What is the Future of Passwords? (INFOGRAPHIC)

Have you ever wondered about the future of passwords?

Around the world, hackers are jumping on the COVID-19 pandemic to spread malware and steal vital information. With an uptick in cyberattacks during lockdown, businesses are being warned to crack down on lax remote working practices. Failing to tighten up on security practices, especially as teams work remotely, can run the risk of catastrophic exposure to the hands of hackers.

The Future of Passwords

In 2019, 43% of cyberattacks were made to small businesses. With data hacking on the rise and small businesses being especially vulnerable to cybercrime, SMBs need to be vigilant in online security. One of the most effective ways to keep data safe is through effective password management.

With the growing emphasis on the importance of creating strong, unique passwords, now is a good time to look at the history and future of passwords. To shed light on the evolving world of digital passwords, online security innovators Beyond Identity composed an infographic.

The ‘History and Future of Passwords’ infographic explores the history of passwords, as well as what might come after passwords. The research also highlights some startling facts surrounding the current usage of passwords.

66% of People Reuse Passwords

One such stat is that 91% of people know they shouldn’t reuse passwords but 66% do so anyway.

With cybercrime on the rise, reusing passwords in the current climate could be potentially devastating to small businesses. As Netscape co-founder and Beyond Identity founder Jim Clark says:

“All it takes is the breach of a site [to be compromised].”

1960: The First Password

The first password dates to 1960 with MIT’s Compatible Time-Sharing System (CTSS). The system relied on separate consoles to access a shared mainframe. Multiple users shared each console, each with their own set of files. A personal point of entry for each user necessitated the use of passwords.

1962: The First Password Theft

Just two years later was the first password ‘theft.’ PhD candidate Alan Scheer was given just four hours a week to work on the CTSS. Running the simulations he had designed required more time. To overcome the obstacle, Scheer printed the system’s password file so he could log on as other users.

One-Way Encryption

In 1974, we learned about one-way encryption. By translating passwords into numbers though one-way encryption, actual passwords were never stored on a device. This system is still in use today by the likes of PlayStation 4 ad macOS.

1980s: The Rise of Password Hacking

The infographic points to the 1980s as the decade when hacking started to spread its destruction. In 1988, the term the ‘Morris Worm’ was coined, which was the first computer worm on the internet. What was intended as a harmless experiment, the Morris Worm infected 1 in ten networked computers within 24 hours. As the infographic writes:

“The incident sparked a new era of cybersecurity and inspired a new generation of hackers.”

2011: Military Meltdown Monday

Fast forward to 2011 and the impact ‘Military Meltdown Monday’ had on digital passwords.  On this dark day for online security, Anonymous hacked a contractor for the Department of Defense. The login credentials of 90,000 personnel were leaked, including military, State Department, Homeland Security, and private contractors.

Hacking the Tech

The infographic examines passwords getting hacked. It explains how hackers use tech to run through millions of passwords extremely quickly until one password works.

Hacking the Human

Another method hackers use is to hack the human. Rather than using tech, cybercriminals attempt to manipulate users into giving away their login details themselves. Such attempts include tricking users by posing as the likes of tech support. They also include phishing, whereby users download malware, click on suspicious links, or login through a compromised system.

Moving Beyond Passwords

With 66% of people admitting to reusing passwords despite knowing the risks, moving ‘beyond passwords’ could be the most effective way to stamp out cybercrime. Could certificate-based authentication eliminate the need for passwords in the future? This approach would put an end to guessable passwords. It also provides the same high-level security as TLS.

Risk-Based Authentication

Risk-Based Authentication determines if an access attempt is valid based on user identity, IP address, device security posture and geolocation.

Both of these methods significantly reduce the risk of hacking as they are void of any login credentials. Without any login details required, hackers cannot guess passwords and users cannot become targets of phishing attacks.

The History & Future of Passwords Infographic

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This article, "What is the Future of Passwords? (INFOGRAPHIC)" was first published on Small Business Trends

Originally posted on What is the Future of Passwords? (INFOGRAPHIC) via Small Business and Franchises

Why Supporting Employee Retirement Is Good For Your Small Business

As a small business owner, you have a range of responsibilities to your employees, but one that’s often overlooked is the issue of retirement. After all, how are you supposed… Read more »

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Here’s How 3 Franchises Approach Data Privacy During COVID-19

Originally posted on Here’s How 3 Franchises Approach Data Privacy During COVID-19 via Small Business and Franchises

As Restaurants Reopen, Employee and Guest Safety Comes First

Originally posted on As Restaurants Reopen, Employee and Guest Safety Comes First via Small Business and Franchises

Which Marketing Materials Do I Need?

Even with the rise of digital marketing, print is far from dead. There are still plenty of situations where tangible marketing materials can help businesses effectively spread the word about their products and services to their customer base. So finding the right printed marketing materials can help you get essential information out to potential customers and clients.

What Are Marketing Materials?

Marketing materials are items that businesses use to share messages about their offerings to their potential customer. This can range from digital marketing assets to physical signs. When it comes to printed marketing collateral, these items include tangible materials that can be easily distributed to consumers, like business cards and brochures.

Why Are Marketing Materials Important?

So why should a small business invest in their own marketing materials? These printed items aren’t just for sharing basic information. They can help your company accomplish several key goals.

Keep You Top of mind

When you give someone a physical item that includes your business information, they can hold onto it and reference it again and again. It’s easy for someone to go back and find a business card from a trade show or event when they want to purchase a particular product or service, whereas looking back at something they saw online can be a bit tricky if they’ve forgotten key details.

Branding

Marketing materials allow you to present your brand colors and messages in a leave-behind package. These branding elements should be consistent with the other materials your business uses, like your website and digital marketing assets. So your printed materials ultimately help to create a consistent image so a customer will be more likely to remember your brand across various platforms. This can also help you give contacts an immediate feel for what your business is all about. For example, if you want to be known as trendy or modern, choosing a font and color scheme in those styles can help you convey that to customers quickly.

Improve Sales

When customers have easy access to materials that include your contact information, website, email address, or other details that help them do business with you, it makes it easier for them to complete purchases. Collaterals can also help you show off products or services and provide detailed descriptions that convince prospects to buy. It can also make it easier for your sales or customer service teams to get in touch with relevant buyers if they already have an idea of what you have to offer.

Include Useful Visuals

Some products or services could use some photos or visuals to really get the point across. With tangible marketing collateral, you can include images that show consumers clearly what your small business offers. You may also be able to include more text than you would in other instances like signage or online ads. Once you get people’s attention with clear headlines and visuals, they may be more likely to read descriptions and sales pitches elsewhere in your brochures or flyers.

