By Jill NAgy The COVID-19 pandemic has changed the dynamics of how offices run and how business meetings are held as companies work to meet health and safety standards. “Everyone’s jumping on the Zoom,” said Rose Miller, head of Pinnacle Human Resources, an Albany company with an office in Saratoga Springs. Miller is quick...
Business Report: Protect Your Biggest Investment
By Michael Cruz
When working on annual planning, we often look at the company’s strengths and its weaknesses. Most often, I see “our people” as a strength. I often see “bench depth” as a weakness.
My advice always is to build on your strengths. Then, do what is reasonable to mitigate your weaknesses. There is one simple thing you can do to reduce that bench depth pain. Invest in the people you already have. We already know that it costs less to keep our customers than it does to acquire new ones.
The same is true about the people that work for you. Hiring is difficult, it is expensive, and it is not a 100 percent solution. Many years ago, I worked for a very fast-growing software company. When I joined it, the company’s sales were $18 million. When I left, seven years later, sales topped $450 million.
One of the most stunning attributes of that industry was that we were all fairly young and inexperienced. We were a young company and we were a young management team. We worked to figure out our weaknesses and we brought in experts to address them. And that personal growth kept me loyal to the company even when I was offered more money to leave.
I outlasted every person that joined the company when I did. Many others quit. When asked why I stayed, I said the growth afforded me opportunities. Remember, it is cheaper to keep customers.
It is also cheaper to keep customers than it is to replace them. The same is true of employees. They are harder to find than customers. They are hard to train. The whole process is expensive. You want to keep your better employees. And your better people want to stay. They want to grow with you.
AARP Report Says 26 Percent Of Those Over 55 Are Victims Of Cyber Identity Fraud
A report in November from AARP shows that 26 percent of Americans aged 55-plus have been victims of identity fraud, according to the organization.
However, more are taking additional precautions to prevent losses of personal information, as 29 percent have placed credit freezes on their credit bureau information following an identity theft incident. More than half have enrolled in identity protection or credit monitoring services, the report said.
The report, “Identity Fraud in Three Acts,” was developed by Javelin Strategy and Research and sponsored by AARP.
“Older Americans are leading more digitally infused lives, with two-thirds using online banking weekly, so it’s encouraging to see that many are taking proactive steps to protect their identity following a data breach,” said Kathy Stokes, director of AARP Fraud Prevention Programs. “Passwords still represent a security threat, however; using repeated passwords across multiple online accounts makes it easy for criminals to crack one of them so that all of your accounts, including financial accounts, become accessible.”
According to the report, consumers 55-plus want to bank using stronger security authentication. Roughly 90 percent state a desire to use more fingerprint scanning, and 80 percent view facial recognition capabilities as trustworthy forms of technology for financial transactions and private business matters.
The report also said identity fraud victims age 65-plus do not necessarily change how they shop, bank or pay following a fraudulent event, with 70 percent exhibiting reluctance to change familiar habits.
Business Report: Nonprofit Economic Relief During COVID-19
By Matthew Young
Generosity is the lifeblood of a nonprofit organization. Donations can often sustain a charity for generations. But among the devastating impacts of COVID-19 on local communities this year is, unfortunately, the understandable decrease in charitable donations.
This has resulted in many nonprofit organizations experiencing unanticipated financial difficulties. In such times, organizations often look to their institutional funds for support.
Institutional funds, such as an endowment fund, typically consist of donations established either through a gift agreement or estate planning document, such as a will or trust. Donors are oftentimes interested in the long-term survival of the organization and want to ensure that the charitable services will be available to their communities for years to come.
For this reason, donors often place restrictions on access to the principal (original gift amount), only allowing the organization to access the income (interest) generated by the fund. Normally, this model can sustain a charitable organization, but it can be challenging during times of financial crisis.
Fortunately, New York law provides for a procedure under the doctrine of “cy pres,” which means at or near the donor’s intentions when they cannot be precisely followed. This doctrine allows an organization to modify or release donor restrictions placed on the use of charitable gifts (including gaining access to principal) to provide greater flexibility to weather difficult financial times. Two options are available when seeking cy pres relief.
Malta Website Seeks To Promote ‘Great Things’ And Become Conduit For Business Investors
Courtesy Town of Malta
The Saratoga County Chamber of Commerce and the Town of Malta announced a new website to feature “all the great things” about the town.
The new web presence is targeted toward promoting the good things happening in Malta, officials said, while also serving as an economic development conduit for businesses considering investing in the town.
The new site, www.MaltaWorks.org, is an outgrowth of the work of the town’s Economic Development Committee. The committee last year launched the Malta Works promotional campaign to promote existing businesses and encourage investment from new businesses. Officials said the website is the next step in that project, providing a one-stop portal for anyone considering doing business in Malta.
The site will be administered and maintained by Chamber staff at no cost to the town.
“This new website is a great next step for our Malta Works campaign to show the world that Malta is a great place to do business,” said Malta Supervisor Darren O’Connor. “Our entire town government has worked tirelessly for several years to improve the business climate, while keeping our small town charm. This website is a great window into that effort and I hope businesses and investors find that for whatever their need, Malta Works.”
Building within the framework of the Chamber’s existing site, the Malta Works presence will benefit from the hundreds of thousands of unique views the Chamber website enjoys annually, boosting awareness of all the Town has to offer, he said.
