Now is the Time to Embrace the QR Code

Small business owners are often reluctant to adapt to modern technology. If they have been in business for many years (or decades) they are comfortable with the processes and procedures, they already have in place. It is not unusual for me to meet with a client who is still using Quick Books desktop circa the early 2000’s. The problem with not adapting to newer technologies is that they will often find themselves being left behind by their competition. That brings us to the issue of the QR code. If you recall from many, many years ago the QR code was introduced by a Japanese company in 1994, for use in the automobile manufacturing (1). As of 2011, the primary users of QR codes were men (18-34) (2). At the time it was a little too early for much of the population to see its benefit or to adopt its use. This could have been due to a lack of understanding of what it did or not having the proper apps (such as a scanner) on mobile devices. 

The pandemic changed all that. I first started noticing a rebirth in the use of the QR code in 2020 when I was in NYC. Restaurants had started putting QR codes on table placards so patrons could scan and read the menu. This involved less handling and less need to print or purchase menus. According to Wikipedia “In September 2020, a survey found that 18.8 percent of consumers in the United States...strongly agreed that they had noticed an increase of QR code use since the then-active COVID-19 related restrictions had begun several months prior.” (2)

The second place I started seeing wide use of QR codes was at conferences, where codes could be found on pop-up banners. The codes were used for agendas, maps, and activities. Now I see them everywhere! One of the more innovative ways I saw them being used recently was at an upscale restaurant where you could scan the menu, order food, and pay the tab. This allowed the restaurant to operate, during a remarkably busy time, with limited staff. Think of the labor savings if you do not need to bring a menu, take an order, or leave a bill. With the labor shortage small businesses are facing, looking into implementing QR code technology into your business could save time and money! Here are some ideas on how small business can implement the QR code:

1. Distribute agendas, directions, and events

2. Direct customers to your website

3. Marketing and ad campaigns, on print material, TV, or billboards

4. Restaurant menu

5. Customer payment

6. Gather feedback about a product or service

7. Loyalty reward program

8. Compile customer data for email and direct mail campaigns

9. Member check-in

10. Provide product information

I am sure there are many more applications that small businesses can use to generate customer traffic, build loyalty, save labor, boost sales, and reduce waste. Please let me know if you implement QR code technology into your small business. 

(1)   1.   QR Code history

(2)  2.    Wikipedia

 

IRS updates the Work Opportunity Tax Credit to help business with staffing shortages!

 September 19, 2022

WASHINGTON — The IRS today updated information on the Work Opportunity Tax Credit (WOTC), available to employers that hire designated categories of workers who face significant barriers to employment. For employers facing a tight job market, the WOTC may be able to help.

Today's updates include information on the pre-screening and certification process. To satisfy the requirement to pre-screen a job applicant, on or before the day a job offer is made, a pre-screening notice (Form 8850, Pre-Screening Notice and Certification Request for the Work Opportunity Credit) must be completed by the job applicant and the employer.

The Targeted Jobs Tax Credit (TJTC), which preceded WOTC, did not contain a pre-screening requirement. In enacting WOTC to replace the TJTC in 1996, Congress included the requirement that employers pre-screen job applicants before or on the same day the job offer is made. In doing so, Congress emphasized that the WOTC is designed to incentivize the hiring and employment of certain categories of workers.

After pre-screening a job applicant, the employer must then request certification by submitting Form 8850 to the appropriate state workforce agency no later than 28 days after the employee begins work. Other requirements and further details can be found in the instructions

✎ EditSign

WOTC has 10 designated categories of workers. The 10 categories are:

• Qualified IV-A Temporary Assistance for Needy Families (TANF) recipients
• Certain veterans, including unemployed or disabled veterans
• The formerly incarcerated or those previously convicted of a felony
• Designated community residents living in Empowerment Zones or Rural Renewal Counties
• Vocational rehabilitation referrals
• Summer youth employees living in Empowerment Zones
• Food stamp (SNAP) recipients
• Supplemental Security Income (SSI) recipients
• Long-term family assistance recipients
• Qualified long-term unemployment recipients.

