Why Building A Healthcare Branding Strategy Is Crucial For Your Medical Practice

/in , , /by

As an independent healthcare practitioner, 100% of your focus is, of course, on providing your patients with excellent, personable care. 

While you are taking care of your patients, however, how will new patients learn who you are or what makes you special as a practitioner? In other words, if you’re not focused on the healthcare branding for your practice, how do you expect it to survive going forward? Given that the COVID-19 pandemic is not yet over and the Delta variant is on the rise, how will you convey your expertise to current and potential patients on how to best protect themselves and get vaccinated? 

“Independent practitioners typically need healthcare branding the most, yet they are historically the least likely to engage in it,” said Mark Macias, founder of New York-based MACIAS PR, a  public relations firm specializing in healthcare. “More than likely, I suspect it’s because they don’t have the time to devote to this side of the business practice.”

What is Healthcare Branding?

Essentially, healthcare branding is the message that your practice delivers to new and existing patients telling them what differentiates your practice from others. Without this message, new patients won’t have a reason to choose you as their medical practitioner. Web-based testimonials and media interviews, for example, can help spread your message and showcase you as an expert in your field.

“Healthcare branding is a type of marketing approach that gets your product and services directly in front of patients,” said Macias. “It doesn’t matter if you’re selling a service directly to patients or providers, creating a brand is critical to business growth. Without it, patients have no way of finding you.”

Fabiana Melendez Ruiz, a senior publicist at Austin, Texas-based marketing and branding firm Zilker Media added, “Healthcare branding is essentially the same as any other kind of branding. You want to OWN your image so have a website that delves into what you, as a practitioner, can offer in addition to your practice.”

Why Do You Need Healthcare Branding?

Essentially, you need branding so that existing patients keep coming back and new patients have a reason to choose you over other doctors. 

A critical component in branding for your practice is having a web presence, say healthcare PR professionals, as most consumers will initially search online when they need a doctor. It is important that your practice has a robust, user friendly website, and that your site will appear in searches. 

“Here’s why you can’t overlook healthcare branding and digital marketing,” said Macias. “If you’re a patient and need to see a specific physician or dentist, you’re probably going to search online for help. Gone are the days when you ask a neighbor or friend for a reference. 

“Instead, most of us go to Google or another favorite search engine. If you don’t appear in that search engine, your brand effectively doesn’t exist. That is why it’s so crucial to engage in healthcare branding, and digital marketing. You need to make sure the name of your company appears in front of patients as they are looking for a physician or other healthcare practitioner.”

What are the Components of Healthcare Branding?

Macias said that media interviews, a blog and promoting your practice on social media are crucial elements in differentiating your practice from competitors. Additionally, public service announcements (PSAs), especially surrounding the pandemic, are especially important in letting your patients know that you are on top of the current trends in medicine.

“There are many aspects to building a brand on the web,” said Macias. “Today, you can build a brand much faster on the web. Gone are the days when you would publish an advertisement in the local newspaper or monthly magazine and hope the ads would deliver new phone calls. Today, you can get in front of patients and consumers who are directly researching services that you provide by leveraging the media, blogs, editorials and social media.”

Ruiz said that healthcare branding should consist of a website “that includes a media-friendly bio for the practitioner that offers credentialing information, a list of services, a media page with any earned media and a PR contact and then a general contact page with ways patients can reach the practitioner.

“For medical professionals it is important to stick to facts, but the delivery may be different. As a marketer I always recommend a blog to drive SEO to the website, but other practitioners may be more interested in Instagram and Tik Tok so they may include a feed that updates when they upload to these sites.”

How do I Execute a Healthcare Branding Strategy?

Both Macias and Ruize agree that there are several steps to executing a successful branding strategy, but they all center around storytelling. What is the story of your practice? What makes it unique? Why should patients choose your practice over others?

“This is where healthcare branding gets a little more nuanced,” said Macias. “The initial step for me involves story telling. What is your story and why are you the best healthcare practitioner in your space? It might sound like bragging, but it’s not. 

“Healthcare is a cluttered space and to gain media traction, you need to understand how you are different from others. What is your specialty that should drive patients to you? That should be a component of any healthcare branding campaign. 

“Location also matters. If you want to drive patients to your physical office, that requires a different approach than a practitioner who can work virtually or remotely with patients. But at the root, storytelling is the key to any successful healthcare branding campaign.”

While branding may not be at the forefront of your priorities as a healthcare practitioner, a strong branding campaign is important to your survival. It is critical for your current and potential patients to know and understand what makes you the best doctor for them, and what makes your practice special. Not engaging in healthcare branding could very well leave your practice in critical condition down the road.

post-pandemic momentum and boutique hotels

How Boutique Hotels Can Harness Post-Pandemic Momentum

/in , /by

The COVID-19 pandemic was a reckoning for the hospitality industry. Business structures that had proved successful for decades were tested and bent under the weight of record-low occupancy. The unexpected champions, then, of COVID-era hospitality were smaller boutique hotels who were able to financially withstand the sudden loss of guests brought on by the pandemic. Large hotel properties depend on high occupancy to maintain their proportionally large overhead costs. So as check-ins dwindled to their lowest in 2020, large hotel chains like Hilton and Marriott downsized or stunted. As the world turned to social distancing, more populous locations became viewed with increased scrutiny leading vacation-goers to either stay closer to home or look for unique location-based experiences. 

Forbes wrote in June 2021 that nine-in-ten Americans intend to travel during the next six months. As the world opens once again, it is imperative that boutique hotels that performed best during the pandemic take advantage of their unanticipated momentum during the 2021 travel season and beyond. New consumer expectations and industry standards have the potential to make boutique hotels the preferred travel destination not just following the pandemic, but for the next generation. This article highlights several strategies for boutique hotel owners to maximize their reservations and hone in on the post-COVID traveler expectations.

Close the Quality Gap with Reinvestment

Use this time when large chains are still weighing their losses to redefine what to expect from smaller hotels. A key tactic in redefining the small and boutique hotel experience is reinvestment or tactical financing.

Take advantage of this moment while large chains are still reeling and forgoing expansion to close the gap between smaller hotels and the large chains. Walking out of the pandemic, a timely and noticeable upgrade boutiques could make is installing modern HVAC air filtration systems. The virality of COVID-19 reminded Americans and travelers the world over about the importance of good air flow. HVAC systems are costly, intensive upgrades that now have a two-fold advantage: customer comfort and peace of mind. Boutique hotels that modernize their HVAC infrastructure may have the best chance of convincing a cautious would-be traveler to make a reservation. 

Another upgrade quickly becoming necessary in the post-COVID hospitality world is the Electrostatic Disinfectant Sprayer. The EDS sprays wide and thick streams of disinfectant which attracts airborne droplets onto surfaces. While hotels have long been able to get by with surface disinfecting, COVID-19 has made travelers increasingly aware of viral spread and the inevitability of airborne droplets. Hotels can either purchase their own EDS or may rent machines from companies like Cisco. While the EDS can be quite costly, hotels that adopt the tool early will likely be rewarded in both customer satisfaction and cleaning staff ease of use, as the EDS is an incredibly quick and complete way to sanitize even the most difficult to reach sections of rooms..

