Empowering Small Businesses

A Mediaplanet Guide to Small Business Recovery

Empowering Small Businesses

Melinda Emerson America’s No. 1 small business expert, known as SmallBizLady, discusses the importance of digitizing your small business

Why technology was a small business lifeline during COVID and an opportunity post-pandemic Why women weren’t deterred from starting businesses during the pandemic

JUNE 2021 | FUTUREOFBUSINESSANDTECH.COM

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Turning an Idea Into a Business Few people are as passionate about small business as Gail Becker. The broadcast journalist and political staffer turned corporate America superstar said it was her disillusionment with corporate America that made her become an entrepreneur.

In 2016, Becker founded Caulipower — which makes frozen foods that Becker says are great-tasting and just happen to be gluten-free — in part because she has two sons who have Celiac disease, an autoimmune disorder that leaves the body unable to process gluten.

Becker says she learned most of what she knows about business from working in the shop her dad owned, which she did every Saturday as a girl for $20 per day and a free lunch.

“I remember sitting on that stoop, and as people would come into the store, whether they were regular customers or new customers, my dad would build a relationship with every single one of them — there was a familiarity to it,” Becker said. “And you know, today, I think that connection is so priceless.”

As brick-and-mortar stores have mostly lacked in-person shoppers for the past year, Becker says customers are craving those kinds of connections.

“I find that when I do venture out now, people are so starved for human interaction, that they’re actually being much nicer,” Becker said. “It’s so true in life that you don’t realize how precious something is until you risk losing it.”

For people who want to start a business but have hesitated for any number of reasons, Becker says that this, the twilight of the pandemic, is an ideal time to become an entrepreneur.

“This is a wonderful time to put your energy into your idea,” Becker said. “Ideas are really a dime a dozen — everybody’s got a good idea. The difference between a good idea and a small business is execution.”

Dustin Brennan

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How Technology Provides Small Businesses a Lifeline and an Opportunity Small businesses suffered through an emotional and devastating COVID-19 pandemic, but with perseverance and an entrepreneurial spirit, many are coming out stronger.

America’s entrepreneurs want to leave their painful experiences behind and move forward with the technology solutions that helped their businesses survive this past year.

America benefits from small businesses as job creators, innovators, and community leaders. Data show that small employers have historically created twothirds of net new jobs and churn out patent-worthy innovations at 12-16 times the rate of their larger business counterparts.

In addition to providing economic strength, the terms “small business” and “community” seem synonymous. The same entrepreneurs who are founders, shopkeepers, and restaurateurs lead PTAs and town coun-

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cils, and volunteer on the boards of their local chambers of commerce.

Throughout the turmoil of 2020, technology evolved from a luxury to a necessity for small businesses. From tracking early COVID-19 cases and shutdowns, to contactless sales and submitting PPP applications, technology kept small businesses going.

While small business owners were eager to bid 2020 good riddance, their increased use of and reliance on technology are here to stay. Here are three ways small business owners utilized technology throughout the pandemic and how it remains relevant: 1. Creating and improving an online presence In 2020, over 2 billion people bought a product or service online, likely a trend that will continue.

Technology provides a sea of opportunity for determining which ecommerce platform to use, increasing digital traffic

and building your online brand and followers, who become customers.

Small businesses used the pandemic and social distancing requirements to capitalize on an opportunity. Customers are now used to this type of service, and businesses will need to improve and continue building their online presence.

2. Helping with workforce hiring and training Businesses are having a difficult time finding qualified and willing employees to fill the jobs needed for Main Street to come roaring back.

From finding good employees to communicating to helping bolster mental and physical health, technology will play a huge role and will help small businesses weather a workforce shortage crisis.

3. I nvesting in business operations Businesses need to invest in both software (think

platforms for collaboration) and hardware (phones, video cameras, etc.) to ensure they are making the most of technology, and shifting from short-term solutions to a long-term system that can help keep a business running smoothly and securely.

A good place to start when considering the adoption of technology for small business use is the U.S. Chamber of Commerce’s Small Business Digital Platform, called “CO,” available at uschamber.com/co.

The devastation wrought by the COVID-19 pandemic on Main Street placed every aspect of small business in jeopardy. Having a handle on technology solutions that helped them survive will bring about a bright future for small businesses, their employees, and their communities. n Tom Sullivan, Vice President, Small Business Policy, U.S. Chamber of Commerce

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Publisher Adrienne Macaluso Business Developer Abraham Freedberg Managing Director Luciana Olson Lead Designer Tiffany Pryor Designer Tiffany Jackson Lead Editor Mina Fanous Copy Editor Dustin Brennan Partnership and Distribution Manager Jordan Hernandez Director of Product Faye Godfrey Cover Photo Cadey Reisner All photos are credited to Getty Images unless otherwise specified. This section was created by Mediaplanet and did not involve USA Today.

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Why Retailers Thrive or Die at the Altar of Ecommerce Within the realm of the coronavirus pandemic, ecommerce has unlocked the door to future success — so long as retailers are agile and able to pivot.

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t is a tale known by too much of the world now: With social distancing measures in place designed to stop the spread of COVID-19, everyone has had to adjust to a new normal. Operating within this realm, retailers expanded their ecommerce offerings to include online shopping, third-party delivery apps, and curbside pickup accommodations. This seemed like the obvious move on the surface, but what many consumers didn’t factor into these newfound conveniences was the toll behind them.

Retailers needed to pivot to a new,

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sometimes completely unfamiliar, way of doing business, or else run the risk of losing everything they had worked so hard for. With the pressure to survive by any means possible, retailers quickly expanded their offerings and partnered with tech experts to translate their brick-andmortar presence to the new world of near-exclusive ecommerce offerings.

For many micro and small businesses, switching to new ecommerce methods was a natural extension of the work they were already doing online through platforms such as Etsy and Shopify. This then became a pivot that paid off in spades.

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In 2020, U.S. shoppers spent $861.12 billion online, a 44 percent year-over-year increase. On Black Friday, online sales hit record highs, with Shopify reporting $2.4 billion in sales, a 75 percent growth from 2019. Meanwhile, Etsy recorded a 108 percent increase in sales from November 2019. All told, those who embraced the increasingly digital world pre-pandemic were wellpoised to take advantage of the new trends toward ecommerce.

