Since 1973, the Glens Falls Farmers Market Association has been bringing locally grown, produced, and crafted products directly to consumers. Now, with construction underway for what will hopefully become the market’s new home, they are striving to grow in today’s “on-demand” economy.

As an economic model, the farmers market is an elegant force of nature dependent on its ability to help farmers acquire critically-needed income streams while giving consumers the hyper-local, ultra-fresh foods they crave. This year, anticipated to be the Glens Falls Farmers Market’s last summer at the South Street Pavilion, the market will be open every Saturday from 8:00 AM to 12:00 PM, featuring 40 vendors, including seven new participants: Bell Mountain Farm, Blackberry Hill Farm, Hex & Hops, Jacob’s Farm, Latherful Soaps LLC, Mama G’s Gluten Free Bakery, and Slyboro Ciderhouse.

Details are still being ironed out on how the new leaf-shaped event pavilion, funded under the Glens Falls Downtown Revitalization Initiative (DRI) grant awarded to the city years ago, will best serve the Farmers’ Market today. “My hope is everyone (vendors and customers) will be happy there and that we’ll have a place to grow,” said Glens Falls Farmers Market Association President, Tom Wells.

A History of Growth

According to the USDA, the popularity of farmers markets has exploded nationally, from less than 2,000 in 1994 to nearly 9,000 by 2019. In the last few years however, nationwide growth has started to slow down and existing markets are acclimating, learning how best to serve the audiences they’ve garnered. “The market has grown unbelievably,” said Wells, owner of Pleasant Valley Apiary and a market member since 2016. “There’s a variety of vendors so people have better choices of where to shop.”

Open to crafters, growers, and producers, the Glens Falls Farmers Market vendor application period runs twice annually, from February through March and September through October each year.

The Reboot’s Ripple Effect

The number of Glens Falls Farmers Market vendors has grown by a third in the past eight years and, although traffic is sporadic, the summer market now attracts as many as 5,000 shoppers on a single Saturday… In the winter, that number drops to around 2,000 people. “I think a lot of people forget we move to the mall now in the winter,” said Wells.

Because their presence under the South Street pavilion is seasonal, the winter market is held elsewhere. In the last decade, it has relocated from the basement of the Christ Church United Methodist on Bay Street, to the WSWHE BOCES Sanford Street Teaching and Learning Center building, to their parking lot (during COVID), and finally to the Aviation Mall, where it is now housed from November until May.

By adopting technological innovations to facilitate transactions including e-commerce solutions, mobile payment systems, approving the acceptance of SNAP/EBT benefits (assisting low income families to incorporate healthier products into their daily diets), and a new website and media by ADK Web Solutions, the Glens Falls Farmers Market is putting a priority on preserving their distinctive character and heritage while rebooting a fresh demand for locally-grown produce.

“I’m as busy as everyone else is, trying to get to everywhere on a Saturday,” said Wells, explaining that hectic schedules are one reason why vendors have also added grab & go options, while still continuing to offer the friendly faces, recipe selections, children’s craft table, and conversations that make a stop here unique.

“You have that personal connection, where if you go to the supermarket, you don’t actually meet the person making the product. There are so many unique and diverse people at the market and so many different ideologies, and that’s how I like it to be,” said Wells.

The ripple effects these changes have on the community’s evolving economy are as far-reaching as the flavors of honey Wells sells out of every week. His Pleasant Valley Apiary products vary weekly because he harvests and bottles his honey fresh from 75 hives located across the region– carrying the flavors of black locust from South Glens Falls, lavender from Fort Ann’s Lavenlair Farm, the sweetness of Winnie’s Blueberries in Schuylerville, or the tang of ripened goldenrod during the late summer season.

New Beginnings

By examining logistical and infrastructure hurdles, traffic flow, the absence of heating in the structure, and scheduled event Black-Out dates, the Glens Falls Farmers Market Board has worked with the city to best leverage the DRI’s up to $5-million investment. “Hopefully we can come to an agreement and make it work for everybody. The city is doing everything they can to make it work,” said Wells, adding that the winter market would like a home as well: “We like the mall. They’ve been more than gracious and an awesome organization to work with, but there’s a lot of sentiment around staying in the city year-round.”

Issues including how best to maximize room to roam, light and air flow, coordinating with public transportation, and ensuring public restroom availability, have extended the market’s relocation to the new facility until next May. Sidewalk improvements to the South Street Corridor are to be completed by June.

