Small businesses can take steps to keep their businesses going during the pandemic, reports Fobes. 

While the pandemic continues to take its grim toll throughout the United States, there has been recent good news of late regarding vaccines and therapeutics. However, let’s get real, this tough business climate is not going away soon.

Read the article on Forbes

According to WKOW, small businesses pin their hopes on a successful Small Business Saturday. 

For many Madison-area businesses, this year's Small Business Saturday was more important than ever. "It has been a tough year, so it is very important that we have the opportunity today to invite in the neighborhood, the community to share with them what we're doing," Ann Culligan at Infusion Chocolates on Monroe Street said.

Read the article on WKOW

Many small businesses could face a tax bill for the Payroll Protection Loan money they received during the pandemic, reports NNY 360

A recent IRS ruling tying up a loose end in the 2020 economic-relief law could force many small businesses to pay taxes on government aid meant to help through the pandemic.

Read the article on NNY 360

According to the Milwaukee Journal Sentinel, Wisconsin has freed up another $120 million dollars in small business grants.

While Wisconsin small businesses are waiting to hear if they have been awarded "We're All In" grants through the state government, the pot of money has increased by $70 million.

Read the article on Milwaukee Journal Sentinel

A financial security benefit that helps employees pay for and manage their out of pocket healthcare expenses allows an employer to not only keep healthcare costs down, but to provide a much-needed benefit to their employees, one that pays dividends for years to come.  Here are 4 reasons why employers need to provide a financial security benefit to their employees as part of their offering. 

1. Restore the "benefit" in your health benefit offering -  The standard employer-sponsored health plan comes with nearly an $8,000 out-of-pocket expense.  Considering that the vast majority of Americans live paycheck-to-paycheck and 40% struggle to cover a $400 emergency expense, it’s no wonder why so many individuals consider themselves functionally uninsured despite being covered by an employer’s health plan.  And, when an employer’s price tag to purchase that insurance for a family now exceeds $20,000 a year, it is painful for employers to witness their employee “benefit” suddenly become an employee “liability.”  Providing employees with guaranteed access to credit for medical expenses on consumer-friendly terms that they may not have access to on their own is of tremendous benefit.  A benefit like this gives employees something their health plan alone can’t – financial security.

1. Remove barriers to care -  More than ever, employees with high deductible health plans are skipping care, which has costly consequences. Employees who skip care stay sicker for a longer period of time and as a result, employers lose worker productivity.  When outcomes erode and care is delayed, employers will see an increase in health plan expenses. By providing a financial security benefit from the start, employees can seek care with confidence, and prevent this unhealthy ripple effect from happening.

1. Increase participation in Health Savings Accounts – HSAs are great additions to an employer’s benefit line-up.  In some cases, they are also the only plan design that an employer can afford to offer. Employees who are presented the choice of an HSA often bemoan that while the program should work well for them, and that the price-tag for the premium is right, the specter of a one-time deductible exposure makes them hesitant to enroll.  And, while lower premiums paired with some employer HSA contributions can often cover that exposure, employees worry about the timing of these expenses, particularly if they arrive early in the plan year. Providing an affordable way for employees to pay for their healthcare expenses whenever they are incurred, removes a major barrier to HSA plan election.  Further, adding a financial security benefit is much more cost effective for the employer than front-loading the HSA with hard dollars at the beginning of the plan year. 

1. Recruitment and Retention Tool - According to a recent Gallup poll, the availability and affordability of healthcare tops the list of concerns in America.  As employers grapple with objectives, such as attracting, and retaining talent and balancing costs, a financial security benefit not only addresses a major employee concern, but also can help organizations differentiate themselves from their competitors.  

With COVID changing the landscape of healthcare for all of us and open enrollment around the corner, employers need to rethink their benefit strategy while keeping costs down.  Attracting and retaining employees remains a high priority for employers and providing a financial security benefit will not only attract top talent but will also save on an employer’s overall bottom line.

Amy O'Meara Chambers, JD, is the CEO and Co-founder of HealthBridge. She has over 25 years of experience working in the healthcare industry as both an employee benefits attorney and as a business builder. Amy is the author of the great American novel — HSA’s for Dummies and holds a J.D. from the University of Michigan Law School and a B.A. from the University of Chicago.

