Small Biz Ahead

Episode Notes Key Highlights According to a recent Gallup survey, 75% of the global workforce is either not engaged or actively disengaged at work, and it's costing the world economy $8.9 trillion annually. It's becoming increasingly critical to improve employee engagement and productivity. Many employers are considering "emotional salaries", which include the non-monetary job aspects like workplace culture, career growth, and work-life balance. Providing competitive salaries is essential, but offering key benefits like health insurance, retirement plans and flexibility is proving to be just as important in retaining talent. Small businesses may consider offering improved emotional salaries through greater flexibility. For example, include allowing time off for personal matters, offering mental healthcare benefits and fostering a positive workplace culture with open communication and employee events. A strong workplace culture where employees feel valued and heard is a key part of emotional salaries. Business owners can help improve this by making themselves available to employees and involving employees in decision making. A positive culture can help retain employees even when larger companies might be offering higher salaries. Find out more at https://small-biz-ahead.pinecast.co

Episode Notes Key Podcast Highlights How Can I Prepare My Business for Hurricane Season? Have a disaster recovery plan: This should be a written document that outlines all the procedures, processes, emergency communications and key contacts if a disaster strikes. Back up your business data regularly: As a part of your disaster recovery plan, you'll want to make sure your business data is backed up on a regular basis. Having cloud-based systems or hosting your files with outside managed service providers can help ensure your data is protected. If it's stored on a cloud-based system or through a third-party, you can access it from anywhere. Consult a civil engineer: A civil engineer can help guide business owners on suggested improvements to your water damage protection systems, especially if your business is located in a flood zone (like drains or drainage pumps). Reach out to your insurance provider: Your business insurance carrier can help guide you through risk management upgrades to their business, like automatic gas shut offs and water damage protection sensors. These upgrades can help them lower your chances of having to file costly property damage claims in the future. Get commercial flood insurance through The Hartford: Even if you already have business property insurance, that's not enough to protect you against floods. In addition to business property insurance, you'll likely need flood insurance if your business is located in an area that experiences hurricanes. The Hartford provides commercial flood insurance through the federal government’s National Flood Insurance Program (NFIP), managed by the Federal Emergency Management Agency (FEMA). Congress established the NFIP in 1968 to protect property owners from suffering financial losses due to flooding. Find out more at https://small-biz-ahead.pinecast.co

Episode Notes Key Highlights In mid-June 2024, auto dealership around the country were affected by a massive ransomware cyber attack on a popular software owned by CDK Global. CDK Global's software is commonly used by car dealerships to manage tasks like scheduling to tracking vehicle sales and orders. CDK Global revealed that nearly all 15,000 car dealerships that use their software across North America were affected by this cyber incident. The cyberattack involved the hackers freezing the system and demanding a ransom of $25 million, which CDK Global ended up paying through Bitcoin to the hackers. Overall, the cyberattack resulted in over $1 billion in losses for dealerships across the country. One of the best ways to protect your small business against costly cyber attacks and data breaches is to get cyber insurance. With The Hartford, you can add cyber insurance to your Business Owner's Policy (BOP) or general liability insurance policy. Find out more at https://small-biz-ahead.pinecast.co

Episode Notes Key Highlights How To Get A Loan From The Small Business Administration (SBA) The Small Business Administration (SBA) in not a lender, but they can guarantee money that's being lent to out by a network of their preferred and certified lenders around the country. There's two loan programs that small business owners should know about: 7A loans and 504 loans 7A loans are the most popular type of small business loan program from the SBA. You can borrow up to $5 million from a bank that's guaranteed by the SBA. You can use it to acquire, refinance or improve buildings, tools or equipment. Or as working capital like cash and inventory. You can also use this money to refinance existing debt or invest in business expansion. 504 loans are long-term, fixed rate financing for major fixed assets that promote business growth and job creation. You can borrow up to $5.5 million with a 504 loan. The 504 loan program is more designed for capital improvements, machine, equipment and property. With both programs, you have the ability to negotiate fixed or variable rates of interest on these loans. The terms for payback will vary depending on what you negotiate with your banker. Find out more at https://small-biz-ahead.pinecast.co