Ingenuity Meanwhile, others had to take a

different approach. In one nota-

ble example, GeniusPack founder Alfred Chehebar launched ObjectsHQ — a direct-to-consumer furniture brand — to keep his portfolio afloat in response to shelter-inplace orders and travel restrictions during the pandemic. While the pipeline from a travel brand to a furniture one is not an obvious path, Chehebar acted as a true innovator, using his business savvy to solve an existing problem he had personally experienced. This kind of ingenuity perfectly exemplifies the power of pivoting to a new business venture or model within ecommerce and evolving with demand.

This is not to say the digital pivot ran smoothly for all, however. Even retail giants were not immune to the stressors of the pandemic, with J.Crew, Brooks Brothers, and Belk filing for bankruptcy.

Despite the trials and tribulations along the way, the pandemic has made it crystal clear that the future of retail is inextricably linked with a rapidly evolving standard of e-commerce. With the advent of the Internet age, retail underwent its first significant transformation to include online offerings. Pivoting to ecommerce during the pandemic constituted the second act of retail, and it begs the question: Where should the industry go next in response to a reopening world?

No matter what the future holds, retailers will need to learn to balance consumer needs as they come in, much like surfers anticipating the next wave. In calmer moments, brick and mortar may reign supreme, but online and ecommerce will be king during rough seas.

A new dance is forming and those who master it will thrive. n Ayman El Tarabishy, President, International Council for Small Business

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Setting Up Your Business For PostPandemic Growth Life has been upended by the coronavirus pandemic, but help is available. Here are some resources you can take advantage of to ensure you and your business make it through this challenging time.

We were encouraged to update, improve, and learn new ways to advance our businesses, products, and services.

This is our reality and call to action. This too shall pass, but during the process, we must be proactive, and keep our minds engaged and motivated.

Balance is important, so also take the time to rest, be

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present with your loved ones, build and maintain relationships, relax, and create your list of things to do that will bring about the greatest opportunity for growth.

Some of these things we may have neglected or pushed to the bottom of the priority list, but now is your chance to address them. This is not a time to feel demotivated, but rather empowered. Tomorrow is not a guarantee, so work on making today count.

Finding support Businesses are having to explore new ways to expand, incorporate technology, and receive financial aid to survive. Efforts are in place, such

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This too shall pass, but during the process, we must be proactive, and keep our minds engaged and motivated.

as the U.S. government’s CARES Act and the Paycheck Protection Program (PPP).

Applicants in California received the most money overall, followed by Texas and New York. The private sector is also actively trying to find workable solutions, but there will not be enough funding for everyone, and sadly that will mean businesses and jobs will be lost.

We all know that no matter the help being offered, it won’t allow all businesses and individuals to fully recover what they lost.

Find ways to use your expertise and create assets.

Change the mindset of fearbased influences and be cre-

ative. Allow your imagination to come alive. Avoid negative people and thoughts, as they will only depress you, and cause you to become overwhelmed and lose focus on what matters now: time.

When one door closes, windows of opportunity fly open once you remain positive and do your part. The vaccine is here. We have to find other ways to thrive.

It is our responsibility to be proactive, adhere to the CDC guidelines and practice social distancing to play our part in saving lives and our economy. This time calls for a complete reset. n Laura Butler, Certified Mentor, SCORE

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Let’s help you adapt.

Introducing WorkingNow — supplies, content and solutions to help you prepare for the new world of work.

Restock and prep for a safe return at staples.com/workingnow.

What to Consider When Starting a Business The business ownership journey can play out in any number of ways, but what is almost always certain is that there will be uncertainty.

I have spent much of my career focused on helping others achieve the American dream by gaining economic freedom through entrepreneurship. I am excited for the continued opportunity to provide education and guide small businesses.

Reconnecting Your Small Business With Its “Why” Story

What qualities do successful entrepreneurs have in common?

PHOTO: CADEY REISNER

Lay the foundation As associate administrator of the Small Business Association’s Office of Entrepreneurial Development, my goal is to help more people have the opportunity to live the American dream. That dream often begins with the basics of deciding the best legal structure to operate your business. Once you have decided the legal structure of your business, it’s time to move on to your business plan.

Build a business model Business plans come in all shapes and sizes, but one thing is clear: Business owners who methodically plan — and plan in a way that they are able to change course quickly if things don’t go well — are much more likely to succeed.

Determine viability One of your biggest hurdles in the early stages of your business, especially during the first year, is to validate that you have a viable business model. A key tool to determine viability is a break even analysis, which is available on www.SBA.gov.

Do a break even analysis as early as possible, and update it regularly in your first year of operation.

One of our goals is to ensure small business owners are aware of the counseling and training resources, and other technical assistance provided for free or at a low cost to business owners. My hope is that more people will have the confidence, skills, and resources they need to succeed as small business owners, and we can continue to revitalize a spirit of entrepreneurship in our country.

Allen Gutierrez, Associate Administrator for the Office of Entrepreneurial Development, Small Business Administration

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For businesses looking for brand purpose, it’s about reconnecting with your “why” story, as in, “Why did you start your business?” and “Why should you still be running it?” Perhaps it’s time to create a new mission and vision for your business, but it should be based on your best customers’ future needs, not their current ones.

Bestselling author, business coach, entrepreneur, and founder of SmallBizLadyUniversity.com, Melinda Emerson (AKA SmallBizLady) says it’s critical for small businesses to be authentic in person and online.

We asked her about how budding entrepreneurs can ensure their businesses reflect their values.

What is the top challenge facing small business owners today?

Access to capital is a huge concern, with only 5.2 million small businesses benefiting from PPP loans, the rest of the businesses who didn’t apply or qualify for benefits have been utilizing unemployment resources to sustain their households. With the pandemic effectively shutting down and crippling businesses in the United States over the last year, business owners are struggling to survive.

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Many minority- and Blackowned businesses have already gone under. The first place people look to buy now is online, and the businesses that are still alive are being forced to invest in their websites and online marketing, and many have had to pivot to find new revenue sources and business models. It’s a tough time.

What’s your advice to small businesses looking for their brand purpose?

Successful entrepreneurs are visionary leaders. They have a defined brand, a specific niche customer, unique value proposition, and a strong presence online. They have sales systems, follow-up systems, and they know how to draw their customers in and drive traffic to their website.

What role have you seen social media play in the success of small businesses today?

