Making the Most of Operating a Business in a Small Town

There are so many different factors that go into how successful someone’s business becomes. Obviously, the type of business and the demand for the product or service are important. So is marketing. But when it comes to a business in a small town that relies on a brick-and-mortar storefront, location really matters.

Small towns have a lot of charm, but it can be tough to build a thriving business. In the city, rents are higher and there’s more competition, but there’s also a lot more in the way of foot traffic. So, how can you make the most of the opportunities you have as a business owner in a small town? Here are some things to consider.

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Revisit (Or Create) Your Business Plan

Whether you run a bookstore, a coffee shop or a pharmacy, you don’t have to think that far ahead when you’re the only game in town. Chances are, you’ll get a decent amount of local business. However, it’s always smart to look to the future and to have goals for your business.

For a business in a small town, your plan can be a kind of “north star” to help you maintain and grow your business as much as you can. Even in an area with a low population, having a business plan is important and will help you make the most of the market you’re in.

Don’t Ignore Marketing & Data

It’s likely that everyone around knows about your business in a small town. Because of that, you might think that it doesn’t matter if you don’t put any time or money into marketing — that the people who live nearby will come and support your business. Unfortunately, that’s not always true. Unless you stay top-of-mind and give people a reason to frequent your business, they might order online or drive to the nearest big-box store.

Marketing can help you maintain a presence among your current and potential customers. In a small town, a mix of digital marketing online and more traditional methods like putting ads and offers in local publications can be a good way to get strong sales.

You should also start collecting and analyzing marketing data that can help you better understand what’s working and what isn’t. Consumer analytics are powerful for helping you shape your message and bring people through the door.

Offer an Online Store

Depending on the type of business you run or you’re thinking of starting, providing an online shopping option to supplement your brick-and-mortar store can be a smart move. Giving people the opportunity to shop online and pick up in-store, or even offering local delivery and shipping will help to remove barriers for potential customers. In some cases, you might not even need a storefront — many people run businesses from home, very successfully!

Leverage Tourism Traffic

Many small towns get additional traffic and revenue from tourists, especially during the high seasons. Offering products and services that cater to tourists can be a good way to make the most of your business in a small town. Selling souvenirs and travel essentials or adding some local flavor, if you run a restaurant, is a good way to help please the tourists as well as the locals.

Be Involved and Engaged in the Community

In a small town, that sense of community is everything. Everyone knows everyone else and businesses have to stay engaged with the community to be successful. Hosting events, offering sponsorships or raffle items when you can, and helping out people in the community who are struggling are all great ways to stay engaged.

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In addition to building buzz and goodwill, you’ll also have the opportunity to see how the community evolves and constantly re-evaluate your place within it. Small businesses have their own image within a town, and you always need to understand how your brand fits in.

Don’t Stagnate or Get Too Comfortable

When business is good, it’s easy to get comfortable and start stagnating. If you stop making goals and never make changes, however, it will be harder to pivot and succeed when things DO change — and they will. Companies that never change will ultimately become obsolete, from the small mom-and-pop shop to once-dominant corporations like Sears.

Fear can be healthy, as long as you don’t let it take over you and your business. Remember —the market evolves, even in a small town. You need to be ready to evolve along with it if you want your business to survive and even thrive.

 

Andrew Deen HeadshotAndrew Deen has been a consultant for startups in a number of industries from retail to medical devices and everything in between. He implements lean methodology and is currently writing a book about scaling up business.

How To Organically Grow Your Company’s Social Media Presence 

Having a solid social media strategy is an integral part of any successful marketing plan. Nearly five billion people worldwide use social media. Further, an estimated 37% of social media users engage with brands and businesses on different platforms at least monthly.  

However, marketing on social media takes a bit of finesse and clever thinking, especially when you don’t have a full marketing team at your disposal.  

You don’t have to blow your budget or hire a specialist to organically grow your company’s social media presence. By understanding your target audience, you’re more likely to turn followers into customers. While there are many “black hat” methods to marketing on social media, you’ll see more consistent results if you chase organic growth.   

With that, let’s look at a few ways you can foster organic growth across your social media platforms and the best practices for implementing these techniques.  

