Entrepreneurship | BizSieve.com

How Will The Affordable Care Act Effect Small Businesses?

If you are a small business owner, you’ve probably heard about the Affordable Care Act. Enacted into law in 2010, the ACA’s aim is to make healthcare more affordable and accessible to individuals in the US. While many view the act as controversial, others appreciate that the government is making an effort to improve the quality of care for the country. Whatever side of the political fence you’re on, there are a few things that you need to know about the Affordable Care Act if you own a small business. Here are four ways that the ACA may affect your company and some suggestions for navigating it.

New way to find the right plan for your business

In the past, shopping for health insurance was neither fun nor easy. The Affordable Care Act has created a mechanism that allows small business owners to simplify the process. The Small Business Health Options Program (or SHOP) is essentially a health insurance clearinghouse where small busine
sses and individuals can compare plans to find one that meets their needs. While business owners are not required to use the SHOP exchange to purchase their health insurance coverage, supporters of the Act argue that it will simplify the process considerably.

No coverage? Facing potential penalties

One of the biggest implications of health care reform that has small business owners concerned is potential penalties for not providing adequate coverage. Often, the cost of health insurance is prohibitive for some small businesses, so small business owners don’t necessarily provide adequate healthcare coverage. However, under the Affordable Care Act, small businesses that employ over 50 people may be subject to costly penalties. So if you employ over 50 people and do not provide proper coverage, take note. You could be facing thousands of dollars in penalties moving forward if you don’t purchase health insurance for your employees.

Spe
cial tax credits for small business

To offset the cost of health insurance for small businesses, the government is offering tax credits if your business meets certain metrics. For example, businesses that employ 30 or fewer people can potentially receive up to 35% in tax credits off the cost of insurance premiums this year. Moving forward, the same businesses can receive up to 50% in tax credits. One important thing to keep in mind is that the tax credits will only be available for those companies where average salary is lower than $55,000 annually.

Considering a wellness program

If you had been thinking about creating a corporate wellness program for your business, now is the time. Under the Affordable Care Act, businesses that do not currently have corporate wellness programs may be eligible to apply for grant funding that can help get the program up and running. These grants are meant to encourage business owners to implement these changes
and improve the health of employees over the long term. So if you’ve been considering developing a corporate wellness program, it’s a good time to get started!

The implantation of the Affordable Care Act means several changes for small businesses. The ACA simplifies the process of shopping for insurance by providing small business owners and individuals with access to the Small Business Health Options Program. Some businesses may be hit with hefty penalties for not providing adequate coverage, so it’s a good idea to start shopping! Tax breaks are also available for businesses that meet certain criteria, and companies may choose to apply for grants to help them create corporate wellness initiatives. No matter which end of the political spectrum you fall, these changes are being implemented across the country. So small business owners should be paying attention.

About the Author: Elizabeth Alton is a freelance business and technology writer. She covers trends related to small business, entrepreneurs, the evolving digital landscape, and writes for Engagement Health about the latest trends in employee wellness programs.

5 Components Of A Successful Business Plan

A business plan is a documentation of a business’ future. It contains strategies, goals and solutions to potential challenges in a business. It can also contain important information about the structure of a business, business concepts and finance. In other words, a business plan is a blueprint of a business. The success of a business depends on how successfully an entrepreneur puts this plan together. There are a few things that find special mention in a business plan and upon which the success of a business is largely dependent. In this post today, we will try to take a quick look at some of them and try to formulate an ideal strategy for the success of a business:

Communication

Communication is an indispensable part of a business. You need to communicate with customers, vendors, partners, investors, your colleagues and employees for various business reasons. Building a proper channel of communication is therefore imperative for the success of your business. A phone system can prove to be expensive for a new entrepreneur or for a small business. Moreover, in today’s time, when business can happen anytime and anywhere, it is important for an entrepreneur to use advanced features that ensure business always and at any place.

