Choosing the Right Anti-Virus Software for Your Small Business

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Small business owners face a fabulous pickle when shopping for anti-virus software. While every piece of software claims to be the perfect cybersecurity solution, how is it possible that one solution could fit every small business from manufacturing to florists? Short answer: it’s not possible. Every small business has its own unique cyber security needs. The most important fact, however, is that you do need sufficient cyber security measures. Verizon found in their 2021 Data Breach Investigations Report that 43% of data breaches that year fell on small and medium companies. That number is at  risk to increase until businesses adopt up-to-date cybersecurity best practices like modern antivirus software. The market for antivirus, however, has become flooded with more competitors than a business owner likely has time to investigate. Before a business owner can weigh the pros and cons of certain antivirus software, they must know what it is they plan to protect. Depending on your technological infrastructure, operating system of choice, and a multitude of other factors, one anti-virus software choice can be miles better than another.

What Devices do You Want Protected? (And How Many?)

While the right answer is technically all of your devices, this question is asking both what kind of devices you use at work and how many. Every device that connects to your business’s Wi-Fi network introduces the potential for a threat; this includes tablets and mobile devices. Take an inventory of your business’s total number of computer terminals, laptops, tablets, and phones that handle your sensitive information like banking, email, or inventory software. Once you have that total, that is the number of annual or monthly software licenses you will likely need to fully protect your sensitive information. While it may sound like overkill to use antivirus on phones and tablets, it is not. Those devices use the Internet and communicate with networks in identical ways to traditional computers. Plus, cybercriminals are keenly aware that mobile devices are often overlooked when choosing cyber-protection.

A good jumping-off point for multi-device small businesses is likely one variation of McAfee® Total Protection which, even in its most basic package, still allows protections for up to five devices; and, at the high end, allows it for unlimited devices.

What Operating System Do You Use?

While a good majority of small businesses use the most updated version of Windows because of its versatile compatibility with industry software for inventory management and other specialist tasks, there are still a fair few businesses who prefer macOS or even use a specific version of Linux.

Windows, being the baseline, is compatible with near-every kind of antivirus tool, macOS users have a more personal question to ask themselves: are you fully trusting of Apple’s built-in antivirus tool? While Apple is adamant that their suite of proprietary tools like the M1 chip and System Integrity Protection “make it difficult for malware to do harm,” tech experts still advise Mac users to seek out extra protection.  Specifically, the Integro Mac Premium Bundle X9 has been hailed by MacWorld and Time Magazine as one of the best options for Mac users looking for extra security.

If your business terminals run a version of Linux, however, that is a whole other beast. Businesses using Linux usually run the operating system in service of another proprietary software that doesn’t run cleanly with Windows. If your Linux-based terminal isn’t connected to the Internet, it likely doesn’t need antivirus software since it is a truly closed-circuit system (but you need to make sure it is truly closed and not vulnerable!). If that device is connected to your local network, however, having an antivirus tool is likely a good investment. Popular Linux distributions like CentOS and Manjaro are on the road to becoming major consumer operating systems and with that rise has come the interest of cyber criminals.  A good first consideration for business Linux-based protection is the Bitdefender GravityZone Business Security Package which is frequently rated as one of the best antivirus solutions for Windows as well as Linux.

What Additional Features Could You Benefit From?

It is exceedingly common for antivirus software to come with a suite of other helpful cybersecurity services. Beyond the most basic virus prevention methods, here are the most common additional cybersecurity features that may come with your software:

VPN Services: Virtual Private Network (VPN) services are a great tie-in benefit to modern antivirus. If you don’t already have a VPN service on your business devices, you absolutely should consider using one. Modern VPNs are just as essential for privacy protection as they are for protection against hacking and cyber breaches. Cybercriminals have taken increased interest in local Wi-Fi networks and keeping your connection secure is now just as important as keeping your device secure.

Web-Based Security & Network Protection: Antivirus software sometimes includes web-based protection which means that in addition to the antivirus software performing local scans on your hardware, the device is also in communication with a cloud-based threat-prevention network. This is another big win for small businesses, as cloud-based and general network protection often was only afforded to companies willing to shell out for expensive cloud services like hulking servers. Being that cloud-based protection used to cost companies massive sums, scoring web-based protection as a tie-in with basic local antivirus is another win for small business owners.

Password Manager Software: Antivirus software bundles often tote “password manager software” as one of the several benefits you get for subscribing. While password manager software was once a worthy investment on its own, in 2022 password management software is no longer a good enough reason outright to choose an antivirus solution. This is because browsers like Google Chrome, Microsoft Edge, and Mozilla’s Firefox all include this kind of software natively for free. Since you will be generally entering your passwords on browser windows anyways, those native solutions are likely sufficient.

Endpoint Security: Endpoint security is by all means the future of antivirus. Endpoint security, like cloud-based protections, was largely relegated to mainframe machines and companies with dedicated IT administrators that manage all of a local network’s threat potentials in a live sense. If the antivirus software you are considering includes endpoint protection without a major price increase, the increased protection is likely worth it. While antivirus is local and contained to the device it is downloaded onto, endpoint protection views and monitors the synchronicity of all the devices on your network and may be the key to insulating your business from more sophisticated cyberattacks like Internet of Things breaches.

What are Your Privacy Considerations?

Like anything else you download on your computer, especially a business device, you should be intimately familiar with how your data and information will be processed by the company which owns your antivirus software. Be aware that multiple antivirus software companies have been found to sell user trend data like search and browser history to third-parties.

Another privacy concern growing among antivirus software users is government intervention. Well-known Russian cybersecurity firm Kaspersky Lab was tied up in a scandal when Israeli government hackers found that the company had tools with digital signatures originating from America’s National Security Agency. This led to the Department of Homeland Security to make a statement that Kaspersky may be in cooperation with Russian information systems. While antivirus agrees to protect us from malware, there is little to protect you from antivirus.

What is Your Budget?

Antivirus software bundles and multi-license deals can cost hundreds annually making them sometimes unappetizing to small business owners on a budget. The good news is, finding the right antivirus solution doesn’t need to alter your existing budget. Free solutions like Malwarebytes Free offer basic virus protection without the real-time bells and whistles like endpoint and network protections. Almost every software solution, as well, offers timed free trials, so feel free to shop around and find the best choice for your business. Free trials are a great time to see if your chosen software has any noticeable effect on your device’s performance or speed. If you are looking for a paid antivirus for multiple devices and real-time features like endpoint protections, average costs range anywhere from $70 (McAfee Total Protections Ultra for unlimited devices) to $120 (Bitdefender GravityZone Security for 5 devices) annually.

