How Adaptability Can Be the Key to Success
The coronavirus pandemic has proven largely disastrous for many small businesses across America. While its devastating effect has cost jobs and livelihoods, it has also forced entrepreneurs to transform the way they do business for the better in a modern, tech-oriented landscape. Unfortunately, not all businesses can shift their business model into remote work when they rely on physical services and needs, such as restaurants and retail stores; yet some of these businesses are still flourishing, and others are even climbing toward pre-pandemic levels of success. So, what’s the secret to staying open and adapting easily to national economic fluctuations?
Some 600,000 businesses are expected to close in the U.S. in any given year, and the pandemic caused an extra 200,000 hospitality businesses, restaurants, and nightlife haunts to shut their doors. However, this number is actually much lower than the Federal Reserve economists expected, proving that small businesses are still responsible for the strength of the American economy even in the midst of national upheaval. There are hundreds of success stories of small businesses who experimented and tested new products to sell online, thinking outside the box to save their business. One such example was a wedding flower shop, located in Alexandria, Virginia, which began to sell a variety of flower bundles and centerpieces online to make up for all the cancelled events that the coronavirus brought on. They also showcased local artists, florists, and ceramicists in their flower studio to encourage customers to come spend time in their pop-up markets and support them.
The secret to making sure your business is both prosperous and enjoys long term success is to remain adaptable. Flexibility—indeed, creativity—became the keys to keeping small businesses afloat in these uncertain times. The Harvard Business Review claimed that adaptability had become the new “competitive advantage” for small businesses way back in 2011. The novel concept proved to be generally true for most businesses—especially for those floundering in the pandemic—as entrepreneurs used new strategies to entice customers back into their stores, whether online or socially distanced. According to Harvard, adaptability means both resilient flexibility as well as your own attitude toward your work.
Alliance to Save the American Dream strives to help small businesses become successful through innovation and creativity. If there is anything the pandemic has taught us, it is that as long as dogged entrepreneurs are willing to put in the effort to transform their tactics and put old ideas away in favor of new, small businesses will have the capacity to thrive.
The Alliance to Save the American Dream is a non-profit organization dedicated to three core goals.
1. Develop an Ideas Factory to give small businesses and industries a centralized place to share innovative ideas that must be considered.
2. Build a unique Resources portal for small businesses to go to for answers or resources that address a wide range of issues or challenges.
3. Offer a new networking opportunity for small business owners to connect while also giving them a platform to share their own personal stories.For more information, visit savetheamericandream.com.
9 Tips for Achieving your Business Goals
Running a small business can be difficult and overwhelming. Having goals for your business can help you stay focused and make a step-by-step plan to accomplish those goals.
At every stage of a small business, the owners need to evaluate their goals to make sure they are working in a way to reach them. This helps to motivate, maintain, or improve their success as a business.
FreshBooks gives some helpful insight and 9 tips on how to attain the goals you set for your business.
- Break down your plan
Once you have your goal the next step is to break down your goals into steps. This is extremely helpful for short-term goals and essential for successful long-term goals. In order not to be overwhelmed, focus on what you need right now.
A great way to break down your goals is by creating an action plan. This action plan can be made up of individual tasks with a specific action, this will help with daily progress.
- Track your Progress
This is to help you see how far you have come as well as how far you have to go. This can be a great motivator and help you from being discouraged.
This is best attained if you schedule weekly and monthly check-ins to track accomplishments and see where there is room for improvement. Also, create milestones based on your progress to make it easy to see when you are achieving your goals.
- Commit to the Process
Be clear with yourself what your goals involve, what type of effort will be required to achieve them, and why that goal is important to your business. Knowing these can empower you to make a plan to accomplish each step towards your goals.
Make sure your team knows the goals and has a commitment to helping you reach them. It will be difficult to achieve your goals if you do not have a set plan.
- Create a Support System
A support system can help you in a number of ways. Knowing you have a dedicated team behind you can motivate you and help you broaden your business’ perspective by learning and applying the skills and experiences from your team.
Your team can also be there to keep you accountable for your plans to attain your goals and be there to celebrate your success.
- Be Flexible
Very few things go exactly as we planned. During the times when things aren’t going the way we hoped it is so important to modify your plan as necessary and not lose momentum.
Although you should know what your plans are, avoid rigidity. The more flexible, the quicker you can change directions when you need to as well as keep your progress steady in the face of the unexpected.
- Remember the Big Picture
Through all the daily plans make sure you are keeping your long-term goal in mind. This helps you to stay motivated and focused. Envisioning what your goal will look and feel like when you have accomplished, will help you maintain perspective on why this goal is so important to you and your business.
- Don’t let Perfection Slow you Down
Thinking you need to do every single step correctly can be a huge obstacle in attaining goals. Fear of failure and the idea of perfection can keep you obsessed over every moment and potentially keep you from making progress.
Remember when it comes to goals, moving forward trumps mistakes. Don’t wait until the circumstances are perfect because you might risk throwing away chances to grow. Think of mistakes as opportunities to learn which can give you new ideas and alternative approaches.
- Stay Positive
Your confidence in the ability to achieve your goals is a key to your success. You need to have faith that you are capable of attaining these goals.
Encouraging yourself, positive thinking, and support from your team are vital. This attitude will carat you through the stumbling blocks, unexpected changes, and other bumps on the road.
- Celebrate Success
Through the small and big wins, celebrate your success. Taking time to recognize your business’ achievements and the effort it took to reach them. This is a good way to get closure on the stages in the process to refocus and continue towards your goals.
