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Navigating Denver’s New Rental Licensing Program: Impact and Insights for Landlords and Tenants

People who own rental properties have mixed feelings about Denver’s new rental licensing program.

On one hand, they appreciate the program’s intent of ensuring apartments and single-family rental units are fit for people to live in. On the other hand, they worry about added expenses, with some calling it a “money grab” for the city and county of Denver.

Annie Zook, who owns nine rental properties in North Denver, has had her properties inspected and is waiting for her applications to make their way through the process. Although the inspections didn’t turn up any issues she would have had to spend money correcting, Zook doesn’t think the program is necessary.

READ: Maximizing Investments — Harnessing Data-driven Real Estate Strategies

“I think the whole thing is missing the point,” she said. “These are our properties, and this is our retirement income. Why would we want to have a bad property? It’s in my best interest to have a safe place.”

Zook worries that the program will make renting more unaffordable for younger people who already are struggling.

“Young people move to Colorado because they want to ski and smoke weed, and they can’t afford stuff, and unfortunately, our city is building high rises no one can afford,” she said.

It was the process that made Ann Hershfeldt, who owns one rental property in Potter Highlands, nervous. She worried it would take a long time to get an appointment for an inspection. “It sounded like a nightmare process, so I was a little nervous,” Hershfeldt said.

But she was pleasantly surprised. Although she’d heard there weren’t enough inspectors and she’d have to wait her turn, she was able to get one quickly. Although she was worried the inspector might find issues in her rental home, which was built in 1948, he didn’t discover anything wrong with it.

“It was very easy, and the things I was worried about were not an issue,” Hershfeldt said. “The house is just old enough to make me worry, and it’s stuff you can’t help because it’s an older house.”

In all, the inspection took about 15 minutes. Hershfeldt said that newer buildings likely won’t have any issues, and that it’s the older buildings the city should focus on. She also said that for the program to have a real impact, it should be implemented statewide rather than limited to Denver.

“They want people living in houses that meet standards,” she said. “It just seemed to me that it’s a little too simple.”

The first stage of residential rental licensing went into effect on Jan. 1, 2023, when multiunit properties were required to be licensed. As of Jan. 30, 5,330 multi-unit properties had been licensed through the program.

The second phase of the law requiring all single-unit rental properties to be licensed took effect Jan. 1. As of Jan. 30, 8,740 single-unit properties have been licensed.

It takes an average of about a week for each landlord to complete the licensing process, which includes hiring an inspector and submitting proof their property has passed an inspection. Processing the application can take up to 30 days.

“People paying thousands of dollars a month should have operating heat and other minimum housing standards,” said Molly Duplechian, executive director of Denver Excise and Licenses.

The licensing fee for a single-unit dwelling is $50; $100 for two to 10 units; and $250 for 11 to 50 units. For buildings with 51 to 250 units the fee is $350, and for 150 or more it’s $500. Licenses are valid for four years.

Tenants who suspect that their landlords haven’t gotten a rental license can file an online complaint with the city.

READ: 7 Tips for Reducing Tenant Turnover

“As our enforcement team continues to search for unlicensed properties, we believe this tool will help the city increase our licensing compliance rate and achieve the public health and safety goals of this important licensing requirement,” Duplechian said.

Tenants can also call 311 to lodge a complaint about an unlicensed rental property.

Inspections range from $200 to $300, depending on the size of the property and how many units are being inspected.

When the city identifies an unlicensed property, it sends a notice of violation warning letter informing the landlord that they will be fined in about 30 days if they don’t apply for the license. So far, the city has sent out 1,880 violation letters to landlords without the required licenses.

Landlords who don’t comply receive a first fine of $150, a second fine of $500 and a third fine of $999 that the city can send every day for a landlord operating without a license.

“The city is taking strong enforcement action against unlicensed residential rental properties in our effort to make rental properties safe,” said Eric Escudero, communications director for Denver Excise and Licenses.

But just how does the department discover landlords who haven’t complied with the new law?

“The first place we go to is tenants who have filed a complaint with the health department,” Duplechian said. “We’ll work with them to look at whether they’re licensed or not. Then they’re on our radar.”