Solution to try: Try using a virtual phone system. According to Carol Wasserman, Online Marketing Executive at iTeleCenter, “a virtual phone provides entrepreneurs all the benefits of a traditional phone system and a few advanced features that keep them connected and encourage business 24×7. Features including advanced call forwarding, auto attendant, voicemail and virtual fax deserve special mention.”

Website

Website performs dual functions – it acts as the gateway to the online business world and also brands a business – businesses invest hefty amounts of money in developing their corporate website. But investing heavily may not ensure an effective website. There are other things to consider as well. Content of course is important. But it is not the only component necessary for building effective websites. In today’s world, where people use a variety of browsers and devices to access a website, developing an effective website can be a challenge.

Solution to try: While developing your website, remember to check its browser compatibility. There are tons of browser with a variety of versions available – make sure to check the compatibility with each one. Also, check your website using devices including desktops, laptops, smart phones and tablets. Change the pattern and layout of a website if necessary to suit each of these devices.

Marketing and sales

Building a healthy communications channel or developing a responsive website – the ultimate goal for any of these is to make people aware about your products/services and ultimately successful sales. How does an entrepreneur ensure effective marketing and successful sales?

Solution to try: Use toll free numbers. Research shows that these numbers are successful in generating response from a marketing campaign. These numbers do not charge callers instead it charges the recipient for the cost of the call. This is an important reason for attracting people to call a business. A business can also try using vanity or a sequential toll free numbers.

A webinar is also successful in attracting, retaining and finally converting a lead. This is because a webinar is an audio-visual aid and hence more efficient than simple text on web page.

Brand

How do people recognize you? The question might sound funny but it’s important to answer this question. You’ll say by your name. Exactly! How do you know a business? The answer is the same – by its name. Every business has a name but that is not its brand. A brand involves more than just a name – it involves your customers’ trust and your brand shows your professionalism and credibility.

A brand is often compared to a magnet that draws in people’s attention and interest. Developing a brand is not easy.

Solutions to try: Accordingto Ken Carbone of Carbone Smolan Agency says, a “brand is the magnet that draws consumers to…products or service.” While planning for your brand, closely follow your marketing strategy and marketing plans. Also understand your customers’ behavior. Importantly, keep space for any future growth. You can depict your corporate ethics and beliefs through your brand or you can focus solely on your product/services.

Online presence

Online presence is important for each and every business. It’s important for individuals and for businesses it is even more so. But creating an online presence is not easy. Entrepreneurs need to develop a different strategy to approach the virtual world. Creating a presence on social networking sites including Facebook, Twitter, LinkedIn or YouTube needs a different style.

Solution to try: Quality content can help to get you noticed on social networking platforms. The content need not always have a sales tone but it should be informative. Simultaneously, you should also decide the matter of discussion on these platforms – should it be general or you would like to create a niche corner of your conversation. Every networking site has characteristics of its own. It is important to formulate a strategy compatible with the characteristics of the site.

About the Author: Alex Christopher is an Online Marketer. For years he has been monitoring and advising the implementation of online marketing strategies for small businesses and start-ups. He is responsible for the success of quite a few online marketing companies.

5 Most Important Legal Issues To Consider When Setting Up A Business

Setting up your own business will take a lot of hard work and determination. You need to ensure your finances are in order and there is a lot of paperwork to take care of as well.

To make this process easier here are five of the most important legal issues you need to consider when you are setting up a business.

1. Choosing Your Business Structure

The most important thing you decide when setting up your business involves your business structure. There are many different structures to choose from and picking out one will have legal and financial implications.

You can get to know all of your options at the comprehensive guide by the Entrepreneur. It is really important to understand the implications of each of these options and thus talking them through with a professional is a really good idea.

2. Protecting Your Ideas And Products

You also need to consider taking care of patents and copyrights. These are really important in order to keep your products and ideas safe from copycats. If you have really good and innovative products you want to make sure you will have the market advantage of not having to worry about other businesses copying your products directly.