Determine Your Target Demographic

We touched on understanding your target audience, but if you don’t have much social media or marketing experience, how exactly do you do that? If you want to organically find your audience, start with existing research. Look at the ages, genders, and locations of people on social media platforms. Who is checking out your competitors? When do they get the most engagement? If you already have a social media presence, when are you getting the best responses, and from whom?  

It’s also a good idea to think about what your business represents. Do you offer a product or service to a specific age group? If so, think about the platforms they might use, the times they might check their social media accounts, and the names they already trust.  

You might also benefit from working with an influencer (either locally or nationally) to market your product or service to the right audience. You have to choose influencers carefully, however — make sure this person is someone that your target audience already knows and trusts. 

Finally, connect with your community in person. If you’re a local small business, you’ll want as many people from your town or city to follow you on social media as possible. One of the best ways to do that is to build trust in the “real world.” Your small business can get involved in your community by: 

  • Supporting other businesses
  • Hosting charity events
  • Participating in local events
  • Sponsoring organizations or teams
  • Providing tours. 

 When you hone in on your target audience, you’ll start to build more data organically. You’ll then be able to utilize that information to perfect your social media strategy moving forward.  

Stick to Solid Posting Practices 

Once you have a better understanding of your target audience, you can figure out when to post. The great thing about social media is that you can schedule your content to post ahead of time, so you don’t necessarily have to monitor your platforms 24/7.  

However, people tend to use social media at different times throughout the day and week. For example, the best days to post on Facebook are Tuesdays through Fridays, while Sunday is the worst day to post on Instagram. 

When you’re sharing content, no matter what it is, timing is everything. While you can post whenever you want, your goal isn’t just to advertise a piece of content to your followers. It’s to encourage engagement. You can pay for advertising on social media platforms and your content will show up on people’s feeds periodically. However, they’ll know it’s an ad, and they’ll be more likely to gloss over it.  

Instead, research best practices for posting times and utilize your own data to determine when you’re getting the most interaction. As social media continues to compete with traditional advertising, you can use those moments of engagement to “humanize” your business and build stronger connections with your audience, rather than just telling them to buy your product or service.  

Foster Engagement 

Once you know when to post, it’s important to know what to post. The average person sees thousands of advertisements each day, and it’s become easy for people to tune out traditional marketing methods. Most consumers – especially those on social media – want to establish a connection with the brands they utilize. Instead of solely focusing on promotional content, choose to post things that are helpful and informative. Let your audience see “behind the curtain” of your business, especially when it comes to sharing images and videos.

For example, if you’re trying to organically increase your engagement on Instagram, try to implement some of the following strategies: 

  • Engage with your audience by making comments and responses
  • Use hashtags
  • Use location tags
  • Post to Instagram stories 
  • Post when engagement is highest 

Knowing what you should do is only half the battle when it comes to an effective social media strategy. Certain growth methods might seem good up front, but they could end up costing a lot of money or provide very little return on investment. Some of the most common pitfalls to avoid include:  

  • Contests and giveaways that typically only attract temporary followers 
  • Paid promotions for short-lived growth 
  • Inorganic growth by paying for followers 

The number of followers you have on your platform doesn’t really matter. Rather, it’s how engaged those followers are with your business. That’s why organic growth is so effective and important.  

Whether you’ve been on social media for a while and you’re trying to boost your engagement, or you’re new to different platforms and want to grow your presence, keep these tips in mind to do so organically. This will help you foster healthier professional relationships with your fans, followers, and the local community.  

 

 

Noah RueNoah Rue is a journalist and content writer, fascinated with the intersection between global health, personal wellness, and modern technology. When he isn’t searching out his next great writing opportunity, Noah likes to shut off his devices and head to the mountains to disconnect.

Colorado Female Business Owners Have Stories to Tell

Last month during Women’s History Month, we celebrated the contributions of women throughout history and today. As a female business owner myself, I empathize and understand the struggles of women-led businesses that continue to be hit hard by the impact of the pandemic. That’s why, I encourage my fellow Coloradans to please consider supporting our women-led local businesses all year long.

It’s important we all work together to understand the challenges women face in the business world on every level. I’ve certainly experienced my own obstacles starting our family business.

In 2020, my husband Dannie and I founded our business, Daddy’s Homemade Syrup. Dannie wanted our kids to eat healthier, especially during breakfast, so he started experimenting with syrups, mixing, matching, and calculating all-natural ingredients and flavors. When our daughter, a picky eater, approved of the taste, we knew we were onto something.