For more insight into these 9 tips, read FreshBooks full article here.
The Alliance to Save the American Dream is a non-profit organization dedicated to three core goals.
1. Develop an Ideas Factory to give small businesses and industries a centralized place to share innovative ideas that must be considered.
2. Build a unique Resources portal for small businesses to go to for answers or resources that address a wide range of issues or challenges.
3. Offer a new networking opportunity for small business owners to connect while also giving them a platform to share their own personal stories.
For more information, visit savetheamericandream.com.
12 Tips in Social Media Marketing for Small Business
Coming out of the Covid-19 Pandemic, small businesses are eagerly reopening and ready for the long awaited customers. But picking back up your clientele might be difficult after so long. “How to use Social Media for Small Business: 12 Simple Tips” by Christina Newberry gives helpful insights on how to build up your clients through using Media Platforms.
- Start with a plan
Even though Social media may be familiar to you and is a free way to market your business, it is still an investment of your time. You want to make sure you are being efficient by setting your business goals.
Creating a plan will make it easier to work towards how you want your business to be known. Base your plan on setting social media goals and objectives; research your competition; conduct a social media audit; create a social media calendar; and don’t forget to get inspired by other competitors online!
- Decide which platforms are right for you
Find what age groups use certain platforms. This could be vital to your success in media marketing. You want to use your time wisely by using the platforms that your audience will be spending their online time on.
- Know your audience
The amazing thing about Social Media Marketing is you have the ability to micro-target your audience, but you need to know your audience first.
A good way to start is by compiling data on your current customers. After this, dive deeper by using social media analytics. These two things will help you understand who the people are that are buying and interacting with your business online.
Once you have a good understanding of your audience then you can create buyer personas, this can further help you find the best ways to speak to your audience.
- Expand your audience
Once you know and understand who your current customers are you can use that data to increase your clientele by reaching out to people like them . You can use your social media to expand your clientele to people who are near you but maybe have not had the chance to know about your company.
- Build Relationships
Social Media Marketing has the unique potential for small businesses to engage with their customers and followers through comments, posts, and messages. This helps you to build a relationship with them over time, rather than just being seen as a store.
When people engage with your posts and ads make sure to engage back to build trust and loyalty. As people like and share your content it will give your business free, new exposure. Remember that even though new clients are great, maintaining current clientele through relationships is just as important!
A few ideas on getting started on creating relationships with your audience on your Platforms are: Create a Facebook group, Connect with other Entrepreneurs and influencers in your niche, mention followers in your posts and stories, and use the social platforms’ built-in interactive tools.
- Pay attention to trends
This does not mean jump on every little thing that goes viral, but pay attention to popular trends. This can give you a valuable understanding of what people are looking for on their channels and can help you create appropriate content for your audience.
Let’s be honest, the five reasons that people use social media are: to stay caught up on news and current events; find funny or entertaining content; kill time; stay in touch with friends; or to share videos and photos. With these in mind you want to make sure the content you are giving is fresh, popular, and tied into the current trends.
- Sell your stuff with social commerce
Online marketing has recently included social commerce: the ability to sell your products right from your social channels.
This allows you to sell your products and services without having a website, and it is effective. Over 29.4% of U.S. adults made purchases from Facebook and Instagram in 2020.
- Mix up your formats
Make sure your audience isn’t seeing the same old style posted over and over again. If you normally post still images and GIFs, try posting a video or JPG. Always take advantage of the variety that Social platforms have to offer to give your company a clean fresh vibe.
Not only does this give a refreshing change to your marketing strategies, but by exploring all the different formats you can find the one that best suits your business. Plus some algorithms used for media platforms, such as Facebook, use “content type diversity”, to mix up a person’s content. Changing up your format may help boost your content’s reach.
Also be sure your posts are inclusive and accessible by adding alt text to images and adding captions to your videos. Make sure you represent your audience in the content you share.
- Focus on quality over quantity
It is more important to have quality content on a select few platforms than being present on all channels. Make sure your posts offer value, if you only pitch and sell people won’t be encouraged to follow you. Make sure your content is organic, not fake. People will be able to tell the authenticity from what you post.
Just focus on a couple channels and matter your style and content. Then later you can choose whether or not you want to take what you have learned to expand to other platforms.
- Use the right tools
The secret to success with Social Media Marketing is to take advantage of the tools that automate or simplify the majority of the work.
You don’t have to have a full-scale media team, there are loads of tools that can boost your productivity. Here are a few ways to do that: engagement management, analytics, graphics, and content curation.
- Use scheduling and automation to free up more time for engagement
After creating a calendar online (which was suggested earlier) you can create posts and use scheduling tools to post them automatically at the times you want. This lets you get work done in a block of time instead of finding time each day to create posts.
- Track and refine your performance
As you are putting yourself out on the platforms, it is so important to see what does and doesn’t work. By using analytics tools that were mentioned earlier, you can improve results by fine tuning your efforts.
Once you know what is working then you can start moving forward to find new ways to improve. One of the great advantages for small businesses that Social Media Marketing provides is the tools in whatever is best for your company’s style and budget!
To get examples of these strategies, resources, and further details feel free to read Christina Newberry’s full article on Hootsuite Blog!
The Alliance to Save the American Dream is a non-profit organization dedicated to three core goals.
1. Develop an Ideas Factory to give small businesses and industries a centralized place to share innovative ideas that must be considered.
