Magento Review 2019: Features, Pricing, Alternatives

Shopify, WooCommerce, and Volusion—if you have an ecommerce business, or are looking to start one, you’ve probably heard these names. How about Magento? Although Magento might not be a household name, this ecommerce platform handles over $100 billion in gross merchandise volume every year and works for big brands like Canon and HP. That’s pretty impressive. With a business that large, you may be wondering why all small businesses aren’t looking into Magento ecommerce.

Some relevant background on Magento: The Magento ecommerce platform has been around since 2008 and ownership has shifted a few times over the past 10 years. In 2018, Adobe purchased Magento and their platform became part of the Adobe Commerce Cloud. Before the Adobe acquisition, Magento was known mainly as Magento Community (now called Magento Open Source), an open source ecommerce platform geared toward businesses with development knowledge. At that time, Magneto also offered their Enterprise edition (now called Magento Commerce), which was a more inclusive platform typically utilized by big businesses.

Since Magento has become part of Adobe, they have shifted their ecommerce offerings and the way they market their platforms, with a renewed focus on appealing to small and midsize businesses. As you may have gathered, matters are pretty involved when it comes to Magento and their ecommerce platforms—and that’s why we’ve created this Magento review. Keeping in mind the new direction of Magento ecommerce, we’ll take you through their offerings, features, pricing, and compare Magento to other industry players—so that you can decide if this is the right ecommerce platform for your business.

What Is Magento?

Now that we’ve explained a bit about Magento’s history, let’s dive deeper into what Magento actually is.

On the whole, Magento is an ecommerce platform, as we mentioned, owned by Adobe. Magento, therefore, has the general capabilities that characterize an ecommerce platform software: It allows a business to operate online. With their software, you can create and manage your website, sell your products, develop a customer experience, and generally handle your ecommerce business operations. As an ecommerce platform, Magento has two distinct branches, Magento Commerce and Magento Open Source. So, what’s the difference?

Magento Commerce is a cloud-based, all-inclusive, ecommerce platform. This means that by using Magento Commerce, your store is hosted through the cloud, as is the case with many ecommerce platforms. It also means that everything you need to run your business—building your small business website, managing your products, developing your shopping cart—is part of the software. To have the full breadth of functionalities offered by Magento Commerce, all you have to do is pay for their service.

Magento’s second offering, on the other hand, is completely different. Unlike your typical ecommerce platform, Magento Open Source (as per the name) is an open source platform. With this open source platform, anyone can download it (for free), install it and make adjustments to the software based on their needs. This also means, however, that you must find a web host for your site and any functionality that isn’t included must be added or created and then installed by a developer.

So although as a whole, Magento is an ecommerce platform, there are two very unique ways to use it. Ultimately, which offering you choose depends on your particular business needs.

Magento Features

As you might imagine, the features you receive when using Magento ecommerce varies greatly depending on which version of the platform you choose. Since Magento Commerce is the more comprehensive option, comparable to other ecommerce platforms, we’ll discuss those core features first. You should keep in mind that Magento Commerce has an exhaustive amount of capabilities and these are just the highlights. A complete list of their features is available on their website.

Store Builder

Magento Commerce gives you the ability to create your own ecommerce store and personalize it to your business. With their Page Builder, you can drag-and-drop to develop and edit your pages, quickly and easily. You can preview and schedule your content to seamlessly make changes without disrupting the customer experience. Additionally, the Magento ecommerce platform has responsive design themes so that you can optimize your store for desktop, tablet, and mobile devices.

Shopping Cart

With the Magento ecommerce platform, you receive advanced shopping cart and checkout capabilities. You can create personalized shopping experiences based on user information, let users save products in their cart for later, and allow them to create a post-purchase account with one click. Magento Commerce also includes instant purchase checkout, extended promotion development, tax and shipping estimates, as well as both guest and user checkout options.

Payments

An essential element of any ecommerce business, Magento gives you the ability to securely accept payments. Magento automatically accepts checks and money orders, bank transfers, cash on delivery, and purchase orders as part of their platform. For accepting credit card payments, Magento allows you to integrate with a variety of different payment gateways. Although they recommend you work with Braintree or PayPal, you have the capability to work with others, as well as download payment extensions through the Magento marketplace.

Inventory and Order Management

Through the Magento Commerce dashboard, you can manage your inventory as well as your orders. You can add all of your products, assign them to categories, bundle, and group them. You can also create product templates, track inventory, and offer different business models including subscriptions, digital goods, and services. For your orders, you have the ability to view, edit, create, and fulfill orders and invoices right from the dashboard. You can also print packing slips, shipping labels, and customize customer emails.

Marketing and Reporting

In addition to these general store functionalities, Magento Commerce also includes integrated marketing and reporting resources for your business. The platform includes SEO tools, a data dashboard, customer email capabilities, loyalty program development, and more. Magento’s reporting system gives you access to up to 100 predefined reports as well as the opportunity to create and edit your own.

Customer Support

The Magento ecommerce platform comes with support for you, as a user, as part of the managed cloud, as well as from their staff directly. As part of the cloud, you have access to application and infrastructure support as well as platform monitoring. From Magento, you have technical support available to you 24/7 by phone or email. Depending on your agreement with Magento, you may also have access to a dedicated launch and account manager.

Magento Open Source

Although the Magento Commerce platform gives you access to all the features described above (and more) the capabilities that come included with Magento Open Source are very different. In fact, Magento actually provides a chart to lay out the feature differences between Commerce and Open Source.

On the whole, Magento Open Source allows you to build your store—developing your shopping cart, products, payments, catalog management, and instant checkout. Open Source includes your general ecommerce necessities, but lacks some of the supplemental capabilities associated with Magento Commerce such as marketing tools, content preview, customer loyalty programs, and the drag-and-drop Page Builder. Furthermore, since Magento is free to download and install, there are no user support offerings.

You can, however, use integrations and add-ons to Magento Open Source to increase your abilities, but to do so you must work with a developer or go through the process yourself.

Magento Add-Ons

Additionally, for both Commerce and Open Source, Magento offers a few specific product add-ons to further enhance your ecommerce capabilities. These include:

• Order Management: Extends your order management and inventory functionality, combines online and in-store shopping experiences
• Business Intelligence Pro: Gives you added data management, web analytics, and reporting capabilities
• Shipping: Enables access to full-scale shipping services—connecting you to global shipping carriers, automating order fulfillment and logistics, comparing rates and finding the best shipping costs
• Magento Marketplace: Magento’s network of available integrations and extensions you can add to your platform to improve your store—includes free and paid options ranging in categories from payments to marketing to accounting.

Magento Pricing

To discuss Magento pricing, we once again have to break down the difference between Commerce and Open Source. Open Source, as previously mentioned, is free for anyone to download and install. However, just because it’s free to download doesn’t mean that Magento Open Source comes at no cost. Remember, to use Magento Open Source, you’ll need a web host, a theme, as well as additional technologies to actually get things up and running. Furthermore, although Magneto Open Source can accept payments, you’ll need a payment gateway to actually process them, which comes at varying costs depending on the gateway you use.

