Future of Small Business

NOVEMBER 2017 | FUTUREOFBUSINESSANDTECH.COM

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Future of Small Business LEARN why an insurance agent could potentially be your business’ most valuable player.

Basketball legend turned businessman Magic Johnson

shares his playbook for small business success.

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George Foreman’s journey from heavyweight champion to iconic entrepreneur.

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2 | FUTUREOFBUSINESSANDTECH.COM | IN THIS ISSUE

Marcus Lemonis, star of hit series “The Profit,” outlines the importance of financial literacy.

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Industry experts weigh in on the obstacles and opportunities small businesses present in 2017 and beyond.

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“Duck Dynasty” star Willie Robertson shares how his family’s business went from catfish to capital.

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5 Ways to Protect Your Small Business Against Disaster The graphic images of destruction from hurricanes Harvey and Irma tell us a short story of a major disaster. But the longer story of disaster recovery is an economic one, and it starts with small business readiness.

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he entrepreneur with a solid disaster preparedness plan is more likely to stay in business and reopen sooner, despite any interruption.

That means quickly renewing revenue flows and getting employees back on the job. Here are a few planning tips you can use to protect your business from the unexpected: 1. Determine your greatest risk potential Look at the building where the

business operates and assess the property damage risks.

2. Review your insurance coverage Contact your agent to find out if your policy is adequate for your needs.

Consider Business Interruption Insurance, which compensates you for lost income if you have to close your doors with disaster strikes.

3. Build a crisis communications plan Ensure your staff, customers, vendors, and contractors know what’s

Planning your next move ahead of time, including learning about disaster assistance, is an important decision for your business and your community.

going on. Establish an email alert system. Use social media to keep the public aware you’re still in business, and in the process of recovering from the disaster.

4. Protect your vital records Have a plan for protecting computers. Have offsite backup files. Scan and backup hardcopy files.

5. Prepare your supply chain Develop relationships with alternative vendors, in case your primary contractor isn’t available.

Find out if your key suppliers have

a business continuity plan. Create a contact list for vendors you plan to use in an emergency.

Being aware of disaster threats is a good start. Planning your next move ahead of time, including learning about disaster assistance, is an important decision for your business and your community. The action you take now to prepare and prevent financial losses while protecting your community will leave a lasting impact on the lives of many. n

By James Rivera, Associate Administrator. U.S. Small Business Administration

Publisher Luke Solomon Business Developer Jourdan Snyder Managing Director Luciana Olson Content and Production Manager Chad Hensley Senior Designer Celia Hazard Designer Carla Cadó Vielmo Dietrich Copy Editor James Diabri Production Coordinator Josh Rosman Contributors Michael Barton, Stephanie Bush, Erik Day, George Foreman, Michael Keane, Joey Jachowski, Marcus Lemonis, Sue Poremba, Brent Reinhard, James Rivera, Willie Robertson, Matt Vischulis Cover Photo Magic Johnson Enterprises All photos are credited to Getty Images unless otherwise credited. This section was created by Mediaplanet and did not involve USA Today.

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Building a Relationship with Your Insurance Agent It only takes a second for a disaster to destroy a business. Putting your trust in insurance may help.

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want to have a hassle when there’s a problem. The last thing you want to worry about if a problem arises is how you’re going to deal with it.”

Ambrozic has not had to file a claim, but Rykman has helped him prepare if that time comes.

His company equipment and vehicles are covered under Allstate Insurance Company business policies. He also has protection from Allstate for his personal life, auto and home insurance.

Rykman has even helped with health insurance for the staff.

“He just calls me to say he has a new vehicle or equipment, and we can help,” Rykman said.

M

ore than 40 percent of businesses disrupted by disaster without a continuity plan never reopen. However, according to the 2017 Allstate/USA Today Small Business Barometer survey, just over half of small business owners have a business owners policy; about one-third carry professional liability; and only 14 percent have business interruption insurance.

Bad things can happen to any business Having insurance to cover your business should be a given, so why aren’t small business owners protecting themselves from potential disaster? In part, it is because many small business owners are focused on immediate issues, making insurance one of the last things they think about, stated Lindsey Rykman, an Allstate agency owner based in Marietta, Ga who specializes in commercial insurance.

