9 minute read
Resorts World to ‘Adopt’ Small Businesses
EXPERT ADVICE MARKETING TIPS TO KICK START GROWTH
It’s one thing to have a business, it’s another to know how to grow it. Advertising is a crucial step toward growth, but you may not know where to start.
Business owners are used to hearing the most promising solutions all day, but advertising and marketing isn’t one-size-fits-all. You have to know your business, what you want for your business, and all of the options available to reach your business goals.
The marketing experts at Spectrum Reach know a thing or two about growing a business and the steps you should take to make your goals a reality. Here are a few tips to keep in mind:
• Know what you want to
achieve. Do you want to establish brand awareness, overall growth, or do you want to introduce new services and products? Your business exists to fulfill a need for your consumers, but what is that need?
Your customers need to know why they should pick your business and, most importantly, you should know that as well. Get specific with your intentions in order to take the necessary steps toward your goals. • Explore how to achieve your advertising goals. You may already be familiar with the advertising landscape, however you can’t assume that what worked in the past will work again. This year alone proves that the media world is constantly evolving.
In the current climate, as people spend more time at home, they are tuned in more than ever. With multiscreen advertising, you can reach the right consumers where and when they are most engaged. • Get familiar with your audience. You don’t need a big audience if it’s the right one. Identifying who your ideal customers are and where and how to reach them is key to making your marketing and advertising strategy effective.
The right advertising partner should help you understand your audience and come armed with aggregated and de-identified data and privacy compliant research to show you who to reach and how. In order to truly understand your audience, you need to know their demographics and psychographics.
The more you know about your consumers, the more likely your advertising efforts will work.
As a local business, it’s important to note that most customers stay within their neighborhood and vicinity when making purchases. If you’re advertising outside of that area, you may be wasting your investment.
Privacy compliant data allows your business to find and reach the audiences that will be the most interested in hearing your message. • You’re paying for transparent results. One of the biggest misconceptions about advertising is that it’s reserved for companies with huge budgets. Not so. Advertising, especially at the local level, is affordable and effective.
It’s not enough to throw a certain amount of money into an advertising campaign and then occasionally check to determine if your investment is effective. You have to keep up with your results and adjust accordingly.
While you should pay attention to which media channels work best, the time of day that has the most reach, and the performance results of one ad over another, you also need an advertising partner who readily provides up-to-date information and answers these questions for you.
These guidelines are just the tip of the iceberg. Spectrum Reach harnesses the power of multiscreen advertising for any business and offers a simplified one-stop-shop destination for marketing solutions. The marketing experts at Spectrum Reach have a wealth of advertising knowledge that they’re ready to share to help your business succeed.
Learn more about growing your business at spectrumreach.com.
CHAMBER MEMBER NEWS RWNYC TO ‘ADOPT’ RESTAURANTS
Resorts World New York City (RWNYC) is joining the Queens Chamber of Commerce’s “Adopt a Small Business” program. RWNYC is sponsoring 40 local small businesses with a complimentary oneyear membership to the Queens Chamber of Commerce.
Opened in 2011, Resorts World New York City is the first and only casino in New York City. Situated next to Aqueduct Racetrack in Jamaica, RWNYC receives over 10 million guests annually. Resorts World New York City is operated by the Genting Group, a global corporation that has destination resorts across Asia, Europe, and North America.
This summer, RWNYC is preparing to open a hotel, the 400-room Hyatt Regency JFK.
“As a business that had to close its doors during the pandemic, we recognize first-hand the economic impact COVID has had on the business community,” says Michelle Stoddart, vice president of Community Development at RWNYC. “This is why it’s important to us that we help other businesses get back on track to recovery.” Among the 40 businesses Resorts World New York City will sponsor through the Chamber partnership are dozens of restaurants in neighborhoods surrounding their property, including many in Ozone Park, Howard Beach, Woodhaven, and Richmond Hill.
Restaurants were among the hardest-hit businesses during the pandemic, having to pivot exclusively to delivery and takeout during the 2020 lockdown. Even as establishments have begun to reopen in phases, overall restaurant sales volume has not caught up accordingly.
Membership to the Queens Chamber of Commerce gives business owners access to a wealth of resources including advocacy, government agency assistance, discounts, and a vast network of industry contacts. These resources can help businesses adapt to the new landscape of commerce America faces.
Since reopening their doors in September 2020, Resorts World New York City has doubled down on its community outreach efforts. In 2020, they developed the Community Partners Program, a coalition of small businesses that offer discounts to its rewards card members in exchange for free advertising.