Additionally, there is cost to consider involved with actually installing and maintaining Magento Open Source. Unless you have a development experience or a developer on staff, you’ll need to work with and pay an outside resource to create your store, customize it, add any integrations, and put everything into production. Furthermore, if you want particular add-ons, like some of those in the Magento Marketplace, you might have to pay for those as well.

At the end of the day, although it’s difficult to put a dollar amount on the cost of Magento Open Source, this platform is not a way to run your ecommerce business for free.

The pricing for Magento Commerce, on the other hand, is based on a different set of considerations. Many of the added costs associated with Open Source—web hosting, customization, development—comes included with Commerce, and this is one of the main benefits of an ecommerce platform like this. However, Magento does not list the cost of their Commerce offering on their website. To find out the price of Magento Commerce, you’ll have to contact them directly and receive a quote based on your individual business and needs. The Magento website allows you to request a free demo; however to do so, you’ll have to provide your information and work with their team.

That being said, most ecommerce platforms operate on a subscription, monthly fee basis, plus the cost of payment processing. In this case, therefore, you would be paying for the Magento Commerce platform, plus the fees associated with the payment gateway you choose. Pricing might vary depending on your business size, amount of monthly sales, and specific capability requirements. Furthermore, Magento is not clear if their additional product offerings (Order Management, Business Intelligence Pro, and Shipping) require an added cost. Ultimately, if you’re considering Magento for your ecommerce platform, you’ll have to reach out to them for specific pricing information.

Pros of Magento

As an ecommerce platform that serves over 250,000 merchants, there are definitely benefits to Magento. Let’s check out a few:

Features

If you’re looking for the maximum amount of features and functionality, Magento Commerce is your best bet. Their feature list is extensive—any specific need you’re looking for is probably included in their platform. Additionally, Magento has all the essential elements you need to set up and manage your store, as well as global functionality, advanced reporting, customer loyalty programs, among others. At the end of the day, you’re probably not going to find an ecommerce platform whose capabilities compare to Magento’s.

Integrations

In addition to their comprehensive feature list, Magento also gives you the ability to integrate with numerous platforms, working with hundreds of the best industry partners (like Amazon Pay, for example) through their Magento Marketplace. If you need something that Magento Commerce doesn’t have, this marketplace gives you access to find that functionality. The integrations on Magento Marketplace include customer support, payments, marketing, accounting, shipping, and site optimization.

Open Source Option

Although the Open Source track is certainly not viable for every business, those who can use it will receive extremely unique benefits. Not many ecommerce platforms have an open source offering, so if this is something you’re looking for, Magento is a great option. With Open Source, you have unmatched control over your ecommerce business. Since you’re developing the specific elements, your store, design, and functionality will be completely your own. Furthermore, if you have already have the development experience in-house, Magento Open Source becomes even more of a workable option.

What Magento Users Say

Magento customer reviews generally reach a consensus that these points are the main benefits of their service. Customers highlight the customization ability, especially with Open Source, saying it allows them to stand out among other ecommerce businesses. Additionally, users say that the extensive capabilities are very useful, particularly if you have a large or rapidly growing business. It should be noted, however, that users who like Magento Open Source often admit that you need to have a coding background to truly utilize the platform.

Cons of Magento

Although both of Magento’s ecommerce offerings have their advantages, there are certain drawbacks as well. Here are a few to consider:

Usability

Whereas many ecommerce platforms advertise their ease of use, this is not a quality bestowed upon Magento. For Open Source in particular, this is probably one of the biggest issues. If you don’t have a development background, or don’t want to pay for someone to install, develop, and work on the software, Open Source is going to be nearly impossible to use. As for Magento Commerce, although it’s an all-inclusive platform, it’s easy to see how the amount of features could be overwhelming and therefore, could be possibly be complicated and confusing to actually use.

Price

For many small businesses, cost is a huge consideration, especially if you’re just starting out. Whether you’re a small or medium size businesses, the price is a definite disadvantage of Magento Commerce and Magento Open Source. Although it’s difficult to determine the exact cost of either option, Magento customer reviews seem to suggest it can be quite high.

What Magento Users Say

Just as with the positives, the Magento community reviews are consistent on the negatives of the platform as well. As we mentioned, Magento users view the price as a big drawback, regardless of the version being used. Although the “free” element of Open Source seems appealing, customers confirm that there is, in fact, a large cost involved with actually getting your business up and running. The price associated with either platform, customers feel, is only appropriate for bigger or rapidly growing businesses. Additionally, users of both systems (as well as developers) report that it’s not user-friendly, can be overcomplicated, and it’s difficult to train employees to use it.

Alternatives to Magento

If you’re looking into Magento for your ecommerce platform, there are also many industry competitors you should consider. Here are two worthy alternatives:

Shopify

One of the first platforms you probably think of when you hear “ecommerce,” Shopify is known for its usability, variety of features, and customization abilities. Unlike Magento, Shopify’s pricing is readily available. They offer four different plans, ranging from $9 to $300 per month. Additionally, Shopify allows you to accept payments through their own payment services provider, or, for an additional charge, you can work with one of over 100 other payment gateways.

Although Magento has an unparalleled list of features, Shopify’s platform is also pretty inclusive. In addition, if they don’t have a functionality you desire, you can choose from over 1,200 apps in the Shopify app store to extend your capabilities. Furthermore, where users report that Magento can be complicated and often requires developer-level knowledge, selling on Shopify is generally considered simple, user-friendly, and accessible for all business sizes.

In fact, for better or worse, Magento ecommerce platform reviews consistently mention Shopify as an alternative. So if you’re looking for a wide variety of capabilities, plus upfront pricing and an easy set up and selling experience, Shopify is worth considering.

OpenCart

OpenCart, like Magento Open Source, is an open-source ecommerce platform. Just like Open Source, OpenCart can be downloaded and installed for free and then customized to create the exact website and store you desire. While Magneto requires you to find your own web hosting, OpenCart offers you the ability to work with their hosting partner, who will get the set up started for you. You can also download the platform and host it yourself, if that’s what you’d prefer.

With OpenCart you can choose a variety of themes, and while the feature list isn’t as extensive as Magento, there are numerous plug-ins (free and paid) you can use to extend your capabilities. Like Magento, OpenCart also gives you access to a handful of payment gateways, like Authorize.Net, that are already integrated, or you can download additional ones from the OpenCart marketplace.

A huge difference between OpenCart and Magento Open Source, however, is the ease of use. Although OpenCart does require some technical knowledge, it’s said to be much easier to set up, implement, and maintain—making it more accessible for small businesses who are interested in an open-source platform. At the end of the day, though, OpenCart is pretty reliant on plug-ins and actual customization, so you might need the help of a developer to get the most out of it. Nevertheless, OpenCart certainly stands up as a competitor to Magento Open Source and is worth a look if this functionality is something you’re interested in.

