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Importance of Maintaining Healthy Business Relationships

We exercise, eat right and visit the doctor to keep ourselves healthy, and we spend time with our family and friends to keep ourselves happy. But what about our business relationships?

Without proper maintenance, our work alliances can grow feeble like any other relationship. Without care, they can become unhappy – and unsuccessful. But there are 10 simple steps you can take to keep your professional bonds healthy and thriving.

One of the things successful entrepreneurs are exceptionally good at is establishing positive business relationships with their employees, business associates, suppliers, customers, and everyone else that contribute directly or indirectly to the continued survival of their business. Even businesses with great products and services have failed because they couldn’t establish positive relationships with those that matter.

If we ask what makes a company or a business successful? Most readers will give credit to the team, the leadership of managers, executing strategies, planning, and offering unique products & services. But there is a hidden factor behind the success: a ‘Relationship.’ Of course, we are talking about healthy business relationships.

Customers are those pillars that hold the business, and they can make or break the business at any time. Therefore, it is important to keep the existing customers and get the new customers on board. These could only happen when building a good and healthy relationship with your customers.

Just like your personal relationships, business relationships take time to develop. It’s an investment. And as with anything you invest in, it compounds over time just like shares. Overall, it’s all about trust, bond, commitment, and fulfillment.

To put it simply – to be successful, businesses need to establish positive relationships with customers.

How are business relationships today?
First, you may be wondering what we mean by business relationships. Business relationships are those connections created between all entities part of commerce. These can be business partners, stakeholders, board members, and relationships between coworkers, employers, and employees. All who are associated with the company share the business relationship.

These relationships may also include salespeople, potential customers, banks, media, service providers, and government agencies. And they are vital to developing and supporting the success of any business. We’ll tell you how to do it. Keep on reading!

Why are business relationships so important?
To grow your business, you need customers to whom you’re going to offer products and services. So, suppose you listen to them and develop the products as per expectations. Then, you automatically build a relationship, which counts in the long term.

Apart from the customer point of view, a good business relationship also positive results in employee satisfaction, cooperation, motivation, and innovation. In addition, business relationships built on loyalty help companies create and be surrounded by solid and long-lasting relationships with employees, customers, and suppliers.

10 Reasons Why Business Relationships Are Important

1. Business relationships improve your communication skills
By proving business relationships, you will communicate and interact often with your customers, employees, suppliers, and business associates. This frequent communication will no doubt sharpen your communication skills and boost your confidence when interacting with others. When you are confident during communication, you will be able to set up even more relationships without balking.

2. Business relationships foster friendship
Business relationships can turn into long-term—or even lifetime—friendships. And it is understood that being friends with someone is more than being just an employee, or customer, or business associate. With friendship comes trust, fun, and lots more. By building business relationships, you will have more friends, and you will get more value from them, just as they will from you.

3. Business relationships give you a personal sense of fulfillment
Business isn’t only about profit. The joy that comes from profit is usually short-lived if that profit isn’t sustained. But the joy and fulfillment that comes with having positive relationships last longer. And the more fulfilled you are, the more motivated you will be to establish even more relationships.

4. Business relationships bring repeat business
Attracting one-time customers who come once and never return won’t help your business grow in the long term. Growing a business to the point of commercial success requires building a large pool of loyal, repeat customers. Now, the business world is tilting towards the subscription model with the ultimate goal being to establish and maintain business relationships with clients for the long term.

5. Business relationships help branding
The long-term success of your business hinges largely on its reputation. If you are kind, courteous, and attentive to your customers, employees, and business associates, you will establish a good reputation for your business. And people will believe you and your business as trustworthy and experienced. When this happens, the result is more business from existing customers.

6. Business relationships help promote your business
Word of mouth marketing is one of the most effective marketing methods. When you build good relationships with your customers, employees, and other people you deal with, they will become your marketing agents. They will introduce your business to their friends and relatives. And remember, a customer reached via word of mouth is a sold customer. Such customers have no doubts about your business because they have come to know your business through people who know and are satisfied with your business.

7. Business relationships improves teamwork
A healthy relationship between you and your employees and between your employees themselves is vital to the success of your business. By treating them with respect and applauding their successes (no matter how small), you will increase their productivity, their commitment to their jobs, and their contributions to the growth of your business.

8. Business relationships bring about customer satisfaction
In business, you can’t get everything right all the time. There will be times when you will disappoint your customer or when they will misunderstand you. In such instances, it’s important to fix whatever problems that might have arisen.

Most customers can easily move past issues and get back to good terms with you if you treat them with respect and listen to them. Even when customers are upset with your business, you need keep building a positive relationship with them. You and your employees need to understand this.

9. Business relationships help keep your business moving—even in challenging times
When the economy is grimacing, people—including your customers—become cash-strapped. But if you have built a solid relationship with them back in time, they will still do business with you no matter how little. This is because the little business that will be done in such times will be done between friends.

10. Business relationships build even more relationships
When you build positive relationships with your customers, suppliers, employees, and business partners, you will enjoy the previously discussed benefits. And since you will no doubt want more of these benefits, you will be more motivated to establish even more relationships. And those you have built relationships with will introduce more people to your business that you can establish new relationships with. Do you get it?

Lastly,
The Bottom Line
The word relationship brings trust and belief; always remember in the open market, you never know who can be helpful to us. Therefore, respect and start establishing the business relationship with everyone involved in your business; as we all know, a good brand image can turn the table in the industry. You could get more opportunities and investors because of your good reputation and the relationship you have created with others.

