Skip navigation
2017

Steve Strauss Headshot.pngWho do you think is happier at work? Worker A works for a fine company with a decent salary and modest benefits package. He has a normal job with standard duties and much predictability. His employers expect him to work about 40 hours a week, and he does, but there is little creativity or room for upward mobility in his position.

 

Worker B owns her own business and in the process, has created a demanding job for herself. Her flexible schedule necessitates that she works long hours – definitely more than 40 per week – and she often finds herself working at night and on weekends. Sometimes she even has nightmares about her business failing.

 

CLICK HERE TO READ MORE ARTICLES FROM SMALL BUSINESS EXPERT STEVE STRAUSS

 

According to the latest Bank of America Small Business Owner Report (SBOR), it turns out that our entrepreneur, worker B, actually feels quite fulfilled with her choice and work (and I think it is safe to say that the employee likely feels pretty stifled). In fact, according to the latest Bank of America Small Business Owner Report, entrepreneurs generally state that they find their work:

 

  • “Fulfilling”
  • “Enjoyable”
  • “Interesting”

 

Those are some strong adjectives.

 

Maybe even most interesting is  while these entrepreneurs clearly work long hours, the ever-elusive work-life balance doesn’t seem to be much of an issue for them.

 

Why is that?

 

22815177_s.jpgIn my opinion,  the answer is that for many small business owners, work doesn’t much feel like work. It feels more like passion. Oh, sure, they work hard – Worker B works way harder than Worker A – but because it is their own work, based on their own vision, passion, values and schedule. It seems less like work and more like a vocation.

 

RELATED ARTICLE: THE EASE AND IMPORTANCE OF GOING GREEN

 

This is not to say that their work isn’t difficult and challenging. When asked to describe their experience as a small business owner, 47% said that it is “demanding”.  Almost a third (30%) used the word “stressful” to describe their job. And yes, a quarter even had nightmares about their business failing. Despite this, most small business owners also said they have little issue with their work-life balance, even though they work a lot. How long are the hours? Pretty long! More than three in five said that they work more than 40 hours per week, and more than 75% of respondents, stated that their work interferes with their home life.

 

And even so, consider these surprising statistics from the Report:

 

  • Business owners are more likely to report that they have achieved a work-life balance (82%)
  • 80% said they are “satisfied” with the number of hours they work, and
  • Almost all report that they love the flexibility and schedule that being self-employed offers them

 

So, what can we make of all of this? Clearly, small business owners are of a different breed, a breed that values creativity, flexibility, and hard work above regularity, predictability, and ease.

 

And yes, they love their work.

 

In fact, that seems to be the bottom line, the X factor in all of this. When you love something, it is difficult to see it as getting in the way of other things, even if one of those other things is time off. That is why Worker B, the entrepreneur, is the more fulfilled of our two hypothetical workers. She does work that is demanding, yes, but also fulfilling. Worker A has work that is neither demanding nor fulfilling. So, what should he do? Perhaps start his own business.

 

 


 

About Steve Strauss

Steven D. Strauss is one of the world's leading experts on small business and is a lawyer, writer, and speaker. The senior small business columnist for USA Today, his Ask an Expert column is one of the most highly-syndicated business columns in the country. He is the best-selling author of 17 books, including his latest, The Small Business Bible, now out in a completely updated third edition. You can also listen to his weekly podcast, Small Business SuccessSteven D. Strauss.

 

Web: www.theselfemployed.com or Twitter: @SteveStrauss

You can read more articles from Steve Strauss by clicking here

 

Bank of America, N.A. engages with Steve Strauss to provide informational materials for your discussion or review purposes only. Steve Strauss is a registered trademark, used pursuant to license. The third parties within articles are used under license from Steve Strauss. Consult your financial, legal and accounting advisors, as neither Bank of America, its affiliates, nor their employees provide legal, accounting and tax advice.

 

Bank of America, N.A. Member FDIC.  ©2017 Bank of America Corporation

Carol Roth Headshot.pngWith unemployment holding steady and workforce participation rates historically low, retaining employees is top of mind for businesses of all sizes but particularly for small business owners.

 

Economic confidence ranks among the highest levels recorded in the last five years for small businesses. In fact, according to the Spring 2017 Bank of America Small Business Owner Report released today, a majority of entrepreneurs (52 percent) are confident that the national economy will improve over the next 12 months – up a staggering 21 percentage points from just six months ago (31 percent in fall 2016).