Is the Magento Ecommerce Platform Right for Your Business?

When it comes to Magento ecommerce, it’s safe to say that the platform is very involved, whether you’re considering Magento Commerce or Magento Open Source. Although as part of the Adobe Commerce Cloud, Magento is marketing their software directly to small and medium-sized businesses, it’s difficult to say that utilizing their platform would be the most efficient way to run your ecommerce business. Magneto has unparalleled features and functionality, however, due to the unpredictable pricing and resources involved to actually use it, the platform is probably best for larger businesses or businesses with significant developer resources. At the end of the day, you’ll have to consider the various ecommerce platform options to decide which is right for you.

The post Magento Review 2019: Features, Pricing, Alternatives appeared first on Fundera Ledger.

from Fundera Ledger https://www.fundera.com/blog/magento-review/

7 Small Ways to Improve Your Business’s Customer Service

When it comes to running a small business, customer service is key. Even if your business has an amazing product or service, without the proper customer support, you probably won’t be able to achieve long-term success.

Although it might seem like common sense, it can be challenging to implement best practices in this area. Luckily, there are many small but effective ways that your business can tackle customer service challenges. From responding to negative reviews to better optimizing your business’s website, the little changes can add up. In fact, seven out of 10 U.S. consumers will spend more money with a company that has great customer service—so it can even boost your sales!

Keep reading to find out how your business can deliver excellent customer service by making the right changes to your processes.

How Can You Improve Your Customer Experience?

Offer Online Support

Does your business utilize online channels to provide customer support? If not, it’s crucial that you start using them.

When customers have a question or issue, they don’t want to spend time trying to call your company or visiting your location. Their time is valuable, and they want a solution as quickly as possible. That’s why you should create an online strategy.

A few of our suggestions are:

• Provide live chat on your website: By implementing a live chat service, customers can get immediate answers from your team. Typically, these services have fairly simple onboarding processes, but ensure that it works correctly before adding it to your site.
• Monitor your social media channels: Nearly 50% of patrons turn to social media when they have a question or issue with a business—and they expect a prompt response. By ensuring that someone from your team checks social notifications and responds to questions, you can avoid angering customers who feel they are being ignored.
• Use third-party CRM software: If you want to take your customer service to the next level, CRM software might be the right choice. This can help you keep customer records organized, and you can manage customer inquiries all in one place.

Emphasize Team Training

One of the most crucial aspects of a business’s customer service is your team. Any individual who interacts with customers should be well-trained on your company’s values, be knowledgeable about your products or services, and consistently learn new customer service skills.

Consider investing in training courses for your employees, or host monthly sessions where you review challenges that your customer service team faces. These courses don’t have to break the bank; in fact, you can enroll in free customer services courses from educational sites like Alison.

By investing your support team’s growth, you can see considerable improvements to your company’s customer retention.

Take Time to Talk to Customers

It can be easy to focus on your day-to-day responsibilities, but you should make it a priority to interact with your customers. Ask them about how you can improve their experience, find out what their interests or challenges are, and try to get to know them. You can do this by getting to know in-store shoppers, sending surveys via email, or starting conversations with users who tag your products on social media. Get creative when finding ways to interact with your customers—anywhere they are, you should be, too!

Not only will this improve customer satisfaction, but this will also enable you to take their feedback and insights, and enhance other areas of your business.

Always Respond to Negative Feedback

It can be difficult to interact with unhappy customers. But as a small business owner, it’s crucial that you apologize and find solutions to customer issues. That’s why we suggest responding to negative reviews or comments—even if you don’t feel the criticisms are warranted.

When responding, ensure the customer that you’re apologetic, and then see how you can solve their problems. By making it clear that your company strives to provide good customer service, even the unhappiest patrons may be willing to give you a second chance.

Say “Thank You”

One of the best ways to connect with your customers is to say “thank you”—it’s that simple! You can thank in-store patrons for visiting or send “thank you” emails to customers after they make an online purchase. When customers feel valued, they’ll be more likely to visit your business again in the future.

Even better, they might tell their friends to check out your business, too! After having a positive experience, 77% of patrons will recommend a business to their friends.

Create a FAQ Page on Your Website

You should strive to make it easy for your clientele to find answers to their questions. That’s why adding a FAQ page to your website is a must. This page should cover topics such as your prices, how to contact different departments at your company, how to find their account balance (if applicable), and anything else that’s relevant to your business.

To make sure that you’re covering all the frequently asked questions that you receive, ask your support team to keep track of common inquiries. That way, when you go to create the content for your FAQ page, you’ll be completely prepared.

Respond Faster

Understandably, handling customer service issues can take time. You might need to contact members of your team, conduct research, or conduct other tasks that will allow you to provide patrons with correct answers or a clear solution. Still, customers expect fast results, with 82% expecting immediate responses to their questions. If they don’t get them, they may take their business elsewhere.

Going forward, aim to respond to customers as soon as possible. Even if you can’t provide them with an answer just yet, by responding and letting them know that you’re looking into their issue, they’ll know that your team cares and is on top of it.

The Final Word on Providing Good Customer Service

Successful customer service involves various components. From being prompt to training your team, there are small changes that you can make to ensure customer satisfaction. By making this a priority, you’ll be surprised at how focusing on customer service can benefit every area of your small business.

The post 7 Small Ways to Improve Your Business’s Customer Service appeared first on Fundera Ledger.

from Fundera Ledger https://www.fundera.com/blog/improve-customer-service/

Walmart Business Credit Card Review, Plus Top Alternatives

On those days when you look up and realize you’re out of office supplies, cleaning gear, and you need to stock up for the company’s annual picnic, where do you go to get your shopping done? If you frequently head to Walmart or Walmart.com for your business needs, then you might be considering the Walmart Business Credit Card.

By using this credit card for some of your essential purchases, you’ll be able to build your business’ credit history and credit score. However, with all of the business credit cards available, how do you know that (even as a frequent shopper) the Walmart Business Credit Card is right for you? Will this card save you money? Will you earn cash back with your purchases? These are important things to consider when looking at Walmart’s Business Credit Card—and this review is here to help. 

We’ll take a hard look at the Walmart Business Credit Card, an in-store charge card that you or your employees can use only at Walmart stores, Walmart Supercenters, Walmart Neighborhood Markets, Walmart.com, Walmart, Murphy USA gas stations, and Sam’s Clubs. We’ll break down everything you need to know, as well as the pros and cons of getting this card. Additionally, we’ll explain another of Walmart’s credit card offerings, as well as top business credit card alternatives.

Walmart Business Credit Card: What You Need to Know

The Walmart Business Credit Card is meant to help small businesses manage their spending and separate their business and personal expenses. This is a store card, meaning that you can only use it in-store or online at Walmart stores, Walmart Supercenters, Walmart Neighborhood Markets, Walmart.com, Walmart, Murphy USA gas stations, and Sam’s Clubs. However, although you are limited to those options, there is a lot included under that one umbrella. Walmart carries a vast array of products, plus they have a myriad of locations across the country—giving you access to all of their merchandise across many regions.