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What is an Acquisition?

An acquisition is defined as a corporate transaction where one company purchases a portion or all another company’s shares or assets. Acquisitions are typically made to take control of, and build on, the target company’s strengths and capture synergies. There are multiple types of business combinations: acquisitions (both companies survive), mergers (one company survives), and amalgamations (neither company survives).

The acquiring company buys the shares or the assets of the target company, which gives the acquiring company the power to make decisions concerning the acquired assets without needing the approval of shareholders from the target company.

Growth via acquisition can allow a buyer to acquire skills (people skills or research and development capabilities) or innovative technology more quickly and at a lower cost than if this were to be developed in-house. Essentially, an acquisition in this context can solve critical time-to-market issues.

Acquisition vs. Merger

Mergers and Acquisitions (M&A) are similar transactions; however, they are significantly different legal constructs. In an acquisition, both companies continue to exist as separate legal entities. One of the companies becomes the parent company of the other.

In a merger, both entities combine and only one continues to survive while the other company ceases to exist. Another type of transaction is an amalgamation, where neither legal entity continues to survive. Instead, an entirely new company is created.

Benefits of Acquisitions

Acquisitions offer the following advantages for the acquiring party:

1. Reduced entry barriers

With M&A, a company can enter new markets and product lines instantaneously with a brand that is already recognized, with a good reputation and an existing client base. An acquisition can help to overcome market entry barriers that were previously challenging.

Market entry can be a costly scheme for small businesses due to expenses in market research, development of a new product, and the time needed to build a substantial client base.

2. Market power

An acquisition can help to increase the market share of your company quickly. Even though competition can be challenging, growth through acquisition can be helpful in gaining a competitive edge in the marketplace. The process helps achieves market synergies.

3. New competencies and resources

A company can choose to take over other businesses to gain competencies and resources it does not hold currently. Doing so can provide benefits, such as rapid growth in revenues or an improvement in the long-term financial position of the company, which makes raising capital for growth strategies easier. Expansion and diversity can also help a company to withstand an economic slump.

4. Access to Experts

When small businesses join with larger businesses, they can access specialists such as financial, legal or human resource specialists.

5. Access to capital

After an acquisition, access to capital as a larger company is improved. Small business owners are usually forced to invest their own money in business growth, due to their inability to access large loan funds. However, with an acquisition, there is an availability of a greater level of capital, enabling business owners to acquire funds needed without the need to dip into their own pockets.

6. Fresh ideas and perspective

M&A often helps put together a new team of experts with fresh perspectives and ideas and who are passionate about helping the business reach its goals.

Challenges with Acquisitions

M&A can be an effective way to grow your business by increasing your revenues when you acquire a complimentary company that can contribute to your income. Nevertheless, M&A deals can also create hitches and disadvantage your business. You must take these potential pitfalls into consideration before pursuing an acquisition.

• The Wheels Are Coming Off the Bus
  A company usually has its own distinct culture that has been developing since its inception. Acquiring a company that has a culture that conflicts with yours can be problematic. Employees and managers from both companies, as well as their activities, may not integrate as well as anticipated. Employees may also dislike the move, which may breed antagonism and anxiety.
  
• Duplication
  Acquisitions may lead to employees duplicating each other’s duties. When two similar businesses combine, there may be cases where two departments or people do the same activity. This can cause excessive costs on wages. M&A transactions, therefore, often lead to reorganization and job cuts to maximize efficiencies. However, job cuts can reduce employee morale and lead to low productivity.
• Conflicting objectives
  The two companies involved in the acquisition may have distinct objectives since they have been operating individually before. For instance, the original company may want to expand into new markets, but the acquired company may be looking to cut costs. This can bring resistance within the acquisition that can undermine efforts being made.
• Poorly matched businesses
  A business that doesn’t look for expert advice when trying to identify the most suitable company to acquire may end up targeting a company that brings more challenges to the equation than benefits. This can deny an otherwise productive company the chance to grow.
• Pressure on suppliers
  Following an acquisition, the capacity of the suppliers of the company may not be enough to provide the additional services, supplies, or materials that will be needed. This may create production problems.
• Brand damage
  M&A may hurt the image of the new company or damage the existing brand. An evaluation of whether the two distinct brands should be kept separate must be done before the deal is made.

Key Takeaways

When you see a downturn in innovative ideas, that could be a sign that your staff is too busy trying to keep up with the frantic pace to be creative. Because innovation only comes when we allow our brain’s task-positive network to breathe, too much work will stifle a promising idea every time. If creativity has dried up, it’s time to develop a better support system for your growth. – Erin Urban, UPPSolutions, LLC

When a company is looking to expand, one way business owners consider doing so is through the acquisition of another similar business. An acquisition is a wonderful way for a company to achieve rapid growth over a brief period. Companies choose to grow through M&A to improve market share, achieve synergies in their various operations, and to gain control of assets. It is less expensive, less risky, and faster, as compared to traditional growth methods such as sales and marketing efforts.

While an acquisition can create substantial and rapid growth for a company, it can also cause problematic issues along the way. Several things can go wrong even when there is a well-laid plan. There may be a clash between the different corporate cultures, synergies may not match, key employees may be forced to leave, assets may have a lower value than perceived, or company objectives may conflict.