For updates, follow the Glens Falls Farmers Market on Facebook. Subscribe to their newsletter and find more information at glensfallsfarmersmarket.com

The landscape of business ownership information (BOI) reporting is evolving, with new regulations and updates aimed at increasing transparency and preventing illicit activities. As these changes come into effect, businesses must understand the new requirements to ensure compliance and avoid potential penalties.

As of March 2024, the Corporate Transparency Act, which requires the BOI reporting, is still being contested as unconstitutional. However, with due dates looming and penalties for not filing being significant, entities affected will need to address this sooner rather than later. This article provides an overview of the updated BOI reporting requirements, their implications for businesses, and steps to ensure compliance.

BACKGROUND OF BOI REPORTING

Business Ownership Information (BOI) reporting is a regulatory requirement designed to collect and maintain accurate information about the individuals who ultimately own or control companies. This transparency is crucial in combating financial crimes such as money laundering, tax evasion, and terrorism financing. Governments and international bodies have emphasized the need for robust BOI frameworks to ensure that beneficial ownership information is readily available to regulatory and enforcement agencies.

KEY UPDATES IN BOI REPORTING REQUIREMENTS

The latest updates to BOI reporting requirements introduce several significant changes that businesses need to be aware of:

1. Expansion of Reporting Entities

The scope of entities required to report BOI has been broadened. Previously, only certain types of companies were obligated to report beneficial ownership information. Now, the updated regulations include a wider range of business structures, such as limited liability companies (LLCs), partnerships, trusts, and other legal entities.

2. Detailed Information Requirements

Entities must now provide more comprehensive details about their beneficial owners. This includes full legal names, dates of birth, residential addresses, national identification numbers, and detailed descriptions of the nature and extent of their ownership or control.

3. Frequency of Updates

Reporting is no longer a one-time requirement. Businesses must update their BOI reports periodically and whenever there are changes in ownership or control. The frequency of mandatory updates can vary, but annual reporting has become a common standard in many jurisdictions.

4. Verification and Accuracy

There is a stronger emphasis on the accuracy and verification of the information provided. Businesses are required to ensure that the data submitted is correct and up-to-date. Some jurisdictions have introduced third-party verification processes to enhance the reliability of the reported information.

5. Penalties for Non-Compliance

The consequences of failing to comply with BOI reporting requirements have become more severe. Penalties now include substantial fines, potential criminal charges, and restrictions on business operations. This underscores the importance of adhering to the new regulations.

6. Due Dates

Companies created or registered before January 1, 2024, must submit their reports by January 1, 2025. This gives companies formed before 2024 some time to see if the requirement is rejected by the courts. However, companies founded or registered on or after January 1, 2024, must submit their report within 90 calendar days of registration.Most often the filing for new entities at this point is done by an attorney as part of the formation.

IMPLICATIONS FOR BUSINESSES

The updated BOI reporting requirements have several implications for businesses:

· Increased Administrative Burden: The need for more detailed and frequent reporting means that businesses will face increased administrative tasks. Companies may need to allocate additional resources or seek external assistance to manage compliance effectively.

· Enhanced Due Diligence: Businesses must implement internal processes to collect and verify beneficial ownership information. This is especially true for triggering the update process when ownership changes.

· Risk of Penalties: Non-compliance with the updated requirements can result in significant penalties. Businesses must prioritize compliance to avoid fines and other legal repercussions that could harm their reputation and financial standing.

BEWARE OF PHISHING SCAMS

Scammers have already found ways to take advantage of small business owners by fraudulently soliciting the filing of BOI reports via e-mail and regular mail. FinCEN will not send unsolicited e-mails to companies, and reports should only be filed on FinCEN’s website or by your attorney or CPA’s dedicated BOI reporting software. Some companies are legitimate, but the best advice is to call your attorney and/or CPA directly and discuss who will be filing this report.

CONCLUSION

The updated BOI reporting requirements represent a significant shift towards greater transparency and accountability in business operations. While these changes present challenges, they are essential for preventing financial crimes and fostering a more transparent business environment. By understanding the new requirements and taking proactive steps to ensure compliance, businesses can navigate this evolving landscape effectively and maintain their reputations as responsible corporate citizens.

VISIT STIDDCPA.COM TO LEARN MORE.

Retention is a big stressor in our businesses today. Google “how to retain employees in 2024,” and you’ll get more than 93 million search results full of excellent insights and recommendations. With countless strategies and endless advice, though, the task of retaining your employees can feel overwhelming. That’s why I encourage you to view all your efforts and initiatives through a single lens: that of creating a sense of belonging.