Fees for the Walmart Business Credit Card

One of the factors you always want to look at when choosing a credit card is the fees. The Walmart Business Credit card for store purchases has no annual fee. Additionally, as you might expect, this card doesn’t have any foreign transaction fees—not that this is of particular concern unless you’re visiting an international Walmart and plan on using your card there.

The APR for the Walmart Business Credit Card is fairly straightforward. The rate for purchases is currently 17.05% and will vary depending on the prime market rate. You have a grace period of 26 days if you make a payment in full each time.

Regardless of your credit history, you’ll pay a delinquent APR for late or missed payments. The delinquency rate is 24.99% if you don’t make your minimum payment by the due date twice in any six billing periods consecutively.

As for late payment fees, it’s $29 for new balances of a minimum of $50, and $15 for any amount less than that. These late payment fees are not too high if you think you’ll carry a balance. Of course, you don’t have to worry about any of these rates if you intend on paying off the entire statement balance in full every month.

How to Apply for a Walmart Business Credit Card

If after exploring all of your options, you ultimately decide that you want a Walmart Business Credit Card, you should know how to apply for one. Luckily, applying for a Walmart Business Credit Card is very simple. All you have to do is go to the application link and fill out the form there. You’ll be required to fill in some basic information about you and your business and agree to the Terms and Conditions as well as the Personal Guarantee.

To finish the Walmart Business Credit Card application, you’ll click “accept and submit” and the application will be sent to Synchrony Bank, which issues the Walmart card, for approval. Synchrony will advise you on the status of your application. If you’re approved, you’ll receive your Walmart Business Credit Card account and login information. If you are not approved, you will be notified of that as well.

Pros of the Walmart Business Credit Card

Now that we’ve gone through the basics of this business credit card, let’s break down the benefits.

First, you can use the store Walmart Business Credit Card to help you better manage your purchases, since you receive an itemized monthly statement. This will be great for accounting purposes, as it will help you keep track of every Walmart purchase. With this statement, you’ll be able to see exactly where you’re spending the most—which is perfect for business budgeting or trying to trace your spending patterns. Plus, by using the credit card and paying off your bill on time, you’ll be improving your business credit score.

Additionally, since the card can only be used at Walmart, you’ll have a sense of security with your employees—knowing that by giving it to them—they can only use it there. Furthermore, in comparison to other business credit cards, it may be easier for you to get approved for the Walmart card, especially if you’re looking for an easy line of credit to spend at your go-to store.

Cons of the Walmart Business Credit Card

To be quite honest, there is not much substance to the Walmart Business Credit Card. Since you can only use the card at Walmart, it’s essentially a line of credit for Walmart without any additional perks or benefits. Whereas other cards offer perks like welcome bonuses, cash back, discounts, and more, the Walmart card has none of these.

The Walmart Credit Card for consumers, on the other hand, offers discounts and rewards that the business credit card does not. (We’ll discuss this in more detail below.) The consumer card gives you 3%, 2%, and 1% back in the form of statement credits on certain categories. Although the Walmart Business Credit Card may be helpful if you need it from a cash flow standpoint, it certainly doesn’t give you the option to truly make the most out of your card.

Who Should Get the Walmart Business Credit Card?

Now that we’ve broken down the pros and cons of this card, let’s look at what kind of businesses are best-suited for the Walmart Business Credit Card. Unfortunately, at the end of the day, it’s hard to say that this card would be the absolute best possible choice for any small business. Look at the facts:

• No benefits, rewards, or discounts
• No breaks for late payments, regardless of credit standing
• No ability to use beyond the Walmart family of stores
• Not even the best Walmart credit card out there 

In other words, small businesses really can’t get much use out of this card. The card is simply a line of credit—and although it shouldn’t be too hard to get approved for— if you’re spending on a business credit card, you might as well get something in return.

As we mentioned above, however, it could be beneficial to limit your employees’ spending to one store. But if you’re really concerned with limiting their purchasing power, there are other options you can explore, including a prepaid card, like Bento for Business. Otherwise, this card is probably best-suited for a regular Walmart customer who is looking for a simple credit card to establish business credit.

Alternatives to the Walmart Business Credit Card

You may be considering the Walmart Business Credit Card because you’re looking for a pretty simple card with which you can easily keep track of purchases or itemize your spending. Although this card may help you in those areas, it’s worth considering other options available to you as well. While the Walmart Business Credit Card only allows you to use it at Walmart and doesn’t give you any rewards, these alternatives have comparable perks while offering you more benefits, too:

The Walmart Mastercard From Synchrony Bank

If you’re really interested in a Walmart credit card, it’s worth thinking about their consumer credit card. This card gives you the option of both spending outside of Walmart as well as at their stores and provides those statement credits we briefly mentioned above. Their Earn 3-2-1 program allows cardholders to earn:

• 3% back on Walmart.com purchases
• 2% back on Murphy’s USA and Walmart gas purchases
• 1% off anywhere your card is accepted

There’s no annual fee, and the APR is similar to the Walmart Business Credit Card. However, late penalties with this card are a bit higher if you plan to carry a balance, and there is a foreign transaction fee. 

Although this consumer card may have merits in comparison to Walmart’s business credit card, there are certainly other business credit cards that can strike a great balance.

American Express Blue Business Plus

If you tend to carry balances and are concerned about APR, the American Express Blue Business Plus might be a great pick for you. This business credit card carries the longest 0% intro APR out there right now at 15 months. So, you can go interest-free on any balance you carry that entire time. After the 15 months are over, a variable APR kicks in, depending on the prime market rate and creditworthiness, so make sure you check the terms and conditions.

Of course, you can use this card anywhere that accepts American Express cards and not just at Walmart. So, that’s a definite benefit of this card—but you’ll also be earning rewards, too. For every dollar you spend, you’ll earn 1x in rewards points with no limit, and 2x rewards for up to $50,000 in purchases annually.

You can redeem these rewards for nearly anything, including merchandise and travel—which could be a big boom to your business. Plus, there’s no annual fee on this card, so it’s certainly worth considering.

Capital One Spark Cash for Business

One of the pros of the Walmart Business Credit Card is its simplicity. There are no complicated terms, rewards, or spending categories to keep track of. If you want more from your business credit card, but don’t have the time or desire to track your benefits, the Capital One Spark Cash for Business Card might be for you.

The Spark Cash card is one of the simplest cash back rewards card available to business owners. You get unlimited 2% cash back on all purchases—each day, every day. Also, if you travel abroad, there no foreign transaction fees.

Another perk of this business credit card is the generous welcome offer. If you spend $4,500 with the card within the first three months of opening your account, you’ll get a $500 one-time cash bonus. You also get free employee cards, meaning that you earn rewards on what they spend as well.