Present Special Offers

In some of your company’s materials, you may want to include coupons or exclusive offers that prospects can use to get deals when they purchase from you. This adds some incentive to buy and also makes the opportunity feel more exclusive.

Types of Marketing Materials and How to Use Them

If you’re going to use collateral marketing for your small business, you need to determine what options are the best fit for your needs. There are tons of different styles to choose from, each with a different method for delivering information. Some are best for quick interactions, while others are better suited for diving deeper. Here’s a rundown of the most popular types of marketing materials.

1. Business Cards

A business card is a small card that includes basic information about a company or individual. This generally includes the name, phone number, title or company, website, tagline, and maybe some social media handles. The card should also include the basic branding elements of the business to create a cohesive and recognizable look.

Business owners and professionals often hand out business cards at networking events, trade shows, meetings, and conferences. You can also easily keep your cards on hand to exchange them at chance meetings around your community, or place them on your desk or reception area so visitors can easily take a card to reference later.

Since business cards are small and easy to carry, they’re ideal for busy professionals who are constantly meeting potential clients in person. They’re also easy for your contacts to store and reference later, so they can easily get in touch with you whenever they need your product or service. In fact, many business professionals expect their contacts to have business cards on hand to exchange at events or meetings, so being prepared with the cards can add some legitimacy and professionalism to your business.

2. Brochures

Brochures are documents that explain a product, service, or company. It is often folded into a pamphlet or leaflet for easy storage and transportation, but can also be unfolded. This type of marketing collateral can contain images, text, and various design elements to provide a cohesive look while offering detailed advertising information.

Businesses often give out brochures in reception areas or business centers, so potential customers who want to learn more can easily grab them. You can also mail brochures, include them in packaged orders, or hand them out at meetings or trade shows.

You can use brochures to share more details about your offerings with interested parties. Generally, the front of the brochure should include an attention-grabbing headline and visuals. Then the inside can feature your sales pitch, relevant images, explanations, and your contact information or a call to action for your potential customer.

3. Mailers

Direct mail marketing can be an effective way for small businesses to reach consumers in a specific geographic area. Mailers are the printed materials that you send out to potential customers. They’re generally basic cards that include your business name, the essential information about your product or service, a special promotion or coupon, and a call to action. However, they can also be larger if you need to share detailed information.

To use mailers effectively, businesses simply need to determine where they want to target potential consumers. Then they can send out items to each household in that community. You send targeted items to a list of your current customers.

Since these items are sent directly to people’s homes or businesses, your target customers are likely to really take notice. These items are often perfect for sharing special deals or promotions so new consumers can become familiar with your company and either purchase right away or save your information for when they need it.

4. Posters

Posters are often large, attention-grabbing signs that can be displayed around town or at special events. They usually include just a few details about a company or initiative, since people need to be able to remember the information shared.

These items can be passed out directly, but most are displayed at prominent locations where they’re likely to get a lot of attention. Some companies also create posters that include small sections that people can tear off to take with them. These sections usually include just one detail like a phone number or coupon.

If you can create a poster that gets people’s attention, you can share information with a large number of people without printing tons of additional items. This can be the perfect way for businesses to get the word out about special events, new products, or promotions.

5. Outdoor Signs

Outdoor signs are normally printed on durable plastic so they can share messages throughout the community while holding up against the elements. Like posters, they only include a few basic details so people who see them can easily remember the important information.

They can be placed in front of a business or in front of homes or public spaces. This type of signage is popular for promoting upcoming events, sales, or campaigns. If you can create a colorful and attention-grabbing sign with just one or two lines of large, easily readable text, you should easily be able to grow awareness for your newest initiative.

In addition to getting people’s attention and sharing information about an event or promotion, outdoor signs can help to grow awareness. If people constantly see your signs around their community or in front of the homes of their friends and neighbors, they may be more likely to take notice.

6. Catalogs

Catalogs are lists of products or items for sale, generally presented in a booklet that customers can flip through. With these printed materials, you can share more extensive information about your company’s offerings than you could with smaller items like a business card or brochure.

These materials are perfect for companies that offer several products or services. You can hand them out at client meetings, mail them directly to consumers, or make them available at local businesses around town.

Catalog design should include a mix of eye-catching images and headlines, along with smaller text that really goes into details about each product or offer. They can also include your contact information, website, or other details that people need to know to complete their purchases.

7. Door Hangers

Door hangers are printed signs that include a small cutout design so they can easily fit over door handles. Businesses usually place these directly onto the front doors of people around their community to spread the word about a new product, service, or promotion on a mass scale.

These items are similar to direct mail, except that companies generally pass them out or hire a delivery service to distribute them, rather than going through the actual mail. They’re also more visible and can sometimes stand out a bit more since they’re not mixed in with other items in the mailbox – they’re displayed right out in front of people’s homes so everyone who passes by can take notice.

Door hangers usually include basic information about a product, service, or promotion, since they’re relatively small. However, you can fit a bit more information on them than you could with a business card or postcard. Utilize both sides to include a few eye-catching visuals and the most important things people need to know about doing business with you, including a very clear call to action.

8. Folders

Folders are often paired with presentations that businesses make to potential clients. They can feature professional images of a product or offer, along with detailed information that clients can refer to after a presentation to better remember the content you shared with them.

These printed items are most popular with B2B businesses or those who meet with clients in person. You can use them to advertise a particular product you’re selling or include details about the benefits of doing business with your team. Folders may also include sections for business cards with your contact information or another call to action so they know how to act if they want to purchase.

In addition to sharing thorough information that complements your in-person presentation, folders can also help you present a professional image to potential clients. They’ll appreciate how prepared you are for your meeting and have the ability to refer to the folder again and again if they need help remembering the content you shared.

9. Letterhead

Letterhead is printed stationery that you can use to draft personal communications to clients, customers, or others in your industry. Businesses generally have just a small logo or name, tagline, and contact information printed at the top of each piece of paper.

Custom letterhead is best suited for businesses that send personalized communications to clients or customers. You can have the basic logo or name printed at the top and then alter the content of each message to meet the needs of specific contacts.

This option helps your business appear more professional while also presenting a more personal touch to your written communications. Instead of relying just on emails or digital marketing interactions, some of your clients may appreciate a written note that is still presented in a professional manner.

10. Newsletters

Newsletters are informational packets that are designed to advertise a business’s offerings or share useful information for interested parties. They generally include a lot of text, so you can share plenty of details and explanations.

To distribute newsletters, you can mail them directly to those on your contact list, pass them out at events, or include them with purchased products. Sometimes, they’re also used to educate or update employees or others in your industry.

Newsletters allow you to share in-depth information about initiatives. So they can help you convince people to buy or understand what sets your company apart. They’re often best suited for current customers or people who are already familiar with your brand.

How Do You Make Marketing Materials?