But then COVID-19 hit, and all the events I had planned to participate in to sell our products were canceled. That’s when I decided to create a website and turn to social media so people could buy our syrup online.

Two years later, my business has taken off online with the help of tools like Instagram Reels that allow us to connect with customers while showing new products.

Throughout the pandemic, women have shown resilience and shifted their businesses online. In fact, the recent Global State of Small Business report by Meta (Facebook) found that nearly half of U.S. women-led small business owners report making at least 25% of their sales digitally, compared to 39% of small businesses led by men. I am proud to be a part of that statistic.

Women have led the charge to establish their businesses in the new digital marketplace. But despite our ingenuity, the pandemic has still taken a toll on the bottom line of many women-owned businesses.

Let’s show extra support spreading the word about our favorite women-owned businesses and shopping at women-owned stores, whether online or in person!

 

Amber Burr if the founder of Daddy’s Homemade Syrup. Read more on Facebook, at:  @daddyshomemadesyrups, Daddy’s Homemade Syrup.  

Creating a Small Business that Thrives

How do you create a business that lasts?

For small business owners, that’s no small question. You’ve poured blood, sweat, tears, and no small amount of money into building your business from nothing. Ensuring it survives, grows, and endures is a nonstop concern.

But creating something lasting is harder than ever. The Internet has made e-commerce and electronic marketing tools cheap and easy to use, allowing new businesses to pop up literally overnight, offer incredible discounts, and also try to steal your customers.

There’s only one way to sustainably combat these predators: create the kind of business that your competition can’t take away with less expensive pricing. If your customers cannot be stolen because they’d never dream of going anywhere else for any price, then not only is your business immune to fly-by-night predators, but it’s also built on the kind of foundation that endures.

Building this kind of unshakable foundation takes a full-operation effort. It takes more than attracting better customers through a new kind of advertising, increasing your advertising budget, changing your website, or adding new keywords to your SEO.

Creating a business that lasts takes more than these things, because building a stable foundation isn’t about any particular advertising decision … it’s about your entire marketing and advertising strategy.

Marketing isn’t an activity to be checked off a list, nor is it an exercise to be shuffled off to the lowest bidder — it’s the literal lifeblood of your business.

Not All Marketing and Advertising are Created Equal.

As a small business owner, this is probably not news to you. The Small Business Administration recommends spending at least seven percent of revenues on marketing and advertising, a number that most small businesses are nowhere close to investing.

And in many cases, there is a good reason for the hesitation. Even if you haven’t personally experienced a marketing horror story, chances are you’ve heard one from fellow business owners or read about one online. There’s a lot of fear to unpack for business owners, and it usually boils down to the concern that their investment in marketing will be wasted.

This is a valid fear. Very few businesses can afford to invest money into marketing and advertising that doesn’t produce results. And it’s not hard for that fear to drive down marketing budgets far below what a business actually needs in order to grow.

But the critical word here is results. And results are what clearly define the difference between real marketing that works and marketing that has just been … completed.

When marketing produces results, it drives quality customers who are seeking a relationship, who are ready to buy, who refer friends and family, and — critically — who won’t leave you for the next deep discount that comes along.

The opposite of marketing that produces results is marketing that produces activity. And there is an enormous difference between paying somebody to perform marketing as an activity versus hiring somebody with skill and knowledge to create marketing that consistently produces results.

In truth, marketing is so much more than the mail we send, the website we display on the internet, and the social media we post.

Hiring an intern to post to social media so you have some posts on Facebook is spending money on activity. Hiring a family member to create a website so you have something online is again, simply spending money on activity. And hiring an advertising company that only reports happy news instead of delivering real, tangible results with their work is spending money on activity.

Marketing isn’t an activity to be checked off a list, nor is it an exercise to be shuffled off to the lowest bidder — it’s the literal lifeblood of your business. Creating something that lasts demands you attract quality, trusting, loyal customers with your advertising, and that doesn’t happen by chance. The right marketing company will have the case studies and testimonials to prove it.

Marketing is Much More Than Checking Off a To-Do List.

That isn’t the full picture, though, because everything we’ve talked about so far is advertising, which is only one component of marketing.