Before putting the acquisition of another business into consideration, it is essential to analyze the advantages and disadvantages that will be presented by the business deal. A well-executed strategic acquisition that takes advantage of potential synergies can be one of the best ways for a company to achieve growth.

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Cautionary Tips to Manage Rapid Business Growth

Growth: It’s what every company wants to achieve. is an important goal for every company, especially for a new or small business looking to gain traction? However, too much growth over a brief period can be dangerous. If a business continues to scale without adequate tools and resources to manage it, it won’t be able to sustain itself in the long run.

Here are 19 red flags to watch out for so that you can promptly address them and ensure healthy and sustainable growth for your company.

1. Employees Are Confused by Your Culture

Pause and look at your culture. If the company starts to feel and look as if it has either moved away from its core culture or that the employees are confused by it, that is a sure sign that it is time to slow down and reassess. Growth is great but growing without an aligned culture will hurt more than not hiring enough people. Get ahead of your culture before it gets ahead of you. – Brooks E. Scott, Merging Path Coaching

2. You Don’t Have Scalable Processes

A lack of process is a good sign that the company has outgrown its current cycle. If the processes are the same as those for a small business, and not for a scaling business, this is normally a good sign of this problem. – Andrew Constable, Visualise Solutions

3. Your Quality Standards Aren’t Being Met

One way to tell if your company is growing too quickly is to continually assess the quality of service through customer feedback. If established quality standards are not where you expect them to be, that is an indicator that you need to address. – Brent McHugh, Christar International

4. Senior Hires Don’t Know How to Be Successful

The first marker that your company is growing too quickly is when your experienced hires aren’t clear on how to be successful and don’t know what their decision rights and success metrics are. If you have employees wondering, “How do I succeed here? I’m not feeling successful,” then you’re moving too fast and not taking the time needed to clearly define roles and integrate new hires. – Andrew Blum, The Trium Group

5. Your Resources Are Stretched Too Thin

You may be growing too quickly if you’re stretching your resources (cash, people, service and quality) beyond your normal standards of excellence. Sometimes it’s better to slow down, assess your situation and ensure that you are giving a first-class service to clients while upgrading for the long-term. – Jay McDonald, Middleton McDonald Group, Inc.

6. You Don’t Have Systems to Manage and Support Growth

It’s less a question of whether or not you are growing too quickly and more a question of, “Do we have the systems set up to manage and support our growth?” Businesses make the mistake of thinking they can wait to build systems until they need them. By the time you need the systems, it’s too late to build them! So, check your systems and ask yourself, “What will break if we grow?” – Debra Russell, Debra Russell Coaching, LLC.

7. Employees Have Lost Sight of Your Culture

Does your company emphasize company culture? If so, when rapid growth keeps you from “touching” every employee on a regular basis, they may lose sight of it. Invest time in creating cultural ambassadors. Develop their passion for the culture and charge them with carrying the culture banner throughout the company. That way, employees will be reminded to walk the company culture talk. – Ron Young, Trove, Inc.

8. You’re Taking on Business You Can’t Handle

As a business owner, I have learned not to take on business that we can’t handle. It’s not good for business when you overload your employees and make promises to clients that are impossible to complete. It’s very hard to turn business away; however, proper planning and staffing are key to accommodating growth. – Barbara Adams, CareerPro Global, Inc.

9. You’re Not Fulfilling Promises to Customers

Customer promises going unfulfilled is a sign of too-rapid growth. More clarity and structure are needed to balance the entrepreneurial spirit with systems and routines. Vision, values, organizational structure, metrics, meeting routines and agendas—all these components, when well-defined and well-practiced, help support rapid growth, jumpstart accountability and provide focus and clarity to a growing team. – Sheryl Lyons, Culture Spark LLC

10. Team Morale Is Low

Morale is elevated when employees feel that the company has their back or is investing in them. Invest in team coaching. Surfacing the good, the bad and the ugly on the team allows a team to heal, grow, bond and perform at its best. Give your people the opportunity to live and lead at their best by helping them grow as a team. – David Taylor-Klaus, DTK Coaching, LLC

11. The Wheels Are Coming Off the Bus

Fast-growing companies are so exciting to work for until the proverbial wheels come off the bus. This likely will happen when you reach 20, 30 or 40 people. Here are indicators that you are growing too fast: People are quitting, gossiping, feeling frustrated or bitter, working nine-plus hours a day, being unusually reticent in meetings and not getting tasks completed in time. – Natasha Ganem, Lion Leadership

12. You See a Downturn in Innovation

When you see a downturn in innovative ideas, that could be a sign that your staff is too busy trying to keep up with the frantic pace to be creative. Because innovation only comes when we allow our brain’s task-positive network to breathe, too much work will stifle a promising idea every time. If creativity has dried up, it’s time to develop a better support system for your growth. – Erin Urban, UPPSolutions, LLC

13. You Have a False Sense of Complacency and Ego

When speed accelerates, skill and scale are at risk. You should look out for a false sense of complacency and ego and an overestimation of your own capabilities as potential “yellow lights” in your growth journey, signaling that you need to slow down. Feedback is the breakfast of champions: Gaining feedback will help you address the blind spots in your growth journey. – Venkataraman Subramanyan, Tripura Multinational

14. There’s A Proliferation of Subpar Middle Management

One thing we see in our work with growth companies is the proliferation of subpar middle management. As growth progresses, there is often a race to hire. This is understandable; however, almost without fail, we see subjective decisions to “fill the gap” overtake wise hiring decisions. This trade-off can eventually cost the company millions in the over hiring or rehiring of bad managers. – Henryk Krajewski, Worxera, Inc.