Aside from air quality and cleanliness, boutique hotels could see big wins from investing in marketing and customer experience.  Many boutique hotels are attractive because of their small town or rural-feel. Expanding your hotel’s marketing budget can be a meaningful first step to making your hotel the preferred way to experience that local community. Capitalize on your boutique’s local area and create local excursion or tour programs. Get in contact with your town’s local historical society, as they will likely be a helpful resource in learning what event would best suit your area. Your objective should be to make visiting your boutique a unique experience. Use this window of time to reinvigorate your web presence and play up your hotel’s connection to the local area. Modern hotel-goers are supremely more likely to make their first impression of a hotel based on their website or social media.

Align Small Hotel Attention to Detail with Modern Sanitation

Smaller hotels are appealing for the same reasons as the small towns they often incorporate within. Personalized hospitality and attention to detail is deeply associated with boutique hotels and the COVID-19 pandemic is largely responsible for heightening consumer’ interest in another sort of attention to detail: sanitation. Even though vaccines are prevalent, and restrictions are slowly easing, many consumers still hold a heightened anxiousness about cleanliness, especially when deciding travel accommodations.

Cementing the connection between small hotel charm and a commitment to sanitation may mean marketing costs in the form of advertisement or active rebranding ventures. Either target your ads nationwide or reconnect with a local community to both reassure and redirect travelers. Try taking pictures of your cleaning and housekeeping staff as well as freshly cleaned amenities and posting them to social media. Another strategy unique to small hotels is having your general manager or housekeeping manager pen a letter asserting a pledge of diligent sanitation to either post on your website or even submit to a local news publication. Small personal touches go a long way in assuring potential guests that personalized hospitality means attention to cleanliness.

Boutique hotels are charming because of their personalized attention to detail and focus on guest satisfaction. Establishments then would likely benefit from a marketing push saying that in addition to the heighted hospitality, attention to cleanliness is a key piece of guest satisfaction. Travelers seeking accommodations in 2021 and in the future will likely have cleanliness as one of their top priorities when selecting a property and commitment to the highest level of sanitation could be one of the most certain ways to pull in tourists and travelers.

Focus on the ‘Alternative Getaway’

A fair number of would-be travelers may rethink their plans to avoid high-traffic regions or resorts in the coming months. Pandemic-era travel also saw an exponential increase in interest in “alternative getaways”. While New York City or Los Angeles are still bound to see millions of travelers, hotels in rural or quiet small towns ought to use their surroundings as a modern selling point.

Social distancing has ushered in a new mindset of personal space awareness. Small hotels in rural regions have the most to gain from the public’s heightened interest in traveling to less crowded destinations. Similar to a writers’ retreat, there is a new market for “isolationist” getaways. In marketing for the latter half of 2021, small hotels would benefit greatly in doubling down on their property’s “isolated” feel and the increased privacy and lower population that comes with it as a renewed selling point.

An oppressive COVID-19 overtone, however, is never a good sell, so small hotels would do best to align themselves with travelers still not ready to push back into pre-pandemic mingling while focusing on the benefit of a small staff and low room hotel. Without directly mentioning COVID-19, small hotels can still market themselves as an alternative getaway by asserting their hotel’s location as the quiet or low-key option for careful travelers.

Consider Listing Rooms on Airbnb or Vrbo

Room listing services like Airbnb and Vrbo have cut a foothold into the hospitality industry that has multiplied with no sign of stopping. 272 million travelers booked stays through Airbnb in 2019; and Vrbo, while smaller, marked a 17% revenue growth during the same time. Both services make accommodation window shopping devilishly easy and the ability to chat with property owners directly is a key element in making such services personal and engaging. Vrbo’s 2021 travel Trend Report found that 61% of travelers surveyed are more likely to visit an outdoorsy location on Vrbo rather than an urban destination and that demand for cozy accommodations are also up almost 20%. The personal touch and alternative elements key to Airbnb and Vrbo can be tactically harnessed by small boutique hotels to maximize bookings. Even listing one or two rooms on Airbnb or Vrbo can be a massively effective way to advertise. 

Taking professional, targeted photos for your hotel’s listing and giving detailed, personal responses to patrons on the app can go a long way to convincing post-pandemic travelers to book a room.

Lean into Events and Wedding Packages

Weddings, anniversaries, reunions, and nearly every planned event for the past year has either fallen through or been postponed. As couples and parties cautiously rebook, small hotels have the most to gain from post-pandemic event planning and packages. Boutique hotels should use their space and staff to their advantage and brand themselves as the ultimate post-pandemic event venue.

COVID-19 steered couples in the direction of small, intimate ceremonies and receptions. While the barrier between essential and elective travel leaves the forefront of conversation, there are still would-be venue seekers looking for small or cozy ceremonies and events. Large guest lists will likely still be viewed with scrutiny going into the end of 2021. Smaller hotels then have a definite advantage in servicing both small weddings and general events.

Hotels hoping to host post-pandemic events would do well updating the virtual showing for ballrooms, common areas and guest rooms. Virtual first impressions have become one of the biggest deciding factors when picking a venue, so small hotels may benefit from asserting their own distinctive willingness to accommodate events with special wedding and event packages. Small hotels should once again emphasize their size as a plus and cater to the still-large market of people who may want to forgo large festivities out of abundance of safety or simply rekindle a love for the benefits of cozy venues.

The Future of Hospitality

Several of the largest hotel chains may not bounce back to pre-pandemic returns until well into 2023. Recent 2021 Q1 earnings calls from Hilton and Marriott, however, note that this upcoming summer is likely to be the strongest earning quarter for the industry at large. While large chains play catch-up, those small hotels that balanced well or even saw profits during the pandemic will likely shift the dynamic of large chain and boutique hotels for the foreseeable future.

Targeted marketing and concept association can make smaller hotels the preferred post-pandemic getaway. As travelers are selecting accommodations for the upcoming travel season, small hotels have the chance to take hold of massive market share through both cautious tourists and travelers with adjusted expectations for accommodations. Small hotels that assert themselves as the modern or alternative destinations are best poised to turn their momentum into capital return and growth.

Top Payroll Software Systems for Small Businesses

/in , , /by

Spending time processing payroll is not what you want to be doing as a small business owner, as the chore can often be tedious, expensive, error-prone and time-consuming. 

Managing your payroll, however, is obviously one of the most important aspects of your business. The Software-as-a-service (SaaS) industry is skyrocketing, and utilizing top payroll software for your business can conveniently automate your payroll process for a small, monthly fee, and can help you avoid costly mistakes.

