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Welcome to the Business Advantage
Small Business Community
Learn. Share. Thrive.
Running a small business is no easy feat. That’s why we’ve created a forum for small business ideas, insider tips, and the industry knowledge you need to help your small business grow.
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How to Create a Digital Course to Encourage New Business Growth
With digital learning becoming a necessity and traditional in-person events on hold, now is a great time to create an online course. Mari Smith gives insight on how to leverage your knowledge and skills.
A High School Class Shows the Future of Business Is Connecting
Feeling connected to one another has become an important part of our business interactions. Read what Chris Brogan has to say on the value of embracing and nurturing a level of connection in the work place.
Grow Your Network Now by Following the Best Practices for Social Networking
In-person networking may continue to be a less-than-optimal option for the foreseeable future. Mari Smith offers ways you can still grow your network digitally.
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Bank of America Small Business clients can find more information about the Paycheck Protection Program on the Bank of America website, or read our Frequently Asked Questions. We're adding more information regularly. Check back often for updates.
Note: Per our community guidelines, any posts to this community regarding a Bank of America customer service issue or complaint will automatically be moderated and may not appear on the site. |
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My business needs a website that is one of the main sources of value to the customer. It needs to provide information on the product, as well as list the customers involved in the current program using photographs and a short description. I don't...
My business needs a website that is one of the main sources of value to the customer. It needs to provide information on the product, as well as list the customers involved in the current program using photographs and a short description. I don't have a lot of web design skills. Wondering if I should create a site myself or have a professional do it? Thoughts?
Has anybody received any information from Bank of America on the instructions for applying for PPP loan forgiveness? We're curious as the 8 week period starts for us, we want to make sure we're falling into the right guidelines for using...
Has anybody received any information from Bank of America on the instructions for applying for PPP loan forgiveness?
We're curious as the 8 week period starts for us, we want to make sure we're falling into the right guidelines for using the funds properly to ensure loan forgiveness, but it's difficult without knowing BoA's specific guidelines or qualifications.
Thanks!
Video is the new currency of the web. Surprising? Felix Kjellberg (aka PewDiePie) earns an approximate $15 million. Roman Atwood pegs at $8 million. Smosh (Ian Hecox and Anthony Padilla) pockets $7 million. All estimates as per Forbes list of 10...
Video is the new currency of the web. Surprising? Felix Kjellberg (aka PewDiePie) earns an approximate $15 million. Roman Atwood pegs at $8 million. Smosh (Ian Hecox and Anthony Padilla) pockets $7 million. All estimates as per Forbes list of 10 highest-paid YouTube stars for the 12 months ended June 2016.
The Internet and endless number of enterprise video platforms has thrown open opportunities for anyone with a passion for video to turn into sources of revenue. Video monetization is no longer buzzword for television behemoths, but for anyone who have a video library that can be streamed across the Internet.
Oh! And we missed to mention live streaming all this while. The multi-billion dollar industry is no longer restricted to broadcasting live sports events and musical shows. Enterprise video solutions now enable live streaming in education, entertainment, marketing and several other industries with great ease.
A notable provider of live streaming video solution is Brightcove who helps deliver and monetize videos across the Internet effortlessly. Brightcove extends its video facilities primarily for video publishers and broadcasters, digital marketers and enterprise users. Additionally it offers a range of other video streaming services for publishers and broadcasters for video hosting, live streaming, OTT Tv delivery, video player, live and file cloud transcoding among many others.
Here is a thorough comparison of live video streaming solutions that best fit as alternatives to Brightcove you might want to checkout.
Vplayed makes the best alternative to Brightcove video streaming. Vplayed is a top-tier video solution built for broadcasters, channel partners, content owners and publishers to launch their own typical video on demand, OTT and live streaming platform. The solution is a custom-made VOD solution that ideally compatible with any sort of industry which tends the content owners to monetize the content on various platforms. The solution is wholly packed with diverse features that put a way to streamline your content on multi platform.
This cloud-based platform is equipped with AWS cloud storage to assist in hosting of the video content in a secure and possess scalability. The end-to-end solution is armed with Content Management System which takes the responsibility of every piece of your content that tends to reach the right audience at the right time. Vplayed is inbuilt with an impressive Content delivery network that gives a promising high pixel rate video quality without any delay and also a dynamic user experience that entices the audience globally. The video on demand solution is the utmost platform that assists the content owners to store, transcode and engage a massive audience on multiple platforms.
If you are a fan of pay as you go or use policy in, then DaCast is a good choice. DaCast offers a tiered pricing package where your video streaming happens according to the bandwidth you have paid for.
Well, that’s a good thing as well as a bad thing. If your enterprise video portal picks up traffic and too many viewers started rushing to your video, you might run of bandwidth causing the stream come to a standstill. Just in case you are not sure how to calculate how much video bandwidth you will need, DaCast offers an in-built Launch Calculator to pick the right plan best fit for you.
However, there are ups that makes DaCast irresistible for video streaming. It provides a comprehensive suite of white label APIs and video tools that enhances video productivity streaming.
Contus Vplay is a comprehensive enterprise video streaming solution that allows anyone in these industries, or even outside of it trying to make their mark, launch their own online video streaming website complete with 100% customization.
Contus Vplay is offered as a readymade video on demand solution that comes equipped with multi-tier monetization for SVOD, TVOD, AVOD, pay per view and many other customizable video monetization avenues.It comes with advanced AES encryption security and user-owned digital copyrights management system, which is a curse for intruders who seek illegal access to your website. A proactive approach to track user activity with the use of customized reports and analytics gives a comparable view from your competitors.The inclusion of subscription helps in expanding the user base of your channel. You also get a 24/7 backed up customer support right from deployment to maintenance by a dedicated team of experts.
I know things are tough right now. But we've all seen throughout history that some of the best business ideas come from the toughest challenges. What new business opportunities are you starting to see? What new business do you think would...
I know things are tough right now. But we've all seen throughout history that some of the best business ideas come from the toughest challenges.
What new business opportunities are you starting to see? What new business do you think would thrive in the post-Coronavirus economy?