If you’re ready to reap the benefits of collateral in your marketing, it’s time to have these items created. Your main options are to design and print them yourself using your company’s printer or use a printing service where you can order copies to distribute.

Using your own printer allows you to enjoy full control over the process. However, you do need to have some design savvy and quality printing equipment. There are templates and tutorials available to help you get started.

With a printing service, you can either upload your own design or use their templates or designs to quickly create the items you need. Then you simply place your order and pay for as many copies as you need.

How to Keep Your Marketing Materials Up-to-Date

Once you’ve created your marketing collateral, the work isn’t over. You still need to review your items regularly to make sure the information is accurate and the style is in line with your small business’s image. You can also create easily modifiable documents so you can go in and easily change small details or graphics to meet your needs going forward. This includes the latest or most up to date email address of all your clients to deliver the best customer service possible.

Conclusion

Now that you understand the impact these materials can have on your marketing and the most popular types, it’s time to create them and distribute them to your customer base!

Image: Depositphotos.com

This article, "Which Marketing Materials Do I Need?" was first published on Small Business Trends

Originally posted on Which Marketing Materials Do I Need? via Small Business and Franchises

57% of Small Business Owners Believe Remote Work Will Continue After Stay-at-Home Orders Lifted

Are you thinking about allowing your employees to work from home post the COVID-19 pandemic? If yes, then you are among more than half of small business owners who are planning to do the same.

According to the latest survey from Intermedia, 57% of SMB owners said they are likely to continue increased remote working options for employees in the long term. What’s more, SMB owners have observed that employee availability has increased by 19% by shifting to remote work.

Remote Work After Pandemic

Needless to say, remote working policies benefit small businesses in many ways, but not all small businesses have tried remote working policies before the coronavirus pandemic.

However, due to the COVID-19 pandemic, most small businesses had to voluntarily or mandatorily allow their employees to work from home. As a result, more small business owners have realized the advantages of remote working and planned to implement it post the pandemic.

Key Findings of the Survey

Early findings of the survey indicate that small businesses are getting benefits from remote working. And more than half (57%) of SMBs plan to adopt remote working options for employees in the long term.

Being a small business owner yourself, you should also offer your employees an option to work remotely if it is feasible. Doing so can make your employees happier.

SMB owners have found that, after shifting to remote working, employee availability has gone up by 19% and life satisfaction by 7%, the survey states. What’s more, SMB owners have also witnessed falling in overhead costs.

According to the survey, business owners said that workers’ attitudes have improved, and employees are happier while working remotely.

However, most small businesses (94%) said that in-person meetings played an important role in growing business in the last two years.

The survey also indicates that SMBs are turning to technology for face-to-face interactions amid the coronavirus pandemic.

Only 57% of SMBs relied on video conferencing pre-pandemic time, while 84% of business owners are using video conferencing now to offer face-to-face interactions in COVID-19 world, the survey points out.

Intermedia said in its prepared statement, “embracing remote work has been a love-hate relationship for many SMB owners. With new technology allowing workers to work from wherever and whenever more than ever before, employers have had to balance this reality against having the peace of mind that frequently comes from being in the same physical space as your employees.

“COVID-19 has certainly made us reexamine the entire concept of work, illustrating that many jobs can be done remotely without sacrificing productively. More business owners realize that employee availability and job satisfaction can remain high, if not increase, within a remote working environment…even after the pandemic passes,” the company’s statement concluded.

How to Make Your Remote Team Feel Connected

My friend, remote working is not just a temporary fix. Owing to multiple benefits remote working offers, more and more small business owners are going to implement remote working policies.

However, remote employees can sometimes feel lonely and left out, which can affect their productivity. So you should go extra miles to make your remote team feel connected to boost productivity.

Following are some tips that can help:

• Start using state-of-art communication tools
• Hold weekly video meetings
• Implement fun activities virtually
• Plan half-yearly or annually company retreat
• Organize online video games for remote players
• Encourage video calls as much as possible

Remote working doesn’t have to be isolating. Give your remote workers tools and resources to connect. This will eventually increase the productivity of your remote team.

About the Survey

The survey included 250 business owners or senior decision-makers from organizations having between 5 to 250 employees. The survey was conducted online.

The organizations included in the survey had at least 50% of their staff on-site before Covid-19. But now these organizations have reduced office-based working due to the coronavirus pandemic. You can click here to know more about the survey.

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Are They Co-Founder Material? 14 Considerations Before You Partner On A Project

What is particularly crucial to consider before deciding whether or not you want to co-found a project with someone?

These answers are provided by Young Entrepreneur Council (YEC), an invite-only… Read more »

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Spotlight: Made4Fighters Quickly Adjusts to Current Challenges

With many gyms and organized sporting events shut down for the foreseeable future, many people are looking for ways to stay active. Made4Fighters is helping people with that challenge by offering martial arts gear and other workout equipment that they can use right at home.

This isn’t a new concept for the company. But they’ve been able to navigate recent challenges thanks to a strong foundation and business model. Read more about the company in this week’s Small Business Spotlight.

Made4Fighters – What the Business Does

Sells gear for various martial arts.

Director Jacob Edwards-Bytom told Small Business Trends, “We design and sell training equipment and gear for martial artists. This includes taekwondo, Brazilian jiu-jitsu, kickboxing, karate, boxing, MMA, and muay thai fighters. Our products are designed for beginners all the way up to people who practice at the professional level.”

Business Niche

Carrying quality products from top brands.

Edwards-Bytom says, “In fact, we sell products made by 60 different companies. In addition, we design our own proprietary brand called Bytomic, which includes gear such as boxing gloves, workout mats, shin guards, foam rollers, and karate uniforms.”

How the Business Got Started

To expand an existing business.

Edwards-Bytom explains, “Initially, we only sold products to MMA fighters. Now, we’ve expanded to cater to other martial arts such as kickboxing, muay thai, and karate. Our other business, Bytomic, is a B2B wholesale distributor that sells to other retailers and gyms. Made4Fighters is a B2C e-commerce business that allows us to sell directly to martial artists.”

Biggest Win

Navigating recent challenges related to COVID-19.

Edwards-Bytom says, “For example, we anticipated that more people would be looking for alternative ways to stay active since they were stuck at home. So we started selling home training equipment such as treadmills, multi gyms, and rowing machines. This has allowed us to keep our company sustainable despite the challenges.”

Biggest Risk

Developing their own line of products, Bytomic.

Edwards-Bytom says, “We had to invest a lot of time into R&D, as well as manufacturing our own products once we were ready to go to market. It would have been much less risky to simply sell the brands of other retailers. However, we know that’s what most e-commerce companies do. And we knew that wouldn’t give us a competitive advantage. Today, our products have earned their reputation as a leading brand in the martial arts niche and have even been featured on trade publications and The Guardian.”