Digitizing your business and social media marketing are mandatory to be successful in business. Social media has become the No. 1 sales and marketing channel in the United States. No matter what you sell, you must be selling online. Your content strategy is tied to your social media marketing efforts.

Whether you sell B2C or B2B, you must post and share relevant content on social media sites, learn to sell directly through social media platforms, buy ads on social sites, and leverage video as an essential form of content whether you sell products or services. And then you must engage your target customers where they spend time on social media. n

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How Small Businesses Can Undergo Digital Transformation Just over one year into the coronavirus pandemic, COVID-19 continues to take its toll on economies and communities worldwide.

A survey conducted by Main Street America in late March and early April 2020 found that 80 percent of small businesses had been closed for some period of time over the past year, and nearly 60 percent said their revenue had decreased by more than 75 percent since the start of the pandemic.

This crisis has hurt our Black, Latinx, and Asian American communities the hardest.

To adapt to this new normal of day-to-day operations, small businesses are realizing digitization is no longer an option, but a matter of survival.

However, capacity for change varies widely among small businesses, and often along racial lines, with Black-owned businesses having more trouble establishing an online presence for their companies.

Start Small Think Big provides free legal, financial, and marketing support for thousands of under-resourced small businesses across the country. According to our own client survey data collected over the past year, close to half of all Black-owned businesses

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magnify those challenges.

we serve (45 percent) report not using any online distribution channel (compared to 39 percent of white-owned businesses). And one-third of Black-owned businesses report not having a website, compared to only 15 percent of white-owned businesses.

Using tech The concept of digital transformation is pretty simple; basically, leveraging technol-

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ogy to improve one’s business.

When an entrepreneur moves from using a shoebox to store handwritten receipts to entering sales into a cloud-based accounting system, or a local food business launches online ordering, that business undergoes digital transformation.

But putting this into action is a different matter entirely.

Most digital technologies provide possibilities for efficiency gains and customer

acquisition, but automating a bad process doesn’t magically turn it into a good process. You need to look at your business operations holistically.

Sometimes digital transformation can involve making difficult choices, embracing a new business model, or even targeting a new audience. If people lack the right mindset to change and the current company vision is unclear, digital transformation will simply

Staying ahead The bottom line is that digital transformation doesn’t happen in a vacuum. It’s true that digital transformation is about taking proactive steps to incorporate new technologies into your business model, but sometimes, even more importantly, it’s about making uncomfortable changes earlier than you anticipate, or reconsidering something that in the past has worked well for you, but may not be the best option anymore.

Start Small Think Big harnesses the expertise of top lawyers, financial experts, and marketing professionals who are passionate about supporting small businesses. Last year alone, we engaged over 4,600 volunteers who provided pro bono legal, financial, and marketing services valued at over $23 million. Each Start Small Think Big client — with whom we work one-on-one — receives over 45 hours of assistance over the course of a year, valued at $30,000. Our services are completely free.

Join us. Visit StartSmallThinkBig.org to become a client, volunteer, or make a donation.

We’re all for small. Are you? n Jennifer DaSilva, Executive Director, Start Small Think Big

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S

ince the beginning of the COVID-19 pandemic, small businesses (SMBs) have had to meet new consumer expectations.

They stocked hand sanitizer and free masks by the door, received orders by phone, sent texts with payment links to customers and walked orders to cars waiting curbside. As most of the United States is now open, savvy SMBs know that their customers still have outsized expectations when it comes to flexibility in what they want and how they will get it.

Shopping’s new normal comes with new expectations in how customers want to pay for things, too. Over the past year, consumers have become accustomed to paying for items in new ways and SMBs are taking notice. In the third edition of the “Visa Back to Business Study 2021,” more than 40 percent of those surveyed said accepting contactless payments via card or mobile device was critical to meeting their consumer’s needs — and that number keeps growing. Many also recognized that going digital was no longer a “nice to have,” it was a “must have.”

“In order for small businesses to keep up with how consumers want to pay, they have to think big and stay one step ahead,” said Carleigh Jaques, senior vice president, general manager of Cybersource, a Visa Solution.

“To help further educate thousands of small business owners in the United States, we recently deployed Visa Street Teams to provide contactless payment

It’s Time to Give Your Payments a Digital Makeover

information and in-store signage inviting customers to pay touch-free. As we move forward, we are laser focused on ensuring small businesses are equipped with the latest education and digital payment technology.”

Unbox. Digitize.

As the world has changed, so have payment technologies and the need for SMB owners to adapt and get a “digital makeover.” Whether updating the point of sale with contactless and touchless payments for in-person transactions, or making the sale available to the consumer

however they want to shop, including remotely via phone or computer, the priority is ensuring consumers feel safe with their commerce experiences, and SMB owners feel educated and empowered to provide the solutions.

To continue its commitment to digitally enable 50 million SMBs, Visa is hitting the road again this summer.

This time, Visa Street Teams will deliver commerce in a box to thousands of SMBs. Commerce in a box is a curated selection of offers, discounts, and bundles from Visa and its partners that are designed

to help SMBs start accepting digital payments, build an ecommerce site, market to their audience in new ways, and provide online tools to run and protect their business.

“We cannot wait to be out in communities again, meeting with the country’s great entrepreneurs — those that run our neighborhood restaurants, salons, stores, and markets,” continued Jaques. “We are initially going to visit six cities — Washington DC, Atlanta, Los Angeles, Chicago, Detroit, and Miami — but stay tuned as we may be coming to your city, too.”

Safety. Net. Almost 50 percent of SMBs think they are too small to be noticed by fraudsters, but evidence shows that’s not always the case. In fact, analysts predict that over the next five years, SMBs will be hit with more than $130 billion in losses due to payment fraud.

As important as it is to be digitally enabled to drive growth, SMBs need to pay equal attention to mitigating fraud and maintaining security. Fortunately, leading providers such as Authorize.net, BigCommerce, and Evo are deploying their capabilities to help SMBs grow, but grow profitably and safely.

Together these players will team up to offer SMBs a quick way to build or upgrade their eCommerce footprint, start accepting digital payments, and protect against fraud and other business risks.

Unbox. Online.

The Visa Street Teams wish they could knock on the door of every SMB to deliver commerce in a box. While an in-person visit may not be possible for every SMB, Visa is ensuring every SMB can access these digital offers and give their payments a digital makeover. n Carleigh Jaques, Senior Vice President, General Manager of Cybersource, a Visa Solution

Visit visa.com/unbox to learn more.