Yet, she added, without that insurance, a single event could stand between the company staying open or closing. Rykman provided this example: A power outage and surge ruined a florist’s refrigerated inventory and damaged the refrigerator, resulting in thousands of dollars in lost merchandise. It took days to repair the refrigerator, leaving limited inventory to sell during that

LINDSEY RYKMAN, certified commercial Allstate agency owner. PHOTO: DAVID HUFF PHOTOGRAPHY

time. Luckily, there was coverage, because without insurance, Rykman said, “they would have gone out of business.”

“A lot of businesses aren’t aware of the potential losses,” said Loretta Worters with the Insurance Information Institute. “I tell small business owners they have to be their own risk manager, taking a close look at the potential risks for their business.”

Unfortunately, many small business owners don’t know what they don’t know.

Eliminate your burden When Dr. Richard Ambrozic, owner of Southern Vein & Laser; Southern Skin & Wellness Center, a multi-office medical practice, opened a new facility in the Atlanta area, he already knew Rykman, but it was the repu-

tation of her business that led Ambrozic to work with her.

Rykman and her team are thoughtful, helpful and there when you need them. “That’s all you can ask for from an insurance agency,” said Ambrozic.

Having an agency owner like Rykman has been beneficial to Ambrozic. “You have a million things to think about as a small business owner, and you don’t

Experts can help Allstate understands the needs and concerns of small business because each agency is a small business itself. “[We have] a trusted advisor model that we follow,” said Rykman, explaining the steps she takes to build relationships with customers. “We also live in these communities and use these businesses.” Knowing their customers and their businesses personally allows agents like Rykman to build individual, trusting relationships.

“Building a relationship is all about knowing the customer,” Worters added. “Your insurance agent can’t help you select the right coverage if you aren’t open about your needs.”

“Customers expect their agent will take care of them,” Rykman stated. With an agent, you’ll have someone who understands your challenges and helps with solutions to keep you protected if disaster strikes. n

By Sue Poremba

4 | FUTUREOFBUSINESSANDTECH.COM | INSPIRATION

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From Gloves to Grills: How George Foreman Built His Empire

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n 1994, at the age of 45, Foreman became boxing’s oldest heavyweight champion after defeating 26-year-old Michael Moorer. He argued that his success was due to healthy eating, which made him a perfect fit for Salton, Inc., who was looking for a spokesperson for its fat-reducing grill.

Following advice Foreman recalls acting as a sponge his first few years in business, absorbing as much information from his peers as possible. “At first I was afraid to ask questions, so I just listened. I listened to everything that I could,” he recalls. “I learned everything I know just by paying attention to people around me.”

To date, more than 100 million George Foreman Lean Mean Grilling Machines have been sold worldwide — transforming what was once a small business into a global empire.

“Small business is what moves this country,” Foreman states. He’s right — according to a recent survey by the U.S. Small Business Administration, there are 28.8 million small businesses in the United States, which account for 99.7 percent of all business in the country. “If you learn to sell, you will never starve.”

Fight for success Recently, Foreman capitalized on his entrepreneurial success by endorsing InventHelp, the company responsible for INPEX (Invention and New Product Exposition), America’s largest invention trade show.

His advice for new entrepreneurs struggling to absorb the punches of starting a new business? Lace your gloves and put up a fight.

“In boxing, you might make the first round, you might get knocked down, or you might get booed, but it doesn’t mean that you give away the fight,” he explains. “That’s the way it is in business. You knock on a hundred doors — maybe the door will slam in your face, but if you keep knocking, one will eventually open up.” n

By James Diabri

PHOTO: COURTESY OF THE WALKING COMPANY

During the peak of his career, heavyweight legend George Foreman helped define professional boxing.

Today, he is still using the lessons he learned in the ring to drive a multi-billion dollar business.

Here’s how he did it.