This also means you need to look into trademarking your business name. It might not be possible in some cases but if you can, trademarking is a really viable option to consider. Make sure your business name is also not already in use to ensure you don’t get any problems later on.

3. Ensuring You Are Licenced

Depending on the area your business works in it is really important to make sure your business is appropriately licenced. This can save you from a lot of hassle later on and is also very important to keep your business up and running.

Having legal certificates can also increase your credibility among your customers and thus you should look into this area as early as possible.

4. Non-Disclosure Agreements And Contracts

When you are setting up a business you will start hiring staff as well as drawing up business contracts with other companies. Thus it is essential to take care of non-disclosure agreements to guarantee you are protected in case someone would give away important business information.

It is really important to have these ready so that whenever you are getting a new client or hiring a new person you can quickly get these issues out of the way. When you make a legal agreement and a contract it is essential to get it professionally photocopied to ensure you all have the document in multiple copies. Look at Silver Fox Legal and their colour photocopying services.

5. Getting A Solicitor

Hiring your own solicitor won’t be a viable option for small businesses but it is a good idea to get an outside company to help you out when you are setting up, as well as being available in the future. Build a good relationship with the company to ensure you have a reliable legal advisor you can turn to if you ever have any issues.

About the Author: Peter in interested in corporate law and wants to make all the legal hurdles seem a little bit easier for small business owners. When he needs to get his mind away from legal issues he likes to enjoy some time with his family and is especially keen on playing board games with them.

7 Small Steps that Can Help You Create a Big Impact on Your Brand

Establishing your brand isn’t about creating the best logo or coming up with the catchiest slogan, though they are important too. The brand of a business is essentially the image it has, for you, for your employees and business associates and for your customers.

License: Creative Commons image source

If you think building a brand is only for the ‘big’ businesses, you are mistaken. It is equally, if not more, important that a small business carves an identity for itself in today’s competitive market.

However, that doesn’t mean you have to put in loads of money into it. Fancy things can get you customers initially. But if you fail to identify your goals, understand your customers, and deliver the right experience, it wouldn’t hold good for long.

Let’s try to find ways that can help you create a distinct image for your business.

Understand your brand

If you try to be a ‘Jack of all trades’, you would end up to be a ‘master of none’. Don’t do it. Instead, focus on something you are really good at. Make it the core of your business.

The visual image is just an element of your brand. Focus on what you do, how you do it, what message you convey, what experience you provide and so on. Every little thing that makes up the customer experience counts when it comes to brand essence.

Focus on quality

Your products and services are what make the customers come to you. You may put up a great store or design an attractive online shop and customers may visit it for the first time. And even buy from you.

However, they would come back, or recommend you to a friend, only if they are satisfied with the products or services you delivered. If the products aren’t great or the services aren’t superb, they wouldn’t even bother to visit you a second time.

Know what you do best

Every good brand makes a promise it keeps. For example, Subway stands out for its ‘Eat Fresh’ tagline. It conveys their promise- of delivering fresh food. You need to know what you excel at and transform it into your brand promise.

The only way to be in focus is to specialize in what you do. Whether you offer a specific type or product or service for customers, make sure you are the best in what you do and how you do it. This speeds up the brand establishment process.

Identify target customers

You cannot serve everyone. Every business has a target customer. For example, if you have a small business selling children’s books and toys, your target customers are families, especially parents.

After you have identified the target customers, include them in your online and offline network. Converse when they visit your store, share information and photos on Facebook, organize fun contests – create a dialogue between them and your business.

Be honest and reliable

You make a promise when you create your brand slogan. You increase your customers’ expectations. If you fail to deliver what you promise, you would lose the trust and credibility.

Make sure you keep your promises. Whether you have promised to deliver an order within a day or finish a job within a week, make sure you do it. Unfeasible promises may give you some business initially; but they won’t provide long-term sustenance.