Although the credit generally is not available to tax-exempt organizations, a special provision allows them to claim the WOTC against the employer's share of Social Security tax for hiring qualified veterans. These organizations claim the credit on Form 5884-C, Work Opportunity Credit for Qualified Tax-Exempt Organizations Hiring Qualified Veterans. Visit the WOTC page for more information.

Laura D. Katz, MBA, CDMP, is the Area Director of the UGA SBDC - Athens Center. Ms. Katz is a national speaker on the topic of Marketing & Business Development. You can follow her on LinkedIn and Twitter.

DAWG’s win the National College Football Championship!

Photo from: UGA Today January 11, 2022

 

After watching last night's game, I began to think about what led to the Bulldog’s historic win against the Crimson Tide? In the 4th quarter the score was 19-18 and I had a sinking feeling that the Crimson Tide would steamroll us again. However, that all changed when Bennett "dumped it off to Brock Bowers for the score from 15 yards out as the Bulldogs retake the lead... then Kelee Ringo intercepts and returns it 79 yards for the score and give Georgia its first national title since 1980. Final score Georgia 33, Alabama 18 ." (source: @sportingnews)

When Stetson Bennett was asked what he was thinking at that point in the game, he said “I was either going to be a zero or a hero.” The team had planned and practiced for this very situation and they all knew what needed to be done.

I believe there are #3 key factors that made the Bulldog’s National Champions when it came down to the wire:

1. Leadership - Kirby Smart’s leadership and determination kept Stetson Bennett in as starting quarterback, even after the SEC defeat against Alabama. Stetson Bennett’s leadership and trust in Brock Bowers ability to catch the ball led to that game changing touchdown.
2. Strategy - After their SEC loss, Smart pushed the team to build the strength and endurance needed in the second half to push through and win. Smart knew his team had the talent and the heart, however they just needed more endurance than their opponent.
3. Practice - Everyone has heard, “practice makes perfect” and you can see why that is true. By "working the plan" which led to the late "pick-six" interception and 79 yard touchdown by Kelee Ringo!

Why am I writing about sports when I have been told to never, ever “talk sports” in public? Because, I have seen first hand that when a business owner utilizes leadership, strategy and practice they become champions! As a business owner you can survive for a while on talent and luck, but not long term. You need to lead your team by developing a strategic plan and win by working the plan. How can you do this? By taking UGA SBDC’s GrowSMART, a premier leadership and business development program held annually. The program is starting on March 8th and will be held on five consecutive Tuesdays through April 5th.

Do you want to be a Zero or a Hero? Take the opportunity now by applying to attend GrowSMART. Become the Hero in your business! You will not regret it.

Go DAWG’s!

Laura D. Katz, MBA, CDMP, is the Area Director of the UGA SBDC - Athens Center. Ms. Katz is a national speaker on the topic of Marketing & Business Development. You can follow her on LinkedIn and Twitter.

Prepare for the Holiday Shopping Season Now!

 

Shoppers are hoping to get back to  “normal” this holiday season but will continue to be cautious of COVID-19 and Delta outbreaks. According to a recent Deloitte report,  the 2021 holiday shopping season will result in an increase of 7% - 9%  in retail sales and 11%-15% in online sales. Below are four reasons why your digital marketing and online sales will be more important than ever this holiday season: 

1. Pent up demand  indicates that your customers will be more open to increased spending this holiday season.

2. Holiday travel is expected to increase due to loosening pandemic restrictions and increased vaccination rates. Consumers will want to shop for family and friends that they have not seen for the past year plus.

3. Delayed shipments and reduced stock will equate to an even earlier holiday shopping season,  due to customers not wanting to miss out on the gift giving.

4. Surging omni-channel competition and shoppers demand for a seamless experience, both in branding and service, whether  shopping  online, mobile or brick and mortar. 

What does all this mean for your small business? You need to be prepared to be noticed, drive traffic to your site and convert customers into sales! Luckily, the UGA SBDC + Big Ecommerce are presenting 3, one-hour webinar series, with strategies to  guide you on how to enhance your website for Black Friday/Cyber Monday,  develop SEO tips & tactics to increase your digital reach, and conduct email marketing campaigns that will target customers.