15. Deadlines Are Missed and Turnover Is Increasing

Deadlines are getting missed. Turnover is increasing. There are more fires to put out than proactivity happening. Employees are burning out. Many signs can signal that you are moving too fast and not staying grounded, clear and focused with your team. Growth is great, but not at a cost to your team’s performance, which is a price you didn’t expect to pay that causes long-term decreases in profit. We don’t want that! – Shelley Smith, Premier Rapport

16. Your business expenses growing faster than revenues

If your business is spending money faster than its coming in, you may be growing too fast, or additional operating capital is needed or you’re in big trouble (or on your way there)! The result of rapid expansion is cash flow problems for a business, as expanding businesses incur growing costs. As a business grows, so do its expenses, and if you’re spending more than you’re bringing in, you’ll most likely have to borrow, which is never a good decision. It is ideal for a startup to be self-sustaining, which means that revenue should cover all business costs. Michael Cagle, Vision Business Services

17. Vendors and suppliers cannot keep up

In many cases, businesses that grow too quickly are unable to keep up with their increased demand for raw materials and other resources crucial for the functioning and running of your company. You may want to consider adding to your list of suppliers or get in touch with suppliers who may be able to better suit your needs in such cases. With limited or no raw materials and supplies being available, companies are buying from 2nd and 3rd tier vendors just to keep plants and the wheels rolling. This usually either
requires equipment changes, person-hours to re-tool, etc., Then with quality and processes needed to run these raw materials and training can cause major quality issues. Michael Cagle, Vision Business Services

18. After a treacherous pandemic economy – What’s Next?

During a recovering pandemic economy and the potential of a slower economic conditions with skyrocketing gas and fuel prices, what do you do? Do you continue with growth, or do you reel it back in and see how the economy does? Are we headed for a major recessionary period or just a correction in the market economy? This can also disrupt your business processes and systems in a completely redundant way, both good and bad. Your business may be doomed if you do not have the proper strategy. The answer is not simple or cut in stone since it all depends on a range of factors: Like, industry, market position, management, accurate business plan, vision and many more. The answer is: It varies by company. Contact me for solutions. Michael Cagle, Vision Business Services

19. Your emphasis shifts from quality to quantity

So, let’s face it, supply is falling behind demand, and so is the price of goods. The biggest warning sign for expanding businesses is when they prioritize quantity over quality. You will lose customers because of this shift in priorities. The key to any successful business is to focus on quality and value for money. Michael Cagle, Vision Business Services

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UnitedLLC Supports the 2021 Special Olympics

United LLC also has supported the 2021 Olympics

UnitedLLC Certifies in Helping St Jude Children’s ResearchHospital

7 DIGITAL MARKETING TRENDS TO WATCH OUT FOR IN 2021

1. Facebook is Stronger than Ever for Seniors.

The good news is that Facebook is still currently the #1 social media platform in the United States, with an impressive 41% of its users being over the age of 65. So for marketing that targets a senior demographic, there simply isn’t a better platform.

2. Chatbot Use will Increase.

Chatbots are a specialized form of software that acts as a virtual “concierge,” communicating with users and assisting them in completing their goals. Chatbots interact with humans in a natural way, primarily through the use of text chat windows, but verbal interactions are also possible.

3. Video is a Must.

A total of 73% of all Americans engage with YouTube. That means more than half of all Americans are watching videos just on one platform.

Look to video as an opportunity to share information with customers. What products or services do you provide to solve everyday problems? What makes your business stand out from the competition? Make sure your content is relevant and provides a benefit to viewers.

4. Live Video is a Separate–Yet Important–Thing.

One of the fastest rising stars in digital marketing is the use of live video. Part of this is due to the massive spike in streaming services, thanks to popular channels such as Twitch.

Live video offers an unedited “real” look into your business that customers appreciate. You can show off your authenticity on a variety of channels, including Facebook, Instagram, YouTube, and Snapchat– so you can choose the platform that’s best for you.

5. Good Content Still Matters.

Content marketing continues to be an essential component of digital marketing, although there’s an increasing emphasis on nuance in content.

So what makes good content? It’s not just about making posts everyday; the information you share should be informational, educational, and above all, relevant to the needs of your target audience.

Take time to focus on what makes your business unique, valued, and necessary. While sharing memes or participating in viral challenges can be a great way to build buzz, you need to share core information about your business in order to garner hot leads.

6. Email Marketing is Getting More Personalized.

Email continues to be a major channel of communication, with billions still using it for personal, commercial, industrial, legal, scientific, and academic purposes.

In the digital marketing space, email now has the strong capability to serve your customers with information that’s relevant to them. This is done through the use of email automations or artificial intelligence (AI) software.

With automations, relevant emails can be sent to your customers interact with other emails or your website. This way, you only have to write an email once– and your marketing platform takes care of the rest.

7. Voice Interaction is Going Up.

Thanks to Siri, Cortana, Alexa, and more, verbal interaction with devices is continuing to rise. It’s more important than ever to make sure your Search Engine Optimization (SEO) is on-point. This way, search engines like Google can better understand what your business is all about, making appropriate suggestions to Siri and helping users easily find your business.