Advantages of Automating

If you manually process your payroll on your own via a spreadsheet, you should consider automating your payroll processing through relatively inexpensive software designed specifically for small- to medium-sized businesses (SMBs) to resolve the challenges of keeping up with your task. Whether you run a dry-cleaning business and only have two employees, or you run an accounting firm and have 20, the benefits of utilizing a good payroll software system are endless, and can help you:

  • Automatically keep up with new tax and employment laws and regulatory changes and incorporate them into your payroll system;
  • Maintain accurate payroll records in accordance with the Fair Labor Standards Act; 
  • Prevent unintentional under- or overpayments to employees which can complicate year-end accounting and W-2 processing and cause potential legal issues for you;
  • Ensure that you are properly withholding federal, state and local taxes from your employees’ paychecks, and 
  • Reduce administrative costs or time (if you’re the owner and are the one responsible for payroll).

If you think payroll software may be too expensive, think again. Kapitus has identified six of the best payroll software systems based on cost, capabilities, ease of use and the availability of customer support.

#1 Gusto

Gusto is ranked as the number one payroll software package by a variety of sources, including PCMag and US News and World Report, for its ease of use and low cost. Every Gusto plan offers Automatic local, state, and federal payroll tax filing, automatic state new-hire form filing, workers compensation administration, paystub and W-2 access for employees, and two-day direct deposit. 

Gusto offers four distinct packages: 

  1. The Basic package is $19 per month and $6 per employee and offers features such as automatic payroll filing, employee self-service and workers compensation administration.
  2. The Core package is $39 per month and $6 per employee, and offers automated tax filing in addition to what the Basic package offers.
  3. The Complete package is also $39 per month, but increases to $12 per employee. In addition to offering everything in the Basic and Core packages, it incorporates PTO tracking, time tracking, employee directory and onboarding services.
  4. The Concierge Package costs $149 per month and $12 per employee, and offers what the firm coins “complete and comprehensive HR support.”

#2 PayChex 

The Paychex Flex package starts at $39 per month and $4 per employee, and generally has positive user reviews for its ease-of-use and compatibility with most HR software systems. The price increases as you add more features. While Paychex does not detail the price increases on its main website, what differentiates it is that it offers cloud-based payroll management and HR software to small businesses. All Paychex payroll programs include new-hire state reporting, automatic payroll tax filing, and an employee financial wellness program. Paychex Flex offers 160+ reports with its payroll and HR packages – something that most payroll software packages do not offer.

#3 ADP

ADP is one of the oldest and most popular payroll companies. Reviews are mostly positive for its customer service and ease-of-use. It offers four RUN Powered by ADP plans, but you need to contact ADP to get a price quote based on your needs. Each plan offers basics such as direct deposit, automatic payroll tax filing, and W-2 submissions. Its cheapest plan, Core Payroll, does include employee onboarding, health care compliance forms, and a regular HR checkup. It’s more expensive plans include employee background checks and ZipRecruiter assistance plus more comprehensive payroll help, like wage garnishments and state unemployment tax deductions. 

 

#4 OnPay

OnPay starts at $6 per month and $5 per employee, and has garnered mostly positive reviews for the extra features it includes for which most payroll software companies charge additional money for. Even its most basic package offers services such as garnishing wages, withholding state unemployment insurance, and giving employees multiple payment options such as direct deposit and paper checks. OnPay also will tailor its payroll services to specific industries such as construction and restaurants at no extra cost. Unlike Gusto, however, it does not offer a mobile app.

 

#5 SurePayroll

SurePayroll has garnered excellent reviews for its guarantee to deal with the IRS in case you make any mistakes deducting taxes from your employees’ paychecks, including paying any fines that might be levied against you in case you do. The service starts at $19.99 per month and $4 per employee, and will charge more as you add on additional services. SurePayroll charges extra for services such as accounting integration software and is limited to QuickBooks and Xero. Time-clock integration starts at $4.99 a month. Still, the $29.99 it charges for its full-service payroll system makes it one of the cheaper payroll software services out there, especially given its tax guarantees.

 

#6 UZIO

UZIO starts at $30 per month and $4.50 per employee, and is specially tailored to small businesses with fewer than 10 employees. Its affordability and ease-of-use has garnered it positive reviews. Its self-service employee portal and automatic payroll tax deductions make it  simple and affordable. If you want to add additional HR support, you can upgrade to UZIO’s All-in-One package, which does not cost much more than its basic package.

All in all, while utilizing payroll software may be an extra expense, automating your payroll system is definitely worth the money. Doing so ensures that your employees get paid in full and on time, and it will avoid costly mistakes that could result in hefty fines by the IRS and other agencies if you make a mistake, 

Tips on Lowering the Cost of Healthcare For Your Business

/in , , /by

It’s no secret that healthcare plans represent a dilemma for many small businesses: on one hand, offering comprehensive, all-inclusive health insurance is often crucial to attracting and retaining talented employees, but on the other, setting up and maintaining a healthcare plan is expensive, confusing and time consuming. 

According to a recent survey of 827 small businesses from Small Business for America’s Future, more businesses (55%) are worried about the costs of providing health insurance to their employees than they are about the dangers of COVID-19 (37%). The study also found that 76% of small business owners do not provide coverage because the cost is too high, while 53% of small business owners said they do offer insurance but are considering dropping it because of rising costs. 

Roughly 90% of small business owners said their health insurance costs increased over the past four years, with 40% responding that costs have risen by 10% or more a year. 

What to Do?

There are several ways to reduce the cost of health insurance while at the same time providing your full-time employees with the health coverage that they need for both themselves and their family members. 

#1 Shop Around for a New Plan

If your insurance provider keeps increasing costs at an unreasonable rate, then simply shop around with a health insurance broker, such as eHealth, for a new plan that offers modest increases in prices. If you have a preferred provider organization (PPO) plan, keep in mind that with the rise of value-based health care – new types of medical care systems that are meant to drive the cost of care down – those types of plans are a thing of the past. You may consider switching to types of plans that are generally cheaper, such as:

  • Exclusive provider organization (EPO) plan, which have a curated number of doctors but don’t require referrals;
  • Health Maintenance Organizations (HMOs), which restrict patients to a particular set of doctors, but often charge higher co-pays if the patient sees an out-of-network physician, and
  • A tiered plan – a plan that offers multiple tiers of physicians under the in-network umbrella. The first tier of doctors already have arrangements with the insurance carrier to offer financial discounts for services, and those savings are passed on to you and your employees.

#2 Offer a Plan With an FSA Option

Flexible spending accounts (FSAs) allow employees to set aside pre-tax dollars to spend on major medical events, such as surgery, teeth replacement, high-cost prescription drugs, or any other future medical need. Insurance plans that offer FSAs typically will offer you, the business owner, high annual deductibles but also a discount on premium contributions while still providing health insurance to your employees. 

#3 Look for Insurance Plans That Emphasize Value-Based Care

Value-based health care is the new trend in medicine today, and there are several ways insurance companies can offer it and pass the savings along to your business in the form of lower monthly costs. Look for plans that include:

  • Wellness plans rewards;
  • Telemedicine;
  • Free annual physicals and flu (and COVID-19) vaccination shots, and 
  • Prescription drug coverage that requires pharmacy benefit managers (PBMs) to automatically offer cheaper, generic versions of prescription drugs before selling patients the more expensive brand name ones, and
  • Dedicated service experts.

