Best Practices for Small Businesses Doing E-Commerce
For many small businesses, e-commerce is their bridge to scale their sales and reach a wider audience. In the US alone, reports show that 2022 retail sales numbers reached over $1.07 trillion, showing that digital business is a massive market today. However, e-commerce can be overwhelming for small business owners who are new to the game. To ensure success, businesses must follow best practices to differentiate themselves from the competition. Let’s discuss some of the best practices for small businesses doing e-commerce.
Develop a user-friendly website – Before launching an e-commerce store, you must ensure your small business’s website is user-friendly. The website should be easy to navigate, and customers should be able to find products and information quickly. There are several website-building platforms available, such as WordPress or Squarespace, to develop your site. Additionally, you can employ the services of a web designer to create a custom site that is tailored to your needs.
Provide excellent customer service – Focusing on customer service to differentiate yourself from online giants like Amazon will be a competitive advantage for your business. The intimacy of small businesses is a huge appeal to consumers, so maximize it. Give customers various channels to contact you, such as email, phone, or live chat. You must also respond promptly to customer inquiries and provide clear and concise information. Providing an exceptional customer experience will help to build trust and loyalty with customers.
Optimize for mobile – Beyond generally shopping online; most customers use their mobile devices to do so. Therefore, you must optimize your e-commerce site for mobile users. This includes having a responsive web design (the screen is optimized for various screen sizes), fast loading times, and easy-to-access buttons. Mobile optimization will ensure customers have a positive shopping experience, which is critical for repeat business.
Invest in Search Engine Optimization (SEO) and Pay-Per-Click Ads – One of the best techniques to acquire more traffic on your e-commerce website is through SEO. With adequate investment in SEO, you can improve your search engine rankings and visibility. Similarly, pay-per-click advertising can help e-commerce businesses get instant results and attract more customers to your online store. It would be best to invest in a team of professionals to help you manage your SEO and PPC campaigns. Contact STRIVE3 to see how they can boost your online presence with SEO!
Offer flexible payment and shipping options – Customers value flexibility regarding payment and shipping options. Your business should offer various payment methods, such as credit cards, PayPal, and Apple Pay. Also, offer flexible shipping options, such as free shipping or local pickup. These options will appeal to more customers and increase the likelihood of a sale.
E-commerce has become an essential aspect for small businesses to reach a wider audience and stay competitive. By following best practices, you can set yourself apart from the competition and generate more sales!
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.
Why New Environmental Standards Matter for Small Businesses.
Climate change can be an overused buzzword for some. However, it remains an urgent and complex issue that affects every aspect of our lives, including businesses of all sizes. While large corporations and multinational conglomerates may have greater resources to mitigate the risks of environmental changes, small businesses are often hit the hardest. This major industry analysis revealed that over 75% of emissions are from supplier activities and the end customers’ use of products. Small businesses offering products on Amazon face a considerable challenge in meeting its climate standards, as most of them work directly with suppliers. But how do these standards affect small businesses, and what can entrepreneurs do to adapt? Read on to find out.
The first and most obvious impact of climate standards on small businesses is the need to comply with new regulations. Depending on the industry, small businesses may need to update their equipment, adopt new technologies, or switch to cleaner energy sources. This can be a significant financial burden for businesses that already operate on tight margins. For example, According to this CNBC story, Amazon recently announced that it would be implementing a “climate change stress test” for its sellers and suppliers, which would measure their carbon footprint and encourage them to reduce emissions. While this is a laudable goal, it could place a strain on small businesses that may not have the resources to invest in greener practices.
Another impact of climate standards on small businesses is the changing consumer habits and preferences. As consumers become more aware of environmental issues, they may seek out products and services that align with their values. This can create opportunities for small businesses that specialize in sustainable and ethical practices, but it can also make businesses that have yet to prioritize those values struggle. Small businesses that fail to adapt to changing consumer demand may risk losing market share to competitors that are more attuned to sustainability trends.
A third way in which climate standards can affect small businesses is through access to financing and insurance. As climate-related risks increase, lenders and insurers may become more hesitant to provide small businesses with the capital and protection they need. A small business that uses significant energy to turn raw materials into finished products, for example, may find it difficult to secure insurance coverage in the face of increasing sustainability standards and the risk accrued by the financial institution. Similarly, lenders may require stricter environmental due diligence before approving a loan, which could make it harder for small businesses to access credit.
Ways Forward for Small Businesses
1. Sustainability as a Competitive Edge: Instead of viewing climate standards as mere obstacles, SMEs can turn them into a competitive edge. Consumers are increasingly eco-conscious and willing to support sustainable businesses. Your business can leverage this consumer sentiment to build trust and loyalty. Starting with sustainability in mind instead of a simply cost-first outlook will aid in future-proofing your firm from suture setbacks.
2. Adaptation and Innovation: Small businesses should embrace innovation to reduce their carbon footprint. This could involve adopting renewable energy sources, reducing waste, exploring circular economy models, and integrating sustainable practices into their core business strategies.
