The views and opinions expressed on this podcast are for informational purposes only, and solely those of the podcast participants, contributors, and guests, and do not constitute an endorsement by or necessarily represent the views of The Hartford or its affiliates.

You're listening to the Small Biz Ahead podcast, brought to you by The Hartford.

This podcast is brought to you by The Hartford. When the unexpected strikes, The Hartford strikes back for over 1 million small business customers with property, liability, and workers compensation insurance. Check out The Hartford's small business insurance at TheHartford.com.

Gene (00:02):

Hey everybody, this is Gene Marks and welcome to this week's edition of The Hartford's Small Biz Ahead podcast. Thanks for joining me. By the way, if you want any advice or insights or help in running your business, please visit us at SmallBizAhead.com, that's SmallBizAhead.com or SBA.TheHartford.com. And let's get to the topic at hand. And the topic is a big one for you, if you're running a small business. It has to do with federal funding that it is available for you. Now, listen, very recently the Senate unfortunately rejected legislation that could have potentially provided small businesses, particularly restaurants with as much as 48 billion dollars of additional aid to help them recover from the pandemic. So, a lot of people are saying, is this it? Is this the end of federal aid? The Paycheck Protection Program and the Economic Injury Disaster Loan programs are both expired.

Gene (00:56):

It seems like there's no more money coming from the federal government to help small businesses. So is that it? And the answer to that question is no. In fact, just these past couple weeks there has been the launching of a new program. Well, let's say it's a version 2.0 of a program that's called The State Small Business Credit Initiative or SSBCI from the federal government. And this is what you gotta know about it. It is 10 billion dollars of new money that the federal government is making available to small businesses across the country in the form of either loans at market or below market rates or grants for your business or equity investments as well. 10 billion dollars in my area where I live in Philadelphia, it's more than half a billion dollars. What it's done is it was divided up among all the states based on their employment and other factors.

Gene (01:57):

And the money itself is being distributed to the states as well. This is money for you to take advantage of. Now, let's just make sure that we're clear on some of the facts. It's federally backed. All right. So like I said, 10 billion dollars has been made available. It's really an extension of a prior program, which I'll talk about in a minute, but let me explain to you what this SSBCI is, or State Small Business Credit Initiative. It's a program where the U.S. Treasury Department distributes money to the states who then turn around and distribute the money to local lending and financing organizations. Things like community development financial institutions...

The views and opinions expressed on this podcast are for informational purposes only, and solely those of the podcast participants, contributors, and guests, and do not constitute an endorsement by or necessarily represent the views of The Hartford or its affiliates.

You're listening to the Small Biz Ahead podcast, brought to you by The Hartford.

This podcast is brought to you by The Hartford. When the unexpected strikes, The Hartford strikes back for over 1 million small business customers with property, liability, and workers compensation insurance. Check out The Hartford's small business insurance at TheHartford.com.

Gene (00:03):

Hey everybody, this is Gene Marks and welcome to this week's episode of The Hartford's Small Biz Ahead. Where I'm going to try and share some thoughts with you and some advice that will hopefully help you run your business. This week I want to talk a little bit about cutting your taxes and I hear from a lot of my clients, a lot of my readers, a lot of people say to me "hey Gene, you're a CPA. What's the best thing I can do in 2022 to cut the taxes of my business?" And yeah, there are some things you can do straight tax wise, investing in capital equipment and maximizing your retirement accounts or funding for your for other things that you might - charitable contributions. But lemme tell you something, there really is something that you can do to significantly cut your taxes this year...

Gene (00:48):

And I wanna make sure that you're aware of it because it has to do with your employees. I mean, while President Biden and other politicians in Washington are continuing to push their build back better plan which includes increases in corporate taxes and there's higher personal tax rates on households with incomes of more than $400,000. I mean, if the Democrats do win complete control of Congress next November that plan or significant portions of it could very well pass. But listen, regardless of what happens, there is one thing for sure, if you're running a business and that's your taxes, certainly aren't gonna go down in the foreseeable future. If anything, they're gonna likely rise. So, like I said earlier, many of my clients are asking me for tax advice and unfortunately the option of the year are kind of limiting, but there is one thing you can do and what you should be doing that will not only cut your tax bill, but significantly help you find and retain the best talent possible.