The end of the year is the time for businesses to plan for the next year. However, with the uncertainties occasioned by the coronavirus pandemic, predicting how 2021 will look like is difficult, taking into account changes that have occurred. The abrupt changes that occurred concerning consumer behavior, the uncertainty surrounding the time the coronavirus pandemic will take, and the methods that can be adopted to avert the effects of the virus on the environment make budget planning for 2021 difficult. Whatever you have experienced and what may come next year, make sure that your budget is ready for the challenging times ahead and will be able to respond to whatever is thrown in the way of your organization. Here are some of the ways that ensure your budget is ready for 2021:

• Speed up planning cycle

As you approach budget planning for the New Year, you will need to be flexible enough to accommodate everything. Since new things are always set to emerge, you cannot develop a budget and forget it. Rather, your budget must accommodate new ideas and changes that keep coming up on the way as you move on. Planning is an important aspect that needs to be given the utmost attention. As such, the planning cycle needs to be hastened since doing so will make the process of analyzing, adjusting, and implementing plans successful and able to navigate the changing business landscape. Achieve this by setting up annual plans, quarterly, monthly reviews, and speeding up time to market your products or services.  

• Understand ROI

In everything you do, you would want to understand how it is giving you a return on investment. Going to a new year, this will be important than ever before. With the uncertainty that all industries live on, understand the impact of every item or line of items. Invest in analytics to enable you to track outcomes and manage data from disparate systems. Investing in analytics will help you to track revenue and study patterns. This will help you to make decisions that are based on information.

• Assign budgeting talent to be high priority areas

The coronavirus pandemic has affected the operations and configuration of teams at an unprecedented pace. It has also altered the reporting needs as companies must report at much shorter intervals than they did before. With the shorter reporting cycles, there is a need for better budgeting and planning decisions. Looking at 2021, you will have to come up with a bigger team of budgeting professionals to tackle high-priority problems, unlike in the past when a small squad could have solved the budgeting issues. Take advantage of digital tools to reduce pressure from the finance teams.

• Understand priorities

As a business person, it is always crucial to be prepared to adjust your budgets when the need arises. In 2021, prepare to alter your budget based on the changes that take place in the marketplace. Understand the business activities that are essential against those that you can afford to live without. Begin by identifying what makes certain things more important than others. This can be understood by assessing the return on investment of a specific activity. Create a system that helps you understand activities that are critical than others and review them regularly.

• Plan to change plans

At times like these, where there are many market uncertainties, there are various challenges that emerge on the way. This demands that you stay ready at all times to tackle these challenges as they arise. You can achieve this by developing a flexible budget that can accommodate emerging issues. While it is crucial to design a flexible budget, resist the possibility of budgeting for things that are irrelevant to your business.

The COVID-19 pandemic is putting people out of work, slowing down lots of industries, and causing businesses to close. But at the same time, an uncertain chapter in America’s economic history may provide opportunities for individuals looking for a fresh start – or a soft landing.

Nearly half of small business owners in the U.S. are 65 and older, and a good number are considering selling their business rather than putting their resources and energy into bouncing back from the recession. But isn’t an economic downturn an inopportune time to sell a business?

Not necessarily, says Terry Monroe (www.terrymonroe.com), founder and president of American Business Brokers & Advisors (ABBA) and author of Hidden Wealth: The Secret to Getting Top Dollar for Your Business.

“Some think due to the current difficult times many businesses are having that they wouldn’t be able to get a reasonable sale price,” Monroe says. “And they worry that  they’ll have to delay retirement for several years because of COVID-19. But the reality is, there are lots of people, including the unemployed, looking to reinvent themselves and for a chance to run their own business. Investors with plenty of money are always around looking for good opportunities.

“The baby boomers who own many of these businesses are burned out and want to get out. But small business owners in general often don’t realize all that is required to achieve a successful sale. Done the right way, selling can result in owners walking away feeling they got good value for all they put into their business.”

Monroe says owners should think about the following factors when considering putting their business on the block:

• Ask yourself why. “Selling a business can initially be an emotional consideration, but one has to drill down to the reality of why they want to sell and why it would make sense,” Monroe says. “Burnout is a common reason. If it’s affecting health or company performance, it’s time to get out. Another common factor is the inability to expand when necessary – the owner doesn’t want to incur the added debt relative to their age.” Other reasons owners decide to get out, he says, include lack of a family succession plan, too much disruption in the particular industry, and hitting a wall in terms of profitability.
• Put together a professional team. “The selling process is very stressful,” Monroe says. “You can manage that by putting together a team of professionals who will guide you through it.” The team should include an accountant, a mergers and acquisitions specialist, and an attorney, in that order, he says. “You’ll hear business owners brag about the money they saved in fees because they did the negotiations themselves, when in reality they ended up leaving considerable amounts of money on the table,” Monroe says.
• Know if you’re selling too low. How do you know if you are selling too low? Do the research before you decide to sell your business. “Finding out what a business like yours is selling for in the marketplace is not going to be very difficult in the internet age,” Monroe says. “In the end, you should confer with a professional who understands your industry and can provide data to find your business’ worth in the current climate. Don’t over-focus on the price. What you should focus on is how much you would put in your pocket when the sale is complete.”