#4 Shifting Healthcare Costs to Employees When Applicable

While not ideal, you may want to choose a cheaper insurance plan that places a greater burden of healthcare costs on employees. Some plans can save you money by raising the deductibles and copayments for medical services, and raising the costs of using out-of-network doctors. Be warned, however, that employers must balance this approach with affordability requirements under the ACA.

As a benchmark: A 2020 Kaiser Family Foundation health benefits survey found that full-time employees paid on average 17% of the premiums for single coverage, and 27% of the cost for family coverage. The survey also showed that employers are shifting costs to employees through increased deductibles and out-of-network copays.

You also may want to add “working-spouse” provision to your health coverage plan. These provisions limit an employee’s spouse’s access to a plan when the spouse works for another employer that offers health insurance, thus saving you time and administrative costs.

#5 Educate Yourself and Your Employees

If you and your employees don’t have a solid grasp of the ins and outs of medical insurance, know that you’re not alone. The more your employees are educated on their health benefits, the better and lower-costing choices they will make. You may want to consult with a health insurance brokerage firm such as eHealth or your current insurance carrier to:

 

  • Provide training on open enrollment;
  • Give a simplified summary of benefits from your insurer, as well as explanations on deductibles and in-network doctors, and 
  • Provide access to a health insurance expert, either through your own HR manager (if you have one) or an agent from your insurance carrier.

Which Insurance Companies Are the Most Popular?

Whether you have two employees or 200, there are insurance companies that have a reputation for offering generally lower costs and specialize in providing coverage for small businesses. The most popular seven companies are:

  1. UnitedHealthcare, which has a reputation for providing one of the most extensive network of physicians and emphasizes the use of modern technology for virtual healthcare;
  2. Blue Cross Blue Shield, which operates through 36 local, independent doctor networks and is known for affordable tiered plans;
  3. Anthem, which has the largest network of doctors and takes an integrated approach to medical care through combined health plans, which connect patient data in order to more effectively manage care;
  4. Humana, which offers a diverse array of tiered plans and emphasizes preventative care, and wellness programs;
  5. Kaiser Permanente, the largest managed care organization in the U.S. and offers one of the widest array of plans specialized for small businesses;
  6. Health Care Services Corp., the largest customer-owned health insurance company in the nation that emphasizes affordable plans for small businesses through value-based care, and
  7. Oscar Health, a company that emphasizes cheaper insurance plans for small businesses by utilizing healthcare technology such as telehealth, electronic appointments and automatic wellness checks.  

While setting up a health insurance plan is time consuming and often painfully expensive, we all want to see everyone have access to the healthcare that they need, especially our employees. The good news is that employer health care costs have not risen as sharply as it has in recent years. There is an affordable, well-priced plan out there that is right for your business and employees, it just may take some time to find the right one, but in the end, it will be time well spent.  

The Six Best Cities to Relocate Your Small Business HQs Post-Pandemic

/in /by

If the COVID-19 pandemic did anything, it served as a crystal ball for small businesses. If you looked carefully into it, you could surely see the words “remote work” forming in it. 

Now that the pandemic is coming to an end, if you’re one of the millions of small businesses that has decided to permanently move to a remote working environment, now may be a great time to move your business into a smaller, cheaper space to a city where business taxes and commercial rents are low and the quality of living is high. Moving could save you considerable expense, especially if you are incorporated in an expensive urban area such as New York City, Boston, San Francisco, Chicago or Los Angeles. 

How We Chose

Kapitus came up with a list of six cities that could be ideal sites for your company headquarters based on several filters:

  • The city must be located in a state in which the corporate tax rate is no higher than 5%;
  • The city must be listed by the National Association of Realtors (NAR) as one of the top real estate markets in 2021. The NAR chose these markets based on several factors including commercial leasing rates, GDP growth, unemployment rate, median household income, consumer spending and personal rental vacancy rate, among other variables.
  • The city must rank among the top 50 cities in North America in Numbeo’s Quality of Life Index. The QoL Index incorporates factors such as cost of living, average property price-to-income ratio, crime and safety and pollution.
  • The final factor is demographics. While this filter is a bit more subjective, Kapitus considered population size, small business competition, and the education level of the population in each city.

Here are the six cities Kapitus recommends if you are thinking about relocating your small businesses – and four of them are located in states that have the best corporate tax rate of all – 0%!

Austin, TX (Pictured Above)

Nestled in the shadow of the University of Texas and other local colleges, it is a great town for budding entrepreneurs and tech companies. While Texas’ sales tax is on the high side, it is one of a half-dozen states that does not charge a corporate tax. Its population of 950,807 is highly educated, so it is a hotspot if you wish to hire interns or new employees for your company. It is considered a college hipster town with a great culture, restaurants and nightlife, and it ranks fourth in the QoL index. The NAR also states that it is one of the best places for small businesses in terms of commercial and residential rents. Corporate giants such as Amazon, Google and Facebook have set up operations in the city, thus paving the way for ambitious startups and small businesses.

Raleigh, NC

The “City of Oaks” was named as one of the best cities in the country to live in by Forbes and is ranked number one in the QoL index for its Southern charm, 180 miles of greenways, rich history and comparatively low cost of living. While its population of 474,069 people makes it relatively small, it is in the heart of Research Triangle Park – one of the hottest areas in the country for big tech. Duke University, the University of North Carolina and NC State University are all within the area, making it a breeding ground for tech entrepreneurs and bright young college grads seeking experience. Plus, North Carolina boasts a corporate tax rate of just 2.5%, which is one of the lowest in the country, and the NAR named it one of top 10 cities for commercial real estate investment. If you are imagining opening a small office in a city and calling it your headquarters, Raleigh may be the perfect place. 

Salt Lake City, UT

Some may connote Salt Lake City with Mormons, but did you know that it’s also called “the silicon

slopes” for its many tech startups, as well as the fact that tech bigwigs such as Adobe and Oracle have large presences in the city? Its population may be just shy of 200,000 people, but 45% of its workforce possesses a bachelor’s degree or higher, making it a great city for hiring well educated and highly qualified professionals. Utah is one of the few states that does not charge a corporate tax, and it ranks 41 on the QoL index for its relatively low residential property rates, tranquility and scenic beauty. It is also on the NAR’s top 10 best cities for commercial real estate investing in 2021 due, in part, to low commercial rents. 

Seattle, WA

Seattle may be a surprise entry because it’s already well-known for “Frasier,” great coffee and its tech

from Kerry Park

background as it looms in the shadow of Microsoft. Consider, however, that it’s population of 724,305 is well-educated, as roughly 64% of working-class adults have a bachelor’s degree or higher, and Washington is one of the states that does not charge a corporate tax. The city and surrounding suburbs also ranks 11 on the QoL index, and the NAR predicts it to be among the top 10 best commercial real estate markets for overall investment and development in 2021. 