PPP One Steps Away (Promissory Note/Attestation) - We are sorry, you do not have access to this page
Has anyone else received the PPP One Step Away email and after clicking the Sign Your Forms link (logging into business account) received the following message? We are sorry, you do not have access to this page If you feel you received...
Has anyone else received the PPP One Step Away email and after clicking the Sign Your Forms link (logging into business account) received the following message?
We are sorry, you do not have access to this page
If you feel you received this message in error and have another username and password, please try again.
Tried multiple workarounds like:
- using my personal account login
- different browsers
- clicking email link, logging in, then clicking email link again
Any suggestions on how to access the forms?
Thanks,
Pat
Hi, I've been approved for less than I applied for and accepted hastily. I want to return it before the safe harbor date of May 15, but have no idea how. I've called BofA, they say they will take care of it but nothing happens. When I log...
Hi, I've been approved for less than I applied for and accepted hastily. I want to return it before the safe harbor date of May 15, but have no idea how. I've called BofA, they say they will take care of it but nothing happens. When I log back into the BofA online business website it says my loan has been accepted but there are no papers. How did you receive your paperwork? In email? Anyone successful at returning funds?
Thank you, Julie Eckhardt
Went to sign and finalize paperwork for the PPP to be funded, but the promissory note doesn't match the loan amount. They had elevated the incorrect amount and the PNote still has the inccorect amount. I've sent a couple of...
Went to sign and finalize paperwork for the PPP to be funded, but the promissory note doesn't match the loan amount. They had elevated the incorrect amount and the PNote still has the inccorect amount. I've sent a couple of emails to their help email but I've not received a response. Had a phone conversation and they said they're looking into it and someone will call in 48 hours. Anyone else have this issue? if so, please let me know what solution was reached. I know this money runs out quickly so I'm trying to darn-est to get it corrected quickly.
Hoping my personal experience helps those still in process, like those approved before keep me going and SANE within this unique difficult times. Since detailed info is limited, I've reading these post everyday, and truly help me with my sleep. I...
Hoping my personal experience helps those still in process, like those approved before keep me going and SANE within this unique difficult times. Since detailed info is limited, I've reading these post everyday, and truly help me with my sleep. I never got a loan number assigned or ETRAN number, tonight received an email saying that loan has been approved and will be disburse 1-2 days, business timeline below, Good Luck to all of you Small Business hardworking Americans:
3/30..Informing me that I will be able to apply if you believe that I qualify for relief from Cares Act, but details still been finalized
4/3..submitted PPP application.
4/6..PPP loan application has been received,
4/15..BOA requested additional information,asking to update business information on Business online web banking
4/20...PPP application is complete. We'll send your request for a loan to the Small Business Administration as soon as they begin accepting new applications. End of 1ST ROUND
4/28..PPP application has been submitted to SBA, which began accepting applications again on April 27. 2nd ROUND began
5/3..9.28 pm ET...sign attestation and promissory note. You're one step away from receiving PPP funds. Immediately, I Uploaded ID back and Front on Intralinks following other applicant recommendations, since it could speed the process, I read it was asked as a requirement to other applicants.
5/6..11:48 pm ET, your PPP loan has been approved and funds will deposited 1-2 business days.
When small businesses are approved by the SBA for PPP funding, lenders will issue funds within 10 business days, but after reading other experience it can take 1-2-3 up to 10 days. First round took up to 14 days. I will update this post once I received those funds.
Good Luck to you and never stop believing. Human being relies on you, to feed their families. More importantly STAY SAFE and do not compromise your loves ones,clients and employees well being HEALTH. Thanks to our government for a great job, and take care of its peoples. Even though not perfect, but the intention was unique and special. It will be hard to save everyone, almost impossible. I was about to close the business in the next couple of weeks. Hoping the virus get contained and at least we can get back to semi normal soon, otherwise we will need 20 rounds of PPP loans to stay afloat.
"We must accept finite disappointment, but we must never lose infinite hope." — Martin Luther King Jr.
On May 1st I got an email saying Good news – You've been assigned a SBA loan identification number. However, today is May 7 and I haven’t got the email link to sign the promissory note. I emailed the PPP help desk but one one replied...
On May 1st I got an email saying Good news – You've been assigned a SBA loan identification number. However, today is May 7 and I haven’t got the email link to sign the promissory note. I emailed the PPP help desk but one one replied back! Anyone knows of this situation and can help point me to the right path to get help? Thanks
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By now, more than a few businesses have realized that they need – or needed – an emergency fund. The coronavirus pandemic quickly caught businesses off guard. A fortunate few had the type of business that was not...
By now, more than a few businesses have realized that they need – or needed – an emergency fund. 
The coronavirus pandemic quickly caught businesses off guard. A fortunate few had the type of business that was not affected by shelter-in-place orders, but many, many others were hit hard by the double-whammy of lost business and a lack of a rainy-day fund.
Time to rectify that second issue.
According to the SurePayroll Small Business Worry Index, “Due to the nature of small businesses, it can be hard to ensure there is enough cash on hand for business expenses and payroll. One finding from the study showed that 1 in 4 small business owners worry about being able to cover payroll at some point in the year.”
All of which begs the question: How do you create a rainy-day fund and how much do you need? It’s really just a simple 4-step process.
Step 1: Analyze your core expenses: Make a list of the expenses that you have to cover every month, things like:
- Payroll
- Rent
- Taxes
- Insurance
- Utilities
Other items, the ones that are more wants than needs, should not be on this list. That would include items such as marketing and entertainment.
Now, multiply that core number by three. That is the number of months of overhead you ideally will (eventually) set aside.
If your core expenses are $5,000, you need to begin to save $15,000.
Step 2: Chunk it down: If you look at $15,000 by itself, it will likely look like an insurmountable mountain. But guess what? No one climbs a mountain in one step. Mountain climbers chunk it down.
According to the outdoor adventure retailer REI.com, there are several steps to take when planning to climb a mountain. Three of the four are relevant for our analogous purposes:
- Get a guide. See Step 3, below.