The department also has a software program it uses for short-term rental licensing. “It scrubs the internet for different websites and looks at listings and advertisements,” Duplechian said. “That’s very helpful technology.”

The new program has been a boon for inspectors, who have seen their workload slow as homebuyers sit on the sidelines waiting for mortgage interest rates to drop.

READ: 10 Easy Ways to Upgrade Your Rental Property

“Residential inspections are down about 75%,” said Greg Goodman of Inspections Denver. “It’s been a blessing in disguise. The rental inspections have filled the void.”

The city provides a checklist of 25 criteria a property must meet before it receives a license. The checklist covers everything from properly working toilets and location of the water heater to lighting of halls and stairways and properly installed outlets and fixtures.

Although his primary business is home inspections of for-sale properties, Jordan Van Voorst of Checkup Property Inspections said he’s performing five to six rental inspections weekly.

The criterion for rental property is slightly different than for property the owner lives in, Van Voorst said. For example, on rental properties, GFCIs are only required in the bathroom, but in an owner-occupied property, they must also be installed in the kitchen.

The rental program also requires one smoke detector for each bedroom, and a fire extinguisher must be on the property.

Even so, Van Voorst said about 70% of the rental properties he’s inspected don’t have issues. “I’m sure there are horror stories out there, but most of the properties that I inspect are in pretty good shape,” he said.

4 Ways Colorado Continues to Lead America’s Aerospace Industry

If space really is the real frontier, Colorado is a critical outpost at the edge of the wilderness.

The state’s long legacy as an aerospace hub has provided a launchpad into the new era of commercial space. Many ongoing projects seem to have been lifted straight out of science fiction, from asteroid mining to next-generation space stations to optics that can see the history of the universe.

READ: Colorado’s Aerospace Industry Booms — From the Front Range to Outer Space

This innovation isn’t happening in Colorado by random chance.

“What we have is the best-on-the-planet aerospace ecosystem,” says Robert Beletic, aerospace and defense industry manager at the Colorado Office of Economic Development and International Trade (OEDIT). “It’s like nowhere else and it’s because of several factors. Success breeds success.”

He cites a pair of key statistics: 37,000 private aerospace jobs and $13 billion of annual industry output. “We have more people working in aerospace per capita than any other state, or any other country, for that matter,” says Beletic. “California actually has the largest aerospace ecosystem, but it’s not much bigger than ours, and they have seven times the population.”

The longtime presence of military, academia and major aerospace companies has fostered a talent pool that has catalyzed dozens of ambitious startups, he adds. “It’s a bunch of separate reinforcing pieces that work together synergistically.”

Good defense

The chief of mission operations for True Anomaly, Tom Nichols met his co-founders during his military career while serving in the U.S. Space Force’s 4th Space Operations Squadron at Schriever Space Force Base east of Colorado Springs.

Launched in early 2022, the company quickly surpassed 100 employees as it raised a $17 million Series A and $100 million Series B in 2023. Its mission control facility is in Colorado Springs, and its spacecraft manufacturing facility, a.k.a. GravityWorks, is in Centennial.

“I was 11 years active-duty military as a space operations officer,” Nichols says. “It was a very safe, peaceful domain, and in our careers, we saw the development of capabilities to degrade, destroy, or deny our U.S. space capabilities.”

True Anomaly seeks to counter that with satellites designed for “rendezvous and proximity operations,” he says. “Our satellites are focused on getting in close proximity to other satellites and taking pictures.”

The launch window of True Anomaly’s first two spacecraft is March 2024. Nichols forecasts the company will be manufacturing a satellite a week with 200 employees by 2025.

While the company considered manufacturing in Florida, Texas or California instead of Colorado, the Centennial State won out largely because of its talent pool. Nichols, echoing Beletic’s description of the three-legged stool of military, academia and the private sector, also points to “proximity to customers” at the state’s U.S. Space Force bases (Schriever, Peterson and Buckley).

Beletic points to his alma mater, the U.S. Air Force Academy, as the prime conduit for the Space Force. “You have more than 50 percent of the U.S. Space Force in this state, three of the six bases but probably 60 percent of the assets,” he says.