 

Take Your Time but Don’t Waste It

Antivirus software will likely become a financial obligation for your company, so it pays to choose wisely. Businesses with a good hold over their needs, however, should find it in them to choose a software solution sooner rather than later. Cyber disaster strikes unkindly and can be debilitating for businesses with no protection. If you are using Internet-connected devices in your workspace, make it your immediate prerogative to consider the above criteria and find the cybersecurity solution best fit for your business. Those businesses who fester in indecision become all the juicier targets for cybercriminals.

Every Staffing Shortage has a Silver Lining

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While downsizing and staffing shortages introduce immediate problems for the small businesses that face them; but not every small business that shrinks or depopulates isn’t on a ticking clock to closing its doors forever. It is well worth it, then, for other small businesses to learn from those who, in the face of staffing challenges, not only overcame them but, in many cases, also grew because of their experience. This collection of accounts from real small business owners represents only a fraction of the unique and tactful solutions to staffing challenges being carried out by small businesses across the country, showing that silver lining (be it in experience or practice) which lies on the underside of each staffing shortage.

Agility Through Refined Recruitment

Stephen Curry, CEO, CocoSign

“In the past two years, we have been experiencing a shortage of employees. We had to look at different ways to grow our business with or without adding staff. Employee shortages were a blessing in disguise because they forced us to change our product offering, hire new employees from the global pool of talent, and expand our client base.

We have been able to do this by using a wide range of tools that have helped us become more efficient in our work. For example, we use webinars instead of expensive conferences for training purposes and we use Slack for internal communications and where possible for external communications as well.

Moreover, we had to get creative when it came to hiring new staff members and we found that social media was the best way to find people that were interested in our niche. The hiring process was done over Skype interviews and due to this, we were able to hire more diversified top talent than usual.”

Stephen Curry, CEO, CocoSign

New Success Through Transparency

Zachary Smith, Founder & CEO, Zachary Smith Arboriculture

“Even though the pandemic and the labor shortage made 2021 one of the most challenging years for our business, we ended up having a very profitable year. Despite the labor shortage, which we felt was extremely impactful on our business, we set new records for both gross sales, and net profit.

I truly believe that the challenges of 2021 caused our management team to get very creative and find ways to get more work done with less resources than we’d ever had to in the past. And the changes that we made are going to have lasting benefits in our operation for the foreseeable future.

One of the best things that came from the labor shortage was an employee incentive program that began to reward efficiency and good communication. We decided to show all of our profit and loss to our staff and developed a great understanding of the time and materials budget available to each job. We showed the staff how a small waste of time and materials added up every day, and if they could see ways to reduce that waste, a significant portion of that savings would end up in their paychecks every month.

Within a few months, employee productivity increased by 25%. Employee compensation also increased by a similar amount. Employees began to communicate to a much greater extent about projects that needed more resources to keep quality up to our standard. And this led us to see where we were priced below market and led us to begin requesting price increases for the first time in many years. Looking back, I realized that we were both fearful and complacent. Fearful to reevaluate what we charge for our services. Complacent in how we operated because we hadn’t been challenged for so many years.”

Zachary Smith, Founder & CEO, Zachary Smith Arboriculture

Automation and Key Staff Retention

Alex Bryce, Co-Owner, WeInvoice

“The Great Resignation is real, and it impeded the growth of many businesses in the last two years. In fact, in August last year, our company witnessed voluntary resignation from almost 19% of the staff. The quitting rates were much higher if we look at the previous year’s resignation figures for the entire third quarter. This created a labor shortage in our company and forced us to adopt specific changes in order to cope with the situation.

Staff protection was the most significant push that we needed for the adoption of automation. Earlier, we considered automation to be too costly. Still, with the capital saved after these resignations in the form of salaries, we adopted such technologies that have helped us reduce our costs in the long run. Moreover, we also turned to outsourcing many services, reducing employee burnout and turnover. On the other hand, it also helped us focus more on our loyal employees by adding a new set of skills, resulting in increased productivity.”

Alex Bryce, Co-Founder, WeInvoice

Same Business, New Perspective

Elise Max, Co-Owner, EMUCoupon

“We were already a small team of fourteen individuals. Last year, three of the employees left us for different reasons. This wasn’t easy to manage as I have gradually built my team since starting my business three years back.

I tried my best to find replacements. But hiring has become extremely difficult for businesses like mine. Most individuals wanted to work with us on freelance projects, but no one qualified enough was willing to join full-time. Even remote hiring proved to be a dead end. The employee shortage hurt at the start as most of our team was stretched to the limit. Eventually, we were forced to automate some of our operations. We are an eCommerce startup, but we haven’t looked into tools that could automate things such as data entry, online advertising, and content management for us. Looking back, some of the methods we used before now seem archaic.

It can be said that the employee shortage was a blessing for us. Bringing automation into our business has helped free time for our team to try new strategies. We are now a team of eleven individuals, but our business is doing better than ever.”

Elice Max, Co-Owner, EMUCoupon

Direct Communication Leads to Direct Goals

“Our gourmet food business sells online, distributes our product via wholesale, and owns and operates corporate-owned retail stores. The last year has been a challenge to get additional employees to help us operate.

The first action we took when we found out we would be facing a staffing shortage was to re-evaluate our current employees and ask them how we can all become stronger as a team. We called several company-wide meetings and discussed the issues of the staffing shortage. In the end, under the current staffing shortage, we asked our employees what they need to be more productive, have less stress and service our customers better. The response was amazing. We have breakout sessions, and everyone made a wish list of what would be needed to not let the staffing shortage negatively affect our business. We now have improved workflows, better communication, updated software and equipment. All of this helped us to grow our business during these difficult times.”

Andy LaPointe, Managing Partner, Traverse Bay Farms

Reaching New Ground with Old Roadblocks

Staffing challenges appear to be an existential threat to small businesses. And in a way, it truly is; the most recent wave of staffing shortages has led small businesses across the country to reevaluate in what ways they ought to operate, and even exist, in their space. Small businesses today, however, have a near-limitless number of digital tools our 20th century predecessors did not and the capacity for management and staff to speak candidly has increased dramatically as the value of workers increases in-hand. Staffing challenges aren’t new but the means by which small businesses can react and adapt to them have expanded massively.

Celebrating FOSS: Free and Open-Source Tools to Help Run Your Business

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There is a liberating feeling which comes packed in with all open-source software. Open-source software is the ultimate space for creatives and the ultra-diligent to craft software to their specific needs and then share those tools with the greater world. Often led by non-profits or community collectives, open-source software is one of the most major achievements in the tech space and has the potential to be the same in the small business sphere; while small businesses offer catered, curated alternatives to the corporate big players, open-source software plays the same David against Silicon Valley.