“Selling a business involves considerable thought and performing lots of work with an unknown timeline,” Monroe says. “But doing it right can lead to the reward one deserves.”

Terry Monroe (www.terrymonroe.com), is founder and president of American Business Brokers & Advisors (ABBA) and author of Hidden Wealth: The Secret to Getting Top Dollar for Your Business.  Monroe has been in the business of establishing, operating, and selling businesses for more than 30 years. As president of ABBA, which he founded in 1999, he serves as an advisor to business buyers and sellers throughout the nation. His knowledge and expertise in multi-store operations and sales has led to many multimillion-dollar transactions. As an expert source in the convenience store industry, he writes a routine “Financial Insights” guest column for Convenience Store News and has been featured in numerous publications, including The Wall Street Journal, Entrepreneur magazine, CNN Money, and USA Today.

As a small business, the coronavirus pandemic has presented countless challenges mainly as a result of lockdowns and social distancing restrictions. This has forced governments to come to the rescue by providing funding and tax breaks. Apart from the government, other organizations have also stepped in to help small businesses to survive and keep offering services during and after the virus. However, the biggest help for small business owners comes from the IRS in the form of tax credits. Some of the benefits that the IRS has promised to offer include new credits for the employers that include the employee retention credits and credits for paid sick leave and family leave. With these credits, you can save your small business from the effects of the pandemic while ensuring that your employees are protected as well. Here are some of the tax credits that can help you and how they work.

Employee retention credit

Employee retention credit is a refundable payroll tax credit that is paid retained to employees between March 13 and December 31, 2020. It is available for employers whose gross receipts decline compared with last year or those that have to shut down entirely or partially due to the orders by the government.  This credit amounts to 50% of as much as $10,000 in qualified wages paid to the employees. This includes planned expenses. However, due to the $10,000 wage cap, the maximum amount of the credit is $5,000 per employee. This package is applied using the employer’s share of Social Security and railroad retirement benefit taxes. However, since the amount is refundable, employers can refund even if it exceeds the taxes owed. For an employer to receive this credit and request an advance in the form of a check, they can reduce the amount of federal taxes that they are depositing.

Credits for paid sick leave and family leave

This is a new relief that provides options for the employees that get the coronavirus, those who must care for another person with the coronavirus or those who have to care for kids because their daycare or schools have shut due to the coronavirus pandemic. The employers that pay out the needed sick leave or family leave credits receive a credit for the full amount that is paid out. The circumstances under which employees qualify for the paid leave include:

• Those who cannot work due to quarantine or because they are suffering from the coronavirus symptoms or are waiting for diagnosis are eligible for up to 10 days of paid sick leave. The maximum payment is $511 a day, which translates to $5,110 for the ten days. 
• Employees that cannot work because they are taking care of a relative or a friend with coronavirus. It is also applicable to employees whose children become unavailable due to a coronavirus-related reason. Both these groups of employees are eligible for a $200 maximum payout daily and $2,000 in 10 days. 
• Employees who cannot go to work or work because they must attend to their children whose schools or daycare are closed due to the coronavirus-related issue also qualify for paid family and medical leave for up to 10 weeks. These employees qualify for up to a maximum of $200 daily and $10000 in 10 days.

As an employer, you can claim the entire amount paid out for this leave and any other health plan expenses. Please take advantage of these credits and their availability as this will make the difference in keeping your small business operations and keep critical members of staff on the payroll even when they are not working. This will be a win-win for the employees, the government, and your business in the long run.

Starting and running a successful small business is not easy. You are always faced with countless challenges, some of which can completely destroy your operations. With almost any business taking a hit in 2020, running a business seems even more difficult these days than ever before. As we head to 2021, don’t let your plans be ruined by the challenges you faced this year. While there will be new challenges, there will also be more opportunities you can capitalize. Here are some strategies you can use to rebuild your small business:

• It starts with the owner's mindset

The business owner’s mindset is the biggest asset that can lead to the success of any organization. Even if you are just starting up, the mental strength will see you succeed in shifting from running a self-employed job into building your own brand that will one day sell products. The consistency of reminding yourself that you can succeed despite the challenges is the greatest asset that can drive your success in your daily operations.