Gene (01:43):

And what is that move? It's simple. Give more to your employees. That's because when you offer more compensation and benefits to your workers, you can take advantage of some very generous federal deductions and credits available to help you lower your overall tax bill. So why give more than you need to the government, right? When you can just give that money to the people who really matter most to your business. Let me give you some examples. Until 2025, for example, and thanks to the 2020 Cares Act. If you help your employees out with their student loan payments, you can deduct up to $5,

Are you a small business owner who has struggled to qualify for traditional bank loans in the past? If so, then now might be the ideal time to consider reaching out to a CDFI (Community Development Financial Institute). In this episode, Jon Aidukonis and Gene Marks, along with Dan Betancourt, the president and CEO of Community First Fund, discuss how CDFIs are stepping up to promote inclusion by offering financial assistance to business owners from historically marginalized groups and communities.

• Which Small Businesses Will Benefit from Working with a CDFI (Community Development Financial Institute)?
  • CDFIs tend to work with small businesses that can't qualify for a traditional bank loan.
  • While not a prerequisite, CDFIs are especially interested in helping minority-owned small businesses as well as those located in low to moderate income areas.
• Which Organizations Can Help Me Find a CDFI for My Business?
  • PA CDFI Network
  • The Enterprise Center
  • Entrepreneur Works
  • The Women's Opportunities Resource Center
  • PIDC (Philadelphia Industrial Development Corporation) Philadelphia
  • The Small Business Administration
  • Small Business Development Centers
  • SCORE (Service Corps of Retired Executives)
• Who Typically Funds or Invests in a CDFI?
  • Tax Returns from the Last 3 Years
  • A Net Worth Statement
  • A Business Plan
• Additional Resources for Minority-Owned Small Businesses
  • The Grit Fund is an inclusion initiative that was developed by the Philadelphia Chambers and their local CDFIs. Their goal is to lend capital to at least 1000 black or brown businesses over the next two to three years.
  • The SSBCI (State Small Business Credit Initiative) 2023 will provide $200 million in capital to CDFIs across the state. With more funding at their disposal, these CDFIs will finally be able to invest in the businesses that need these resources the most.

• Community First Fund
• The GRIT Fund
• PA CDFI Network
• The Enterprise Center
• Entrepreneur Works
• The Women's Opportunities Resource Center
• PIDC Philadelphia
• The Small Business Administration
• Small Business Development Centers
• SCORE
• SSBCI (State Small Business Credit Initiative) 2023

The views and opinions expressed on this podcast are for informational purposes only, and solely those of the podcast participants, contributors, and guests, and do not constitute an endorsement by or necessarily represent the views of The Hartford or its affiliates.

You're listening to the Small Biz Ahead podcast, brought to you by The Hartford.

This podcast is brought to you by The Hartford. When the unexpected strikes, The Hartford strikes back for over 1 million small business customers with propert...

Does your small business have a deeper purpose beyond generating profits? If not, you might be overlooking one of the most important aspects of your brand image. In this episode, Jon Aidukonis, along with Octavia Treadway and Ken Treadway from Love You Cookie, discuss the importance of building a brand with a purpose and how small business owners can make a difference in their communities.

• Strategies for Building a Brand with a Purpose
  • If you're unsure of your small business's underlying purpose, start by identifying the core values of your brand and think of the different ways you can use your business resources to make a difference in your community.
  • Once you develop a specific goal or mission, consider organizing some community outreach events and pop-ups; these will not only raise awareness about your cause, but they will also help you gather more public support.
  • You should consider collaborating with other likeminded organizations who want to accomplish the same goals.
• Strategies for Accessing Wider Product Distribution
  • If you're struggling to generate interest from a particular retail buyer, you can always reach out to their supervisor to see if they can arrange a meeting for you.
  • When emails or cold calls fail, try approaching the retail buyer in person with samples of your products.
  • Don't forget to contact smaller local venues for distribution opportunities as well.
• The Advantages of Having Non-Profit Driven Goals
  • Connecting with your audience on a personal issue helps humanize your brand. You're not just another business owner who wants to promote his products or services, but a real person who genuinely cares about his community.
  • Your personal story and mission can help inspire other marginalized groups who lack a voice or representation.