3. Collaborative Efforts: Collaborative action within the databases such as the Amazon ecosystem and with partners can help your business collectively address the climate challenge. Shared resources, knowledge, and best practices can lighten the burden of compliance and create a more supportive environment for both you and your industry.
4. Seek Financial Support: To combat the costs of sustainable production, governments and financial institutions often offer incentives and funding for sustainable initiatives. If needed, your business should explore grants, subsidies, and low-interest loans designed to support green projects.
Climate standards are not going away anytime soon, and small businesses will need to adapt to the changing landscape if they want to survive and thrive. While the new regulations and policies can be challenging to navigate, there are also opportunities for innovation, growth, and differentiation. Small businesses can benefit from aligning their mission and values with sustainability practices, investing in energy-efficient technologies, developing resilient supply chains, and finding creative financing solutions. By doing so, they can not only reduce their carbon footprint but also strengthen their long-term viability in a changing world. The key is to stay informed and proactive, rather than reactive, in the face of environmental challenges.
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.
To Control or Not Control: A Guide for Small Businesses
Running a small business can be a thrilling yet challenging endeavor. You’re constantly juggling multiple tasks, managing resources, and adapting to an ever-changing market landscape. While you may have grand aspirations and an unbreakable entrepreneurial spirit toward your small business, it’s crucial to understand that not everything is within your control. By recognizing what you can and cannot control, you can make more informed decisions, allocate your resources wisely, and ultimately increase your chances of success.
Let’s begin with what you can directly influence –
1. Business Strategy: One of the most significant aspects of your business that you can control is your strategy. You can determine your target market, pricing strategy, product offerings, and how you position your brand. Your strategy is your roadmap for success, and it’s entirely within your grasp. This involves your yearly and quarterly planning and directions you intend to take and make actionable plans for.
2. Customer Experience: Small businesses can excel in providing exceptional customer experiences. What is compromised in business size can be made up in intimacy with the consumer. You can control how you interact with your customers, the quality of your products or services, and how you resolve customer issues. Building strong customer relationships can set you apart from larger competitors. You can choose how much to invest in this, and whether or not you will cut corners.
3. Employee Engagement: Your employees are a vital part of your business. While you can’t control their personal lives or attitudes, you can create a positive work environment, offer training and development opportunities, and communicate effectively. Engaged employees are more likely to contribute to your business’s success. Before you hide your wallet, this does not necessarily mean expensive company retreats. The little structural systems such as an open-door policy, lunch times together, and more, can go a long way.
4. Operational Efficiency: You have control over your business’s day-to-day operations. Implementing efficient processes, managing inventory, and monitoring expenses can help you maximize profits and minimize waste.
5. Financial Management: Small businesses can control their financial decisions, including budgeting, cash flow management, and investment choices. Keeping a tight grip on your finances is essential for long-term sustainability. Many businesses have bled out financially simply because of a lack of structure in the management of their resources and their allocation. It is completely within your control as a business owner to keep close tabs on where the money goes, which could save you thousands annually.
6. Marketing and Promotion: Your marketing efforts, from social media campaigns to traditional advertising, are under your control. You can tailor your messaging to reach your target audience and adjust your marketing strategies based on performance data. Most marketing is effective due to adequate research on your consumer, consistency, and frequency of your message. Even with a modest budget, the thought behind every post and promotion is within the influence of you and your team. You can get more effective marketing tips at STRIVE3
Honing in on the above factors will allow you to allocate not just resources, but focus in the best places possible, without much waste. Now let’s take a look at what small businesses cannot control:
1. Economic Conditions: The broader economic landscape, including inflation rates, interest rates, and overall market trends, is beyond your control. These are decisions made by governing parties with which you are not directly involved. However, following these changes, you can adapt your business strategy to navigate economic uncertainties.
2. Competitor Actions: You cannot control what your competitors do. They may launch new products, change their pricing, or employ aggressive marketing tactics. What you can control is how you respond and adapt to these competitive challenges to not only remain competitive but meet the consumers’ needs in a way that is distinguishable from the rest.
3. Government Regulations: Government policies and regulations can affect your business, especially in areas like taxes, licensing, and industry-specific compliance. While you can’t control these regulations, you can stay informed and adjust your business practices accordingly.
4. Natural Disasters and External Events: It is obvious that events like natural disasters, pandemics, or political upheavals are entirely beyond your scope of action. Sometimes the effects of these can be devastating. What you can do, however, is develop contingency plans to minimize their impact on your business and ensure continuity.
5. Consumer Behavior: The choices consumers make are influenced by a myriad of factors, many of which you can’t control. While you can shape your marketing strategies to appeal to consumer preferences, you can’t force customers to buy your products or services. Instead of trying to manipulate the occurrence of a specific outcome, Be willing to be malleable in your approach to engaging and serving consumers.
Understanding this distinction between what you can and cannot control is crucial for the success of your small business. It can be the difference between liquidation and being the next Amazon. Here’s why it matters:
1. Efficiency: By concentrating your efforts on areas you can control, you allocate your resources more efficiently. This leads to better decision-making and more significant returns on investment, rather than plugging resources into initiatives that do not depend on your actions to begin with.
