by Stephen Reed | Accounting News, Industry - Retail & Distribution, News, Newsletter, Retail & Distribution, Small Business
Small retailers have a rough go competing against big chains and e-commerce giants, but there’s one thing these smaller stores have that Amazon doesn’t: community. Local stores have the opportunity to build connections with their customers. Building partnerships within the community is a tried-and-true way to boost visibility, drive foot traffic, and increase sales, all while fostering relationships with customers that go beyond transactions.
Why Community is Key to Small Business Success
If a sense of community isn’t at the core of your retail shop, it should be. When local shoppers feel invested in your store, they’re more likely to stop in consistently and spread the word to friends, online, and within the community.
We live in a digital world, where customers are bombarded with ads and influencers. What can cut through this noise? Authenticity. Customers notice when businesses collaborate to uplift each other and the local economy. That positive perception creates trust, drives more people to your store, and converts occasional buyers into loyal customers.
Types of Local Partnerships that Cultivate Growth
Here’s the good news: You don’t need a big marketing budget to create effective partnerships. A little creativity and collaboration can go a long way. Here are a few proven strategies:
- Cross-Promotions: Partner with another local business to share discounts. For example, a local coffee shop might offer customers 15% off at a nearby bookstore when they show a receipt, and the bookstore can offer the same discount to the coffee shop. This sweetens the customer experience while benefiting both the coffee shop and the bookstore.
- Joint Events: Host pop-ups, workshops, or seasonal events with another local business or multiple businesses. This will bring in new customers while building a sense of community.
- Support Charities, Nonprofits, and Schools: Partner with a nonprofit for a food drive or fundraiser. Donate a percentage of sales to a local school club or book fair. Offer free classes or workshops to an underserved group in your community. Customers want to support businesses that give back, and initiatives like these will solidify loyalty among current customers and pique the interest of new visitors.
- Consider Shared Spaces: If you have extra room, consider renting a shelf or small space to another local business. This offsets your costs but also introduces your store to a new audience. For instance, a salon could feature products from a local candle company.
How to Start Local Partnerships
Start small. Reach out to one or two local businesses whose customers you feel would find value in your products or services, then suggest a simple idea like exchanging flyers or sharing each other’s posts on social media. With any arrangement you set up, make sure both sides benefit, and don’t overcomplicate the logistics. You might start with a test run, then expand if it works.
Once a plan is in motion, track how many customers redeem a partnered discount or attend an event. The data will help determine what’s worth repeating. After a few wins, scale up. Initiate a small-business coalition, host a seasonal marketplace, or create a local loyalty program that includes multiple stores. The stronger the network, the bigger the impact.
by Stephen Reed | Accounting News, Business Growth, News, Newsletter, Small Business
As small business owners face continued inflation and rising tariffs, the One Big Beautiful Bill Act (OBBB) could provide critical financial relief for Main Street businesses. By extending key provisions from the Tax Cuts and Jobs Act of 2017 (TCJA), the legislation aims to stabilize jobs, simplify taxes, and encourage long-term investment in growth. Read on as we discuss how the OBBB could affect small businesses.
How the 2017 TCJA Has Helped Small Businesses
The Tax Cuts and Jobs Act, passed in 2017, introduced a number of changes that gave small businesses some breathing room. It expanded deductions for everyday business expenses, simplified some accounting rules, and offered new incentives for research and development. With those savings, many small business owners were able to put more money back into their operations—hiring staff, upgrading equipment, or simply staying competitive in a tough market.
One of the most important parts of the TCJA was the tax break it gave to pass-through businesses and sole proprietors, which make up a big chunk of the small business world. For many owners, those savings meant they could afford to hire more people, raise wages, or offer better benefits. In tough economic times, it often meant the difference between staying open or shutting the doors for good.
Why Extending TCJA Provisions Matters Now
Good news for small business owners: the OBBB Act brings back several tax breaks from the TCJA that are set to expire. With inflation driving up the cost of everything from supplies to labor, and tariffs squeezing profits, these extended tax benefits could help ease the financial strain and make it easier for businesses to keep their employees on payroll.
According to the House Ways and Means Committee, keeping the 2017 tax cuts in place could help protect around 6 to 7 million full-time jobs, most of which fall within the small business sector. On the other hand, letting these provisions expire could lead to a net loss of 6 million full-time positions. That would be a blow to the small businesses that drive innovation and employment.
Protecting Jobs and Supporting Growth
Tax policy is a budgeting tool for business owners who are trying to plan for the future. Without continued relief, small businesses might have to scale back operations, delay any expansion plans, or cut jobs. This could weaken the role of small businesses as a major source of job creation in the U.S., especially at a time when inflation is already making it harder for both households and businesses to manage their budgets.