This card has an annual fee of $95, but Capital One waves it for the first year. So, not only can you try out the card without risk, but if you get the signup bonus, the fee is covered for the next five years.

Bento for Business Visa® Debit Card

The Bento for Business card, which we mentioned earlier, is a little different from the previous two. Unlike the American Express Blue and Capital One Spark Cash cards, Bento is a prepaid business credit card. Similar to the Walmart Business Credit Card, this card is simple and offers no rewards—it’s just a line of credit.

But the difference here is that when you sign up for Bento, your card is hooked up to your checking or business banking account. Therefore, you supply the funds for the card yourself, securely transferring cash directly onto the card to fund your credit line. If your biggest concern is employee spending, this card lets you set limits (since you choose how much goes on the card at any given time), but also allows for flexibility.

With this Bento card, you can easily set spend limits, track card activity, automatically integrate expense data into your bookkeeping software, and create as many cards as your business needs. This way, you can carefully monitor your finances, but also give your employees the ability to spend outside of Walmart.

Is the Walmart Business Credit Card Right for My Business?

Ultimately, you might want to seriously consider your other options before filling out a Walmart Business Credit Card application. Although you may be a frequent Walmart shopper, who wants a simple, straight-forward business credit card, there are cards out there that work for those requirements—plus give you added benefits. Every dollar can help your small business, so you should pick a card with intention—one that’s going to help you earn rewards, points or discounts, or lets you control spending with a degree of flexibility that isn’t also limiting. At the end of the day, it’s up to you to decide which business credit card is right for your business, but it’s worth remembering that there are plenty of options that will give you more than a store charge card.

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from Fundera Ledger https://www.fundera.com/blog/walmart-business-credit-card/

What Does a Bookkeeper Do, and How Can They Help My Business?

What Does a Bookkeeper Do?

Bookkeepers ensure that all of a company’s expenses, income, and transactions are recorded in the company’s books and reconcile the company’s financial accounts, typically on a monthly basis. Bookkeepers might also help with financial statement and financial report preparation. Although bookkeeping can be in-house staff position, most businesses employ bookkeepers on a freelance basis.

Bookkeepers can wear many different hats depending on what a business needs. That said, most bookkeepers nowadays use business accounting software to do their work. Plus, there are a few things that almost every bookkeeper can take care of for your business. Though the role of a bookkeeper is multifaceted, there are some core tenets to what bookkeepers do.

If you’re wondering what a bookkeeper does, then chances are you’re probably also wondering if you need one. We’ll explain the tasks that a bookkeeper can take care of for you, the going rate for a bookkeeper, and where to find a good bookkeeper.

What Does a Bookkeeper Do?

There’s no one simple way to answer this question. Just like any other field of work, bookkeeping can look different from business to business. However, these are the most common tasks that bookkeepers tends to tackle:

• Record financial transactions
• Reconcile bank accounts
• Manage bank feeds
• Handle accounts receivable
• Handle accounts payable
• Work with your tax preparer and assist with tax compliance
• Prepare financial statements
• Take on some payroll and human resource functions
• Make technology and process streamlining recommendations

Here’s a closer look at what a bookkeeper does:

Reconcile Your Bank Accounts

The most important task for any bookkeeper is to reconcile your financial accounts. Account reconciliation ensures that transaction details in your accounting software match transaction details on your bank account statements, credit card statements, and other financial account statements.

It’s important to regularly reconcile your accounts to avoid overdraft fees, fraudulent charges, or incorrectly recorded transactions. Accounting software makes reconciliation pretty easy, but a human touch is still required to make sure all transactions are accurately recorded.

Manage Bank Feeds

At a basic level, your bookkeeping service or bookkeeper should be managing the transactions brought in through your accounting system’s bank feed. Bank feeds link up your accounting software with your business bank account, allowing you to see each transaction in real time.

The accounting software, depending on how effective it is, should be able to automatically categorize certain transactions. For example, a credit card transaction from an airline can be automatically categorized as a travel expense. Bookkeepers keep an eye on these transactions and make sure they are being categorized correctly.

Bookkeepers might also have to manually add any transactions that aren’t included in the bank feed. The transactions that need to be added will most likely be transactions generated outside of the accounting system, such as cash payments or handwritten checks. It could also involve matching deposits as customer payments to help manage accounts receivable or outgoing transactions as payments against vendor bills.

Handle Accounts Receivable

Accounts receivable management can take on a few forms. As mentioned above, the small business staff might be entering their own estimates or invoices, and they might be receiving payment against the invoices.

However, there’s another option. The client uses an industry-specific estimating program to calculate the job, then provides the bookkeeper with the total. They then enter the estimates into their QuickBooks Online account and create or progress invoices as the project moves along.

Creating invoices, sending them to customers, providing statements, and assisting in collections is all part of the A/R services we provide for our clients. The customer lets the bookkeeper know when they’ve been paid, we enter that payment in QuickBooks Online, and then we create a deposit to match what the client takes to the bank.

Handle Accounts Payable

Along with accounts receivable, many bookkeepers also handle their clients’ accounts payable. That means the bookkeeper will handle all of the vendor bills that the company receives. Bookkeepers will note payment deadlines from each vendor, early payment discounts if available, and submit payment to the vendor. As a company grows, bookkeepers can add on an additional approvers to give the thumbs up for payments. Properly managing your accounts payable is important for maintaining relationships with suppliers and keeping positive trade credit terms.

Work with Your Tax Preparer

One of the services that many bookkeepers fail to mention is that, by default, they’re going to serve as a sort of translator between you and your certified public accountant or enrolled agent. Because bookkeepers have a much more intimate knowledge of your books, it’s sometimes easier to have your bookkeeper contact your tax preparer when you’re about to file your small business taxes.

Prepare Financial Statements

Most bookkeepers will prepare three major financial statements for your business—the profit and loss statement, balance sheet, and cash flow statement. It’s a good idea to have updated financial statements every month, and then again at year end. The profit and loss statement shows your business’s bottom line and operating expenses. The balance sheet shows your business’s balance of assets and liabilities. The cash flow statement shows the cash flowing into and out of your company. Accounting software allows bookkeepers to prepare these financial statements and share them with your accountant and tax preparer.

Process Payroll

Bookkeepers also, at times, fulfill payroll and human resource functions. Your bookkeeping service might have a payroll offering, or they might assist you in the processing of paychecks or tax payments and forms. They might simply input payroll data into your accounting system after your payroll service provider has submitted reports to you, or they might import the data from a file provided. Bookkeepers might also help you manage timesheets for hourly employees or overtime.

Make Technology and Process Streamlining Recommendations

Bookkeepers are also pretty good at keeping up with the latest and greatest technologies. It’s not unusual for your bookkeeper to find a new app or solution specific to your industry, especially if many of their clients work in the same space. Or maybe there’s a way to help you cut labor costs. Bookkeepers like to search for efficiencies and make your back office run as smoothly as possible. In this way, they can be a very valuable partner to your business.