• Find backing

Financing a small business in such times of many difficulties can be tricky. As such, you must find extra-creative ways of staying afloat by identifying your target market and what the company needs to do differently. This, however, is not enough; although you can have an excellent business plan, everything remains a dream if you lack enough backing. Depending on the type of business you are running, your investment will vary, and so are the people you need to back you up. According to MaRS, one of the leading barriers to running a business is the lack of adequate backing money. Without enough backing, you may not be able to take off. Therefore, look for sources of money that can be friends, and family, crowdfunding or investors.

• Know your audience.

The wrong audience is perhaps one of the reasons you have been making losses in your business. Regardless of the phase, you must always collect information about demographics because this is an essential part of success. Before designing any product or service, find out who your target audience is and develop products that appeal to them. Ensure that your marketing budget is targeted to where you will get the maximum results. Also, identify the sections of your target audience where there is a potential for growth and take advantage of the audience to build good brand loyalty.

• Take advantage of social media

Social media is now a force that no one can dare ignore regardless of the industry they are operating. It is due to the massive reach of social media platforms such as Facebook, Twitter, Instagram and others that businesses can reach their target audience. Social media users can be easily broken to a demographic based on ages. Certain ages are likely to be more active on Facebook, Twitter or Instagram, respectively, and you should therefore carefully choose the type of message you post in these areas. Tell your company’s story, what you are involved in, your event and how you can be reached.

• Focus on customer service

Customer service is the king, and it will always remain so. As such, ensure that your customer service is the best. One of the biggest determinants of success of a business and customer retention is good customer service. Customers often have high expectations from an organization, and businesses must meet these expectations because the stakes are always high. Always provide a listening ear and offer solutions to customer problems as fast as possible. Make customer satisfaction and happiness a policy. Keep it in mind that customers are essential building blocks of your business.

When major corporations tout their contributions to social or environmental initiatives, the world takes note. As just one example, Microsoft, Apple, Facebook and Google all drew attention at different times this year when they announced plans to work toward becoming carbon neutral. 

But, despite the hype that gets associated with these big-business efforts, it may be that small businesses operating in quiet anonymity are the ones that have the greater impact on the environment, both good and bad.

“Large corporations are more motivated to use these initiatives as a means to achieve their financial objectives, whereas small businesses are more serious about making a real difference in their communities,” says Rajat Panwar, Ph.D. (www.rajatpanwar.com), an associate professor of Sustainable Business Management at Appalachian State University.

“Given that smokescreening and greenwashing are big problems in sustainability, we will be better off enabling small companies to own sustainability more so than large companies.”

That’s one reason why government-sponsored environmental initiatives need to include small businesses as a critical partner if they hope to succeed, Panwar says. For example, he says, presidential candidate Joe Biden’s $2 trillion climate plan that sets a target for achieving net-zero emissions by 2050 should take into account the role small businesses can play in environmental protection. 

Panwar says a few facts worth knowing on the issue include:

• Small businesses’ impact is a story of numbers. Although large corporations get more attention, the vast majority of businesses are small. “In the United States, about 99% of all firms are classified as small,” Panwar says. “Even though their individual contribution to pollution is small, collectively it is enormous, which is why it should be addressed. In fact, large corporations often pollute through small firms because it is a network of numerous small firms that feed into value-chains and supply chains of large corporations.”
• Grassroots initiatives need to be targeted. A tremendous gap exists between large corporations and small businesses in terms of the resources they can allocate for environmental initiatives. “That’s why climate investments like those Biden is proposing should target grassroots initiatives,” Panwar says. That would include local food production, support to small landowners for sustainable forestry, grants for circular economy initiatives, grants for businesses that would promote fixing and repairing things, local recycling, and sustainable food systems.
• Small businesses are inspired by different motivations. Panwar has been involved in research into the social and environmental impact of small businesses, and he and his colleagues produced intriguing results with their study, especially as it related to what motivates businesses to be good stewards. “Small businesses are motivated to pursue social and environmental initiatives mainly to be good community citizens and generate local reputation,” he says. “Large corporations are typically inclined to pursue these initiatives to enhance shareholder wealth.”

Some people may argue that climate initiatives need to take a backseat right now while the country focuses on getting people back to work. But Panwar says economic stimulus can easily be aligned with environmental protection. 

“The initiatives I am talking about will produce new jobs that would support the local economy,” he says. “If we only focused on giving energy grants, then I can see the rationale in pitting job creation versus climate consequences. But climate investments can be done very strategically so that small businesses, entrepreneurs and landowners get the money to revamp their operations.”