Episode Notes Key Highlights What Business Owners Need To Know About The New Overtime Rules The Department of Labor has officially changed overtime rules for employers starting on July 1, 2024. Here’s what you need to know: Prior to July 1, 2024, you didn’t have to pay employees for overtime if they made more than $35,568 a year. After July 1, 2024, the new rule increases that salary threshold to $43,888. Now, any employees who make $43,888 or less a year will qualify for overtime pay. They must also meet other requirements like being a salaried employee and they’re not supervising anyone. This number will significantly increase again starting on January 1, 2025. On that day, the salary amount goes up to $58,656. This means that if you have any salary employees who aren't supervising anyone, their job duties fit the necessary description, and they make less than $58,656 a year, you are going to owe them overtime. In Texas, a federal court has challenged and suspended this ruling. If you’re a business owner in Texas, it’s recommended that you speak with a labor attorney to make sure your employees are classified the correct way.   Some companies are starting to enact strict overtime rules, while others are adjusting their employee’s status from a salaried worker to hourly worker. Be sure to comply to these new rules because if you’re not in compliance, your employees could sue your business for wage theft. Find out more at https://small-biz-ahead.pinecast.co

Episode Notes Key Highlights Why Should I Hire Older Workers and Retirees? More seniors and retirees are returning to the workforce recently due to higher inflation. Whether you’re looking for jobs for retirees or business ideas for older workers, we’re here to help. Here’s 5 things that small business owners should consider when hiring older workers:   Offer Flexibility: When looking to hire older workers, consider offering the same flexibility you’d offer other workers. Just because someone is retired doesn’t mean they have unlimited free time.    Upskilling and Training: Be sure to budget for training to upskill workers who are returning to the workforce. Technology changes quickly so it’s important to spend the time and money training an employee who has been out of the workforce for a few years. Health Benefits and Ergonomics: Consider improving ergonomics and safety training for your older workers. Also, consider reviewing your health benefits to ensure they cover the medical needs of older workers. When employees are comfortable and safe at work, they will be able to focus better on the job at hand. Prevent Age Discrimination: Revisit all your discrimination policies to confirm they’re adhering to both from the EEOC and the DOL. You can also consult a labor attorney to confirm you’re adhering to state and federal laws. When interviewing older employees or retirees who are returning to the workforce, avoid any remarks or questions that could be taken as discriminatory towards someone’s age. Older Employees Bring Experience: The most valuable asset that older workers bring to the table is experience. Your younger workers can use their experiences and wisdom and apply it to their own career. Your older workers can help mentor younger employees. Find out more at https://small-biz-ahead.pinecast.co

Episode Notes Key Podcast Highlights What Are The Best Sources For Finding Employees? Referrals: Your existing employees are a great resource for getting reliable recommendations for new employees within their own network. Online Job Listings: Be sure to do your research and post your listings on online job listing websites. People who are open to work are often checking for listings on Craigslist, LinkedIn Jobs, and Indeed. Formerly Incarcerated: Depending on the work you do, you may find the perfect candidates through your local prison systems. Many prisons offer employment training and opportunities for formerly incarcerated individuals who are ready to get back into the workforce. Many states also offer tax credits for employers who hire formerly incarcerated individuals. Religious Institutions: Research the churches, mosques and synagogues in your local area. Many religious institutions offer programs that help their community members find work opportunities. Technical and Trade Schools: Depending on the line of work you do, you could find potential candidates through your local technical or trades schools. These candidates may already come with skills you'd otherwise have to train others on. Other Businesses: You never know when your perfect job candidate could show up. When you're out shopping in a retail store, at a restaurant, or your Uber driver, you may find someone who'd be the perfect fit to offer a job to. Find out more at https://small-biz-ahead.pinecast.co

Episode Notes Key Podcast Highlights How Do I Provide Excellent Customer Service? Do What You Say You're Going To Do: When the customer buys something, they have a certain expectation on what they're going to buy. One of the best ways to deliver excellent customer service is to always follow through on the promises your business is making. If you're promising to deliver your product within 30 days, you should do everything you can to make sure that happens. Treat Your Customers With Respect: Follow the golden rule: "Treat others the way you'd want to be treated". Customers today already feel a lack of respect from the businesses they interact with. Good brands know that their customers want to feel acknowledged and appreciated. Management Leads By Example: The standard of excellent customer service is passed down from the top level of management to employees of the business. If you're a business owner, you have to depend on your employees to deliver quality customer service. Managers should show their Find out more at https://small-biz-ahead.pinecast.co