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United LLC’s team of experts is dedicated to helping you find long-term solutions for your business. Reach out and learn about our working capital solutions that can help your business grow.

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7 EXIT STRATEGIES FOR SMALL BUSINESS OWNERS AND ENTREPRENEURS

1. Liquidation

This strategy refers to selling all of your assets and closing up shop. In some cases, this is the only option on the table for small businesses. This occurs when the business is reliant on a single person and there is no longer anything remaining to sell.

If you find yourself in this predicament, you will need to ensure your business is salable. You may consider restructuring the business so a buyer is able to properly take over and shorten the transition period.

2. Liquidation Over Time

With this option, business owners take either all or most of their business’s profits over time – this is prior to ultimately closing or selling a business, as opposed to reinvesting profits to enlarge the company.

In most cases, Liquidation Over Time is achieved by facilitating large dividends or salary drawdowns over a number of years prior to winding down a business. Moreover, if owners prefer to forgo an aggressive expansion of their business, in favor of maximizing their current lifestyle, this form of liquidation is optimal.

3. Keep Your Business in the Family.

A lot of small business owners go the route of setting up a limited company, with intentions of keeping their business family-owned. If the business is successful, this guarantees that the owner’s legacy continues on and supplies a living for their heirs.

4. Sell the Business to Employees and/or Managers.

Your managers or employees may be enthusiastic about acquiring your company. Take time to consider if you believe any of your team members would be interested in taking over. After this, you may consider a sit-down conversation and be clear about what this person will be acquiring, both good and bad. It’s important to show this person your respect and trust with your company’s future.

5. Sell to Another Company.

It may prove profitable to position your small business as a desirable acquisition. Companies purchase other businesses for various purposes, such as using a newly-acquired business to fast-track expansion, adding complementary business activities that can generate synergies, and removing the competition.

6. An Initial Public Offering

An Initial Public Offering (IPO) may be a viable exit option, depending on the type of business you have. When a company has matured to a point that you cannot receive large enough private investments, you may consider an IPO.

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United LLC’s team of experts is dedicated to helping you find long-term solutions for your business. Reach out and learn about our working capital solutions that can help your business grow.

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6 PIECES OF ADVICE TO GROW YOUR SMALL BUSINESS IN 2021

With more competition than ever, it’s important to stay on top of market trends and be aware of the latest nuances in developing a strong business. Below, we have compiled a list of advice from some of our favorite entrepreneurs to help you strategize.

1. Work Toward a Higher Purpose.

“If your purpose is deep, your success will be meaningful. If your purpose is shallow, your success will be hollow,” says Michelle Tunno Buelow, founder of infant product retailer Bella Tunno. “Customers will feel gratitude from supporting you.” Her business provides one meal to a child in America for every product sold.

When you can connect your business with non-profit initiatives or social causes, you can build another layer of transparency, trust and reputation among your customers. However, you should not force your business to take on a cause or mission that doesn’t relate to you. Consumers can smell inauthentic businesses using social causes to sell their goods from miles away, and it can lead to a lot of online backlash.

2. Build a Strong Foundation.

“When you’re starting a business in your kitchen, you don’t think far ahead,” says Jaime Schmidt, founder of Schmidt’s Naturals, a deodorant, soap, and toothpaste brand acquired by Unilever for an undisclosed amount in 2017. She advises business owners to keep audited financial records from the start. “The more history you have, the more sellable the company will be.”

3. Assemble an Advisory Board.

“A founder’s instinct is usually correct because they’re passionate,” says Scott, who bootstrapped her eponymous billion-dollar jewelry empire on credit cards and now boasts Warren Buffett’s Berkshire Hathaway as a major investor.

4. Learn the Business

“Start small and get in the game,” says Alex Rodriguez, the former New York Yankee, 14-time Major League Baseball All-Star, and partner to superstar Jennifer Lopez. A-Rod has helped bring the TruFusion fitness concept to the East Coast by opening two studios in South Florida. “Go narrow and deep on one or two things,” he advises.

5. Create a Culture that Aligns with your Brand.

“You need a great culture to have a great brand,” says Scott. “Fiercely protect it with ‘glass overflowing’ people who aren’t afraid to roll up their sleeves.”

6. Look to the Future.

Keep in mind that the consumer landscape is always growing and evolving. “In 2010, 1.2 billion people were online. By 2015, it was 2.8 billion. By 2022, it will exceed 8 billion,” says Salim Ismail, founder of ExO Foundation, an online donation system. “Are your products and services set up for that market?”

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United LLC’s team of experts is dedicated to helping you find long-term solutions for your business. Reach out and learn about our working capital solutions that can help your business grow.

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6 BRANDING TIPS FOR 2021

Your brand is your life force: it’s not only the image you project to your customers, but when built right, can also serve as a motivational tool for your team that helps them stay focused and motivated.

Below are 6 branding tips you can use in 2021 to help your business feel strong inside and out.

1. Focus On the Most Powerful Marketing Channels

There are a plethora of organic and paid online channels that you can use to promote your small business. It’s not important to get your name across every platform possible: some channels aren’t right for your target audience, and when you can’t keep up with posting on every channel, you can appear unorganized or drive business away.

When starting out on social media, it’s best to focus on 1-2 channels that you believe are appropriate for your industry and you know you can keep up with. Don’t be afraid to look to your competitors and see which platforms show the best results for them.