Rajat Panwar, Ph.D. (www.rajatpanwar.com), is an associate professor of Sustainable Business Management at Appalachian State University. He previously was an assistant professor at the University of British Columbia. He also has been an Affiliate Faculty member in the College of Forestry at Oregon State University, and with the Governance, Environment, and Markets program at the School of Forestry and Environmental Studies at Yale University. Panwar holds two doctorate degrees, one in Corporate Sustainability from Grenoble École de Management in France, and one in Forestry from Oregon State University.

In an age when college students are urged to choose an area of study based on financial returns, philosophy has become a much-maligned major. But those who dismiss philosophy as something with no practical use are overlooking how studying Aristotle, Plato, Socrates and others has real-world applications in business, says Cristina DiGiacomo (www.cristinadigiacomo.com), author of Wise Up! At Work and founder of MorAlchemy, a leadership consulting firm that helps CEOs and executives use philosophy to tackle challenges by teaching them to think differently and see new solutions to help their companies thrive.

“One thing philosophy encourages is critical thinking, which a number of well-respected thought leaders around the country have said we could use a lot more of,” DiGiacomo says. “Not only is critical thinking a desired skill set when it comes to employers, it’s an important skill in life in general.”

DiGiacomo recently read an article about what Apple CEO Tim Cook looks for in job candidates, and she was struck by how much a philosophical mindset plays into his approach to hiring.

“He’s interested in things like whether you are willing to trust your gut and how you want to change the world,” she says. “He wants to know that the people he hires can answer these big questions. The way to answer them is to have a good understanding of Philosophy 101.”

A few reasons why studying philosophy is worthwhile for anyone, she says, include:

• It helps employees interact better with co-workers. Hiring managers are finding that many employees who are whizzes with technical skills or coding, for example, are completely lacking when it comes to the ability to interact or collaborate with those around them, DiGiacomo says. “They often have trouble understanding other people or listening to other points of view,” she says. “One of the benefits to philosophy is it helps with how we think and how we interact in the workplace. Some people have just been taught hard skills, which are important, but they don’t equate to a well-rounded employee. Wisdom is the ultimate soft skill.”
• It can help with career advancement. Many CEOs and others in leadership roles have looked to the wisdom of ancient philosophers as they advanced in their careers, DiGiacomo says. Lucio Tan Jr., CEO of Tanduay Distillers Inc., says the teachings of Confucious have served as a guide for his approach to leadership and life. Netflix CEO Reed Hastings has used ideas expressed  by Aristotle to grow his business. “The real opportunity and the real way to excel in your career is to be this well-rounded thinker,” DiGiacomo says.
• It is well suited for the challenges colleges face. Higher education has been deeply disrupted by the pandemic, and college students could find that a philosophy class could give them the foundation for overcoming those disruptions. “Philosophy is perfectly suited for remote learning and also offers tools and ideas that enable students to study and progress,” DiGiacomo says. “It's like learning about something that directly addresses all the challenges they face as students to begin with.”
• It comes with many role models. For young people pondering philosophy as a major, role models aren’t hard to find because plenty of successful people earned an undergraduate degree in philosophy. They include Peter Thiel, co-founder and former CEO of Paypal; Carly Fiorina, former CEO of Hewlett-Packard; Larry Sanger, co-founder of Wikipedia; and Supreme Court Justice Stephen Breyer, among many others.

The problem with philosophy’s reputation, DiGiacomo says, is that it conjures images of a lone figure thinking deep thoughts – but never taking action. That’s far from accurate.

“Philosophy is not meant to be taken out only when your yoga mat is unfolded or when your life is perfectly in tune with the universe,” she says. “It’s meant to be lived, used and applied.”

Cristina DiGiacomo (www.cristinadigiacomo.com), author of Wise Up! At Work, is the founder of MorAlchemy, a philosophical consulting firm. She also is the inventor of industrial philosophy and is the driving force behind the idea of applying philosophy in the workplace for the benefit of the leadership of organizations. DiGiacomo has 20 years of corporate executive experience at companies such as The New York Times, Citigroup, AMC Networks, and R/GA. She holds a master’s degree in Organizational Change Management from The New School. She also dedicated nine years to the study and practice of philosophy.

The end of the year is here finally, and businesses are doing all they can to make to most out of the festive season. Although it is tough making sure that you have covered all the bases correctly, year-end should not be a stressful time. In fact, year-end should be a perfect time for you to reorganize and plan for the next year. The truth is that it can sometimes be challenging.  However, as long as you plan ahead and get your organization ready, things can be different, and you may find this season interesting. We have put together some tips that might help you prepare for the year-end with ease.