 

This increase in optimism, however, has yet to translate into positive movement on revenue expectations. This may explain why small business owners’ plans to hire have dipped, according to the Small Business Owner Report. Only 18 percent of small business owners plan to hire in the year ahead, down 7 percentage points from the fall 2016 report.

 

CLICK HERE TO READ MORE ARTICLES FROM SMALL BUSINESS EXPERT CAROL ROTH

 

Instead, this spring, more entrepreneurs say they are focused on retaining existing employees (73 percent). So, given this backdrop, how can your business make sure that you are retaining your best employees?  Here are some of my best tips:

 

Get buy-in on your mission.

Having something that the team is working for together, other than just their paycheck, makes employees feel more important and fulfilled. Make sure that you have communicated what your mission is and have gotten buy-in from your employees, so they know the big picture and feel good about doing the work.

 

Listen to them.

In almost every survey about what is important to employees, having their ideas, feedback and perspective heard ranks higher than compensation. When you welcome and act on employee ideas and suggestions, your employees become partners who recognize their value to the company as they work alongside you to realize shared goals.

 

RELATED ARTICLE: HOW TO REPLACE YOURSELF AS CEO OF YOUR SMALL BUSINESS

 

Make sure to listen to their feedback and acknowledge them as well – the value of these soft incentives is highly underrated and easy for small business owners to embrace.

 

71473407_s.jpgMake them heroes.

A job well done deserves praise and your employees never mind being called to your office to receive kudos. But, when employees receive your commendations at a company meeting or in front of a customer who benefited from their hard work, they clearly see their true value. Naturally, public praise helps inspire all employees but it also lets your customers recognize how the depth of your products and services helps them get the attention and consideration they deserve.

 

Give them flexibility.

These days, flexibility is almost priceless to employees in terms of a benefit, while not costing you dollars out of pocket. Flexibility could range from working remotely – including from home, working non-standard business hours (I have one employee who prefers to start the workday at noon and work into the evening), having a “get work done but not keeping track of hours” schedule and more.

 

If you can be flexible, you can add a lot of value to employees who won’t be able to find that valuable benefit elsewhere.

 

Give them new opportunities.

While big businesses need to put their employees in specific boxes and keep them there to get their allotted portion of the job done, small business owners have more flexibility to let their team members wear more hats. Employees can feel a sense of satisfaction and accomplishment if you allow them to be more involved in different stages of a project or the business overall. As their abilities grow from new experiences, their investment in the company’s interests will grow, as well.

 

Also, make sure to promote from within. When a key position opens up in your company, always look first to the members of the team that work hard for you every day. Granted, some positions may require very specific educational requirements not available in your organization, such as a degree in accounting.  But remember your staff already has a solid foundation and a deeper understanding of your company culture and how things work. You can’t teach loyalty and dedication, and these traits grow more when you reward staff with advancement.

 

Give a bonus for overall performance.

While it is important to reward individuals for their own accomplishments, don’t forget to keep them focused on the team and the big picture. If the company does well, allow them to participate in that success. This can be a cash bonus or even an outing to see a local sports team play. Having them incented on an individual and company level creates even more loyalty to your business and its efforts.

As a small business, your team is a critical part of your success, so make sure to implement these tips –  along with regularly checking in with your employees to make sure that they are happy so they stay and grow with you.

 

Click here to read the spring 2017 Bank of America Business Advantage Small Business Owner Report report.

 

 


 

About Carol Roth

Carol Roth is the creator of the Future File™ legacy planning system, “recovering” investment banker, billion-dollar dealmaker, investor, entrepreneur, national media personality and author of the New York Times bestselling book, The Entrepreneur Equation. She is a judge on the Mark Burnett-produced technology competition show, America’s Greatest Makers and TV host and contributor, including host of Microsoft’s Office Small Business Academy. She is also an advisor to companies ranging from startups to major multi-national corporations and has an action figure made in her own likeness.

 

Web: www.CarolRoth.com or Twitter: @CarolJSRoth.

You can read more articles from Carol Roth by clicking here

 

Bank of America, N.A. engages with Carol Roth to provide informational materials for your discussion or review purposes only. Carol Roth is a registered trademark, used pursuant to license. The third parties within articles are used under license from Carol Roth. Consult your financial, legal and accounting advisors, as neither Bank of America, its affiliates, nor their employees provide legal, accounting and tax advice.

