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Bits ‘N Pieces

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Majority of small business owners use social media

More than 61 percent of small business owners recently surveyed are fostering an active presence on social media. The survey, by Wasp Barcode Technologies, resulted in The State of Small Business Report.

Facebook ranked first of the places where small business owners are spending their social media marketing time.

In addition:

  • 46 percent reported using email marketing.
  • Less than 30 percent were using blogging, paid web ads and SEO.
  • 37 percent rely on print ads.
  • 32 percent put their efforts into direct mail campaigns.
  • 56 percent spent less than 3 percent of revenue on marketing and new customer acquisition in 2014.

Find the full survey at www.waspbarcode.com/small-business-report.

The right benefits increase loyalty

When employees are satisfied with their benefits, loyalty to their employer increases.

According to Met Life’s 2014 & 2015 Employee Benefits Trend Study, three things determine the success of an employer’s benefits plans and create loyal, satisfied employees. To succeed with your benefits plan, you need:

  • The right mix. Offering benefits that no one wants or needs defeats the point of having them. In 2013, employees who were very satisfied with their benefits were more than twice as likely to be very satisfied with their jobs. By 2014, that had increased to nearly four times more likely.
  • More choice. With a broader range of benefits, employees can make the right decisions for their individual situations, no matter what stage of their lives they are in. At companies that offered no benefits, only 46 percent of employees were likely to recommend their place of employment to others. At those offering 11 to 15 benefits, 66 percent of employees were likely to do so, and they were also more likely to stay with their employers.
  • Enrollment education. Too often, employees don’t fully understand their benefits. To help them make the right decisions and get the most out of their benefits, make sure they fully understand the choices. Informed employees generally make smarter selections and better use of their benefits, and feel empowered when doing so. In the study, employers reported one-on-one in-person meetings, group in-person meetings and benefits handbooks were the top three resources for communication about benefits.

Valuing your business

Do you know the value of your business? If you’re not planning on selling soon, you may not think you need to.

Business valuations can be time-consuming and costly, but as a business owner, it is important to know what your business is worth, according to Fiducial – a provider of outsourced accounting services.

Business valuations are important for:

  • Estate planning. Knowing the fair value of your business allows you to ensure there is enough liquidity to pay estate taxes and smoothly transition your business.
  • Adding partners. Having a valuation allows to you set a fair buy-in price.
  • Getting a loan. Many financial institutions require a valuation as a condition of borrowing money.
  • Gaining peace of mind. Having a number in mind can make you more realistic about how you’re spending money and how it’s affecting your profitability so that you can plan for the future.