READ: The Colorado Aerospace Industry is Combating an Alarming Pilot Shortage — Here’s How

Stellar smarts

Beletic is quick to note that Colorado’s military talent does not exist in a vacuum.

“The universities are the best in the world for aerospace. CU Boulder produces one out of every four astronautical engineering Ph.D.s in this country, and it has more students studying aerospace than any other university on the planet. Colorado School of Mines has the first extraterrestrial mining program.”

Within CU Boulder’s Ann and H.J. Smead Department of Aerospace Engineering Science, the flagship Smead Program brings together graduate students, faculty and visiting professors to conduct cutting-edge research.

“We just hit our 77th anniversary as a department,” says Smead Director Chris Muldrow. “Primarily, it was focused on aeronautics to start with, but then as space became much more of a topic of conversation in the ’50s, we started bridging out into that area as well.”

Today, Muldrow says “the triad” of defense, research and industry are feeding a wave of “new space” startups, and many such seeds are planted at CU Boulder.

“We actually have a very robust startup community on our campus. We have sources for our faculty and our students to get that entrepreneurial experience while they’re at CU, and then go build some startups.”

He points to Smead faculty member Scott Palo, CEO of Niwot-based Blue Cubed, a manufacturer of satellite communications systems, and former faculty member Bradley Cheetham, president and CEO of Boulder-based Advanced Space, which helps customers with flight dynamics and technology development.

“There is so much interest and engagement in what’s happening in the new space area,” says Muldrow. “I think there’s still that relevance between the government and large industry and academia. The new space companies today and the commercial ones that are starting up are leveraging technologies that have been built over decades of R&D.”

He adds, “SpaceX has done amazing things in our industry, but they would not have done nearly as much as they did as quickly as they did if some of those basic rocket technologies were not developed from the ’40s and ’50s to the present.”

Muldrow says CU Boulder is collaborating with Star Harbor, which is developing a mixed-use space flight training facility and R&D campus on 53 acres in Lone Tree. His experience meeting with Star Harbor leaders led him to believe Colorado has to emulate Florida and tell its story about being a space powerhouse. “Even insiders didn’t realize what we had going on here,” Muldrow says.

READ: The Stars Are Aligning for Colorado Aerospace

A virtuous cluster

OEDIT’s Beletic says major players like Lockheed Martin (where Muldrow worked for 13 years), United Launch Alliance, Ball Aerospace and Sierra Space give military and academic talent numerous career options within Colorado.

“Lockheed Martin’s building the Orion spacecraft that will take us back to the moon, and it’s already own,” he says. “[Ball] built the optics on the James Webb Space Telescope, which can look farther out in space than we’ve ever seen before. This is to me is like science fiction: It can look back 13 billion years to within a couple hundred million years of the Big Bang.”

These big companies have a gravity of their own, but it’s conducive to entrepreneurs looking to take flight with startups.

Beletic points to Denver-based satellite maker York Space Systems and Ursa Major Technologies, Berthoud-based manufacturer of 3D-printed rocket engines, as two fast-rising companies.

“All this feeds on each other. So now let’s say you’re the best at building solar panels or you’re the best at building the radiation coating protection for solar panels. Guess where you want to be? You want to be in Colorado.

” He’s quick to point out that Lockheed and others rely on a network of machine shops, software developers and other suppliers, noting, “62 percent of our aerospace companies have 10 or fewer employees.”

Growing the map

Not all of this activity is taking place on the Front Range. Case in point: Agile Space Industries manufactures and tests rocket propulsion systems in Durango.

Now employing more than 60 people, the business spun o from Advanced Mobile Propulsion Test (AMPT), launched by Agile founder Daudi Barnes in 2009. The two sister companies merged into a single entity in 2019 and closed on a $13 million seed round with participation from Lockheed Martin Ventures in 2023.

Leveraging additive manufacturing and chemical propulsion systems, Agile has already shipped its first flight hardware, with much more in the pipeline.