2. Resilience: Recognizing external factors you cannot control allows you to prepare for potential challenges and build resilience and backup plans for your business operations.
3. Adaptability: Focusing on what you can control promotes adaptability. When circumstances change, you can adjust your strategies and tactics accordingly, without getting discouraged by factors outside your control. These are the businesses that stay in operation longer than those that are unwilling to be creative in their responses to external factors.
4. Innovation: Concentrating on internal factors encourages innovation. You are thinking in terms of new ways to do things within your sphere of influence, or what can be improved on that currently exists. One cannot innovate on what one has no control over, so focusing internally can bring about unforeseen ideas previously hidden when the focus is only responding to circumstances around the business. Small businesses that innovate in their products, services, and processes often find new ways to thrive, even in competitive markets.
As you know, running a small business can be both exciting and demanding. To achieve long-term success, it’s vital to distinguish between what you can and cannot control. By focusing your efforts on areas within your control, such as your business strategy, customer experience, and operational efficiency, you can make better decisions, weather external challenges, and ultimately increase your chances of thriving in a competitive market. Remember, success often comes from mastering what you can control and adapting to what you cannot.
We hope this was helpful! You can access more at STRIVE3, and implement the business strategies on there to create unforeseen growth!
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.
A Quick Look at Main Street’s Confidence Level
Small businesses are the lifeblood of the American economy, contributing significantly to job creation and economic growth. However, the future outlook of these enterprises has been under scrutiny due to ongoing challenges. According to this small business survey from CNBC/SurveyMonkey, Main Street’s confidence appears to be faltering, even recently reaching the all-time lowest index of 42/100. We will delve deeper into the current state of small businesses, examining the factors contributing to the lack of confidence and exploring strategies for entrepreneurs to navigate these uncertain times.
There appear to be a few primary concerns within the small business community. Confidence among Main Street business owners appears to be on the decline. This decline is attributed to several factors:
1. Bank Relations:
Small businesses rely heavily on financial institutions for loans, lines of credit, and other financial services. The report indicates that businesses are facing difficulties accessing capital and encountering stricter lending conditions, with only 48% stating they could easily access the funds they needed for their business. This has led to frustration and eroded trust between small businesses and banks. The ever-increasing interest rates have slowed borrowing, despite the fact that it is a crucial need for banks as the majority do not have the onset capital to operate or simply kickstart their enterprise.
2. Policy Concerns:
Another principal factor contributing to small business apprehension is the Biden administration’s policies. Favorable Biden supporter sentiments have now decreased from 55% to 37%. Even among independents, this number decreased from 49% to 42% Many SBOs express that this is due to factors such as increasing regulations, and changes in tax policy.
The small business landscape is undoubtedly facing challenges that have impacted Main Street’s confidence. Despite this turn of events, businesses have survived many kinds of storms in the past. Your business is not any different. You can make it work and allow to business to not only survive the inevitable changes in market conditions but to thrive within them. To do this you will need to equip your business with the right information, and industry-tested tactics to grow your brand.
You can access these and more at STRIVE3, and implement the business strategies on there to create unforeseen growth!
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.
4 Reasons to Use a Subscription-Box Business Model
A good product alone may not be enough for consumers anymore. Many of them want an experience, and that is what businesses can provide with the ingenious trend of subscription box services. From the likes of BirchBox to StitchFix, Many small businesses today are shaking up the traditional shopping experience by curating and delivering personalized assortments of products right to your doorstep. Let’s dive into the fascinating world of subscription box services and see why they could be the best move for your business.
1. Tailored Delights for Every Taste
Subscription boxes have unlocked a treasure trove of tailored delights. From skincare to snacks and books to socks, one can curate a subscription box for practically everything. Small businesses can take advantage of this trend by offering curated selections that cater to specific interests or lifestyles. Whether you’re a fitness company, a beauty supplier, or a pet product startup, there’s a box that can be made for your market. This level of personalization adds a delightful surprise factor to shopping, making customers eagerly anticipate the arrival of their monthly (or quarterly) box of goodies.
2. Freedom of Curation
One of the other appealing aspects of subscription box services is the freedom of curation it affords the business. Small businesses behind these boxes can more freely test & introduce products, intentionally enhancing sales of poorly performing or newly introduced products. Some of the product choices are left to the business, allowing them to make selections that are mutually beneficial to themselves and the customer. This curatorial aspect adds an element of discovery for subscribers, introducing them to items they might not have found on their own. As a result, small businesses are not only offering products but also an experience—an experience that keeps customers engaged and excited for what’s next.
3. Building Stronger Customer Relationships
In the era of online shopping and e-commerce giants, building strong customer relationships might seem like a Herculean task for small businesses. However, subscription box services are an effective cheat code. By delivering products on a regular basis, these businesses establish a consistent touchpoint with their customers. This consistent, expected interaction builds a sense of loyalty and trust. Subscribers begin to see the people behind the business as friends who understand their preferences and needs. This personal connection goes a long way in fostering brand loyalty and positive word-of-mouth.