6 | FUTUREOFBUSINESSANDTECH.COM | CONVERSATION

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Willie Robertson Opens Up About the Humble Origins of the Duck Commander Empire The eldest Robertson son chronicles the rise of Duck Commander from a living room operation to a multi-million dollar enterprise and shares the lessons he’s learned along the way.

PHOTO: STEVEN PALOWSKY

PHOTO: NAME SURNAME

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or over half a decade, A&E’s hit reality show “Duck Dynasty” ruled the airwaves; the show’s fourth season premiere alone drew a record-smashing 11.8 million viewers. But what underlies the success of the show is the enduring success of the Robertson family business, Duck Commander, which was started by family patriarch Phil Robertson in 1972 out of his home in Louisiana — and has spiraled into a merchandising empire last valued around $400 million.

Today, it’s the eldest son Willie who serves as CEO of Duck Commander and spinoff clothing brand Buck Commander.

Mediaplanet sat down with the businessman, author and TV personality about the lessons he’s learned along his crazy ride.

Robertson and sons From an early age, Phil enlisted his four sons to help with the business, and they quickly learned the challenges of entrepreneurship. “We didn’t really have any employees,” Willie recalls, “so every order that came in had to get done by someone in the family. If we got a phone call, somebody would have to take the call and write it down. Someone

would have to make the product, package it and ship it. We even had to do the customer service.”

Money matters “As you get bigger, more demands come. We had to figure out how to make sure we hit our deadlines.

You also have to figure out how to front it, and we didn’t really have any money,” he laughs. “We had to go to the bank to borrow money.”

Robertson lists managing money and preparing financially for the future as two major challenges for most small business owners. “People overspend and start buying things they don’t need,” he cautions. “We always had to remember that we might have a lot of money sitting here in November, but we had to think about next July and August, because that’s when things were really lean.”

Though small business ownership isn’t for the faint of heart, Robertson argues, it can have handsome rewards. “You have to put a lot of work in.

I’ve done every job at our company. Hard work is hard work.

You gotta put time in and be there.” But, he states with confidence, “Any challenge ahead, you can overcome it.” n

By Emily Gawlak

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8 | FUTUREOFBUSINESSANDTECH.COM | INSIGHT

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Marcus Lemonis’ Advice for Small Business Owners In an exclusive interview, star of CNBC’s “The Profit” shares insight on financial literacy, investing and why he doesn’t recommend doing business with friends and family.

What’s the biggest obstacle to financial literacy?

reserves for rainy days. Savings is rainy-day-for-the-future and investing is money that you can afford to risk. You can’t afford to risk savings in my opinion.

Savings can help you if you need cash for an emergency like a job loss. In the case of saving and investing, I’m looking for you to save money to provide for your future, provide for a rainy day and I don’t ever think that money should be used for investing.

Putting your pride aside is probably the biggest key. I recommend getting financial advice from someone you trust, as well as from online resources, community college classes and the public library. The time that you take to study and learn those things will give you a significant leg up on the competition.

What impact is your show having on kids?

What’s the number one rule for investing?

We have a lot of young people watching our show. It’s exciting to know kids want to grow up to be in business. I think they’re realizing you can’t be in business if you don’t have basic financial literacy.

If you’re going to invest, you have to get comfortable with the idea that you could lose it. People should invest in assets like property or equipment, instead of ideas, which can be risky. For people who want to buy real estate as an investment, I suggest buying commercial real estate with solid tenants, which means you can collect rent on a steady basis.

"I believe understanding numbers is a roadmap to success.”

I’m a big believer in saving money and I’m a big believer in having

PHOTO: SANDRO

What’s the difference between saving and investing?

You recommend not doing business with family and friends. Why? Investments don’t always go well but Thanksgiving always comes.

I believe understanding numbers is a roadmap to success. For business owners, not knowing the basics will hurt their ability to make projections and grow the business. Without financial know-how, they find themselves out of cash and out of business before they even realize it. n

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10 | FUTUREOFBUSINESSANDTECH.COM | SPOTLIGHT

Stephanie Bush Executive Vice President of Small Commercial, The Hartford Financial Services Group

Can you share an out-of-the box tip for someone starting a small business?