• Love You Cookie

The views and opinions expressed on this podcast are for informational purposes only, and solely those of the podcast participants, contributors, and guests, and do not constitute an endorsement by or necessarily represent the views of The Hartford or its affiliates.

You're listening to the Small Biz Ahead podcast, brought to you by The Hartford.

This podcast is brought to you by The Hartford. When the unexpected strikes, The Hartford strikes back for over 1 million small business customers with property, liability, and workers compensation insurance. Check out The Hartford's small business insurance at TheHartford.com.

Jon: Hello everybody. And welcome back to another episode of Small Biz Ahead, the small business podcast presented by The Hartford. This is Jon Aidukonis flying solo this week without my partner in crime Gene Marks. But I do have some special guests on to talk to us all about building a brand with a purpose, how to think about giving back to your community, and how to do that while keeping things sweet with cookies. So I can't really think of anything better to kind of roll around in today. So I am joined with Octavia Treadway and Ken Treadway from Love You Cookie based in Minneapolis, Minnesota. How are you two doing today?

Ken: I'm doing well. We're doing well. Thank you. Thank you. Thank you for having us.

Octavia: I'm doing well also.

Jon: Awesome. Well thank you for joining us. Now, Love You Cookie, it's like an online retail bakery, right?

The views and opinions expressed on this podcast are for informational purposes only, and solely those of the podcast participants, contributors, and guests, and do not constitute an endorsement by or necessarily represent the views of The Hartford or its affiliates.

You're listening to the Small Biz Ahead podcast, brought to you by The Hartford.

This podcast is brought to you by The Hartford. When the unexpected strikes, The Hartford strikes back for over 1 million small business customers with property, liability, and workers compensation insurance. Check out The Hartford's small business insurance at TheHartford.com.

Gene (00:02):

Hey everybody, this is Gene Marks and welcome to this week's Hartford, Small Biz Ahead podcast. I want to talk about different things every week, of course, that will help you run your small business and run it better. And this week I want to talk about inflation, but I know you're hearing a lot of news and a lot of things about inflation. But I've got something that I think is a little bit more of an angle to it. And that has to do with inflation and CRMs that's customer relationship management applications. If you've got a CRM application, you can be using it to help you navigate your way through this period of rising prices. Now, look, there's no need to tell you that prices are up and inflation is high. I mean, you're reading the news, you know that the current inflationary environment will likely pass.

Gene (00:49):

It's gonna last throughout the rest of this year, probably into 2023. So, the key question you have of course is what do I do about this? And I've talked about this before. I mean, your concern is navigating your business through this period of higher prices. I see lots of my clients doing the things that you would expect in a time like these. Like they're trying to lock into long term contracts or they're buying inventory in bulk or they're cutting costs and of course everyone is raising prices. We get that and that's something that we are all seeing and expecting and it ain't great. The question is though, is that, if you're thinking of raising your prices, are you doing so intelligently? Because sadly many of my clients are not, and they're taking the risk of losing future business because of it.

Gene (01:40):

And that's where your CRM, your customer relationship management software comes in because the biggest difference between running a business today during this inflationary period and our last ones, when mom and dad were running their businesses back in the late seventies, early eighties, is data. We have lots more data than the generation before us. I mean, the data is in our accounting systems or our ERP systems, but then also in our CRM systems. Again, customer relationship management. And the smartest companies that I'm talking to and some of my best clients, they're leveraging their CRM tools so that instead of upsetting their customers with like a blanket price increase made in the dark, they're targeting these increases based on customer profitability and margins and product lines...

With more and more people leaving their jobs to join “the Great Resignation," countless small business owners find themselves questioning whether they can do anything to prevent their employees from doing the same. Fortunately, the answer is a resounding “yes." In this episode, Jon Aidukonis and Gene Marks, along with Chelsey Paulson, Chief Strategy Officer of Keystone Group International, discuss how small business owners can utilize cultural strategies to not only retain their current employees, but also recruit new talent.