4. Data-Driven Growth and Adaptation
Behind the scenes, subscription box services are powered by data-driven insights. Small businesses collect valuable information about customer preferences, popular products, and buying patterns. This data isn’t just for show; it’s a goldmine for future growth and adaptation. Armed with these insights, small businesses can fine-tune their product selections, adjust pricing strategies, and even launch new offerings that resonate with their audience. This adaptability ensures that subscription box services stay relevant and appealing amidst ever-evolving market trends. Even further, this ethical means of data collection can bolster the effectiveness of the business’s marketing efforts and success in converting prospects into loyal customers.
In a world where convenience and personalization reign supreme, subscription box services are carving out a niche that blends both elements seamlessly. Small businesses at the helm of these services are redefining how we shop, delivering more than just products—they’re delivering experiences. With tailored surprises, curated discoveries, strong customer bonds, and data-driven evolution, subscription box services are here to stay, consider this as an option for your business model!
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.
Navigating the Gig Economy: How Small Businesses Can Thrive with Freelancers
If you’re running a small business, you know that wearing multiple hats is practically your daily uniform. But what if I told you that you don’t have to juggle every task all by yourself? Welcome to the gig economy, a realm where freelancers with specialized skills can be your secret weapon to scalable success. In this article, we’re diving into how small businesses can make the most of the gig economy. Ready to harness some freelance power? Let’s go!
1. Identifying Tasks Ideal for Freelancers
First things first, take a moment to assess your to-do list. Are there tasks that require specific skills but aren’t necessarily your forte? This is where freelancers come in. These talented individuals can help with everything from graphic design and content creation to social media management and even virtual assistance. By outsourcing these tasks, you free up valuable time to focus on core business activities. Need a logo refresh or constant reels for Instagram? Check out platforms like Fiverr for top-notch designers ready to bring your vision to life.
2. Crafting Clear and Specific Project Briefs
Now that you’re ready to dip your toes into the freelancer pool, it’s time to create project briefs that leave no room for ambiguity. Freelancers thrive on clear instructions, so be sure to outline your expectations, deliverables, deadlines, and any brand guidelines they should follow. A well-crafted brief ensures that your freelancer understands your vision and can deliver the results you’re dreaming of. Encourage questions and clarifications, as this could be the difference between a deadline being met or a client being lost.
3. Building Trust through Effective Communication
Just like any successful relationship, working with freelancers requires open and effective communication. Regular check-ins, updates, and feedback loops ensure that the project is on track and that everyone’s on the same page. Tools like Slack and Trello can be your communication superheroes, making remote collaboration feel like a breeze. Remember, a strong working relationship with freelancers can lead to long-term partnerships that benefit both parties. Frequent communication also allows errors or misunderstandings to be noticed and addressed sooner, saving both time and money that could be wasted.
4. Embracing Flexibility and Scalability
Small businesses often face fluctuating workloads. One month might be a quiet lull, while the next is a whirlwind of activity. The gig economy offers the flexibility to scale your workforce up or down as needed. When demand spikes, freelancers can step in to help without the commitment of hiring full-time employees. This agility can be a game-changer, allowing your business to adapt to market changes swiftly. You are constantly updating how you wish to structure your business, so having the freelancer model allows for you to do this without any significant time or financial costs.
From creative wizards to organizational gurus, freelancers bring a world of expertise to your doorstep. By identifying tasks, crafting clear briefs, communicating effectively, and embracing flexibility, you’ll be well on your way to optimizing your business’s success with freelance power.
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.
How to Outsource as a Small Business Owner
Small business owners often tend to underestimate the power of delegation and outsourcing. Usually being constricted by budget, many attempt to do everything by themselves, from website development to accounting, resulting in exhaustion and burnout. However, for building a successful business, it is crucial to be aware of when outsourcing is actually more productive. This blog post will guide small business owners on how and what to delegate and outsource to free up their schedule, gain more time for innovation, and increase productivity.
Define your core competencies: The first step in identifying what to outsource or delegate is to recognize your core competencies. These are the key areas where your business excels, such as product development, customer service, or sales. Outsourcing or delegating these skills could harm your brand. In contrast, those tasks that are not central to your business can be outsourced or delegated to third-party service providers. Doing so gives more time and other resources to mastering that which your business excels at, further pushing the business forward.
Determine your priorities: Once you have identified your core competencies, divide your remaining tasks into essential and non-essential ones. Based on your priorities and business goals, delegate the non-essential ones to an outsourcing partner. Non-essential activities may fall into areas such as data entry, accounting, bookkeeping, or lead generation. Outsourcing these tasks can increase your productivity and allow you to invest more time in innovating and growing your company.
Choose wisely: Despite how tempting it may feel, The right outsourcing partner should not merely offer a lower cost. However, they should also be reliable, accountable, and provide quality services. Research and compare different outsourcing providers based on their expertise, experience, and references. Select an outsourcing provider that can provide the services you need and align with your goals and values. Being cheap in the selection process might actually harm your business in the long run, if the selected party does not add measurable value to the business.