February is Free and Open-Source Software (FOSS) month and is dedicated to celebrating these open-source tools and to help spread awareness around the free software available .  In recognition of FOSS February, enjoy this curated list of tools created specifically for the needs of the small business business community, built from the ground up to become robust competitors to expensive, big-name software.

LibreOffice

Businesses big and small all bow to Microsoft, right? Absolutely not: LibreOffice is an open-source Office alternative that has been making massive waves in the digital document space for good reason. LibreOffice is a “community-driven” collection of programs built as a clear replacement to the Microsoft Office 365 Suite. Operated by The Document Foundation, this collective of creators invites all users to rework and improve LibreOffice for the benefit of the greater community. There is almost no small business that couldn’t benefit from this collection of tools; from accountants to store clerks, everyone must deal with a document or spreadsheet eventually. LibreOffice is fully compatible with Microsoft file types and has been continually tweaked to fit near-all document types making it not much of a concession at all to switch. For those companies looking for an alternative to monopolistic players like Microsoft or have documents too sensitive for cloud storage with Google Docs, LibreOffice is a massive game changer.

MariaDB Foundation

One of the first of its kind and now one of the most popular, the MariaDB Foundation is an open-source relational database. Countering titans like Google Drive and beyond, MariaDB is a non-profit and open-source platform for cloud storage. Incredibly, the tools from MariaDB are so cutting-edge that massive websites like Wikipedia and WordPress have taken advantage of MariaDB server space.  While MariaDB is a dauntingly open-source platform, there is a massive amount of tutorials and learning resources on their website built to get even the most basic Windows user savvy. Even if your company doesn’t store a massive amount of information or actively interface between multiple terminals, taking advantage of non-profit cloud storage allows small business owners to enjoy full transparency about their data storage that is usually not afforded by commercial database systems.

Jitsi

I dare anyone reading to toss a stone; I guarantee it will hit at least five people begging for a Zoom alternative. Enter, Jitsi, the video conferencing tool with all of Zoom’s best features but also boasting an incredibly active community of developers constantly improving this free software. Instead of shelling out $149 for even the most basic Zoom business package, consider Jitsi which recently surpassed 20 million monthly users and participated in a European Commission-sponsored hackathon where some of Zoom’s most popular features like polls and breakout rooms were among the community-created highlights. Small businesses who strictly use Zoom internally among a small group of employees should highly consider using Jitsi as an alternative, as the two pieces of software are drifting very close to becoming functionally identical.

GnuCash

GnuCash is an incredibly feature-rich piece of accounting software that, like all of the software on this list, simply begs to require a monthly-fee, or some other ticket to ride. Yet here we are: this accounting software has a genuinely impressive amount of functionality. Customer and vendor tracking, invoice and bill payment, tax and billing terms, statement reconciliation, scheduled transactions and much more is all included in GnuCash. Small businesses no longer have to keep their QuickBooks subscriptions up-to-date or become incredibly crafty with spreadsheets in order to bookkeep. GnuCash even aims its tools at small businesses directly, claiming that they can even manage payroll.

OpenCart

OpenCart is a bafflingly powerful open-source ecommerce platform. Not only is OpenCart (as the name hints) open-source and free, but there is also no limit whatsoever to the number of products or categories you can list for your ecommerce store. OpenCart has continued to evolve with community development and now has several features – such as integrated customer ratings and rewards point system integration – making it possibly superior to paid ecommerce platforms. Unlike most of the software on this list, OpenCart is also exceedingly simple to install on your existing web store. 

Unlike other software on this list, an ecommerce platform appears to be directly at odds with the spirit of open source software (being that ecommerce is all about, well, commerce). But, truly, OpenCart is one of the best examples of where open source software can thrive. Ecommerce is the perfect meeting of the web developers who make open source software a reality and the web merchants who bring the space to life; both parties have an inherent reason to seek out better software solutions for ecommerce and what better way is there to develop that software than through cross collaboration!

ERPNext

ERPNext is a CRM, accounting, and human resource software bundle which has near-anything a small business could need in those spaces; what it doesn’t have, however, is a price tag. ERPNext is an open-source miracle which, if used to fill the three solutions it advertises, could save small business owners a hefty sum in annual or monthly licensing fees. Human resources is a heavy drag on small businesses in the first place but ERPNext’s powerful attendance tracking, expense claim, recruitment, and payroll capabilities make the tool a wiry, agile thorn in the heels  of industry leaders. This, of course, is only a piece of what ERPNext offers to users. ERPNext’s CRM tools are a great starting point for small businesses who want to begin lead capturing and tracking presales but haven’t yet developed a strategy. ERPNext’s intuitive tools even include a small business guide to CRM making it easy to get up and running.

Considering Open-Source 

While some may say open-source software solutions are born from frustration with commercial options, this is often not the case. While certainly Microsoft can employ multiple thousands of software developers and pay them a steady wage to churn out top-of-the-line digital solutions, open-source projects have the incredible advantage of the minds and vision of the thousands upon thousands of developers who donate their time and effort to make a solution which they could never have finished themselves. No corporate brainstorming session can beat the multi-thousand brained one that happens each day in the digital background on every piece of software on this list. So when considering new tools for your business, don’t forget to look into the open-source versions.  They may just be exactly what you need.

Daniella Green Slaypedia Black History Month

Black History Month 2022: Daniella Green Helps Minorities get to the Top

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Black History Month 2022: Helping Minorities to the Top

Virtually every small business owner in America today can thank the drive, passion, and determination of African American entrepreneurs in history for paving the way for all small businesses in the US. One of the historical figures that small business owners should be particularly grateful to is Annie Minerva Turnbo Malone, one of – if not the first – African American millionaire. 

First African American Millionaire

Anna Minerva Turnbo Malone paved the way for blacks in business by becoming the first African American millionaire.

Like many self-made millionaires, Malone’s journey was not an easy one. Born to the parents of two former slaves, she was orphaned at a young age. When she attended high school she took a particular interest in chemistry and hair care. In 1902 Malone moved to St. Louis, where she and just three employees created the Wonderful Hair Grower company. Malone is widely credited for creating the marketing and sales system that Avon prides itself on – selling door-to-door, encouraging others to join the company, and marketing by word-of-mouth.

Her products revolutionized hair care for African American women and made Malone a fortune. Malone used the money to inspire and educate a generation of African Americans. She used her money to open Poro College in St. Louis, one of the first cosmetology schools in the US and donated money to several philanthropic causes dedicated to civil rights. 

