Small Biz Flash

FEATURE

Today’s guest is Jack Smith, of The American Insurance Group:

Jack’s email:  [email protected]
Jack’s LinkedIn page:  https://www.linkedin.com/in/jacksonsmith1/
The American Insurance Group’s web page:  http://www.theamericaninsurancegroup.com/

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NEWS ROUNDUP

1
Small businesses are filing for bankruptcy at record high rates, according to new data from UBS.
https://markets.businessinsider.com/news/stocks/svb-banking-crisis-credit-crunch-private-bankruptcy-filings-small-business-2023-3

2
Small businesses will now have a tougher time getting their message out on Twitter because of changes to the account verification process.
https://www.abcactionnews.com/news/region-hillsborough/small-businesses-left-behind-as-twitter-introduces-a-new-verification-model

3
Amazon has been mislabeling some products as sold by small businesses, when in fact, they were not, according to an article published on the tech web site The Information.
https://www.theinformation.com/articles/amazon-hands-out-small-business-label-to-huge-sellers

https://www.manufacturing.net/video/video/22807059/amazon-accused-of-mislabeling-sellers-as-small-or-blackowned-businesses

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This podcast is sponsored by SBS Accounting & Advisors.  Use the promo code FLASH and get 20% off your set up fee!  https://sbsaccountants.com/.

👀 Watch on YouTube:  https://www.youtube.com/channel/UCmFHZqDGRbOHXjhpicWuqhg.

📧 I would love to hear from you!  Please email me at [email protected].

🖥️ Learn how I can help your small business at https://eraynay.com/.

----------

Email me at [email protected].

• Please give me feedback on the podcast.

Show web site:  www.smallbizflash.com 

FEATURE

Today’s guest is Jack Smith of The American Insurance Group:
Jack’s email:  [email protected]
Jack’s LinkedIn page:  https://www.linkedin.com/in/jacksonsmith1/
The American Insurance Group’s web page: http://www.theamericaninsurancegroup.com/

According to a survey by the National Association of Insurance Commissioners, 71% of small businesses polled said they were very dependent on one or two key people for their success, but only 22% had purchased corporate-owned life insurance.
https://www.iii.org/publications/insuring-your-business-small-business-owners-guide-to-insurance/specific-coverages/life-insurance-for-key-employees

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NEWS ROUNDUP

1
Two prominent monthly surveys of small business owners were recently released for March, and they both indicate owners expect a recession.
https://www.nfib.com/content/press-release/economy/small-business-optimism-declines-slightly-in-march/

https://www.vistage.com/research-center/wp-content/uploads/2023/04/WSJ-CEO-Survey-0323.pdf

2
Fallout from the recent bank failures continues, now making some small business owners fearful that as credit slows, their existing lines of credit could be canceled.
https://www.foxbusiness.com/markets/banks-canceling-lines-business-credit-soon

62% of small business owners say that rising prices have forced them to seek out additional capital or financing for their business in the past year.
https://www.uschamber.com/sbindex/quarterly-spotlight

3
GoDaddy has released a library of ready-made prompts for small businesses to use with either ChatGPT or with Google’s Bard AI tool.
https://www.godaddy.com/garage/ai-prompts-for-small-business/

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This podcast is sponsored by SBS Accounting & Advisors.  Use the promo code FLASH and get 20% off your set up fee!  https://sbsaccountants.com/.

👀 Watch on YouTube:  https://www.youtube.com/channel/UCmFHZqDGRbOHXjhpicWuqhg.

📧 I would love to hear from you!  Please email me at [email protected].

🖥️ Learn how I can help your small business at https://eraynay.com/. 

----------

Email me at [email protected].

• Please give me feedback on the podcast.

Show web site:  www.smallbizflash.com 

FEATURE

If you don’t have systems, you won’t be efficient and you won’t be able to scale.

SOPs keep your employees on the same page and promote quality, efficiency, and smoother operations.

SOPs are especially important to small businesses that have few employees.