How Much Does a Bookkeeper Cost?

Freelance bookkeepers typically charge between $30 to $50 per hour for basic bookkeeping tasks. Prices can be lower than average if you just need someone part-time to do simple tasks like data entry. However, if you’re looking for someone with accounting or tax preparation skills, be prepared to spend more.

All of the following factors can affect the cost of your bookkeeper:

• Types of tasks you’d like the bookkeeper to do
• Complexity and volume of your business’s financial transactions
• Bookkeeper’s experience
• Number of hours worked per month
• Whether you use any accounting software and what type (most bookkeepers prefer QuickBooks Online)
• Your business’s location

Bench is a bookkeeping service that balances your books on a monthly basis. They reconcile transactions, prepare financial statements, and provide you with a year-end financial package to make tax filing easy. They will also work directly with your tax professional.

Bookkeepers vs. Accountants

A bookkeeper has training in recording, categorizing, and reconciling financial transactions. Most accountants have a bachelor’s degree in accounting and are skilled in interpreting financial records to make business recommendations.

Many people are confused about the difference between bookkeepers vs. accountants, and the truth is that some bookkeepers also perform accounting tasks. For example, accounting software now makes it pretty easy for bookkeepers to prepare financial statements, a task that was traditionally reserved for accountants.

It helps to think of a bookkeeper as the chef who prepares the meal. The bookkeeper prepares the books and makes accurate financial records available. The accountant is like the food critic. The accountant will dig deeper into the financial records and analyze the business’s finances. An accountant can advise you on ways to conserve costs and increase profits and help you understand the financial impact of business decisions.

Bookkeepers Help You Get Back to Business

There you have it—all of the main skills that a bookkeeper can bring to your business. Your bookkeeper isn’t just doing simple data entry—there’s so much more that goes into bookkeeping than many small business owners realize.

The next time you find yourself wondering, “What does a bookkeeper do?”, you now know that the answer can be anything from reconciling transactions to processing payroll—the answer can even be managing all of the above.

At the end of the day, the answer to this question will ultimately depend on what you and your small business need from your bookkeeper. Either way, having a bookkeeper keeping track of your small business’s finances will free up the time and energy you need for growing your business.

The post What Does a Bookkeeper Do, and How Can They Help My Business? appeared first on Fundera Ledger.

from Fundera Ledger https://www.fundera.com/blog/what-do-bookkeepers-do/

Business Owners Policy (BOP): What Does It Cover?

What Is a Business Owners Policy?

A business owners policy, or BOP, combines general liability insurance, commercial property insurance, and business interruption insurance in one package. Bundling these coverages together lowers premiums. Businesses with less than $5 million in annual revenue and fewer than 100 employees are typically eligible.

Small business owners typically have three things on their mind when purchasing business insurance—coverage, convenience, and value. A business owners policy (BOP) is designed for each of these factors. By bundling general liability insurance, commercial property insurance, and business interruption insurance into a single policy, BOPs allow small businesses to save money and pay a single premium while securing essential coverage.

Business owner policies are a good option for many small businesses, but they’re not for everyone. If you don’t need all of the types of insurance that are bundled into the policy, then you might be better off buying these policies separately. We’ll explain more about BOPs, what they cover and don’t cover, where to purchase a BOP, and cost.

Who Should Buy a Business Owners Policy?

Although eligibility varies by insurance company, business owner policies are typically available to businesses that have less than $5 million in annual revenue and fewer than 100 employees. By bringing together liability, property, and business interruption coverage under one umbrella, BOPs can save you up to 20% on premiums were you to purchase each type of insurance separately.

The coverage provided by a business owner policy varies based on the insurance company, but in most cases a BOP provides basic liability and property insurance, plus business interruption insurance. Any business that has assets, such as equipment or inventory, could benefit from having a BOP. A BOP also is important for anyone who has a brick-and-mortar business location.

Let’s take an example to see the benefits of a BOP. Say you own a retail shop and a heavy storm hits the business district, causing damage to your facade. As a result, you have to close down the shop for several hours while you do some emergency repairs. You finally reopen but fail to notice a leak in the ceiling where water is dripping. The water pools onto the floors and causes a customer to slip, who then sues your business.

A BOP would replace or repair the assets that are damaged during the storm, pay for the facade repair, replace the income that you lose when you have to close down the shop, and cover the expenses of defending the customer’s lawsuit. But instead of paying three separate premiums for three separate types of insurance, you would pay just one premium for the business owners policy.

What a Business Owners Policy Covers

As we mentioned already, insurance companies differ in terms of which coverage they include in a business owners policy. BOPs are also customizable to some extent, and you can add or subtract add-on coverages as necessary for your company.

Most insurance companies include the following three types of insurance in a basic business owners policy:

1. General Liability Insurance

General liability insurance is the first line of defense for a small business owner and is always included in a business owners policy. General liability insurance covers the cost of defending lawsuits against your business. These lawsuits might allege bodily injury, property damage, or personal injury.

Slip and falls are the commonly cited example of what general liability insurance protects, but that’s just the tip of the iceberg. For example, general liability insurance also protects you if a competitor claims that you injured their reputation and sues you. Or if an employee is hanging a sign and dents the window of the business owner next door, that also falls under general liability insurance.

Anyone who owns a small business should have general liability insurance, or they take the risk of a lawsuit eating into their bottom line. You might even have to show proof of liability insurance when signing a contract or getting a business loan. Fortunately, general liability insurance is quite affordable, especially when bundled into a business owners policy.

2. Commercial Property Insurance

The other important coverage in a business owner policy is commercial property insurance. Commercial property insurance protects the building that your business is housed in, as well as any equipment or assets that your business uses. If your property is vandalized, stolen, lost, accidentally damaged, or damaged by weather, commercial property insurance will pay for the property’s repair or replacement. Some policies even cover loss or damage to electronic data.

Any business that owns or leases commercial space should have commercial property insurance. Most landlords expect their tenants to have their own commercial property insurance. You should also have this coverage if you manufacture products, maintain inventory, or keep equipment.

3. Business Interruption Insurance

Most, but not all, insurance companies, also include business interruption insurance in their business owner policies. Business interruption insurance covers lost income when your business has to temporarily slow down or stop operations after vandalism, theft, or a covered disaster.

The majority of small business owners don’t think about getting business interruption insurance, but it’s often what can help the most when your business faces an unexpected situation. Even if a business has to close down for just a few days, it’s possible to lose thousands of dollars in revenue and profit. Plus, even when your business is closed down, you still have to pay your employees and suppliers and meet other responsibilities. Business interruption insurance replaces lost income and lets you continue to meet your responsibilities.

What a Business Owners Policy Excludes

Business owner policies can be customized to a business’s specific needs. You can add optional coverages to ensure that a BOP covers your company’s primary risks. Not all types of insurance are a part of a BOP, but many are.