This Week’s Profile

This week’s profile moves from the food service business in Chicago to the tech and energy industries in Houston. Much like Malone inspired African American women to succeed, Daniella Green, CEO and founder of Slaypedia, coaches people of color on how to move up the corporate ladder. 

With extensive experience in the corporate world, Green has helped her clients become CEOs, VPs and

Daniella Green gave up a lucrative career to help people of color climb the corporate ladder.

CFOs. When she was in her early 30s, Green herself could have continued to find success in the corporate world, but she saw a unique opportunity to fill a need among working people of color by coaching them on their careers. 

“Slaypedia was created as a consulting firm to help minorities pivot into leadership roles,” said Green. “I have worked my own way up the corporate ladder and saw the challenges minorities faced. I wanted to assist professionals in showing them how to really effectively communicate their skillset to show the company how they can execute successful ideas and implement processes to improve the organization.”

Becoming an Agent of Change

Green said that she decided to become a small business owner after declining an offer to make her the chief officer of operations at a large tech company because she wanted to work for herself and ensure that minorities were getting a fair shake in the corporate world. 

“I declined [the job] because I realized how much of my effort as an employee paid into their bottom line,” she said. “I pretty much was responsible for a lot of the work and projects we secured with major corporations such as Google and Legal & General products out in Australia. I decided to branch out on my own and become that change that I had been seeking for so long. Before I came along, there were no women of color operating in the space that I operate in. I am the only woman in the state of Texas that opened a full-fledge engineering and consulting firm that consults with executives or new leaders coming from the black and brown community.” 

Overcoming the Challenges facing Minorities

Green emphasized that one of the biggest challenges she must overcome is convincing people of her successful background in the corporate world, given that she is an African American. People often don’t believe that she achieved the level of success that she did in a  world dominated by white males.

“As a woman of color, I get that offensive element of surprise that I did indeed work my way into this position and establish myself as an expert,” she said. “Because I do not look like what you typically see in the world of tech, it raises a lot of questions. I always have that constant approach from a lot of people in my field seeking my services to question and make sure that I know what I know. 

“There is not as much trust established in me as a white male would experience when he says he is an expert in something. Being that I am also a woman, I don’t fit the description that most founders look like in tech. Typically they are 40-year-old white males and I am a woman of color in my 30s. Being in that minority space is a plus because it gives inspiration to people in my community and opens up the door to be able to educate those who have not been exposed to the black and brown community and introduce them to the talents that rest there. That surprise element though can be quite offensive at times.” 

Challenges of the Times

Even though she runs a consulting firm, Green has still had to deal with the challenges of the pandemic and rising inflation.

“I’m focused on making sure that my clients are growing up the ladder and ensuring they can afford my pricing for my services [and] to make sure I stay connected to the sides of the industry that are booming so that I don’t experience the blow of inflation,” she said. “I am actually on the other side of business where it is booming and I am not experiencing anything that can impair that thankfully. This is pushing us as leaders to find more innovative ways to adjust to the trauma [of] trying times. We are working virtually, cutting unnecessary overhead costs, etc.” 

Next Week: The Beloved Brand Co.

As we continue Black History Month 2022, we will be moving to New York City to profile Querida Lugo, an extraordinary entrepreneur who built a small business from the ground up that helps businesses establish their brands and gain public trust.

What are the Different Business Lines of Credit, and Which One is Best for Your Business?

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Business lines of credit are incredibly valuable tools that offer flexible financing to help small business owners meet expenses and grow. Lines of credit, much like your personal credit card, have borrowing limits and make funds available to you when you need them. They also give you the option to pay down some or all the debt at various, pre-agreed upon intervals. You only pay interest on the amount that you’ve used, and most lines of credit will require you to bring your balance to zero at certain times. 

The benefits of having a line of credit are tremendous, and in some cases, businesses may not be able to survive without one. For example, seasonal businesses may use a line of credit to meet payroll during the off-season or to order inventory in advance of their busy seasons. Credit is also used in case your small business quickly needs emergency cash.

Before you apply for one, however, you should consider that a line of credit is not a one-size-fits-all product. There are different types of lines of credit that you should consider before deciding on which one is best for your business.  Some credit lines may offer higher lines of credit while others may require collateral..

Deciding on the right one for your business can be tricky, and it’s important to know the different types that are available to you, as well as the risks associated with each one:

#1 Secured Line of Credit

A secured line of credit is one in which you, the borrower, take on a significant amount of risk. In these types of credit lines, you will have to put up collateral, such as your business assets, personal savings, or surplus business cash; or, if your business is a pass-through business, your personal assets such as your home. In the event you can’t pay off your balance, the lender reserves the right to seize those assets. 

That said, there are distinct advantages to a secured line of credit over an unsecured line. First, since you’ve put up collateral, there is a good chance that your line of credit will be bigger than it would be with an unsecured line of credit. Second, since you’re the one taking on much of the risk with a secured line, you most likely will pay less interest. Third, you don’t typically need as high of a credit score as you would with an unsecured line of credit.

#2 Unsecured Line of Credit

An unsecured business line of credit is the more popular option for small businesses since this option requires no collateral, and the lender takes on most of the risk. Applying for an unsecured line of credit is often simpler than a secured line, and approval may be quicker. 

An unsecured line of credit typically carries the same payment requirements as a secured line of credit, but in exchange for taking on much of the risk, the lender will usually require a strong credit score to obtain one. Since it is unsecured, the spending limit may not be as high as a secured line of credit, and the interest rate may be higher than a secured line of credit.

#3 Business Credit Card

If you need to pick up the tab for a business meal or must purchase new office equipment such as a laptop computer or printer at a moment’s notice, a business line of credit would not be convenient for you since it could take days to transfer money from your line of credit to your account. A business credit card, however, is a very handy tool to fulfill immediate cash needs for your business. 

A business credit card works pretty much the same as a personal credit card – it could offer perks such as travel miles and cashback rewards and will be there when you need it. Business credit cards usually have fewer requirements to obtain than a line of credit, and they won’t tie up your personal assets as they don’t require collateral. 

The drawbacks compared to a line of credit, however, is that business cards usually carry a higher interest rate than a line of credit, and many of them charge an annual fee.

#4 Real Estate Line of Credit

If you’re in the business of buying and selling properties, such as a home flipper, for example, then you should consider a real estate line of credit. A real estate line of credit is similar to a home equity line of credit, which is credit based on how much equity you have invested in a piece of real estate. 

Real estate lines of credit work in a similar way to any other lines of credit. They can be either secured or unsecured, depending on your FICO score, and they allow you to buy a piece of property before you sell your existing property.