The webinars will be THIS Tuesday, Wednesday and Thursday, October 5, 6 & 7 from 11:00-12:00. Don’t delay, registration closes today at 5:00!

Laura D. Katz, MBA,CDMP, is the Area Director of the UGA SBDC - Athens Center. Ms. Katz is a national speaker on the topic of Marketing & Business Development. You can follow her on LinkedIn and Twitter.

Five Common Mistakes Entrepreneurs Make

•  Signing a lease before receiving funding because "someone else was going to take it."
•  Not understanding the "5 C's" of credit.
• Stocking up on inventory because it was a "good deal."
• Choosing your business name because you "love it."
• Paying "employees" on a 1099.

Over and over again, I have seen entrepreneurs make one or more of these common mistakes. Often, once they realize their mistake, the damage is already done. Why do entrepreneurs continue to make these same mistakes? Typically, it is because they have a great idea for a business and want to start right away! 

Careful planning  prior to starting your business can help you avoid these mistakes AND save your money! Developing a strong business plan and financial projections can seem overwhelming. We can help!  #UGASBDC #StartSMART program will walk you through all the steps required to develop a solid business plan and financial projections, along with the resources to do it. 

Register Today, there are only a few spaces left! Program starts Tuesday, April 27th! 

Is "Now" a Good Time to Start your New Small Business?

 

Economic upheavals are not uncommon, all markets have ups and downs over time. My consulting clients often ask, is now a good time to start a business? Surprisingly, business giants MicroSoft, Netflix, Airbnb, and GE were started during an economic downturn. Below are #6 reasons why now may be the best time to turn your idea into a business:

1.     Business “Shake-out” – during periods of economic uncertainty many businesses are not able to survive and a “shake-out” will occur. For example, when the 2008-2011 recession happened in the construction and real estate industries, many companies closed their doors. This shakeout leaves a wide-open space for smart entrepreneurs to take advantage of the lack of competition and consumers limited supply, to open a business. The Covid pandemic has impacted the retail, restaurant, and event industries particularly hard, opening new opportunities in these markets.

2.      Hiring Talent – with a strong economy comes low unemployment, which ultimately drives up wages and makes it harder for small business to hire the talent they need. In times of economic downturns, often employees are let go through no fault of their own. This leads to a plethora of candidates to choose from, often at more reasonable wages. Now is the time to hire that talent your small business needs to get up off the ground.

3.     Alternative Financing – often small business owners are not able to obtain the financing they need to launch a new business. When the economy is in distress, often investors are looking for a better rate of return by investing in a new small business, rather than more traditional markets. This is an opportunity for entrepreneurs to reach out to family, friends, and acquaintances about your new small business plans and financing needs.

4.     Commercial Occupancy Rates – savvy entrepreneurs may be able to procure a great space for their business due to low occupancy rates. If a business is shut down, that leads to open commercial offices, buildings, and warehouse perfect for a small business to operate out of. Often you may have more room to negotiate the rent amounts, lease terms and tenant improvement (T.I.) money to help with any needed build out. Landlord’s do not make money if a space is empty.

5.       Government Subsidies – recession leads to new government subsidies to help entrepreneurs start small business. During the 2008-2009 recession, the SBA offered low-cost loans, refinancing opportunities, and no-cost business training services. Currently, the SBA, through congressional efforts, are offering SBA guaranteed loans with reduce equity requirements and no fees. For example, on the SBA guarantee 7a and 504 loan programs is offering six (6) months of paid principal and interest, equating to extra working capital for an entrepreneur. All these special programs are for a limited time, so take advantage now.  

6.     Interest rates – the Federal Reserve lowered interest rates during the previous recession and have moved them even lower during the current crisis. These super low rates are intended to spur economic development. There is not a better time to close on a commercial loan when the prime rate is hovering around 3%.  Entrepreneurs may even be able to negotiate a fixed interest rate for a period to help get them started.