Establish clear communication: You’ve heard the phrase “Communication is key.” The same applies to outsourcing services. Before doing so, take the time to set clear and concise expectations. Establishing clear communication channels with your outsourcing partner leads to better outcomes, saves more time, and gives both parties clear key performance measures. Establish guidelines, workflows, and processes for easy work coordination. Keeping track of the progress through regular updates assures that the outsourcing tasks are completed on time and efficiently.
Measure and adapt: After outsourcing or delegating, take note of the outcomes. Analyze what tasks worked and what did not. Use the data to improve your outsourcing and delegation techniques for future projects. Adapt to changing situations and make adjustments accordingly to make sure that your outsourcing partner’s performance is consistently up to par. You should only be outsourcing as it meets a need, if not, you could scout for another service provider and put a pause on delegating the task altogether.
Outsourcing is a practical way for small business owners to focus on critical areas of their business. An effective outsourcing strategy can save time, reduce expenses, and increase productivity. Identifying core competencies, determining priorities, picking the right outsourcing partner, establishing clear communication, and measuring and adapting results are key success factors in outsourcing. By following these five practices, small business owners will have the freedom to innovate, build projects, and scale their companies.
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 makes a small business stand out, according to YELP.
With more than 5 million businesses rated and reviewed, Yelp knows a thing or two about small businesses. They have watched many small businesses come and go, noticing trends in what works and what doesn’t. In the latest issue of Entrepreneur, Yelp’s small business expert, Emily Washcovick, shared some insights on the principal factor that makes small businesses stand out from the competition. Washcovick has worked with hundreds of small businesses, navigating changing markets and competition to ultimately ensure success. From all her work with small businesses, she has found the most vital piece of the puzzle of success is communicating to the consumers who is behind the business, and the story of why the business is running.
It should be obvious to most that people are more reflective than ever. People no longer give a second look to ‘salesly’ marketing schemes and promotions. Consumers want to know how a brand personally impacts them, and the alignment of their values. A 2022 survey from Lending Tree revealed that 1 in 4 Americans boycotted a product or company due to either a political or social misalignment. This shows that many are looking at the faces and ethos behind the company, not simply what they are paying for in the store. Washcovick explains that the strongest story told to your consumers will help them understand why you’re doing what you do, and how they can be a part of it. This helps build trust among customers, as well as loyalty that will establish longevity for small businesses.
So how is this put into practice? This can be overwhelming at first glance, however, one needs only work backward. Figuring out your niche is a good place to start, and then the original reason for addressing this niche. There is likely a personal story that can be unearthed from this process, which is even better. They want to feel they are adding value to the world by supporting your business, and are actively looking for companies with a mission and branding to get behind. Yelp has insights on consumers searching for things such as ‘minority-owned businesses,’ or ‘sustainable fashion,’ which further indicates the desire of consumers to make an impact with their investment. After figuring out your ‘why,’ you must humanize your business in your messaging to your audience. This includes the content made for socials, email, physical store print (if this applies to your business), and your website. Ensure your messaging has a general or specific link to the reason your business exists, and not simply a sale.
You know the reason why you decided to create your business. The reason why you undergo the late nights and early mornings, and stay the course despite the stress and crippling self-doubt. Your customers want to know this reason as well. Tell them.
Here at the Alliance to Save the American Dream, we want your business not to simply survive but thrive. To go from simply a transactional entity to a provider of value. We’ve done the research, so all you need to do is put these into practice!
Check out our other content on our page for more information on how you can take your business to the next level!
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.
6 Business Trends to Prepare for in 2024
As we pass the middle mark of 2023, several business trends have emerged and small businesses need to stay ahead of the curve to remain competitive. With every passing year, new business challenges emerge, making it imperative to continuously adapt and evolve. As we approach 2024, businesses need to prepare for emerging forces that will shape the future of their operations. We’ll be looking at six business trends and what they may mean for you and your enterprise.
Alternative sources of capital:
With ever-changing markets and unpredictable lending rates, traditional loan options for small businesses are losing popularity. Companies are looking for new ways to raise capital, where they could get lower rates and take on less risk. There has been a surge in alternative financing options in recent years, including crowdfunding, peer-to-peer lending, venture capital, and more. Not only are these an option to get started, but helpful to keep the business afloat in times of unexpected testing such as the last few years. As a small business owner, these are great avenues for you to explore for your present or future need for capital in your business.
Rising interest rates could cool the economy:
Since 2022 the Fed has kept a consistent increase in interest rates, and despite a fall in inflation, this could mean a slowing down of the economy. This could have significant implications for both businesses and consumers, such as difficulty borrowing money. This might lead to less spending by businesses on things like expansion and growth, and for customers, a decrease in large spending requiring credit. Small businesses must take this eventuality into account when positioning their business for the near future. Check out more insights on this from BusinessNewsDaily.