Choose Carefully

Before you decide to take out a business line of credit over another form of financing, you should carefully consider the reason you need to borrow money in the first place. Lines of credit are probably not good for long-term business needs such as the purchase of expensive but crucial equipment or an office lease, and typically carry higher interest rates than a term loan or other types of financing. 

 

If you have immediate cash needs or want cash available in case there’s an emergency, such as your air conditioner breaking down or a leaky roof in your office, then a line of credit is probably the best solution for you.

Black History Month 2022: Celebrating African American Cuisine

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As Kapitus continues to celebrate Black History Month, we are turning our attention to the contributions that African Americans have made to the foodservice industry. Did you know that foods and dishes that we take for granted as American staples, such as black-eyed peas, jambalaya, okra, and rice pudding all exist because African Americans brought them to this country?

Jones Bar-B-Que, the first African American restaurant in America, is still going strong after more than a century.

We also have African Americans to thank for savory, smokehouse barbeque restaurants. The first African American restaurant, Jones Bar-B-Que, was opened in 1910 by Joseph Jones in Mariana, AR. The establishment was originally named “Hole-in-the-Wall” because it was literally “just a window in a wall where they sold smoked meat from a washtub” in the backwoods of Arkansas, said Hubert Jones, nephew of Joe Jones who operated the restaurant in the 1960’s, in an old interview.

The restaurant was eventually moved across town and renamed Jones’ Bar-B-Que. Remarkably, it’s still in operation today and is run by descendants of Joe Jones – James Jones and his wife Betty under the name Jones Bar-B-Que Diner. The restaurant has been recognized by the Encyclopedia of Arkansas as the oldest restaurant in the state, as well as the first one owned and operated by an African American Family. It also credits Joseph Jones as the first person to create a business out of the smokehouse barbeque cooking style. 

While the restaurant simply looks like a humble house from the outside, residents still flock to it for the original smokehouse barbeque flavor that it introduced in 1910. In 2012, the James Beard Foundation, a nonprofit dedicated to American Culinary Arts, presented its “American Classic” award to the diner. 

This Week’s Profile

Following the opening of Jones Bar-B-Que, African Americans have had a proud history in the

Bitoy’s Sweet Treats helps keep alive the proud tradition of African Americans in the foodservice industry.

foodservice industry – a sector that is particularly difficult to survive in for anyone. One example of this tradition can be found in Chicago – Bitoy’s Sweet Treats, a boutique, black-owned gourmet food company that offers homemade gelato, popcorn, hand-dipped apples, cheesecake jars, infused beverages and confections to the Austin area on the city’s West side. 

Kapitus had the pleasure of having a conversation with its founder, Layla Bitoy-Dillon, on what drives her success and how she was able to overcome the hurdles posed by the pandemic and being a black business owner. 

The Grit of a Small Business Owner

Few people are tougher or have to overcome more obstacles than a small business owner, and this especially rings true for Bitoy-Dillon. Like most small businesses – especially food service businesses – Bitoy’s Sweet Treats was hit hard during the pandemic and was forced to temporarily close for a short time in 2020. After receiving a Neighborhood Opportunities Fund Grant from the City of Chicago, the shop reopened in July 2021, only to be hit with two burglaries on top of rising food costs and rising wages. 

Those hurdles, however, didn’t stop Bitoy-Dillon, who showed the toughness and grit of most small business owners by plowing through and reopening anyway.

“After battling multiple burglaries, vandalism, rising food costs, and overall compression that the pandemic has had on the world and especially small businesses, we have continued to thrive,” she said. “Most importantly, I am grateful to be able to continue to provide jobs and pioneer pivotal shift for business sustainability in an underserved community (Chicago’s Austin Community) during the pandemic.”  

Infusing Her Own Tastes

Layla Bitoy-Dillon, owner of Bitoy’s Sweet Treats, not only overcame racial barriers, but had to deal with the pandemic and two break ins of her business to thrive in 2022.

Bitoy’s Sweet Treats was launched in 2015 by Layla Bitoy-Dillon after she visited Italy and fell in love with Italian homemade ice cream. Bitoy-Dillon decided to infuse her family-favorite flavors into homemade gelato, and now sells  flavors such as banana pudding, sweet potato pie, peach cobbler and red velvet.

Bitoy-Dillon said she became a small business owner not just to follow her passion for the food service business, but because she also became disillusioned with the corporate world as well. 

“I became a small business owner for a few reasons,” she said. “First, I watched my father run a successful business and thought it was so cool that he was his own boss. Second, I wanted to create a culture and environment with the supporting operating models and systems that I knew worked. My corporate background focused on management consulting, and I had an opportunity to learn what the big guys were doing great and not so great. Fourth, I was tired of outperforming on my job yet not receiving proper pay and value for my skills and talent.”

Overcoming Racial Disparity 

Bitoy-Dillon said that she has had to overcome hurdles as a African-American business owner, especially when it comes to access to capital and business mentorship programs. 

“I have faced the challenge of not getting a seat at the table,” she said. “Far too often, I have the credentials, certifications, and a superior product, but I am overlooked, or not even aware of the opportunity. Largely that can be attributed to social equity gaps and also operating in a underserved community where the leadership doesn’t have the resources, capacity, and knowledge to assist. Furthermore, even when applying for government funds from some of the recent SBA initiatives, we were met with roadblocks on receiving funds due to lawsuits blocking programs and initiatives set out for social equity.”

Technology and Customer Relations are Key

When asked what makes her business unique, Bitoy-Dillon said that the quality of her hand-crafted products, personalized customer service and pivoting to eCommerce has enabled Bityo’s Sweet Treats to thrive, even during the dark days of the pandemic. 

“In a nutshell, we are one of the few African American-owned sweet shops providing handcrafted gelato, popcorn, and confections in an underserved community,” she said. “Our products, quality and service would be what makes us unique. This sounds pretty basic, but it’s the truth. We focus on our key products made fresh with love and serve it with a smile.

“What makes our business unique is that we have blended personalization with technology. This model allows us to provide long lasting relationships with our customers but with a bit of technology to help out with process flow. We have successfully pivoted to e-commerce (AMAZON Marketplace) and virtual fundraising as alternate customer acquisition channels during the pandemic.”

Surviving Covid

Bitoy-Dillon said that the COVID-19 pandemic set up hard challenges for her and the company’s 10 employees, but she has been able to overcome them with competitive pay and safety protocols. 

“Our culture creates a unique space to work with competitive pay,” she said. “We treat our employees good and want to retain them. We also have COVID-19 safety protocols in place to ensure their safety and the safety of our customers. Rising food and supply costs are killer. We try to balance our prices with specials or deals to help customers understand our challenges but ensure they are still getting value. In general, we try to find alternate ways to package and innovate on a daily basis. Our menu is ever-changing, and we have fun with it.”