Episode Notes Key Podcast Highlights What Do Small Business Owners Need To Know About Working With Content Creators? Understand what the content creator does: There's a trade off between branding and lead generation. If the content creator you're working with can provide valuable information to your community, it can bring a positive brand impression. The content creator should be able to reflect your brand as a trustworthy source to your community and potential customers. Be prepared to spend: Content creators expect to be paid for the services they provide. Often times content creators are doing this as their full time job. Depending on their audience and how popular they are, they may expect to be paid more. Think of this as an investment in your company's brand. Take time to find the right person: There's many content creators out there to choose from. You'll want to take the time to find the right fit for your company and your audience. Depending on your needs, you may find a content creator that has a larger following, or someone with a smaller following but with great engagement. Identify your goals: It's hard to measure branding success, so be sure to be specific about your goals. If you want to generate leads, make sure your website or landing page is updated, so you can easily track traffic coming to you once your content creator posts about your business. Think long-term: A strong relationship with a content creator will be long-term if you're reaching your goals. It's important that you get the most out of that relationship if you're investing a significant amount of money into it. Find out more at https://small-biz-ahead.pinecast.co

Episode Notes What Are Four Tips for Networking? Face-to-face networking is more beneficial than online networking. It provides more opportunities and builds longer lasting relationships. Remember that you don't have to be the life of the party. If there's 20 people in the room or 200 people in the room, just focus on a few. If you walk away with one good connection that could potentially lead to more sales or more opportunities. Pick a networking organization and stick with it. There's a lot of networking events all over the place. So, you can go to meetup.org or you can keep an eye out on your local business papers. There's no shortage of them. You can also go to trade shows or join your industry association. Don't underestimate how much time online networking can take. To really be successful at online marketing or online networking, you really have to invest the time to pose questions, respond to questions and build relationships that way. Find out more at https://small-biz-ahead.pinecast.co

Episode Notes At a time when nearly everyone has mastered the art of the selfie and can easily retouch their photos with the latest app, it can be easy to buy into the false notion that professional photography services are obsolete. However, nothing could be further from the truth. In this episode, Gene Marks and Kristina Sherk, the lead photographer and founder of both Kristina Sherk Photography and Shark Pixel, advise professional photographers on how to advocate for the value of their services and build the thriving businesses that they truly deserve. Find out more at https://small-biz-ahead.pinecast.co

Episode Notes Hey everybody, it's Gene Marks and welcome to another episode of the Hartford Small Biz Ahead podcast. Thank you so much for joining me. This week, I wanna talk about e-commerce and give you some thoughts on it because it is a growing thing. And let me explain to you why. Two surveys came out within the past week. One from Amazon, which reported that small firms are investing heavily in digital commerce. And another one from Alibaba, the other online reselling platform that said that growing ecommerce among their respondents in their surveys, a top priority, this year. The survey found that 53% of respondents, sell online compared to 44% that don't. There's a lot of room to grow by selling your business online or selling items online. And I just wanna make sure that, we're all aware of what you need to know when it comes to selling stuff online. Find out more at https://small-biz-ahead.pinecast.co

Episode Notes When it comes to pursuing a career in accounting, there’s a common misconception that all you need is a knack for numbers. However, this is far from true and these days, most business owners expect far more from their accountants than just number crunching. So, what exactly does it take to thrive in this demanding profession? In this episode, Gene Marks and Jerry Maginnis, the former KPMG Managing Partner, Senior Advisor, and author, discuss the skills that you’ll need to develop in order to achieve long-term success as an accountant. Find out more at https://small-biz-ahead.pinecast.co

