Month in Review: August 2021

 

We started off August with steps to an effective SEO content strategy and ended it with a call for MYB writers. Take a look at some of our favorite content on the blog in August.

How to Build an Effective SEO Content Strategy in 4 Steps
If content is king, then an SEO content strategy is your ace-in-the-hole. From identifying your target audience to actually sitting down to create content, check out these four simple steps to creating an effective SEO strategy to get your small business noticed.

What Every Small Business Needs to Know About Onboarding New Employees
In July, we discussed the increased frequency of workforce turnover as a result of the pandemic, and how to tell if an employee might be quitting. In August, we encourage you to take a careful look at your onboarding process. Check out our tips for effective onboarding to ensure that your new hires feel at home at your small business, and to help your retention rate outshine your turnover rate.

How to Work With a Recruiter
Recruiters can really help your business grow and flourish—but they are not one-size-fits-all. It's important to find a recruiter who is the right fit for you and your business. This article is bursting at the seams with effective tips, questions to ask, topics to cover and more when it comes to working with a recruiter.

Become an MYB Blog Contributor: Share Your Expertise, Promote Your Business
The response we received from this call for writers has been amazing! We are looking forward to showcasing new writers in the months to come. But we still have room for you!

Do you consider yourself an expert in your field? Would you like a free way to promote your business? We are looking for a few good COSE members to write for the Mind Your Business blog. Your articles will be featured on our website, in this newsletter and on social media. No blog writing experience required!
 
Here are some of our top-performing articles from this year—this could be you! 
 
Maintaining Culture and Connection in a Virtual World by Erin Longmoon, Zephyr Recruiting
 
How to Set Up an Effective SEO Content Strategy in Four Steps by Nachum Langsner, LocalBizGuru
 
How to Tell if an Employee Might be Quitting by Tim Dimoff, SACS Consulting & Investigative Services
 
If you are interested, please contact Marie Zickefoose to find out more.

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  • Next up: Month in Review: March 2021

    Month in Review: March 2021

     

    With winter behind us, and warmer weather and vaccines on the horizon, we are excited to spring into April (see what we did there?). But before we do, let’s look back at some of our favorite posts on the blog from March. These articles follow the theme of the times—virtual working and recruitment—and are full of tips you can implement with your small business.

    Is it Time to Bring Back Your Workforce?
     
    Are you considering bringing your team back into the office? What will a post-COVID workplace look like? From determining who should return and how you will mitigate illness in your office, check out these guidelines for planning your return.

    3 Things to Know: One Year Into COVID
     
    It's been a full year since phrases like social distancing, "You're on mute," and Zoom happy hours have entered your daily language. Here are three things we think you should know now that we are one year into COVID and remote working.

    Maintaining Culture and Connection in a Virtual World
     
    We may be living in a virtual world, but that doesn't mean we can't still feel connected to our colleagues. Here are four tips you can implement today to maintain your company culture and connection with your team, even from a distance.

    Cleveland Internship Summit: 5 Takeaways from Virtual Recruitment Best Practices
     
    A roundtable discussion at GCP's recent Cleveland Internship Summit focused on virtual internship programs and recruitment. Participants shared tips and ideas for a successful program that you can implement in your own business. Check out these five takeaways from the session.

    What was your favorite article from March? Let us know on Twitter.

     
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  • Next up: Progress Made to Close the Digital Divide, but the Need is Still Huge: Here’s How You Can Help

    Progress Made to Close the Digital Divide, but the Need is Still Huge: Here’s How You Can Help

     

    There is some good news to share about Greater Cleveland’s digital divide: Since last August, the Cleveland-area corporate community has donated more than 6,000 computers to PCs for People for low-income families. These donations have allowed students to learn remotely, seniors to attend e-health conferences with their caregivers, and many more to work from home or find employment.

    However, the need is still huge. Currently, PCs for People has a waiting list of families in need of a home computer. At the same time, there has been a decline in PC donations over the past few months. We do not want to lose the momentum that we have generated since August. Our community has made progress, but if we are going to help close the digital divide, we cannot stop now.