• The Defining Elements of Your Small Business's Culture
  • Leaders lay the foundation for a business's culture since every decision they make can have a tremendous impact on their employees.
  • Purpose is another pivotal component of your small business's culture because it establishes both you and your staff's mutual goals.
  • Your business culture is also defined by its values and how it strives to serve its clients.
  • Lastly, communication plays an important role in your business's culture since it determines how you and your employees interact with each other.
• Strategies for Recruiting and Retaining Talent
  • As the owner of a small business, you need to honestly evaluate your leadership skills and try to fill in any potential gaps, so that you can be someone who your staff respects.
  • Asking your employees for their input on important business matters gives them an opportunity to utilize their skills and makes them feel valued.
  • You should actively be seeking out potential employees who can help grow and contribute to your small business's culture rather than someone who merely fits a specific mold.
• Qualities to Look for in a Potential Employee
  • Resiliency
  • Growth mindset
• The Benefits of Offering an ESOP (Employees Stock Ownership
  Plans)
  • ESOPs are one way for small business owners to show that they deeply believe in their employees.
  • ESOPs serve as a great succession plan since anyone who's considering taking over the business will already have a significant investment in it.
  • Because of the level of transparency you'll need to maintain with your employees, having an ESOP ensures that your staff has a deeper understanding of your financial operations.
• The Disadvantages of Offering an ESOP
  • ESOPs can be more expensive due to yearly valuations.
  • There are tax filings associated with ESOPs and if an
    employee resigns, you are required to buy out their shares.

• Keystone Group International
• The ESOP Association

The views and opinions expressed on this podcast are for informational purposes only, and solely those of the podcast participants, contributors, and guests, and do not constitute an endorsement by or necessarily represent the views of The Hartford or its affiliates.

You're listening to the Small Biz Ahead podcast, brought to you by The Hartford.

This podcast is brought to you by The Hartford. When the unexpected strikes, The Hartford strikes back for over 1 million small business customers with property, liability, and workers compensation insurance. Check out The Hartford's small business insurance at TheHartford.com.

You're listening to the Small Biz Ahead podcast, brought to you by The Hartford.

Jon: Hello, everyone. And welcome back to another episode of Small Biz Ahe...

While many small business owners had hoped that the worst was over after these challenging last two years, it turns out that there is still one more obstacle they will need to face before the end of this pandemic: inflation. So, what can you do to prevent any further financial loss in the midst of increasing prices? In this episode, Gene Marks and Rohit Arora, CEO and co-founder of Biz2Credit, advise small business owners on how to offset the damage of rising interest rates and inflation.

• How Are Inflation and Rising Interest Rates Impacting Small Business Owners?
  • Small business owners are worried that inflation will lead to higher interest rates on both existing and future loans.
  • They are also concerned about the shortage of people they can employ.
• What Are People's Biggest Economic Concerns?
  • People believe that the Federal Reserve will be forced to increase interest rates even more. Although this rise would reduce inflation, it could potentially lead the economy into a recession.
  • There is significant concern that the current macroeconomic crisis, the unstable geopolitical situation, and the ongoing health crisis, could all culminate in another depression within several years.
• How Will the Economy Impact Employment Opportunities at Small Businesses?
  • As everything begins to reopen, there will be a higher demand for services that weren't available during the last two years, which means small business owners will need to expand their staff in order to keep up.
  • Because job participation is 1.3% below what it was prior to the COVID crisis, small business owners are struggling to compete with the current wage inflation.
  • A mild recession could lead to significant layoffs among larger corporations, consequently increasing the existing talent pool for smaller businesses that are looking to hire new employees.
• What Can Small Business Owners Do to Prepare for Higher Prices and Interest Rates?
  • One step you can take to offset inflation is to analyze your fixed costs and see if there's anything you can do to reduce them.
  • Another way you can save money is to make sure your small business has a very strong digital presence.
  • Prior to hiring any new employees, check to see how their salaries will impact your fixed costs. Otherwise, you may not be able to sustain their wages once an economic downturn hits.
  • Lastly, always make sure you have at least 12 to 18 months of cash reserves at any given point of time; you should also try to get your business credit score and history in good shape so that you can qualify for a loan if money becomes tight.