 

Bank of America, N.A. Member FDIC. ©2017 Bank of America Corporation

Small Business Confidence in the Economy Jumps 22 Percent in Six Months

Revenue Outlook and Intent to Borrow Remain Flat, while Hiring Plans Sink to Five-year Low

 

Yoobi Video

U.S. small business owners’ confidence in the economy has increased significantly from just six months ago, according to the spring 2017 Bank of America Business Advantage Small Business Owner Report, which found that economic confidence ranks among the highest levels recorded in the last five years. The report, based on a semi-annual survey of 1,000 small business owners across the country, reveals that a majority of entrepreneurs (53 percent) are confident the national economy will improve over the next 12 months – up a staggering 22 percentage points from just six months ago. Similarly, small business owners’ confidence in their local economy improving jumped to 51 percent from 37 percent in fall 2016.

 

For additional insights, see the Small Business Owner Report infographic below.  For a complete, in-depth look at the insights of the nation’s small business owners, download the spring 2017 Bank of America Business Advantage Small Business Owner Report here.

Spring-2017-Small-Business-Owner-Infographic.gif

Rieva Lesonsky Headshot.pngAs I’m sure you’ve heard, attracting millennial customers is key to continued business success. The increasing purchasing power of this generation, plus their life stage as young adults and young parents, makes them a valuable demographic. But once you've got those millennial shoppers in the door, how can you keep them coming back?

 

CLICK HERE TO READ MORE ARTICLES FROM SMALL BUSINESS EXPERT RIEVA LESONSKY


Here are six ways you can turn millennials into repeat customers.

 

1. Be consistent. Your digital and physical presence need to provide the same experience and ease-of-use. Whether you sell products on your business website or not, millennials expect a seamless transition as they switch from looking at your website on a smartphone or tablet to looking at it on a desktop to visiting your store. If your store is having a sale, mention it on your website. If your website says you have a product, it better be in stock. Disappointing or frustrating millennial customers is the surest way to lose their business.

 

2. Offer expertise. Millennial shoppers have a world of information at their fingertips, so when they visit your store, they expect your sales team to be just as knowledgeable. Forty percent of millennials say “deep product knowledge” is important to them when visiting a store, PwC reports. Your employees should be able to answer in-depth questions about products, provide recommendations and suggest complementary purchases. Another option PwC suggests: Consider putting your store employees on different tracks. For example, you can train some employees to focus on maintaining the stockroom and handling inventory, and others to focus on customer service and developing deep expertise.

 

RELATED ARTICLE: THE ONGOING DEBATE: SHOULD YOU FOCUS ON WINNING NEW CUSTOMERS OR RETAINING LOYAL CUSTOMERS?

 

3. Reward your social media followers. Millennials won’t follow your store on social media just because they think you’re cool. Instead, they expect to get something out of the relationship. Exclusive access to deals, coupons or information are key reasons millennials follow retailers on social media, a survey by Accenture reports. When millennial shoppers are in-store, you can encourage them to follow you on social media by explaining the rewards they’ll get.

 

43059118_s.jpg4. Get personal with promotions. If you want millennials to become loyal retail customers, you’ve got to offer them personalized, targeted promotions and discounts, Accenture reports. A whopping 95 percent of millennials in that survey say they want retailers to “court them actively.” Coupons sent by email or (surprise!) mailed to their homes are the most effective promotional tool for this age group.

 

5. Use a loyalty marketing program. Paper or plastic loyalty cards won’t cut it with millennials. At last year’s Microsoft Envision conference, a panel of millennials expressed disdain for these “primitive” methods. The panel agreed they wouldn’t even be willing to carry a small, plastic keychain card to participate in a loyalty program. Fortunately, there are plenty of digital loyalty programs suited for small retailers; Belly, Loyalzoo and Perkaare just a few. These loyalty programs go far beyond the old “buy 10, get one free” model of yesterday. They enable you to capture all kinds of data about your shoppers, what they buy and what promotions they respond to. They also make it easy to create customized marketing messages that resonate with individual customers.

 

6. Think mobile. Speaking of customized marketing messages, one good way to reach out to millennial shoppers is via mobile. Most (85 percent) want to get mobile messages from retailers while they’re in-store, reports Chain Store Age. This age group is also more likely than others to accept personalized messages based on their past online behaviors. You can use mobile marketing to text offers to customers when they enter your store or get within a certain radius of it.

 

Adjusting your customer retention methods to focus on millennials is a smart move. Not only is this generation growing in influence, they’re influencing how their parents shop as well.