2. Build Customer Relationships Through Email Marketing

Email marketing is one of the most effective strategies to stay in touch with expected customers. As it turns out, email marketing is still popular.

83% of people prefer email as one of the channels to receive promotions from brands they trust. This platform gives you a direct connection to your customers: you can send important updates and exclusive deals to keep existing customers happy and engaged.

3. Promote Your Best Content

Don’t let scanty budgets deter you from social media promotion or running paid campaigns. When you post high-quality content consistently on a few channels, you can focus on reviewing their performance and ensure they’re worth your time and money.

4. Tell a Unique Brand Story

When producing content, your goal is to build an audience for it.

“Our job is not to create content. Our job is to change the world of the people who consume it.” – Andrea Fryrear

When small business owners build a brand, they often look to large corporations such as Apple, Nike, and Target for inspiration. But you wouldn’t compare your finances to theirs, would you?

Our number one rule for branding is to make sure you can back up what you’re promising. While your brand can be aspirational for who you want to become, its heart should reflect exactly who you are and what you have to deliver. Otherwise, you can be setting customers up for disappointment and bad reviews.

5. Share Video Updates and Educational Videos

Visual content is big. In a survey of 300 content marketers by Venngage on visual content marketing, 45.5% predict that more than 80% of businesses would rely heavily on visuals as part of their marketing efforts.

Educational videos are a great way to establish your expertise. If you can’t afford a big production, consider using Facebook or Instagram stories to share quick updates. They add a personal touch to help humanize your small business and make you more relatable.

An idea to start: What questions do customers ask you the most? How do you solve this problem?

6. Claim Your Google My Business (GMB) Page

Over 60% of users use their mobile devices to search for local services, and over 80% of searches worldwide are done on the Google search engine.

Google My Business offers free tools that can help you drive customers to your website and share important information like your business address, hours, and phone number. You can also interact with your customers by responding to their reviews. Taking responsibility for both good and bad reviews reflects on your reputation and trust.

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United LLC’s team of experts is dedicated to helping you find long-term solutions for your business. Reach out and learn about our working capital solutions that can help your business grow.

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TAX OUTLOOKS FOR SMALL BUSINESSES IN 2021

Win or Lose in 2021?

Many small business owners should be excited for 2021. With a new year comes new opportunities, new ways to grow and new tax deductions.

20 Percent Tax Deduction

According to USA Today, small and medium-sized businesses may be eligible to deduct 20% of their income tax. Even though this is exciting news, it comes with a catch: Companies who are set up in a way where they don’t own their equipment but lease it won’t necessarily qualify for the deduction. This also plays into the requirements for the deduction. Companies set up as partnerships, S Corporations, and sole proprietorships qualify as long their annual income doesn’t exceed $157,000 for single tax filers and $315,000 for couples filing jointly.

100 Percent Bonus Depreciation

In Wealth Factory’s article, “2018 Tax Reform Details: 5 Big Wins for Small Business Owners”, they address new opportunities that small businesses can benefit from as a result of tax reform. Depreciation represents a large part of common tax deductions. Depreciation is where you are allowed to write off the wear and tear of certain property.

In 2002, Congress implemented the Bonus Depreciation Service to speed up this evaluation process and quickly save on taxes. In 2015, the depreciation deduction was increased to 50%. Now, the new tax reforms bump the deduction up to 100% and will stay like that until 2023. After 2023, it will slowly decrease each year.

Property that qualifies for this service includes personal property used for business purposes that is useful for 20 years or less; for example, cars, computers, software, machinery, equipment, and furniture.

Real property that is tied with the business, like real estate, does not qualify. It is highly recommended that business owners speak with their accountants to discuss the plan they could use when implementing the bonus depreciation.

The sales & income tax leaders vary as well. The Tax Foundation describes an individual tax burden as what a taxpayer has actually spent in local and state taxes. According to the Tax Foundation, these are the five highest state-local tax states:

• New York 12.7 %
• Connecticut 12.6%
• New Jersey 12.2%
• Illinois 11.0%
• Wisconsin 11.0%

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United LLC’s team of experts is dedicated to helping you find long-term solutions for your business. Reach out and learn about our working capital solutions that can help your business grow.

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4 TIPS TO GROW YOUR SMALL BUSINESS

Being an entrepreneur requires focus and determination that many small business and startup owners struggle with. This is natural. While 80 percent of small businesses survive in their first year; over 50 percent fail before 5 years.

Below, our team offers 4 tips on small factors that can help you establish a strong business from the start or strengthen your current ventures. You put hard work into your business. Now it’s time to work smart.

Use Smarter Hiring Strategies

For a rapidly-growing business, the hiring process may need to happen quickly to keep up with growing demand. But your company cannot survive on your enthusiasm alone.

A bad hiring decision is not only an expensive mistake to correct; it can even reverse some of the growth that your business has experienced and slow down its momentum. According to a report conducted by the Brandon Hall Group and Glassdoor, 95% of hiring teams admit that they have made a poor hiring decision. This can cost businesses thousands of dollars in recruiting, training, and lost revenue – even for entry-level hires.

Give yourself space to consider important factors like interest, experience, and how you see job candidates working with your team in the long-term. A hiring decision should not be made in haste.

Dedicate Time to Building an E-A-T Score

A great marketing strategy can be a catalyst that propels a business to the next level. But what comprises a stellar digital marketing campaign?