Cincinnati, OH

Once known as “The Queen of the West,” Cincinnati is on this

list for several reasons – the first being that Ohio is also one of the states that does not charge a corporate tax, and another being that it actually ranks 22 on the QoL index. Its population of 307,266 is well-educated, making hiring quality candidates in the area less difficult than most cities. The city’s roughly 850,000 small businesses were hit hard by the COVID-19 pandemic, and as a result, commercial leasing and vacancy rates are the lowest they’ve been in the city in decades, so now may be a good time to make a switch to the city.

 

Denver, CO

Denver may be known for its long, cold winters, but it is also known as a goldmine for small businesses,

especially ones that specialize in the hi-tech and blockchain technologies. Financial giants such as Invesco have their headquarters in the city, as do 26,000 small businesses for a city with a population of 705,576. Post-pandemic, the office vacancy rate shot up to 13.1% from 12.5% in the fourth quarter of 2020 and 13.1% in the second quarter of 2020, making commercial real estate leasing cheap right now. The city ranks 38 on the QoL, and is known for its diverse, well-educated population and beautiful suburbs, making it an ideal spot for small businesses. Colorado’s state corporate tax rate is 4.63%, making it one of the cheaper states for businesses to set up shop in. 

How SBA Loan Forgiveness Works

/in , , /by

Not every small business owner is going to succeed on their first try, as roughly 20% of small businesses, on average, fail in their first year of operation according to the Bureau of Labor Statistics. This past year has seen even worse with approximately 140,000 small businesses failing due to  the COVID-19 pandemic. 

It is important to learn from your business failure and move on. After all, as author Sinclair Lewis once wrote, “Failures are finger posts on the road to achievement.” So, if your small business failed to take off the way you hoped and you have an outstanding SBA loan, there is some good news: there are steps you can take to have at least some–if not all–of the loan forgiven. 

No matter what type of SBA loan you took on for your business, be it a 7(a) loan or an SBA Micro Loan, if you have defaulted on a payment, you should talk to an attorney who specializes in dealing with the SBA, and consider applying for the SBA loan forgiveness program.

But, before you begin the process, there are several factors to consider when dealing with a delinquent, non-PPP SBA loan:

#1 Renegotiating With Your Lender

If you miss an SBA loan payment but are still holding out hope for your business, you’re going to get charged a late fee, so it is important that you keep a record of your payments as some lenders might not even alert you when you’ve missed a payment. Lenders generally don’t like to lose customers or money, so they most likely will seek to collect from you before they contact the SBA.

Some lenders may attempt to renegotiate the terms of the loan by offering a new loan repayment plan. If your business has been struggling due to the pandemic but is ready to get back on its feet soon, this may be a viable option for you as some lenders may offer interest-only payments until a new loan restructuring is complete. 

#2 How Does it Work?

If your business is no longer viable and/or you cannot renegotiate with the direct lender and apply for loan forgiveness, the first thing you need to understand is that applying for it will not guarantee that the entire loan amount will be forgiven by the SBA.

Once you apply, the SBA will evaluate your case and step in only after the direct lender has made every effort to collect on the defaulted loan. Afterwards, the SBA may purchase back 50% to 85% of the loan, and then turn directly to you, the borrower, to pay back the remaining balance. If you cannot pay back the remaining assets in full, you can submit to the SBA an “offer in compromise,” wherein you agree to pay back some or none of the loan, depending on your circumstances. 

This is the area in which you need to consult with a finance specialist or attorney who specializes in SBA loans, because the attorney can argue on your behalf that your loan should be fully forgiven. If you cannot pay back the remaining portion of the loan that the SBA states that you owe, it may actually seize your assets, which obviously is not a pleasant option. 

#3 Drawbacks of SBA Loan Forgiveness

Applying for SBA loan forgiveness requires some unpleasant steps. 

  • First, you must dissolve your business entirely and liquidate all business property. This means selling everything related to your business, including equipment, computers, office furniture, etc. 
  • Second, be aware that asking for SBA loan forgiveness will make it difficult for you to obtain an SBA loan when you move on to your next venture.
  • Third, asking for SBA loan forgiveness will negatively impact your business credit score and, potentially, your personal credit score if you were the guarantor of your business. This will make it more difficult to raise financing from both traditional and alternative business lenders in the future.

#4 Would it be Better to File for Bankruptcy?

Every business situation is unique, but if there is truly no hope for your small business, chapter 7 bankruptcy may be an option to explore. This type of bankruptcy would allow you to keep your assets and stop collection on any outstanding debt from business credit cards and loans. 

It is also very complex and costly, however. Chapter 7 would require court filings, as well as follow any legal procedures required under the Small Business Reorganization Act of 2019, which was enhanced under the CARES Act passed in March 2020. Legal fees and court appearances will add up and a court may still decide that you have to liquidate some of your assets to pay off a portion of debt still owed to your creditors. 

Again, this is an option you should discuss at length with a bankruptcy attorney or finance specialist. 

Keep Moving Forward

Once your SBA loan has been forgiven or wiped clean, do not be discouraged. The day will come when you can try running your own business once again. Learn from your mistakes and come up with another great idea for a new business! Remember, financing options will still be available to you even if you need loan forgiveness or declared bankruptcy.

Overcoming The Challenges of Hiring Office Workers

/in , , /by

The process of finding and hiring qualified, full-time employees has always created headaches for small businesses that operate out of an office, but as we near the end of the COVID-19 pandemic, those challenges have become amplified. 

As businesses try to recoup their staff to pre-pandemic levels, it’s no secret that there is a plethora of openings for office workers, yet the number of applicants available to fill those roles is far smaller. According to recent data from the Bureau of Labor Statistics, the seasonally adjusted number of job openings in the U.S. far outpaced the number of new hires and voluntary quit rate at the end of April 2021.

You Need Them More Than They Need You

To put it bluntly, the reality of the hiring landscape right now is that as a small business owner, you need employees more than they need you. No matter what type of small business you are, be it a small law, medical or accounting practice; a public relations/advertising agency or a marketing or an IT or web design firm, hiring the right candidates for an office has become more difficult than ever. 

Here are some tips on how to hire the right candidate:

Don’t Fight the New Normal

Frontline hourly wage workers obviously must show up to their place of employment, but for office workers, the pandemic has shown us the future: it is remote/hybrid work. Nobody, especially millennials, wants to shave off hours of their lives everyday by commuting to and from work on a packed train or through rush hour traffic anymore, only then to be confined to a cubicle for eight hours a day. The pandemic has taught us that most office jobs can be successfully performed from the comfort of one’s home. 

If you’re a small business owner and believe that people should be working in the office full time, then you need to seriously reconsider that view if you expect to attract and retain good talent. Even financial services giants such as UBS and Synchrony Financial recently announced that they are offering hybrid work situations. Plus, survey after survey has revealed that large swaths of workers would rather quit their jobs than return to the office. 

The times are-a-changin’, and you need to as well by offering a remote or hybrid work situation. 

