety techniques (such as how to fall), they also learn about their physical limitations and boundaries for fearlessness.
A child’s confidence level can significantly affect their school experiences or extracurricular activities like dance classes. For example, the more confident a child feels about themselves, the more likely they are to try new things or speak up when they have an opinion on something important (like going out for recess!).

At Bundles of Tumbles, our mobile at-school program offers various classes that help with your child’s development through movement and music. Bundles Of Tumbles is here to help you achieve your goals with your children. Our training style is one on one, where we will work closely with you to create an individualized program for each child. We know that every child learns differently and will cater to each individual’s needs.
We offer classes for children as young as three years old, which include ballet, tap, jazz, hip-hop dance, and gymnastics classes. Courses help children develop physically, emotionally, and socially in a fun environment while building self-esteem!

Conclusion

As you can see, dance and gymnastics classes are a great way to help your child develop physical skills and self-confidence. At Bundles of Tumbles, we offer a variety of classes that help with your child’s development through movement and music.

ABOUT THE AUTHOR:
Marianne Ecanosti is the Founder and President of Bundle of Tumbles, Franchising Group, LLC.. She has teaching dance and tumbling for more than 25 years. My areas of expertise include ballet, jazz, tap and tumbling. I have taught all age groups throughout my career from toddlers through adult, but prefer to focus on pre-school through grade 5. I truly have a passion for what I do! My company, Bundles of Tumbles, is an on-site preschool gymnastics and/or dance enrichment program. We also offer online classes. Franchise opportunities now available! Find out more at https://www.bundlesoftumbles.com/

Macro Methods To Control Food Costs In A Restaurant And Maximize Profits

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Photo by Tim Toomey on Unsplash

One way to get better-quality products is by buying local ingredients or those grown locally (naturally). This helps reduce transportation costs, which can lower food cost due to fuel prices—and it also reduces waste since you wouldn’t be shipping food across country lines when there are local farms nearby!

Macro Methods To Control Food Costs In A Restaurant And Maximize Profits
By Gary Occhiogrosso – Managing Partner, Franchise Growth Solutions.

Restaurant owners, chefs, and managers know the value of controlling food costs. But understanding how to manage your restaurant’s food costs can be tricky. This is because so many factors determine what goes on your menu and how much it should cost, from food and labor costs to waste management. Here ais a quick overview on how you can manage your restaurant’s food cost:

Food Cost Percentage
Food cost percentage is the amount of money spent on food divided by total sales. It’s a measure of how much of your sales are going toward the cost of goods, which is used to calculate your profitability.
In addition to being an overall measure of profit margin, food cost percentage also allows you to track discrepancies between weeks and months regarding budgeting. For example, if one month shows a high percentage while another shows a low one, some shifts in staffing or inventory may need addressing before they become problems later on down the line.

Keep Track of Inventory
You must keep track of your inventory. This is the first and most crucial step in controlling food cost. You must know your inventory, its location, and how much has been used or sold. There are several ways to keep track of your supply inventory: a spreadsheet (like Microsoft Excel) or a software program (like QuickBooks or Restaurant 365). You could also use cloud-based inventory management systems such as Restaurant Manager Pro or Inventory Doctor that automatically sync with your POS system.
The benefits of using an automated system include: tracking a cost per item; recording sales by SKU; producing purchase orders based on demand; monitoring stock levels; receiving alerts when stock gets low; comparing product costs against competitors’ prices via price comparison reports; sending out notifications when ordering needs to be done soon because inventory will quickly run out (or vice versa—notifying suppliers that there is excess capacity).

Quality Products
Regarding food costs, the quality of your products is one of the most critical factors. You may be able to save money by buying less expensive ingredients and products, but if they’re not good quality, then you will have wasted your time and money because they won’t taste as good. One way to get better-quality products is by buying local ingredients or those grown locally (naturally). This helps reduce transportation costs, which can lower food cost due to fuel prices—and it also reduces waste since you wouldn’t be shipping food across country lines when there are local farms nearby! Also, local farms tend to use safer pesticides than big corporations because they want their customers happy; nothing makes people mad like finding out that pesticides are used on their food without them knowing about it!