What you think is important about your business and what matters to your target audience may be wildly different. There are countless competitors vying for your target audience’s attention, and you cannot afford to rely on guesswork when creating your website or using social media.

Do your research on your potential clientele. We recommend following Google’s E-A-T score (Expertise, Authority, Trustworthiness) to establish a strong connection with your business and what your customers are looking for.

A few other things to keep in mind:

1. Keep it simple: Your website should give viewers the information they need fast.
2. Include author bios on any blog posts to showcase your team’s expertise.
3. Invest heavily in the technical security of your platform. Your website should always offer a secure connection for customers who submit their personal information to you. An SSL certificate is an easy way to ensure your customers’ information remains private.

Include Data Science in Your Startup Strategy

For larger startups, becoming a data-driven organization will be even more critical to your business’s growth and success in the upcoming year. According to Dresner Advisory Service’s report, more than half of businesses expect to incorporate Big Data into their strategies. There is no doubt that this trend will continue, especially given the fact that 87% of industry leaders have already integrated data science in some form.

If you want your business to continue to grow and succeed, it is essential that you put the systems in place to make digital adoption a reality, not just a dream. This means that every leader in your company must be using digital tools to help increase their productivity and base decisions and strategies on data. Each department should be using programs that make their jobs easier and smarter, such as analytics programs for forecasting or AI automations.

Remember that Generation Z is Coming of Age

As another year passes, it also means that an entire generation of consumers and employees are turning a year older as well. Generation Z (those born between 1995 and 2012) will be starting to make a greater impact on businesses.

Sixty-one million Gen Z’ers will be looking for jobs in the next few years, and they are also expected to have even more influence and buying power than Millennials – as they are projected to be the largest generation of consumers in history.

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United LLC’s team of experts is dedicated to helping you find long-term solutions for your business. Reach out and learn about our working capital solutions that can help your business grow.

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Editor’s note: this report initially appeared on www.nfib.com.

Optimism among small business owners continued its steady climb in April, with the NFIB Small Business Optimism Index increasing 1.7 points to 103.5. Sales improved in April, the inventory soft spot seen in last month’s report rebounded, and profit trends posted a very solid advance. Job creation plans gained, hiring remained strong, and expectations for sales, business conditions, and credit conditions all improved.

“America’s small and independent businesses are rebounding from the first quarter ‘shut down, slow down’ and don’t appear to be looking back. April’s Index is further evidence that when certainty and stability increase, so do optimism and action,” said NFIB President and CEO Juanita D. Duggan. “The continued economic boom is thanks, in a major way, to strong growth in the small business half of the economy.”

A net nine percent of all owners (seasonally adjusted) reported higher nominal sales in the past three months, a four-point improvement, and the net percent of owners expecting higher real sales volumes rose one point to a net 20 percent of owners. The net percent of owners reporting inventory increases fell three points to a net two percent (seasonally adjusted). This is consistent with the significant build up in the first quarter that added nearly one point to GDP growth, and owners slowed additions to wait and see how much customers reduced the excess stock.

The net percent of owners viewing current inventory stocks as “too low” improved two points to a net negative four percent as fewer owners viewed stocks as excessive. The net percent of owners planning to expand inventory holdings rose from a negative one percent to two percent, a three-point gain, indicating that strong sales gains resolved the excessive Q1 inventory build and owners are ready to place new orders and build inventory.

“The ‘real’ economy is doing very well versus what we see in financial market volatility. Many jobs were created, and GDP produced with no substantive inflation pressure. The pace of economic growth has accelerated, and consumers and small businesses are an important part of the improvement in sales,” said NFIB’s Chief Economist Bill Dunkelberg.

The frequency of reports of positive profit trends improved five points to a net negative three percent reporting quarter on quarter profit improvements, a very solid gain. Twenty-seven percent plan capital outlays in the next few months, unchanged.

While investment spending has been solid for the past two years, more will be needed to make up for the years of weak investment spending starting in 2008. From the start of the recovery in Q3 2009 through 2016, the average percent reporting capital outlays was 54 percent and was as low as 44 percent (September, November, December 2009 and August 2010). After 2016, the average has been 60 percent, with a high of 66 percent reached in February 2018. Recent productivity numbers suggest that the revival in small business investment has started to pay off with gains in worker productivity.

United LLC recognized by Special Olympics for Ongoing Support

United LLC feels a tremendous responsibility to give back to the communities where we live and work. While we provide financial support to numerous charities, we also believe that the greatest, long-lasting impact we can make is to contribute our time, expertise, and resources to those in need.

United LLC has been proud to help the Special Olympics since 2017. The Special Olympics is the world’s largest amateur sports organization with more than 3 million athletes in the world.

Special Olympics is a global movement of people creating a new world of inclusion and community, where every single person is accepted and welcomed, regardless of ability or disability. We are proud to support their efforts toward making the world a better, healthier and more joyful place—one athlete, one volunteer, one family member at a time.

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See more of United LLC’s charitable efforts.

HOW TO SUCCEED AS AN ENTREPRENEUR

As an entrepreneur, life is not easy. You know that whether you make it big or you hit a brick wall, it is all in your hands. It is also in your control to deal with challenges and make them your stepping stones to success or let them weigh you down and force you to quit. There is no easy way out to make a success out of an entrepreneurial endeavor but there are things that you can do to increases your chances of hitting the bull’s eye.