- Start training. This is essential in mountain climbing as it is in saving. For many people, saving does not come naturally. Neither does mountain climbing. The only way to climb that mountain is to begin small, practice, and get in shape. Start saving small, but get in the habit.
- Choose a route: There are several routes to get to the top of a mountain. Some are easier than others. It begins by planning the trip, picking out a base camp, and plotting rest areas and important markers along the way. Again, this is the same process for creating a rainy-day emergency fund. Pick a reasonable path and start climbing.
So that’s the idea. Come up with a savings plan, start small, get in shape, and then begin to execute on your plan step by step. Yes, it will take practice and hard work. Climbing a mountain is not easy. But others have done it and you can too.
Step 3. Get help: Making and hitting financial goals can be challenging, and that is why bringing in an accountant or financial advisor makes sense. Meeting with a financial advisor can help you understand how best to begin, where you can safely cut back, how to save, and will help ensure that you are saving the right amounts.
And, having an advisor who understand the finances of your business can also help if and when you do have an emergency down the road. An expert teammate can give you expert advice.
Step 4. Commit. The key here is to save a bit each month. That takes good old-fashioned commitment. So consider and remember the wise words of W.H. Murray in his book, The Scottish Himalayan Expedition (1951):
Until one is committed, there is hesitancy, the chance to draw back, always ineffectiveness. The moment one definitely commits oneself, then Providence moves too. All sorts of things occur to help one that would never otherwise have occurred. A whole stream of events issues from the decision which no man could have dreamt would have come his way.
In the end, by committing to this plan, not only will you have learned a new skill (how to save) but you will not be caught off-guard the next time your small business faces an emergency situation.
Note: If you’re interested in seeking Small Business banking help through Bank of America, please feel free to reach out to a small business specialist on their team.
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 Success.© Steven 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. ©2019 Bank of America Corporation
These days, small businesses have no lack of data. You can run analytics for how well your Facebook posts are doing, the open rate for your e-newsletter, shopping cart abandons, what time of day products sell best, and a whole lot more. ...
These days, small businesses have no lack of data. You can run analytics for how well your Facebook posts are doing, the open rate for your e-newsletter, shopping cart abandons, what time of day products sell best, and a whole lot more.
The question is not whether you generate data – you do – but rather, do you have the time or insight as to how to digest these numbers and determine what they mean for your small business goals?
That’s where a good dashboard comes in handy. In the parlance of analytics, this is called Business Intelligence, or BI. The good news: Several innovative companies have created a slew of BI tools to analyze and interpret your data.
So which dashboards are worth your time and can best help you run your business?
Here are some of my favorites:
Bank of America® Cash Flow Monitor: This is a superior financial dashboard from our friends at Bank of America. Cash Flow Monitor is a digital tool designed to make it easy for small business owners to manage the various financial aspects of their business, especially the all-important cash flow.
Available to any Bank of America client with a business deposit account, Cash Flow Monitor provides a birds-eye view of business cash flow and access to real-time expertise and guidance. With Cash Flow Monitor you can:
- Create and graphically display cash-flow projections
- Integrate account information to easily keep track of finances
- Manually adjust projections with additional data like new sales
- Set up cash flow thresholds and display them graphically and add alerts when adjustments may be needed
Dasheroo: Dasheroo began as a tool that collected and curated social media data. You could compare your Facebook Likes and Insights, Twitter follows and analytics, Instagram hits and so forth all in one place. Simply set up your customer Dasheroo dashboard, attach your different accounts, and the system would give visually interesting analysis and insight of all of your social media metrics.
Now, Dasheroo allows you to corral data from many of your other useful business apps, including:
- MailChimp
- PayPal
- YouTube
- SalesForce
- Infusionsoft
- Google Analytics
- SurveyMonkey
- QuickBooks®
You get the idea. A great analytical tool.
Zoho Reports: Most of these dashboards offer the same eye candy functionality. That is, you have access to:
- Beautiful dashboards
- Drag & drop report creation
- Interactivity
- Customization
- Visually stunning graphics
Zoho offers this as well. By taking the headache out of producing reports, Zoho Reports makes it easy to generate clear, powerful, useful reports based on your data.
Board: According to Board, “We feature some of the best data visualization tools available alongside in-depth planning and forecasting functionality, providing users with a consistent, self-service, fully integrated approach to reporting, analysis, simulation, and planning.” With Board you can:
- Plan, monitor and get insight into your sales processes
- Track, analyze and plan your sales "lead to revenue" process
- Plan and analyze across the entire supply chain management
- Streamline workforce planning and get better insights into human resources performance
- Automate financial planning and analyze business performance down to operations
And these are just a start. Check out some of the tools listed here – you, and your business will be better for it.
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 Success.© Steven 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. ©2019 Bank of America Corporation
We are well into the new year and, in all likelihood, you started off the year planning to reach certain financial goals and revenue targets. Before the year gets too far along it’s good to take stock of whether you are heading in the right...
We are well into the new year and, in all likelihood, you started off the year planning to reach certain financial goals and revenue targets. Before the year gets too far along it’s good to take stock of whether you are heading in the right direction regarding the revenue and cash flow goals you set for your business back in January.
The funny thing is, many small business owners won’t really know the answer. Oh sure, they have a general idea if they are having a good or bad year, but a solid understanding, based on sales, expenses, and especially cash flow? Maybe not so much
- Check out our infographic on creating a balanced cash flow cycle
Cash management is one of those things that small business owners know that they should know, but many do not. And that actually is quite understandable as the vast majority of entrepreneurs did not go to business school and financials, cash management, profit and loss statements are not something that they have managed before. The problem is, not knowing where you really stand financially can undermine your business.
Cash flow is the lifeblood of any business, and you cannot really have a good understanding of whether you are meeting your goals for the year or not if you do not have a handle on these sorts of financial snapshots. It is not just a matter of checking your bank balance either, that’s for sure.
So how do you know if you are on track to meet your revenue and financial goals for the year? How is your cash flow situation looking? If you are not sure, I have good news for you.
Our friends at Bank of America recently launched a new product called Cash Flow Monitor.