Lesson Learned

Content is key.

Edwards-Bytom explains, “Developing content for our blog wasn’t a big focus of ours the first few years we were in business. But as an online company, we understand now how important content is for reaching prospective customers and bringing awareness to our website and online store.”

How They’d Spend an Extra $100,000

Sponsoring sporting events and professional fighters.

Edwards-Bytom adds, “We believe this would help expand our reach outside online channels and also be a great way to get involved in the local community.”

Fun Fact

They are a true family business.

Edwards-Bytom says, “Entrepreneurship is in our blood. Our family has been starting and running new small businesses for over 25 years.”

* * * * *

Find out more about the Small Biz Spotlight program

Image: Made4Fighters, Facebook

This article, "Spotlight: Made4Fighters Quickly Adjusts to Current Challenges" was first published on Small Business Trends

Originally posted on Spotlight: Made4Fighters Quickly Adjusts to Current Challenges via Small Business and Franchises

Small Business Loan Approval Rates Drop to Record Lows in April

According to a new index, small businesses are having a hard time getting the non government money they need from banks to stay open. This at a time when they need it the most.

Specifically, the small business loan approval rate dropped to 8.9% in April from an all time high (28.3%) in February.

That’s the lowest approval rating for SMB’s applying to big banks since The Biz2Credit Small Business Lending Index™ began the report in January 2011.

The news is no better with small banks. That approval rate has plummeted to 11.8% in April, down from 50.3% in February. The same goes for other lenders and even credit unions.

Biz2Credit Lending Index April 2020

“Institutional lenders may be shying away from lending to small businesses at the moment,”  Biz2Credit CEO Rohit Arora said in news release.

“They became important players in the small business lending marketplace because of relatively high yields and low default rates. Unfortunately, this is not the case right now.”

The index reports even the approval rate among alternative lenders was low. This in spite of the fact these are often the people SMB’s turn to for loans during hard times. The rate here was only 15.2% in April. That’s down from 30.4% in March and a high of 60% in February.

Across The Board

This downturn is right across the board. It’s not totally unexpected but still comes as a shock. Banks were lending money up until February consistently. The economy was strong and most indicators were good until COVID 19 struck.

Overall, bankers’ confidence has been shaken by the unemployment spike caused by the coronavirus. As of early May, the rate had risen to 14.7%. That’s from the low 4% where it had been for two years.

These numbers are outside the approval rates for the Paycheck Protection Program (PPP). The government approves those . Small business lending has been dominated by processing these loans recently. They come with a 1% interest rate and might be forgivable. That’s outside the rates and requirements for more traditional loans.

PPP Loan Requests

“Smaller banks are overwhelmed by PPP loan requests,” Arora said.“Still the approvals for these are low.”

Community banks are being asked to play a large role.

“We can expect this to continue, particularly since the PPP loans come with government backing.”

Urgent Situation

He also stressed the situation was urgent.

“It’s important to get capital to small business owners quickly,” he said. ““We need to act to save America’s small businesses.”

For the Index, Biz2Credit looked at loan applications from businesses over two years old with credit scores above 680. The numbers come from over 1,000 small business owners who applied for funding on Biz2Credit’s platform.

About Biz2Credit

Founded in 2007, Biz2Credit is responsible for more than $3 billion in small business financing. The company is using its industry-leading technology for digital platform solutions in financial institutions, with investors, and service providers. Visit www.biz2credit.com or Twitter @Biz2Credit,  Facebook, and LinkedIn.

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1 in 3 People Working from Home Cover Their Webcam – Here’s Why

About a third of people currently working from home do not turn on their camera for meetings or virtual interactions, according to a recent study.

The survey included responses from about 2,000 Americans, many of whom have enjoyed virtual happy hours or socialized via video chat during quarantine. However, many of these respondents are also using video chat apps to interact with coworkers or clients for work.

1 in 3 Cover Their Webcam Working from Home

So what does this finding mean for small businesses exactly? Basically, the fact that many people do not turn on their cameras points to some employees or business owners feeling self conscious about their appearance or their surroundings while working from home. Many of those workers are set up in makeshift offices or making do at their couch or kitchen table. And they may not have as much time to get ready for the day while they juggle work with taking care of their home and kids.

In fact, 42% of respondents said that they feel self conscious about co-workers seeing their homes during video chat sessions. And 52% said they look at themselves on the screen more than they’d like during these virtual gatherings.

For small businesses, the knowledge that about a third of your team and the people you’re meeting with may not want their home and their appearance featured in video chats may impact your meeting habits. If some of your communications could be done via voice, email, or IM, it may help team members feel more comfortable and confident throughout the day. And for those instances where you do need to use actual video, try to schedule calls ahead of time rather than surprising people who may not feel ready.

Vanity Reigns Supreme

Currently, only about 22% of respondents say that they dress differently for virtual gatherings. And 17% use features like filters to touch up their appearance in videos. About 20% also use custom backgrounds during video chats so people cannot see their home in the background.

These features provide options for those who have to join video meetings or chat with coworkers face to face. They’re great if people don’t have time to tidy up their space or freshen up their appearance beforehand.

The Touch Up My Appearance Feature is available on the desktop and mobile versions of Zoom. And many other video chat platforms include filters that you can use to make yourself look more polished. This option softens your appearance. They can help hide the fact you’re not wearing make-up. Or maybe they’ll dull those dark circles under your eyes from a lack of sleep.

Zoom and some other video chat platforms also offer the ability to change your background, essentially covering up your messy space for meetings or events. According to the survey, the most popular backgrounds include the beach, natural landscape photos, and memes. The natural landscapes may be a bit more appropriate for formal business meetings. But humorous images may also help to lighten the mood in some meetings where you know all the participants.

These findings could simply help business owners and professionals give each other more grace. Knowing everyone on your team feels a bit self conscious may help you normalize it a bit. Instead of judging, you can all move on from those details and just focus on the content of the discussion.

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Originally posted on 1 in 3 People Working from Home Cover Their Webcam – Here’s Why via Small Business and Franchises

Tips for Welcoming Back Restaurant Staff and Customers

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As Freddy’s Reopens Dining Rooms, Off-Premises Focus Remains

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Email Marketing Guide for Beginners

Email is an indispensable communication tool for our business. This is because it is a free, fast and reliable form of communication that is accessible to everyone with an internet connection. It allows users to foster and build lasting relations irrespective of distances with both prospects and customers.

E-mail is most widely used as a prospect conversion and customer retention. E-mail can particularly be an effective push for your online communications outreach. It comes in handy for customer retention as it can help in targeted email campaigns where your message can be pushed out to customers to inform and remind. As a two-way form of communication, it is valuable to gather feedback and prompt actions from your audience.