2. Build a unique Resources portal for small businesses to go to for answers or resources that address a wide range of issues or challenges.
3. Offer a new networking opportunity for small business owners to connect while also giving them a platform to share their own personal stories.
For more information, visit savetheamericandream.com.
10 Tips to Cut Cost for Businesses
After a year of Covid, closing for a time and losing customers, many business owners are not sure where their hard-earned business’ will be in the next couple of years. Nicole Fallon’s article on CO website covers “10 Ways to Cut Your Overhead Costs” for small business owners. Although you might not be able to adapt all these pointers some of them might be easy and helpful to apply.
Before going into the ten tips, Fallon says a useful way to assess expenses is by printing off the expenses from the past 12 months. Comb through things and find where there might be excess or waste. Then try to do this practice more often to improve the budget and become more cost-efficient.
- Make permanent shift to remote work.
This could help with the overall costs of keeping the offices running, such as water and electric bills. Although you might not be able to have everyone work from home it may help to see who all could. Having a reduced number of in-office employees could mean you could downsize to a smaller and cheaper office space.
- Audit your software subscriptions.
Though monthly subscriptions for many cloud-based systems you use may be as low as $10 each, that definitely adds up! Opting for the free versions for online tools when you are able and finding one subscription that has all the functions you need can help save a little more each month.
- Scale down your variable costs.
In a world where many people are working remotely, things like office supplies, business travel, and food can be reduced or cut. Now that the business world is more Zoom friendly it allows companies the advantage to save money and time for traveling expenses.
- Automate administrative tasks.
Try to automate simple tasks such as invoicing, appointment scheduling, client follow-up, and other small tasks. This might seem strenuous at first, but it is an investment that will save you from hiring a person to do these tasks.
- Negotiate with vendors.
Many Vendors and Suppliers often are understanding, during this time, toward their small business clients and are willing to cut them a deal. It is worth contacting your technology and service providers and find out if they are willing to discount your subscriptions.
- Invest in culture to reduce turnover.
In this crazy world of Covid it is so important to remember to keep the good employees that you can. Employees leaving their jobs costs U.S. Businesses $1 trillion per year. It is worth investing in you team to keep them happy and faithful and give them a greater sense of purpose in your company’s goals.
- Evaluate your marketing strategy.
Review your marketing channels and review what all you are spending and gaining from each. This can help you to see if you are targeting the wrong marketing channel. If one does not seem to be working, then allocate your budget to what the data is showing you.
- Tap into the gig economy.
If you are finding your company is still forced to lay off full time employees but you still need a lot accomplished, try looking into freelancers. The advantage of a freelancer is you do not need to cover benefits, you can find someone who can fit your budget, and they can be extremely flexible. Just make sure they have a portfolio for prior work that you can review.
- Go paperless.
An all-digital system can eliminate multiple printing costs and can help will organization.
- Hire an accountant.
Even if you are confident in your business’ budget, a second pair of eyes never hurts. An accountant can offer an analysis of your budget that could potentially help you save more on overhead costs.
The Alliance to Save the American Dream is a non-profit organization dedicated to three core goals.
1. Develop an Ideas Factory to give small businesses and industries a centralized place to share innovative ideas that must be considered.
2. Build a unique Resources portal for small businesses to go to for answers or resources that address a wide range of issues or challenges.
3. Offer a new networking opportunity for small business owners to connect while also giving them a platform to share their own personal stories.
For more information, visit savetheamericandream.com.
Applications Open for Restaurant Revitalization Fund
Applications have opened for eligible restaurants that were left starving for business throughout 2020 in the midst of the coronavirus pandemic.
Registration for the Restaurant Revitalization Fund, the $28.6 billion effort from the Small Business Administration launched Friday, April 30. The fund provides foodservice owners the opportunity to apply for crucial funding following restaurant shutdowns, capacity limits, and staff shortages.
Restaurants, food carts, and food trucks along with bars, bakeries, wineries, and inns will be able to apply for the funding.
“Restaurants are the core of our neighborhoods and propel economic activity on main streets across the nation. They are among the businesses that have been hardest hit and need support to survive this pandemic,” SBA Administrator Isabella Casillas Guzman said in a statement Tuesday announcing the application opening. “We want restaurants to know that help is here.”
How to apply:
Owners can access the application via the online application portal which goes live today at noon EST or through the SBA-recognized Point of Sale (POS) vendors.
Applicants will need to have verification for tax information including an IRS Form 4506-T in addition to gross earnings documentation. For more information visit SBA.gov.
Where owners can apply funds:
Restaurant owners can utilize the grants for business payroll costs including sick leave, mortgage payments on the foodservice location, utility payments, and maintenance expenses along with the construction of outdoor seating. Cleaning materials and other operating expenses are also applicable.
The Alliance to Save the American Dream is a non-profit organization dedicated to three core goals.
1. Develop an Ideas Factory to give small businesses and industries a centralized place to share innovative ideas that must be considered.
2. Build a unique Resources portal for small businesses to go to for answers or resources that address a wide range of issues or challenges.
3. Offer a new networking opportunity for small business owners to connect while also giving them a platform to share their own personal stories.
For more information, visit savetheamericandream.com.
NATIONAL SMALL BUSINESS WEEK AND BEYOND
It’s National Small Business Week.
America was founded by risk-takers. Men and women who identified the opportunity – to gain independence – and seized that opportunity for all it was worth. Today, small business owners continue that tradition of seizing upon the opportunity and committing themselves each day to their communities and beyond.