In truth, marketing is so much more than the mail we send, the website we display on the Internet, and the social media we post.

Marketing is also the customer service you provide. It’s the way you answer your phone, the uniforms your employees wear to the job, and the wrapped service vehicle they drive (and the way they drive them). It’s the estimate that gets sent to your customer, and the well-defined policy your team uses to educate customers and execute your services or install your products.

These are the things that truly make your business stand apart. They are what allows you to create lasting lifelong relationships with your customers — the kind of relationships where no discount can lure them away, because they know nobody cares for them the way you do.

Which is why I’ll say again: marketing is not a task or activity to be checked off of a list. It’s a constant effort to perfect every point of customer contact that must be done with the highest level of skill.

When marketing produces results, it drives quality customers who are seeking a relationship.

If you invest in the kind of advertising that attracts high-quality customers but neglect your marketing, you risk wasting it. That’s because marketing encompasses your parking lot, the sign displaying your business, your front desk, and much more. If a new customer has to drive through a pothole-littered parking lot and walk into a dingy reception area, do you really think they’re going to trust you with their business?

Similarly, if your customer service is excellent and your image and processes are immaculate but you’re still building your business using advertising that attracts discount-seeking customers, you’ll never build a loyal customer base that ensures long-term success.

Marketing and advertising must both be executed with precision, skill, and coordination, or they won’t work at all.

This year, as you look forward to solidifying the foundation of your business and building something that endures and thrives, pay special attention to how you’re considering your marketing. Are your advertising and marketing aligned? And, are they focused on producing the kind of results that give you the confidence to invest in further growing your company?

These are the keys to creating and nurturing a brand that truly stands apart from your competition, and is able to survive, grow, and endure.

 

David RogersDavid Rogers is president of Automated Marketing Group (AMG), and recipient of 10 “Best of Colorado” awards from ColoradoBiz within the past seven years. Clients using AMG — including some from the beginning, more than two decades ago — keep choosing AMG because they get consistently superior results. Year after year, decade after decade, AMG has helped clients build enduring brands of excellence by using laser-focused messages to attract high-quality customers and then convert those customers into loyal, life-long relationships with outstanding customer service. Learn more and register for a free marketing assessment at: Automated Marketing Group

Cherry Creek North is a one-stop-shop for holiday shopping

2020 Cherry Creek Holiday Market Credit Cherry Creek North
Photos courtesy of Cherry Creek North

After a successful inaugural event in 2020, the second annual Cherry Creek Holiday Market takes place daily in Cherry Creek North on Fillmore St. between 1st and 2nd Avenue from November 18 through December 24, 2021.

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With 30 local makers, designers and creators, the market provides shoppers an even wider array of premium options and unique gifts all nestled within the heart of the Cherry Creek North, an area known for its high concentration of locally owned boutiques and national brands.

The House Of Stewart At The 2020 Cherry Creek Holiday Market Credit Cherry Creek North
The House Of Stewart at the 2020 Cherry Creek Holiday Market

This free outdoor event, produced by Fetch Concepts, also features a schedule of regular live music by local acts, a highly decorated holiday atmosphere including shipping containers made to look like giant holiday gift boxes, and full bar of festive drinks from Colorado companies The Family Jones, atōst and Crooked Stave.

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The vendor line-up provides a variety of unique gift options including warm weather apparel and accessories from brands like WUAMAN and Ushood; ceramic goods by Ceramiche Piscitello; Mistura Woodcoholics’ handcrafted wooden watches; good reads from Usborne Books & More and even a baby fire pit.

David Lawrence At The 2020 Cherry Creek Holiday Market Credit Cherry Creek North
David Lawrence at the 2020 Cherry Creek Holiday Market

Attendees will also encounter a selection of International food goods, including authentic German pretzels and sourdough breads by XLVII’s Bakery; Tunisian-style hummus from Yummy Yummy Products; European Cheeses from La Montagne Des Saveurs; The House of Stewart’s Scottish caramels; and Bibamba’s single origin chocolate made from Cameroon-grown cacao.

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“Our vendors are the heart and soul of our market,” said Blake Adams, owner of Fetch Concepts. “We received nearly 100 applications this year and curated our list to offer the best variety of high quality products from people who truly care about what they’re making.”