Cash Flow Monitor is a digital dashboard available in Online Banking and Mobile Banking, designed to make it easy for small business owners to manage the various financial aspects of their business. Available to any Bank of America client with a business account, Cash Flow Monitor provides a view of business cash flow and access to real-time expertise and guidance – all in one simple tool.
![Cash Flow Monitor Graphic[1].jpg](https://smallbusinessonlinecommunity.bankofamerica.com/servlet/JiveServlet/showImage/38-3149-461394/Cash+Flow+Monitor+Graphic%5B1%5D.jpg)
Specifically, Cash Flow Monitor
- Graphically displays cash flow projections based on scheduled transactions
- Integrates account information making it easy to keep track of credits and debits
- Manually adjusts your projections with additional data like new sales
- Lets you set cashflow thresholds, displays them graphically and alerts you with enough time to make proactive adjustments
- Helps you to quickly access experienced small business bankers to help you optimize how you use Cash Flow Monitor
Here are some tips for avoiding a cash flow crunch.
Let me add one last thing. If you feel like you need a little extra help with getting started, why not pick up a book? Cash Flow for Dummies by John A. Tracy will give you a nice overview of various accounting topics and some insight into how cash flow fits into the big picture.
So, are you meeting your revenue goals for the year? If you can pull out your smartphone and take a quick look at your cash flow at a moment's notice, you will be one step ahead of the game.
Next: Check out of Cash Flow Management Resource Center.
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 Success.© Steven 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. ©2019 Bank of America Corporation
Bank of America, N.A. Member FDIC. Equal Housing Lender House
© Copyright 2019 Bank of America Corporation.
Bank of America is not responsible for user posts and other user content appearing on this website and does not endorse or guarantee the perspectives, the advice, the users, the businesses, or the products or services sold by any users or businesses that appear on this website. Bank of America, N.A. is providing these third-party websites and/or other sources only as a convenience, and does not monitor or maintain the information available on the external websites mentioned, nor represent or guarantee that such websites are accurate or complete, and they should not be relied upon as such. Bank of America provides informational reading materials for your discussion or review purposes only. Neither Bank of America, its affiliates, nor their employees provide legal, accounting and tax advice.
The right social media influencer can bring much-needed attention to your small business. By introducing your business, product, or service to an influencer’s audience of raving fans, it can boost your visibility while helping generate...
The right social media influencer can bring much-needed attention to your small business. By introducing your business, product, or service to an influencer’s audience of raving 
fans, it can boost your visibility while helping generate engagement, leads and sales.
The key, however, is finding the right social media influencer. You want someone who is authentic, who has an engaged audience that aligns with your demographic, and whose values align with your product or service.
Let me break the considerations down for you.
Getting Started
The first step is finding social media influencers. There are several influencer research tools, where you can search for people by niche, area, or industry. More on tools below. You may also look to competing and complementary brands to see who they use, and how they use them, to give you an idea of what’s possible.
For instance, if you work in the wellness industry and see that your top competitor has a known fitness instructor representing their brand, search for someone comparable or even better to give you a leg up.
Once you have a list of a half-dozen ideal influencers, the research starts.
More than the Numbers
Start by reviewing their fans and followers on the major social media platforms: Facebook, Twitter, Instagram, and possibly YouTube, Pinterest and LinkedIn. While public-facing metrics are an excellent starting point, beware. Someone could very well have bought their fans or followers. They might even be a bot or use bots for engagement.
To check authenticity of the influencers, look at several things:
Audience: Don’t just look at the numbers, see who is actually following the influencer. Is it other influencers? Brands? People with large followings? If you answered ‘yes’ to all of the above, the influencer is likely legit.
However, there are plenty of red flags where influencers are concerned. Beware of any supposed influencer whose followers:
- Have little to no followers themselves
- Have no profile pictures
- Have spammy sounding usernames
One more thing: If an influencer’s social platform has a sudden spike in engagement, it may be a legitimate campaign, or it could mean something happening that is ‘gaming’ the algorithms/systems. Do a deeper dive into this influencer… or just move on!
Engagers and Engagement Rate: Review who engages with the influencer regularly. Look into who shares their content, retweets, likes and comments. These could be micro-influencers with their own niche community or just regular people who enjoy the influencers’ content. You will also want to read the comments and tweets. Intelligent, thoughtful replies say a lot about the influencers’ community. Users who say things like, “Hey, nice post!’ could be a bot or bought follower.
Often more important than the number of followers an influencer has is the engagement rate. To calculate an influencer’s engagement rate, look back over the past 20 to 30 posts, divide the total engagement per post by the number of followers, and multiply that to by 100 to get their engagement rate. You can compare that against these average engagement rate benchmarks by industry to see if they’re doing well.
Tone, Style and Communication
When considering using an influencer, you want to make sure they will be representative of your small business. That means looking into what they share on their social profiles and how they engage with their community.
Content: Read the influencer’s posts and/or watch their videos. Are they transparent in what they share? Do they share some personal elements in their messaging? Is the tone and style of their content messaging consistently on brand for them? Is their brand aligned with your company’s style, tone, and mission?
Sponsored Content: Are they crystal clear about paid relationships? Your business plays by the rules, and you want your influencers to do the same. Typically, this means including the tags #ad, #spon, and/or #ambassador, as well as using Facebook and Instagram’s Branded Content tagging tool.
Engagement: The best influencers are the ones who not only share your message, but also engage with their community. Review their posts to see how involved they are with their people. Does the influencer reply to at least some of their audience’s comments? Do they appear to have genuine conversations? Do they seem natural, honest, and friendly? Is the tone and style of their communication consistent?
While these are public personas, you want influencers with strong interpersonal skills and genuine interest in their community, since those elements count for so much.
Tools
Once you’ve vetted your potential influencers’ social channels, their content, and their engagement, you can do a deeper dive into their reach and relationships using a variety of online resources.
Google Search: Sometimes the most basic ways of research are the best. Look for the influencer’s name/brand, along with potential key phrases associated with their expertise/authority, to see what more you can find out online. This information will help you assess their level of authenticity.