Avoid Waste
Reduce food waste, Recycle food waste.
Recycling programs allow you to turn your leftover food into an asset by turning it into compost or animal feed or donating it to those in need. You can also use recyclable materials and packaging for other items in the restaurant or kitchen, such as cutting boards, aprons, and dish towels. Donate food waste to charity organizations such as homeless shelters, soup kitchens, and food pantries, where it will be used as an ingredient for meals served to those who need them most in our communities. This is helpful from a cost-saving point of view and helps promote community values through charitable giving while helping reduce hunger in America overall! The key is to find a system that meets your needs. For example, if you are a small business owner without an IT department, then a cloud-based solution might be the best choice for you. However, if you have an IT team and can afford software like QuickBooks or Sage 50 US Accounts Plus, then, by all means, use that instead. In addition, you should consider buying local ingredients and products to save money on food costs. They tend to be of better quality because they are grown in the area where people live. This also helps reduce waste since there is no need for shipping across country lines when local farms are nearby!

Use Technology to Manage Inventory and Recipes
The second key to controlling food costs in your restaurant is using technology to manage your inventory and recipes. You can use technology to manage inventory by using a POS system. A POS system tracks sales, manages orders, records customer information, and orders supplies. If you don’t already have one in place at your restaurant, consider getting one before the end of summer because they are beneficial when it comes time for peak season in October (Halloween), November (Thanksgiving), and December (Christmas). Use technology as well when it comes to managing recipes at your restaurant. Recipe management systems allow you to access each recipe anytime via an app or web browser. These programs work on any device with internet access, such as tablets or laptops located in the kitchen area where WiFi connects all these devices. They work together seamlessly even if multiple users operate them simultaneously without slowing down their performance, which means efficiency ratings go up. In contrast, labor costs go down since they no longer need any additional cooks hired just for this task alone since now everyone knows exactly what needs to be cooked next, so no more wasted time spent looking things up!
To restate the top ways to manage the Cost of Goods.

Know your food cost percentage: This should be considered the most important. The food cost percentage is a measurement of how much it costs to make and sell your food (expressed as a percentage). It includes all direct ingredients, packaging materials, labor, overhead, and other expenses associated with preparing ingredients for sale at retail. If your food costs exceed 30 percent of sales, you’re probably losing money on every dollar of revenue generated by your business.

Keep track of supply inventory: Make sure you have accurate records of what you have on hand at any given time to avoid running out unexpectedly and losing customers because they can’t get what they want when they want it! You also don’t want to overstock supplies or make more than necessary if demand is low; that’ll waste money! Please ensure everyone in the kitchen or warehouse knows their responsibilities regarding stocking shelves with new products. In addition, make sure there’s always someone available who understands inventory management software programs (like this one!) so that even if someone leaves unexpectedly due to not knowing how these programs work, there will still be an easy way.

Use compostable materials: Compostable materials are made from organic material that can be decomposed by microorganisms and turned into compost, which can then be used as fertilizer for gardens and farms. Using compostable utensils, plates, and cups at your restaurant or event venue will reduce landfill waste each year to get things done.

Conclusion
As I mentioned up tpo, this is a overview. There are numerous resources on the internet as well as restaurant consultants that assess and recommend a variety of ways to save on food cost and increase profits. While it is difficult to control food cost in a restaurant these simple ways that have proven successful.

The first step is to determine the percentage of your total sales that should go toward food costs. This will give you an idea of how much money you need every month or year to operate at a given profit level.

Next, keep track of supply inventory to keep up with demand and avoid waste by ordering more when needed.

Quality products are also crucial because they will save time (and money) during preparation while providing better flavor profiles at lower prices than similar items sold elsewhere!

Finally, use technology like software platforms to manage recipes and inventory levels without overspending on supplies like employees who take care too long between tasks like chopping vegetables or preparing meatballs.

5 TOP ITEMS YOUR SMALL BUSINESS NEEDS ON ITS CYBERSECURITY TO-DO LIST

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No matter the size of your business, you can take practical steps to help defend against cyberattacks, which will save your company time, effort and money in the long term.

5 top items your small business needs on its cybersecurity to-do list

(BPT) – If you run a small to medium-sized business, you may think your risk of cyberattacks is slim to none. But just because your business is smaller and you have your data stored on-premises does not exempt you from risk. According to the Ninth Annual Cost of Cybercrime Study by Accenture, 43% of cyberattacks are now aimed at small businesses — but only 14% of those businesses are prepared to defend themselves. Since the pandemic, cybercrime has increased by 600%, according to Embroker.com. And the cost of cyberattacks — from business disruption and lost data to system downtime, damage to your company’s reputation and even legal liability — is higher than ever. Cyber defense needs to be a major component of your business strategy.