 


 

About Rieva Lesonsky

Rieva Lesonsky is CEO and Co-founder of GrowBiz Media, a custom content and media company focusing on small business and entrepreneurship, and the blog SmallBizDaily.com. A nationally known speaker and authority on entrepreneurship, Rieva has been covering America’s entrepreneurs for more than 30 years. Before co-founding GrowBiz Media, Lesonsky was the long-time Editorial Director of Entrepreneur Magazine. Lesonsky has appeared on hundreds of radio shows and numerous local and national television programs, including the Today Show, Good Morning America, CNN, The Martha Stewart Show and Oprah.Lesonsky regularly writes about small business for numerous websites and for corporations targeting entrepreneurs. Many organizations have recognized Lesonsky for her tireless devotion to helping entrepreneurs. She served on the Small Business Administration’s National Advisory Council for six years, was honored by the SBA as a Small Business Media Advocate and a Woman in Business Advocate, and received the prestigious Lou Campanelli award from SCORE. She is a long-time member of the Business Journalists Hall of Fame.

Web: www.growbizmedia.com or Twitter: @Rieva

You can read more articles from Rieva Lesonsky by clicking here

 

Bank of America, N.A. engages with Rieva Lesonsky to provide informational materials for your discussion or review purposes only. Rieva Lesonsky is a registered trademark, used pursuant to license. The third parties within articles are used under license from Rieva Lesonsky. Consult your financial, legal and accounting advisors, as neither Bank of America, its affiliates, nor their employees provide legal, accounting and tax advice.

          

Bank of America, N.A. Member FDIC.  ©2017 Bank of America Corporation

Rieva Lesonsky Headshot.pngThis will not come as a surprise, but if you want to succeed as a retailer, you must have what customers want when they want it, without having to stock up on excess inventory. To help you make smarter decisions in your retail business check out the retail and economic information available from the U.S. government.

 

Around the second week of every month, the government releases monthly retail sales reports for the previous month. What kind of information do these reports contain, and how can you use it to benefit your store?

 

CLICK HERE TO READ MORE ARTICLES FROM SMALL BUSINESS EXPERT RIEVA LESONSKY

What’s Included

The Census Bureau conducts the Retail Sales Report by surveying about 4,900 retailers ranging from multinationals to small, independent stores, including food service and automotive-related businesses.

 

The Retail Sales Report estimates sales for all retail businesses in each month, as well as the percentage change in sales from the previous month. Sales are further broken down into detailed types of retail businesses, such as furniture/home furnishing stores, sporting goods stores, clothing stores and more. View retail sales reports.

 

What It Means for You

Because consumer spending accounts for more than two-thirds of the U.S. GDP, the Retail Sales Report is an important indicator of the nation’s current economic health. By showing a snapshot of Americans’ discretionary spending habits, it can indicate whether consumers are feeling confident or cautious, which can ultimately give you insights into your consumers’ behavior.

 

Investors and financial services businesses use the Retail Sales Report to watch for signs of inflation and recession. If retail sales jump suddenly, it can warn of impending inflation. If retail sales dip or stagnate, it could indicate a coming recession.

 

40922209_s.jpg

How to Use It

If the idea of poring over Retail Sales Report charts and tables gives you a headache, you’re not alone. For small business owners, reading the Retail Sales Report can be more confusing than helpful. For one thing, the government revises each month’s report several months after issuing it, so data can change dramatically. Since the Census Bureau doesn’t adjust monthly figures for inflation, volatile gas and food prices can make it look like retail sales are soaring or plunging.

 

RELATED ARTICLE: THE ONGOING DEBATE: SHOULD YOU FOCUS ON WINNING NEW CUSTOMERS OR RETAINING LOYAL CUSTOMERS?

 

To get more value from the Retail Sales Report:

  • Watch a wide range of economic indicators. For retailers, these include the Bureau of Economic Analysis’s data on consumer spending, The Conference Board’s monthly Consumer Confidence Survey, and the monthly Census reports on shipments and orders of durable goods. (Durable goods are major purchases that last over three years; strong sales of consumer durable goods, which include autos and major appliances, signal confidence in the economy.) government's economic indicators here.
  • Use The National Retail Federation (NRF) resources. The NRF publishes retail data and projections for specific holidays, such as Easter or Mother's Day, and seasons, such as back-to-school and the holiday shopping season.
  • Focus on longer-term trends and predictions. Year-over-year trends or quarterly trends are a better indicator for retailers than month-to-month trends. Also, pay attention to whether figures are in line with experts’ predictions or sharply diverge.
  • Look to the experts. Instead of trying to interpret government reports yourself, read analysis of economic indicators in a trusted retail industry or business publication. Analysts can slice and dice the information in useful ways. For example, they’ll pull out specific retail categories and even individual retailers that are strong or weak, which can give you a heads-up on important trends. Currently, weak department store sales reflect Americans’ decreasing interest in stores that “sell it all,” while niche retailer Ulta Beauty is on the upswing because consumers prefer specialty stores.