“We expect them to be landing on the moon later this year, which we’re very excited about,” says COO David Cuthbertson. “We have other hardware that is nearing completion for launch systems, and a third set of different hardware that will be delivered in [mid-2024] for a satellite constellation.”

A veteran of the U.S. Army, Cuthbertson worked in oil and gas before an opportunity with Agile lured him to Colorado. Quality of life was a big part of the decision to take the job and move his family to Durango.

“We’re committed to opening up the Western Slope,” Cuthbertson says. “I see a lot of the companies actually shifting their headquarters to Denver and moving to Denver, which is great for Colorado in general, but it’s gotten really crowded, and there’s a lot of beautiful space out here on the Western Slope.”

Durango, Montrose and Grand Junction “have a great industrial base,” he adds. “The heritage oil and gas folks, who are craftsmen in their own right, are providing the industrial base for much of Colorado. Those skill sets are really applicable to what we do in aerospace.”

Another benefit to Agile’s operations: elevation.

“We test things in a vacuum, so we’re trying to replicate the in-space environment,” Cuthbertson says. “[Durango’s 6,512-foot elevation] actually reduces the amount of energy taken to replicate an in-space environment, a vacuum system, because we’re already at a lower atmospheric pressure.”

And the coastal launch paradigm won’t be dominant forever. Cuthbertson thinks places like Durango check all of the boxes. “As we move toward a spaceport with vertical launch and vertical landing, you’re no longer constrained by geographical location because you want to go up versus necessarily horizontal trajectories,” he explains. “Right now, folks who are establishing the spaceports have surged away from the large populations.”

Countdown to the future

From high-precision machine shops to the recent federal designation as a quantum hub, the planets have aligned in a big way in Colorado.

Beletic thinks the sky — make that deep space — is the limit.

“The future is super bright,” he says. “We have the best aerospace ecosystem on the planet. We have all the pieces. If you were building a football team, you wouldn’t want just quarterbacks, you’d want linemen and halfbacks, defensive ends, you name it. We have all those pieces.”

In Fort Collins, Small-Box Mercantile is the Latest in One-Stop Shopping

Along with a rebound in brick-and-mortars, Fort Collins is experiencing an interesting small biz trend as local owners band together to deliver a mercantile shopping experience opposite the big-box variety.

2020 wasn’t exactly the ideal year to takeover Bloom Floral Boutique, but if there was a bright side to doing business during a pandemic, it was the sweetheart deal Brenna Free-stone-Gilbert secured on a 1,100-square-footretail space at 153 North College Ave., in Old Town’s coveted downtown shopping district.

To save money, and fill out a large floorplan, Freestone-Gilbert shared the new digs with her husband, Caleb Gilbert, who owns the comic book shop Beeda’s Thingamajigits. The concept worked in the beginning, but the two stores couldn’t make ends meet when the market readjusted and their retail landlord raised rates.

“The rent increase was too much to handle, but I didn’t want to leave the space since we’d started to build a name for ourselves,” Freestone-Gilbert explains.

Bloom had always been a “funky mish-mash,” as Freestone-Gilbert puts it. It wasn’t such a stretch, then, to bring in two additional businesses in 2023. Mystic Moon Bakery and Blendings Winery at The Hillside Vineyard added cupcakes and wine service to the mix when they moved in last August.

Fort Collins’ downtown business owners have always formed a “tightknit community,” explains Katy Schneider, vice president of marketing at Visit Fort Collins. While there hasn’t been any official facilitation for shared spaces such as Freestone-Gilbert’s, Schneider imagines many to be happenstance ideas turned into reality.

Whatever its origin, a rising tide benefits all. A customer might drop in for a flower arrangement, then buy a graphic novel and read a few pages in the boho-chic community space while enjoying a glass of wine or sweet treat. That’s the tip of the iceberg: Bloom store owners are also finding opportunities to collaborate on workshops, classes, etc.

Most of FoCo’s combined businesses are located in Historic Downtown, where Bean Cycle Roasters was the first to test a collaborative mercantile model in the early 2000s while housing a used bookstore. Gearing up for its 20th anniversary this summer, Bean Cycle currently shares its bike-themed space with a handmade retail shop, Makerfolk, as well as Half Crown Creative, an artist-in-residency program with exhibition space.