Be Concise in Your Job Ads

If you placed a job ad and you find yourself having to sift through hundreds of resumes from candidates who aren’t quite qualified, then you probably were not exact enough in wording your ad. Whether you place the ad on Indeed, Glassdoor, ZipRecruiter or LinkedIn Jobs, be succinct in what you’re looking for, and try using “knock-out” statements or questions to narrow down the list of qualified candidates. Some easy knockout questions include:

  • Did you graduate college?
  • What are your salary expectations?
  • We are seeking someone with at least X years of relevant experience.
  • Are you willing to undergo a background and credit check?
  • Do you have experience using X software or apps?
  • Can you provide samples of your work that are relevant to this position?

Questions such as these in the job ads can significantly narrow down the list of qualified candidates.

Also, try to avoid asking classic-yet-pointless abstract interview questions such as “where do you see yourself in five years from now” or “why do you want to work here?” Obviously, the applicant is seeking a job to make a living. These questions contribute little to the process and will only waste your valuable time having to read the answers. 

Take Advantage of ATS

An applicant tracking system, or ATS, is software that allows you to manage the applicant hiring process and keep track of strong candidates. It can help you organize the interview process and send automated alerts to you on the statuses of candidates. They are not expensive, and are offered by companies such as HRCornerstone and Jobvite.

You can store data and export helpful reports using systems like an ATS, Google Analytics or recruitment marketing software. You don’t need to track every recruiting metric there is. 

Communicate With Candidates

Good candidates will carefully note how you treat them during the interview process when evaluating whether to accept your offer. In this regard, it is important to give them a timeline of when you’re going to get back to them and where they are in the process. When you do interview a good candidate via Zoom or in-person, give them a general idea of where they are in the process. For example, tell them that “I really enjoyed our conversation” or “I have some other candidates I have to interview, but you seem very well-suited for the job.”

Also, act fast with an offer when you do get a good candidate. Remember, if a candidate impresses you during an interview, then he/she is probably impressing other recruiters as well. 

Loosen the Purse Strings

Always keep in mind that you have very strong competition for employees, especially from larger companies. No matter how nice of a person you were during the interview, nothing talks like money. Research what the going rate is for the position you are offering (this can easily be done on Glassdoor or Indeed) and offer them more. Remember that the millennial generation values work/life balance above all else, so offer candidates flexible hours and additional paid time off days as a way of getting an edge on your competition.

Respond to Negative Reviews

You may not know it, but your small business may have bad employee reviews on Indeed, Glassdoor and other web-based job sites, which have become something like the Rotten Tomatoes of workplace reviews. 

You want your brand to come across as strong and your work environment appealing, so it’s important to find any bad reviews of your company (perhaps left by disgruntled former employees) and adequately respond to them. 

This may mean the difference between an acceptance or rejection of your offer. If you’re not reading your company’s employee reviews, you can bet that strong candidates are. 

Best Zero-Budget Productivity Software

/in , , /by

For virtual, hybrid, or even fully in-person workforces productivity software has become the newest must-have technology for organizing team members and upcoming projects. Productivity software is any program that boosts team member productivity by putting all documents, calendars, databases, and files in an easily accessible digital format on one platform.

Corporate giants have turned to productivity software as a sleek, modern means to organize employee assignments and streamline collaboration, and it’s time small businesses consider doing the same so that they can streamline projects and remain competitive. While  many of the most popular software solutions are paid tools and several more software solutions lock key features behind paywalls, there are, however, several zero-budget productivity software options for small business teams to consider when looking to kick your cooperation into overdrive.

This software collection is in no particular order of preference, as each piece of software is best suited for certain types of teams and businesses. By learning more about each productivity software’s individual perks and features, you can best determine which software solution is best for your team.

Asana

Asana is one of the most well-known productivity software options for small and large teams. The app’s sleek look is distinct and professional. It’s suite of features is robust, allowing quick integration of data visuals and a unique Timeline feature that shows a timetable overview of every team member’s assignment. Asana has integrations with Dropbox, Slack, Google Drive and Microsoft Outlook making it one of the most accessible companion tools on the market today.

Pricing: Asana’s free version allows for unlimited tasks, messages, and file storage. Free users have access to almost every feature in Asana’s diverse suite, but only 15 team members can join at once.

Bitrix24

Bitrix24 prides itself as the business software solution for any size team. Bitrix24 uses integrated video call and chat services. By cutting down on the number of programs employees must keep track of, Bitrix24 advertises themselves as a “single ecosystem” solution. Bitrix24 is especially helpful for companies with sales teams as their built in CRM suite allows salespeople to run customer support, market analytics and real-time quotes and invoices all from one page.

Pricing: Bitrix24’s free version is notably feature rich. Unlike Asana, Britix24 has no team member limit. The company increased their free software’s team member limit from 12 to unlimited during the COVID-19 pandemic and have made no indication when the limit will return. Free users have access to up to 5GB of cloud storage and basic access to CRM solutions. The only features fully cut in the free version of Bitrix24 is their outward marketing program for CRM and their Sales Intelligence advertisement data synthesis tool.

Trello

Trello is the quintessential, no-consequence, free productivity software solution. While Trello doesn’t have nearly as many specialized features as its paid competitors, Trello offers unlimited members with unlimited storage to effectively organize projects. With bold testimonials from eBay, Wall Street Journal, and even the Detroit Red Wings, Trello asserts itself as an industry player fit for any team. Trello even has no-code automations functioning – almost identical to paid software like Monday.com – which makes projects less of a chore as statuses go from “working on it” to ‘done.”

Pricing: Trello is completely free for unlimited users, but there is a paid version which adds some additional dashboard viewing options and ups the number of boards from 10. The strict functions of Trello are free and equally as effective as paid solutions.

IFTTT

IFTTT is different from the other productivity software on this list. While every other software works with boards and collaborative calendars to coordinate team members, IFTTT is a program that allows a team to consolidate all other apps and software for their job into one place using their proprietary format: Applets. IFTTT is one of the most succinct solutions for merging every piece of software a team uses into one place. For example: if a team uses slack, outlook, Monday.com, Google Drive, Zoom and several other programs daily, IFTTT Applets allow an easy no-code way to put all of those apps on one landing page, making workspaces considerably less cluttered for team members.

Pricing: IFTTT’s free version allows a user to make 3 Applets. In order to combine all workplace software, a team would only need to make one Applet. Free users can also access unlimited Applets created by other users.

Todoist

Todoist functions both as a desktop and mobile app allowing team members to connect from wherever is most convenient. Todoist allows users to connect accounts from Dropbox, Google Calendar, IFTTT and even Amazon Alexa to update dashboards and work calendars with real-time updates from other apps. Todoist also includes a unique “Karma” system that rewards team members for completing tasks. Todoist functions near-identically to paid services like Monday.com but has its own flair through “productivity visualizations” which gamifies tasks. Todoist’s slate of tools and unique features as well as it’s pricing model gears it toward small teams collaborating on one or a few projects.