 


 

About Rieva Lesonsky

Rieva Lesonsky is CEO and Co-founder of GrowBiz Media, a custom content and media company focusing on small business and entrepreneurship, and the blog SmallBizDaily.com.  A nationally known speaker and authority on entrepreneurship, Rieva has been covering America’s entrepreneurs for more than 30 years. Before co-founding GrowBiz Media, Lesonsky was the long-time Editorial Director of Entrepreneur Magazine. Lesonsky has appeared on hundreds of radio shows and numerous local and national television programs, including the Today Show, Good Morning America, CNN, The Martha Stewart Show and Oprah.Lesonsky regularly writes about small business for numerous websites and for corporations targeting entrepreneurs. Many organizations have recognized Lesonsky for her tireless devotion to helping entrepreneurs. She served on the Small Business Administration’s National Advisory Council for six years, was honored by the SBA as a Small Business Media Advocate and a Woman in Business Advocate, and received the prestigious Lou Campanelli award from SCORE. She is a long-time member of the Business Journalists Hall of Fame.

Web: www.growbizmedia.com or Twitter: @Rieva

You can read more articles from Rieva Lesonsky by clicking here

 

Bank of America, N.A. engages with Rieva Lesonsky to provide informational materials for your discussion or review purposes only. Rieva Lesonsky is a registered trademark, used pursuant to license. The third parties within articles are used under license from Rieva Lesonsky. Consult your financial, legal and accounting advisors, as neither Bank of America, its affiliates, nor their employees provide legal, accounting and tax advice.

           

Bank of America, N.A. Member FDIC.  ©2017 Bank of America Corporation

Steve Strauss Headshot.pngWith Earth Day coming up, and the Paris Accords in the news, it’s a good time to think a bit about what we can each do in our respective businesses to make the world a little bit better, a little greener.

 

The problem is that many believe their own individual ecological efforts, especially when compared to the scope of the problem, can be pretty minuscule and inconsequential. If that describes you, there are two points to consider:

  1. Remember that individual actions do add up. That is how things change in all areas of life and business.
  2. Because businesses have a larger ecological footprint than individuals, business owners can have an even bigger impact.

 

The good news is that becoming more environmentally friendly makes you green in two great ways. First, greening your business helps green the planet, and second, greening your business also can help generate more green.

 

CLICK HERE TO READ MORE ARTICLES FROM SMALL BUSINESS EXPERT STEVE STRAUSS

 

Sustainability is both good business and good for business, as it turns out.

 

Here are some of my top reasons and ways for businesses to go green:

 

Cost savings: Here are just a few of the things you can do to do your part:

  • Make re-using and recycling easy by having recycling bins available throughout the office
  • Go paperless to the extent you can
  • When buying new technology, purchase Energy Star certified goods
  • Install power timers so that equipment and lights go off at night
  • Encourage employees to take public transit or bikes to work
  • Ban plastic water bottles and offer filtered water instead so that employees can refill their water bottles at work

 

Little changes can create big results.

 

11897666_s.jpgHealthier work environment: If you choose to go green by offering organic food instead of junk food, you are directly promoting the personal physical health of your employees, which can lead to better moods and fewer sick days. Using environmentally friendly cleaning products is also excellent for the health of your employees. In fact, according to the Green Business Bureau, there is a 20 percent decrease in number of sick days for companies that actively promote a healthier workplace.

 

RELATED ARTICLE: GREAT ENTREPRENEURS START SMALL – CONSIDER HOWARD, RAY AND AMADEO

 

It’s good for morale: An ethical and sustainable work environment is increasingly becoming one of the most important requirements for young professionals. These in-demand millennials appreciate your efforts.  Consider creating a green suggestion box for instance. By offering a prize for the best ideas, you will really get some good ones as well as some happy, loyal employees.

 

Tax benefits: Some states offer tax credits for businesses that go green. For example, in Florida, businesses who either use solar energy or produce electricity from renewable energy facilities are eligible for special tax deductions. Using hybrid cars and wind energy can also be tax deductible.

 

Good customer relations: Another way to make a difference is to encourage your customers to be greener. For instance, you can

  • Offer green products. Adding green products to your inventory mix is easy and affordable and customers will love that they have that choice.
  • Offer discounts to customers who bring their own reusable shopping bags.
  • Finally, consider matching donations (up to a certain limit) made by customers to the environmental charity of their choice. This would not only burnish your green credentials, but would be a nice tax write-off to boot.