“With these big Old Town spaces, you can’t really afford to pay the rent with one space anymore,” says Ryan Foley, a co-owner of Bean Cycle. For small business owners interested in sharing a roof, Freestone-Gilbert says the first step is meeting with your local zoning board.

Attesting to Northern Colorado’s appetite (pun acknowledged) for retail activity, Longmont’s first-ever food hall opens in May. Parkway Food Hall will feature eight dining concepts along with three retail stores plus an indoor/outdoor bar, large patio and event space. While Denver has one of the highest rates of food halls in the country, Longmont has been left out of the equation — until now.

Scale Your Startup With These Essential Smart Tech Strategies

New business startups in Colorado have many challenges in the modern marketplace. But they have one advantage that older startups don’t have: a plethora of innovative technology that can help build their businesses.

There are thousands of cutting-edge tools available, which means the biggest difficulty might be choosing the right ones to move ahead of the competition. Leaders need to assess and manage the risks and opportunities of the ones they implement. With the right tech, a startup can scale to great heights.

READ: These 5 CEOs Are Launching Colorado’s Startup Sector to New Heights

Business benefits of smart technology 

According to a recent survey from Wallethub, Colorado is one of the top 10 states to start a business. With that kind of competition, startups need to stay ahead.

Today’s technology gives new businesses that advantage. For example, artificial intelligence (AI) and machine learning apps can improve business processes and analyze customer data. Tools like virtual and augmented reality (VR and AR) help businesses gamify rewards and personalize shopping experiences.

Modern technology also plays a role in the workplace. You can use it to improve employee satisfaction and efficiency by offering perks such as installing wireless charging stations. Smart chairs and desks can also be adapted to staff’s physical needs and keep them comfortable throughout the day. 

But the real game-changers are today’s virtual collaboration tools. These allow employers the ability to offer flexible work arrangements so that they can attract the best talent to their company, no matter where their ideal candidate may live.

Whether behind the scenes or client-facing, these tools support the growth of a successful business.

READ: Unveiling the Role of Technology in Modern Workplaces

Tech tools to level up a startup

Startup leaders must select the right technology and choose apps that scale their businesses. Deploying tech that improves customer experience and boosts workplace productivity is key. Here are some useful applications that accomplish this:

  • Apps like Hubspot and Mailchimp simplify and personalize customer communication and marketing efforts.
  • Integrating sign language apps for clients demonstrates that a business values diversity and inclusion for all.
  • Tools like Asana or FreshBooks streamline project management and financial systems.
  • AI apps such as Zendesk provide robust customer support and offer in-depth insights.

Technology is only beneficial if it provides a competitive edge for the company. Startups can beat the competition by continually assessing efficiency, also known as process improvement. This activity allows businesses to evaluate processes to refine and automate systems. This helps save time and money while improving employee and customer satisfaction.

Tech apps can help managers map out process improvement activities, so their teams can communicate and contribute to system improvement. Staff members then have a stake in growing the company, which can improve employee retention.

However, employees may struggle to implement new systems. It is just one of the challenges business leaders need to deal with.

Managing risks and opportunities

In addition to getting clients and staff to buy in, there are other issues posed by adopting new technology. Startups need to understand the importance of risk mitigation. Once risks are discovered, a mitigation plan should be developed and put in place as soon as possible. Risks should then be monitored, reported and reviewed accordingly as changes arise. 

Some risks from using technology include: 

  • Outdated systems that hinder productivity and efficiency.
  • Security vulnerabilities, especially if systems are out of date. 
  • Vendors contracts that exceed existing needs and budget.
  • Systems or tools (like social media) that do not have user policies in place.

Of these issues, the biggest risk with any new technology is ensuring security in the digital world. Security incidents are rising, causing problems such as identity theft, financial loss and legal troubles. A security breach can damage the reputation of a startup. 