Social media spending will increase:
The pandemic accelerated the shift to digital advertising, and as we emerge from the pandemic, this trend is set to continue. It should be obvious to see that social media platforms like Facebook, Instagram, and Twitter are becoming more important for businesses to reach their target markets. A report from Zenith Media reports that social media ad spending will hit $225bn In 2024, indicating that the money is following where most businesses are getting the best ROI. Businesses need to plan and allocate sufficient resources to social media advertising to remain competitive.
Automation & AI will become even more important:
Automation is not a completely novel concept, however, in recent years it is becoming more sophisticated and widespread. Generative AI such as ChatGPT, and machine learning are making it possible to automate almost any process. Generative AI can now come up with marketing materials such as articles, images, and even soundtracks, delivering customer service support. As many compare the boom of AI to the boom of the internet in the 80s and ’90s, it is a present need for businesses to explore the potential of automation and integrate it into their operations to improve efficiency, reduce costs, and simply not be left behind.
AI and big data will drive personalization:
It is an innate human need to feel special.AI and big data are now making it possible to personalize customer interactions at scale. Digital implementations such as purchase suggestions based on order history and birthday discounts utilize AI, making the consumer feel seen by whatever brand they interact with. Yours should be no different. Companies must adopt AI and big data technologies to analyze customer data and use insights to deliver personalized experiences. The businesses that can deliver personalized experiences at scale will be the ones that win customer loyalty.
Businesses will rethink sick leave to include mental health:
In recent years, a brighter spotlight has been shone on mental health issues, with even a rise in several digital therapy or psychiatry solutions now available. Following this trend, businesses are beginning to recognize the need to support their employees’ mental health, such as Google, which provides free access to mental health programs as part of their benefits package to their employees. In order to have leverage in securing labor, your business will likely need to rethink the approach to sick leave and ensure that it includes mental health days. By supporting employees’ mental health, businesses can improve productivity, reduce absenteeism, and attract and retain top talent.
The future is filled with opportunities and challenges, and businesses need to be prepared to navigate the uncertainties. By staying ahead of emerging trends and adapting their operations, businesses can stay competitive in the years to come. Instead of fighting change, it is wise to maximize it with a flexible and agile mindset, embracing new technologies. In order to not only survive but THRIVE, it is best to view these predictions not as threats, but as opportunities for innovation. Stick to time-tested strategies of business, but remain open to novel ways of achieving the same goal: Success!
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.
5 Common Mistakes All Small Business Owners Should Avoid
We probably don’t need to tell you that running a successful business is much easier said than done. Unfortunately, many new business owners make mistakes that further hinder their chances of success unnecessarily. Here we will explore some common mistakes small business owners make and provide tips on how to avoid them. As you read on, keep in mind that these mistakes are common, but they don’t have to be the norm. With the right mindset and strategies, you can dodge some of these bullets entirely and build a thriving business.
Not Having a Solid Business Plan
You cannot plan for everything, but you should try to. Many of the profitable businesses we know today spend millions on R&D or market testing. This indicates the importance of conducting research before any significant launches in your business. Do not believe the mental lie that you are ‘wasting time’ if you are conducting surveys or prototyping. It is all a part of the process of excellence. Without much research, you’re essentially just winging it. Your research will provide you with a clear understanding of your target market, competition, pricing, marketing strategies, and more.
Neglecting Marketing and Online Presence
If the importance of marketing and an accessible online presence is news to you, I’m glad you’re reading this article. This statistics list from Nerdwallet shows that 81% of buyers will research a product/service online before buying, regardless of whether or not they purchase it in-store or online. Nevertheless, small business owners often make the mistake of not investing enough time, effort, and money into online marketing. You may have the best product or service in the world, but if nobody knows about it, and WHY you believe they should spend money on it, your business won’t thrive. Invest in high-quality advertising and marketing strategies that resonate with your target audience. You can create and manage most social media platforms for free or fairly inexpensive, so you might as well use all the resources available to you. For some practical tips, check out this article on how to build a successful digital marketing strategy.
Failing to Build and Maintain Relationships
Your business isn’t just about products or services. It’s also about relationships. Businesses are made by people, so go meet more of them. Building and maintaining strong connections with customers, vendors, and business associates is vital for long-term success. Networking events, expos, industry events, and more are all essential to planting seeds for future business opportunities. Even an informal cup of coffee with someone in your industry could create a connection (or a connection that leads to a connection) to produce an unforeseen opportunity for growth, collaboration, or simply advice. Thank your customers for their business, stay in touch with vendors, and network, network, network.
