Acceler8Success Cafe Friday 11.13.20

5 Ways to Help Your Small Business Survive During the Pandemic

Covid has been the ultimate disrupter to the global economy. Fortune 500 companies and small start-ups alike have felt the blow, but it’s the small businesses that have suffered the most.

Small businesses are the backbone of the U.S. economy. According to the World Economic Forum, small businesses are responsible for employing nearly half of the private sector workforce. However, during these volatile times where social distancing measures have been put in place and mandatory shut-downs have happened, many small businesses have not been able to survive.   

In September, Yelp released its latest Economic Impact Report revealing business closures across the U.S. are increasing as a result of Covid. According to Yelp data, permanent closures have reached 97,966, representing 60 percent of closed businesses that won’t be reopening. Read more.

Veteran Entrepreneurs and Small Business Owners Adapt and Overcome Unprecedented Challenges

“This year, military veteran entrepreneurs have seen their businesses shuttered or put on pause by the pandemic, faced supply chain issues, and have had to continuously adapt operations in response to changing realities on the ground. This year has also shown a spotlight on an issue that has persisted for too long: the systemic racism in our nation that creates barriers to entrepreneurship for entrepreneurs and small business owners that are Black, Indigenous, and People of Color. With that awareness, Bunker Labs is creating a space that helps entrepreneurs overcome challenges posed by the pandemic and systemic racism by providing the tools, resources, and inclusive community that facilitate growth,” said Bunker Labs CEO Blake Hogan. Read more.

Survey: Small business owners’ uncertainty increased in October

More small business owners throughout the country expressed feeling uncertain about their economic future in the month before the election, although general optimism remained steady, according to research by the National Federation of Independent Business.

The NFIB’s Uncertainty Index increased by six points to 98 in October, while the Optimism Index held at 104. 

“Leading up to the presidential election, small businesses continued to focus on stabilizing their businesses but were uncertain about the future economic conditions due to COVID-19 government regulations on all levels,” said Bill Dunkelberg, NFIB’s chief economist. “We see solid momentum going into the fourth quarter, and another good quarter could get the GDP back to its 2019 closing levels.” Read more.

If you wouldn’t think about building a house without blueprints, why would you consider building a business without blueprints? Like plans for a home, business blueprints should include each component necessary for long-term benefit. Franchise Foundry can help ensure you have the right blueprints specifically for you as you explore the American Dream of business ownership! Learn more.

Five Emerging Disruptive Technologies For Entrepreneurs To Observe

While there are endless articles highlighting the benefits of artificial intelligence (AI), augmented reality and blockchain, there are other emerging technologies that are often neglected by entrepreneurs. These technologies have the potential to completely disrupt the aerospace, health and manufacturing sectors. In this article, will explore five potential breakthrough technologies and how I believe they will converge. Read more.

Election Results Frame Positive Future For Franchising

This 2020 election season has been one like no other. The months leading up to election day — and indeed the days following election day — have been both passionate and tumultuous. With the election now over, the future for franchising is predictable and promising. Read more.

Franchise Foundry represents a number of quick service restaurant (QSR) brands realizing year-over-year sales increases.- Low initial investment – Funding support- Site selection assistance- Small real estate footprint- Support & training- Multi-unit opportunities- Multi-brand opportunities. Learn more.

SBA Loans: What Is an SBA Loan?

When a small business owner needs financing, the first option to come to mind is usually a loan through the Small Business Administration (SBA). While many people are familiar with the term “SBA loan,” they often aren’t clear on what these loans are, or even how to get them. We’ve provided a general overview of the common SBA loan programs to help you decide which programs may fit your business needs best.

The SBA provides several small business financing options. The six most common loans offered by the SBA are 7(a) loans, 504 loans, CAPLines, export loans, microloans, and disaster loans. We have summarized the basic requirements, costs, terms, and application process for each of these SBA loans. Read more.

Small Business Administration (SBA) Loan

Benetrends has been securing SBA financing  for 35+ years and has one of the best loan approval success rates in the industry. With a large and expanding network of lenders, you will have choices when it comes to selecting a loan.  You’ll also have access to our dedicated staff – experts in loans for businesses – to ensure the fastest possible application processing, including a dedicated loan closer to assist with the closing process. Learn more.

Technology As The New Norm – Are We There Yet?

As we’re at mid-year, it’s essential we look forward to the second half of the year and review our goals and objectives. But, too often we don’t take into consideration how we’re going to make certain we achieve those goals and objectives… understanding what’s involved, doing the necessary prep work, learning about technology that will help, etc.

As the world rapidly moves towards “everything digital” it is vitally important, and absolutely essential we stay on top of technology. This cannot be stressed enough! It is reality and is paramount to any type of business success. The key is not to look at this from a negative perspective. Instead, embrace it for what it is, and for what it can do to help grow your business. Technology is not the enemy. It truly is your friend and one that can help you in more ways than you could ever imagine.

Imagine doing business today without computers? Without the internet?

Many business owners in the late ’80’s were reluctant to embrace computers and many thought the internet was a fad and would wither away. Many of today’s business owners have the same thoughts about social media and digital technology. Heck, many are still complaining about Web 2.0, when Web 3.0 is already here!

I guess the most important thing to realize, and probably quite different than looking back at technological advances in the ’80’s and ’90’s is the fact that today’s consumer has embraced technology and has incorporated it into their daily routine. Of course, let’s not lose sight of the younger generations that utilize technology because, quite frankly, they don’t really know any other way of doing things. It’s the norm to them. Actually, many in the younger generations don’t even look at it as technology!

So, back to today’s consumer… As they have embraced technology at a quicker pace than in the past, they demand, correction, expect, brands to have embraced it as well. They also expect brands to be ahead of the curve, and at the very least, ahead of where they are as consumers using technology. I guess a key question to ask at this time is, “At what point does today’s and tomorrow’s consumer meld together and eliminate the transition stage?” I ask that because the transition stage is today’s business owner’s comfort zone. It’s the comfort zone relied upon that minimizes the sense of urgency to embrace technology. It’s the comfort zone that has many business owners stating, “I have time. I’ll check it out next year.” or, “Our customers are older. They don’t use this new stuff. I’ll worry about it when I have to.”

Understand, today’s consumer, regardless of age, has embraced, or at the very least, accepted technology. Their expectations are growing by the minute, and most have ventured far beyond their own comfort zones. Add to this the influence of younger generations that in the past would have been considered to be bringing up the rear, that are now pushing forward, and pushing hard. Before you know it, the transition stage, the comfort zone, will be gone, and business owners that have not embraced and accepted technology will not survive.