Do not make impulsive decisions

Any decision you make affects not just your life but also the lifecycle of an entire business and the people who depend on it. Keep in mind, especially during decision making time because this thought will help you take things slow and invest time and attention before you make a move. Yes, it is necessary to move fast and grab opportunities but moving in to grab a deal does not mean you make poorly thought out decisions.

Let your instincts guide you

While this does sound like something a Jedi would recommend, it is never a bad move to trust your gut and listen to it. Entrepreneurs are not always prone to following the rules and going by traditional systems and this is usually what sets them apart and gives them successes that bigger, more conventional businesses cannot hope to achieve. It is important for you to listen to your inner voice because you know your business in and out, far better than anyone else, even experts do.

Rely on team work

Whether this means you call in all the co-founders or everyone with a stake in your business for a pow- wow or it just means you are taking the views of your staff into consideration, working as a team is in your best interests. At the very least, you are exposed to a variety of new ideas, some of which you may not even have considered. At best, you are leveraging the varied skill sets of your team to evaluate a problem or decision from all possible angles so that you know exactly what the situation is.

Getting your team together to handle big decision making is also a smart management move that involves your people more deeply in the business, gives them more emotional stake in it and thus, build better loyalty.

4 WAYS TO MARKET YOUR BUSINESS FOR FREE

1. Create local awareness.

Gaining coverage in local papers, trade magazines and websites can greatly increase name recognition and educate people about your business – driving new customer acquisition. While many growing businesses in competitive landscapes may want to hire an expensive public relations firm, startups and small businesses can start off with some simple “do-it-yourself” PR.

2. Increase lead generation and customer engagement with email marketing.

According to a recent survey conducted by Ascend2, email is the most effective digital marketing tactic, the one that delivers the best ROI and the least difficult to execute.

3. Leverage social media.

It’s free, easy to get started and offers a massive network of potential customers. The hard part is increasing your followers without wasting your precious time. Make sure you focus on value over volume. Identify the social channels that reach your customers best – including Facebook, Twitter, Pinterest, Instagram, LinkedIn and the new guy, Ello. The goal is to provide your followers with something that’s useful, interesting and shareable. Start small, post a few times a week and learn who your audience is. Once you have an understanding of who’s consuming your content, and what they’re interested in, you can start ramping up efforts.

4. Stand on the shoulders of your customers

Satisfied clients can be a business’s best marketing tool. Actively engage pre-existing clients through PR, social media and email.

Marketing a small or new business is extremely crucial to a company’s success but that doesn’t necessarily mean you have to invest a huge chunk of capital into it. Savvy, frugal entrepreneurs can find products and services that can help increase visibility and drive customer acquisition – without spending any overhead.

QUALIFYING AS A GOVERNMENT CONTRACTOR

You may take it for granted that your company is a “small business.” The distinction is important if you wish to register for government contracting as a small business. To be a small business, you must adhere to industry size standards established by the U.S. Small Business Administration. As you register as a government contractor in the System for Award Management (SAM), you will also self-certify your business as small.

The SBA, for most industries, defines a “small business” either in terms of the average number of employees over the past 12 months, or average annual receipts over the past three years. In addition, SBA defines a U.S. small business as a concern that:

• Is organized for-profit
• Has a place of business in the United States
• Operates primarily within the U.S. or makes a significant contribution to the U.S. economy through payment of taxes or use of American products, materials or labor
• Is independently owned and operated
• Is not dominant in its field on a national basis

The business may be a sole proprietorship, partnership, corporation, or any other legal form. In determining what constitutes a small business, the definition will vary to reflect industry differences, such as size standards.

Size Standards

Because all federal agencies must use SBA size standards for contracts identified as small business, you need to select NAICS codes that best describe your business and then determine if the business meet size standards for the selected NAICS codes. Use our Size Standards Tool to find out if you qualify as a small business. Once you have determined you are indeed a small business, you can then certify your business as small by registering as a government contractor.

CONTRACTING RESOURCES FOR SMALL BUSINESSES

Small businesses interested in pursuing federal contracts have many options available to represent their company to potential buyers, to research the federal marketplace for available opportunities, and understand the competition. To prepare your business for federal contracting opportunities, it is important for you to understand these resources.

System for Award Management

If you are ready to bid on federal contracts, it’s necessary to submit your business profile to the primary database that federal agencies use to locate contractors. To send your business “resume” to the government, register a business profile with the System for Award Management, also known as SAM. Agencies can search for your business based on several factors, including capabilities, size, location, experience and ownership.

Dynamic Small Business Search

The Small Business Administration maintains the Dynamic Small Business Search (DSBS) database. As a small business registers in the System for Award Management, there is an opportunity to fill out your small business profile. The information provided populates DSBS.

FedBizOpps: Federal Business Opportunities

Federal business opportunities for contractors are listed at FedBizOpps: Federal Business Opportunities. Federal agencies are required to use this site to communicate available procurement opportunities and their vendor requirements to the public and interested potential vendors for all contracts valued over $25,000.

USASpending.gov

USASpending.gov is your source for information about government spending through contracts awarded by the federal government. The website is a searchable database that contains information for each federal award.

OSDBU

Many federal agencies have what is known as an Office of Small and Disadvantaged Business Utilization or an Office of Small Business Programs (OSBP). These offices work within their agencies to identify opportunities to incorporate small businesses as vendors to their agencies. Each agency releases a forecast of anticipated procurement activities that includes potential small business opportunities.