Refusing to Delegate
As a small business owner, you may think you must do everything yourself. Unfortunately, this mentality can lead to burnout, exhaustion, and a poorly managed business. Delegating tasks to qualified individuals can free up your time to focus on things like growing your business. Understand that you can’t do everything on your own, and there’s no shame in asking for help. One person doing everything simultaneously will more likely cost you more time, and quality. Figure out where you can outsource so you can have an intentional focus on what you really need to handle
Neglecting Financial Management
Finally, many small business owners overlook the importance of proper financial management. This does not mean hoarding every penny either. You might think that you ‘need’ this or that when starting out, or on the other extreme, refuse to spend a dime because you want to be ‘frugal.’ Neither of these is ideal for success, so the best plan is to make a budget and give yourself boundaries and allocations for the different areas of the business. Also, you need to track your expenses, profit margins, and revenue streams to get a current and representative picture of the business’s health and progress in order to make informed decisions. Consider hiring an accountant or using accounting software like Netsuite or QuickBooks to make things easier.
We get it, you have a lot on your plate. That’s why you don’t need to fall into these traps to make it any harder. Use the tips outlined above to help you avoid them and build a successful business. Remember, success doesn’t come overnight, and it won’t come without challenges. But with determination, a solid plan, and the right attitude, you can achieve your goals and make your small business a resounding success.
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.
How Small Businesses can Combat the Labor Crisis
Small businesses have been hit hard by the labor crisis in recent times. The pandemic has caused a shift in the job market, with many employees choosing to work remotely or looking for work that offers better compensation and benefits. This has left small businesses (especially brick-and-mortar) struggling to attract and retain employees. The latest from CNBC shows the hiring disparity has worsened as the summer season rolls around the corner, with construction, manufacturing, and transportation industries being hit the hardest. Despite all this, there are a few things that small businesses can do to combat the labor crisis. Here are some strategies to help you navigate this season.
Offer Competitive Compensation and Benefits
One of the best ways to attract and retain employees is to offer attractive compensation and benefits. Your businesses may not be able to offer salaries that are as high as those of large corporations, but offering other benefits such as healthcare, vacation time, and retirement benefits can go a long way in attracting and retaining employees. As with many things, hiring a worker is a negotiation and an exchange of value. If your business cannot provide remote work or higher pay, you must increase the value of your bargain in other areas such as these. Additionally, it is essential to keep up with industry standards in terms of compensation and benefits, to remain a viable option when compared with others in the job market.
Streamline Hiring Processes
The hiring process can be tedious and time-consuming for both the employer and the employee. It is essential to streamline the process to ensure that you do not lose out on top talent due to a lengthy hiring process. Consider eliminating unnecessary steps in the hiring process, by conducting initial screening interviews via phone/one-way interviews with predetermined questions. Hiring platforms such as Indeed provide these options. If possible, limit the interview process to one in-person meeting, optimizing the time with necessary evaluations like skills tests. This can be performed in one meeting without compromising thoroughness in hiring.
Foster a Positive Company Culture for Retention
By extension, It is essential to prioritize employee retention if you want to get ahead of the labor crisis, as prevention is better than cure. The company culture can play a significant role in attracting and retaining employees. Be proactive in offering opportunities for growth and advancement within the company. This incentivizes the employee with a vision for the future within your business! Also, ensure that employees feel valued and appreciated by providing regular training, off-site team-building activities, and other perks. Additionally, make sure that employees have a good work-life balance, which can help reduce burnout and lead to higher job satisfaction. To most of the younger demographic in the labor force, these factors can weigh more than financial compensation.
Leverage Technology
Technology can be a valuable tool for small businesses looking to combat the labor crisis. Consider implementing a human resources management system (HRMS) to help streamline HR processes, such as onboarding and benefits administration. Examples are BambooHR, Deel, ADP, etc. It is not wise to ‘wing’ HR processes without a firm infrastructure to manage employee wellness. Additionally, wherever feasible, embrace remote work as a way to attract and retain top talent. A report from November 2022 by LinkedIn shows that it is the most sought-after post-pandemic job characteristic and will be a major pull for many job seekers. There are many tools available to help facilitate remote work, such as video conferencing, project management software, and collaboration tools.
While it may seem challenging to attract and retain top talent in this current job market, these strategies can help small businesses remain competitive and successful. Emphasizing employee satisfaction and well-being is key, as happy employees are more productive and will help your business thrive. Remember to stay positive and focused on the long-term success of your business.
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.
Artificial Intelligence (AI) is the future. Here’s what that can mean for you.
Small businesses need every advantage they can get to remain competitive. Artificial intelligence (AI) has become one of the most powerful tools for large corporations, but AI usage isn’t limited to the big players. Small businesses can leverage AI in a variety of ways to streamline their processes and improve their bottom line. Despite conflicting feelings on the continued pervasiveness of AI, here are a few ways it can favorably affect your business:
Personalized Customer Service
AI-powered machines can mimic human-like conversations and provide customers with tailored answers to their inquiries. Instead of hiring more customer service assistants to respond to the same inquiry a hundred times over, AI machines can provide 24/7 support in responding to frequently asked questions, and weeding out the nuanced customer service issues, thus saving time and money. AI can also be implemented onto websites via programmed chatbots.
Recruitment and Talent Sourcing
Hiring can be a time-consuming ordeal, especially for more vital roles within your business. AI software such as the Applicant Tracking System (ATS) can set preferences with keywords, experience parameters, and so on. This will help with a swifter review of hundreds of resumes and cover letters, focusing more resources on the more competitive candidates.