Also avoid directions or language that is unclear or could be misinterpreted.

Get an employee who is very good at the task in question to help you write the SOP.

You should highly consider software to help you construct, update, and distribute SOPs.  There are numerous platforms out there, including Scribe, Trainual, and SwipeGuide.

Someone must have ultimate responsibility for the SOP, because it will need to be evaluated on a regular basis for updates or adjustments.

Scribe
https://scribehow.com/

SwipeGuide
https://www.swipeguide.com/

Trainual
https://trainual.com/

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NEWS ROUNDUP

1
Small businesses’ perceptions of the economy dimmed slightly during the first quarter of this year.
https://www.uschamber.com/sbindex/summary

2
The federal Consumer Financial Protection Bureau finalized a rule last week to increase transparency in small business lending.
https://www.consumerfinance.gov/about-us/newsroom/cfpb-finalizes-rule-to-create-a-new-data-set-on-small-business-lending-in-america/

3
A number of small business groups are throwing their support behind the Lower Energy Costs Act.
https://www.nfib.com/content/press-release/energy/lower-energy-costs-act-benefits-main-street/

https://sbecouncil.org/2023/03/27/sbe-council-support-statement-h-r-1-the-lower-energy-costs-act/

https://www.jobcreatorsnetwork.com/press_releases/job-creators-network-applauds-h-r-1-to-reduce-the-biden-administrations-crushing-energy-costs/

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This podcast is sponsored by SBS Accounting & Advisors.  Use the promo code FLASH and get 20% off your set up fee!  https://sbsaccountants.com/.

👀 Watch on YouTube:  https://www.youtube.com/channel/UCmFHZqDGRbOHXjhpicWuqhg.

📧 I would love to hear from you!  Please email me at [email protected].

🖥️ Learn how I can help your small business at https://eraynay.com/. 

----------

Email me at [email protected].

• Please give me feedback on the podcast.

Show web site:  www.smallbizflash.com 

FEATURE

Nearly 1/3 of Americans would be unable to cover an unexpected expense of $400.

Remember to consult your financial, HR, and legal counsel when creating any specific program.

Congress passed the SECURE 2.0 Act, which will enable employers to set up ESAs for their employees tied to their retirement accounts, beginning in 2024.

Outside of options available within SECURE 2.0, an employer could set up an ESA not connected to a retirement plan.  One platform called SecureSave helps businesses run ESAs.

https://www.federalreserve.gov/publications/2022-economic-well-being-of-us-households-in-2021-dealing-with-unexpected-expenses.htm

https://ir.lendingclub.com/news/news-details/2023/60-of-Americans-Now-Living-Paycheck-to-Paycheck-Down-from-64-a-Month-Ago/default.aspx

https://www.pwc.com/us/en/services/consulting/business-transformation/library/employee-financial-wellness-survey.html

https://www.securesave.com/employers

https://resources.betterment.com/hubfs/PDFs/b4b/reports/financial-wellness-benefits-survey.pdf

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NEWS ROUNDUP

1
Rising interest rates and recent bank failures are squeezing credit supply for small businesses.
https://www.forbes.com/sites/rohitarora/2023/03/24/rising-interest-rates-lead-to-a-small-business-credit-crunch/?sh=7458f66b3b3e

https://www.reuters.com/markets/us/feds-jefferson-still-learning-impact-tighter-monetary-policy-2023-03-27/

2
The vast majority of small businesses find it challenging to some degree to manage the cost of offering employer-sponsored health insurance.
https://strgnfibcom.blob.core.windows.net/nfibcom/Health-insurance-survey-NFIB.pdf

3
There are several ways you can do more to shop with small businesses, including using web sites that help you find small businesses via maps.
https://www.americanexpress.com/en-us/maps?cat=Shop-Small&intlink=us-GABM-Map_Home

https://www.independentwestand.org/support-independent-business/

https://mashable.com/article/how-to-shop-small

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This podcast is sponsored by SBS Accounting & Advisors.  Use the promo code FLASH and get 20% off your set up fee!  https://sbsaccountants.com/.