What can your business do to help prevent these attacks in the first place?

Types of cyberattacks

It helps to understand where cybercriminals are most likely to strike, which is at most companies’ biggest point of vulnerability — the human factor. The Ponemon Institute’s State of Cybersecurity Report has identified the most common types of cyberattacks on small businesses:

  • Social Engineering/Phishing (57%): This can take the form of an email that appears to be from a trusted source, like a co-worker or supervisor, asking for help and requesting you click a link or download something.
  • Compromised/Stolen Devices (33%): Devices without sufficient security safeguards in place can be vulnerable.
  • Credential Theft (30%): Hackers obtain usernames and passwords to access accounts. Having strong, unique passwords and multi-factor authentication to access accounts can help prevent unauthorized access.

Strategies to safeguard your business

No matter the size of your business, you can take practical steps to help defend against cyberattacks, which will save your company time, effort and money in the long term.

Here are 5 tactics that should be on your cyber defense checklist:

1. Educate your employees about security best practices

Make sure everyone in your business understands common cyberthreats, and is well trained on how to identify typical phishing and social engineering scams. In addition, help remote employees secure their home networks by offering training on setting up secure Wi-Fi.

2. Keep business and personal devices separate

Especially as many employees continue working remotely all or part of the time, reduce security risks by emphasizing the importance of everyone in your organization using only company devices for work purposes.

3. Beef up security measures for employee accounts and network access

Require only strong, unique passwords for employee access, as well as implementing multi-factor authentication practices for an extra layer of protection.

4. Get a unified software platform for security and patch management

Make sure your entire system is more secure by using a single, effective software platform that can manage identity, access and devices in the cloud — as well as managing security upgrades and patching. For example, JumpCloud offers IT admins at any business the ability to control and manage a wide variety of configurations with Zero Trust security to secure your organization.

JumpCloud provides an easy, frictionless solution for small to medium-sized business requirements to hedge against increasing cyberthreats, with several security features to help your business improve its security posture, including:

  • Multi-Factor Authentication
  • Single Sign-On
  • Device Management
  • Zero-Trust
  • Patch Management

Even better, JumpCloud lets customers use all premium features for free, for up to 10 users and 10 devices.

“Any business owner today needs to be aware of and take active measures to protect against cyberattacks,” said Benjamin Garrison, technical evangelist at JumpCloud. “For any size business, JumpCloud provides an effective solution, all in one place.”

5. Monitor for security breaches

In case of a cyberattack, your business will recover and overcome the loss much more quickly the earlier you can detect the problem. Set up a system for frequent monitoring of your network for any potential breaches, and keep working to defend against them with regular updates and trainings for all staff.

Don’t wait until a security breach happens to get serious about cyber defense. Being proactive about the security of your business will be well worth it to defend everything you’ve created.

JumpCloud gives IT admins a single cloud directory platform to secure all their users in any device environment, wherever work happens. Visit JumpCloud.com to learn more.

HOW TO ATTRACT AND RETAIN EMPLOYEES AS WE EXIT THE PANDEMIC

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Some of the causes of the great employment disruption of 2021 are beyond the influence of employers. However, there are a number of initiatives that can be implemented by employers to retain employees and attract those who are looking for a change in what they do. So, how do you retain and attract employees? 

HOW TO ATTRACT AND RETAIN EMPLOYEES AS WE EXIT THE PANDEMIC
by Stan Silverman
Article originally published in the Philadelphia Business Journal on November 15, 2021.

Due to the effects of the pandemic, 2021 will be known as a year of immense employment disruption. This is especially acute in the restaurant, hospitality and other service industries, where employees now have higher-paying employment alternatives. 
The cause of the Great Resignation is not limited to dissatisfaction with pay. Many employees who are nearing retirement have decided to leave the workforce earlier than they had planned. Other employees have reevaluated their lives and decided what they were doing was not for them. 

Some employees are burned out dealing with hostile customers and working to meet pent-up demand. Others have left the workforce because they cannot afford childcare. There are those who point to governmental assistance as the reason people are not working, but that assistance ended in September.