Pricing: Todoist’s free version has a 5-user cap and only allows one week of activity history. Free users can also only upload files up to 5 megabytes, meaning video production collaborators may seek out different tools.

Wrike

Wrike is production software for perfectionists. Wrike prioritizes customization and uses AI systems to make automations and visuals approachable. Wrike allows users to build their dashboard from the ground up, meaning it can be developed to suit any kind of team. Wrike’s proprietary features like Gantt charts and Kanban boards also make the software one of the best tools for collaboration. Wrike’s“visual proofing” system keeps a detailed log of changes to projects and documents rivaling the detail of the G Suite. Wrike is likely best suited for startups or companies looking to collaborate multiple teams or branches at once; its project portfolio management system could easily bridge information from a sales team to a marketing team with quick detailed visuals.

Pricing: Wrike’s free version is surprisingly robust. There are no active user caps and file sharing has no data caps either. Free Wrike comes with 2 gigabytes of storage, but also allows integration from free cloud services like Google Drive and Dropbox. Some of the program’s more advanced features like Gantt charts and shareable dashboards are locked behind paid versions of the software, but the free version is more than sufficient for organizing a team.

Slite

Slite brands itself as the zero-learning curve productivity software. Their claim proves entirely true as the program’s template and table features are natural and intuitive to use. Slite allows full integration from Google Drive, Drop Box, Github and even Asana. Slite’s dashboard is notably sleek and devoid of clutter. The program’s “Catch Up” feature is very snappy and features more than the basic daily updates integrated into most productivity software. Slite morning updates will feature team trends and other data like if a team member made a change to an uploaded document.

Pricing: Slite’s free version is a great bargain. There is no cap on team members or the number of integrations you can add to your team’s dashboard. Slite’s free version only allows 50 documents to be uploaded at one time, but integrations with Google Drive or Drop Box could easily replace Slite’s document viewer. Slite’s paid version is comparably kind when looking at its competitors. Slite is one of the very few productivity programs that does not have an annual fee. Also, Slite only charges for each user that was active during the month.

Airtable

Airtable is supremely effective for planning marketing campaigns or coordinating writing campaigns. Airtable’s calendar and grid view templates allow photo integration which spices up what is often the most boring part of productivity software: the dashboard. Airtable’s sleek design is reminiscent of 2010’s MacIntosh minimalism and offers one of the most diverse customization options for grid and work board views. Airtable is especially helpful for marketing teams and has endorsements from Time, Levi’s Jeans, Autodesk, and Buzzfeed. Airtable’s dashboard system allows easy integration of content campaigns, ad spending and asset collections all in one place. The program’s diverse set of tools could likely be reworked to suit any team, but Airtable’s sleek design and quick ad integration makes it the marketers’ dream tool.

Pricing: Airtable’s free version has no team member cap, allows real-time commenting and collaboration, 100 automation runs per month, and two-week revision history. Free users also have access to Airtable’s best dashboard view options including grid, calendar, Kanban, and gallery. The only advantage paid users have is access to longer revision history, slightly larger attachment size limits and access to advanced visuals like Gantt charts.

Miro

Miro is the premier online whiteboard and brainstorming option for remote teams. Miro’s impressive collection of tools and features allows for seamless collaboration from remote workers on a digital whiteboard. Miro is a masterful piece of software best suited for design teams and brainstorming sessions. Overlaying Miro during a Zoom brainstorming session is one of the best means to layout flow charts, sketches, or even just virtual sticky notes. While Miro does not offer calendar view dashboards like its competitors, it is entirely conceivable that a team may prefer to layout projects in Miro’s freeform whiteboard system. Integrations with Slack, Google Drive and DropBox make Miro the best tool for guiding a meeting but lacking in scheduling features.

Pricing: Miro’s free version allows a team to use three editable whiteboards at a time. There are, however, no limits to the number of team members that can collaborate on each board. The only features locked behind the Miro paywall are an increased amount of boards and additional integrations with apps like Asana. Basic apps like Google Drive and DropBox still work with the free version. Miro paired with Asana is likely one of the most feature-rich options for teams willing to pay for both services at once.

Sligrid

Sligrid is an effective tool for small teams to organize projects and ideas. Like the other programs in this list, Sligrid offers grid and calendar views of upcoming projects and assignments. Sligrid, however, offers another more free-flow system for organizing and connecting tasks called workspaces. Workspaces function like flowcharts and allow one task to connect to another in a visually engaging way. Sligrid is as feature-rich as other free and some paid competitor and is likely best suited for teams benefitting from more open-ended dashboards.

Pricing: The Free version of Sligrid allows 5 team members per workspace and up to 3 workspaces. Free users have access to Sligrid’s collection of basic templates and real-time collaboration modes making the free version a solid choice for small teams. The paid version of Sligrid unlocks the number of workspaces and team members, but not many more features.

 

Navigating the Dense Market of Productivity Software

Remote work caused such a radical boom in productivity software that it can quickly become overwhelming when deciding which program is best for your team. Each program has its own unique flair, but the base function of each is the same: to help organize your team. Since each program is free in some capacity, feel free to test out each program’s proprietary features to see which best suits your style of work.

If you know of any free productivity software that should be added to this list, please contact us at Kapitus.

The Challenges of Hiring Union Workers

/in , , /by

Small businesses need to prepare for the challenges of hiring and managing union workers in the coming years, as union membership is expected to increase under the Biden Administration.

While union worker employment did not decrease that much during the pandemic as much as non-union workers, according to a study by the Economic Policy Institute, union membership is still at historic lows, thanks to union barriers created by previous presidential administrations and more states embracing ‘Right to Work’ laws over the past decades.

The Biden Administration, however, as part of its Build Back Better initiative, has already outlined plans to increase union membership across all sectors by promising punitive action against companies that violate labor laws, and denying funding to companies that engage in union-busting activities, among other things.

What Does This Mean For You?

So what does this mean for your small business? Whether you operate out of an office, are a small construction company, an independent restaurant or a small medical practice, you are most likely going to have to deal with tougher salary and benefits negotiations with union applicants. You also risk a protest and a giant, inflatable rat being placed in front of your office if you choose not to hire union workers. 

Alina Clark, marketing director at CoCoDoc, calls hiring union workers ‘more challenging than ever’ in post-pandemic world.

“Pro-union workers feel that syndicates are a fundamental building component of a powerful working class,” said Alina Clark, co-founder and marketing director at software development firm, CoCoDoc. “Opponents believe that unions are excessively restrictive and damage workers. Especially after the pandemic, the task of hiring union workers has become more challenging than ever.”

Challenges of Hiring and Employing Union Workers

As a hiring manager, there are challenges you will face when hiring union workers. Some of them include:

Bargaining and organizing.

Small business owners or their human resources managers cannot interfere with employees’ rights to organize, according to the National Labor Relations Board (NRLB). Small business owners, managers and HR executives are not allowed to fire, demote or strip an employee of his or her benefits if they join a union without some sort of negotiation.