The Critical Importance of Belonging

As people, we want to belong – to feel that we are accepted and appreciated, to know that we can be authentic and honest, to believe that what we do is important and valued… Give that to your employees, and retention will not be an issue because people will feel like they belong.

Many Strategies Contribute to Belonging

Although it may not be apparent at first, many retention strategies have developing a sense of belonging as one of their aims. For instance, recognizing and rewarding employees for a job well done, creating opportunities for career development and growth, and resourcing employees so they can succeed in their roles all promote belonging.

The Foundation of Belonging

Identifying and living out your core values is one of the greatest ways you can create a sense of belonging. As you act on your core values day by day, you build a culture that is defined by those values. When someone “fits” that culture – that is, they align with your core values – they automatically feel a strong sense of belonging. Every interaction they participate in, every decision they make or are affected by, every communication they are party to reflects the company’s core values, reinforces the corporate culture, and reassures them that they belong.

Transformation Through Belonging

One of my clients discovered this secret to great retention. Within the past few years, this CEO has given clarity and consistency to his company’s core values… So much so, in fact, that he is attracting top talent – sometimes from across the country. He has heard employees assure new hires that they will love the job and the company because the core values are the real deal. Employees are willing to drive long commutes, bypassing job opportunities that are closer to home, for the joy of working there.

Why? It’s simple… It’s where they belong.

I’m going to start by telling you a little bit about yourself:

You’re a relatively new business owner, in the early phases of hanging your own shingle and setting out to do a better job than any of the bosses you’ve had before. You’re not just good at what you do – you’re excellent at it. But very quickly, you’re discovering just how different it is to run a business that does or produces the thing that you’re good at – in other words, you’re realizing how much work it’s going to take to really make your business succeed. At this point, you may be thinking, “What did I get myself into?” But what you should be thinking is, “Let’s do this!!”

This is a very, very common path for new business owners. It takes a different skill set to be an expert in a field than it does to run a business. And as your business grows, you, as a business owner, are going to have to start making tough decisions about where your time is spent. Luckily, plenty of resources are available to help this transition.

As I started my own journey into entrepreneurship, this was exactly what I went through. Forming a graphic design company in the halcyon pre-pandemic era, I thought, “This is great. I’ll just draw and color all day and I’ll make plenty of money to support myself.” I didn’t plan on all the little things – going to the bank, attending networking events, some bizarre thing called “bookkeeping”… the list was extensive. It’s easy to see all those steps now, 7 years later, with the benefit of 20-20 hindsight. But back then? It was like trying to piece together an endless Rubix cube. Fortunately, I learned what many other successful business owners have learned – this is not a road that you take alone. The key for me was simple: I started outsourcing.

First, it was my books. That was an easy call. I hate bookkeeping, I’m not good at it, and I’m not willing to invest the time it would take for me to improve my skill. But I also know how critical that function is to any business. Next was payroll, then accounting… Before long, I was back in the driver’s seat and able to focus on the core business, able to focus on sales, and able to continue a positive growth trend.

It’s common for people to hear the term “outsourcing” and immediately think of some huge Walmart-sized call center. But that’s not the case. When I use that word, I’m talking about using local companies to augment what I can’t afford to hire full-time. By leveraging the strength of our business community, and the expertise right next door, that’s when we can truly unlock our full potential.

At Five Towers Media, we are set up to be the outsourced marketing partner for growing businesses. It’s where we excel, and it’s where we find our best partnerships. So let’s take a few minutes to explore the benefits of outsourcing, and why that could be a great fit for your business.

The “Why”: BENEFITS OF OUTSOURCED MARKETING

We’ll start with what we know: marketing is crucial to any business, new or established, as it helps spread the word about your services or products and expands your customer base. However, not every small business owner has the time or expertise to effectively manage marketing tasks. Do you know the basics of website creation and management? Are you familiar with the principles of graphic design for advertisements? What’s a good monthly budget for paid Google ads? What the heck is a throughline? This is where outsourcing to a small marketing agency comes into play.

When you partner with a small marketing agency, you gain access to a team of experts who live and breathe marketing. These professionals are up-to-date with the latest trends, tools, and technologies necessary to craft successful strategies tailored to your business needs. Whether it’s SEO (search engine optimization), social media marketing, or content creation, these specialists can elevate your brand’s presence in your target market. Imagine for just a minute what it would cost to hire that team full-time… From employee salaries to benefits, not to mention the hiring & retention cycle, it can be a significant drain on your company pocketbook. Is it too much work for one person? Too little? What if they need support? Heck, what if they’re on vacation?