RWNYC hopes its new partnership with the Queens Chamber of Commerce will encourage more businesses within the five boroughs to enroll in their Community Partners Program to increase their visibility.
“Businesses don’t exist as islands,” says Stoddart. “We all rely on each other. When businesses band together and share resources, the community wins. The people win.”
EXPERT ADVICE DON’T FORGET BUSINESS SUCCESSION PLANNING
BY RONALD FATOULLAH
Owners of successful small businesses generally want their businesses to continue to succeed for a long time to come, regardless of who controls the business. Yet, they often fail to focus on succession planning for the businesses they have put so much time and energy into building.
The following are some of the important considerations for business owners: • Estate Planning. Small business owners often do not have updated estate plans that outline to whom they would like their shares in the business to pass. This can create a huge headache for both the surviving partners/ co-owners, as well as the family members of the deceased partner/ co-owner who may not know the first thing about running a business.
Ronald A. Fatoullah, Esq. is the founder of Ronald Fatoullah & Associates, a law firm that concentrates in elder law, estate planning, guardianships, trusts, wills, and real estate. This summary is not legal advice. For legal advice, reach the firm 718-261-1700 or toll free at 1-877-ELDER-LAW.
A business owner must not only the other partners need to take age the business will be crucial to have an estate plan that addresses time away from their typical roles the successful continuation of the this, but they should also review within the business in order to business. their estate plans at least once take care of the activities of the • Additional Considerations every few years as life circum- deceased partner. in a Family-Owned Business. stances change. Moreover, busi- Another issue that can arise Owners of family-owned and run ness owners must review their when a key partner dies is that business must consider all the estate plans each clients and customers may threat- issues mentioned above. Howevand every time en to leave the business and the er, they must also consider a host there is a change remaining partners will be forced of other issues that may arise: in the tax law. to hire a very high-paid replace- (a) Deciding whether the busi• Buy-sell ment, which can threaten the ness should make it to the next Agreement and financial stability of the business. generation where the second genLife Insurance. By preparing for this event eration lacks the skills and comMany partnerships and other small through the purchase of key per- mitment of the prior generation; businesses have (and those that son insurance, the remaining part- (b) Ensuring that the next gendon’t, must consider) a buy-sell ners can ensure the continuation eration can and will provide for a agreement, which comfortable retirement dictates what will happen if a partner should die (or A business owner should review their estate plans at least once for those in the preceding generation if the business continues; and become disabled) every few years as life circumstances change. (c) Navigating the during the course choppy waters of interof the partnership. family disputes where
The buy-sell a greater share (or all agreement may require the sur- of the business they worked so of the business) may be left to viving partners to purchase the hard to build. one or more child who currently deceased partner’s share from his • Management Versus Own- works in the business, and not or her family. The death of the ership. A good succession plan to other children who previously partner, in this case, will be the should not only consider owner- did not have much to do with the triggering event. But how will the ship of the business in the event business. remaining partners pay for the of the disabling of one or more It’s important that owners of buy-out? owner, it must also consider man- small business consult with an
Business owners should consid- agement of the business. attorney who has experience in er a life insurance policy on each The succession plan must assisting businesses with preparof the partners’ lives. In the event ensure that there is someone (or ing for the future of their pracone partner dies unexpectedly, the a team) who can handle the day tices, so that the issues described remaining partners will be able to to day activities of the business, above do not create unnecessary purchase the deceased partner’s which include operations, admin- stumbling blocks which may share and continue operating the istration, finances, etc. The per- threaten the survival of the busibusiness without having to get son or team that is chosen to man- ness. involved with the deceased partner’s wife, children or other heirs. • Key Person Insurance. Also CEO’S MESSAGE referred to as “key man insurance,” this life insurance is criti- CONTINUED FROM PAGE 3 Queens with resources that will cal in many businesses where the enable opportunity for growth contributions and roles of one or the U.S. Small Business Admin- and sustainable long-term sucmore of the partners are essential istration to present “Starting a cess. Visit queenschamber.org for to the continuation of the busi- Business at 50+.” There is no all the details. ness. time like the present to manifest Summer 2021 will be one to
Often times, one or more of the your entrepreneurial goals. remember. We’re healthy, busipartners will have an active and I’ve said it before and I’ll con- nesses are thriving, and the future important role in the company. In tinue say how thrilled I am to be looks bright. Thank you for your the unfortunate event that a key president of the Queens Chamber. continuous support of the Champartner was to pass away, the sur- Our staff and I are committed ber. vival of the entire business may to providing business owners in Remember: Queens STRONG! be threatened if, for example,
