Entering a relationship with a supplier or vendor is one of the most important decisions that you will make as a small business owner. After all, your vendor's performance can have a direct impact on both the efficiency and service quality of your business. So, how do you know if a particular vendor is a right fit for you? In episode #144, Gene Marks and Elizabeth Larkin discuss the qualities you should look for prior to working with a potential vendor.

Executive Summary

1:42— Today's Topic: How Do I Decide If a Vendor is Right for My Small Business?

2:04—When searching for potential vendors, one quality you should look for is strong communication skills. A responsible vendor will always provide a quick response to your messages.

4:09—Another favorable quality to look for in potential vendors is their willingness to collaborate on payment terms or plans.

4:25—The most successful vendors are those who stay proactive in their relationship with you because they value your business enough to stay competitive.

6:09—As a small business owner, you should be providing your vendors with a swift payment for their services.

10:13—Gene encourages small business owners to visit larger, self-service businesses to discover their competitors' weaknesses. Finding these weaknesses will enable them to offer services that larger businesses can't.

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Transcript

Elizabeth: Welcome back to the Small Biz Ahead podcast for another episode. I'm Elizabeth Larkin from The Hartford, and I'm here with Gene Marks from the Marks Group.

Gene: Correct.

Elizabeth: Which is a small business.

Gene: Yes, 10 people, located outside of Philadelphia, so a small business owner and I also write in a bunch of different places about all the things that give me headaches of running a small business.

Elizabeth: He comes here to answer your questions every week, so please send us your questions. You can submit them in the show notes. You can submit them on the Facebook post. We'd love to answer your questions. If you want to give us your name and location and what type of business you have, that's great. If you want to do it anonymously, that's great, too. We don't have to say your name on the air. Just let us know.

Gene: Rest assured, if we don't know the answers, we'll just make them up.

Elizabeth: Yeah. Exactly. This week's question is about how to decide the right vendor to work with. We are gonna answer that question after we hear from our sponsor.

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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 worker's compensation insurance, check out The Hartford's

Does your small business require customers to meet a certain purchase minimum before they can pay with their credit cards? While this idea might seem like a practical way to offset the additional costs of credit card fees, it can actually have the opposite effect and cause you to lose a lot of business. In episode #143, Gene Marks and Elizabeth Larkin discuss the negative impact of setting a price minimum on credit card purchases as well as more effective payment policies.

Executive Summary

2:26—Today's Topic: Will My Small Business Be Impacted If I Set a Minimum for Credit Card Purchases?

2:54—When retail businesses impose specific payment restrictions on credit card purchases, they tend to lose a lot of business because their customers don't want to be pressured into buying unnecessary items.

4:06—Instead of enforcing a strict payment minimum for credit card purchases, small business owners can impose an overcharge or surcharge to cover the additional fees associated with these types of transactions.

4:39—Providing multiple payment options increases your chances of a customer purchase.

5:09—Small business owners need to keep up with the payment trends of their industry; otherwise, they will lose out on a substantial amount of business.

5:40—However, business owners also need to avoid the extremes of only accepting credit card or only accepting cash.

8:05—Gene encourages small business owners to invest in some type artificial intelligence software because these programs can help reduce the amount of time that they spend on customer requests and inquiries.

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Transcript

Elizabeth: Welcome back to the Small Biz Ahead podcast, I'm Elizabeth Larkin from The Hartford. I'm here with Gene Marks from the Marks Group.

Gene: We're live on video.

Elizabeth: We're live.

Gene: This is our first video that we are doing together.

Elizabeth: I know, actually, a couple months ago we said this is our first video, and we had video taped it, and then when we got the video back we were like "Oh my God,

Are you trying to find a more affordable alternative to your business's existing health plan? As the price of health insurance continues to rise, association health plans offer small business owners the opportunity to provide their employees with quality healthcare benefits at discounted premiums. So, what does a small business need to do in order to qualify for one of these plans? Gene Marks and Elizabeth Larkin explain the process of applying for an association health plan.

Executive Summary

1:03—Today's Topic: Are Association Health Plans Right For My Business?

1:25—In order to qualify for an association health plan, you first need to form a buying group of 100 people, either within your small business or externally with other related businesses. Once you assemble your association, you can approach one of the major health insurance companies and apply for discounted premiums.

3:02—This plan does not exclude pre-existing benefits and it's cost remains the same for all participants regardless of health history or salary.

3:44—Unfortunately, one of the risks of the association health plan is that it has the potential to be overturned within the next 2 years. Another drawback is that the application process takes a lot of work.

5:24—The best places to consult for further information about existing health association plans are your Chamber of Commerce and your Industry Association.