Projections indicate that by 2023 the number of daily global email users will jump to 347.3 billion and there will be 4.371 billion email users. Current trends point email accounts are expected to grow faster than the number of worldwide email users, underscoring the need for why your business should focus on email marketing campaigns. Despite skepticism, it is either at par or exceeds other marketing channels such as social media, SEO, and affiliate marketing.

If you’ve ever wondered why your small business should use an email marketing campaign, and how to use it step-by-step, then come check out our guide.

What is Email Marketing?

Email marketing is engaging with prospects and clients who have subscribed to your emails. An effective email marketing can help businesses turn prospects into customers and convert one-time buyers into lifelong loyal customers. The great thing about email campaign is that it is free and all you have to to to start is to simply get online.

Given the fact that you cannot provide face-to-face meetings if you have a large number of clients spread across wide geographical locations, an email marketing campaign with your clients can be an ideal way to build these relationships. With an email campaign, you can help create targeted and personalized messages.  Your marketing campaign can be used to reach both large audiences or smaller recipients depending on your particular needs and objectives.

These relationships could be in terms of subscribing to your newsletter, a holiday greeting, promotional offers, discounts and other types of engagement. With email marketing you can help people understand your company— what you stand for, what your values are and what your latest offerings are all about. What is even greater is you have more control in terms of creating targeted messaging through this form of marketing.

Marketing is all about having lasting and continued engagement and relationships with your clients. As a business owner you will need to continue to engage with your customers to let them know what is happening and what offers are available for them.

Benefits of Email Marketing

Email allows people to act immediately; increase leads and conversions rates; helps create brand or company awareness; promote products, services, and content. Emails allow you to deliver private, exchangeable messages, which can help in prospecting clients, increase customer retention and strengthen relationships.

Once an e-mail is opened it doesn’t take long for the recipients to take action because all it takes is a click of the mouse. Immediate actions include clicking to your landing page, subscribing to your newsletter; buying right away, and any other option you have placed in the body.

According to the 2019 DMA Marketer Email Tracker report, the numbers favor email marketing. In it the average Return on Investment (ROI) from email marketing is $52.30 for every dollar spent. This is in addition to the lifetime value (LTV) of each individual email address which stands at $51.06 for B2C and $43.59 for B2B email addresses. All good news for email marketers.

How to Get Started with Email Marketing

With email marketing, you have a proven, easy and effective tool to reach your marketing goals. Below are some of the basic steps required to start your marketing campaigns.

1. Decide How You Plan to Use Email Marketing

Including e-mail as part of your marketing mix can help maximize the results of your marketing endeavors. The success will depend on the amount of research you put in your strategy. This will help you determine your message; select the right audience; how you will deliver your message and of course evaluate your results and tweak them when necessary. In addition your strategy should help inform you on how to manage your subscriber list; the design and copy of every email; scheduling delivery time; testing messaging; and analyzing results.

Start by getting people to subscribe to your regular email newsletter and provide news about your company or helpful tips. With this you can direct traffic to your website’s landing page for additional interactions. It is yet another way of showcasing your offerings to both new and old customers. You can also use email alerts to let your subscriber know about occasional special discount or offers.

Solo entrepreneurs such as speakers and consultants can use email marketing to share thought leadership advice. They can also announce their upcoming engagement such as webinars or conferences along with how people can attend and participate.

2. Pick an Email Marketing Tool

To get started with your marketing efforts, you can start by deciding on an email marketing tool. Email marketing tools help you to design, send, test, optimize and measure email campaigns. An email marketing tool could be a specific tool related to email marketing campaigns like an email subject line generator, or an inbox placement testing tool, or a suite of tools that enables a marketer to do all their email marketing end-to-end.

Mailchimp

Mailchimp is one of the more popular email marketing service providers in the market. It comes free, has an easy email builder, autoresponders’ features, arranges contacts into groups, and analytics. With Mailchimp, you can also set up delivery times based on your contacts’ time zones. Mailchimp offers a free custom domain and can also integrate with WordPress, Shopify, and many other platforms. If you require additional support for your email senders, custom branding and advanced features Mailchimp prices start from upwards of $ 9.99.

Sender

Sender is a free email marketing tool. It helps provide you with support to create newsletters without any HTML knowledge. It offers a good selection of templates so you can customize images, videos and text to your specific needs. Sender also allows you to personalize email newsletters for each recipient for a better impact. The free plan will let you cater to 2,500 subscribers and send out 15,000 emails a month. The paid plan which starts from $10 a month offers for more robust support.

ConvertKit

ConvertKit is a subscriber-based marketing tool and starts with a $ 29 base plan. It helps you track the interests and purchases of your audience through tags and segments. Allows you to see individual subscriber history and profile info by clicking on any subscriber from any part of your list. It also helps you design fully customizable landing pages with customizable templates to help you grow your email lists.

Other email marketing tools providers you can choose from include iContact, EmailBrain, SimplyCast, Conatctology and others.

A good email marketing service will make the process a lot easier. Any email marketing tool should help you do the following:

• Manage your database list of subscribers. It’s where you keep your subscribers
• Give you opt-in forms to add to your website, so prospective subscribers have a place to sign up
• Automatically send confirmation emails, and handle the confirmation process for new subscribers
• Automatically remove those who unsubscribe, so you no longer send them messages
• Provide easy-to-use templates to compose email messages
• Handle the process of broadcasting (sending out) marketing emails
• Provide reports and statistics, so you can improve your email marketing
• Automate some messages

3. Build a List

Building your e-mail address list is not an easy task and you will need to get the information and permission from the person or business you want to communicate with. You can start building your lists from repeat customers and interested prospects who know your business well enough to recognize your e-mails.

If you collect information without asking permission it can cause recipients to think twice about subscribing, delegate your emails to spam or bring about legal repercussions. Make sure you comply with CAN-SPAM and GDPR laws. Your prospects and customers have to agree to share their email address in order for you to deliver your offering.

Use an opt-in form for your potential subscribers and invite them to sign up for promotional information about one or more categories of products or services. This will show you have their consent to contact them. To eliminate any doubt you can also use a double opt-in option. This is when a user signs up for an email marketing list and a subsequent email is sent out to the user which includes a link to click for the confirmation of the subscription. Make sure to show your subscribers how to whitelist your emails and ask them to add you to their email address book

More importantly, always backup your updated list on your PC and if possible, have a printed spreadsheet for added protection. Nothing is as painful as having to lose the list which you have painstakingly built up. Data breaches or PC malfunctions can easily wipe out months or even years of hard work. Losing your list can mean all your efforts at engaging with your clients have all gone down the drain.