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Why Digital Tools Are Vital for Small Business Recovery The past 16 months have been the most difficult and uncertain times in a century for America’s small businesses.

Many small businesses closed their doors permanently during the pandemic. Still, many survived and built themselves a stronger future by using what we call the Digital Safety Net — free and low-cost small business tools that include online marketing, social media, ecommerce, financial and organizational software, and online marketplaces.

Our Digitally Driven 2021 Report includes survey responses from thousands of businesses over a full year of the pandemic, and the data is clear. Digital tools are critically important to small businesses. Those that adopted Digital Safety Net tools performed significantly better during the pandemic and expanded their use of digital tools during the crisis.

It is also clear that certain types of digital tools are the most valuable to small businesses.

Becoming advanced Digitally advanced small businesses, those that intensively adopted Digital Safety Net tools pre-pandemic, lost only 12 percent of revenue during COVID-19 compared to 23 percent revenue losses for digitally uncertain small businesses. Digitally advanced businesses also hired new employees at more than twice the rate of their digitally skeptical counterparts, and digitally advanced firms are more confident, with 88 percent expecting to make new hires this year com-

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better customer retention, customer acquisition, and revenue.

pared to only 36 percent of digitally uncertain businesses.

With a solid digital foundation, and the confidence and experience to double-down on the Digital Safety Net, nearly 97 percent of advanced small businesses adopted new digital tools during the pandemic compared to only 51 percent of uncertain small businesses. These businesses adopted tools for hiring, training, collaborating, and ecommerce at a rate of 14 times higher than uncertain businesses.

Specifically, we learned that online training platforms, business and data analytics, online hiring plat-

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forms, and website ecommerce were the most valuable tools for small businesses during the pandemic.

Businesses that used online training platforms reported nearly five times better revenue than those that did not; those that used business/data analytics tools generated four times better revenue; and businesses that used online hiring platforms and website ecommerce generated 3.5 times better revenue.

It is no surprise that advanced small businesses were using these tools at significantly higher rates than uncertain businesses, which almost certainly contributed to their

Overcoming skepticism With this data, small business advocates, technology companies, and the government can partner together to help small businesses overcome their digital skepticism. More than a quarter of small businesses have yet to significantly adopt digital tools. These businesses are cautious about Digital Safety Net tools due to misconceptions about their cost and difficulty to adopt and use.

The government can help millions of uncertain small businesses by working with the private sector to provide more education and training opportunities that will help them engage with the Digital Safety Net, and become stronger and more resilient. They can provide education about which tools provide the most value, best practices for implementing these tools for businesses with no experience in the digital ecosystem, and provide updated courses and training to ensure businesses can stay current on the tools available and how best to use them.

A fundamental economic and small business policy goal should be to convert digitally uncertain businesses into digitally advanced ones.

If the government, small business advocates, and technology companies work together, they can achieve this goal and the small business recovery can work for millions more businesses. n Jake Ward, President, Connected Commerce Council

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Marcus Lemonis Shares How to Make or Break a Business Pitch When asked about the biggest obstacle facing small businesses, CEO, inventor, and reality TV personality Marcus Lemonis doesn’t hesitate.

“The No. 1 problem is that you have two different sectors in small business — those that understand the importance of numbers and having their people focused and having a good product, and those that decided to get into business because they thought it was cool and hip, and forgot they needed to bring money to the table and have a business plan.”

According to Lemonis, the Small Business Administration should provide financial literacy tools to individuals before they apply for loans so they will appear sophisticated and knowledgeable about their businesses when dealing with an investor or bank. This includes the basics, like understanding the difference between credit and debit, and being able to create a balance sheet.

“We’re not putting any sort of resources behind teaching people, and we’re not giving any sort of education about the process.”

Character counts So what does Lemonis look for when making an investment in a small business?

“I obviously have to be comfortable with the people I’m investing in,” he said.

“You have to believe in their work ethic and their knowledge of their business.

You want people who actually understand their craft.”

It’s not about how much entrepreneurs have in the bank.

“It isn’t the strength of the financial statement; it’s the accuracy and the transparency,” said Lemonis, who points out, “I want to hear humility from people — that they understand what they’re good at and what they’re not good at.

“Owning a small business is a serious thing. You’re employing people. You are taking care of customers. You have to have your act together.”

Cindy Riley

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Why 2021 Is a Great Year to Grow Your Business There has never been more resources or hurdles for small business owners. We asked Anita Campbell, founder and CEO of Small Business Trends LLC (SmallBizTrends.com), about the help available for entrepreneurs and what it takes to grow a successful business.

cushion to give yourself time to grow your business. You need at least six months of living expenses, plus enough to cover your basic business expenses until the revenue becomes reliable. Think of it like a 777 jumbo jet: You need enough runway to get off the ground.

What challenges do you see entrepreneurs facing today when it comes to maintaining or achieving financial stability?

What advice would you give to small business owners looking to grow their companies in the coming year?

The biggest challenge I see 99 percent of the time is sales. Entrepreneurs may do great at spending wisely or substituting their do-it-yourself time in place of spending, but fall short of bringing revenue in the door. I heard a Silicon Valley investor once say that every startup entrepreneur should create their financial projections, then take those projections, divide the revenue in half, and double the expense projections. That’s because it will take longer to generate consistent, reliable revenue than most entrepreneurs expect.

So what’s the answer? Have enough of a savings or funding

This is a terrific time to grow; I am seeing a lot of pent-up demand post-COVID. The economy is opening up and people are spending. That also includes companies who sell B2B. Decision-makers held back and many projects were put on hold in 2020. Now people are ready to buy again.

Take advantage of that pent-up demand — kick your marketing into high gear. For example, small businesses could send out emails to past customers indicating their business has opened up and is operating at full capacity. Or do a postcard mailer, perhaps even a local TV ad.

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How have you seen small businesses embrace cloud technology to more effectively improve their financial stability in the past year?

We’ve seen a revolution in how companies view their workplace; it’s no longer just an office, it’s any place their people can connect from.

Some businesses were not ready for the pandemic’s impact and had to scramble to continue operations.

They had to figure out how to serve customers when their people were working from home. They also had to find ways to make sales during a time when prospective customers were not able or willing to visit a physical location.