This week we celebrate all small business owners and their enterprises that have made America a leader in nearly every industry. And let us not forget that almost every large corporation once started small.
America’s small businesses keep America running.
HOW TO OBSERVE
The United States Small Business Administration has recognized the contributions of entrepreneurs and small businesses since 1963. Visit www.sba.gov to nominate your favorite small business and to find out more. Support local small businesses or find out how to give your small business the boost it needs.
The Alliance to Save the American Dream is a non-profit organization dedicated to three core goals.
1. Develop an Ideas Factory to give small businesses and industries a centralized place to share innovative ideas that must be considered.
2. Build a unique Resources portal for small businesses to go to for answers or resources that address a wide range of issues or challenges.
3. Offer a new networking opportunity for small business owners to connect while also giving them a platform to share their own personal stories.
For more information, visit savetheamericandream.com.
Restaurants Struggling to Find Employees is Nationwide Trend
Across the country, restauranteurs are struggling to find employees. Last week, the National Federation of Independent Business surveyed more than 500 small businesses and reported that 42% of them had job openings they couldn’t fill – the latest trend following the enhanced, long-term unemployment benefits included in the American Rescue Plan Act of 2021. As of April 6, some 7.4 million jobs were open at the end of February, according to a report by the Bureau of Labor Statistics.
Despite the easing of coronavirus-related restrictions, the rising difficulty of finding workers has left entrepreneurs picking up more responsibilities, leaving them overworked.
Giselle Deiaco, owner of Avena Ristorante in downtown Manhattan and Avena Ristorante in the Upper East Side, told FOX Business that prior to the pandemic, she would have hundreds of applications to sort through for one position.
“A lot of people have left or they get unemployment checks,” she said. “Some get more than what they need. It’s been like that for a few months already.”
At her Upper East Side location, Deiaco only has 11 employees on payroll, while her downtown location is functioning on 10 employees. As the warmer weather rolls in, the lack of employees will make it difficult to serve customers quickly.
Dino Ferraro, owner of Capone’s Italian Cucina and Black Trumpet Bistro in Orange County, California, shared similar frustrations and has said that many of his former employees have not returned. He has resorted to placing hiring ads to fill positions.
“When we place the ad…we get one-fifth of the response compared (to) before,” he said.
According to Ferraro, only one out of 10 individuals show up after scheduling an interview. Due to the staffing shortage, Ferraro has had to cut the lunch service at Black Trumpet Bistro and has a limited lunch menu at Capone’s Italian Cucina.
The National Restaurant Association’s most recent survey found that 1 in 4 restaurant operators listed recruitment as their top concern, ranking it higher than Covid.
The Alliance to Save the American Dream is a non-profit organization dedicated to three core goals.
1. Develop an Ideas Factory to give small businesses and industries a centralized place to share innovative ideas that must be considered.
2. Build a unique Resources portal for small businesses to go to for answers or resources that address a wide range of issues or challenges.
3. Offer a new networking opportunity for small business owners to connect while also giving them a platform to share their own personal stories.
MLB Continues to Receive Backlash from Small Businesses in Georgia
Georgia businesses are continuing to speak out against Major League Baseball’s (MLB) decision to move the 2021 All-Star Game from Atlanta to Denver, following a voting law that was signed by Governor Brian Kemp.
Business owners and state leaders deemed the decision to move the game a detrimental blow to small businesses across the city.
Tudy Rodney of Rodney’s Jamaican Soul Food, based in Atlanta, told FOX 5 Atlanta’s, “Good Day Atlanta,” that the move by the MLB was “crushing.”
“We’re trying to build back from a pandemic that happened last year, and something like this is not good for business,” he said. “Rodney’s will suffer.”
Job Creators Network CEO, Alfredo Ortiz, told “Fox and Friends” that the MLB’s move “absolutely” leaves a pit in his stomach.
He also said that the projected cost on the state of pulling the All-Star Game from Atlanta was “upwards of $100 million.”
“A lot of these were minority-owned businesses that were really looking forward [to] and desperately needed this kind of revenue in-stream,” Ortiz said. “And all because, quite frankly, there was a misinterpretation or misunderstanding or, quite frankly, just an outright lie of the law that was passed here in Georgia on voting rights.”
Each year, the host of the MLB All-Star Game reaps significant rewards as tourists and fans flock to the selected city. In 2019, Cleveland collected $65 million from the event, while Washington, D.C. made $68 million hosting the 2018 All-Star Game.
“Over the last week, we have engaged in thoughtful conversations with Clubs, former and current players, the Players Association, and The Players Alliance, among others, to listen to their views. I have decided that the best way to demonstrate our values as a sport is by relocating this year’s All-Star Game and MLB Draft,” Commissioner Rob Manfred said in a statement.
The Alliance to Save the American Dream is a non-profit organization dedicated to three core goals.
1. Develop an Ideas Factory to give small businesses and industries a centralized place to share innovative ideas that must be considered.
2. Build a unique Resources portal for small businesses to go to for answers or resources that address a wide range of issues or challenges.
3. Offer a new networking opportunity for small business owners to connect while also giving them a platform to share their own personal stories.
NASA Announces 45 Million for Small Business Entrepreneurs
NASA has announced that it will invest more than $45 million in 365 proposals from American small businesses. The agency’s Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs fund the research, development, and demonstration of innovative technologies.