5:59—Because this health plan excludes several benefits, it would be wise for business owners to retain their original health plan as an alternative.

7:28—Gene discusses how unguarded optimism can negatively impact your business prospects and encourages aspiring entrepreneurs to be realistic in their expectations.

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How to Safeguard Your Small Business from Data Breaches

21 Days to Be a More Productive Small Business Owner

Opportunity Knocks: How to Find—and Pursue—a Business Idea that's Right for You

Every small business owner is bound to experience moments when they're tired of their work. However, in some cases, those feelings of exhaustion or disinterest might be more than just fatigue; they could be symptoms of burnout. So, what can you do to take care of yourself during this stressful time? In episode #141, Gene Marks and Elizabeth Larkin share their most effective strategies for recovering from burn out so that you can get back to running your small business.

Executive Summary

1:07—Today's Topic: How Do I Bounce Back from Burnout?

1:16—There are a variety of ways to cope with burnout. These include taking time to invest in yourself; rekindling your initial passion for your job; and delegating more of your responsibilities.

2:17—You have to accept the fact that challenges are a part of your life as a small business owner.

3:01—Find ways to “change your state." Engaging yourself in some type of distraction can help take your mind off of your business.

5:49—You should also consider expanding your business in a new direction, just to break out of your usual routine.

7:15—It can also help to take a vacation. The time off can give you a better perspective on both you professional and personal life.

9:30—Gene advocates using the American Chemistry Council's chemical barometer to assess the current economic trends.

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Opportunity Knocks: How to Find—and Pursue—a Business Idea that's Right for You

99 New Small Business Ideas

With the ever-mounting costs of running a startup, many small business owners find it difficult to justify the additional expenses of attending an industry conference, particularly when they have more pressing matters to attend to at the office. Still, despite the extra time and money involved, conferences provide business owners with an invaluable opportunity to understand their industry on a larger scale and network with professionals who could ultimately help their business grow. In episode #140, Gene Marks and Elizabeth Larkin offer an extensive look at how small business owners can benefit from attending a conference.

Executive Summary

1:02—Today's Topic: Should Small Business Owners Take the Time to Attend Conferences?

2:20—Conferences provide business owners with the opportunity to see where their industry stands now and where it will be heading in the next five to ten years.

2:59—Webinars are a convenient alternative for business owners who don't have the time or capital to travel out of town for a conference.

3:17—Conferences also give you the chance to learn about recent industry updates, build your current skill set, and network with those in related industries.

4:07—Paying for your staff members to attend conferences can earn your business additional tax deductions of $5,250 per employee, each year. Conferences not only serve as a great benefit among current employees, but they also function as an enticing recruiting incentive among potential job candidates.

5:48—In addition to attending general industry conferences, all small businesses should be sending their staff members to industry-specific marketing conferences as well.

6:41—If you can't afford to send everyone on your staff to a conference, create a rotating schedule for conference-related trips or invest in online training.

8:04—Gene advises small business owners to display an elevator pitch on their website to make a deeper impact on their potential customers.

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99 New Small Business Ideas

Are you ready to join the "brick and click" movement? For many years, the primary question among retail businesses has been whether to open a physical storefront or market themselves as a strictly online brand. Recently, however, it has become increasingly evident that small businesses need to offer both in-store and web based services if they hope to thrive in today's competitive market. In episode # 139, Gene Marks and Elizabeth Larkin discuss the advantages of expanding your small business into a "brick and click."

Executive Summary

1:04—The term “Brick and Click" refers to businesses that have a traditional physical storefront as well as an online presence. Covering both of these allows smaller businesses to compete against larger corporations.

3:20— In order to successfully hold their ground against big box stores, a small business needs to make sure that its online service is as exceptional as the service that they provide in their online stores. If they are able to deliver this level of customer care, they can significantly expand their client base.

4:40—Because we live in an era of online shopping, retail businesses need to have a web based store front if they want to grow and thrive.

5:08—Similarly, online stores can benefit from opening brick and mortar storefront because it enables them to reach a new target audience.

5:13—Offering an online service in addition to your physical storefront can strengthen your brand's relationship with its existing client because it provides them with an additional level of convenience.

9:48—Gene encourages small business owners to verify with their accountants to see whether they qualify for the new “pass-through" deduction.