👀 Watch on YouTube:  https://www.youtube.com/channel/UCmFHZqDGRbOHXjhpicWuqhg.

📧 I would love to hear from you!  Please email me at [email protected].

🖥️ Learn how I can help your small business at https://eraynay.com/. 

----------

Email me at [email protected].

• Please give me feedback on the podcast.

Show web site:  www.smallbizflash.com 

FEATURE

Chances are, few of the commercial depositors had checked into these banks’ health before doing business with them.  But even if they had, the Wall Street Journal reports that SVB’s trouble wasn’t reflected in credit ratings.

What can you as a small business owner or manager do to protect your assets, especially if you must keep high amounts of operating capital?

One option is to spread your funds across multiple banks so your accounts do not exceed $250,000 at any one institution.

Another option is to utilize programs called ICS and CDARS by a company called IntraFi.

A third option is a program called MaxSafe offered by Wintrust Community Banks.

https://www.wsj.com/articles/silicon-valley-banks-distress-wasnt-reflected-in-credit-ratings-93cd9dff

https://www.intrafinetworkdeposits.com/

https://www.wintrust.com/maxsafe.html

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NEWS ROUNDUP

1
The vast majority of small business owners – 90% – lack confidence they have adequate insurance coverage.
https://www.nextinsurance.com/blog/survey-small-businesses-lack-confidence-adequate-insurance/

2
The Federal Trade Commission has launched an inquiry into the small business credit reporting system.
https://www.ftc.gov/business-guidance/blog/2023/03/taking-closer-look-small-business-credit-reporting-system

3
Three anti-trust advocates have launched the Responsible Online Commerce Coalition to push back against Amazon’s influence over the e-commerce ecosystem.
https://news.yahoo.com/amazon-targeted-businesses-relying-online-163957958.html

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This podcast is sponsored by SBS Accounting & Advisors.  Use the promo code FLASH and get 20% off your set up fee!  https://sbsaccountants.com/.

👀 Watch on YouTube:  https://www.youtube.com/channel/UCmFHZqDGRbOHXjhpicWuqhg.

📧 I would love to hear from you!  Please email me at [email protected].

🖥️ Learn how I can help your small business at https://eraynay.com/.  

----------

Email me at [email protected].

• Please give me feedback on the podcast.

Show web site:  www.smallbizflash.com 

FEATURE

Remember the caveats from last week regarding ChatGPT, including it isn’t 100% correct all the time.  And don’t depend on it to dispense legal and professional advice.

ChatGPT can help you write a business plan.

You can refine ChatGPT’s original output by giving it follow-up commands or asking follow-up questions.

ChatGPT can compose scripts for videos, draft procedure documents, and just about anything else you can imagine.  But you always need to review them for accuracy and real-world viability.

ChatGPT can summarize articles and web pages.

ChatGPT can answer questions too.  One of the most handy is application-specific questions for a unique set of circumstances.

For your more technical staff, ChatGPT can help them write HTML for building web sites, and code in computer languages to build and debug applications.

One of the best ways you can take advantage ChatGPT’s power is to turn your team lose on it.

Train your staff now to get comfortable with AI tools like ChatGPT.

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NEWS ROUNDUP

1
A record number of small businesses – 47% – reported having job vacancies they could not fill in February.
https://www.nfib.com/content/press-release/economy/nfib-jobs-report-small-businesses-report-record-high-levels-of-job-openings/

The economy added 311,000 jobs, which was above experts’ predictions.  But many of those were in lower paying sectors.
https://www.bls.gov/news.release/pdf/empsit.pdf

February Consumer Price Index was released today, and is up 6% from a year ago.
https://www.bls.gov/news.release/cpi.nr0.htm

2
Small businesses remain concerned about a possible recession and are taking a tight-fisted approach with their cash.
https://www.vistage.com/research-center/business-financials/economic-trends/20230307-small-businesses-cautious-wsj-survey/

3
The Small Business Administration has announced National Small Business Week will take place this year from April 30 to May 6.
https://www.sba.gov/article/2023/mar/06/sba-administrator-guzman-announces-national-small-business-week-2023

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This podcast is sponsored by SBS Accounting & Advisors.  Use the promo code FLASH and get 20% off your set up fee!  https://sbsaccountants.com/.