Some of the causes of the great employment disruption of 2021 are beyond the influence of employers. However, there are a number of initiatives that can be implemented by employers to retain employees and attract those who are looking for a change in what they do. So, how do you retain and attract employees? 

Employees come before customers

In my columns for the Philadelphia Business Journal, I have emphasized the importance of delivering a great customer/client experience as a way to become the preferred provider in the marketplace. It’s your employees who deliver a great customer/client experience. 

Quoting Sir Richard Branson, co-founder of Virgin Group, “Clients do not come first. Employees come first. If you take care of your employees, they will take care of the clients.” Treat your employees well. They will help you become a preferred employer.
Nurture a culture in which your employees develop a sense of ownership in what they do. Listen to their ideas. Value their contributions. Never micromanage. Set expectations, empower them and cut them loose to do their thing. 

Compensate employees so your company is an attractive employment alternative

For years, many have advocated raising the federal minimum wage to $15/hour, with little success. Today, many businesses need to pay $20/hour or more to attract employees. Why? Employees have alternative employment opportunities not only within the same industry, but also within other industries that are rapidly growing. For example, an employee working at a restaurant can quit and go to work for Amazon instead. Pay employees competitively with their alternatives to keep them and attract others.
Will increasing the compensation of employees require companies to raise prices? Yes. The economy will adjust as it did after the dramatic increase in oil prices during the 1970s. 

Differentiate your company and its culture 

Just as you differentiate your company so customers/clients want to buy from you instead of your competition, differentiate your company so employees want to work for you rather than their alternatives. 
Treat all employees as important to your success. Show your appreciation for what they do. Where practical, depending on the job, institute a hybrid model, giving them flexibility to work remotely or at the office. There are companies that have been operating 100% virtually with great effectiveness for many years without adversely impacting employee collaboration. Saved commuting time is spent working on business issues, as well as taking care of personal matters, which reduces employee stress and increases morale.

Differentiate your company from others. Treat your employees as you would like to be treated. Make it part of your brand. Your reputation will attract the employees you need to run your business. 

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About the Author
Stan Silverman is founder and CEO of Silverman Leadership and author of “Be Different! The Key to Business and Career Success.” He is also a speaker, advisor and widely read nationally syndicated columnist on leadership, entrepreneurship and corporate governance. He can be reached at [email protected].

DO YOU NEED A TAX ID? HOW TO OBTAIN AN EIN

Posted on by Franchise Strategist

After four years of life in the outlaw motorcycle subculture in NYC, Tom got a haircut, took a shower and landed a respectable job in the New York Subway system. After more than 13 years in the subway Tom became frustrated with the bureaucracy and politics.

DO YOU NEED A TAX ID? HOW TO OBTAIN AN EIN
By TOM SCARDA, CFE Founder of FRANCHISE ACADEMY
🔑Education 🔑 insight 🔑 inspiration – Have you been working from home and don’t want to go back to your office? Have you tasted freedom and want out of the corporate rat race? We should talk. No Sales, No Kidding.

After you incorporate or form an LLC, the IRS will issue a federal tax ID to your small business. This tax ID is also known as an employer identification number, or EIN.

What is an EIN? Let’s take a closer look at this federal tax ID, key areas where having an EIN may benefit your business, and how to obtain an EIN if you were not already issued this tax ID.

What’s an EIN?

An EIN is essentially a social security number (SSN) for a small business.

This tax ID is nine digits long, similar to that of an SSN, with a primary purpose of legally identifying your business. Entrepreneurs may use their SSN or an EIN on paperwork pertaining to their company. Some entity formations, like sole proprietors, use their SSN for business tax purposes. Incorporated formations, like limited liability companies (LLCs), have the choice to use their SSN or an EIN.

More often than not, incorporated businesses will use their EIN. This is because an EIN is slightly less sensitive than an SSN. As such, business owners may choose to use an EIN in lieu of an SSN. Choosing this tax ID acts as a safeguard to ensure the safety of their personal identity. It also helps to keep entrepreneurs in compliance with U.S. tax laws.

How Do I Know I Need an EIN?

There are several aspects of small business where it’s necessary to file for an EIN. Here’s where this tax ID can benefit your company.