Episode Notes Hey everybody, it's Gene Marks and welcome to this week's episode of the Hartford Small Biz Ahead podcast. This week, I wanna talk to you a little bit about credit cards and managing your credit card debt and give you some thoughts on credit cards. The topic comes because there was recent news about credit card debt, that I thought would be of interest to you. First of all, Bank of America released a survey just the past couple weeks that said that small businesses are relying more on credit cards to finance their operations. Since 2019, small business credit card balances are up 18% according to the bank. Now, there's no reason to panic about this right now. A Bank of America analyst said that while rising credit card balances could raise some concerns, they're noting a few reasons to be less pessimistic. Find out more at https://small-biz-ahead.pinecast.co

Episode Notes Student debt is one of the most prevalent issues in the U.S. right now, impacting approximately a third of the nation’s workforce. However, thanks to the CARES Act of 2020, you as a small business owner have the opportunity to make a difference by offering programs that help your employees pay back these massive loans. In this episode, Gene Marks and Mick MacLaverty, a student loan expert, CEO, and co-founder of Highway Benefits, discuss the advantages of offering student loan repayment as a benefit at your company. Find out more at https://small-biz-ahead.pinecast.co

Episode Notes Hey everybody, it's Gene Marks and welcome to another episode of the Hartford's Small Biz Ahead podcast. Thank you so much for joining me. Dependent care is a huge benefit that we should be providing to our employees, right? A recent study, that was released found that, there was a growing problem for most business people that are out there. You've got employees that have childcare issues. They lose work and lose productivity because of it. There are some studies that show that child care takes substantial time away from work itself. And most other people agree that when, you've got your employees that have young children or even dependent parents that need them, all of this stuff is not only very, very stressful for an employee, but again, it's very distracting and takes them away from their jobs. Find out more at https://small-biz-ahead.pinecast.co

Episode Notes Hey everybody, it's Gene Marks and welcome to this week's episode of the Hartford Small Biz Ahead podcast. Thank you so much for joining me. The Federal Trade Commission by a vote of three to two, issued a new rule which effectively makes noncompete agreements ineffective. This has a big impact on your business. Most businesses, noncompete agreements have been around for forever and now the FTC is saying that they are being made to be ineffective. No more noncompete agreements. So what does that mean? Well, first of all, understand where the FTC is coming from. FTC's chair, Lina Kahn, she said in a press release, I just wanna read this to you, that noncompetes cause... they keep wages low, they suppress new ideas, and they rob the American economy of dynamism, including from the more than 8,500 new startups that would be created a year once noncompetes are banned. Find out more at https://small-biz-ahead.pinecast.co

Episode Notes Are you preparing to take over the family business, but unsure of how to broach the topic of succession planning with your parents? We don’t blame you. Succession planning is rarely an easy conversation, particularly within the context of a family business where there are so many relationship dynamics at play. Fortunately, there are a number of ways to help ease the conflict around such a sensitive subject. In this episode, Gene Marks and Karla Trotman, CEO of Electro Soft, offer their best strategies for navigating succession planning within your family business so that you can ensure a smoother transition when you assume ownership. Find out more at https://small-biz-ahead.pinecast.co

Episode Notes When ChatGPT first came out, a lot of people assumed that the new AI tool would operate much like an online search engine: just input a request and wait for your answer. However, as many users soon learned, it would take more than a few keywords to generate the type of content they needed. So, is there an art to communicating with this new form of technology? In this episode, Gene Marks and Anna Bernstein, a staff prompt engineer at Copy.ai, advise small business owners on how to write better prompts for text-based generative AI tools. Find out more at https://small-biz-ahead.pinecast.co

Episode Notes Hey everybody, and welcome to The Hartford's Small Biz Ahead podcast. My name is Gene Marks and thank you so much for joining me this week. Hey, let's talk about some scams that can impact your small business. The Better Business Bureau published their list of the top 10 scams targeting small businesses this year. We didn't have time to go through all 10 of them, but I wanted to at least give you five scams for you to really be keeping an eye out for and some thoughts on what to do about them. Okay? The first has to do with business email compromise, right? According to the Better Business Bureau, in this case, the scammer poses as a vendor or other trusted source and they email the accountant or the CFO. They ask them to wire money or buy gift cards or send personal information often for a plausible reason. Find out more at https://small-biz-ahead.pinecast.co