Your business is a reflection of your personal brand and it’s important to build your brand from day one.

Never underestimate the power it has. It represents how your customers will know you, how you pursue your goals, how you deliver on your commitments and how you contribute to your community.

The Hartford is a 200-year-old company and we work fiercely every day to protect and enhance our brand by helping our customers prevail in the face of the challenges that confront them.

What is the biggest challenge facing small businesses today?

I believe that we must continue strengthening our small business culture and fostering entrepreneurial spirit. Prospective entrepreneurs need to be supported as they bring their ideas to the marketplace, whether with financing, talent or expertise. There are so many complex responsibilities unrelated to their central business objective — how can they take that leap with confidence? For many small business owners, their business is their passion, their life’s work and their most important financial asset, yet too many don’t find the solid infrastructure they need in order to succeed.

In what way has the insurance industry helped small businesses overcome that challenge?

Our industry is an important part of a small business’ infrastructure. It begins with understanding the needs of small businesses and developing products and services that are responsive to those needs. We were the first company to form and staff a business unit exclusively focused on small businesses. We continuously evaluate our insurance products to ensure they help protect businesses against both established and emerging risks. And we work closely with one of a small business owner’s most trusted advisors — their insurance agent — to help the client purchase the right policy to protect their most valuable asset, their business.

How Entrepreneur Magic Johnson Parlayed Sports Success to Business Success Basketball legend and entrepreneur Earvin “Magic” Johnson shares how his professional sports career prepared him to become a successful businessman.

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wanted to show that athletes could go from the ball court to the board room,” says the retired L.A. Lakers’ point guard, who’s now the Chairman and CEO of Magic Johnson Enterprises, an investment conglomerate, worth an estimated $1 billion dollars.

“Basketball was about details and paying attention to the details,” says Johnson, who calls himself a perfectionist. “I'm a very detailed organized guy as a CEO now. And competitive as hell and I want to win for my partners, investors, for myself and for the community.”

Investing in Urban America In the 1990’s, after he retired from basketball, Johnson started investing in businesses in urban America, including an alliance with Sony Pictures to develop Magic Johnson Theatres; and as Starbucks’s only franchisee in the history of the company, acquiring and later selling 125 stores.

Other businesses weren’t investing because they didn't think they could make money. But Johnson knew it was an underserved market and wanted to make a positive impact in these underserved urban communities.

“We proved that retailers and companies could make money in urban America,” he says. “Especially when you look at the $1 trillion spending power of black Americans and $1 trillion spending power of Latinos,” he says, “Now there is more investment in urban cities across America because of what I started over 20 years ago.”

The Magic sauce These days, Johnson, who was part of the 1992 “Dream Team,”

PHOTO: MAGIC JOHNSON ENTERPRISES

Opportunities and Challenges for Small Business Owners

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that won Olympic gold medal in Barcelona, is president of basketball operations for the Lakers and co-owner of the, Los Angeles Dodgers. The 2012 acquisition of the Major League Baseball team was the highest purchase price for any professional team at the time.

He’s also co-owner the Los Angeles Sparks of the WNBA and Major League Soccer’s Los Angeles Football Club.

Johnson has many other investments too, including controlling interests in EquiTrust, a $14 billion financial services company; as well as African-American television network ASPiRE, and food service and facilities management company, SodexoMAGIC. How does he manage all these projects so well? “The magic secret sauce is really hiring the right people,” says Johnson, who has five NBA championships and three NBA MVP awards, explaining he has a great management team, with managers he empowers to make decisions.

"Any business is all about the people who are running the

business, making decisions,” he says. “The decision-makers are the ones really making it go every single day." Johnson likes to hire motivated people – self-starters, who are driven to win.

In basketball, he had to know what motivated teammates.

Nowadays he has to keep his employees focused. He wants them to believe in the brand, values and mission of the company.

Investment opportunities When he's evaluating a business opportunity, Johnson looks at the company’s track record, management team and the prospects for the next five years.

He credits his mentors – former Lakers’ owner Jerry Buss, who died in 2013, and current mentor, Peter Guber, who he’s been working with for the past six years – with helping him succeed in business.

“Get yourself a mentor – get somebody to help you,” he says, explaining a good mentor should be willing to take you aside and help you get started in your business.

The same goes for an investor.

Johnson says entrepreneurs need more than just money.

“You want someone who can write the check and open the doors for you,” he says, noting in addition to financial contributions, investors should introduce you to the right people and offer business expertise.

Build and protect your business reputation so others want to work with you. “Word of mouth in our business is really important,” he says. “Your reputation is really important; your brand is really important.” n

By Kristen Castillo

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12 | FUTUREOFBUSINESSANDTECH.COM | TRENDING

Exploring the Bay Area Innovation Ecosystem The Bay Area Council Economic Institute is a leading authority on what makes Silicon Valley and the broader Bay Area a global technology and innovation powerhouse and the envy of regions around the world looking to recreate its success.

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ilicon Valley and the surrounding Bay Area offer a unique case study for economic and technological growth. Understanding what makes this knowledge-based economy tick is the main focus of the Bay Area Council Economic Institute, a research group with unmatched connections to the Bay Area’s entrepreneurs, academic and research institutions, investors and business and public policy leaders.

Going back to 1945 The roots of the Economic Institute can be traced back to the early days

of Silicon Valley, when pioneers like Frederick Terman, the Varian brothers, William Shockley and two Stanford University graduates by the name of Bill Hewlett and David Packard were launching a technological revolution that would change the world. Led by a group of business titans, the Bay Area Council was formed in 1945 as a public policy and advocacy organization to pivot the region from a wartime to civilian economy and ensure the region remained innovative, competitive and sustainable. The Council later formed the Economic Institute to provide the important

research and analytics crucial to its policy work.

Today, that economy operates at full force, bringing together world-class research institutions, government funding, venture capitalists, start-ups, incubators and much more. Throughout that innovation and growth, the Bay Area Council has been at work advocating for better infrastructure, public transportation and environmental conditions.

Up to speed in the 21st century What’s extraordinary about the Bay Area Innovation Ecosystem is that it’s a natural phenomenon.

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Because of a culture encouraging collaboration and risk, Silicon Valley has expanded well beyond its borders to impact the rest of the world. Looking at investment alone, according to 2015 reports from the Bay Area Council Economic Institute, California far outpaces the rest of the United States as it pulls in over half of all venture capital investments, 80 percent of which goes to the Bay Area. This statistic is driven by Silicon Valley’s range of tech-related industries, spanning computer companies like Cisco and HP, internet companies like Facebook and Oracle, and biotech companies like Genentech and Bayer — and the area continues to foster industries surrounding technologies such as artificial intelligence and autonomous vehicles.

Only a few decades ago, research universities in the Bay Area relied on one main client: the government. Now many more commercialized outlets and sources of funding support those entrepre-

neurs who call Silicon Valley home.

From collaborative campus models and federal research laboratories to independent research facilities, the research environment driving innovation is now richer and more diverse than ever before.

Entrepreneurs in this setting are supported by the entire Bay Area ecosystem: researchers, venture capitalists, universities, angel investors, etc. The area benefits from the local influence of technology giants like Google and Apple, and research institutions like Stanford University and the University of California campuses — and also from companies headquartered across the world that have set up shop in Silicon Valley.

The Bay Area, at its core, operates as a successful center of innovation because of the amount of interaction and collaboration taking place, and it’s an innovative environment that continues to spur further growth and advancement. n

By Joey Jachowski

NEWS | MEDIAPLANET

4 Things You Need to Know to Bring Your Company Global

PHOTO: JAIME CODY PHOTOGRAPHY

Companies looking to establish global strategies in a changing technological landscape can look to key takeaways from HSBC’s technology summit held in the heart of Silicon Valley.

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ndustries across the world are being disrupted by technological innovation at a breakneck pace. As competition only continues to grow in business and technology, companies need to look outward to new markets and cross-border collaborations to be successful.

As a top-tier banking and financial services provider, HSBC

has expertise in navigating major technology corridors around the world — and is primed to bring companies into the global space.

Recently, HSBC held a technology summit, “Silicon Delta to the Silicon Valley – Connecting the Worlds Innovation Corridors,” bringing together business leaders from the United States and China to highlight the winning formula for going global.

1. Recognize global opportunities Which markets are poised to provide your company with the most opportunities? The technology summit highlighted two of the

most dynamic regions of growth and innovation in the world: China and the Silicon Valley.

American companies looking to explore investment opportunities in China’s economy, the second largest in the world, need to know how their company strategies align with state policy and market trends. Advisors like HSBC, with an established presence in these markets, know that China’s booming private sector and technology industries provide major investment opportunities.

2. Navigate barriers to entry As companies look beyond their home market, they need to under-

stand which markets are worth exploring, the major players in those markets, the currency, the regulatory environment, and the consumers. The business leaders convened by HSBC discussed how finding the right partners helps overcome hurdles around entering foreign markets. A company may not be able to bridge multiple markets alone due to the local regulatory environment. Or they may prefer to have partners and investors help guide them toward long-term growth. Regardless, businesses should look to shared goals and strengths as they cross borders and nurture mutually beneficial relationships.

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3. Leverage technology innovation With innovation affecting all sectors and company size, organizations should ask themselves how technology can be a springboard for growth. In a hub like Silicon Valley, this is at the forefront of everyone’s mind, but this question has global relevance as well.

China, for example, has its own technology hub known as the Silicon Delta, the innovation center surrounding Shenzhen and the Pearl River Delta. And in 2016, the total number of patents filed

by Chinese companies jumped by 45 percent, while China’s tech giant Huawei Technologies filed more patent applications than any other company in the world.

The innovation ecosystem is immense, tech accelerators such as RocketSpace and incubators such as Galvanize are actively helping new technologies to get off the ground — from start-ups to Fortune 100 companies. This innovation landscape signifies cross-border collaborations are more important than ever as companies put capital behind advanced technology and invest in international markets.

4. Identify experienced advisors Taking the step to go global requires experience, connections and knowledge offered by financial services advisors like HSBC. HSBC saw the opportunity to bring together tech leaders from both China and the United States because of their long standing presence in both countries.

As one of the world’s largest banks, HSBC has an extensive corporate banking network worldwide, and in China alone has 180 offices with over 5,800 employees. Collaboration with advisors who have this level of expertise and established support means companies can effectively break down barriers to entry in opportunity-filled markets. n

By Joey Jachowski

This article is intended solely for informational purposes. HSBC Bank USA, N.A. assumes no obligation to update or otherwise revise this article. The information, analysis and opinions contained herein constitute our present judgment which is subject to change at any time without notice. Nothing contained herein should be construed as tax, investment, accounting or legal advice. In all cases, you should conduct your own investigation and analysis of each potential transaction, and you should consider the advice of your legal, accounting, tax and other business advisors and such other factors that you consider appropriate. This is not a recommendation, offer, endorsement or solicitation to purchase or sell product or service. HSBC Bank USA, N.A. 2017. ALL RIGHTS RESERVED. Member FDIC. To learn more about HSBC’s expertise in the technology landscape and other industry verticals: search online for HSBC Industry Expertise.

14 | FUTUREOFBUSINESSANDTECH.COM | INDUSTRY PERSPECTIVE

Michael Barton President, Allstate Business Insurance, Allstate Insurance Company

A Small Business Plan for the Future

Five industry experts discuss what small business owners need to know for 2018 and beyond.

How can small business owners be planning for their future?

Matt Vischulis Vice President, Small Business Card, Capital One

Michael Barton: There are many resources developed to address the business issues that keep small business owners up at night.

Small Business Connection and SCORE are great examples. They provide free access to expert advice, business mentoring and education. Using these tools can help you plan for potential pitfalls and “what if” scenarios.

Matt Vischulis: As a business

Michael R. Keane President, Hanover Core Commercial, The Hanover Insurance Group

grows and evolves, so will its needs. You’ll want to consider how time-consuming tasks, like cash flow management and accounting, are handled. Technology can play a major role in simplifying the way you run your business. Keep an eye on new solutions coming to market and how they might enhance processes and save time, so you can focus more energy on innovation and growth.

Michael R. Keane: Business

Erik Day Vice President, Dell Small Business North America

owners know they need to plan strategic initiatives and source financing months in advance to ensure the success of their businesses. The best business owners we see assemble teams of experts to help them plan. By tapping into specialists like lawyers, financial planners and insurance agents, business owners can focus on running and building their businesses, testing new products and services, researching new trends, or building new capabilities that will help drive their future success.

Erik Day: So many small business

Brent Reinhard Head of Product and Marketing, Chase Business Banking

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owners are taking a do-it-yourself approach to IT and trying to run a business on whatever technol-

ogy they can get their hands on.

The cost savings for this kind of approach are only short-term. In the long-run, you’ll save by proactively setting up your IT to be ready to scale. The impact of a technology failure during a business-critical moment can be catastrophic if you aren’t preparing from day one.

Brent Reinhard: Two items come

to mind: smart cash management and succession planning. Being a master of your cash flow will help you get through unexpected expenses or contingencies. JPMorgan Chase Institute found that half of small businesses have just 27 days of cash available. Also, it’s never too early to start succession planning. One in 3 small business owners are 65 years old or older, so we have a growing population looking to sell, transfer or exit within five years.

How would you advise a small business to define and set themselves apart?

Understand your customers’ needs, know the value you bring them and deliver it consistently. You can only do that when you choose suppliers, vendors and advisors wisely. Surrounding yourself with people who can help address business issues outside your expertise allows you to focus on doing what you do best.

Michael

Barton:

Matt Vischulis: The value and

experience you deliver to your customers, business partners and vendors defines who you are and what you stand for. By delivering an exceptional, consistent experience, you’ll build long-term relationships while driving a positive reputation among new customers and across your industry. Ask

yourself how you can enhance that value and experience — then invest in tools and technologies designed to make it happen.

Michael R. Keane: As we look at the most successful business owners with whom we work, we see strategic, thoughtful owners.

They plan for any eventuality, good or bad, that might occur and create solid contingency plans. By having these plans in place, these business owners can better identify where to take smart risks to distinguish their businesses from their competitors.

Erik Day: From solving challenges to embracing their own creativity and to helping the planet, the small business community is incredibly diverse. Define your goals as a business and then leverage technology as a competitive advantage to move you towards those goals and that will set you apart.

Brent Reinhard: Define your core

values and make them part of your brand DNA. Do it better than anyone else, and customers will start to recognize. Also, don’t ever be satisfied — continue to innovate and think creatively.

What is the biggest challenge facing small businesses today?

Michael Barton: Protecting per-

sonal information in the digital age is especially important to small business owners. The threat of compromised data is real and responding to breaches can be costly from both a financial and reputational perspective if left unplanned.

Matt Vischulis: Staying compet-

itive requires business owners maintain a deep understanding

of where their market is today and where it’s going. And though business owners are increasingly optimistic about the economy, year-after-year they continue to cite cash flow and keeping up with technology as two top challenges impeding growth. By leveraging tools and technology designed to improve capital positions and help businesses run more efficiently, businesses can have more time to focus on innovation.

Michael R. Keane: Owning a

small business today is not as simple as it might have been 25 years ago. Data breaches, importing and exporting goods through online markets, leasing equipment, telecommuting and using independent contractors are just a few examples of newer exposures that small businesses have that require unique expertise beyond basic insurance coverage.

Erik Day: The biggest challenge is data storage, backup and security.

Small businesses are targeted more frequently with cyberattacks than any other group. We want small businesses to call us about their data protection long before an issue arises. Of course, we are here to help you if you hit a snag, but it’s better to proactively protect your data.

Brent Reinhard: According to the

Business Leaders Outlook report from Chase for Business, small businesses most often cited the following top three challenges: ability to grow sales and revenue, uncertain economic conditions and healthcare costs. However, out of the 1,000+ small business leaders who took the survey this year, many are feeling more confident about the national and global economy, compared to years prior.

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