Followerwonk: Followerwonk enables you to identify influencers by keyword; you can also search by name. In addition, the free version of FollowerWonk allows you to compare the followers of up to three Twitter accounts, analyze an influencer’s followers, or analyze who the influencer follows.
BuzzSumo: Use Buzzsumo to search for influencers by type and see their number of followers, domain authority, and more. There’s also a BuzzSumo browser extension, which enables you to quickly check social engagement data for the page you're viewing, or for any other website.
Facebook’s CrowdTangle Link Checker: This browser extension provides a one-click way to see how often a link has been shared, who shared it, and what they said. This works for articles and blog posts, as well as links to social media content.
HypeAuditor: If you want to invest in using a complete Influencer platform, check out HypeAuditor. Purpose-built for fraud detection, HypeAuditor measures overall audience quality.
When choosing an influencer to represent your business, it’s essential to gauge their authenticity. Start with the legwork on basic metrics, filter out the frauds, and then do extensive research on your top tier possibilities.
The goal: Discover the best mutually beneficial arrangement for both you and the influencer. When it’s win-win, you’ll find a long-term match and endless possibilities!
About Mari Smith
Often referred to as “the Queen of Facebook,” Mari Smith is considered one of the world’s foremost experts on Facebook marketing and social media. She is a Forbes’ Top 
Social Media Power Influencer, author of The New Relationship Marketing and coauthor of Facebook Marketing: An Hour A Day. Forbes recently described Mari as, “… the preeminent Facebook expert. Even Facebook asks for her help.” She is a recognized Facebook Partner; Facebook headhunted and hired Mari to lead the Boost Your Business series of live events across the US. Mari is an in-demand speaker, and travels the world to keynote and train at major events.
Her digital marketing agency provides professional speaking, training and consulting services on Facebook and Instagram marketing best practices for Fortune 500 companies, brands, SMBs and direct sales organizations. Mari is also an expert webinar and live video broadcast host, and she serves as Brand Ambassador for numerous leading global companies.
Web: Mari Smith or Twitter: @MariSmith
Bank of America, N.A. engages with Mari Smith to provide materials for informational purposes only, and is not responsible for, and does not guarantee or endorse any of the third-party products or services mentioned. All third-party logos and company names mentioned herein are the property of their respective owners and are used under license from Mari Smith. 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. ©2020 Bank of America Corporation
If you own a small business, one of the best ways to honor veterans this National Hire a Veteran Day (July 25) is to hire one. Indeed, while veterans returning to civilian life often have difficulties finding good jobs, the fact is, veterans have...
If you own a small business, one of the best ways to honor veterans this National Hire a Veteran Day (July 25) is to hire one. Indeed, while veterans returning to civilian life often 
have difficulties finding good jobs, the fact is, veterans have specialized skills and other attributes that make them excellent employees.
Hiring veterans is a smart business decision and here are the top 5 reasons why:
1. Veterans have a great work ethic: It is called military discipline for a reason. When it comes to working hard, veterans are often well-equipped to stay on task. When you’re a service member, your job requires focus, determination, and precision. Anything less could mean lives are at risk, could mean your safety, of the safety of others, is at risk. Being a service member instills a drive within people to stay disciplined and focused, keeping at the task at hand until it is completed.
These skills easily transfer to working in business; veterans understand the meaning of hard work and getting the job done, which, as you well know, are desirable qualities in employees.
2. Veterans are trainable: Although veterans may not know the ins and outs of your small business, they nevertheless possess one quality that makes them very good employees: trainability.
Service members are used to listening to superiors, getting feedback, learning, adapting, and taking on new challenges. All of these qualities make them very trainable employees. Veterans take direction well and when given a new task, can learn and execute it.
3. Veterans know how to work in a team – and how to lead: Working in teams is fundamental to being in the service; that’s how things get done and missions accomplished. Service members must be able to work with a variety of people, collaborate, and be a valuable member of a team.
That said, what is also driven home in the service? Being a leader. There are many opportunities to rise in the ranks of leadership when in the military, which allows veterans to already have the knowledge for how to run a team.
So yes, veterans can definitely be a great addition to your team, but also, when given the right guidance, lead it.
4. Veterans are excellent problem solvers: Veterans know firsthand what it means to find solutions to tricky challenges. They have experienced thinking on their feet and working under pressure in demanding situations.
That adaptability and inventiveness is another reason why they make great employees.
In any business, problem solving is a valuable skill - when tough situations arise, it is important to have employees who can diffuse problems and find innovative solutions when none might be seemingly available. Veterans, with this skill already, make good employees for this very reason.
5. Bonus: There are government incentives for you to hire a veteran! Hiring a veteran is smart because of their plethora of skills, and you also may be able to qualify for government incentives for doing so.
- The Internal Revenue Service’s Work Opportunity Tax Credit (WOTC) program was created to encourage companies to hire groups that had a hard time finding jobs, including veterans. They provide certain tax breaks if new hires meet Qualified Long-term Unemployment standards - anywhere from $1,500 to $2,400 in tax credits.
- Additionally, Wounded Warrior tax credits can be claimed if you hire veterans with disabilities. If you want to learn more about tax credits and incentives for hiring veterans, find more on the VA website
On this Veterans Day, the smart move is to look to hire a vet.
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 Success.© Steven 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 materials for informational purposes only, and is not responsible for, and does not guarantee or endorse any of the third-party products or services mentioned. All third-party logos and company names mentioned herein are the property of their respective owners and 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. ©2020 Bank of America Corporation
Let’s say you want to ask your customers and/or fan base to do something – buy a product, donate to a cause, click a link, whatever. Which of the below do you think would be more effective in getting them to act: A well-written...
Let’s say you want to ask your customers and/or fan base to do something – buy a product, donate to a cause, click a link, whatever. Which of the below do you think would be
more effective in getting them to act:
- A well-written email sent to your carefully curated opt-in list with a strong call-to-action, or
- Asking in person or via a video chat?
Check out the answer, from the Harvard Business Review:
Despite the reach of email, asking in person is the significantly more effective approach; you need to ask six people in person to equal the power of a 200-recipient email blast.