Keeping the most effective elements of the TCJA under the OBBB Act would give small business owners the confidence and financial stability to maintain their workforce and pursue long-term investment strategies. These elements include maintaining deductions for new equipment, continuing R&D tax credits, and keeping simplified tax filing thresholds in place—all of which help to reduce administrative burdens and free up capital for growth.
A Lifeline for American Small Businesses
Whether it’s retaining employees, investing in new equipment, or expanding into new markets, the tax breaks carried over from the TCJA through the OBBB Act could give small businesses the stability they need to navigate current challenges and plan for long-term growth.
by Stephen Reed | Accounting News, Industry - Construction, News, Newsletter
Winning new business isn’t just about offering a competitive price. It’s about creating a well-structured and convincing proposal that shows why you’re the best choice for the job. Whether your company is established or still growing, improving your bidding process is essential for long-term success. Here are some proven strategies that construction companies can use to streamline the bidding process and win more projects.
Choose Projects That Match Your Strengths
Chasing every available opportunity can waste time and resources. Instead, focus on jobs that align with your company’s expertise, workforce, and long-term goals. Does the project fit your technical skills? Can you meet the timeline and budget without stretching your resources? Will the project contribute to your company’s growth plans? Ask yourself these questions to stay selective and intentional. Going for projects that suit your strengths also enhances your reputation and credibility in the industry.
Develop Detailed, Persuasive Bid Proposals
A successful bid makes a clear and convincing case for why your firm is the right choice. A strong proposal should be thorough, professional, and tailored to the client’s priorities.
Here’s what to include:
- Unique Selling Points (USPs): Highlight what makes your company stand out. This could include your past performance, specialized skills, a proven safety record, or a mix of these factors. Make sure to clearly illustrate this in your proposal.
- Clear Cost Breakdown: Go beyond overall costs and provide detailed information on materials, labor, equipment, and any contingencies. Clear communication builds trust and helps prevent unexpected problems later.
- Relevant Experience: Present projects that are similar in scope or complexity. Include photos, key metrics, feedback from previous clients, and final outcomes. Demonstrating positive evidence from past projects helps to establish your company’s reliability, skills, and professionalism.
- Client References: Strong recommendations from past clients can give you an edge.
Use Technology to Your Advantage
Manual tasks are time-consuming and often lead to more errors. Here are ways construction firms can use technology to improve the bidding process:
- Estimating Software: Tools like PlanSwift, ProEst, Buildxact, STACK, or Buildertrend help you generate quick, accurate estimates based on current pricing and templates.
- Bid Management Platforms: Cloud-based software, such as PlanHub and BuildingConnected, helps you collaborate with your team, organize bid documents across various projects, and track ongoing bids and deadlines.
- Digital Communication Tools: Simplify client interactions and internal workflows with project management platforms like Procore or Monday.com. These tools help manage resources throughout every project phase, including preconstruction and bidding.
Beyond software, be sure to regularly review your bid performance. Look at past bids to understand where you lost and why. Learn from successful proposals. It’s also a good idea to stay updated on industry trends, new materials, and best practices. Keeping informed is one of the easiest ways to stay ahead of the competition.
by Stephen Reed | Accounting News, Financial goals, News, Newsletter
As the Federal Reserve continues to hold interest rates at elevated levels to combat inflation, consumers face both challenges and opportunities. While borrowing has become more expensive, savers can take advantage of higher yields and rethink their spending habits. Whether you’re focused on building financial security or reducing debt, now is a good time to reevaluate your strategy. Below are four smart money moves to consider while interest rates remain high.
Open a Certificate of Deposit (CD)
With interest rates at their highest in years, certificates of deposit (CDs) have become a more attractive option for savers. These accounts let you earn a fixed interest rate in return for keeping your money untouched for a set period, anywhere from a few months to several years.
Because CD rates tend to rise alongside federal interest rates, now may be a smart time to lock in a competitive return. Just be sure to choose a CD term that fits your financial plans, as early withdrawals could lead to penalties.
Pro tip: If you want to maximize your CD returns without sacrificing access to your money, consider a CD ladder strategy. This works by splitting your savings across CDs with different maturity dates—like one-year, two-year, and three-year terms. As each CD matures, you can either reinvest it or take the money out. This flexible savings strategy helps you earn more with longer-term CDs, but still gives you regular access to your funds.
Park Extra Cash in a High-Yield Savings Account
Traditional savings accounts often offer minimal interest, but high-yield savings accounts, especially those from online banks, are currently offering annual percentage yields (APYs) of around 4%. The interest rates are variable, which means they’ll fall once the central bank cuts the federal funds rate. So now is an opportune time to open a high-yield savings account and take advantage of the current rates. High-yield savings accounts are FDIC-insured (up to applicable limits), so your funds are protected while you earn higher interest.