Dealing with employee grievances.

When a union employee has a grievance with a company, the company’s actions must be consistent with any collective bargaining agreement that has been reached. Union employees can also be represented by a union official when meeting with a company’s management over a grievance. 

Meeting workers’ salary and benefits demands.

This issue is especially important as safety concerns still linger due to the COVID-19 pandemic. Businesses both big and small must negotiate with unions on wages, hours, and workplace safety conditions. 

Managing union dues. Some union employees may demand that their union dues be automatically withdrawn from their paychecks, so this is an issue that your accountant or payroll department may have to deal with.

Innovation May be Stifled

Some hiring managers said one of the biggest concerns of hiring unionized workers is that being in a union may stifle their creativity.

Brack Nelson, HR manager at Incrementors, a web design and internet marketing firm, said “Laborers are connected by the opinions of the union…working in groups promotes ‘group think’ positions, which troubles individual creativity.”

Clark added, “Union workers mainly work in groups which promotes conditions of ‘group thought’ that, in turn, deter individual innovation. The Unions are greatly focused on seniority. This typically means that fresh and high-performing [union] employees are not progressing. Likewise, personnel that do not perform at high levels are tough to demote. That, in turn, makes the process of hiring good and innovative [union] workers very difficult.”

Tips on Hiring, Managing Union Workers

Some tips on hiring and managing union workers:

  • Let union applicants know right away that your company is neutral on whether employees join unions or not, and that you are willing to negotiate fair wages and benefits.
  • Make sure you and your managers are following the guidelines set forth by the NRLB in not discouraging employees’ right to organize and form a union.
  • Just because an applicant is a member of a union, it does not mean that they can’t be creative, innovative or worthy of promotion. Encourage that. 
  • When negotiating with a union, negotiate job performance standards for unionized employees, and terms of termination or demotion if those standards are not met. 
  • Educate employees on the fact that your company is union-neutral, and strictly warn them that no one is to be pressured into joining or pulling out of a union.  

Remember, despite the potential inconveniences unions may represent, they are not your enemies. Unions are there to ensure safe work environments, fair wages and, lest we forget, we can even thank them for weekends and 40-hour work weeks! The point is, we all want workers to be treated fairly, and if you already do that, you should have minimal problems with hiring union employees. 

Does My Small Business Need a Website?

/in , , , , /by

The question isn’t whether your small business needs a website, the real question is: why don’t you have one yet?

It may seem intuitive nowadays that all businesses, no matter how small, have their own website. After all, companies generally seek to use the power of the web to extend their reach into their respective markets, grow their brand identity and potentially increase their customer base.

According to a survey of small businesses with 500 or fewer employees from Top Design Firms (TDF), however, 28% of small businesses do not have a website, with 44% of those companies planning to create one in the next year.

Addressing Doubts About Websites

If you’re one of the many small business owners who are still reluctant about jumping into the internet, here are answers to some of your most common doubts:

I have a Facebook page, so why would I need a website too?

Social Media alone doesn’t cut it.  One common myth among business owners is that simply having an account on social media sites such as Facebook, LinkedIn or Instagram is equivalent to having your own website. While a social media presence is certainly important, platforms such as FB or LinkedIn reach a limited audience and does not allow you to optimize your content. Furthermore, these platforms do not have a website address that would allow your website to appear in internet searches, thus causing you to miss out on potential customers.

I don’t believe a website will make a difference with the marketing of my business.

Consider the fact that print publications are now practically obsolete, as most people turn to their computers or smartphones for news. That’s how much the internet has become ingrained into our daily lives.

While TV commercials, print ads, and billboard marketing do still have their places, the world wide web is by far the most widely used medium when new and potential customers are seeking information on businesses. If you have a website, browsers can view your company’s mission statement, review your products and services, and stay up to date with your business’s new offerings with a stroke of the keyboard. 

Also, a website could give you an advantage over your competitors in that customers can gain unique insights into what your company has to offer. To name a few examples, a construction firm can give virtual tours of its building sites, and a medical office can showcase new,  patient technology or provide virtual appointments. In the restaurant industry, curbside-to-go became a new revenue stream during the pandemic and is likely here to stay, forcing restaurants to give their customers the option of viewing their menu and ordering and paying for their food online. 

My business is too small to have a website, plus I’m already happy with the size of my customer base.

If the past year and a half has taught us anything, it’s that no matter how established your business, your customer base can shrink – and quickly. Whether you’re a restaurant or small business services company, you’re always going to need a pool of new and potential customers. When potential customers come across your website, it gives your company instant credibility, ease of access, and potential business opportunities in places where you’d least expect. 

“By building a website, users can easily find you with a quick web search and find more information about your business in order to make informed decisions on your products or services,” said Diane Sparacio, digital marketing specialist at marketing firm Wheels Up Collective. 

A website costs too much.

Depending on what the purpose of your website will be, it can cost a little or a lot. If your goal is to simply promote your business, then low-cost, do-it-yourself services such as Wix.com, Network Solutions, or SQUARESPACE may be your answer. 

These services provide you with website templates and solutions, graphics, traffic monitoring, and a domain name. With most of these services, all you have to do is enter your desired text and artwork into the template, and a visually appealing website will be created. 

Be aware, however, that these sites often come with conditions. If you intend to generate revenue from your site, they may ask for a high percentage of that revenue, so carefully read the fine print.

If you are seeking to directly sell products or services or generate sales leads with your website, you should consider building your own site. This will require, however, a major investment, as purchasing a domain name, buying computer equipment, and hiring a web designer and programmer will cost you. You and your company’s leaders should sit down with your accountant or outside marketing firm and discuss potential financing, as well as forecast a return on investment for your website. 

A Website takes too much time to maintain.

Like any other aspect of your business, you’ll get out of your site what you put into it. Creating new, compelling content for your website will require extra work for you, but will get you more exposure. 

If you are serious in your commitment to delve into the online world, you may even consider hiring a creative content writer and search engine optimization (SEO) manager to help regularly refresh your site with content that will draw more traffic. According to the TDF survey, nearly half of small businesses have in-house employees to manage their site, and about one-third of them partner with an outside agency to manage their websites.

To put it simply, managing your business’ website will be another time-consuming chore for you, but the potential benefits are well worth the effort. 

I don’t believe my website will attract new customers.

To the contrary, the internet is now the frontline for gaining new customers and new business. Even for local businesses such as an independent restaurant or retailer, a website would allow you to expand your reach by promoting discounts, sales, new merchandise and menu items. Consumers generally seek bargains, so when they read on your site that you are offering value deals, you could be reaching an entirely new base of potential customers. 

“A website acts like an online shop window,” says Jasmine Savery, a digital marketer for web consulting firm Hydra Creative. “People all across the globe use the internet, meaning that by having a website, you can reach many more people than you could through traditional methods, such as leaflet drops or local press advertising. If you are a business that sells products, this could open up another huge revenue stream for you. It means you won’t be limited to selling your products or services in one area, or even just one country.”

About Us

Products

Contact Us