Personalized Product offerings
Data has always been available, but AI will help you understand it faster. With AI-integrated systems, you can utilize specified insights about target demographics through shopping history, pages visited on the websites, etc. This will aid in delivering better-aligned product suggestions to the right consumer.
Automation of Repetitive Tasks
Small businesses have many repetitive tasks that take a toll on team productivity. However, AI-powered automation can take these tasks off the team’s hands, such as data entry, appointment scheduling, and order fulfillment, freeing up time for more creative and impactful work.
Financial Analysis
AI-powered financial analysis can take on the responsibility of analyzing complex financial data, which helps small businesses make informed financial decisions. They can help you assess the efficiency of your advertising budget, track customer behavior and price points, and create accurate financial statements.
In the vast digital landscape, Artificial Intelligence is quickly becoming a game-changer for small businesses worldwide. The effective use of AI technologies spares your limited resources and increases your operational efficiency and productivity while driving sustainable growth. With its scalability and affordability, any small business would benefit from leveraging AI tools to keep pace with technological advances and seize the opportunities they offer. Optimize your business today by implementing AI with one or more of the above strategies!
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.
4 tips for stressed-out business owners to maximize productivity.
With a plethora of self-help books, productivity gurus, and a new optimization hack every week, it can be hard to weed out what actually works. Despite this, work optimization and maximizing productivity are essential for a business to ensure that it is getting a sufficient reward for its risk and that resources are well-spent.
So, we’ve compiled a short list of our tried and true tips to maximize productivity.
- Write everything down.
Simple yet effective. Stoic philosopher Seneca said, “We suffer more in imagination than in reality.” This is true today. Many times, simply the reality of having a seemingly innumerable list of ‘to-dos’ swirling in our mind makes us believe it’s all impossible to get done, cortisol levels rise and we are extremely stressed. However, being able to visually see the length and breadth of what needs to be done, in full view, makes it digestible, and we are often surprised at how feasible it actually turns out to be. From here, you can then go on to planning and prioritizing
- Prioritize: Should’s vs Must’s
With the aforementioned ‘to-do’s’, despite being written down, they may still seem insurmountable, as getting a business going is no small feat, and has many moving parts. However, what might be best is to give them levels of priority, and if something is not urgent, you mustn’t even consider it at all. At least not in the immediate moment. This will actually create a forward momentum instead of having a slew of ‘half-completed’ tasks.
- Work Sprints
You’ve already heard the phrase ‘Work smart, not hard.’ This is especially true for small business owners who say they’ll work on the business all day every day but simply crash, with most of the hours having been spent scrolling on social media or getting into youtube or research rabbit holes. What is most effective is to incorporate work sprints; meaning designated small to medium-length durations, where you have a specific, measurable task and solely work on it without your phone, unnecessary tabs, and other distractions. This will bring out greater rewards on your time than the previous method. You can incorporate a few of these in your day, and watch that to-do list disappear.
- Delegate, Delegate…and Delegate.
You may not want to hear this, but the problem might be… you. You may be doing too much, so you end up being the bottleneck hindering your overall progress, bogged down by menial and time-squandering tasks. Despite the temptation of every entrepreneur to be apprehensive about hiring or paying anyone to help them, that may be the best way to move forward. Sometimes it takes spending money to earn money, and having someone deal with the less essential tasks, leaves you with more time and mental focus to concentrate on the growth-inducing tasks and decisions you need to execute.
We’re on your team! We hope that these tips will serve you well, and we cannot wait to hear your future (or present) success stories!
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 Owners are concerned about the future… Here’s what you can do.
The outlook of small business owners (SBO’s) differs based on location, industry, support, and many other factors. SBO’s are concerned about a great many things, but now it seems the #1 concern is… you guessed it, the economy.
CNBC’s Small Business Surveys of over 2,200 small businesses convey current sentiments of small business owners.
From this collection of surveys, 45% of owners are confident about current business and market conditions and more than 40% project revenue increases in the coming year. However, recent changes in the banking system and money markets leave many uncertain. 91% of those surveyed said it was their principal concern while planning and conducting business.
The FED has recently increased interest rates, with SBA (Small Business Administration) prime rates now at 8.25%. This is a huge increase from lower rates below 3% in 2020-2021. Naturally, this makes securing funding from banking institutions quite difficult and risky for some small businesses. The banking insecurity goes even further. With the recent closing of regional banks such as Silicon Valley Bank, Signature Bank and First Republic, many SBO’s are thinking more intently about their options for securing funding.
Find out more from CNBC here
Here’s what you can do:
To combat these changes some business owners are maximizing on already existing lines of credit, in order to avoid undergoing the approval process again, and receiving the higher rates. Some are also reevaluating growth opportunities previously planned, as those may require even more means of funding, with the possibility of failing to meet future payments.
The markets are always in flux, so do not be discouraged, but be determined. These times only call for resourcefulness and your business is worth fighting for!
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.
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.
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.