 

Good PR: Being able to advertise all the things your business does to be green is very attractive to many consumers. This can actually grow your customer base, since the sharp increase in public environmental consciousness has created a growing desire to patronize environmentally friendly businesses.

 

By being a more environmentally-friendly business, you can make yourself stand out against the crowd. Planetary green looks very good against corporate beige.

 


About Steve Strauss

Steven D. Strauss is one of the world's leading experts on small business and is a lawyer, writer, and speaker. The senior small business columnist for USA Today, his Ask an Expert column is one of the most highly-syndicated business columns in the country. He is the best-selling author of 17 books, including his latest, The Small Business Bible, now out in a completely updated third edition. You can also listen to his weekly podcast, Small Business SuccessSteven D. Strauss.

 

Web: www.theselfemployed.com or Twitter: @SteveStrauss

You can read more articles from Steve Strauss by clicking here

 

Bank of America, N.A. engages with Steve Strauss to provide informational materials for your discussion or review purposes only. Steve Strauss is a registered trademark, used pursuant to license. The third parties within articles are used under license from Steve Strauss. Consult your financial, legal and accounting advisors, as neither Bank of America, its affiliates, nor their employees provide legal, accounting and tax advice.

           

Bank of America, N.A. Member FDIC.  ©2017 Bank of America Corporation

Steve Strauss Headshot.pngMy worst boss ever once threatened to put his cigarette out on my forehead.

 

Let’s just say he wasn’t what you’d call a great leader (although, irony of ironies, we worked for a leadership development company).

 

Yes, we have all had really, really bad bosses at some point in our life. You know the type: Bosses who schedule you on days you can’t work, who berate you, who are unorganized, who take credit for your work, who don’t communicate well, assign you massive projects with very little time, make you work late, etc. The list goes on and on.

 

It is no fun to work for a bad boss.

 

While bad boss stories make great fodder for stories at parties, tales among friends or intros to blogs, in the actual workplace, bad leadership is no joke. Every team needs a leader, and this is especially true in small business, where so much depends upon the style, vision and abilities of the leader/owner.

 

CLICK HERE TO READ MORE ARTICLES FROM SMALL BUSINESS EXPERT STEVE STRAUSS

 

So what makes for a good small business leader? It is not enough for a leader to be not terrible. A good leader should make you feel comfortable and at ease, excited and inspired. A good leader should not be okay with sticking with the same-old, same-old. The leader should be constantly looking for new ways to lead and engage, to discover and invent.

 

Although it is difficult to boil it down to a sentence or a definition, there certainly are traits that all great small business leaders share:

 

Passion: Entrepreneurs start businesses because they are passionate about an idea. But great entrepreneurs become great leaders when they enroll other people in that vision. Getting people excited about the business is fundamental to being a team leader. It is the passionate leader who is a great leader; their dedication to the goal shines through and percolates into all of their interactions and decisions. That type of passion is infectious.

 

RELATED STORY: REMOTE WORKERS ARE HAPPY WORKERS: MY TIPS FOR MAKING SMART HIRES

 

Excellent communication skills: Good leadership means making a habit of asking your employees how they’re feeling, what they are thinking, what’s working, what’s not, and what they need help with. It means sharing the vision. It also means listening.

 

Playing fair: A bad boss is the one who always seems to be on a power trip, using their title to justify their bad behavior or poor decision making. Great bosses and great small business leaders inspire confidence because they have little interest in their own ego, and are much more focused on making sure that the team succeeds. For this boss, the welfare of the company is much more important than their own pride.

19523838_l.jpg

Positive attitude: A great leader inspires those around him or her with his or her positivity. Their belief in a better future, in the mission, vision and business, enables others to dream and think big too.

 

Creativity: A small business leader must be adaptable and creative, especially because there is often a shortage of money or time. Some of their new ideas work, others don’t, but that doesn’t stop them.

 

Integrity: Last but certainly not least, a great leader must have integrity within himself and those around him. It is through hard work, dedication, vision, honesty, and smarts that the leader leads effectively.

 

Walking the talk creates the context for excellence, and that truly is what makes for a great small business leader. (And let’s just say that it helps if they don’t want to use your head for an ashtray!)

 

About Steve Strauss

Steven D. Strauss is one of the world's leading experts on small business and is a lawyer, writer, and speaker. The senior small business columnist for USA Today, his Ask an Expert column is one of the most highly-syndicated business columns in the country. He is the best-selling author of 17 books, including his latest, The Small Business Bible, now out in a completely updated third edition. You can also listen to his weekly podcast, Small Business SuccessSteven D. Strauss.