That, as we say, ain’t chopped liver.
But asking in person is challenging right now, so what about asking “in-person” via Zoom, Skype, or Facetime?
Maybe you are thinking that, under these circumstances, email is still probably better, right?
Wrong. Not even close. Video is clearly the way.
According to the Harvard Business Review, citing research, “we found that people tend to overestimate the power of their persuasiveness via text-based communication, and underestimate the power of their persuasiveness via face-to-face communication.”
That said, communicating and selling via Zoom is a different animal than doing so live in-person.
You Can Sell on Zoom
Here then are the things that the experts tell us you must keep in mind as you look to sell (or persuade) via video:
Create rapport: Sales 101 is that it is best to begin by making a connection with the person to whom you are speaking. This is as true online as it is off. And the way you do it is the same – look them in the eye, make a joke, find something you have in common, engage in chit-chat.
(Remember: do not look at the screen to make eye contact. Look at the camera, and if you can, make sure your camera is at eye level.)
Don’t forget the role of non-verbal cues: “We found the nonverbal cues conveyed during a face-to-face interaction made all the difference in how people viewed the legitimacy of their requests,” according to the Harvard Business Review.
Non-verbal cues in a video chat or sales call include: Looking at a cellphone, looking away, lack of engagement or questions. Non-verbal cues are just that – cues!
Consider your Zoom background: According to the Zoom Blog, “What you have surrounding you in the frame is as important as making sure you are front and center. Remove the clutter and either have a blank background (like in a conf room) or a professional background if in an office. A bonus will be making a custom virtual background with the logo of the company you are selling to.”
And don’t forget the possibility of using a virtual background. Here’s how.
Be a pro/Have the right equipment: What you don’t want is to look or sound glitchy; that comes from having mediocre equipment. If you need to invest in a professional microphone or web camera, do so. And what about hard wiring your computer into your router during the call and saving the wireless for your regular web work?
Also, consider your lighting carefully. You want your lights in front of you, lighting up your face, not behind you.
In the end, while selling via video is still not as preferable as selling live, in-person, it remains the best bet right now, and better than selling via email. Given that, it is important to do it right.
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
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 Success.© Steven 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 materials for informational purposes only, and is not responsible for, and does not guarantee or endorse any of the third-party products or services mentioned. All third-party logos and company names mentioned herein are the property of their respective owners and 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. ©2020 Bank of America Corporation
As different areas begin to relax stay-at-home orders, there is a lot to consider before fully re-opening your business, both in terms of the customer experience and with regard to employee and customer safety. In addition to the thoughts...
As different areas begin to relax stay-at-home orders, there is a lot to consider before fully re-opening your business, both in terms of the customer experience and with regard to employee and customer safety. 
In addition to the thoughts below, always make sure to check on your local guidance for opening back up to the public as well as regularly checking the CSC’s Guidance for Businesses and Workplaces.
Here’s what you should consider:
1. Remote work policy: If you are like most small businesses, you did not have a telecommuting/remote work policy in place when shelter-at-home orders were enacted. But that needs to change.
If you plan to allow some or all of your workforce to continue to work remotely, consider:
- Which jobs will be remote, and which will require an employee’s physical presence? This needs to be spelled out, either in an employment manual or in an employment contract.
- Can the right to work remotely be altered or revoked?
- What sort of communication, productivity and reporting will you require?
- Will the business reimburse employees for work-at-home expenses?
- Document which positions will not be suited for remote work.
If you found telecommuting did not serve your business well, you should document why remote work is not feasible for certain positions. A paper trail is important to show should an employee request the right to work remotely and you have to deny the request.
2. Safety and sanitation: For both the safety of your employees and customers, as well as the legal protection of your business, you need procedures and policies with regard to how you will be sanitizing your place of business. What will be cleaned and how often? Who will be responsible? How often will communal spaces (lunchrooms) and shared equipment (computers) be cleaned? What products will be used? How will your cleanliness procedures be documented?
Similarly, consider creating hand-washing stations and protocols, as well as having hand sanitizer out for public use.
3. Social distancing: This will be with us for a while; how will your company do it? What will your employees need to know in order to create and enforce six-foot distancing? Many businesses, markets for example, are painting six-foot markers for where customers need to stand in the checkout line. Should you institute some visible markers for your employees as well?
Also, does your locale require the wearing of masks? Even if not, will you want to require that rule for your staff, for the safety of both themselves and customers?
4. Health screening: While you may be tempted to implement a procedure to require regular health checks and temperature screenings for employees, this needs to be done very carefully. There are HIPAA health privacy laws that must be adhered to and as such, any such screening must be done in conjunction with federal and state laws, and your lawyer.
For more information, see Updated EEOC COVID-19 Guidance, and note “Employers should remember that guidance from public health authorities is likely to change as the COVID-19 pandemic evolves. Therefore, employers should continue to follow the most current information on maintaining workplace safety.”
5. Sickness and sick days: Your policies with regard to illness and calling in sick need to be clear and airtight so your staff knows when to call in sick, especially with regard to COVID-19. Obviously, you do not want anyone coming into the office who could even possibly be experiencing coronavirus or have had exposure to someone who has, so this needs to be made clear.
Moreover, what process will you use to determine if someone showing possible symptoms needs to be sent home? You may want to consider implementing a mandatory 14-day work from home policy for employees who may have been exposed.
In fact, you may want to consider creating a specific stand-alone health policy for coronavirus-related illnesses, time-off, and family leave (even if you are not subject to the Family and Medical Leave Act).
6. Documentation: It is especially important to implement processes for documenting everything related to your safety, health, sanitation, and employee efforts. This means you should update employee handbooks and contracts. Post rules and policies publicly and create a physical paper trail. We are in uncharted waters and being extra cautious, and documenting that caution, is the smart move.