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The market runs seven days a week, 11 a.m. to 7 p.m. Sunday through Wednesday and 11 a.m. to 9 p.m. Thursday through Saturday (11 a.m. to 2 p.m. Thanksgiving Day and Christmas Eve).

For more information and a full list of vendors, visit www.CherryCreekHolidayMarket.com.

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The event is part of the second annual Cherry Creek North Winter Wanderland–a collection of free holiday festivities throughout the neighborhood–beginning November 18 and running through December 31, 2021.

During this time, the 16-block district will be decorated with more than a half million twinkling lights wrapping 600+ trees from trunk to tip. Visitors can stroll the neighborhood, discover an interactive art installation, register to win a $1,000 gift card, enjoy free treats and entertainment during Saturday Night Lights, and more.

How to support small businesses this season

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On November 27, 2021, we celebrate Small Business Saturday–a time when shoppers are encouraged to patronize small businesses to do their holiday shopping.

Despite being “small,” many of these local businesses work hard to improve the quality of our communities and make up the backbone of our economies.

Today, Colorado is home to more than 653,000 small businesses, accounting for roughly 99.5% of all statewide businesses.

As a small business owner myself, I recognize the value in supporting small businesses and encourage Coloradans to make contributions to our small business community both today, and all year long.

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My journey as an entrepreneur began 20 years ago when my fascination with insects grew into a small business. I opened Bee Squared Apiaries, a beekeeping business which has grown from two bee colonies to more than 125 hives today and spread throughout Colorado’s Front Range. Not only does my company maintain bee colonies, but we also sell locally-sourced honey, handmade beeswax candles and other bee products.

Colorado is currently home to a great amount of bee diversity, but the bees need our help. More than a third of the world’s food crops rely on bees and other pollinators, but their populations are dwindling rapidly.

That’s why we’re proud at Bee Squared Apiaries to support thriving colonies and use our profits to continue working on pollinator issues. After all, without bees, we wouldn’t have our world famous Colorado Rocky Ford melons.

We’re incredibly thankful to Coloradans for supporting our efforts to save the bees.

We’ve seen great support from customers statewide on our social media pages, and have been able to grow our online community on Facebook to people who share our conservation mission.

We also recently launched a Facebook ‘Shop’ so customers can purchase our products directly on social media, and we’re excited for it to become a major tool in our growth as a business and expansion of our mission.

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Like many small businesses, we face a new set of challenges during COVID-19 including supply chain disruption and soaring prices for inputs. It hasn’t been easy, but we’ve been able to continue operating in large part due to the support we’ve received from the local community.

During Small Business Saturday, we encourage people to take a walk down Main Street and get to know their local small businesses and the great impact they can make for the local community. And, if you can’t make it in the doors, supporting local businesses online through follows, shares, reviews, and more is a great way to make a difference right from home.

Beth Conrey is the owner of and founder of Bee Squared Apiaries. To learn more, visit their website for information on protecting pollinators. Bee Squared Apiaries has also teamed up with some great local nonprofit organizations, who work tirelessly to continue protecting pollinators.  Head over to People and Pollinators Action Network and Pollinator Stewardship Council to learn more.

How digital innovation shaped this Colorado company

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In our current climate of division and social isolation, my mission now more than ever is to bring people together. Even my motto, “Connecting people, cookies and ice cream” is painted on the side of my colorfully renovated ice cream truck.

This Women’s Entrepreneurship Day, I want to share my story and mission of my own female-led business to lift up other female entrepreneurs across Colorado and encourage them to look towards digital innovation to follow their passions.

I’ve always been a baker, but only with the onset of this pandemic did I figure out how to combine my love for baking with my desire to bring people closer together. My food truck, Lori Lynn’s Cookies & Cream, soft launched May 16th of this year at a park in Monument with about 100 friends and family. Ever since I was little, I’ve been baking cookies. My grandpa always told me that one day I’d be able to sell them, and I’ve kept my original recipe all these years. He was right. I now spend my evenings and weekends putting that recipe to good use.