Opening a business bank account. Having a business bank account allows small business owners to keep their personal and professional finances separate. Most U.S. financial institutions require a certified copy of an EIN prior to opening a business bank account. An EIN also makes it easier to establish a business credit profile, separate from the owner, and build business credit.
Forming an LLC. If you have already formed an LLC, then you were issued an EIN — and may skip ahead in reading. However, if you are planning to form an LLC keep in mind that the IRS will issue you an EIN. You will also need to obtain an EIN if you choose to incorporate as another entity formation, such as incorporating as a corporation or forming a partnership.
Hiring employees. Here’s where an EIN benefits both employees and the business owner. If your business plans to hire employees, it is a requirement to obtain an EIN. This allows the IRS to track your business and ensure it collects payroll tax. On the flip side of the coin, once a business has been incorporated the business owner is technically considered an employee. As such, you will need to obtain this tax ID — for future employees within the business as well as your own status within an incorporated business.
Besides the aforementioned three bullet points, EINs may benefit businesses in even more ways. You will need to obtain an EIN to establish pension, profit sharing, and retirement plans. This tax ID may also be used when filing annual tax returns. In the event you decide to change your organization type, filing Form 8832 Entity Classification Election will ensure your entity is able to retain its EIN, even if its legal structure has changed.

How Can I Obtain an EIN?

Obtaining an EIN is a fairly straightforward process. You can apply for an EIN online, through the mail, by fax, or even over the telephone with the help of MyCorporation’s trusted team of professionals.

Before you begin the filing process, however, please note that you must determine if your business is eligible for an EIN. The principal business must be located in the United States or its U.S. territories. The true principal officer or general partner must also possess a valid tax ID. This may be an SSN, an EIN, or an individual taxpayer identification number (ITIN). Finally, if your small business is not already incorporated or formed as an LLC then it must file to incorporate as a legal formation for their organization.

The Value of Having an EIN

Having a tax ID allows you to take your business to new, exciting heights while remaining in compliance with tax laws. As an added bonus, once you obtain an EIN you have it forever because EINs do not expire.

Conduct your due diligence prior to filing for an EIN and reach out to a legal professional prior to filing if you have any questions. Once you obtain your EIN, remember to treat it similar to that of an SSN. Keep this ID in a safe place to protect it and use it in areas required by your business.
Deborah Sweeney is the CEO of MyCorporation.com which provides online legal filing services for entrepreneurs and businesses, startup bundles that include corporation and LLC formation, registered agent services, DBAs, and trademark and copyright filing services. You can find MyCorporation on Twitter at @MyCorporation.

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About Tom Scarda:
Tom is now a nationally recognized small business and Certified Franchise Expert (CFE), motivator and dynamic speaker. Tom has authored three books: Franchise Savvy, The Road to Franchise Freedom and The Magic of Choosing Uncertainty: How to Manage Change, Embrace Fear and Live a Fulfilled Life.

30 years ago, searching for his inner drive, Tom left college and submerged himself in the motorcycle underworld in lower Manhattan. This made his mother worry. It was the first time Tom chose uncertainty over the status quo.

After four years of life in the outlaw motorcycle subculture in NYC, Tom got a haircut, took a shower and landed a respectable job in the New York Subway system. After more than 13 years in the subway Tom became frustrated with the bureaucracy and politics. So he quit his job and left his pension behind to pursue his dreams of business ownership. This also made his mother worry.

In 2000, he purchased a smoothie franchise, which he built into three units and sold five years later for a considerable profit. He was the #1 franchisee of the year in Maui Wowi Smoothies in 2002. He purchased a second franchise in 2006 called Super Suppers and failed miserably in that franchise concept. The lessons he learned from failure is what makes him such an expert. Tom has owned and operated both franchised and non-franchised businesses and has years of knowledge and wisdom to share with you.

DEFICITS EXPLODING, INFLATION UPTICKING, CRYPTOCURRENCIES LOSE THEIR LUSTER, WHILE GOLD RESUMES ITS UPWARD RUN

Posted on by Franchise Strategist

DEFICITS EXPLODING, INFLATION UPTICKING, CRYPTOCURRENCIES LOSE THEIR LUSTER, WHILE GOLD RESUMES ITS UPWARD RUN

As far as the debt is concerned, under Obama the debt went from $10.6 trillion at 1/20/09 to $19.9 trillion at 1/20/2017, an increase of $9.3 trillion over EIGHT YEARS. The debt under Trump increased to $27.8 trillion at 1/31/21, an increase of $7.9 trillion over FOUR YEARS.
Don’t believe anything you hear and very little of what you read!