4. Compose Your Messages

Let’s face it we all get lots of emails in our inboxes. Sometimes we simply scan through them at other times we do not even open them. You will need to make and plan content for your email marketing campaign before sending out your first email. Just as you would with any other social media content platforms such as YouTube, Twitter, or Facebook – you need to know what you are going to update subscribers with.  Be sure to develop an email strategy for your business. Developing a strategy may take some research and time, but it will pay off in the long run.

A great email is all about engagement or conversations with customers. As such you will need to write as you talk. Write your email as if you are speaking to just one particular individual. This will help your emails get higher open rates and click-through rates. Start your email conversation by dropping the reader right in the middle of the action. By cutting through the chase you pull the reader directly into the matter of discussion in your emails. Thus, garnering their attention, and they know clearly what you want them to do or get out of the emails.

Details

Always make sure your subject line, email text, video all stand out starting from your first email.  Presentation is key here, make sure you don’t go overboard with graphics that take too much time to load. Your emails should be clear, concise and straight forward, and it should be enticing enough to have readers engaged. You will need to have a content strategy for your email subscribers that is both engaging and helps direct them to making concrete actions. Especially with email click rates, your subject lines determine whether they are enticing enough to warrant a click. Always try to stand out from the subject line as well as in your content.

Your email should be informative, entice curiosity, be humorous have both a friendly and conversational tone. You should also have a single clear call to action, if you are tempted to cram as many calls to action in a single email you risk having your most important call to action sidelined.

Try as much as possible to avoid spam trigger words such as ‘buy, ‘discount’, ‘earn extra cash’, ‘incredible offer’, free cash and others like these.  These might cause your emails to directly go to the spam box.

Start your email with salutations to the individual in question. Your message should be based on your understanding of your recipient in terms of their values, problems, desires and likes. Remember you are holding a conversation not pitching. For better results try integrating your email marketing efforts with your social media outreach. You can use chat platforms on your social media tools, blog and articles on your website to get more people to subscribe.

5. Send Email Messages

Believe it or not, there are good times to send emails to get the best responses in terms of email open rates and email click-through rates. The best days to send emails are on Wednesdays and Thursdays. Studies indicate that Thursdays enjoy the highest open rates with an average of 18.6%. Wednesday comes in second wth an average of 18.3% of messages being read. Sunday has the least impact on open rates with an average of 17.1% across all industries. The best time to send an email is 11 am EST according to a study.

For a more effective determination of when to send emails, picture yourself as your customers with which days are good for them to have time to reflect on your offering?

6. Review Reports and Tweak Processes

Your email marketing campaign analytics and metrics can give you valuable insights to track the progress of your marketing campaign. Two common email metrics are open rate and click-through rates.

An open rate refers to the percentage of people who opened your emails from the total number of recipients. This usually means your subject line resonates with subscribers; subscribers are familiar with your name and brand, and recipients associate you either with an emotion or value.

Similarly, a click-through rate is the percentage of people who clicked on a link in your email from the total number of people who opened it. This will show how people are responding to the content of your emails. A positive response entails clicking through to your website for more information or offers.

Good open and click-through rates will result in more visitors to your website and sales. A good way to test your messaging is by running A/B tests on your email marketing campaigns. A/B testing refers to sending one variation of your marketing campaign to a subset of your subscribers and a different variation to another subset of subscribers. The goal here is to work out which variation of the marketing campaigns will provide the best results. Once the test is over and you find the best campaign, your marketing platform will automatically send that version to the rest of your list. Learn how to use all of the tools available to you with the platform you choose.

7. Grow Your List

For optimum results, you will need to continue growing your email list with a viable subscription list. One of the best ways to make a big impact among possible subscribers is to offer a lead magnet. A lead magnet is a free gift you give to recipients in your mailing list. Through a lead magnet, you can attract people by providing enticing offers. To encourage people to sign up you can offer up freebies such as free trials or samples, a free e-book, a free report, help in donations, or a free video training series. You can also use your website and social media channel to help encourage customers to sign on.

8. Perform List Hygiene

Always remember that email lists expand and contract. As your email list gets bigger, the more money you will have to pay your email service. What is key is to know how engaged your email list is. After some time, people might opt to stop opening your emails. They may actually cause you to waste resources on unresponsive recipients.

This is why it is important to always monitor and update your lists by deleting people who no longer open your emails. Always keep your email list fresh and filled with engaged subscribers.  Your VIPs are those that open your emails the most often.

9. Segment Your List

It is important to note, you will need to break up your subscribers into smaller groups based on your specific criteria to make them more personalized and relevant. Not all clients and their needs are the same so you should be able to tag and segment your recipients based on whether they are new to your company or have made previous purchases. The goal here is to avoid sending irrelevant messages to everyone and risk sending your emails to spam purgatory. You might want to include a checkbox on your opt-in form for those who wish to receive emails with discounts and offers and others for new product launches.

Try to avoid sending irrelevant messages to everyone where they might end up in the spam box. In fact, less than 50 percent of businesses are not using any kind of targeted email marketing technique at all. This fails to meet your email marketing campaign goals and misses out on opportunities.

For better impact personalize the emails to your recipients. The more you personalize your marketing emails, the greater the rewards for your business. According to a study, marketers who invest in advanced personalization efforts can see more than $20 in return for every dollar they invest. They also drive over 17% more revenue than marketers that rely on more basic methods.

This will help you to better target your audience(s) based on whether your goal is to attract, acquire or retain the particular segments and go into advanced marketing automation.

10. Automate

Another advanced practice involves setting up automation. You will need to keep leads warm and maintain marketing “touches” with your list to stay top of mind for when they are ready to buy (again). But you’re busy and may not always have time. This is where automation comes into play and an autoresponder comes to play here. Autoresponder is simply a series of emails that are sent out automatically once triggered by a certain action. Through your lead magnet you as an email marketer can offer an e-book that would require customers to sign on to your subscription platform. This helps you send an email series to increase engagement with customers.

Email Best Practices

There are many tips for email marketing campaigns, but certain practices should be followed. For example, experts recommend the following best practices:

• Think like your customer — By thinking like your customer you better understand why the customer subscribed or purchased from you. Then you can better meet their needs with brand association
• Write good subject lines — Your subject line will determine whether or not the recipient opens your emails. Subject lines should have a call to action and get the recipient interested enough to click and open the email
• Make your emails mobile-friendly — The majority of emails today get opened on phones. So it’s good to ensure they look right and are easy to read on mobile devices
• Send emails at the most effective time — The best time varies by industry, the purpose of the email and other factors. Check metrics to see at what times people are opening your emails
• Offer email-exclusive content — Send content that is available only to subscribers. It encourages new subscribers and delivers something unique
• Provide the option to opt-out of receiving future e-mails
• Emails should include your physical address
• Email subject lines do not mislead
• Your emails have to clearly state it is a solicitation
• Send a welcome email to all new email list subscriber
• Send periodic permission reminders to confirm if subscribers are still interested in your emails
• Be transparent while describing your email’s content and the typical frequency in your sign up process

Email Marketing Laws

When email marketers use sent out mail, they have to allow their subscribers the opportunity to opt-out of their mailing list by being transparent on how to unsubscribe. It is extremely important to be upfront about what subscribers can expect from subscribing to a mailing list as well. No one likes to be duped in getting unsolicited emails that simply cram up their inboxes.