The most successful small businesses embraced expanded delivery of products, online selling, and remote customer service. Cloud technology — such as video conferencing, virtual phone systems, accounting and ecommerce applications — was their savior. Some businesses, such as gyms and personal trainers, totally changed their business models in order to serve customers in their homes via video conferencing, for example. n

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Less time with paperwork.

More time with teachers.

Bee Nance Senior Director of Finance and Talent Generation Teach

“Now we pay everybody in a matter of minutes.

I can even process payments when I’m out in the field.

That frees me up to be part of our community in person.

It’s been a game changer for me.”

Generation Teach is just one of over 115,000 SMBs that trust Bill.com to help automate and remotely run their payment processing.

To learn more about Bee Nance’s story, visit Bill.com/usatoday

Word-of-Mouth Marketing in a New Digital World

Going the Extra Mile for Remote Employees

Marketing and branding professionals Cynthia Johnson and Zach Binder explain how consumer habits have shifted during the pandemic, and how successful businesses are shifting along with them.

The economic crisis and changes in consumer behavior brought on by the pandemic forced many entrepreneurs to rethink how they run and market their small businesses, especially when it came to digitization in an already increasingly online world.

According to Binder and Johnson, co-founders of branding agency Blue + Ivy, the secret to a successful pivot during a crisis is to pay attention to your core customers, build trust in your brand, and not be afraid to spend a little more until things return to normal.

As important as a strong SEO strategy and Google rankings were before the pandemic, Binder said they became even more important during it.

“Influencer marketing became really tricky in the last year because influencers weren’t going anywhere and they weren’t doing anything,” Binder said. “So I think for a lot of people it was about getting back to basics and relying on good, old-fashioned, positive reviews online, good SEO, good rankings, and probably a healthy mix of paid advertising as well.”

In addition to building a robust online presence, it’s also critical to be there for customers when it matters most.

“When you’re looking at large corporations that are going through these global or national crises, the brands that always win are the ones that spend more and don’t stop spending during that time,” Johnson said.

“And the reason is that people remember how you make them feel. They remember seeing you when they needed you the most.”

The lesson, at the end of the day, is to keep it real. The most effective marketing is always by word-of-mouth, and the best way to get word-of-mouth advertising online is to keep all content genuine, targeted, and impactful.

Lynne Daggett

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Johnny C. Taylor, Jr., SHRMSCP, President and CEO of the Society for Human Resource Management (SHRM), explains why mental health resources must be at the forefront of employee wellness.

How should employers monitor employee well-being?

Employee wellness should be top of mind, and employers must recognize that mental health is just as important as physical health. In fact, SHRM research found 1 in 4 workers frequently feel down, depressed, or hopeless — yet more than 1 in 3 workers reported having done nothing to cope with these feelings.

Signs of stress include irritation, anxiety, and lack of motivation, and 22 percent of employees report having trouble concentrating. Employers should keep an eye out for key indicators through regularly

scheduled check-ins. Encourage remote workers to turn on their cameras during virtual meetings. Staff surveys can also uncover employee struggles and needs, especially for those less inclined to speak up.

How can we help employees cope?

It’s important to make sure employees have access to and understand the mental health resources available to them.

Telehealth and employee assistance programs can offer the support needed for a remote workforce. Encourage employees to speak with someone they trust about their concerns and emotions, even encouraging them to get a regular mental health check-up in the same way they schedule an annual physical. It is critical to provide resources that allow workers to feel safe and supported while reducing stigma around mental health in the workplace.

How can we increase employee morale?

As an employer, it’s important to recognize and reward the good work being done — perhaps now more than ever. With many workers now remote, traditional methods may not be feasible. However, that shouldn’t deter you from recognizing a job well done. Now is the time for employers to go the extra mile to support their employees.

Small gifts and meal deliveries are great ways to boost spirits. If the company is facing financial difficulties, consider alternative methods of appreciation. Give your team a few extra hours off on a Friday. Send a thank-you card to team members or an email to the company outlining a job well done.

Recognition doesn’t need to be elaborate. Thoughtful, sincere gestures can go a long way in making employees feel valued and engaged while working remotely. n

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Small Businesses Are Struggling to Hire, So They’re Turning to Accessible AI Technology Hiretual, an AI-powered recruiting software used by both small businesses and large enterprises, saw rapid fluctuation of the job market through a steep drop in volume of candidate searches on the platform across all market segments. The platform saw a rise in lost subscriptions due to drastic budgets cuts, indefinite hiring freezes and businesses that were gone in its entirety.

However, when the nationwide roll out of vaccines began to kick in, recruiter activity on the platform began to show a massive uptick.

For small businesses, that spike came at the start of 2021 — and along with it came a growing challenge for these companies to fill their open positions. According to NFIB’s job report for May 2021, 48% of small businesses reported unfilled job openings.

Hiretual took a deeper look into the hiring concerns of small businesses this year through its Recruiting for Recovery report launched in June 2021. The survey showed that small businesses were beginning to turn to AI technology and emerging software for hiring, marketing, and business development efforts to attract more interest for open positions.

54% of small business owners across industries such as manufacturing, hospitality, professional services and technology, found it difficult to identify new talent in the first five months of 2021.

On average, these businesses spent more than 10 hours each week sourcing for new talent across platforms such as LinkedIn and job boards while actively looking for new channels to find potential candidates who would be interested in applying for open positions. 44% of respondents from small businesses introduced an AI sourcing tool in 2021 to cut down search times for new candidates.

Monique Davis runs her own small business, a boutique recruitment agency and coaching firm called Fresh Talent Sources Inc. Davis not only experienced the pandemic from the lens of a small business owner, but also as a partner to other small businesses who were looking to hire. “ We all have experienced a major

budget shift one way or another in this climate. Job boards are getting expensive to those of us trying to gain some stability, so it’s awesome when a new tool is out in the market to compete with what we have been so used to having,” she said.

Davis leveraged Hiretual during the pandemic to help her clients navigate hiring time crunches. “I had a client that needed a replacement candidate for a role that was filled, but that candidate changed their mind after accepting the offer. So I created an AI sourcing string on Hiretual and in less than 48 hours, I not only had multiple replacements but we found someone new that was offered the job.”