Roger Lipton, report, franchise, restaurant, economy, gold, deficit
By Roger Lipton

I cannot resist commenting on, and correcting the latest version of revisionist economic history.
Just yesterday Maria Bartiromo was interviewing Peter Navarro, President Donald Trump’s Director of Trade and Manufacturing and a frequent economic spokesperson. After predictably predicting a weak stock market, burdened by the poor policies of President Biden, his description of the last ten years went like this: “Under President Obama, coming out of the 08-09 crash, the GDP grew by a meager 2%, and the debt doubled. Under Donald Trump, we grew at 3% and the economy was roaring before the pandemic hit.”

Not quite:
Under President Obama, the GDP grew by an average of 1.6%, held down by a negative 2.5% in ’09, coming out of the crash. Excluding ’09, GDP grew at an average of 2.2% over seven years.
Trump’s four years went +2.3% in ’17, +3% in ’18, +2.2% in ’19 and -3.7% in pandemically driven 2020. Excluding the last year, out of Trump’s control, just as Obama’s first year, Trump’s economy grew at an average of 2.5%.

So: A reasonably fair comparison would be that Trump’s economy, buttressed by lower taxes, a trillion dollars of overseas corporate capital repatriated, less legislative burden, and a friendlier business climate, grew three tenths of one percent faster than Obama’s. If one wants to include the first year under Obama and the last under Trump, under control of neither, the average would be 0.95% under Trump and 1.6% under Obama.

As far as the debt is concerned, under Obama the debt went from $10.6 trillion at 1/20/09 to $19.9 trillion at 1/20/2017, an increase of $9.3 trillion over EIGHT YEARS. The debt under Trump increased to $27.8 trillion at 1/31/21, an increase of $7.9 trillion over FOUR YEARS.
Don’t believe anything you hear and very little of what you read!

With that off my chest, the fiscal/monetary chickens are coming home to roost. The factors that we have been discussing for years are becoming too obvious for the financial markets and policy makers to ignore.

The table just below shows the monthly deficit numbers. For the month ending April, the deficit was “only” $226B, down from the explosion of $738B in the first full month of the pandemic last year. Still, we are running 30% ahead of a year ago, which finished in a $3.1 trillion hole, and there is huge spending ahead of us this year. With the trillions that are being thrown around, it seems likely that the deficit for the current year will be over $4 trillion. Keep in mind that our Federal Reserve is buying the majority of the debt that we are issuing to fund this deficit, so we are literally “monetizing” the debt by paying for the deficit with freshly printed Dollars. It is in this context that we have suggested that there is no need to raise taxes on anyone, rich or poor. None of it will supply more than a few hundred billion dollars per year, and there is much less aggravation for everyone if one of Jerome Powell’s hundreds of PHDs pushes a computer button and produces the US version of a digital currency. Of course, inflation will be the cruelest tax, especially on the middle and lower class citizen, but they will likely never understand the cause.

Click to enlarge:

Inflation in consumer goods, rather than the asset inflation we have seen in the last ten years, is finally rearing its beautiful (as far as the Federal Reserve is concerned) head. Post pandemic demand, along with looser purse strings as pandemic relief checks are distributed, is replacing the pandemic induced reduction of demand that has suppressed the economy over the last year. As we wrote last month, some very bright economists are agreeing with Jerome Powell that inflationary indications are “anchored” and “transitory”, but we believe transitory may last longer and not so well anchored as expected. The last twelve months of the CPI are now above 4%, and the CPI is widely considered to be understating the inflationary facts of life.

We consider that there has been an undeniable bubble in all kinds of assets, from Tesla to Bitcoin, to collectible homes worth a hundred million dollars to crypto-art and lots of individual stocks that trade for 50x sales instead of a more modest multiple of earnings or cash flow. Investors of all stripes are reaching desperately for a “return”, as evidenced by the historically low yield spread between high yield debt and US Treasury securities, as well as the asset classes referred to above. As we write this, a number of these upside distortions are in the process of being corrected. Tesla is down from over $900 to under $600. Bitcoin is $43k, down from $64k three weeks ago, the bloom is coming off the SPAC rose, and GameStop is down well over 50% from its ridiculous high. However, the process has just begun and will no doubt play out over a number of years.

Gold and gold mining stocks seem to have consolidated adequately since last August, when interest rates went modestly higher, and have just now established new bullish chart patterns. Negative “real interest rates”, subtracting the inflation rate from the yield on short term treasuries, has a strong correlation with the price of gold. The more negative the “real” interest rate, the more attractive is gold bullion, with no dividend or interest. Almost to the day, last August, when interest rates moved higher, reducing the degree of negativity, the gold price started drifting lower. Real treasury rates never turned positive, but the smaller degree of negativity reduced the urgency for ownership of gold. While interest rates have not gone back down to levels of nine months ago, inflation has picked up substantially, so short term treasuries yield several points less than the 4.2% trailing twelve month inflation rate and gold therefore protects purchasing power very well without paying interest or a dividend. The result is that gold bullion, as well as gold mining stocks have now broken out above their 200 day moving average price lines, so technicians will reprogram their algorithmically driven computers. While gold bullion is still down a percent or two for the year, gold mining stocks are positive for the year and have never been fundamentally cheaper.

It continues to be our conviction that gold mining stocks, in particular, are the single best place to protect one’s purchasing power over the long term, and our investment partnership is invested accordingly. Since there seems to be an increasing interest in this subject, in very quick summation:  I am personally the largest Limited Partner, by far, as well as the Managing General Partner of RHL Associates LP, as I have been for the 28 year life of the Partnership. The minimum investment is $500k and the fee structure is “1 and 10”. Funds can be added on the first of any month and withdrawn at the end of any quarter with 30 days written notice. We remain open to new investors, keep our investors apprised on a monthly basis as to our performance, and can be contacted through this site or by email at [email protected].

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About Roger Lipton

Roger is an investment professional with over 4 decades of experience specializing in chain restaurants and retailers, as well as macro-economic and monetary developments. After earning a BSME from R.P.I. and MBA from Harvard, and working as an auditor with Price, Waterhouse, he began following the restaurant industry as well as the gold mining industry. While he originally followed companies such as Church’s Fried Chicken, Morrison’s Cafeterias and others, over the years he invested in companies such as Panera Bread and shorted companies such as Boston Chicken (as described in Chain Leader Magazine to the left) .

He also invested in gold mining stocks and studied the work of Harry Browne, the world famous author and economist, who predicted the 2000% move in the price of gold in the 1970s. In this regard, Roger has republished the world famous first book of Harry Browne, and offers it free with each subscription to this website.

In the late 1970s, Roger left Wall Street to build and operate a chain of 15 Arthur Treacher’s Fish & Chips stores in Canada. In 1980 he returned to New York, and for the next 13 years worked at Ladenburg, Thalmann & Co., Inc. where he managed the Lipton Research Division, specializing (naturally) in the restaurant industry. While at Ladenburg he sponsored an annual Restaurant Conference for investment professionals, featuring as keynote speakers friends such as Norman Brinker (the “Babe Ruth” of casual dining) , Dave Thomas (Wendy’s) , Jim Collins (Sizzler & KFC), Jim Patterson (Long John Silver’s), Allan Karp (KarpReilly) and Ted Levitt (legendary Harvard Business School marketing professor, and author). Roger formed his own firm, Lipton Financial Services, Inc. in 1993, to invest in restaurant and retail companies, as well as provide investment banking services. Within the restaurant industry he currently serves on the Board(s) of Directors of both publicly held, as well as a private equity backed casual dining chains. He also serves on the Board of a charitable foundation affiliated with Israel’s Technion Institute.

The Bottom Line: Roger Lipton is uniquely equipped as an investor, investment banker, board member and advisor, especially related to the restaurant, franchising, and retail industries. He has advised institutional investors, underwritten public offerings, counseled on merger transactions, served on Board(s) of Directors, public and private, been retained as an expert witness, conducted valuation studies and personally managed a successful investment partnership, all specializing in restaurants/retail. He has studied great success stories over the last 40 years, from McDonalds to Shake Shack. Even more important he has watched scores of companies stumble and sometimes fail. It is this insight that Roger brings to this website.