👀 Watch on YouTube:  https://www.youtube.com/channel/UCmFHZqDGRbOHXjhpicWuqhg.

📧 I would love to hear from you!  Please email me at [email protected].

🖥️ Learn how I can help your small business at https://eraynay.com/. 

----------

Email me at [email protected].

• Please give me feedback on the podcast.

Show web site:  www.smallbizflash.com 

FEATURE

ChatGPT is a conversational AI chatbot.

Open AI is the developer of ChatGPT and is now offering access to the general public.

ChatGPT can help you write content for your small business, such as blog posts.  But, you can’t just copy and paste.  It will need some refining.  Plus, Google can detect AI-generated content.

ChatGPT must still be fact-checked.

You can also generate a title for your blog post using ChatGPT, and a tweet to promote the blog as well.

Don’t use ChatGPT to create legal or accounting or other professional services kind of advice.  Remember, you need to fact check its output.

You can sign up for a free ChatGPT account here:  https://openai.com/blog/chatgpt.

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NEWS ROUNDUP

1
A Supreme Court decision late last month is good news for small businesses, because it limited the power of the IRS to levy penalties on businesses.
https://www.nfib.com/content/press-release/homepage/supreme-court-reins-in-civil-penalty-prosecutions-for-small-businesses/

https://www.reuters.com/legal/government/us-supreme-court-limits-penalties-not-reporting-foreign-accounts-2023-02-28/

2
Inflation remains a big concern for small businesses, according to data recently released by the US Chamber of Commerce.
https://www.uschamber.com/small-business/the-biggest-challenges-small-businesses-are-facing-right-now

3
The Biden administration is proposing legislation that would shift the some of the burden of cyber security from small businesses on to software makers.
https://www.cnbc.com/2023/03/02/white-house-unveils-national-cyber-strategy-to-shift-security-burden.html

----------

This podcast is sponsored by SBS Accounting & Advisors.  Use the promo code FLASH and get 20% off your set up fee!  https://sbsaccountants.com/.

👀 Watch on YouTube:  https://www.youtube.com/channel/UCmFHZqDGRbOHXjhpicWuqhg.

📧 I would love to hear from you!  Please email me at [email protected].

🖥️ Learn how I can help your small business at https://eraynay.com/.  

----------

Email me at [email protected].

• Please give me feedback on the podcast.

Show web site:  www.smallbizflash.com 

FEATURE

YouTube ads can accelerate the process of building up your audience on the platform, and give your brand more exposure.

One of the great things about YouTube advertising is that you can target viewers based on the keywords they are searching for on YouTube, but also on Google (which owns YouTube).

There are numerous other ways to refine your target audience, to get very specific.

Among video ads, there are three main types.  First, skippable in-stream ads are those you can pass over after you’ve watched them for five seconds.

Non-skippable in-stream ads are shorter.  Their maximum length is 15 seconds.

Bumper ads are like non-skippable in-stream ads, but only last six seconds.

According to Influencer Marketing Hub, YouTube ads have an average cost-per-view of $0.01 – $0.03.
https://influencermarketinghub.com/how-much-do-youtube-ads-cost/

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NEWS ROUNDUP

1
The Personal Consumption Expenditures price index was up in January to 5.4% from a year earlier.
https://www.reuters.com/markets/rates-bonds/fed-seen-raising-rates-three-more-times-after-strong-inflation-reading-2023-02-24/

Recent figures show that worker claims for unemployment benefits dipped last week, there was an increase in January in retail sales, and 4Q GDP rose by 2.7%.
https://www.wsj.com/articles/economy-showing-strength-in-early-2023-after-last-quarters-gdp-gain-revised-modestly-lower-5b068ade