SMB Owners Need to Prepare for Another Headache: Rising Interest Rates

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Small business owners have dealt with a multitude of challenges this past year, and now, yet another is looming on the horizon: rising interest rates. Federal Reserve Chairman Jerome Powell has publicly stated that fighting inflation is one of the Fed’s biggest priorities this year, and has all but stated that the Fed will raise the federal funds overnight rate at the next Board of Governors meeting on March 17. 

What the Fed will do afterward is still up in the air. The majority of Fed Reserve members are predicting only three rate hikes this year, while economists at financial institutions such as Bank of America foresee up to seven rate hikes this year. Currently, the overnight rate – the interest rate at which commercial banks lend money to one another – has remained firm at 25 basis points (0.25%) since the start of the pandemic to encourage consumer spending. 

Beware the Cost of Capital

The Fed’s upcoming tightening of its monetary policy will mean higher interest rates for banks, who will

Fed Chair Jerome Powell said rates are going to rise in March to fight inflation.

then pass along those costs to its borrowers. Put simply, if you’re a small business that relies on financing or planning to borrow this year, you’re going to see higher interest rates on most types of loans, be it term loans, revolving lines of credit, equipment financing, SBA 7(a) loans, invoice factoring and business credit cards. Additionally, if you plan to buy property for or through your small business, you will see a higher interest rate on your mortgage.

This could mean that the cost of lending could increase significantly at a time when small businesses are already dealing with staff shortages, spiking inflation and supply chain disruption. Fiscal year 2020 was also a year in which small businesses, which make up 99% of businesses in America, relied heavily on financing to get through the pandemic, according to the US Small Business Administration. That trend is likely to continue.

For the year ending Oct. 28, 2021, small businesses borrowed $28 billion through SBA lending programs, according to the US Small Business Administration, a significant spike from the previous year. Small businesses also relied on $525 billion given to them through the Paycheck Protection Program.

Lock in Your Rate Now

If you are considering any sort of financing for your small business through a bank this year, you would be well advised to try to do so before March 17, the day when the Fed is expected to increase the overnight rate. 

Kapitus COO Ben Johnston says that rates on most bank lending products will continue to rise this year as the Fed continues to tighten monetary policy.

“Interest rates have already begun to rise in anticipation of Federal Reserve rate increases in 2022,” said Ben Johnston, chief operating officer at Kapitus. “Small businesses that are currently seeking capital will likely see higher rates than they would have last summer on most bank lending products. 

“For small businesses that currently finance themselves with variable rate products, rates have already risen from their pandemic lows and are likely to rise more. Fixed-rate loans are not subject to interest rate volatility, but borrowers will see higher rates should they choose to refinance or upsize their fixed rate portfolios.”

Slower Consumer Spending?

The Fed’s tightening in March may also mean bad news for small businesses on a macro level, given that rising interest rates generally have an inverse effect on consumer spending. The idea is that when interest rates rise, people generally tend to borrow less and therefore, be inclined to spend less and save more because the interest on their savings will go up. Consumers are also less likely to finance the purchases of big ticket items, since rates will be higher.

With the economy being as wonky as it has been since the beginning of the pandemic, it remains questionable if raising the overnight rate will have that effect on consumers. Of course, less consumer spending will naturally lower inflation because the demand for goods will decrease. Less spending, however, means fewer sales for businesses in general. 

Think Ahead

Besides securing a low rate now for any lending product you plan to apply for, there are other ways to prepare for higher interest rates:

  • Pay off as much debt as you can, especially on variable rate debt such as revolving or credit card debt, to avoid paying higher interest rates.
  • Open a higher-yield savings account for your business’ surplus cash to take advantage of higher interest rates.
  • Fed tightening is often followed by a downturn in the economy, so look at ways to strengthen consumer trust in your brand so that they will come back to you, even when they have less money.
  • If your business sells expensive products or services, such as construction services, custom computers or heavy machinery, consider widening the offering of financing options to your customers when they purchase your products. This will allow you to actually take advantage of rising rates. 

It Won’t Last Forever

An economic slowdown may be inevitable when rates are increased, but by preparing now for higher rates, your small business should be able to continue its growth and innovation. Also, since the infamous Sept. 11, 2001 terrorist attacks, the overnight rate has swung wildly. Consider that the overnight rate spiked from roughly 1% at the beginning of 2004 to 5.25% at the end of 2006, and then went to nearly zero at the beginning of 2009. Your business will get through this period.

Ted Talks Small Businesses

Seeking Inspiration? Check Out the 10 Best Ted Talks of 2021 for Small Businesses

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Every small business owner, whether they are just starting out or are established, needs inspiration and advice – and there are few sources that are better at providing both than Ted Talks. For years, Ted Conferences LLC has been distributing free video lectures online from experts under the slogan “Ideas Worth Spreading.”

Kapitus has chosen the 10 most inspiring and educational Ted Talks lectures from the recent past that can help small business owners with everything from motivation and marketing to sales and being a great leader.

#10 Dorie Clark, Business Professor at Duke University, “The Real Reason We’re All so Busy”

Most people thought working from home would create more personal time. In many cases, however, remote work as a result of the COVID-19 pandemic created less personal time because people are literally working and living in the same space. Dorie Clark, a business professor for Duke University and keynote speaker, explores ways people can make better personal decisions to find that work-life balance.

#9 Kiki Ayers, Founder of Ayers Publicity, “How to Know if You’re Meant to be an Entrepreneur”

Being an entrepreneur means having grit and determination, having the ability to overcome failure and having the passion to pursue your dreams. Do you fit that bill? Kiki Ayers, founder and CEO of Ayers Publicity, talks about the difference between “9-to-5ers” and entrepreneurs, and how to tell if you have what it takes to start your own business at an early age.

#8 Karim Abouelnaga, Founder of Practice Makes Perfect, “The Small Business Hustle”

Boxer Mike Tyson once said “Everybody has a plan until they get punched in the face,” and that’s figuratively true for most aspiring small business owners – their idea for a business may be brilliant, but figuring out the logistics of turning that idea into a successful enterprise may be monumentally challenging. Karim Abouelnaga, founder and CEO of Practice Makes Perfect, talks about the common mistakes he made as an entrepreneur such as over-projecting and overspending.

#7 Marcos Aguiar, Senior Partner at BCG, “Seven Tools for Building a Business That People Trust”

One of the most difficult tasks for any small business owner is creating a brand that people trust. Achieving this brings great rewards, but it also often involves connecting to consumers on a personal level and communicating through multiple channels. Marcos Aguiar, senior partner at BCG, talks about ways to elevate your business so that it can be seen in a positive light in the public.