 

Web: www.theselfemployed.com or Twitter: @SteveStrauss

You can read more articles from Steve Strauss by clicking here

 

Bank of America, N.A. engages with Steve Strauss to provide informational materials for your discussion or review purposes only. Steve Strauss is a registered trademark, used pursuant to license. The third parties within articles are used under license from Steve Strauss. Consult your financial, legal and accounting advisors, as neither Bank of America, its affiliates, nor their employees provide legal, accounting and tax advice.

 

Bank of America, N.A. Member FDIC.  ©2017 Bank of America Corporation

Steve Strauss Headshot.pngPeople start their own businesses for all sorts of reasons – money, boredom, fear, freedom, inspiration – you name it. But whatever the reason, one thing all entrepreneurs have in common is that they want to succeed - to create a business that grows.

 

A common fear people have is they look at the entrepreneurial success stories of folks like Richard Branson (Virgin) or Jeff Bezos (Amazon) and they somehow think they started out successful.

 

Nothing could be further from the truth.

 

Indeed, what gets lost sometimes is that every business starts small, very small. And then, somehow, be it sheer force of will, good luck, a great idea, timing, or a combination, some entrepreneurs break away from the pack and end up growing very big ventures. It happens all the time.

 

CLICK HERE TO READ MORE ARTICLES FROM SMALL BUSINESS EXPERT STEVE STRAUSS

 

Consider Howard Schultz and Starbucks. Of course, these days Starbucks is ubiquitous, a behemoth, but it sure wasn’t when Schultz first happened upon it. In 1979, Schultz was an employee of a Swedish coffee maker company. One of his customers was a small coffee bean company with a few shops located in and around Seattle called Starbucks. Schultz loved the potential of the little company, so much in fact, that within a year he got himself hired as Starbucks Director of Marketing.

 

It was on a buying trip in Milan, Italy when Howard Schultz had the epiphany that changed both his life – and how you drink coffee. Schultz noticed that dripped espresso bars were everywhere, and served as de-facto community spots. Upon his return, he tried to get the owners of Starbucks to buy into this vision for the company (at the time, Starbucks only sold beans and machines, not drip coffee). 

 

RELATED ARTICLE: THREE IDEAS FOR WOMEN BUSINESS LEADERS TO HELP OTHERS FOLLOW THEIR PATH

 

Schultz’s vision was so clear, and overwhelming, that he eventually bought the fledgling company from the owners and, as they say, the rest is history. But the overall point is important – Howard Schultz started out as an employee whose vision created a multi-billion-dollar enterprise.

 

47375852_l.jpgRay Kroc’s story is similar. Ray was a milkshake mixer salesman in his mid-50’s when he called on two brothers, customers of his whose diner blew him away. The single restaurant they ran was unlike anything Ray had ever seen before – clean, fast, efficient, and profitable. He had to be part of it.

 

Like Howard Schultz, Ray had a giant vision for a business that was not his. And like Schultz, he didn’t let that stop him. And he too got himself hired by the then-owners, he too was thwarted, and yes, he too eventually bought out the owners. The parallels are eerie.

 

McDonald’s also became ubiquitous after Ray Kroc entered the scene.

 

Or consider the story of Amadeo Pietro Giannini. In 1904, Giannini started a small bank called the Bank of Italy, located in San Francisco. The bank served the needs of the immigrant community that was often ignored. Giannini got his big break in 1906 when, after the San Francisco earthquake leveled most of the city, he got his customers’ deposits out of his building and saved them from the fire that engulfed the city. Covering two barrels with a few planks, he set up shop on Market Street and began to lend money to residents looking to rebuild their beloved city.

 

And that, my friends, is how Bank of America started.

 

So, bravo to you, my entrepreneurial friend, even if all you have is a big idea. History proves, when combined with a big heart, a big work ethic, and a drive to succeed, it’s a compelling combination that often leads to huge entrepreneurial success.

 

About Steve Strauss

Steven D. Strauss is one of the world's leading experts on small business and is a lawyer, writer, and speaker. The senior small business columnist for USA Today, his Ask an Expert column is one of the most highly-syndicated business columns in the country. He is the best-selling author of 17 books, including his latest, The Small Business Bible, now out in a completely updated third edition. You can also listen to his weekly podcast, Small Business SuccessSteven D. Strauss.