In 2020, Hiretual introduced new plans to accommodate smaller businesses with access to affordable AI recruiting technology for scaling hiring with the necessary speed. “The post and pray strategy for small businesses will only get less effective as the demand for talent escalates,” says Jeff Kaye, Co-CEO at recruiting firm Kaye/Bassman - Sanford Rose Associates. “However, tools and technology that incorporate a vast array of data sources that deploy machine learning and artificial intelligence to identify a diverse pool of the ideal candidates are now available and affordable to any size firm.”

Kaye says that these tools allow for immediate direct engagement with talent to deliver unique and compelling messaging specifically targeting candidates that best fit opportunities. This helps small businesses show potential talent their ability to provide more flexibility, personalized leadership, and authentic relationships than larger companies.

“Big businesses value their people, but small businesses value the person. We are a small business ourselves and have used Hiretual to identify, evaluate and secure talent not only before the largest competitors but also from them,” he adds.

To try out Hiretual’s plans for small business owners, sign up for a 7-day free trial by scanning the QR code below.

Why Your Small Business Should Have a Robust Social Media Presence

Why do small businesses need to have a social media and online presence to be successful?

Humans connect with humans, not logos. Social media is the ultimate equalizer because it levels the playing field and provides access to the people behind the brand. The ability to connect, intimately yet at scale, has been democratized.

Small businesses are able to humanize themselves through social channels and make real connections with their customers. Those connections not only convert, but they compound over

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time. First we must humanize, then we can monetize.

How are successful small businesses leveraging social media to meet the evolving demands of consumers?

Small businesses are able to listen loudly and efficiently through social communication channels. The social platforms enable an instant feedback loop that can be invaluable to small businesses. It no longer takes expensive research studies to learn what your customer thinks and feels. Small businesses are able to iterate

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quicker by listening to their customers and asking them for insights.Social media is also a way for customers to hold businesses accountable and choose products from companies that align with their values. Social media is a magnet for finding likeminded, like-hearted people who have similar beliefs.

In your opinion, how do small businesses help to strengthen our local communities and overall economy?

When you choose to spend money with small businesses, you’re automatically

PHOTO: CADEY REISNER

Social media is seen as a great equalizer because it allows businesses to directly connect with their customers.

We asked Amy Jo Martin — founder of Renegade Accelerator, New York Times best-selling author, educator, investor, and podcast host — about how small businesses can monetize their online presence.

voting and rooting for your community, your neighborhood, and the economic health of your geographic region. This is an ecosystem that directly impacts your days and your life.

The business world can seem very maledominated. What advice would you give to aspiring women entrepreneurs with this outlook?

Find your mentors. A lot of my mentors have been men because of the sheer numbers in the industries I’ve worked in. It’s been beneficial to have both male and female men-

tors who share my values and vision for how women can impact the world.

Also, find your community. Confidence ties back to community and competence. Having a community of women who are fiercely supportive of one another and leverage their assets together, like the Renegade Accelerator, can change the trajectory of an entrepreneur’s journey and their business. We are investing in one another, making introductions daily, hiring one another, sharing advice, and creating collaborations.

This enables ten times the thinking and execution. n

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Now is a Great Time to Help Customers Spend Big, but Pay Small.

Offer online shoppers flexible pay-over-time options that will grow your business.

The pandemic put e-commerce in overdrive, fueling purchases across every category. And there are no signs this will slow down any time soon. Adobe’s Digital Economy Index notes the continued upward trend in online spending as Americans are on pace to spend $1 trillion online in 2022.

Despite these startling figures, retailers across every industry are struggling with a shopping cart abandonment rate lingering just below 70%. If retailers could cut cart abandonment by just 10%, there would be an additional $300 billion of consumer spending up for grabs. A 10% increase in revenue can mean the difference between staying afloat or going under for small businesses.

Retailers can grow their business by easing cart abandonment and increasing conversion by offering buy now, pay later options to their customers. The popularity of these flexible payover-time services has grown over the last few years as more and more merchants are offering these types of payment installments. But it is essential to understand that not all BNPL options are created equal. Some even create as many barriers as they remove.

The premise behind BNPL is simple. Consumers can shop and receive their product right away but spread the payments over time. However,

most short-term, micro-loans offer cheap, shortterm financing, which is ideal for lower-price purchases. Sounds great, unless the shopper misses a payment. Then the fees and interest can be crippling. Worse still, this process can put a barrier between the retailer and their customer. With a lengthy application, checkout abandonment can soar. Even if the transaction is approved, the shopper relationship is now owned by the BNPL provider. The consumer is paying them back, not the merchant who actually sold them the product.

Splitit takes a completely different approach by tapping into the existing credit available on a shopper’s credit card and puts that credit to work in a more intelligent way. The shopper can buy what they want and get it right away while paying monthly installments, and Splitit will never charge interest or fees. Because it’s using their existing credit card, there’s no application, meaning a simpler, faster checkout experience.

Plus, shoppers can enjoy all the perks of their credit cards like points, miles, rewards and cash back.

This fast checkout experience means incremental revenue, increased conversion, and excellent customer reviews. Splitit integrates easily with all major e-commerce platforms, so you can help sell more and deliver the best customer experience at the same time. Everybody wins!

The Splitit Difference 1. Attract New, High-value Customers More than 135 million US shoppers with established credit with little to no revolving debt have over $3.1 trillion in spending power.

They have the means to buy high-ticket items but are looking for ways to stretch their dollars.

2. Increase Revenue When shoppers pay small, they spend big – up to +20% higher average order value (AOV).

In fact, Splitit has a $1,000 AOV, four times higher than other BNPL providers.

3. Get Up-and-running, Fast!

Simple integration with your existing e-commerce platforms, like Shopify, Magento and woocommerce, means you can offer installment payments on the same day.

4. A Better Customer Experience Shoppers have a seamless and frictionless experience, never having to leave your site—no extra steps. Just enter your credit card details and select the number of installments.

5. Higher Conversions The seamless and intuitive checkout helps decrease shopping cart abandonment by up to 10% and leads to higher conversions.

Let Splitit help you increase revenue by offering a better experience. Adding Splitit to your online store lets customers spread their payments effortlessly over time with no extra cost to them. It’s a pain-free and responsible way to let your customers make payments over time without adding new lines of credit or unnecessary hassles.

More than 135 million US shoppers have established credit and the means to buy high-ticket items. Still, they are looking for a way to stretch their money and budget their purchases in a more flexible way. In fact, 52% of Americans state that they would use their credit card to make these purchases if provided the option to pay over time without any interest or fees. With $3.1 trillion in untapped credit in the United States alone, that presents a massive opportunity for retail innovation.