Lori Morrissey Owner Lori Lynns

Our customers choose two of our from-scratch cookies and one of our hand-scooped ice cream flavors to create a unique, made-to-order ice cream sandwich. Our gluten-free, dairy-free and vegan customers are thrilled to know they can join in the fun, too. My 15-year old daughter even designed our logo, our joyful cow that you’ll find on all of our packaging. To further help promote our mission, we provide a fun conversation-starting question on the back of each of our ice cream sandwich bags, to help you connect with those around you.

Launching a small business during a global pandemic, however, has not been without its challenges. Because of COVID restrictions we were not able to rely on traditional ways of connecting to the community. Thankfully, social media has allowed us to grow our business and bring in new customers each and every day. Every morning I post our truck’s location to Facebook, so our over 1,200 followers can see where we’ll be parked for the day. We also take to social media to promote new flavors and inform our customers of upcoming community events where our truck will be present. Their easy-to-use ad creation platform and unique call-to-action buttons allow me to see both my Instagram and Messenger comments and direct messages in the same place which streamlines my sales flow.

I love the ads because I can specify location, interests, and adjust the budget to what I need it to be. It’s also easy to preview and manage them and see how they’re doing while they are running. I can also adjust any of the specifications I set up while the ad is running to get better results.

I never would have imagined my baking skills to be bigger than just my side job. But with my passion for baking and connecting people, mixed in with a few innovative digital tricks, I was able to turn my dream into reality.

This Women’s Entrepreneurship Day, I encourage all women to embrace your passions. You never know, you might even be able to turn your hobby into a full time business.

Lori Morrissey is the owner of Lori Lynn’s Cookies & Cream.

The perils of small business

I bet you’ve thought about it. You’re sick of the full-Windsor corporate grind, or you’re looking for real purpose in your day-to-day, or maybe you take a bite of that burger and think that yours really are so much better. And that’s when it hits you – I should open my own place. Yeah, I should. I can do it! 

Yes, yes you can. But be careful what you wish for. 

Fact: 20% of small businesses fail within the first year of formation. 

Fact: nearly half fail within five years. 

This article isn’t meant to discourage anyone from starting or participating in a small business. 

The purpose of this article is to demonstrate the respect that’s commanded when considering whether to start a small business. 

These decisions shouldn’t be made lightly, and I’m hopeful this article will prepare you to make an informed decision by balancing the risks and rewards against the inescapable realities that will come with your small business. 

Below is a checklist of items to be acutely aware of as you lay the groundwork for your new business. 

  • BE PREPARED TO FAIL.  Being prepared to fail doesn’t mean you’re resigned to failure – it means you need to be contemplating various outcomes and preparing exit strategies at multiple junctures. 
  • KNOW THE MARKETPLACE.  If you can’t intimately discuss at least five prospective competitors in your industry, you’re not ready. 
  • HOW ARE YOU DIFFERENT?  What differentiates you and your product or service from those already in the market? 
  • HIRE AN ATTORNEY.  Hiring counsel to help you get off the ground is just part of the cost of doing business. 
  • TELL YOUR ATTORNEY WHAT YOU WANT.  A good attorney will listen, process what you’re saying and then translate your narrative vision into available business structuring options to achieve some or all of your business goals. 
  • WHERE IS YOUR MONEY COMING FROM?  The cash you need to get the wheels turning and ultimately launch is going to come from three places, and three places only: the bank, investors or your own pocket. 
  • WHO ARE YOU PARTNERING WITH?  Give yourself a fighting chance by getting some industry know-how on your side or bringing consultants in to help. 
  • BECOME A TAX EXPERT.  You know what I mean. Hire a CPA or other tax professional if your budget allows. At minimum, you need to understand your tax burden and the pile of forms that need to be filed throughout the year. 
  • UNDERSTAND YOUR LEASE.  Commercial leasing is one of the most unnecessarily complex evils that exists in our world (maybe slight exaggeration). A good leasing attorney can help you understand the big picture, the specific items you really need to know and the applicable market and industry standards. 
  • HIRE WISELY.  Start by building the right team behind the scenes – attorney, CPA, design professionals and consultants. Then get the right group of employees in place to take your business forward. 
  • ARE YOU MARKETING YOUR BRAND?  Look, I’m just the attorney, but even I know that you have to create messaging and branding that connects with and excites consumers. 
  • DO YOU OR WILL YOU OWN ANY INTELLECTUAL PROPERTY?  This is copyrights, trademarks, patents and few other things. Your intellectual property represents exponential value to you and your brand, so take the time to properly handle these matters sooner rather than later. 
  • REGULATORY CONSIDERATIONS.  There are three biggies here: basic business licenses and permits at all required levels (local, state, etc.); data security and privacy; and workplace compliance, both federal and state-level.
  • WHAT INSURANCE IS REQUIRED?  This includes general liability policy, professional liability insurance, interruption insurance, property and auto insurance, an umbrella policy and, of course, worker’s comp if your company will be having employees. 