The following types of insurance are not part of a standard business owners policy, but you might be able to add them on to your BOP:

• Workers compensation: Workers compensation insurance, legally required for most employers, covers injuries or illnesses that employees experience in the scope of their work.
• Professional liability: Professional liability insurance protects service businesses and professionals against claims of negligence.
• Commercial auto policy: Commercial auto insurance insures you against accidents that happen while you’re driving for business purposes.
• Flood and earthquake insurance: Small businesses typically must buy separate, specialized policies to cover flood damage and earthquake damage. This is important if you do business in flood-prone or earthquake-prone zones.
• Employment practice liability: Employment practice liability insurance (EPLI) guards your business against claims of discrimination, such as gender or race-based discrimination.

You can also add umbrella or excess liability coverage to a business owner policy. These coverages fill in any gaps left by your primary insurance policies. If a claim maxes out the coverage limits on your general liability policy, for instance, you can tap into an excess liability policy.

Cost of a Business Owners Policy

The cost of a business owners policy averages $1,191 per year, according to insurance marketplace Insureon. The cost can be lower or more than that depending on several factors, such as your business size, industry, and claims history.

The following factors can affect the cost of a business owner policy:

• Coverage limits: The coverage limits on your BOP directly impact cost. Most small businesses purchase a $1 million/$2 million BOP. This means the insurer will provide $1 million in coverage per claim and $2 million aggregate over the lifetime of the policy (usually one year).
• Industry: Higher-risk industries with more exposure will pay a higher premium than lower-risk industries.
• Value and type of property: For the commercial property insurance portion of your BOP, cost depends on the type and value of the property you’re insuring. The higher the property value and the more difficult the property is to replace, the higher the cost.
• Business location and age: The geographic location of your business and your time in business will also affect cost. Newer businesses generally pay higher premiums.
• Size of business: The more employees you have, the more risk exposure you have, and the more you’ll pay for a BOP.
• Claims history: Insurers pay careful attention to your claims history when quoting you a premium.

Adding on optional coverages will also increase the cost of your business owners policy. The more coverage options you want to bundle into your BOP, the more expensive it will be. But overall, you can save up to 20% on premiums for bringing all coverages under one policy, instead of buying coverage separately. As long as you know that you have to buy a certain type of insurance, you don’t have anything to lose by including it in a package deal.

Photo credit: Hiscox.com

Where to Purchase a BOP

Dozens of insurance companies sell business owner policies, which can make things pretty confusing for small businesses that are shopping around. Where should you begin? If you already have general liability insurance, property insurance, or another type of insurance from a specific insurer, it’s a good idea to ask them if they offer a business owners policy. You will then be able to see how much money you can save by opting for the insurance bundle.

If you’re just starting your search for insurance or if your insurer doesn’t offer a business owner policy, then we recommend going with an A rated insurance company. The rating comes from global credit firm A.M. Best and is called a financial strength rating. The higher the rating, the more likely it is that the insurer will be able to pay your claims on time.

In no particular order, here are our recommended providers for buying a business owners policy:

Chubb

Chubb is another small business insurance company that offers a business owners policy in all 50 states. They have an A++ rating from A.M. Best, which is the highest possible rating. Like Hiscox, you can get a quote for a Chubb BOP online and buy a policy online.  

Based on your industry and the information you provide about your business, Chubb will give you different options to customize your business owner policy. At a minimum, all business owner policies include general liability insurance, commercial property insurance, and business interruption insurance. Professional services, financial services, and technology are three industries that most frequently obtain a BOP from Chubb.

Hiscox

Hiscox is an A rated insurer and one of the best options for small businesses that are in search of a business owners policy. Hiscox is one of the most reputable, experienced insurers for businesses, having been around since 1901.

Hiscox offers business owner policies for online quote and purchase in several states. You can fill out a short questionnaire about your business’s insurance needs, and then you will be able to see your monthly premium and decide whether to purchase the policy. General liability and commercial property insurance are included in a Hiscox BOP. So is business interruption insurance, although that’s already part of a Hiscox commercial property policy.

On the liability side, Hiscox provides extensive coverage for bodily injury claims, property damage claims, advertising and marketing injuries, and electronic data liability. On the property side, Hiscox provides up to $100,000 of equipment coverage and $10,000 of coverage for property that you transport out of the office. They will cover up to 12 months of lost business income in the event that damage to your property prevents you from operating your business. Up to $10,000 of coverage is also available to replace or restore electronic data.

The Hartford

The Hartford is an A+ rated insurance company that offers a business owners policy. They are highly rated for their claims service and customer support. The Hartford’s BOP combines general liability insurance, commercial property insurance, and business interruption insurance. Optionally, they allow businesses to add on data breach coverage or professional liability coverage to a BOP.

The downside to The Hartford is that it’s not always possible to get a quote and purchase a policy online. You might find that you go through the request-a-quote form, only to get a message telling you to contact The Hartford by phone. The Hartford still conducts most of their business through a network of independent agents.

Progressive

Progressive Insurance has an A+ rating from A.M. Best and is best known for their home and auto insurance policies. However, they also provide several types of small business insurance, including a business owner policy. Restaurants, wholesalers, retail stores, and contractors are some popular business types that get BOPs through Progressive.

As with a standard BOP, Progressive insures against general liability claims, property damage, and loss of business income. Small businesses nationwide that bought a BOP through Progressive paid an average of $61 per month, which is on the low end for a business owner policy. You can also score some additional discounts. For instance, you can save 10% to 15% on your premiums by grouping together commercial auto insurance and a business owner policy.

Insureon

Insureon offers a slightly different experience for insurance shopping. Insureon is an insurance marketplace, so they let you compare offerings from insurance companies. Hiscox, Chubb, and The Hartford are actually all among Insureon’s partners, so you can use Insureon as the middleman to compare their policies. By comparing policies, you’re likely to get the best deal on a business owner policy.

You can get several online quotes on Insureon after inputting some information about your business. Be ready to spend about 15 minutes filling out their online questionnaire. Should you decide to purchase one of the policies, then you’ll need to contact Insureon by phone. Their trained agents will help you figure out what optional coverages you should add on to your business owner policy for maximum protection. They’ll also help you complete your purchase.

Bottom Line on Business Owners Policy

A business owners policy is an affordable way to secure all the types of insurance coverage you might need for your company. The best part is that most BOPs are customizable, allowing you to add and remove coverage as you need to best fit your business’s risk exposures.

When shopping around for a business owner policy, you’ll want to think carefully about what types of risks you want to insure against and how you can best protect yourself if the unexpected happens. If you have questions, insurance companies are usually happy to help you go through an inventory of your assets, work through different possible scenarios, and get comprehensive coverage.

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from Fundera Ledger https://www.fundera.com/blog/business-owners-policy/

How to Save on Labor Costs at Your Business

Whether you are opening a new business or yours has been around awhile, one of your biggest expenses is almost certainly labor. Managing your labor costs is a key way to achieve profitability and make sure you stay in business. Here are ways to save on labor costs in your business.