Create a visual identity

Well, the name and logo of your business does matter when it comes to establishing your brand. Get them right; you may change it later, but that would be costly. Moreover, it would also affect the image of your business.

Before you decide on a name, make sure it reflects the nature of your business and resonates with your customers. If possible, appoint an expert to create your business logo and slogan to add the right touch of professionalism.

Ensure a great experience

What matters most for your business is how you treat your customers. And it isn’t about how ‘you’ treat customers. It’s about how everyone involved in your business treats customers at every level.

Do they have pleasant, helpful assistance at your shop? Or do they meet someone sullen? Do you have people to receive calls or is it automated? Make sure the experience is the same throughout your business.

Little things contribute to create the big experience; and it is these little things that matter when it comes to creating your brand. With adequate attention to these details, it is possible to create a distinctive image of your business for all.

About the Author: Evans is a content marketer and blogger. He is currently working for a leading UK based organization GasStorageDepot that offers free delivery of its products to UK Mainland.

Are you ready for the holiday retail season?

If you are a smart retailer or small business owner, you will probably know what we are talking about. Yes, the holidays are here and so are the heat and the fever of shopping that’s on its full swing! If you are keen on preparing for a successful holiday season, you can’t just afford to sit alone and aloof like that. You will need to gear up and prepare so that you can compete with the online retailers and also their storefronts. The benefits of the core holiday shopping season are not lesser known and not limited in terms of benefits, we suppose!

If you are looking to squeeze the most on the sales front from the holiday season, then you should start the needful by looking at some of the tips we have stated for your below.

Count what’s in!

You may look ahead pursuing the industry publications and also the top websites to get a bit on the experts insights and find out more on the products that are likely going to be the best sellers. This would help you ensure that you already have the plenty of supply and so that you don’t lose on the game. You can also choose to consider the gift-oriented trade shows. You can also go ahead and explore the relevant shows for your own industry.

What are the customers talking about?

Even though the holiday shopping might not be on the minds of most of the customers out there, you still have good reasons to look out for what your prospects are taking about. Look for the little details and concerns that might be bubbling up in the social media. Watch out for what they are carving and what are the brands that they are more than willing to follow and why! Do they have any special desires, something that you can fulfil this holiday? This is an interesting step taken to spot the trends. You can also ask your customers to give you the feedback and enrich your knowledge or research with their much valued opinion. This is an amazing way to actually localise the trend, as soon as you learn more about them.

Have an eye on your local customers!

In order to ensure that your best customers are visiting your store more than once, you will be required to do the needful. This will require you to reach out to them right early in the holiday season and even long before. you can consider offering them a special shopping time and provide them a much more interesting and engaging shopping experience which is also lot more stress free.

Watch out for your reviews!

Customers are usually more than willing to find out the ratings of your product on your website and also your store. Now if you are lacking in terms of stars and your competitors are already up for more, you do have a fair idea on who is going to get a better business. You must pay special attention to the online reviews and if there seems to be a negative feedback, make sure that it has been dealt with so that your store rises up in score even much before the holiday season finally commences.

What about the last year’s marketing plan?

And you thought it was to be left out? Make sure that you also review the marketing plan you had in the previous year in order to find out what actually worked and what did not! Were there any typical marketing activities that you knew attracted your customers more? Figure out and make plans accordingly.

You must ensure that you have prepared a logical calendar and have started marketing out the plans right ahead of time. Don’t leave out things to the last minute. Make sure that you have planned all the activities that you wanted to take to your holiday season this year. There is nothing wrong in marking the dates on your calendar and then ensure that the planning has been done backward right from there. Merchandise your store and for the season of sale and big hot shot!

About the Author: Evans is a blogger and content marketer. Currently, he is associated with Rope-Barriers.com, a leading UK based supplier of executive posts. Click here to view its range of executive posts.