    Please continue to donate your used computers and electronic devices to PCs for People. If you have not donated, and your business is interested in partnering with PCs for People, please contact Bryan Mauk, Executive Director of PCs for People Cleveland, at bmauk@pcsforpeople.org. Or if you prefer to make a cash donation, please contribute to the Greater Cleveland Digital Equity Fund at clevelandfoundation.org/DigitalEquity.

    Together we can continue to maximize our impact and work to eliminate the inequalities that are exacerbated by our region’s digital divide, but we must keep up the work.

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  • Next up: 3 Things to Know: Returning to the Office

    3 Things to Know: Returning to the Office

     

    With a decrease in the number of cases, a better understanding about all things COVID-19, and more people being vaccinated, a return to working in the office is either already here or on the horizon for many businesses.

    If you are in the process of or are considering moving from remote to in-person work for your team, check out these things we think you should know as you make the transition.

    First thing to know: You need a plan.

    You might think you can just pick up where you left off when your team was last in the office over a year ago. But a lot has happened since then—and a lot has changed. There is a greater awareness of germs and cleanliness for sure, but there’s also an increased understanding of which types of jobs could be conducted in person and which types of jobs need to be conducted face to face.

    Putting a plan in place should start with a thorough analysis and consideration of the needs and desires of your team, your customers, and other people and businesses your business does business with. Use these guidelines as you work on your plan to transition from remote to in-person working.

    Second thing to know: Keep a good work-life balance.

    One of the lessons coming out of COVID for many workers is that a good work-life balance is important. When people are back to in-person working, it means they spend more time getting ready for and commuting to work and less time with family. It also means certain logistics that were temporarily solved by remote working—including situations with childcare, pet care, and transportation—now mean additional stress for your employees. Being sensitive to these issues and finding ways to help ease the transition will be a win-win for your team and your business.

    If you are interested in creating more ways to support a good work-life balance for your team, check out these 10 ideas.

    Third thing to know: It doesn’t have to be all or nothing.

    All businesses are different, and not all workers have the same needs and desires. There is no longer a one-size-fits-all approach to working arrangements and schedules. Perhaps a mix of in-person and remote working makes the most sense.

    If a hybrid option might be the best choice for your business, check out this recent webinar: The Transition from Remote to Hybrid Working Environments. Learn about industry trends related to in-person and hybrid working as well as the right communication systems for your needs.

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  • Next up: Small Business Administration Updates: EIDL and PPP

    Small Business Administration Updates: EIDL and PPP

     

    EIDL Updates

    Starting the week of April 6, 2021, the U.S. Small Business Administration (SBA) is raising the loan limit for the COVID-19 Economic Injury Disaster Loan (EIDL) program. Applicants can now receive a maximum loan amount of $500,000. The lending limit will also be increased to up to 24-months of economic injury. Businesses that have already received the EIDL do not need to submit a request for an increase; SBA will reach out directly via email and provide more details about how they can request an increase. Any new loan applications and any loans in process when the new loan limits are implemented will automatically be considered for the increased limits. You can learn more here.

    The SBA also announced extended deferment periods for all disaster loans until 2022. The agency will extend the first payment due date for disaster loans made in 2020 to 24-months from the date of the note and 18-months from the date of the note for all loans made in calendar year 2021. Click here to learn more.

    PPP Updates

    This week, President Biden signed an extension for the Paycheck Protection Program (PPP). The deadline to apply for a PPP loan has been extended from March 31, 2021 to May 31, 2021. The law also extends authorization of loans to June 30, 2021 to give the SBA additional time to process applications. In late February, the Biden Administration announced several additional changes to the program, including allowing sole proprietors, independent contractors, and self-employed individuals to receive more financial support and eliminating exclusionary restrictions on PPP access for small business owners with prior non-fraud felony convictions or with student loan debt delinquency. You can learn more about these changes here.

    To view all SBA guidelines about the PPP, click here.

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  • Next up: Shining an Outside Light on Your Business

    Shining an Outside Light on Your Business

     

    Whether you’re starting a business, are established in your vertical or at the mature end of the business cycle, you and your business need the insights and experience of a diverse team of financial advisors. A well-structured financial advisory team brings fresh perspective, professional expertise and puts the business’s success top of mind. While an owner may rely on their banker for financial guidance, a CPA, attorney and an industry expert will play pivotal roles on the advisory team. In highly specialized or high growth industries, additional advisors should be considered as temporary or permanent members of the advisory team. 