READ: How to Protect Your Business Against a Data Breach in 2024

There also could be risks specific to one’s industry that need to be addressed. For example, e-commerce companies that use technology incorrectly could cause problems with fulfillment, which in turn can negatively impact sales and customer retention. Risk mitigation strategies should address these issues with solid solutions, such as software that can flag these concerns. Having a plan in place beforehand helps make it simpler to deal with unexpected crises that occur.

Risk mitigation strategies must include security plans and proper cybersecurity support. It’s important to have strong data control systems across all resources and, if a breach does occur, it should be dealt with and reported to the entire staff. 

Startups in Colorado need to do their best to level a crowded field. Strategic implementation of technology benefits new businesses, especially if they develop risk mitigation strategies for their systems. Taking these foundational steps will scale a company far ahead of its competition.

 

Indiana Lee Bio PictureIndiana Lee is a writer, reader, and jigsaw puzzle enthusiast from the Pacific Northwest. An expert on business operations, leadership, marketing, and lifestyle, you can connect with her on LinkedIn.

Grow Your Business in 2024 With These 6 Content Marketing Tools

In the present digital era, content plays a pivotal role in communicating a brand’s message and convincing customers to take the desired action. For that reason, content marketing is gaining immense popularity among businesses.

However, crafting and managing creative and engaging content is not so simple. That’s why content marketing tools are essential. There is a wide range of content marketing tools available, but selecting the right one can be a little confusing. 

To make your task easy, we have come up with a complete list of the prominent content marketing tools for startups. Let’s dive in!

READ: How AI-Powered Content Production Will Transform Digital Creation in 2024

Why you need content marketing tools

Content marketing is all about creating and sharing relevant content to engage, attract and retain your target audience. 

Content marketing is nearly 62 percent less expensive in comparison to other marketing forms. However, it generates three times more leads. For this reason, if you are a startup, content marketing is even more essential. 

Still, thinking about why it matters for your business? The answer is clear: Effective content forms the foundation of organic search and can easily drive more traffic to your website.

Great content will not only provide positive experiences to your customers but will also compel them to come back to your business over and over. Moreover, it will help you win the trust and loyalty of customers and enhance your brand reputation. Finally, generating more leads and growing your revenues become simple and easy.

Content marketing tools will help you in content ideation, generation, optimization and promotion. As a result, these tools enable you to save a great deal of time and focus on other tasks. They can effectively double your efficiency and amplify the voice of your brand. 

READ: Generating Leads on Instagram — 10 Proven Tactics to Enhance Your Social Media Reach

Top Content Marketing Tools Every Startup Must Leverage

Wondering which content marketing tool to use for your startup? Check out this comprehensive list. 

1. SEMrush

When it comes to the best content marketing tools for startups, you cannot overlook SEMrush. It allows you to identify the latest trends in your industry and craft engaging content accordingly. 

Moreover, you can also use this tool to optimize your content for SEO and rank higher on the search engine result pages, by finding the right keywords for your content.

2. WordPress

Want to establish a strong online presence but coding isn’t your forte? Fear not, WordPress will help. It is a perfect tool for publishing editorial content, creating portfolios and blogging.

This tool comes with a lot of customizable templates and multiple plug-ins. So, building a new website and publishing content seems like a breeze. All you need to do is leverage the drag-and-drop functionality and get your online pages ready in just a few clicks.

3. HubSpot

HubSpot allows startups to access several content marketing tools in one place. It can provide you with several features that are free, like popup tools, a powerful form builder, an AI content writer, a campaign assistant, and more. You can leverage all these tools to scale your business seamlessly with ease.

HubSpot offers you the ability to determine what content is most effective across different channels. As a result, you will be in a better position to customize content for different customers.

READ: Discover the Best CRMs for Small Businesses in 2024

4. Planable

Planable’s Universal Content allows the marketing team of startups to create top-notch and appealing content of all forms. It provides you with access to visual content calendars, making content planning in real-time much easier.

Moreover, it facilitates better collaboration among the team members for content creation. Whether you want to plan, create or review blogs, newsletters or any other type of content, Planable is a great option.

5. Grammarly

In the competitive era, every tiny error in your content can lead to a negative impression of your brand. Therefore, proofreading and editing your pieces before publication is a must.