#6 Adam Biddle, Co-Founder of GHO5T, “Defining the ROI of Social Media”

The importance of communicating your brand through social media skyrocketed during the pandemic, and that meant that businesses that didn’t have a strong social media presence faced being left in the dust. Social media expert Adam Biddle, co-founder of GHO5T, brilliantly simplifies the oft-confusing world of social media sites and explains how to use them to your advantage.

#5 Patty McCord, Independent Executive Coach, “Four Lessons the Pandemic Taught us About Work, Life and Balance”

Few people can deny that the COVID-19 pandemic has permanently changed the way we work and how we balance our professional and personal lives. Patty McCord, an independent executive coach, expertly gives four key insights that employers and employees gained from working from home. She also said that many companies need to stop referring to their employees as “family” and must stop being stubborn about creating a work from home policy.

#4 Julissa Prado, CEO of Rizos Curls, “Three Rules to Help you Build a Successful Business”

Operating a small business means having to effectively spend limited resources and having a lot of grit, especially when you are an immigrant or person of color. Entrepreneur Julissa Prado. CEO of Rizos Curls, talks about the rules she herself followed on her way to becoming a successful Entrepreneur.

#3 Julia Skupchenko, Co-Founder of AlterContacts, “Behind Every Small Business There is a Story”

COVID-19 disrupted the notions and beliefs upon which many businesses are run, and in order to adjust and survive, we have to let go of “past conditioning.” Julia Skupschenko is a world-renowned entrepreneur who co-founded AlterContacts, a consulting firm for small businesses. She also created Lockdown Economy, a think tank dedicated to helping small businesses face the challenges of the pandemic. In her Ted Talks lecture, she outlines the current challenges small businesses face and how to overcome them.

#2 Simon Sinek, Best-Selling Business Author, “The Right Way to do Work-Life Balance”

The very definition of work-life balance was permanently skewed as working from home became the norm during the pandemic. How do we strike that perfect balance when our home office and our work computer are always present? Simon Sinek, a former advertising executive and small business guru, gives some much-needed pointers on how to achieve that.

#1 Linda Chiou, CEO of IVY Swimwear, “How to Cultivate an Entrepreneurial Mindset”
We are living in an unprecedented time in which a record amount of people are rejecting the doldrums of working in the corporate world and, instead, want to follow their passions by becoming their own boss. Linda Chiou, a successful entrepreneur and CEO of IVY Swimwear, gives a powerful talk that reminds us that being an entrepreneur is as much of a mindset as it is a job.

Maria Barlow

Black History Month 2022: How Chicago Lawyer Maria Barlow Overcame Barriers to Launch her Own Firm

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On July 3, 1844, a young abolitionist in Boston named Macon Bolling Allen did something that was unthinkable at the time: he embarked on a 50-mile journey (reportedly by foot) from Boston to Worcester, MA to take the bar exam so that he could practice law in the state. 

Once he passed, Allen became the first practicing black Lawyer in US history and would go on to become

Macon Allen Bolling walked 50 miles to become the first African American lawyer in the US.

the Justice of the Peace in Middlesex County. After the Civil War, Allen moved to Charleston, SC where he believed his legal skills would be more useful. He ultimately became a judge on the Inferior Court of Charleston, which also made him the first African American judge in US history. 

Allen may not have realized at the time that his 50-mile journey would lead to a proud legacy of African Americans making their mark in the legal world. 

They include Charlotte Ray, the first black woman to practice law in the US, as well as Jane Bolin, the first African American woman to become a judge, and of course, Thurgood Marshall, the first black Justice on the US Supreme Court. 

This Week’s Profile

This week, Kapitus is moving on from hair care products and focusing on one of the individuals who followed in Allen’s footsteps: Maria Barlow, the remarkable founder and owner of her own boutique law firm in Chicago’s rough-and-tumble Southside near where she grew up, The Barlow Law Firm. The firm was launched in 2011 and specializes in family law, conceal-carry defense cases, workers compensation and estate planning, among other areas. 

The firm now subcontracts 10 attorneys and paralegals and prides itself on giving back to the community by offering affordable and aggressive legal representation. 

Maria Barlow decided to pursue her passions by opening her own law practice for the underserved.

Barlow grew up in a family of 11 children and said she knew she wanted to be a lawyer from an early age. Now, as a single mother and head of her own practice, Barlow has gained a reputation as a community leader. In 2018, she campaigned for Cook County Commissioner’s office before narrowly losing the race to another primary contender. She also aids minorities in rebuilding and buying homes in their own communities.

Overcoming Barriers

Much like Macon Bolling Allen’s 50-mile trek to take the Massachusetts bar exam, Barlow’s journey to launching her own firm was arduous since she was a woman of color and she graduated law school in the middle of the Great Recession. She spent three years as a prosecutor for the city of Chicago. After her stint as a prosecutor, she tried to get a job at private law firms, but found that the barriers for entry into that world were too much to bear.

“When I graduated law school, many jobs were not hiring,” she said. “There was a huge hiring freeze so finding a job was next to impossible. The firms I did apply to had zero firm members or attorneys who looked like me. Visiting offices and observing their ‘culture,’ I knew I would never fit in. I wanted to work where I felt comfortable and supported,” she said. 

Creating Her Own Culture

Barlow said she became disillusioned by the corporate culture she observed in many private law firms

The Barlow Law Firm has thrived on Chicago’s South side.

and realized that if she wanted to break down barriers for people such as herself, she would have to start her own firm. 

“Working where I was the only person of color was not an option,” she said. “I had worked in those environments before. The jokes about other minorities were not funny and I knew when I wasn’t in the room the jokes were about me and or other blacks. I refused to spend my career in an uncomfortable environment. I decided to start my own firm so that I could create the culture I felt comfortable in and for others like me. A culture that welcomed everyone and worked to ensure everyone ‘fit in.’”

Race is Still an Issue

Sadly, even though the US has come very far when it comes to racial equality, there are still racial barriers that need to be broken down, said Barlow. 

“Racism is alive and well in our profession,” she said. “It happens in court and outside of court. Unfortunately, all too often we are treated as inferior to our counterparts. One issue that I face is my office’s location (referring to the fact that her office is in a relatively low-income neighborhood in Chicago). Some people want to have a ‘downtown’ attorney, whereas I am located on the southside so that can have the appearance of ‘less than.’ Another huge issue is, unfortunately, some African Americans believe they will get less quality service from our businesses or that we should charge less or work for free because we are African American.” 

 Barlow also said that – like most small businesses – she has had to make adjustments to survive the COVID-19 pandemic. 