    This team of outside professionals provides ongoing insights into industry, markets and business strategies more objectively than those working inside a business. This outsider view gives a broader scope to strategy development, issues identification and problem-solving solutions. While each member of the team has a specific area of professional expertise, together they give a full view of where a business is today and how to grow in the future. 

    Kurt Kappa, chief lending officer at First Federal Lakewood, says, “Having the right team of outside financial advisors gives business owners a more wholistic view into their business, their industry and their finances. A trusted team can advise on operations, finances, legal matters and industry and market trends to allow the business owner to stay on course or make necessary adjustments to be successful.”

    Building the Strongest Advisory Team

    Above all, the most important ingredient in an advisory relationship is trust. The business owner must trust the team completely and believe that the team members have the business’s best interests at heart. The advisory team must trust the business owner’s intentions and abilities.  This trust does not mean that differences of opinions will not arise or that the business owner will always take the advice of the advisors. It means instead that opinions and advice are offered and considered thoughtfully and respectfully. 

    To build the financial advisory team, the business owner should self-assess their own strengths and weaknesses before beginning the process of identifying and selecting candidates and advisory team members. Perhaps operations is a strength but understanding tax implications of growth is a weakness. Once the required skill sets are identified, the business owner can reach out to their network, other financial resources and trusted contacts for recommendations on individuals to fill specific roles on the advisory team. This groundwork enables the business owner to leverage what’s working and source team members who can work to leverage the owner’s strengths while closing gaps with supplemental knowledge and skills. Having a clear view of what’s needed makes the process more efficient and focused.

    Time upfront is worth the investment. Taking the time to identify and interview each potential member will ensure clear expectations are set, the right people have the acumen and personalities to work together with each other and the business owner effectively.  The result is a team aligned with the business’s mission and goals.

    Utilizing the Team

    Once the financial advisory team is in place, it’s time to tap into their individual and collective expertise. An ideal advisory team’s diverse skill sets empower the business owner to rely on each individual to provide analysis and counsel in their field. While there may be some cross-over, each will most likely gravitate to what they know best. 

    While one-on-one meetings or even casual conversations will address specific issues or answer certain questions, harnessing the real power of the team involves group discussions and meetings. The frequency is dependent on business needs but some formalized scheduling should occur to allow everyone to participate. Topics may include business development reporting, internal company changes, financial results, pending legal issues or updates on industry, market and regulatory news.  It’s the group who will together dig deeper into results and uncover solutions to drive the business’s strategy forward. 

    From time to time, topics or issues out of the advisory team’s expertise may arise. For example, during the pandemic, many businesses found additional health and safety expertise and the ability to understand and act on pandemic-related relief programs invaluable to running their operations. Outside advisors added to the advisory team on a temporary basis helped fill these gaps.  

    “While a core advisory team is critical, businesses can often benefit from additional outside opinions and views,” said Kappa. “Inviting a specialized expert to participate on an ad hoc basis can enrich the board’s ability to more quickly address changing needs.” 

    Evolving the Team 

    As the business evolves, the team of advisors may change to meet business needs. Some advisors focus on a particular size or type of business such as start-ups or rapidly expanding businesses. For example, perhaps a local one-person accounting practice worked well in the beginning phase of the business, but a larger firm is needed as the business grows organically or by merger and acquisition. During a mid-cycle phase, the business may require more specialized advice for lending and legal options. At the other end of the business life cycle, management may need to begin planning exit strategies and need the advice of a more sophisticated advisor to create and implement a workable plan. 

    “Having an effective advisory team over time is a process,” said Kappa. “While consistency allows advisors to really get to know the business and it’s great to engage those who meet your needs where you are, those needs can and probably will change over time.” 

    Measuring Success

    From organization to acquisition and everything in between, the financial advisory team engages with the business owner, industry experts and each other to shine outside light on the business. Even when it seems to business owners that another hour in the day can’t be found to meet, discuss and learn, relying on a financial advisory team will make the business stronger in the longer term.

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