Learn more about increasing conversions and see if Splitit is right for you at

splitit.com/smallbiz

The Resources Available to Help Small Businesses Come Back Stronger

Sebastian Siemiatkowski CEO, Klarna

Steven Jiang CEO and Co-Founder, Hiretual

Arianna Huffington Founder, Thrive Global

We surveyed our panel of experts about why it’s critical to support small businesses and what entrepreneurs can do to overcome the challenges presented by the COVID-19 pandemic.

Why is it important for us to support local small businesses, especially during these unprecedented times?

Sebastian Siemiatkowski: Small businesses are the lifeblood of the U.S. economy and too many — particularly those owned by women and minorities — have been devastated by the pandemic. As consumers are increasingly shifting toward ecommerce, these entrepreneurs are experiencing higher rates of store closures, lost revenue, and layoffs. The pandemic has only accelerated that transition, which has caused catastrophic ripple effects throughout local communities.

Steven Jiang: Hiretual works with a long list of small businesses who come from the staffing and recruiting industry. We’ve seen so many third-party service industries

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struggle to stay afloat during the pandemic as their clients navigate their own uncertainties and retract business. These small companies need support from the community, larger businesses, and even software vendors like us to build steady momentum for post-pandemic recovery.

company’s bottom line and the health and well-being of every company’s most important resource — its people.

So in the same way well-being boosts our immune system, culture serves as a company’s immune system, giving it the resilience to meet inevitable challenges.

businesses are running into problems competing for talent while staying within their means. It’s going to be critical for small businesses to prioritize the experience of their workers and find creative ways to make up for things they can’t offer, whether through long-term value or mentorship.

Why is company culture so important for employee well-being?

What is the biggest challenge facing modern small business owners today and what advice would you provide to entrepreneurs looking to overcome this?

Which technologies have you seen make the biggest impact on small business recovery efforts during the pandemic?

Arianna Huffington: It’s important because we now know an enormous amount about how stress and burnout affect us, both at home and at work. The science is clear that when we prioritize our well-being, we’re more creative, productive, and resilient, and we make better decisions.

Well-being isn’t just a perk, it’s a competitive advantage.

And there’s a direct connection between the health of a

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SJ: Hiretual surveyed 245 small businesses in May to see how they were coping with hiring this year. We found that more than half of these businesses had trouble finding talent for open roles while 44 percent struggled to get responses from qualified talent. With larger enterprises enticing workers with higher wages and better benefits, small

SS: Let’s face it, digital shopping is here to stay, and it’s only growing more popular. With that, businesses need to utilize technology to optimize the checkout and shopping experience. Providing shoppers with more purchasing power through flexible, transparent payment options is crucial.

During the pandemic, one of our retail partners, Juiced Bikes, implemented a feature

that skipped the cart page and took customers directly to checkout, which decreased one of the most critical problems online retailers face: cart abandonment. They also switched to offering Klarna’s flexible options and saw an increase in average order value.

How have you found success in your own workplace wellness initiatives?

AH: In my own life, I’m more productive, more energized, and more present. And with Thrive Global, I very deliberately wanted to model the idea of a sustainable startup, proving that burnout isn’t necessary for success, even for a startup. We’re living out our principles and showing that not only can we have exponential growth and prioritize employee well-being, but that well-being, unplugging, and recharging are actually key to exponential growth. n

How Small Businesses Can Bounce Back in the Wake of a Pandemic

Carleigh Jaques Senior Vice President, General Manager, Cybersource, a Visa Solution

Doreen Burse Senior Vice President of Worldwide Sales, United Airlines

Matt Eckhouse Senior Vice President of Sales, Staples Business Advantage

Small businesses encountered an unprecedented wave of challenges throughout the COVID-19 pandemic, but the innovations they made will help them well into the future. We asked our panel of experts about how savvy business owners can leverage these solutions into future success.

Why is it important for us to support local small businesses, especially during these unprecedented times?

Carleigh Jaques: The economy won’t bounce back until small businesses bounce back. They are the backbone of our economy and the heartbeat of our communities. Representing more than 90 percent of the world’s total businesses and more than half of global GDP, it’s no exaggeration to say that when they rise, we all rise.

We recognized early on in the pandemic that small businesses were both disproportionately important and at risk. That’s why we directed many of our resources toward them and made a commitment to help 50 million small businesses “go digital.” By boosting small businesses, we

can support economic, community, gender, and social equity across the board. We also make our communities more vibrant and richer when we support small businesses.

Doreen Burse: Small businesses have been some of the most resilient during the pandemic, and the innovation and adaptation we saw in this sector is inspiring. Small businesses have continued traveling throughout the pandemic because, in many cases, in-person interaction was essential to their success. The growth potential of these companies is virtually limitless, and the ideas coming from them are going to shape what’s next. It’s an area we’re highly focused on and excited about working with.

What is the biggest challenge facing modern small business

owners today and what advice would you provide to entrepreneurs looking to overcome this?

Matt Eckhouse: Across all industries, engaged employees create success: If you have great people who love what they do, half your problems as a business owner are already solved.

The challenge small business owners now face as we leave the pandemic is how to get back the full benefit of in-person collaboration and culture, while also leveraging the new advantages of remote work that many employees have grown accustomed to during the pandemic.

Large companies are aggressively attacking this problem and spending millions. Small businesses need to be smart here as well or they will risk losing access to the best talent.

CJ: One of the biggest challenges for small businesses is keeping up with consumers’ adoption of new technologies. With new ways to shop coming to our fingertips every day, the lines are blending between in-person and digital commerce experiences.

Which technologies have you seen make the biggest impact on small business recovery efforts during the ongoing pandemic?

DB: Touchless technology.

Customers are looking to do business in different ways than pre-pandemic, and reducing friction — and touch points — in the process is now an expectation. The great news is that these technologies are widely accessible, and easy to

implement and use. At United, you can do almost everything you need using your mobile app, including checking bags and boarding the flight. Touchless technology is changing the game for companies big and small.

ME: Technologies that support communication. In particular, video conferencing solutions like Microsoft Teams, Zoom, WebEx, and all the others, and the tools that make those solutions powerful, like Windows laptops with collaboration software, webcams, headsets, microphones, and monitors.