• Get the right advice

Businesses can be complicated sometimes, and one may need the right advice from time to time. However, this is not always easy to come by because getting a trusted person to give you advice can be hard. Before making decisions, talk to your accountant or bookkeeper and let them show you what your company needs to do before the year-end. These professionals can help you to identify things such as the type of tax you need to pay and the amount of money that is required. Get in touch with other business owners and hear what they have to say.

• Get financial books to order

Balancing financial books is one of the critical components of any business as the end of the year draws closer. This will largely depend on how you have been doing things throughout the year. Before anything else, ensure that your financial books are in order because you will not want to start the New Year with the past year’s problems. Get the help of a qualified bookkeeper if you do not have one already to ensure this is achieved. 

• Start the year with a clean slate

Before the year ends, tie the loose ends and ensure that the current year ends smoothly. Settle everything before moving to the next year. Pay all the suppliers and invoice all the customers correctly. Pay all the due bills and ensure this is done correctly to avoid complaints. Keep the records safe because they may come in handy in the future.

• Evaluate your goals

Business goals and objectives are what keeps you focused on what you need to achieve. It ensures that you do not deviate from the roadmap laid in a business plan. Now that you know your organization's position, it is time to look at how you reached your goals this year and plan what you need to do in the coming one. Ensure your business plan and all the planning documents, such as the action plan, are assessed accordingly. This will allow you to know what worked and what may need reworking as you move to the next year.

• Prepare tax documents

Taxation is one of the most critical aspects of any business. Before the year ends, look for a qualified tax professional or accountant to help you prepare tax income. You can take advantage of cloud-based solutions to do this yourself because it gives you access to online records. If you are not aware of taxation regimes, your accountant or a professional you trust can help you sort this task out.

• Set goals

Now that everything is in order and you have finalized laying groundwork, you are now ready to do some planning for the coming year. Set goals and prepare an action plan and start implementing them accordingly. Ensure that the goals you set will help you accomplish what you want, and the targets are achievable.

An ever-changing economy creates new opportunities for entrepreneurs, even during these rocky times that COVID-19 has caused.

Whether people are looking for a better work-life balance, a new job after having lost one, or an extra source of income, opening a seasonal business is one strategy that fits those goals, says Chris Buitron, president of Mosquito Authority® (www.mosquito-authority.com).

“Many people are taking this route as a reliable way to generate income,” Buitron says, “because although the economy is changing dramatically in some ways, seasonal businesses still fulfill annual consumer needs.

“The benefits for a seasonal business owner are attractive: more freedom, both in running a business and having the ability to take a few months off; the satisfaction of providing a service or product to which customers stay loyal; lower overhead costs than a year-round business; a solid second income; or, if done right, a sufficient income by itself.”

Buitron offers these tips on how to run a seasonal business successfully:

• Carefully construct your business model. Since you won’t be open year-round, it’s important to account for downtime in your cash flow. “If the seasonal business is your main or only source of income, you’ll need to put in extra work during the season in order to make it through your off-season,” Buitron says. “Make sure you have access to credit and plan your budget very specifically. It’s a bonus if you can find ways to diversify income streams for your seasonal business in the off-season. Determine the other needs of your customers and how you can fulfill them.”
• Evaluate the past season and plan accordingly for the next season. “Analyze your successes and shortcomings from the previous season,” Buitron says. “Seek customer feedback to assist your evaluation. Overall, determine why some things worked and others didn’t. The analysis will help you build a solid plan for the next season. Look at areas such as staffing, inventory, and other expenses. Did you have enough employees and how did they perform? Which products or services weren’t successful? Should you introduce new ones? Would it be cheaper in the long run to buy your equipment rather than lease it?”
• Connect with the public year-round to build your brand. Social media allows a seasonal business owner to build their business, their authority and strengthen their place in the community. “Your target audience is just as accessible in the offseason,” Buitron says. “You can reach out to them and offer exclusive pricing, or create a rewards program. Publish blogs and post updates on the sites your customers follow. Give them content that can educate them beyond the reach of your business’ services. Showing you care about their lives and the community helps them remember you.”
• Attend networking events and workshops. The off-season is the time for self-improvement that leads to business improvement. “Learning and networking opportunities help you and your business grow,” Buitron says. “Local business events, trade shows and conferences are great ways to gain new partnerships and skills.”

“A seasonal business comes with an array of unique demands,” Buitron says. “But with the right combination of good business practices and the passion to make it a way to enhance others’ lives, it can be a profitable and enjoyable experience for the seasonal business owner.”