Okay, great work, you’re now prepared to prepare to get your small business off the ground. I hope this thirty-thousand-foot discussion is helpful to you and that your expectations are grounded deeply in reality. 

This article shouldn’t temper your vigor or belief in yourself and what you’re offering. This article is just letting you know there are a handful of items that require that vigorous attention that you may not necessarily have at the top of your checklist. 

I wish you good fortune. 

For more information on this topic, visit www.minorbrown.com.

Kevin 1208final Kevin Tibolt is a business attorney whose passion for serving others guides his every move as an advisor, strategist and team member. Kevin relishes the role of outside general counsel to his clients, where he can gain a holistic understanding of his clients and their businesses. His practice includes forming businesses, corporate governance, mergers and acquisitions, debt and equity financings and commercial contracting. He can be reached at [email protected] or 303-376-6051.

(Content for this sponsored article provided by MB Law)

The future of attracting and retaining top talent in Colorado

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As we celebrate Small Business Week—the backbone of our economy and local communities—there is real uncertainty as business owners face growing challenges attracting and retaining top talent in today’s increasing competitive market.

The COVID-19 pandemic has accelerated both cultural and economic shifts that have transformed how employees want to work, and businesses have been forced to adapt on the fly.  

Get an Edge On Your Competition 

 A company’s 401(k) plan is one of the most important benefits for current and potential employees. A 2019 study from the Society for Human Resource Management found that retirement benefits ranked second in importance (after health care) among all the benefits that employers offer. According to SCORE, (mentors to America’s small businesses) 94% of owners claim the 401(k) benefit aided in their recruitment and retention. 

Without a retirement plan through their employer, many employees find it extremely difficult to save on their own. Access to a plan with automatic salary deferrals can be a giant step in getting employees started on the path to building the retirement savings that they will eventually need.  

Spotlight Back on Employee Benefits & Retirement  

The pandemic has once again put the spotlight back on employee benefits and the impending retirement crisis, particularly for small business owners.  

As of 2019, only 51% of businesses with 10-24 employees offered retirement plans. Of small businesses with fewer than 10 employees, only 28% of the workforce had access to a retirement plan. Business owners cite expense and resources as the overwhelming reasons why they don’t offer one.  

In Colorado specifically, 82% agree that the nation is facing a retirement crisis. In 2020, 40% of Coloradans did not have access to a retirement plan. And 69% of Colorado workers in the lowest income quintile currently have no access to a retirement program.  

The Colorado Secure Savings Plan is Coming!  

In addition, local business owners of all sizes face new requirements. Like a number of other states, Colorado recently enacted legislation requiring most small businesses to offer a retirement plan to its employees.  

Under the Colorado Secure Savings program, all workers at companies with five or more employees will need access to an Individual Retirement Account funded with automatic salary deductions. Companies that don’t offer a retirement plan such as a 401(k) will have to offer an IRA option administered by the Colorado state treasurer under the direction of the Colorado Secure Savings Program Board. 

Most businesses in Colorado will have to offer this program to their employees unless they already offer a retirement plan like a 401(k) or SIMPLE IRA option.  

Businesses who had five or more employees over the past year who didn’t offer a qualified retirement plan for their employees will be required to offer this option once the Secure Savings program is launched. They will have the option to opt-out if they offer their own retirement plan at some later date.  

Program Fines and Fees 

It’s important that employers who will fall under the program stay up to date on registration deadlines and requirements. Fines can be steep for smaller businesses, and can reach up to $5,000 per employee.  

Registration deadlines are still being finalized. It is anticipated that larger employers, likely those with 100 or more employees, will have the earliest registration deadline with smaller employers being required to register after that on a phased basis.   

The state is planning on launching a pilot program in the second half of 2022, and some form of phased enrollment will begin soon after. 