“These small businesses and research institutions represent the latest wave of innovators working to develop their game-changing concepts for potential infusion in a NASA mission and, ideally, eventual commercialization,” NASA SBIR/STTR program executive Jason L. Kessler told FOX Business via email. “We’re proud to partner with a diverse group of innovators and expand the reach of NASA across the country.”
In an official press release, NASA reiterated that small businesses are crucial to their mission and said that 289 small businesses and 47 research institutions were granted Phase I funding in 2021 — with most being first-time recipients.
“At NASA, we recognize that small businesses are facing unprecedented challenges due to the pandemic,” said Jim Reuter, associate administrator for the agency’s Space Technology Mission Directorate (STMD). “This year, to get funds into the hands of small businesses sooner, we accelerated the release of the 2021 SBIR/STTR Phase I solicitation by two months. We hope the expedited funding helps provide a near-term boost for future success.”
As a result of the pandemic, NASA moved up the solicitation period to expedite funding, with the goal of providing critical support for entrepreneurs.
“It is our sincere hope that the proposals selected for award develop into products that not only help NASA achieve its ambitious goals but go on to serve as the foundation for businesses that provide jobs and livelihoods throughout the country,” Kessler said.
The selected small businesses come from 38 states, Washington, D.C. and Puerto Rico. Recipients include the woman-owned and Connecticut-based Symatec Inc., which will develop radiation tolerant, high-voltage, high-power diodes.
Innoveering LLC, a Hispanic American-owned small business based in Ronkonkoma, New York, was also selected to develop a wind sensor to support a flight path control system for high-altitude scientific balloon missions.
“We are excited to have a large cohort of new small businesses join the NASA family via the SBIR/STTR program,” Jim Reuter, associate administrator for the agency’s Space Technology Mission Directorate (STMD), said in the press release.
The Alliance to Save the American Dream is a non-profit organization dedicated to three core goals.
1. Develop an Ideas Factory to give small businesses and industries a centralized place to share innovative ideas that must be considered.
2. Build a unique Resources portal for small businesses to go to for answers or resources that address a wide range of issues or challenges.
3. Offer a new networking opportunity for small business owners to connect while also giving them a platform to share their own personal stories.
For more information, visit savetheamericandream.com.
SBA Set to Make New Changes
Isabella Casillas Guzman, the new head of the Small Business Administration, is set to make new changes at the agency to further help small businesses and companies.
Since the start of the pandemic in 2020, a devastating 400,000 businesses have closed.
Guzman expects small business provisions in the rescue package to help those still struggling, including $10 billion to support state lending. Another $100 million has been allocated for a new program deemed Community Navigator, which aims to educate and advise struggling business owners.
By using the Community Navigator, SBA will be able to gather information to help it determine what changes need to be made. The program is designed to partner with community financial institutions and SBA-sponsored Small Business Development Centers to assist struggling and disadvantaged businesses.
“That will provide us with a strong feedback loop from small businesses about what their needs are,” Guzman said.
Guzman, the former SBA Deputy Chief of Staff under the Obama administration, said she hopes to implement new programs that spark hope for small businesses.
“We’ll be looking at our overall programs to see a path forward for small businesses,” she told the Associated Press.
Prior to the pandemic, the agency’s main lending platforms were its 7(a) and 504 programs. These loans helped owners start and build their businesses. Such traditional loan programs will potentially see some changes, Guzman said. The 27th administrator’s agenda will also include technological enhancement.
“We just need to ensure that we’ve modernized the SBA,” she said.
The Alliance to Save the American Dream is a non-profit organization dedicated to three core goals.
1. Develop an Ideas Factory to give small businesses and industries a centralized place to share innovative ideas that must be considered.
2. Build a unique Resources portal for small businesses to go to for answers or resources that address a wide range of issues or challenges.
3. Offer a new networking opportunity for small business owners to connect while also giving them a platform to share their own personal stories.
For more information, visit savetheamericandream.com.
Small Businesses Flock to Shopify
A third option for small businesses that focus on e-commerce has emerged. Shopify presents merchants with access to cloud-based third-party services. From payments to fulfillment, merchants have more control of their brand and customer relationships, a key difference between Amazon services.
Shopify’s main offering is a cloud-based service that makes it more simple to build and operate an online store. Its latest offerings include warehousing, fulfillment, and small business loans. Shopify Capital has lent small businesses across the country $1.7 billion since its initial launch.
According to Digital Commerce 360, e-commerce spending grew 44% in 2020 compared to 2019. Contributing to the growth of e-commerce outside of Amazon were smaller retailers paving their own ways to directly reach shoppers.
Shopify, a 14-year-old company, has become one of the largest providers of software and services for merchants who establish their own online stores, with revenue growing by 86% in 2020.
Shopify’s rival, Amazon, forces sellers to give up critical customer data, such as email addresses. Neil Bruce, the head of online for Toolstop, a 56-year-old family-run hardware store and wholesaler based in Glasgow, Scotland, said that his company charges an average fee of 14% for each item’s price that he sells on Amazon.
Unlike Amazon, Shopify strives to level the playing field for small businesses.
“We view our role as leveling the playing fields so that retailers can, rather than rent customers from these platforms, own the relationship with customers,” Shopify President, Harley Finkelstei, said in an interview with The Wall Street Journal.
The Alliance to Save the American Dream is a non-profit organization dedicated to three core goals.
1. Develop an Ideas Factory to give small businesses and industries a centralized place to share innovative ideas that must be considered.