Chris Buitron is president of Mosquito Authority® (www.mosquito-authority.com), a nationwide leader in mosquito control with franchises serving communities across the U.S. and Canada. Buitron has an extensive background in franchise industries. He was chief marketing officer for Senior Helpers, vice president of marketing for Direct Energy (home services division), and director of marketing for Sunoco Inc., where he supported the company’s 4,700 franchised and company-owned rental facilities across 23 states (over $15B in annual revenues).

Running your own business can be hectic for many business owners. For small business owners, however, having all the responsibility to all operations, including successes and failures, can be detrimental to one’s health. Sadly, health among small business owners has not been taken seriously as it should despite the economic significance of such businesses to society and the economy. The mental health of small business leaders leads to a healthy working environment. It also leads to effective teams that are characterized by respect and trust in one another.

Large corporations with complex and well-structured succession plans can hardly be affected by health issues that may affect their leaders. The well-laid down succession plan ensures that in the absence of the CEO, operations run without hitches. Unlike big multinationals whose operations cannot be affected by the health issues among those in the high offices, poor health among the leaders of small businesses can end operations and render employees jobless. The simple structure of a small business is risky, and the impact of the demise of a CEO is unimaginable. With an instant disease or a condition such as a heart attack, everything can go down the drain since everything revolves around an individual. From this, it is evident that health is the greatest capital of small business owners. The smaller the firm, the higher the vulnerability in case the owner develops health complications, either physical or mental.

The health of such business owners may have damaging consequences not only for those that have been employed but can also impact those that depend on them entirely. For example, the family members who rely on the owners can also be significantly impacted. Similarly, health problems among the personnel and family members can destabilize operations and how the business runs. Small business owners face many challenges that often affect their mental wellbeing. According to a Danish study, there is a significant link between entering entrepreneurship and receiving prescriptions for sedative or hypnotics and/or their spouses. This is a clear suggestion that entering entrepreneurship is a health risk as it is a potential source of stress for entrepreneurs and their family members.

Many studies have found out that stress level among the business owners is higher than those of the employed. The always conflicting issues such as ambiguity in the business environment, lack of adequate resources, and daily hassles as well as failure to clarify roles increase stress and the possibility of health complications. Work overload is another factor that many small business owners face and may result in a complication. Entrepreneurs often work for more than 50 hours a week. Working for long hours, including weekends doing intensive tasks, is a potential cause of stress. 

Uncertainty is often identified as another factor that can cause health problems among self-employed individuals. The fast-changing business environment is always a concern for entrepreneurs who are always worried about their businesses in case things do not go as planned. These owners have many things to worry about, including their employees, government regulations, and reduction in profits, all of which determines the success of their businesses.  Loneliness of business owners also results in burnouts, which in itself is a potential contributor to mental health. Loneliness can be harmful in an environment where difficult decisions are to be taken, such as firing or hiring employees.

As seen above, health issues among the small business owners have severe spillover effects on those they employ and their families. Unlike CEOs of large companies that have a proper succession plan, health challenges among small business owners can cripple operations. As such, it is crucial to always stay ahead by addressing potential causes of health problems before they manifest into catastrophes.

In a world where working from home, family, recreation, faith and other factors compete for our time, people speak about the need to seek a “balanced life.” But maybe “balance” is the wrong goal.

“The concept of being in ‘balance’ has the potential to set us up for immediate failure,” says Michael Sipe, author of The AVADA Principle and founder of the consulting firm 10x Catalyst Groups (www.10xgroups.com).

“We talk about work/life balance as if work and the rest of our lives are separate things. But in reality, work and everything else are all part of one life.”

Instead of balance, Sipe suggests seeking an “integrated life,” where the integral parts of life are combined into a fully functioning whole. He acknowledges that’s easier said than done.

“It’s a challenge to determine what the integral parts of human life are, how to integrate them, and what a fully functioning and completely whole life would be like,” he says.

For Sipe, a major part of that integration involves faith. But his suggestions on how to approach your job so that it is integrated into the rest of your life are relevant regardless of spiritual views.

In Sipe’s view, work often gets a bad rap. Work is actually a neutral concept, he says,  and the larger evaluation is not that we “have” to work, or how much we work. Instead the key is to look at the purposes toward which our work is directed and to be intentional about how we allocate our energy.