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/servlet/JiveServlet/downloadImage/38-3373-418524/steve+strauss+headshot.png 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 Success.© Steven 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 materials for informational purposes only, and is not responsible for, and does not guarantee or endorse any of the third-party products or services mentioned. All third-party logos and company names mentioned herein are the property of their respective owners and 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. ©2020 Bank of America Corporation
One industry showing no signs of slowing down during Coronavirus is hardly unexpected: Cyber scamming. Scammers have continued to thrive – flourish even – during and as we work to recover from the pandemic. The Better Business...
One industry showing no signs of slowing down during Coronavirus is hardly unexpected: Cyber scamming. Scammers have continued to thrive – flourish even – during and as we work to recover from the pandemic. 
The Better Business Bureau has identified six of the most reported financial scams during this time:
1. Stimulus check scams: As you know, $1,200 was issued to a considerable number of Americans by the U.S. government, but because the payments rolled out slowly, scammers took advantage quickly. The BBB reports that fake economic impact checks were mailed, promising people that they could get their money faster if they paid a small fee. Little do the unfortunate know, but these checks are not coming from the government, and aren’t even real for that matter. The bad guys use this scam to:
- Cheat you out of money
- Gain access to your bank account
- Potentially steal your identity
2. Phishing scams: Although phishing scams have always been popular among con artists, they have gained even more popularity in this work-from-home era.
For example, I recently received an email from ‘Uber’ telling me to claim my offer of a free ride. But the email looked suspicious, and when I checked who the email was from, it wasn’t the official Uber website. I didn’t click any links and I’m glad I didn’t. This is a classic phishing scam, and the type the BBB warns against. The bad guys email you, enticing you with some great offer so as to get you to click a bad link which will then infect your computer with a virus.
Phishing scams usually entail emails that look (almost) exactly like ones from companies you trust - whether it be your employer, or an organization, or maybe a retailer that you know and like. The point is to get you to let your guard down (because it looks legit) and have you click on links that ultimately compromise your computer, and eventually, your personal information.
3. Government impersonation: A common scam that has been cropping up more and more during the COVID-19 are government impersonator emails, texts and phone calls. Con artists will contact you, claiming to be some government official; they may say they are from the FBI, or the IRS, or even your local police. The point is to scare you into letting your guard down.
One common angle is that they mention that that they have an “online coronavirus test” that you need to take. The BBB reports that no test like this exists (of course.) The goal is to get you to go to an infected website, click a bad link, thereby downloading malware onto your computer which allows them to hijack your personal information.
4. Employment scams: This emerging trick is one of the crueler, yet more sophisticated, financial scams that has cropped up during this time. Employment scams seek to get the recently unemployed to cough up money and bank account information through clever - and costly - tricks.
It works like this: Scammers will target the unemployed with phony work-from-home job offers. The jobs seem legit, are “easy to do,” and “pay good money,” and the hiring process is “quick and painless.” Too painless to be true.
Alert! When you start training for the job, the crooks will ask you to pay fees for the cost of training you. Red flag! Or, you will be asked to wire back “overpayments” or buy expensive equipment. These scams ultimately cost you not only your money, but your time, hope and reputation.
5. The Fake-Cure Scam: During this time of high anxiety, people are of course seeking answers and relief. Scammers have been attempting to provide that by offering “coronavirus cures.” Via phone, text, or email, they will offer special masks, or “medical cures that the government is hiding.”
But you know the drill by now: They will also ask you for your credit card information. Of course, the products never arrive and the link you clicked or the information you provided allows for identity theft.
Ultimately, there are many scams that have become more popular because of coronavirus fears. But if you keep your eyes peeled and stay alert, you won’t get hurt.
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/servlet/JiveServlet/downloadImage/38-3373-418524/steve+strauss+headshot.png 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 Success.© Steven 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 materials for informational purposes only, and is not responsible for, and does not guarantee or endorse any of the third-party products or services mentioned. All third-party logos and company names mentioned herein are the property of their respective owners and 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. ©2020 Bank of America Corporation
Are you in debt? If you’re like most Americans, the answer is a resounding yes. According to recent Federal Reserve statistics, the average American household has about $182,000 in mortgage debt, $50,000 in student loan debt, over $29,000 in...
Are you in debt? If you’re like most Americans, the answer is a resounding yes. According to recent Federal Reserve statistics, the average American household has about $182,000 in mortgage debt, $50,000 in student loan debt, over $29,000 in auto loans and nearly $17,000 in credit card debt.
But should you let debt hold you back from starting your own business?
More than half (52 percent) of millennials have student loan debt, according to an EIG study, and 43 percent believe it limits their career options. If you manage your new business wisely, however, there’s no reason debt should put a damper on your entrepreneurial dreams.
Key questions about personal debt
How much debt do you have, and what kind of debt is it? There’s a difference between a $180,000, 30-year mortgage and $180,000 worth of student loans. There’s also a difference between carrying a credit card balance at 16.73 percent APR (the current average) and mortgage debt at 3.5 percent interest.
If your debt is manageable, making payments on time can actually make it easier for your startup to access capital by improving your personal credit rating. But if your debt-to-income ratio (your monthly debt payments divided by your monthly gross income) is too high, your loan options will be limited. A debt-to-income ratio of 35 percent or less is good; over 50 percent spells trouble, according to Bankrate.com.
Financing your business when you're already in debt
If your current debt makes getting a business loan unrealistic, you still have plenty of options:
- Reduce your monthly debt load. Refinance or consolidate outstanding loans to lower interest rates and reduce monthly payments. If you’re racking up interest on your credit card balances, find a low or zero balance transfer offer.
- Start a low-cost business. A service business using equipment you already own (like your laptop) is ideal. If you do need equipment, consider leasing, equipment loans, or buying used equipment. Working from home will save you money, too.
- Be frugal. If you’re a recent college graduate with student loan debt, now is the time to live in your parents’ basement—0r childhood bedroom. If you're not willing to live with your parents, forgo spending on a social life, or subsist on ramen, you may not be ready to be an entrepreneur.
- Is your heart set on a product-based business? Try a crowdfunding website like Kickstarter to solicit donations from consumers who believe in your product idea. Essentially, they give you the money to make your product by purchasing it in advance.