2. Build a unique Resources portal for small businesses to go to for answers or resources that address a wide range of issues or challenges.
3. Offer a new networking opportunity for small business owners to connect while also giving them a platform to share their own personal stories.
For more information, visit savetheamericandream.com.
Women are Losing Job Gains Amid Pandemic
The Chattanooga Women’s Leadership Institute is sounding the alarm that women’s job gains made up until the pandemic are quickly dropping. Executive Director, Kim Shumpert, envisions a new climb ahead for working women, following a trying year for businesses.
“All of the work we have done to finally see women elevated was sort of taking hold, only for almost every bit of that to be wiped out by the pandemic,” Shumpert said in an interview with Business Insider.
In early 2020, data showed women held just over 50% of payroll jobs. Then, COVID-19 hit paralyzed the world.
In the latest report, the Bureau of Labor Statistics found about 1.8 million men have left the workforce, compared to nearly 2.4 million women.
“What you see is a lot of expectations and societal expectations that are there that on day one predominantly women were the ones to come home,” Shumpert said.
Due to closing schools and childcare facilities, women have increasingly been torn between their careers and caring for their children due to virtual learning.
“Our leadership can have some influence and really begin to do some culture-shifting around some of these things so that we can think innovatively,” Shumpert noted.
Her advice to businesses — improve pay disparities when the opportunity arises and quality of jobs available to women, and continue offering flexible schedules started during the pandemic.
“We are at a crossroads,” she said. “How we deal with this issue will determine the quality that we see going forward.”
The Alliance to Save the American Dream is a non-profit organization dedicated to three core goals.
1. Develop an Ideas Factory to give small businesses and industries a centralized place to share innovative ideas that must be considered.
2. Build a unique Resources portal for small businesses to go to for answers or resources that address a wide range of issues or challenges.
3. Offer a new networking opportunity for small business owners to connect while also giving them a platform to share their own personal stories.
For more information, visit savetheamericandream.com.
Governor Cuomo Sets Unrealistic Goal for Independent Theater Owners
On March 5, movie theaters will be permitted to open at 25% with no more than 50 people per screen, Governor Andrew Cuomo announced in a tweet following a press conference.
Despite the news, independent-run entities are discouraged by the short notice from their governor.
“That’s just a total loss of revenue by even opening,” independent theater owner, Harvey Elgart, told the Post.
These operators claim that the reopening plan favors major theater chains that can afford the cost, such as AMC, but hurts small business owners.
Elgart, who owns three theaters in New York City, says that will be an impossible reality for smaller theaters.
“The overhead to run a theater is just tremendous,” he explained. “The utility bills, the electric, the heat. It’s a major cash-flow problem to open with so few people to come. I can actually do better by staying closed than open.”
Meanwhile, fellow indie theater owner, Nick Nicolaou, also told the Post his theaters won’t be able to meet the March 5 date.
“Operating at 25 percent is not going to cover expenses, but it’s going to allow us to reopen and reopen safely,” he said. “To train our staff and follow the guidelines, that takes time.”
The Alliance to Save the American Dream is a non-profit organization dedicated to three core goals.
1. Develop an Ideas Factory to give small businesses and industries a centralized place to share innovative ideas that must be considered.
2. Build a unique Resources portal for small businesses to go to for answers or resources that address a wide range of issues or challenges.
3. Offer a new networking opportunity for small business owners to connect while also giving them a platform to share their own personal stories.
For more information, visit savetheamericandream.com.
President Biden Announces Changes to PPP Loan
President Biden announced several critical changes to the coronavirus-relief program for small businesses across the country on Monday. In an attempt to improve access for small businesses in underserved communities, PPP loan applicants with fewer than 20 employees will be able to apply exclusively from 9 a.m. ET on Wednesday until 5 p.m. ET on March 9.
The changes “will make sure we look out for the mom-and-pop businesses even more than we already have,” Mr. Biden said.
The dedicated window will “give lenders and community partners more time to work with these Main Street businesses that anchor our neighborhoods and help families build wealth, while also ensuring larger PPP-eligible businesses will still have plenty of time over three weeks to apply for and receive support before the program expires,” an official said.
Last December, Congress included $284 billion for the latest round of PPP. As of Feb.21,
less than half those funds were allocated.
In an attempt to guard against fraud, processing delays of loan applications have occurred during the newest PPP round. The Small Business Administration (SBA) has placed flags on up to 240,000 PPP recipients for issues such as clerical errors to signs of misconduct.
The Consumer Bankers Association praised the changes announced on Monday but, urged the SBA to resolve delays.
“This two-week window will not fundamentally alter the roadblocks businesses are facing,” Richard Hunt, the group’s chief executive, said in a statement. “It is like giving everyone a train ticket on an unfinished railroad.”
The SBA has announced that it is working with lenders to resolve the flags.
The Alliance to Save the American Dream is a non-profit organization dedicated to three core goals.
1. Develop an Ideas Factory to give small businesses and industries a centralized place to share innovative ideas that must be considered.
2. Build a unique Resources portal for small businesses to go to for answers or resources that address a wide range of issues or challenges.
3. Offer a new networking opportunity for small business owners to connect while also giving them a platform to share their own personal stories.
For more information, visit savetheamericandream.com.
Veteran-Owned Company Pledges $250,000 for Barstool Fund
Veteran-Owned Company Supports Barstool Fund
The founders of veteran-owned Black Rifle Coffee Company, Evan Hafer and Mat Best, have pledged to donate $250,000 to the Barstool Fund.