You will need to comply with spam laws. Always be sure to be transparent and above board on how you acquired your subscriber’s email address. The CAN-SPAM and GDPR regulations are strong when it comes to enforcing illegally obtained email addresses in a bid to protect individual privacy rights. This includes purchasing an e-mail list from a company that allows you to keep the e-mail addresses as a data file; collecting e-mail addresses from web sites and other online directories; using an e-mail address collection service (unless there is confirmed permission from every subscriber).

Further Reading

See the following articles for more tips:

• Email Marketing Statistics
• Personalized Email Marketing
• How A/B testing works for small businesses
• Targeted email marketing

Image: Depositphotos.com

This article, "Email Marketing Guide for Beginners" was first published on Small Business Trends

Originally posted on Email Marketing Guide for Beginners via Small Business and Franchises

53% of Small Businesses Expect to Re-open Soon

More than half of small businesses believe they will be able to reopen soon. 53% of small business owners think reopening takes place within a month after lockdown restrictions get lifted. A quarter of small business also estimate they will be back to pre-pandemic revenue and employment levels in a month’s time.

Alignable.com revealed these statistics recently. The company created a small business network designed to help businesses build relationship and generate referrals. Its State of Small Business Report is based on 360,000 responses from people in small businesses in the Alignable.com network. The report is centered on several recent surveys that analyse the thoughts of small business owners in the current situation.

Small Business Reopening After Pandemic

Another key takeaway is 36% of small businesses believe they will be to pre-COVID-19 levels of revenue and employment within three months. 38% of the small business owners surveyed expressed concern about customers returning to their business. 36% expressed apprehension about shutting down again if another major outbreak occurs. 19% of the participants say a vaccine for the virus can result in a full recovery.

The outbreak and spread of the COVID-19 pandemic has caused unprecedented disruption to small businesses across the US. Naturally, this difficult, unchartered environment is causing significant anguish to small business owners.

Relief Programs to Provide Support to Small Business

It is vital that small businesses know the relief programs available to provide support throughout the crisis. It is also important that small businesses understand what is needed for recover from other small business owner’s perspectives.

The aim of Alignable.com’s State of Small Business Report conveys the situation small businesses currently face. The report focuses on the enthusiasm among the small business community to reopen. However, it also underlines the concerns and reservations small businesses have about reopening.

One of the primary concerns is over consumer response and how states will respond to further cases. Many worry about the likelihood of state officials needing to close them back down again. Small business also have concerns about customers’ fears of returning to their places of business.

Small Business Returning to Pre-Pandemic Levels

A quarter of business owners believe they can recover to pre-pandemic levels of productivity and employment within a month. 36% believe such progress will be made within three months and 29% say within a year. 10% of small business owners are of the opinion it will take a year (if ever) to return to pre-COVID-19 levels.

The report underlines the importance of consumer confidence in helping small businesses make a full recovery, stating:

“Much is this [recovery] is predicated on consumers having the confidence and motivation to shift their consumer spending from the online service providers back to purchasing within their communities. This confidence will require a significant concerted effort by business owners, local government, and consumers working together.”

Well-Coordinated Community Level Response

The small business owners surveyed for the report recognise recovery will be driven by a well-coordinated community level response. The research asked the business owners about the different community and government resources they will need to aid recovery effort.

The Natural Disaster Recovery Frameworks from FEMA was cited as an important resource in regards t the speed and success of recovery efforts. The global availability of vaccine is recognized as the ultimate milestone for long-term recovery. However, to get through the Pre-Vaccine Stabilization Period, local businesses will need financial assistance.

Pulling Together as a Community

To nurture a speedy and successful recovery, it is important that businesses owners recognize the importance of community. The report showed how business owners and local government officials are coming together as a community to start working towards recovery.

54% of small businesses said they felt their communities were already working together. As the Alignable.com report emphasizes, small businesses should identify and engage with well-organized communities to establish ideas and steps to generate successful and rapid recovery.

READ MORE: 

• Small Business News

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This article, "53% of Small Businesses Expect to Re-open Soon" was first published on Small Business Trends

Originally posted on 53% of Small Businesses Expect to Re-open Soon via Small Business and Franchises

Twobird from Notability Designed to Consolidate Your Email Inbox

Notability, providers of productivity software for businesses and professionals, recently launched Twobird. This productivity app provides an all-purpose inbox for essential everyday tasks.

The consolidated inbox is built by the team at Ginger Labs, creators of the top-selling note-taking app, Notability. It merges reminders, notes, collaboration, and email, to create a convenient, seamless workspace for professionals.

Twobird Consolidated Inbox

Intuitive and functionable, Twobird works on the same philosophy as Notability – powerful but simple to use. With a clean design interface, the all-purpose inbox eliminates many of the unnecessary elements found in traditional email inboxes.

According to research, Americans check their work email more than three times an hour every day. Inefficient, overloaded inboxes are not conducive with productivity and business efficiency. Chaotic emails are also linked to higher workload stress. It is therefore within every business’s and professional’s interest to have an intuitive, well organized inbox to make workspaces more efficient.

Seamlessly Switch Tasks

By bringing multiple productivity necessities, including notes, communication, remind and collaboration, into one inbox, Twobird helps make switching between tasks more seamless. Subsequently, teams are empowered with greater productivity.

As Colin Gilboy, chief engineer at Ginger Labs comments:

“Twobird cam from the need for an inbox, something we check everyday, that could empower us to do more. An inbox that not only streamlines our communication, but facilitates focus, enhances collaboration, and unifies our digital lives.”

Real-Time Notes

One of the key features of Twobird is real-time notes. Teams can share a Twobird note in their inbox and bring others into the conversation.

Clutter-Free Inboxes

The reminder productivity tool enables users to set reminders on emails and or notes. Events can be created, and schedules made and viewed with an integrated calendar. With smart features including Tidy Up, Low Priority and Quick Unsubscribe, clutter is automatically cleared from the inbox.

Distraction-Free Work

Designed for carrying out work without distractions is Twobird’s clean interface. Void of distracting signatures and complex formatting, users can focus on the content of the inbox that matters. Users can also respond using ‘@mentions’ and emojis when communicating with others. Content can be read in dark or light mode, depending on personal preference.