For a minor investment, small businesses can create virtual communication spaces in offices and homes, which used to only be affordable for large companies. n

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The Tools That Helped Small Business Owners Survive in 2020

Gary Vaynerchuk CEO, VaynerMedia; Chairman, VaynerX

Toby Scammell CEO and Founder, Womply

Lillian Roberts Founder & CEO, Xendoo

René Lacerte CEO and Founder, Bill.com

We asked our team of small business experts about how tools like social media, ecommerce, buy-now-pay-later solutions, and more helped entrepreneurs stay afloat throughout the pandemic, and how to leverage these technologies in the future.

What is the top challenge facing small business owners today?

Gary Vaynerchuk: It’s a tricky question because you have the people that were affected by COVID, much more than others in the small business world, so to break it up into a subset, one group is just looking to survive, because the rules of COVID are unfortunately not in their favor. And then the other group is in the macro, more general; it’s how to make marketing money drive their business.

Toby Scammell: Small businesses have a big impact on our economy and local communities. They’re critical to job creation, upward social mobility, and they represent the best of America’s values such as freedom, independence, and

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optimism. But these dynamic businesses are often thinly capitalized, so economic shocks like the pandemic can lead to widespread business failures without government support.

What is the biggest challenge facing small business owners today and what advice would you provide to entrepreneurs looking to overcome this?

Lillian Roberts: Speed of change in business — you have to be ready to run like hell. Speed of change requires small business owners to be agile, be humble, be daring, recognize opportunity, build relationships, and never stop learning. The pandemic was a great lesson of agility for small businesses; learning to let go of what was and being able to turn on a dime in an ever-changing world.

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René Lacerte: Starting and growing a business is incredibly challenging on its own, and the ability to adapt to change means there can be make-orbreak decisions every day. Even as entrepreneurs try to stay focused on the top line, we consistently see and hear that the back-office burdens steal their precious time and limit their ability to scale.

In your opinion, why are small businesses the backbone of the American economy?

GV: I just think it’s data, the amount of jobs created. A stunning amount of our Fortune 500 big businesses started as small businesses. So for me, it’s not only the sheer amount of job and local economic impact it has mathematically; I tend to remind people that almost

every big company in this country started small.

Which technologies have you seen make the biggest impact on small business recovery efforts during the pandemic?

TS: The pandemic accelerated two buying trends: First, customers are moving further away from the cash register when making payments.

Second, the amount of time between when a product or service is delivered and when a customer actually pays for it is increasing. Software and hardware solutions are making these shifts possible.

LR: For restaurants, it was the online payment and menu platforms that provided the ability to deliver their food in a closed world. For businesses that

had to shutter their doors and switch to a remote work model, Zoom and similar technologies became essential to sustainability. Online bookkeeping and accounting platforms became imperative to keeping businesses compliant for PPP loans.

Payment platforms became even more essential for all sizes and industries of business.

RL: Whether a small business operates in-person, partially remote, or fully remote, technology should make their lives easier. It should work for business and not against them.

Early on in the pandemic, many small businesses realized their processes for accounts payables was unmanageable.

You could no longer walk around the office to get approvals. Signing checks and reviewing invoices in person was just not a viable option. n

Meet the Women Who Launched Businesses During a Pandemic It’s challenging enough launching a new business under ordinary circumstances, but add in a once-ina-century pandemic and those challenges escalate to a whole new level. Still, that didn’t stop women business owners from starting their own businesses over the past year.

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n fact, the National Association of Women Business Owners (NAWBO), the voice of America’s more than 11.7 million women business owners, and Gusto, the all-in-one small business payroll and benefits platform, recently partnered on a survey of 1,199 women business owners across industries about their experiences during the pandemic and resulting recession.

The second in a series of reports that resulted from this survey, called “Who Started Businesses During the Pandemic? A Survey of Women Starting Businesses During COVID,” shows that 5 percent of the women business owners surveyed started a new business during this time.

Another key finding was that minority women are driving new business starts — because they’ve had to. Nearly half (47 percent) of businesses started by women in the past year

are minority-owned. Many did so out of need; minority women were more than twice as likely (35 percent vs. 17 percent for others) to start a new business because of financial imperative.

The study also found that these women business owners are carrying the bulk of financial responsibility for their families. Fifty-one percent of women who started their business last year are either the sole provider for their household or the primary source of household income.

Impeccable timing Heather Polivka is one of those women who launched a business during the pandemic. For this NAWBO member, it was simply a case of “impeccable timing” as she decided in late 2019 to leave a successful corporate career and follow in the footsteps of her mom and grandfather, who were also entrepreneurs.

Kathy Warnick 2020-2021 Chair, NAWBO Institute for Entrepreneurial Development; President, Warnick Consultants, LLC

In March, as the country was shutting down, she opened HeatherP Solutions, which was built around her belief that a company cannot be successful unless it has the buy-in of employees, because they drive the brand experience and deliver business value.

It hasn’t been easy.

Polivka’s business plan immediately went out the window. The worst-case scenario she planned for from a revenue perspective quickly became reality, forcing her to have some serious conversations with her husband and board of directors. With their support and insights, she focused on what she could control. At first, that meant shifting her mindset from selling to being of service to

her community and other businesses.

Polivka’s focus ultimately became employee engagement. She launched a service offering at the request of two clients, which has grown and sustained her business over the past year.

It supports brand identity, the work experience, and a company’s vision of the culture they want to create through monthly plans with content and activities.

Looking back At the end of the year, Polivka reflected on what she had learned, what worked, what didn’t, and where she wanted to focus in 2021. This year, with the vaccine rollout and opening up of the economy, Polivka’s clients are now thinking about whether or not they’ll make a full return to the office, take a hybrid approach, or remain remote.

As part of her reflection, Polivka also determined it was time to hire a virtual assistant and marketing

assistant. This would allow her to focus more on the growing areas of her business where she is most needed. She brought on two entrepreneurial women who she knew were also taking a leap of faith and betting on themselves.

Polivka says business is still challenging, but in different ways as she now navigates growth. In many ways, the actions she’s taken have allowed her to show up with more confidence and have opened the door to more opportunities. She’s also beginning to see the “seeds” of what she planted over the past 6-9 months suddenly sprout, as more companies are ready to invest in their employees, work experience, and culture.

And that’s something that will no doubt continue long after the pandemic for this entrepreneurial woman who took a leap of faith and launched a new business during an extraordinary time. n

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