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Since the birth of online shopping, hundreds of aspiring entrepreneurs have found themselves facing a “Bricks versus Clicks” dilemma of whether to open a physical or digital storefront for their small business. With each option presenting their own distinct set of pros and cons, how do you determine which venue is right for your specific […]

Since the birth of online shopping, hundreds of aspiring entrepreneurs have found themselves facing a “Bricks versus Clicks" dilemma of whether to open a physical or digital storefront for their small business. With each option presenting their own distinct set of pros and cons, how do you determine which venue is right for your specific business? Relax. As challenging as this question might seem, the answer ultimately comes down to the types of products and services you wish to offer. In episode #138, Gene Marks and Elizabeth Larkin discuss how to find the most compatible storefront for your small business.

Executive Summary

1:34—Today's Topic: Should Aspiring Entrepreneurs Open a Physical or Online Business?

2:57—When deciding between a physical or online storefront, business owners need to consider which venue will allow them to access the most customers. Retail or product-based businesses can reach a larger client based using an online storefront, while experience or community-based businesses will fare better with a traditional brick and mortar store.

3:53—The pros of an online business include low overhead and less initial investments. Online businesses also have the capacity to reach a wider audience.

6:18—The primary drawback to running an online business is that it requires an extensive knowledge of digital expertise to execute it properly.

7:31—One of the advantages of running a physical business is that it enables you to have face-to-face contact with your customers and sets you up to build a tight knit community. You are also less likely to be imitated by other businesses.

10:48—If you decide to open a brick and mortar storefront, you need to assure your potential landlord that your business is capable of sustaining itself in the long run.

15:06—Gene encourages business owners to find someone who can serve as a mentor and guide you through difficult decisions.

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Ultimate Guide to Business Credit Cards: The Small Business Owner's Handbook

How to Keep Customers Coming Back for More – Customer Retention Strategies

How to Safeguard Your Small Business from Data Breaches

21 Days to Be a More Productive Small Business Owner

Opportunity Knocks: How to Find—and Pursue—a Business Idea that's Right for You

They say that you can’t put a price on good employees, but contrary to this popular adage, you as a small business owner need to make it your responsibility to understand how much you are actually investing in every one of your employees. So, how do you determine this exact cost? The answer goes beyond […]

They say that you can't put a price on good employees, but contrary to this popular adage, you as a small business owner need to make it your responsibility to understand how much you are actually investing in every one of your employees. So, how do you determine this exact cost? The answer goes beyond their basic salary. In episode # 137, Gene Marks and Elizabeth Larkin discuss all the factors you need to consider when calculating the cost of each employee.

Executive Summary

1:53—Today's Topic: How Do I Determine the Cost of My Employees?

2:23—Apart from your employee's salary or base compensation, there are additional factors you need to consider when calculating the cost of your employee. These include the taxes you pay in order to employee them at your business, such as unemployment taxes and state taxes.

3:38—Benefits, like health insurance, also need to be taken into account when tabulating the cost of your employee.

4:18—Investing in retirement benefits or 401K's can save you a lot of money down the line and prevent retired employees from returning to work in the years to come. Other benefits you need to consider include training, vacation and other discretionary benefits.

7:06—Business owners also invest a lot of money in supplies, specialized equipment and uniforms, when hiring an employee. Even the recruiting process can require significant payments.

8:20—Lastly, be sure to add overhead into your calculations. Once you've determined all these different amounts, you are ready to total the full amount.

11:04—Gene advises retail business to invest in the technology that will enable them to compete with the convenience of self-service stores like Amazon Go.

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Transcript

Elizabeth: Welcome back to The Small Biz Ahead podcast. I'm Elizabeth Larkin from The Hartford. I'm here with Gene Marks from The Marks Group and he's a CPA.

Gene: Yes, a CPA, and we're actually gonna be talking about numbers in this podcast.

Elizabeth: We're gonna be talking about numbers.

Gene: So, that's convenient.

Elizabeth: Yes. So, today we're talking about how to figure out what an employee is actually costing you.

Gene: Yeah. Yeah. It's a good question.

Elizabeth: Which I'm sure this is something a lot of business owners are like, "You know that guy sitting over in the corner texting all day long?"

Gene: Yeah, or chatting in the break room or whatever, what is this costing me? This is really getting on my nerves. So, yeah, I've got some thoughts and I think, Elizabeth, you do too on what employees really do cost you and how to figure out the true cost of an employee.

Elizabeth: We're gonna get into that right after we hear from our sponsor.

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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 worker's compensation insurance, check out The Hartford's small business insurance at TheHartford.com.

Question: How much are my employees really costing me?

Elizabeth: Gene, I love today's question because it's really putting, we can put some numbers around something that when you just think about it like, "Well, of course, you just look at how much are the salary and benefits costing me," but, it's so much more than that when you think about having an employee and employing them, and just the emotional toll of having an employee.

Gene: Yes. Yeah. That's for sure.

Elizabeth: So,