An outsourced marketing department solves those problems. The team is entirely “on-demand,” working when you authorize it and not a minute more. The hiring and retention? That’s on them. Slow month in accounts receivable? You can just hit a temporary pause button—try doing that with a full-time salaried employee. Your marketing partner is supposed to fit within your budget, providing net-positive value to your business. Services can be precisely tailored to your needs and goals, and the team (as a whole) will have many times the knowledge and experience of a single in-house employee. After all, “None of us is as smart as all of us.”

Your TIME is Your MONEY

For any small business owner, time is a form of currency in and of itself. Outsourcing your marketing frees up your schedule to focus on core business activities while the agency handles the complexities of marketing campaigns. The agency takes your direction and can manage mostly self-sufficiently, freeing you from micromanagement or having to learn yet another set of tasks that take you even further away from your core specialty.

This time-saving aspect becomes even more critical during peak business periods or major product launches, when your attention is needed most elsewhere in the business. Marketing agencies can handle the increased workload without the need for you to hire additional staff or redirect existing staff from critical tasks. You can scale your marketing efforts up or down based on business performance, seasonal demands, or budget changes. That flexibility is crucial for small businesses that need to pivot quickly in response to market conditions. This sort of elasticity is nearly impossible with full-time hires.

Moreover, because agencies work with a variety of clients, they have access to pricing tiers and tools that individual businesses might find cost-prohibitive. They can offer more for your marketing dollar, from bulk buying ad space to accessing premium-level services at a lower cost due to their broader client base. Their experience over varied industries gives them an edge in seeing first-hand what works and what doesn’t, providing you with valuable insights into your own strategy.

CHOOSING THE RIGHT Marketing Agency

The foundation of any successful partnership lies in shared values and vision. When selecting a marketing agency, it’s crucial that they grasp and align with your business ethos. This alignment ensures that every marketing strategy they develop acts as an authentic extension of your brand identity. Agencies that resonate with your business values can more effectively craft messages that appeal to your ideal customer base, enhancing customer loyalty and brand integrity. For instance, if your business prioritizes sustainability, working with an agency that has experience in eco-friendly campaigns and communicates these values can make a significant difference in how your brand is perceived.

Speaking of communication, an effective strategy in this area is also key to any successful outsourcing relationship. Opt for an agency that not only has structured processes for regular updates but also values openness and responsiveness. Agencies that prioritize transparent communication will keep you informed about the progress of your marketing campaigns and any challenges that arise. This should include access to performance metrics and a clear breakdown of how your budget is being utilized. Regular meetings, comprehensive reports, and the availability of your account manager for queries should be part of the service agreement. This transparency builds trust and allows you to feel more connected to the process, ensuring that the marketing strategies remain true to your objectives.

It’s important to keep in mind that marketing is very much a “show me” industry and less a “tell me” industry. What does that mean for you? Seek out a proven track record. An agency’s portfolio and case studies are windows into their practical capabilities and expertise. By examining their previous work, you can gauge the breadth and depth of their experience. Look for variety and creativity in their projects, but also consider relevance to your own industry. Agencies that showcase successful case studies in your sector or have a history of overcoming similar business challenges can be particularly beneficial. These examples also demonstrate the agency’s ability to measure and deliver results, giving you a concrete basis for expecting them to replicate similar success with your campaigns.

Lastly, the ideal marketing agency understands that each small business is unique, with its own set of challenges and goals. Therefore, a flexible approach tailored to your specific needs is essential. The agency should be willing to adjust their standard services to better suit your objectives, whether that involves focusing more intensely on digital marketing, crafting a localized outreach plan, or integrating new marketing technologies.

Additionally, they should be agile enough to respond to changes in your business environment or shifts in the market by adjusting strategies and tactics without losing momentum. Customization in this way not only ensures that the marketing efforts feel personal and targeted but also maximizes your return on investment by addressing the most effective areas for growth.

Closing Thoughts

Outsourcing your marketing can be a game-changer for your small business. It allows you to focus on what you do best—running your business—while experts take care of spreading the word to attract and retain customers. The decision to partner with a small marketing agency like ours not only provides access to specialized skills and knowledge but also offers a cost-effective solution to grow your brand and reach your goals. By considering the benefits and choosing the right agency, you can ensure that your marketing efforts are in good hands, allowing you to reapnthe rewards of professional expertise and innovative strategies tailored just for you.

I’d encourage you to schedule an introductory meeting with Five Towers Media to see if we’re the right fit for you and your business!