 

Web: www.theselfemployed.com or Twitter: @SteveStrauss

You can read more articles from Steve Strauss by clicking here

 

Bank of America, N.A. engages with Steve Strauss to provide informational materials for your discussion or review purposes only. Steve Strauss is a registered trademark, used pursuant to license. The third parties within articles are used under license from Steve Strauss. Consult your financial, legal and accounting advisors, as neither Bank of America, its affiliates, nor their employees provide legal, accounting and tax advice.

 

Bank of America, N.A. Member FDIC.  ©2017 Bank of America Corporation

Ebong Eka Headshot.pngThe Affordable Care Act (ACA), also known as Obamacare, provides affordable health insurance across the U.S. through subsidies to consumers as well as offering tax credits to small businesses.

 

Even though the Trump Administration seeks to repeal and replace the ACA, it will take time for the political process to occur. Thus, there is still an opportunity for your small business to benefit from the tax deductions or credits for the 2016 tax return year.

 

What’s the difference between a Deduction and a Credit?

 

Before we go into how the ACA affects your small business, let me be clear on the difference between a tax credit and a tax deduction. A tax credit directly reduces your tax liability. For example, if you owed $1,000 in taxes to the IRS and received a $500 tax credit, you would only have to pay $500. Tax credits are dollar-for-dollar reductions in your tax liability.

 

CLICK HERE TO READ MORE ARTICLES FROM SMALL BUSINESS EXPERT EBONG EKA                

 

A tax deduction is different because it indirectly reduces your tax liability by reducing (through increasing) the expenses used to arrive at income. I've always told clients that having or receiving a tax credit is always better and more lucrative than having a tax deduction. Please speak to your tax advisor for what works specifically for you.

 

Do you qualify for ACA tax credit?

 

As a small business owner, you may be eligible for the small business healthcare tax credit if you meet the following conditions:

 

  1. You cover at least 50% or more of your employees' insurance premium costs;
  2. You must have fewer than 25 full-time employees;
  3. Your full-time employees' annual wages are less than $52,000 each in the 2016 tax year. Your credit may be limited or phased out if wages are higher;
  4. You must purchase health insurance coverage through the Small Business Health Options Program (SHOP) Marketplace.

 

Finally, here's a shared responsibility payment notice: If you have fewer than 50 full-time employees including full time and equivalent employees, i.e., you have two part-time employees who split a full- time job, you're not subject to the employer's shared responsibility provisions. If you employ fewer people, you have other incentives as well.

 

RELATED ARTICLE: THE TOP 7 TAX SCAMS OF 2017 YOU MUST AVOID

 

How much of a difference does the tax credit make for your business?

 

32147912_l.jpgFor tax years beginning in 2014 or later, the maximum credit increased to 50% of premiums paid for small business employers and 35% of premiums paid for small tax-exempt employers. Additionally, the credit is available to eligible employers for two consecutive taxable years.

 

For example, if you pay $50,000 a year toward employees’ health care premiums — and if you qualify for a 50% credit, you save $25,000 per year. Imagine what you can do for your business with that money!

 

Tax credits are advantageous because they help you save money on taxes which you can use to hire more employees or purchase more equipment. 

 

Regardless of where you sit politically, if you are a small business owner, there's a great opportunity for you to save money on your taxes by way of the small business healthcare tax credit.


Speak with your tax advisor about your eligibility for the tax credit and how much may be available to you before the ACA is repealed and/or replaced.

 

About Ebong Eka

Ebong Eka is no stranger to the world of personal finance. As a certified public accountant and former professional basketball player he offers a fresh perspective to small business planning and executing. With over fifteen years of accounting, tax & small business experience with firms like PricewaterhouseCoopers, Deloitte & Touche and CohnReznick, Ebong provides practical money solutions tailored to the everyday person, the aspiring entrepreneur or the small business owner.

 

Ebong is the founder of EKAnomics, a sales, pricing and leadership firm. He is also the founder of Ericorp Consulting, Inc., a tax and management consulting firm. Ebong is the author of “Start Me Up! The-No-Business-Plan, Business Plan.

 

Web: www.ebongeka.com or Twitter: @EbongEka.

You can read more articles from Ebong Eka by clicking here

 

Bank of America, N.A. engages with Ebong Eka to provide informational materials for your discussion or review purposes only. Ebong Eka is a registered trademark, used pursuant to license. The third parties within articles are used under license from Ebong Eka. Consult your financial, legal and accounting advisors, as neither Bank of America, its affiliates, nor their employees provide legal, accounting and tax advice.

                 

Bank of America, N.A. Member FDIC.  ©2017 Bank of America Corporation

Filter Article

By tag: