Give businesses a holiday gift: Shop local
METRO NEWS SERVICE
Various components come together to make the holiday season a festive time of year. There is a lot to get done in a short amount of time during the holiday season, and part of that includes shopping for all of the family members and friends on your shopping list. Shopping can be a complicated process that involves identifying which stores will be the best places to shop. Local retailers make the perfect place to shop for holiday items.
According to the American Express Business Economic Impact Study, more than two-thirds of every dollar spent with a local business stays in the community. Indeed, shopping local benefits consumer and community alike. The following are some of the many perks to shopping locally throughout the holiday season.
Personalized attention: Small businesses are known for their personalized customer service and owners and staff are often lauded for taking the time to interact and learn about their customers, a dynamic that is impossible at larger retailers.
Meet and interact with people: Shopping in-person at local stores, you’ll see faces from
your community and become better known in the local area.
Shorter lines: Local stores are bound to have smaller crowds and thus shorter lines. That translates to less stress and hassle when it comes to getting in and out with holiday gifts.
Smaller carbon footprint: Pollution, traffic congestion, habitat loss, and resource depletion may not occur on the same levels when shopping locally compared to patronizing big box stores. That’s because local retailers tend to create or source their products locally, whereas many big box stores secure their goods overseas.
Easier parking: This goes hand-in-hand with smaller crowds, as shopping locally does not typically require driving up and down endless aisles at malls or standalone retail stores in an effort to find a parking spot. Local retailers in town may have on-street parking or closed lots that are convenient to shoppers.
Small batch shopping experience: Consumers can secure items in small businesses that are not carbon copies of those found across the country at major retail chains. When seeking a unique, thoughtful gift, shopping locally is the way to go.
Support small businesses isn’t hard
It’s easy to overlook how integral small businesses are to local, national and even global economies. The Small Business Administration and the U.S Census Bureau indicate small businesses account for 99.7 percent of all American businesses, employing 56.8 million people. Since small businesses are the economic engine of many neighborhoods and communities, it’s in everyone’s best interest to pitch in and ensure such firms’ success. Thankfully, it’s easy for anyone to support the small businesses that make their communities unique.
• Shop locally and online from small businesses as much as possible. If you cannot shop right away, consider purchasing gift cards to the retailer or service provider and share them as gifts to others.
• Before you immediately go with a well-known chain or e-commerce giant, find out if a local retailer offers the same items you need and shop there.
• Actively discover new brands, check them out, and then spread the word about your findings to others.
• Share posts from small businesses on social media. It’s good exposure for them and can help to widen their customer base.
• Attend special events or promotions hosted by local businesses. Well-attended events may spark others’ curiosity.
• Share a quick photo of something you bought at a small business or of a service they provided. For example, if a local landscaping company did a wonderful job putting in a new patio or pavers, share the before and after with those you know.
BUY LOCAL
Looking for a support network? Shop around
Small
METRO NEWS SERVICE
The power of small businesses is immense. However, starting a small business is no easy venture. The financial resource Fortunately states that roughly 22 percent of small businesses will fail in their first year of operation. Thirty percent fail because they run out of cash. One of the ways a small business can do better is to utilize the support of other local businesses.
Business owners often conduct market research to identify who their competition is and to determine if there is room in the market for their products or services. It’s just as important for established business owners to keep up with the who’s who in the business community, as doing so can pave the way for collaborative efforts that benefit all local businesses. Here are some ways small business owners can support one another.
Offer reassurance: Simply knowing they are not alone can help a small business owner survive.
Owning a business can be stressful, and having another person acknowledge that it’s alright to feel overwhelmed at times can be the spark owners need to press on.
Share opportunities: A business owner who discovers a resource or an opportunity that worked for
him or her, or even one that didn’t work but may for another, can pass on the information to another small business owner. It’s not about driving others down, but lifting them up.
Cross-promotion: Business owners can show support by promoting other businesses in their communities. Make a bulletin board (either in-person or online) of other local business cards to recommend. This exhibits your community spirit and builds camaraderie. Use every opportunity to refer complementary businesses. For example, a local pet shop may recommend a pet groomer or veterinarian.
Organize networking events: Whether it’s done through a local Chamber of Commerce or individual efforts, small business owners can spearhead events that get other business owners together to network and share ideas. These meetings can be informal to help others let off steam at the same time.
Volunteer and donate: Small businesses can meet other business owners, but also become more involved in their communities through volunteer events. Partner with charities or other local businesses to promote philanthropic efforts. School supply giveaways, beach sweeps, community park refurbishments, or even supporting efforts to clean trash from Main Street are great ways to get involved.
BUY LOCAL Running a better business: It’s about time
Manage the minutes and the hours will go by with fewer frustrations
METRO NEWS SERVICE
There only are a set number of hours in a day and a lot of demands on personal time. Finding ways to use time more efficiently and effectively is a goal many people aspire to, whether they are business owners, students or anyone in between.
A hectic schedule quickly can get the better of anyone, but there are many individuals who seem to have it all together. It is likely they have figured out how to manage time better.
According to Starling Bank’s “2020 Make Business Simple” report, small business owners and solo entrepreneurs spend up to 31 percent of their weekly time sorting finances and doing other administrative work. Learning early on how to more effectively allot time for tasks is one of the key skills a person can learn.
Use a calendar, set reminders
There’s only so much the average person can remember. Putting events into a calendar will provide visual cues as to what needs to get done and when. It also may help illustrate a pattern of when blocks of time are more busy and when there are free moments so that tasks can be redistributed, serving as a time audit of sorts. Reminder functions are a great way to stay on top of things and avoid feeling stressed and rushed when responsibilities are accidentally overlooked.
Learn the Eisenhower Matrix
The Eisenhower Matrix is a tool
that helps people distinguish between tasks that are important, not important, urgent, and not urgent. The matrix is broken down into quadrants that correspond with the 4Ds of execution: do, defer, delegate, and delete. This matrix can help a person prioritize tasks relevant to their goals.
Tackle difficult things first
Leadership expert Brian Tracy developed a productivity method called Eat That Frog. It is good for those who have trouble avoiding distractions or people who tend to procrastinate. The gist is tackling the most complicated or dreaded task first, and only moving on to other things once you’ve “eaten that frog.”
Use the right tools
Certain tools work for some and not for others. While one person may like making paper to-do lists, another may prefer digital devices. Identifying the resources that help a person manage time better can be an asset.
Limit time spent on each task
According to Parkinson’s Law, “work expands to fill the time allotted to complete it.” People should set reasonable limits on how long to give each task; otherwise, they may spend more time than is necessary.
Multitasking is not the answer
Productivity is reduced when individuals multitask, says the American Psychological Association. Sticking to one job at a time puts full attention on that job and may help it get done more quickly and to a better level.
As an entrepreneur, you are the expert in the goods and services you offer customers. However, you may be less familiar with the financial aspects of running your business.
Incorporating a certified financial planner professional into your stable of advisors is a smart way to ensure that you’re growing your business sustainably. Here are some important financial planning strategies a planning professional can assist you with:
Selecting a corporate structure: Each type of corporate structure is subject to its own tax code and financial liabilities. Determining which structure makes the most sense for your business is fundamental, but complex, given the wide range of factors involved. A certified financial planner professional can help you navigate this decision to your advantage. As your business scales, remain in conversation with your advisor to ensure that your corporate structure classification is not adversely impacting
your cash flow.
Sorting your expenses: Your business feels personal, but it’s important to keep your business and personal expenses separate. A planner can help you establish a plan for managing personal and business finances in a way that allows you to reach your financial goals.
The pros and cons of starting a business
and pave the way for a comfortable future.
Side note for expense sorting: Be sure to deduct all overhead when preparing your taxes. If you’re not deducting expenditures such as travel, auto expenses, home office utility bills, marketing materials and continuing education associated with your industry, you’re leaving money on the table.
Saving for retirement: While retirement may not be top of mind when launching your own business, it’s important to plan for it. One of the great benefits of being your own boss is having the freedom to maximize your retirement savings. A planner can help you make sense of options such as IRAs, 401(k)s with profit-sharing and solo 401(k)s, and help you select the one that will reduce your taxable income now
On a related note, building a retirement plan into the benefits you offer your employees will make your company a more attractive place to work, helping you secure the best talent.
Maintaining personal financial health: While you’re growing your business, it can be easy to lose sight of your family’s financial health. A certified financial planner professional can help you protect your personal assets and continue moving toward your other financial goals at a time when your business seems like a top priority.
These are just a few of the areas in which a financial advisor can help your business be successful. They can also offer cash flow analysis, advise on your insurance needs, create a succession road map and more.
Launching a small business is both an exciting adventure and a ton of work. Seek expert assistance with key financial planning strategies so that you can focus on the aspects of your business you are most passionate about.