Can software help automate work and save you money?

There is software out there for everything, and that includes helping keep labor costs down. Find software that can automate some of the busy work that you and your managers do on a daily basis. If, say, you pay an assistant manager $15 an hour, eliminating paperwork that takes them five hours a week would save you almost $4,000 a year.

How should you track your employees’ work time?

Having software that can help you manage your team’s clock is a great way to save on labor expenses.

For instance, with software, you can prevent early clock-ins and convert excess paid breaks into unpaid breaks to make sure you are paying your employees when they are actually scheduled and on the clock working. Although your savings depends on the number of employees your team has, it can really add up, if each employee is clocking in just a few minutes early every day. This is a huge way to save money—we find businesses save about $2,500 a year by preventing early clock-ins (sometimes referred to as “time theft,” though usually it’s just a mistake).

Implementing the use of a mobile time clocks for offsite events can save time as well by not requiring your employees to clock in at the main office and then drive to the work site, using their phone’s GPS.

Using software to help your managers schedule shifts will cut down the amount of time they are spending on a necessary but tedious task. You’ll also get the added benefit of easier compliance with labor laws, like the Fair Labor Standards Act.

Can you automate the onboarding and training process?

Systematizing your onboarding process will make sure your employees are trained correctly and up-to-date with any new policies and procedures. This will eliminate most of the time it takes another employee or even a manager to train a new hire.

Use training software—or even your computer’s camera and YouTube—to record your onboarding process and train your employees on the company’s expectations on what will be asked of them. This will provide consistency in the workplace and help you figure out which employees may need extra training in certain areas.

This is a great way to implement continued training, as well. Test your employees in certain areas regularly to make sure everyone is knowledgeable about products and services.

Most importantly, a better onboarding experience will usually translate into a more welcoming experience for new hires, and happy employees mean you can save time and money on recruiting staff. The labor market is tight, and finding replacements is a time-consuming process.

Should you cross-train staff?

Cross-training your staff is not only a great way to make your employees feel more valuable to the business, but it will also allow you to place your employees where needed and avoid being short-handed.

Employees who are cross-trained can help with overseeing new employees as well and helping out when teaching. This will take these tasks off your plate so you can focus your efforts on building the business.

The more responsibilities you give your employees the more they will feel like they are contributing to the business, they will have a sense of fulfillment when coming to work. This will keep your employees happy and wanting to work hard for you.

Training your employees to do multiple roles will give you the opportunity to see how an employee does in certain roles. This enables employers to hire internally and put their team in the best position to succeed in their business.

You’ll also save on overtime. If you have only one or two people trained for a critical role, you’ll probably be forced to call in someone and potentially put them into overtime if the other person isn’t able to make it to their shift. Cross-training your staff means you have more options if something comes up.

How can technology help you cut down on labor costs?

Depending on the type of business you run, there are a lot of ways software can help automate tasks that would normally take an employee’s time. If you run a restaurant, investigate restaurant reservation and food delivery services, to see if they might be a good fit, rather than paying someone to answer the phones. Likewise, if you operate a hair salon or barber shop, you can use software to manage the appointment booking process.

Which cost more, new employees or happy employees?

Employees who are happy with their employers tend to stay longer. Keeping your employees happy may not seem like it will save on labor cost at first, but keep in mind how expensive it is—in both time and money—to hire a new employee.

The time it takes for interviewing, the cost to train, and the cost if they don’t work out can really add up. It may be worth the investment to do everything you can to keep your most productive employees happy.  

You can give out a bonus to employees who perform well, give them extra vacation days, or increase their benefits packages. Happier employees often lead to happier customers and repeat business. Your employees are your brand, and how you treat them ripples throughout your business.  

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from Fundera Ledger https://www.fundera.com/blog/save-on-labor-costs/

Small Business Week 2019: The Ultimate Guide for Small Business Owners

For more than 50 years, the U.S. Small Business Administration (SBA) has celebrated small business owners during Small Business Week. This week of celebration highlights how vital small businesses are to the nation and economy, and offers an opportunity for consumers to rededicate themselves to shopping locally. 

This article explores what National Small Business Week can mean for your business and how you can take advantage of or participate in it.

When Is Small Business Week?

In 2019, Small Business Week will take place from May 5 through May 11. This event for small businesses is held every spring. 

What Is Small Business Week?

Small Business Week is a week meant to highlight the importance of entrepreneurs and small business owners across the United States. During this week, small business supporters are encouraged to shop small at local businesses. 

Why Does Small Business Week Take Place?

Small Business Week takes place because small businesses are of vital importance to local economies as well as the economy of the United States. More than half of Americans either own or work for a small business, according to the SBA. 

The nation’s small businesses create an estimated two out of every three new jobs in the U.S. each year.

Where Does Small Business Week Happen?

This year, newly appointed SBA Administrator Jovita Carranza will kick off the week.

Small Business Week is celebrated nationally and can be celebrated anywhere a small business is found.

How Can You Celebrate Small Business Week?

Details of the national events have not yet been announced, so you should check the Small Business Week website for updates.

You can get information about events in your area from your local SBA district office. Even if you can’t travel to a national event and there is no local event near you, you can still get involved with National Small Business Week virtually by watching live or recorded events online, shopping at a local small business, or participating in the conversation on social media.

Look for National Small Business Week events and information on social media using the hashtag #SmallBusinessWeek, or follow the SBA on Twitter @SBAgov or on Facebook to get the most current updates.  

A major focus of National Small Business Week is the awards ceremony honoring small business owners, entrepreneurs, and their supporters.

These include:

• Small Business Person of the Year Award
• Small Business Exporter of the Year
• Phoenix Award for Small Business Disaster Recovery
• Phoenix Award for Outstanding Contributions to Disaster Recovery – Public Official
• Phoenix Award for Outstanding Contributions to Disaster Recovery – Volunteer
• Federal Procurement Award – Small Business Prime Contractor of the Year Award
• Federal Procurement Award – Small Business Subcontractor of the Year Award
• Federal Procurement Award – Dwight D. Eisenhower Award for Excellence
• 8(a) Graduate of the Year Award
• Small Business Development Center Excellence and Innovation Award
• Veterans Business Outreach Center Excellence in Service Award
• Women’s Business Center of the Year Excellence Award
• Jody C. Raskind Lender of the Year
• Small Business Investment Company of the Year

Winners of the awards were chosen in March.

Read about all 53 National Small Business Week award winners—one of whom will be named the Small Business Owner of the Year during Small Business Week.

“I am delighted to recognize the 53 winners from across the country as they gather in our nation’s capital,” Linda McMahon, the previous head of the SBA, said in a press release announcing the winners.

Want to know more?

Sign up to get email updates about Small Business Week events.

Do you know someone who deserves to win a Small Business Week award next year? Keep an eye on the National Small Business Week website to find out how and when to nominate them.

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from Fundera Ledger https://www.fundera.com/blog/small-business-week/