Push Pause on Big-Ticket Purchases
High interest rates mean financing large purchases like a car, home, or home renovation costs more. If you’re considering taking on new debt, think about whether the purchase is essential or can wait.
For example, auto loans and mortgages carry much higher APRs than just a few years ago, which can significantly increase the total cost of ownership. Delaying large purchases helps you avoid high financing costs and gives you more time to save.
Focus on Paying Down Debt—Especially Variable-Rate Debt
When interest rates rise, so do the costs of carrying balances on variable-rate credit cards, personal loans, and lines of credit. If you have high-interest debt, now is the time to prioritize paying it down.
Start by targeting credit card balances, which often carry APRs north of 20%. You may also want to consider consolidating debt into a lower-rate fixed loan or transferring balances to a 0% introductory APR credit card—just be sure you can pay it off before the promotional period ends.
Final Thoughts
High interest rates present a mixed bag for consumers, but they also create an opportunity to take control of your finances. By making strategic moves now, like saving with higher yields and cutting back on costly borrowing, you can strengthen your financial position no matter where interest rates head next.
by Stephen Reed | Accounting News, Healthcare, Industry - Healthcare, News, Newsletter
As the healthcare landscape continues to evolve, the U.S. Department of Health and Human Services (HHS) is implementing a major overhaul of the Health Insurance Portability and Accountability Act (HIPAA) in 2025. These changes reflect shifting priorities in data protection, patient rights, and digital healthcare delivery—especially in light of growing concerns about data misuse and reproductive health privacy.
For small healthcare practice owners, staying ahead of these updates is crucial for legal compliance, maintaining patient trust, and ensuring operational stability. Here’s what you should know to prepare for the HIPAA updates and protect your practice this year.
Strengthening Data Security and Breach Prevention
The 2025 HIPAA updates emphasize preventing cyberattacks and unauthorized access to sensitive health information. This includes:
- Updated encryption requirements for electronic protected health information (ePHI)
- Mandatory risk assessments to identify and mitigate vulnerabilities
- Stronger breach notification rules with shortened response timelines
As cyber threats become increasingly sophisticated, small practices must take proactive steps. This involves investing in secure data systems, updating internal access controls, and training staff on best practices for information security. A data breach, even if unintentional, could result in severe fines and reputational damage under the revised enforcement framework.
Expanding Patient Access to Health Data
One of the key goals of the new HIPAA regulations is to empower patients with easier and quicker access to their medical records. Under the new rules:
- Patients must be able to access their records within 15 days, reduced from the previous 30-day window.
- Electronic delivery methods, such as secure portals or email, must be supported unless the patient opts out.
- Fees for access must be reasonable and clearly stated.
Healthcare practices should evaluate their current record request workflows to ensure they can meet these tighter timelines. Automating record fulfillment through patient portals or EHR systems can reduce the administrative burden while remaining compliant.
Emphasizing Responsible Data Use and Sharing
As health apps and third-party services become more widely used, the updated HIPAA rules clarify how and when health data can be shared. In particular:
- Integrations with third-party apps must meet minimum security and privacy standards.
- Covered entities must ensure that data sharing aligns with the patient’s consent and intended use
- New guidance will limit the sale or unauthorized use of health data for marketing or non-care-related purposes
Healthcare practice owners should carefully review any third-party vendors or tools that interact with their systems to ensure compliance with HIPAA standards. This includes data-sharing agreements and clear documentation regarding how patient information is used.
Safeguarding Reproductive Health Privacy
In response to growing concerns after recent state-level changes to reproductive healthcare access, the 2025 HIPAA updates introduce specific protections for reproductive health data. Specifically:
- Covered entities cannot disclose reproductive health information (such as abortion services or contraception use) to law enforcement unless required by a valid court order.
- Patients must be informed about when and how their reproductive health data may be disclosed.
- Providers must restrict access to only essential personnel within their organization.
To remain compliant, small practices should revise their privacy notices, modify internal protocols, and ensure that staff are trained on these new protections.
Preparing Your Practice for the Transition
Here are three steps healthcare practice owners can take today to prepare for compliance with the 2025 HIPAA overhaul:
- Review your existing policies and identify areas needing improvement in data protection, patient access, and privacy practices.
- Invest in staff training to ensure your team understands the new rules and their role in enforcement.
- Consider consulting with legal or compliance experts to clarify uncertainties and help implement adequate safeguards tailored to your practice.
As regulatory scrutiny increases and patient expectations evolve, early adaptation can protect your practice from penalties while establishing you as a trustworthy provider in a competitive market.