New Book By Brian Rollo Aims To Help People Accept And Acclimate To Leadership Roles
Courtesy Brian Rollo
Andrea Harwood Palmer
Brian Rollo, a leadership coach and cultural business strategist, has published a new book, “The 10 Habits of Influential Leaders”.
“I wrote this as an actionable handbook for someone who is a people-manager struggling to get results,” said Rollo, who operates his consulting company out of Queensbury. “I highlight the top 10 things that help people-managers get better. Things people can do to get results from their team, and to make leading a team a little less miserable.”
“I tell the story of how I first became a manager, and really struggled in the beginning,” he said. “And I did a lot of research, reading over 50 white papers. I tried to be the channel to distill everything I learned throughout my career, and through extensive research.”
Rollo said the predominant struggle is that some people struggle to step into an authority role. “They may have the title, but they’re afraid to do anything because they don’t want to hurt anyone’s feelings,.”
Others grasp authority too hard. “They need everyone to know they’re the boss,” he said.
“Both approaches are a road to trouble,” said Rollo. “I address this in the book. It usually plays out in how people deal with conflict.”
“It’s easy to be the boss when everyone just says, ‘I agree, I’ll do whatever you say’. But most of the time it is not like that. In real life, there is frequently conflict. When you’re a team member, you can try to stay in your own world. When you’re a leader, you cannot just ignore it when your team is in conflict. You must be the one to step up and deal with it. If you’re uncomfortable with that, the conflict grows,” said Rollo.
Some managers are in their role through merit, some develop management skills through training, and some land in their position by default of being the only person available when the previous director leaves, he noted.
Stewart’s Shops Holiday Match Campaign Is Underway To Raise Money For Nonprofits
Stewart’s Shops is teaming up with its customers once again to raise money for local children’s charities through its Holiday Match campaign.
It kicked off on Thanksgiving Day and runs through Christmas Day at all shop locations.
“In these times, nonprofits need our help more than ever with increased strains on staffing, resources and budgets. We are proud to partner with our customers to help those who need it most”, said Stewart’s Shops President Gary Dake.
Last year, customers donated an incredible $895,000 to the program, doubling to more than $1.79 million with the Stewart’s match. The funds were able to support 1,830 local children’s organizations across the 31 counties where Stewart’s shops are located.
The program started 34 years ago.
Arrow Financial Corp. Donates $75,000 To 20 Health And Human Service Organizations
The Arrow Financial Corp. has committed $75,000 to 20 health and human service organizations in the area to show its “gratitude for their important work during these challenging times.”
As part of a Month of Thanks campaign, the Arrow group—which includes Glens Falls National Bank and Trust Co. and Saratoga National Bank and Trust Co.—is reaching out to community partners from Albany to Plattsburgh with the goal of supporting their efforts around food insecurity, child care, affordable housing, emergency assistance, mental health, domestic violence prevention, workforce development and youth services, according to a news release.
“As a community bank, we recognize the important work that our nonprofits perform to lift up our neighbors and get them through hard times,” said Arrow Financial Corp. President and CEO Thomas Murphy.
Saratoga Springs Launches Grant Program To Help Businesses Retain Low-Income Workers
The City of Saratoga Springs Office of Community Development has launched a COVID 19 Small Business Grant (SBG) program for local businesses.
SBG, administered locally by the city Office of Community Development, is funded by a U.S. Department of Housing and Urban Development grant through the Coronavirus Aid, Relief and Economic Security (CARES) Act.
All applicants must agree to federal program requirements.
Officials said SBG serves to preserve jobs held by low-income employees who would otherwise be lost due to the economic impacts of the COVID-19 pandemic. The city can provide relief to small businesses through the provision of 25 to 51 grants of $ 5,000-$10,000 in working capital.
Grant funds may be utilized in a variety of creative ways in order to support the small business, generate income, and ultimately preserve the jobs of low income employees, officials said. These uses may include, but are not limited to: payroll, rent or mortgage payments, utilities, purchase/rental of equipment to facilitate the outdoor conduct of business during winter months, purchase and installation of items and equipment that reduce risk of coronavirus transmission.
Low income is defined as adjusted-gross yearly wages of $33,950 or less, as evidenced by the employer’s most recent payroll records.
Applicants must employ less than 50 people and be able to demonstrate extreme financial hardship due to the COVID-19 pandemic. Sufficient documentation must be provided to indicate that the jobs to be retained would be lost without SBG support.
‘Luzerne Productions’ Video Company Works With Nonprofits To Help With Fundraising
Newkey Media
by Andrea Harwood Palmer
“We do a lot of work for nonprofits,” said Bob English, who owns and operates Luzerne Productions, a video production company he opened in 2002.
“It’s such a necessary part of service. For nonprofits, especially right now with the COVID-19 problem, fundraising is a challenge. Everyone needs to raise money.”
He believes his company can help in that regard.
Luzerne Productions is responsible for many videos shown at area nonprofit fundraisers every year. Most recently they produced a fundraising video for Big Brothers, Big Sisters.
“What usually happens with annual fundraisers is: You get everybody in a room with some cocktails and food, you tell them about your service,” said English. “Then you show them a nice video and people say, ‘Wow, I wanna help’ because the people there are altruistic anyway or they wouldn’t be there to begin with. A video at a fundraiser is great because you have a captive audience. You show a video for 2-3 minutes, and if they’re wiping away a tear when you turn the lights back on, then I’ve done my job. That’s how I know I’ve been successful.”
With COVID-19, people can’t congregate in person.