• Biz2Credit
• How Inflation And Interest Rate Hikes Hurt Small Business

The views and opinions expressed on this podcast are for informational purposes only, and solely those of the podcast participants, contributors, and guests, and do not constitute an endorsement by or necessarily represent the views of The Hartford or its affiliates.

You're listening to the Small Biz Ahead podcast, brought to you by The Hartford.

This podcast is brought to you by The Hartford. When the unexpected strikes, The Hartford strikes back for over 1 million small business customers with property, liability, and workers compensation insurance. Check out The Hartford's small business insurance at TheHartf...

After two years of being forced to work remotely due to the pandemic, a lot of small business owners are experiencing significant resistance as they try to get their employees back into the office. Should we take this as a sign that it's time to forgo traditional business practices in favor of the new work from home model? If your answer is “yes," there are a few issues you'll need to address before making this permanent shift at your business. In this episode, Jon Aidukonis and Gene Marks, along with CSH Translation CEO and Founder, Carolina Sanchez-Hervas, discuss how small business owners can build a strong foundation that will sustain their new work from home culture.

• A Three-Step Guide to Hiring Qualified Contractors
  • Begin your screening process with an initial review of your prospective candidates' work portfolios.
  • If you like the samples they've provided, they can move unto the testing phase, where you administer a formal exam.
  • Once they successfully pass the test, invite them for a final round of interviews to determine whether they are right for your business.
• Work from Home Strategies for Your Small Business
  • To help establish an effective work from home culture, small business owners need to set some firm ground rules and have a clear system in place.
  • The key to running a successful remote business is to have reliable staff members who will still hold themselves accountable without constant micromanagement.
  • Sometimes it helps to add a personal touch when communicating with your employees or clients, whether that be through a coffee date or a handwritten letter. These small gestures help humanize your interactions and foster a sense of community.
• The Benefits of Running Your Small Business Virtually
  • One of the advantages of moving your business online is that you don't have to deal with the additional overheads associated with a traditional brick-and-mortar storefront.
  • Another benefit to working online is the convenience; you can work directly with any client, regardless of their proximity to your business.
• The Best Platforms and Apps for Running Your Online Business
  • CAT tools
  • Wordfast
  • Wave Accounting
  • CRM
  • Squarespace
  • Mailchimp for newsletters.
  • Canva
  • Google Business Suite
  • LinkedIn
• The Best Phone Services for Your Online Business
  • Virtual PBX
  • Grasshopper
  • Google Voice

• CSH Translation

The views and opinions expressed on this podcast are for informational purposes only, and solely those of the podcast participants, contributors, and guests, and do not constitute an endorsement by or necessarily represent the views of The Hartford or its affiliates.

You're listening to the Small Biz Ahead podcast, brought to you by The Hartford.

This podcast is brought to you by The Hartford. When the unexpected strikes, The Hartford strikes back for over 1 million small business customers with property, liability, and workers compensation insurance. Check out The Hartford's small business insurance at TheHartford.com.

You're listening to the Small Biz Ahead podcast, brought to you by The Hartford.

Gene: Hey everybody, and welcome to another episode of The Hartford, Small Biz Ahead podcast. We're really happy to have you here. My name is Gene Marks and I am here with my friend and cohort,

The views and opinions expressed on this podcast are for informational purposes only, and solely those of the podcast participants, contributors, and guests, and do not constitute an endorsement by or necessarily represent the views of The Hartford or its affiliates.

You're listening to the Small Biz Ahead podcast, brought to you by The Hartford.

This podcast is brought to you by The Hartford. When the unexpected strikes, The Hartford strikes back for over 1 million small business customers with property, liability, and workers compensation insurance. Check out The Hartford's small business insurance at TheHartford.com.