My question back is, are you ready to take the plunge and open your new small business?

 

Laura D. Katz, MBA, is the Area Director of the UGA SBDC - Athens Center. Ms. Katz is a national speaker on the topic of Marketing & Business Development. You can follow her on LinkedIn and Twitter.

Small Business and the “New” Normal

Small Business & the "New" Normal

Small business owners are anxious to leave 2020 behind and return to normal. My small business client discussions have focused on what that “new” normal will look like. Consumers have become accustomed to and have embraced many of the mechanisms that were put in place to remain in business during 2020. It may be very hard to return back to your normal moving forward. Below are some considerations to make about what your “new” normal will look like:

 

Work from Home – Small business owners have learned that work can be done efficiently offsite, with reduced overhead costs. Employees are comfortable with the convenience of WFH. Perhaps a dedicated office space is no longer necessary for your business to operate. If a wholly WFH environment will not function for you, perhaps joining a co-working space could be a less costly option. An example are co-working spaces can be paid for annually, monthly, and even, hourly. Most spaces provide conference rooms, private rooms for working or meeting with customers, and shared copier/printer equipment.

 Virtual Meetings - Small business owners that primarily meet face to face with customers have had to move to virtual platforms, such as Zoom, MS Teams, Google Hangouts, and Facebook live. By utilizing virtual platforms, a small business can still connect with their customers, often more efficiently and cost effectively. For example, some of my fitness clients have incorporated virtual training sessions as part of their product package. The owners have discovered their customers like having the option and convenience of virtual sessions.

 Touchless Customer Contact – Small business owners in food service quickly determined that if they could not serve customers due to shutdowns, they were doomed. By embracing touchless customer contact using delivery services, curbside pickup and outdoor dining these savvy small business owners were able to continue to offer their services to customers. An example of this is a local restaurant who replaced their front door with a slot for payment, and a “cubby” to place customers takeout orders in. The convenience and efficiency of touchless service will remain desirable to your customers.

 eCommerce – Small business owners in retail determined that they had to be on-line to compete with large national brands.  To do this, some set up full-service eCommerce site, which can be quite expensive. Others utilized free platforms such as Instagram and Facebook to showcase and sell their wares. An example is a boutique client. Sales dropped; and they had just received all their inventory for the busy season. Utilizing Facebook Live, they were able to have a “fashion show” and take orders remotely.  Customers will continue to expect an eCommerce option.

 Marketing - Small business owners who had relied on word of mouth (WOM) to market their business were faced with the realization that they needed to strategically market their products and services in a new way. Some businesses updated their website and promoted social media content on a more frequent basis. Others had to choose the correct platform to reach their target audience. Google ad words, Google my business, Facebook targeted posts and Instagram stories are some cost-effective options for educating customers about your offerings. A clothing retailer client developed Instagram Stories to reach their target audience with great success! Customers preferred the ease and anonymity of this type of marketing.  You will find it more important than ever to adopt a marketing strategy (and budget) for your business.

 Buy Local Movement - Small business owners are 99.6% of all Georgia business and employee 43% of its citizens. Small business owners, and employees, are your family, friends, and neighbors. With business closing, a slowdown in shipping and lack of product supply, it became quickly apparent how important local food producers, restaurants, and retailers are for the economy. A bookstore client that consistently promoted that they were a local business  were able to keep their employees, generate decent sales, and become a virtual sensation! Continue to promote your business as local and connect with your community.

 Lender relationships -  Small business owners learned how important a relationship is with a lender. Banks were swamped with loan requests and in some circumstances, only the businesses that had existing relationships could quickly access the financing they needed to survive. An example of this are several clients who banked with large national banks for years yet did not have a relationship with a commercial lender. Often, reaching out to community banks and having a conversation with the lender was a solution.  Nurture lender relationships by having a conversation regularly about how your business is performing. This could be very helpful to you and the future of your business.

 Laura D. Katz, MBA, is the Area Director of the UGA SBDC - Athens Center. Ms. Katz is a national speaker on the topic of Marketing & Business Development. You can follow her on LinkedIn and Twitter.