Twobird can be downloaded for free on Google Play Store or on the Apple App Store. It is currently accessible for Gmail users around the world and will soon by available for Microsoft users.

READ MORE: 

• Small Business News

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This article, "Twobird from Notability Designed to Consolidate Your Email Inbox" was first published on Small Business Trends

Originally posted on Twobird from Notability Designed to Consolidate Your Email Inbox via Small Business and Franchises

IT Pros Can Now Do Remote Installation of GoToMyPC

LogMeIn, providers of software for remote collaboration, now allows IT pros a chance to do remote installation of GoToMyPC for clients. Businesses can now remotely deploy, install and configure GoToMyPC remote access software across devices simultaneously.

GoToMyPC is a secure remote access solution, which allows professionals in access their work computers from anywhere. By having access to their work PC, businesses can maintain day-to-day operations without being confined to work premises.

GoToMyPC Remote Installation

Prior to the Remote Deployment, administrators were required to be physically present at every PC being used for remote access. When face-to-face at a computer, IT professionals could complete the deployment, installation, and configuration process. With Remote Deployment, GoToMyPC administrators can perform these actions remotely. Deployment can be performed on a limitless number of Windows computers at the same time.

Homeworking on the Rise

Since the COVID-19 pandemic struck, an unprecedented number of employees are working from home. Working remotely brings unique challenges to both employers and employees. Having access to work to complete day-to-day work and maintain productivity is one challenge of remote teams.

Overcoming Remote Working Challenges

By enabling GoToMyPC is be remotely deployed, LogMeIn are helping businesses overcome setbacks of being unable to access work computers from anywhere. Without IT professionals needing to be physically at a computer, the remote deployment upgrade enables end users working immediately.

As John Bennett, SVP & GM of Identity & Access Management at LogMeIn, explains in a press statement about the remote deployment: “We understand the challenge of moving to a remote workplace and supporting a remote workforce. Company leaders and IT professionals, particularly at small and medium-sized businesses, are struggling to support themselves and their teams to work from home securely and effectively, with many being asked to do more with less.

“Now with GoToMyPC Remote Deployment, organizations can maintain day-to-day operations and easily set up a remote workforce that can access necessary data as if they were still sitting at their work desktop,” Bennett added.

Maintaining Productivity

With there being a 17% rise in homeworking prior to the pandemic, more and more businesses are looking for ways to maintain productivity when working remotely. GoToMyPC provides remote access to any PC or Mac from any desktop, laptop, tablet, or mobile device. The software ensures users can stay fully connected and productive even when away from the office.

The recently launched Remote Deployment feature, means no time is lost waiting for IT administrators to set up remote workforces.

READ MORE: 

Small Business News

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Originally posted on IT Pros Can Now Do Remote Installation of GoToMyPC via Small Business and Franchises

How mHealth Apps Can Help Combat COVID-19

The outbreak of coronavirus disease (COVID-19) was first reported from Wuhan, China, on December 31, 2019. COVID-19 is an infectious disease resulting in respiratory illness. Coronavirus disease spreads primarily through… Read more »

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Originally posted on How mHealth Apps Can Help Combat COVID-19 via Small Business and Franchises

What’s Working for Franchise Off-Premises During COVID-19?

Originally posted on What’s Working for Franchise Off-Premises During COVID-19? via Small Business and Franchises

Market Share Data Gives COVID-Era Look at Delivery Players

Originally posted on Market Share Data Gives COVID-Era Look at Delivery Players via Small Business and Franchises

57% of Small Businesses are Optimistic Despite COVID-19

The majority of small businesses (57%) report they are optimistic or extremely optimistic about the future of their businesses despite the COVID-19 crisis, according to a survey released today. The State of Small Business Report, issued by Facebook and the Small Business Roundtable, surveyed 86,000 small business people.  The report focused on the COVID-19 situation.

This positive outlook is remarkable when you consider that almost one third of small businesses said they were not operational as of April 2020. They’d shut down due to the crisis.

While there’s no shortage of small businesses hurt by COVID-19, the impact by industry varies.  One thing is clear: small businesses need the economy to open up quickly before more lasting harm is done.

31% Shut Down:  Industries Hurt by COVID-19

Thirty-one percent (31%) of small businesses had stopped operating during the crisis, as of April 2020. The reason? About 62% of those surveyed said the main reason was government orders.  Just 9% said financial challenges and 7% gave lack of customer demand as their reason.

When it comes to geography, businesses in the northeast were more likely to be shut down.  Those in the southeast were less likely.

However, when it comes to types of businesses and industries, the small businesses hurt by COVID-19 the most include:

• Personal businesses, which include self-employed individuals:  52% closed.
• Hospitality and restaurants: 43% shut down.
• Service businesses such as fitness, salons and professional services:  41% closed.

Those more likely to remain open are in agriculture, and information and communications. See the chart above.

Small Businesses Adapt Where Possible

Small businesses have an advantage with their agility and nimbleness.  And that advantage has helped owners pivot and adapt.

The Internet has been a lifeline. About 79% have changed and adapted in some way to cope.

• Many have employees working at home and are using tech tools to operate.
• 36% are doing all sales online. They are using e-commerce, digital payments, digital advertising and service delivery tools.
• But not all small businesses can get by with working online entirely. About half of businesses (51%) reported that a majority of interactions still need to be conducted in a physical location.

Those Still Open Face a Lean Quarter

Of the small businesses that are operational, it’s going to be a lean summer. One study participant said, “Despite the 50% decline in sales we still have to pay 100% of our fixed costs. This is impossible. Rent was already high. Now it makes up 50% of our gross income.”

Of the small businesses that are still open 76% of the owners worry about cash flow.  About 41% of owners saying they plan to tap into personal savings to keep the business afloat.  Another 39% do not know where they will get the money.

About 11% of the small businesses that are still operational expect to fail in the next three months if conditions persist.

Clearly, small businesses hurt by COVID-19 need the economy opening.

As one business owner said, “My business needs the economy opened up. Small businesses are suffering and no amount of stimulus money can replace a thriving and functional business.”

Facebook COO Sheryl Sandberg, and John Stanford and Rhett Buttle the Co-Executive Directors, Small Business Roundtable, summed up the study.  The “… people who operate, manage and work for SMBs are resilient; among them, there is hope and optimism about the future of their businesses. They’re finding new ways to reach their customers online, they’re making adjustments to how and when they do business, and they’re working hard to meet their family obligations at the same time,” they said.   See the study.

READ MORE: 

• Small Business News
• Coronavirus Biz Advice

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Originally posted on 57% of Small Businesses are Optimistic Despite COVID-19 via Small Business and Franchises