In managing your attitude about work, Sipe recommends that you:

• Focus on purpose. “One definition of work is energy directed toward a purpose,” Sipe says. “If you find yourself holding a detrimental attitude about your work, take a look at your purpose. Perhaps you simply are not directing your energy toward a purpose you care about.” If so, he says, consider changing your work so that you can invest your energy toward a purpose that matters to you. Alternatively, perhaps you have not connected your work to your purpose, and thus, your motivation to work is suffering.
• Avoid griping. The more you declare that work is hard, bad, unpleasant, a waste of time, and a drag, the more it will be all those things for you, Sipe says. “Reframe work as good, as a joy, a blessing, a challenge, an opportunity, a privilege, an investment,” he says. “Loving your work is a choice – your choice.”
• Take responsibility and take charge. If you don’t like your work, Sipe says, then change it. “You are not a tree rooted in place; you can move,” he says. “You are not a victim or a slave. If you are blessed to live in the Western world, and especially if you are blessed to live in America, you are free to do the work you love toward purposes you desire”
• Ask yourself better questions. When things aren’t working out as you hoped you might be inclined to ask yourself, “Why me? Why is this so hard? What did I do to deserve this?” Instead, Sipe says, ask yourself: “What am I supposed to learn here?” He says you could also do as the late Jim Rohn, a motivational speaker, instructed: “Don’t ask why things are so hard; ask how you can get better.”

“The concept of work is simple, but we tend to complicate it,” Sipe says. “And work really does apply to everything we do. Yes, we can work at a job, but we also work on our health, work on our education, work on our marriage, work on our friendships, and work on our faith. It’s all energy applied toward a purpose.”

Michael Sipe, author of The AVADA Principle, is the founder of 10x Catalyst Groups (www.10xgroups.com), which helps entrepreneurs grow profitable and thriving businesses organized on a foundation of Biblical principles. Sipe has also enjoyed a successful 30-plus year career in mergers, acquisitions, and business development as the founder of CrossPointe Capital, a middle market investment-banking firm. In that capacity, he consulted with and evaluated over 5,000 companies and has provided advisory services for approximately a half-billion dollars in business sales involving hundreds of companies. He remains active in transactional work and has been a key advisor in mergers and acquisitions projects covering a multitude of industry sectors.

Even before the coronavirus pandemic struck and sank the world’s economy, retiring at the age of 65 was already becoming a hot topic among many professionals. Now that the pandemic has impaired many businesses, both small and large plans of many organizations are in shambles. One of the areas that have been significantly affected is retirement. Business owners that were planning to retire are now forced to rethink. This could mean that the retirement age is likely to fall further as employees try to pick up from where they left once the economy reopens and the pandemic eases.

Although the recovery is expected to happen sooner or later, it may take some time. This is if the 2007-2009 recession is an example to go by. The recovery time can even be longer considering the severity of COVID-19 compared to the recession witnessed in 2009. As such, many small business owners may be tempted to consider selling their businesses rather than waiting for things to get better.

A study by StreetWise Retirement Confidence Index in May indicated that 26% of those interviewed stated that they would postpone their retirement plans after the coronavirus. Their decision is due to the economic conditions that the virus has caused. As damaging as they may seem, the decision is not surprising, given the uncertainty and fear that the pandemic has caused in many industries in different countries. The uncertainties have had an impact on the financial strategies of organizations and have forced many businesses to change their priorities. Another study by Allianz Life Insurance Company found out that almost half of Americans interviewed went into early retirement for reasons beyond their control. One of the reasons that were cited in the research is job loss. This was cited by 34% of the respondents, while 25% cited health challenges as their primary reason for retiring early. As an entrepreneur or employee who is willing to persevere and try their best to achieve their dreams, all is not lost. Taking some steps can enhance value and build your business so that you can sell more and retire as you planned or even early.

Creativity is one of the ways that can help you remain open in the current era of uncertainty. As a business owner, try your best to find creative ways that can adapt to the changes in the business environment. One way you can do this is by adding other services that will replace the revenue that has been lost. For example, as a restaurant owner, you can supplement the revenue lot by ordering food and selling them. This will create a new stream of income and increase profits even when other sources of revenue are not doing well enough.

A good rapport with banks is also crucial to businesses. Regardless of the size of your organization, always ensure that you have a good relationship with financial institutions. Having a wrong sense of security will only deceive you, and you will not have anyone to turn to in case things become tough. With the right relationship, you will have someone to run to for loans when the revenue stream dries up, and you need additional funds to keep running. Always ask yourself, is my bank relationship stable? If the answer is yes, then you are in the right place.

Coming up with a transition plan is another approach that you must consider. Just because you are delaying your retirement plans does not mean that you should not establish a transition plan. Take time to build a working transition plan that will not leave your organization in chaos when the right time comes. Most business owners lack a proper transition plan. This leads to a lack of focus on what is needed for a business to operate successfully.