Gene (00:02):

Hey everybody, this is Gene Marks and welcome to The Hartford's Small Biz Ahead podcast. This is the weekly podcast that I do where I share some advice and tips and thoughts on helping you in your business. If you want more advice, more tips, more thoughts in writing and to check out our other podcast, please visit us at SBA.TheHartford.com or SmallBizAhead.com. Lots of great content to help you run your business. This week, let's talk about dependent care because it's a big issue for our employees and also a big thing that we can be doing, depending on our benefits to attract good employees to our businesses, as well as retain our best employees as well. I mean like in 2021 and as a result of the pandemic, childcare benefits were expanded, right? But unfortunately those expanded benefits are no longer available for this year in 2022.

Gene (00:55):

However, there's still a great demand for this kind of help and many businesses that I know are responding to this demand. Our nation has a big labor shortage right now and many small employers that I know they're weighing the best benefits to offer both perspective and current employees and among those in high demand are assistance with dependence, right? These are the kinds of benefits that people wanna do. 47%, according to some estimates of the workforce are part of the sandwich generation. That group of people that's caught between providing for both their children and their parents. So you can understand like currently 50% of workers out there, they need this kind of help. They need these kind of benefits. So when I talk to different HR executives and experts in the area, they're all saying that they are seeing childcare benefits becoming more of a priority with many of their clients.

Gene (01:50):

Many of these companies, small businesses are asking how can we better help our employees reduce the barrier of care? Dependent care is a big expense for many employees and employers are just looking for ways to help alleviate the problem. So what kind of childcare benefits, what kind of dependent care benefits can your company provide? So in the end, particularly if you're a small business, it comes down to four benefits. The first is that you can help reimburse your employees through a dependent care, flexible spending account or DCFSA. With a DCFSA plan, employees who are filing individually or with a joint tax return can contribute up to $5,000 per year,

The views and opinions expressed on this podcast are for informational purposes only, and solely those of the podcast participants, contributors, and guests, and do not constitute an endorsement by or necessarily represent the views of The Hartford or its affiliates.

You're listening to the Small Biz Ahead podcast, brought to you by The Hartford.

This podcast is brought to you by The Hartford. When the unexpected strikes, The Hartford strikes back for over 1 million small business customers with property, liability, and workers compensation insurance. Check out The Hartford's small business insurance at TheHartford.com.

Gene (00:01):

Hey everybody, this is Gene Marks and welcome to another edition of the Small Biz Ahead podcast, where we look at different issues and things and advice that I can provide to help you run your business. This week, I'd like to talk with you about peer executive groups. Do you know what that is? Have you ever considered joining a peer executive group? It's kind of tempting. It's always been tempting for me. Peer executive groups are small groups. They're normally made up of local CEOs or business owners or leaders, and they meet regularly to discuss their professional and personal challenges in a confidential and informal setting. Some of these groups are formed organically. You can get together with your friends, but many others are initiated through national organizations like Vistage International, The Entrepreneurs' Organization, YPO and Peer Executive Groups. You can Google these organizations to find out more about 'em. Now how popular are they?

Gene (00:55):

Well, you could say they are. Vistage for example, has more than 22,000 members in 20 countries. And The Entrepreneurs' Organization says they have a global business network of more than 14,000 members across 193 chapters worldwide. And the benefits can be significant. It's like an advisory board that has no personal agenda other than to help you and your other members of the group. Depending on the group that you belong to, it's usually made up of smart people who are there to listen and get to know you and your business. And that's a tremendous thing. I mean, some of my clients have been members of some of these groups for a long time. One client has belonged to his executive group for more than 21 years. Now, if you do belong to a peer executive group, here's what you can expect. You can expect to meet about 11 to 12 times a year.

Gene (01:45):

You can expect that it's made up mostly of owners of established manufacturers or distributors or service providers in your local area, but none who will compete with you. The best groups give its members the opportunity to meet and learn from their fellow business owners in a relatively informal setting, which is usually moderated by an experienced third-person facilitator, who is oftentimes assigned by the national organization. And the meetings are conducted usually in fellow members' offices, homes or neutral locations like hotel conference rooms. At these meetings,