“Dealing with the pandemic has been extremely difficult,” she said, “My clientele has changed because so many people are not working and cannot afford legal services. Staffing is a constant issue, so we have had to allow staff to work remotely to keep viable talent with our firm.” 

Advice to Other Small Businesses

One of Barlow’s main pieces of advice to any person seeking to launch their own business is to not try to do everything at once at the beginning, and to make sure you offer great client/customer service. 

“Just do it!” said Barlow, referring to anyone thinking of launching their own business. “Being a small firm doesn’t mean we cannot give great service to our clients. Treat every case like it’s your last (get a bad reputation and it may end up being your last one). Clients usually don’t say thank you so do not expect that. They will surely thank you with referrals! Also do not start out with more than what you need, rent a small place and grow as your clientele grows, do not take on more than what you can handle.”

Sweet Treats

As Black History Month Continues, Kapitus will continue to profile African American-owned businesses and how they are making a mark in their community. In our next spotlight, Kapitus is going to the other side of the Windy City to profile Layla Bitoy-Dillon, founder and owner of Bitoy Sweet Treats, who recently reopened her shop and has managed to evade the massive hits that the food and beverage industry took during the COVID-19 pandemic to thrive.

Shipping Unboxed: How to Set Up a Shipping Schedule

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Small businesses with in-house or even off-site shipping operations have a difficult question to ask themselves: is your logistics and delivery schedule efficient enough? With Amazon, Wal-Mart, AliExpress and several other corporate competitors racing to the bottom of humanly possible shipping speeds, small businesses need to get creative to stay competitive. While it is likely inconceivable that an independent small business could run toe-to-toe with Amazon or other two-day delivery guarantees, keeping an efficient shipping schedule is a great first step to keeping deliveries on time, and maybe after analyzing trends, speeding them up.

Why Do You Need a Shipping Schedule?

A shipping schedule, or delivery schedule, is an active schedule that lays out the manifests of delivery orders, your expected fulfillment date, and delivery timeline. The best shipping schedules are established based on trend-informed customer/vendor demand and shipping service estimated delivery time. While delivery schedules are essential tools for fast-moving warehouses, the organization and efficiency of these schedules can be massively beneficial to small businesses with in-house operations.

Shipping schedules can be simple Excel spreadsheets or drafted on specialized software. However it is done, this schedule is meant to organize all orders in one place with relevant inventory and supply numbers close at hand. A small business’s shipping schedule will certainly be different than a warehouse’s; instead of managing the frequency of delivery for massive orders, small businesses can instead decide how frequently they should request pick-ups from UPS, USPS, or FedEx. Determining the cost-value difference of daily pick-ups versus another less frequent rate will require data and a bit of math, but the only way to get that data is through diligent order management in the form of a shipping schedule.

In order to make a shipping schedule that best fits your business’s needs and size, consider the following questions and criteria:

How Do You Ship?

Your choice of shipping method will massively alter how your business’s shipping schedule will look. If you bring your orders to the post office manually, your shipping schedule will be exceedingly straightforward, as you’ll simply have to decide – based on inventory and distance to the post office – how often you should caravan your orders. But there are more than a few reasons you should consider stepping up your operation from self-caravaned deliveries. If you request pickups from USPS, UPS, or FedEx, your business should weigh heavily which is more cost-effective: weekly set pick-ups or individually requested pickups. While the USPS does not charge for pickups, FedEx can charge up to $4 per package for express pickup and additional service fees on Saturdays. Things get more interesting with UPS: UPS does not charge per package but rather per pick-up: $6.80 for same-day pick-ups and $5.80 per future pick up. This means that small businesses who effectively plan their pick-ups days ahead of time can save some money.

What is Your Anticipated Volume?

Considering the above information from the three major carriers’ policies, your weekly and monthly package volume will likely have a major impact on your shipping schedule. For example, if your company deals primarily  in premium goods, and/or  in-person and carry out infrequent but urgent deliveries, FedEx could be a better choice of carrier because of their express per-package rate. If your outgoing volume is unreasonable to personally carry and not financially sound for per package pickup fees, consider setting aside a weekly day for deliveries. This, however, has inherent downsides, as a customer who buys an item the day after your selected shipping day will have to wait an additional week before their item even reaches the necessary postal carrier.

Businesses who do not have a dedicated logistics team also need to set aside time for preparing shipments if your operation is still in-house. This means that your shipping schedule may also need to specify dedicated blocks of time for packing and sealing parcels. A nightmare scenario could quickly come to pass if a postal carrier comes for a pickup and your packages still aren’t ready.

Be Mindful of Inventory

Your shipping schedule should be in close relation with your most up-to-date inventory data. Inventory, also, extends beyond merchandise. If your shipping operation is still wholly in-house, inventory includes boxes and general shipping supplies. Inventory numbers must be updated in accordance with your shipping schedule so you can act quickly if an item is in low-stock or overly abundant.

Industry-Informed Shipping

Depending on your industry and customers, your shipping needs may vary widely. For example, are you selling semi-perishable goods? In this case, you must use the quickest shipping methods possible; your customers will likely expect this. If you are a company that focuses on custom goods or fragile products, you will likely need to consider which carriers provide specialty services that will suit yours and your customers’ needs.

It’s not an awful idea to directly reach out to your customers who have ordered with you before, or who may plan on ordering from you in the future, which is more important to them: delivery time or additional attention to fragile items. While large companies don’t have to even consider this trade-off, small businesses with low output or especially fragile merchandise don’t always have the luxury to choose both.

Track Quarterly Trends

Your shipping schedule is a timetable as well as a resource that, after some time, becomes an unparalleled means to track seasonal or quarterly trends. Once businesses have a firm understanding of which products are selling and how many are being shipped, they can make better-informed estimations when purchasing raw materials. If a company sees that every holiday season there is a noted increase in sales, it may mean that altering the number of deliveries or the amount of shipping supplies on-hand could make a difference.

No Two Schedules are Alike

Like the small businesses who draft them, no two shipping schedules are likely to operate in mirror fashion. Those businesses who use shipping schedules, however, are likely to see efficiency and organization shoot up in their workplaces and storehouses. While it was once acceptable for small businesses to package orders as they came and send them to carriers when convenient, consumers have a higher expectation for speedy delivery and transparency on that delivery process. Businesses who have dedicated and well-managed shipping schedules are able to be more upfront about delivery times. They will also be much more likely to notice (and notice more quickly) when a delay may affect their customers. The most important byproduct of a shipping schedule, of course, is the gained efficiency; no one wants to be racing to the post office or begging FedEx for a delivery at closing time.

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