- Tap into friends and family. Will friends and family invest in your business in return for a share of ownership, or lend you startup capital? If you do accept a loan from a loved one, be sure to draw up loan documents and treat the loan seriously.
- Start a part-time business. If you need income from your job to handle your debt load, look for a business you can launch part-time, working at nights or on weekends. Some entrepreneurs get part-time jobs to pay the bills and devote the rest of their time to their startups.
Rules to live by
Once your business is off the ground, getting a business credit card for necessary purchases is a good idea. Just be sure to keep the balance manageable and make payments on time to build your business’s credit rating.
Related Content: What's a Business Credit Score
Make your personal debt payments on time, too. As a startup business owner, your personal credit rating affects that of your fledgling business. Since your business doesn’t have a track record yet, lenders use your personal credit rating as an indicator of your company’s creditworthiness.
Related Content: How Your Personal Credit Impacts Your Business Credit
As your business begins generating income, resist the temptation to use it to pay down personal debt. Instead, put the profit back into building your business. The more you bootstrap your business growth, the faster your business will become profitable—and the sooner you can pay off all your debt.
Related Content: Check out the Small Business Community Credit and Lending Resource Center
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. ©2018 Bank of America Corporation
Eighty-two percent of businesses fail due to poor cash-flow management, according to a study by Jessie Hagen of US Bank, cited on the SCORE website. The most common cash flow contributors for small business failure include unexpected...
Eighty-two percent of businesses fail due to poor cash-flow management, according to a study by Jessie Hagen of US Bank, cited on the SCORE website.
The most common cash flow contributors for small business failure include unexpected growth, insufficient capital, poor inventory management, lack of available credit to manage cash flow, and comingling of business and personal funds, according to the National Association of Women Business Owners (NAWBO).
Planning is the key to successful cash flow management. Here are five valuable practices for small business owners to assist with establishing a healthy cash flow.
1. Get paid ASAP. Leveraging electronic payment options is an excellent strategy to get paid faster as they are processed more quickly than standard transactions. There are a variety of options for online payments: same-day funding with merchant services, ACH payments, wire transfers, electronic check scanner for larger checks, or mobile check deposits for smaller items – all easily managed from your office or online. If you can be paid in advance or at point-of-sale, do so; otherwise, invoice often, secure deposits, provide incentives for early payments, and tightly manage receivables.
2. Never be short on cash. Establishing a line of credit to cover cash flow gaps or shortfalls, caused from timing differences between payables and receivables, seasonality, or short-term cash needs (less than one year). There is no cash advance fee when leveraging a line of credit – think of it as ready cash to meet immediate cash needs.
3. Delay cash outflows. Try using a small business line of credit as a cash flow tool, providing a typically lower cost alternative to other forms of credit. Also, a small business owner can set up extended payment terms with vendors/suppliers, and leverage electronic payments to control cash disbursements. If you can’t delay payments, attempt to negotiate payment discounts for early payments to create a positive margin. For day-to-day expenses such as office supplies or gas, a small business credit card is a great solution because it provides a grace period on interest up to 30-45 days and may even pay you cash or rewards in the process. Look for a small business card without an annual fee.
4. Hold onto your cash. Leverage today’s low-cost, long-term financing to purchase and/or refinance assets, such as commercial vehicles, equipment, and commercial real estate, as this could help your business sustain needed liquidity. Securing a long-term low rate today could mean rate protection for the future, which can help you secure low monthly payments for improved cash flow and budgeting.
5. Pay yourself, not a landlord. Buying instead of leasing owner-occupied commercial real estate can help stabilize payments, protect against rent increases, build equity, and create an asset that can be sold, borrowed against, or leased to third parties. If you work from home, consider a residential home mortgage loan. Many small business owners are surprised to learn that purchasing can often be more affordable than renting or leasing.
Simple strategies can create big wins. By maintaining a mindset that cash is king, and exercising strategies to maximize cash flow, small business owners are better prepared to manage growth, change, and unexpected surprises, as well as take advantage of new opportunities as they arise. Meeting with a small business banker can help you evaluate your business priorities, including your cash flow needs, and identify the right financial tools to help your business succeed.
Related: Learn more about cash management tools for your small business, from Bank of America.
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Karen Harrison, SVP, National Credit Performance Manager
As Senior Vice President, Small Business National Credit Performance Manager, Karen Harrison is responsible for delivering credit solutions to priority small business clients across the United States, while also ensuring clients benefit from the full franchise value of Bank of America/Merrill Lynch. In this capacity, she manages a national team of credit performance managers, serving more than 3 million small business clients nationwide.
Karen is actively engaged in the community and is a recipient of the Global Diversity and Inclusion award at Bank of America. She currently serves as the Executive Sponsor for Bank of America Community Volunteers/San Diego Market, Chairman of LEAD for Women, San Diego Chapter, as well as serves on the Board of Directors for LEAD San Diego, Junior Achievement and the National Association of Women Business Owners (NAWBO), San Diego Chapter, the Women’s Leadership Council for the United Way, and the California’s Women Leaders Network at Bank of America. She is a former Big Sister for Big Brothers/Big Sisters of America. An honors graduate, Karen holds an MBA from the University of Phoenix and a BA from California State University, Fresno. Karen is married, resides in San Diego, California, and has eight Godchildren.
ABOUT BANK OF AMERICA’S COMMITMENT TO SMALL BUSINESS
More than three million entrepreneurs turn to Bank of America Business Advantage to provide a competitive advantage to help their businesses grow. That’s because the bank’s high-tech, high-touch approach provides industry-leading guidance, connections, tools and solutions, along with the dedicated support to address small business owners’ unique needs to bank how, where and when they want.
Bank of America, N.A. provides articles for your review and discussion purposes only. This is not a commitment to lend. You should consult with your tax advisor for your actual tax benefits.
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Featured Expert
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Rieva Lesonsky is a columnist for The Small Business Community covering employment, retail trends and women in business. Before co-founding GrowBiz Media, Lesonsky was Editorial Director of Entrepreneur Magazine. A nationally known speaker and authority on entrepreneurship, Rieva has been covering America’s entrepreneurs for more than 26 years.