The company announced their $150,000 donation on February 8, leading to CEO Hafer’s additional pledge of $100,000.
“Small businesses around the US have been crushed in the last year. Thank you @stoolpresidente for stepping up and showing leadership with the @BarstoolFund. @blckriflecoffee and I are in for $150,000,” Hafer said in a tweet.
Hafer, a former Army infantryman, served in the U.S. Army in both Iraq and Afghanistan. The company’s “who we are” page states that, “we develop our explosive roast profiles with the same mission focus we learned as military members serving this great country and are committed to supporting veterans, law enforcement, and first responders. With every purchase you make, we give back.
Best, a former Army Ranger, added that they take pride in their community leadership role.
“We’re glad to give back,” he said in an interview with Fox News. “We’re not Elon Musk yet, not even close, but we’re always gonna be a leader in the community and do what we can.”
To date, Barstool Fund has raised more than $35 million for small businesses, helping more than 240 small businesses.
The Alliance to Save the American Dream is a non-profit organization dedicated to three core goals.
1. Develop an Ideas Factory to give small businesses and industries a centralized place to share innovative ideas that must be considered.
2. Build a unique Resources portal for small businesses to go to for answers or resources that address a wide range of issues or challenges.
3. Offer a new networking opportunity for small business owners to connect while also giving them a platform to share their own personal stories.
For more information, visit savetheamericandream.com.
Small Business Gets Creative to Survive
Since 2013, Amanda George and Lalka Morales had been the leading dog walking and pet sitting business in South Tampa. Similar to nearly all small businesses in the country, the pandemic changed everything.
SoHo Hound lost about 90% of their clientele and dropped to as low as five daily dog walks, a far cry from their daily average of 75 dogs.
“To keep the business open last year we had to cut all 15 of our staff and ran the business on our own for the summer until we had enough business again to re-hire. It was something we never thought we would have to do and was a very difficult decision. Although it was hard work and 24/7, we were so happy to have any business at all,” George told FOX Business.
To remain open, George and Morales got creative. The two business partners decided to launch a new transportation service for pets. They offered rides to the vet, groomer, pet boarder and daycares. Clients who sought extra attention for their pets, leaned on SoHo Hound.
George also noted that due to the number of people moving to Florida because of the more lax restrictions, new clients kept their hopes alive. The company is back to 10 staff members and they are encouraged that they will continue to grow.
“We are so thankful to our clients who stuck with us, encouraged us, and kept us walking their dogs even if they didn’t really need us as they were working from home,” George said. “They just wanted to make sure that we would be around still when things got better.”
The Alliance to Save the American Dream is a non-profit organization dedicated to three core goals.
1. Develop an Ideas Factory to give small businesses and industries a centralized place to share innovative ideas that must be considered.
2. Build a unique Resources portal for small businesses to go to for answers or resources that address a wide range of issues or challenges.
3. Offer a new networking opportunity for small business owners to connect while also giving them a platform to share their own personal stories.
For more information, visit savetheamericandream.com.
Viral Bernie Sander’s Mittens to be Auctioned off for Good Cause
Jen Ellis, the woman behind the viral mittens of Vermont senator Bernie Sanders, is using her talent to give back to her community. First seen at President Joe Biden’s inauguration, Ellis has since received over 13,000 email orders for her hand-crafted mittens.
Ellis, a 42-year-old elementary school teacher in Essex Junction, has embraced the attention of her handiwork. While teaching an online class on the day of the inauguration, her phone started to ping.
The messages were all identical, Ellis said in an interview with WION News. “Bernie Sanders is wearing your mittens,” she said.
Since the viral moment, Ellis has made several pairs of mittens to be auctioned off.
“Thanks for all the interest in Bernie’s mittens! It truly has been an amazing and historic day!,” Jen Ellis wrote on Twitter. “I’m so flattered that Bernie wore them to the inauguration.”
“I have heard your requests, and I am happy to tell you that I am making just a few more mittens today and tonight to be auctioned off for good causes,” Ellis wrote in another tweet
The proceeds of one set will go towards a dog rescue organization, Passion 4 Paws, in Vermont. As of this morning, 78 people had bid on them, with the highest offer of $1,776.
Ellis donated a second pair to the Vermont-based LGBTQ+ youth service organization, Outright Vermont, and can be purchased through CharityAuctionsToday.com. Following the listing, 15 bids have been placed, with the highest topping $2,800.
In an interview with NPR, Ellis shared that she first gave the mittens to Sanders several years ago. Her daughter was attending a preschool owned-and-operated by Sanders’s daughter-in-law. Ellis decided to slip in an extra pair for Sanders while preparing holiday gifts for the teachers.
The auction opened at 7:45 a.m. on Sunday, Jan. 24, and closes Friday, Jan. 29 at 5:00 p.m.
Click here to bid on the pair benefiting Passion 4 Paws.
Click here to bid on the pair benefiting Outright VT.
Click here to bid on the pair for Ellis’ daughter’s college fund.
The Alliance to Save the American Dream is a non-profit organization dedicated to three core goals.
1. Develop an Ideas Factory to give small businesses and industries a centralized place to share innovative ideas that must be considered.
2. Build a unique Resources portal for small businesses to go to for answers or resources that address a wide range of issues or challenges.
3. Offer a new networking opportunity for small business owners to connect while also giving them a platform to share their own personal stories.