Employer Options and Next Steps 

The implementation of the Colorado Secure Savings program is a great time for employers to evaluate their retirement plan options.  

The right 401(k) plan offering high quality, concierge-level service, low and transparent fees and smart investment solutions is highly valued by your employees. And you shouldn’t have to spend time on administration, education or implementation if you have the right 401(k) partner.  

While additional tax credits are being considered for the Colorado Secure Savings Plan, the current federal SECURE Act offers up to $16,500 in tax credits to businesses. 

Lastly, it can take some time to switch or set up a new employer retirement plan, so we encourage you to plan according to the upcoming updates about the Colorado Secure Savings program and future deadlines.   

2 Ann Margaret W 300x300 Ann Margaret Williams is the Director of Retirement Plan Services at Shelton Capital Management, a successful business owner and a veteran of the equity research sales and trading industry.  

Tips and resources for small businesses on road to recovery

Small business owners in Colorado and across the country are slowly but surely regaining their footing after a uniquely challenging year. In Metro Denver, growing consumer confidence has contributed to improvements, while the Bloomberg Colorado Indexwhich measures the performance of the Colorado economy, is up nearly 12% year-to-date.

According to new research from Bank of America, business owners’ economic confidence and revenue expectations have bounced back significantly since last fall. We found that 60% of small businesses expect their revenue to increase over the next 12 months, and nearly 80% attribute this to the increasing availability of covid vaccines.

While these signs of progress are encouraging, we know that the journey to full recovery can be a long one. Below, I’m sharing some key insights from the Small Business Owner Report as well as tips to navigate the path forward as the economy safely reopens.

Hiring New Talent

Last year, unemployment rose sharply during the pandemic, forcing businesses to reevaluate their budgets and make tough decisions around talent. Given one-in-five business owners plan to hire this year, it’s important to ensure your business is attractive for top talent.

  • Create an application that is easy to navigate. As businesses begin to reopen more job opportunities are expected to become available. Create an application process that is quick and easy, but still screens for the experience level you’re looking for. Make your application mobile- friendly, too.
  • Get everyone to recruit. Tapping into your current employee base can be one of the most powerful and cost-efficient strategies to find and recruit talent. Your current employees have familiarity with your company culture and the necessary skillset to thrive at your organization. Consider offering bonuses to staff who successfully refer new employees.

Reevaluate Short and Long-term Goals

Colorado business owners took advantage of many resources and programs throughout the last year to navigate the pandemic, leaning on friends and family and seeking professional guidance. And while one-quarter applied for a business loan or line of credit over the past year, only 16% say they will seek financing in 2021. To continue this positive momentum throughout 2021, consider these strategies:

  • Prioritize your business plan. Sit down with your small business banker to take stock of
    your business’ current situation and business plan. Your small business banker can help you set realistic goals as your business’ recovery continues.
  • Explore available resources to meet your goals. The Bank of America team wants to
    ensure small business owners have access to the tools and resources needed to secure funding. Bankers can also help connect business owners who may not qualify for traditional bank financing to our network of CDFI partners across the country. Consider the following questions: What new goals require additional financing? Are you looking to boost your headcount? Do you anticipate any structural or technological enhancements in the coming year?

Operational Shifts

Business owners adapted their business for the health and safety of their employees over the past year. As the economy begins to reopen, 62% anticipate that the operational changes they made in response to the coronavirus will continue beyond the pandemic – specifically enhancing their sanitation practices and building a digital sales strategy. As digital proliferation continues, we expect to see more helpful tools come out for business owners.

  • Consider a digital transition. Businesses across the country have adjusted aspects of their operations, changing primary revenue streams and shifting to online sales. As we continue to adjust, consider digital banking to limit in-person interactions and greater client convenience.
  • Proceed with purpose. If you are a part of the 53% of business owners who indicated they are committed to advocating for social change through their business, be sure to set clear and attainable goals. Consumers are sharp, and will be able to tell the difference between platitudes and substance.

Overall, we’re seeing encouraging progress for the small business community in Metro Denver and we’re looking forward to helping business owners thrive in 2021 and beyond.

Macaluso Nathan 05212019 Img 0036 Nathan Macaluso is Bank of America’s Small Business Banking Manager for Colorado.