2
Republicans in the US House are launching an oversight effort of numerous federal agencies in an attempt to determine how their regulation-making is impacting small businesses.
https://www.politico.com/news/2023/02/23/house-gop-presses-agencies-on-small-business-rules-00084049

https://williams.house.gov/media-center/press-releases/rep-williams-leads-small-business-committee-oversight-biden

3
A lack of financing or investors was the top reason that startups failed in 2022, according to a new study.
https://www.skynova.com/blog/top-reasons-startups-fail

4
Amazon is expanding its educational offerings to small businesses through the Amazon’s Small Business Academy.
https://www.aboutamazon.com/news/small-business/meet-the-new-amazon-small-business-academy-an-expanded-suite-of-free-resources-for-entrepreneurs

----------

This podcast is sponsored by SBS Accounting & Advisors.  Use the promo code FLASH and get 20% off your set up fee!  https://sbsaccountants.com/.

----------

I would love to hear from you!  Please email me at [email protected]. 

----------

Email me at [email protected].

• Please give me feedback on the podcast.

Show web site:  www.smallbizflash.com 

FEATURE

Your YouTube strategy has to be sustainable, so you don’t quit after a few weeks or months.

Dig into old blog articles or speeches you’ve given that could be updated and turned into short videos.

YouTube’s algorithm rewards videos that hold the attention of the viewer.

Once you have the video produced and on your YouTube channel, share it across all your communication channels.

You don’t need a super slick, highly polished video to get your message out.

Create playlists around your most compelling topics.

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NEWS ROUNDUP

1
The Federal Trade Commission is proposing a new rule, called the Non-Compete Clause Rule, which would eliminate noncompete contracts agreements in the workplace and nullify existing state and local laws on non-competes.
https://www.govinfo.gov/content/pkg/FR-2023-01-19/pdf/2023-00414.pdf

2
The vast majority of small companies want bi-partisan action to address their concerns over a variety of issues to make it easier and less expensive to do business.
https://www.jobcreatorsnetwork.com/press_releases/new-poll-small-businesses-gravely-concerned-about-economy-want-bipartisan-action-from-congress/

3
Small businesses are increasingly expected to provide employee benefits like their larger counterparts.
https://www.vestwell.com/read/2023-retirement-trends-report#cd827ccc9cb8

----------

This podcast is sponsored by SBS Accounting & Advisors.  Use the promo code FLASH and get 20% off your set up fee!  https://sbsaccountants.com/.

----------

I would love to hear from you!  Please email me at [email protected]. 

----------

Email me at [email protected].

• Please give me feedback on the podcast.

Show web site:  www.smallbizflash.com 

FEATURE

Resources:

Wyzowl Video Marketing Statistics 2023
https://www.wyzowl.com/video-marketing-statistics/

What is the Ideal Length of Videos on YouTube?
https://www.tubics.com/blog/how-to-master-on-long-form-video-content

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NEWS ROUNDUP

1
A poll by the invoicing platform Skynova found that 91% of small companies are currently labor hoarding.
https://www.skynova.com/blog/small-business-and-labor-hoarding

2
The federal government could do a better job of interacting with small businesses, according to owners recently surveyed by Goldman Sachs.
https://www.goldmansachs.com/citizenship/10000-small-businesses/US/infographics/february-2023/index.html

3
As inflation has taken its toll, many small and medium-sized businesses feel they can’t raise prices further and still be competitive, so they are seeking other sources of working capital.
https://www.pymnts.com/smbs/2023/digital-banks-fill-gaps-in-small-business-working-capital-loans/

----------

This podcast is sponsored by SBS Accounting & Advisors.  Use the promo code FLASH and get 20% off your set up fee!  https://sbsaccountants.com/.

----------

I would love to hear from you!  Please email me at [email protected].

----------

Email me at [email protected].

• Please give me feedback on the podcast.

Show web site:  www.smallbizflash.com