For more information, visit savetheamericandream.com.
Biden’s Push for Raising Minimum Wage Concerns Business Owners
As part of his administration’s $1.9 trillion Covid spending plan, President-elect Joe Biden is seeking to raise the minimum wage to a uniform $15 an hour across the nation. This package comes on top of the $900 billion December bill and the $2.9 trillion bill from last spring.
The proposal, named the American Rescue Plan, is the first of two major spending initiatives Biden’s administration will advocate for.
This would serve as a massive blow to small businesses struggling to survive, specifically those in rural areas and mid-America states.
A recent analysis published by the Congressional Budget Office found that an estimated 3.7 million workers could lose their job if the minimum wage increases.
“For most low-wage workers, earnings and family income would increase, which would lift some families out of poverty,” the report stated. “But other low-wage workers would become jobless, and their family income would fall – in some cases, below the poverty threshold.”
Mitch McConnell, set to become the Senate minority leader, blocked a minimum-wage increase proposal that the House passed in 2019.
Representative Kevin Brady, R-Texas, voiced his concerns over Mr. Biden’s package. “True to form and his signature failed ‘stimulus,’ President-Elect Biden launches yet another economic blind buffalo that does nothing to save Main Street businesses, get people back to work, or strengthen our economy,” Brady said in a statement on January 14.
The Alliance to Save the American Dream is a non-profit organization dedicated to three core goals.
1. Develop an Ideas Factory to give small businesses and industries a centralized place to share innovative ideas that must be considered.
2. Build a unique Resources portal for small businesses to go to for answers or resources that address a wide range of issues or challenges.
3. Offer a new networking opportunity for small business owners to connect while also giving them a platform to share their own personal stories.
For more information, visit savetheamericandream.com.
The Barstool Fund
In just one month, Barstools Sports founder and president, Dave Portnoy, has helped raise over $22 million with nearly 175,000 supporters to save over 100 small businesses (data updates every 5-minutes).
The Barstool Fund, started with $500,000 of Portnoy’s own funding with the aim of helping small businesses hit by the pandemic. The majority of recipients are bar and restaurant owners, but barbershops, dry cleaners and yoga studios have also received assistance from the Barstool Fund. This includes the 47-year-old The Abbey Bar & Grill in De Pere, Wisconsin.
“It was flooring when I think of the millions of bars and restaurants in the United States and the thousands who applied for support (from the Barstool Fund),” owner Kerry Counard said in an interview with the Green Bay Press Gazette. “It’s ridiculous to think they chose the Abbey. I knew it was a big deal, but I didn’t realize it was that big of a deal from our little corner of De Pere.”
Among the fund’s supporters is Green Bay Packers quarterback, Aaron Rodgers. After donating $500,000, Rodgers told Portnoy that he had been touched by the videos of business owners sharing their stories and has since encouraged his teammates, sponsors and NFL players to pledge their support.
“We all have charities and stuff that are really important and do great work, but we’re talking about our people. I mean these are our people,” Rodgers said during an Instagram livestream with Portnoy. “This is the backbone of this country, small business and the middle class, that’s taking it on the chin right now, and I want to get involved. I have to get involved. This is real money. This is real change.”
Elon Musk, Tom Brady, Kid Rock and Guy Fieri have also pledged their support for the Barstool Fund.
Despite little national attention, Portnoy and his supporters are fighting for small businesses and their livelihoods, one door at a time.
The Alliance to Save the American Dream is a non-profit organization dedicated to three core goals.
1. Develop an Ideas Factory to give small businesses and industries a centralized place to share innovative ideas that must be considered.
2. Build a unique Resources portal for small businesses to go to for answers or resources that address a wide range of issues or challenges.
3. Offer a new networking opportunity for small business owners to connect while also giving them a platform to share their own personal stories.
For more information, visit savetheamericandream.com.
What You Need To Know About PPP2
In a bill signed into law on Dec. 27 of 2020, Congress injected an additional $284 billion more into the Paycheck Protection Program. Small businesses will now have more access to aid as many remain to struggle.
The law not only provides additional loan relief for restaurants and other small businesses, but it caps the size of relief seeking businesses and simplifies the loan forgiveness process for applicants.
Informally labeled as “PPP2,” the new round of funding is available to first-time borrowers and to those who previously received a loan.
There are many important details for business owners to learn about and a helpful article outlining the PPP2 guidelines in-depth is available at The Journal of Accountancy.
There are several call-outs in the bill that appear to be very beneficial to restaurants including:
1. Employee eligibility by location similar to PPP1. (see discussion under Eligibility)
2. Maximum loan amount of 3.5 times the average monthly payroll as compared to 2.5.
3. Affiliation rules do not apply consistent with PPP1.
The application form and guidance will be issued in the days to come and loan applications could start rolling out the second week of January.
“People are going to be very eager to get their hands on that money as quickly as they can,” Greg White, a shareholder, and founder of WGN, PS based in Seattle, Washington, said in an interview with Bloomberg Tax. “It was a gold rush last time. It was a dog fight to get at that money.”
The Alliance to Save the American Dream is a non-profit organization dedicated to three core goals.
1. Develop an Ideas Factory to give small businesses and industries a centralized place to share innovative ideas that must be considered.
2. Build a unique Resources portal for small businesses to go to for answers or resources that address a wide range of issues or challenges.
3. Offer a new networking opportunity for small business owners to connect while also giving them a platform to share their own personal stories.