Don’t have the time to go through your content amidst your busy schedule? It is time to leverage Grammarly. This powerful tool serves as your writing wingman and helps polish your content to perfection. By pinpointing grammatical errors and providing real-time suggestions, Grammarly helps improve the quality of your content. 

6. ContentStudio

ContentStudio is a unified platform that allows you to schedule, create and organize content for all social media platforms. With this tool, you can easily connect with your target audience and engage your followers.

Whether you want to publish blogs or video content, ContentStudio can get the job done. Moreover, monitoring social media analytics is a breeze with ContentStudio.

The bottom line

Content marketing tools have become essential to connect and grab the attention of your target audience. Now that you have an idea of the prominent tools, it is time to use them to grow your brand. Depending on your unique requirements, you can select the best content marketing tool and reach out to potential customers better.

 

Jigar Agrawal is Digital Marketing Manager at eSparkBiz. He is passionate about anything related to Digital Marketing. Wants to unlock the world of technology and Social Media where every day there is a chance of new possibility as well as innovation.

Can Colorado Avoid the Rising Male Unemployment Rates Across the US?

Even as women enter the workforce at rates never before seen in our country, a disturbing trend is arising among men between the ages of 25-54.

A new Common Sense Institute study finds these men, in their prime working-age years, are leaving the workforce. 

How many men? Today, across the US, roughly seven million men are not in the labor force, or NILF, as the US Department of Labor refers to them. This does not apply to men who are employed part-time. In fact, one only needs to work an hour in the period being recorded to be counted as employed.

These men are neither working nor looking for work. One of the reasons the unemployment rate across the country appears to be so low is because for every man looking for work, two-to-three men are NILFs.

READ: Colorado’s Labor Market Paradox —  Plentiful Jobs, Mismatched Talent

This trend for men is not a matter of being in transition or working to take care of households while their spouses go to work. When time-use studies are done to document how these men spend their non-working time, they spend much more time than working men or women in general on socializing, relaxing and leisure. This includes an alarming amount of video game playing. 

Married men and men with kids are more likely to be working. Married black men work at a higher rate than single white men. Men with higher education levels are also more likely to be working. Men’s retreat from the workforce has also occurred with a retreat from civil society. NILF men are likely to be unmarried and not in clubs, involved in church or otherwise engaged in their communities. 

This is also not a blip. Prime-age working male labor force participation rate (LFPR) has been trending down since the 1960’s and continues post-pandemic. In 1969 the LFPR of prime working age men was 96.1%. Since Title IX was enacted in 1972, women have consistently increased their labor force participation rate, reaching a post-pandemic high of 77.8%, while men’s has dropped to a current national level of 89.7%. 

Women are advancing their educations at a higher rate than men as well. In 1970, just 12% of young women had attained bachelor’s degrees, compared to 20% of men. By 2020 4 % of women had a bachelor’s degree, compared to 32 % of men. Since better-educated men are more likely to be in the workforce, this national trend is concerning. 

But what about Colorado? The state’s male LFPR is higher than the national LFPR at 92.5%. Note that Colorado also has the second-highest percentage of college-educated citizens. While encouraging, now is the time to sound the alarm in Colorado. Despite an overall better LFPR for prime-age working men in Colorado, the rate has dropped four percentage points since 1977 while Colorado’s female LFPR has risen 20 points to 83%.

READ: Guest Column — Closing the Racial Wealth Gap With Education and Financial Planning

At a time of low unemployment and a plethora of available jobs, the bigger question is why are men leaving the workforce at all? To start, for men with only a high school diploma, inflation-adjusted real wages have dropped since the 1970’s. It’s estimated that this factor alone accounts for 44% of the growth in labor force exit. 

Social factors contribute as well. As society has shifted and more men are born to single mothers, their likelihood of being nonworkers has grown. When single mothers are less educated, or have low household incomes, the boys growing up in these households are more likely to be nonworkers as adults. 

Perhaps most alarmingly, because work is not only a source of income, but also dignity, belonging and self-respect, the loss of work and the possibilities work creates lead to disconnection, hopelessness and negative emotions that cause both physical and psychological pain. The US male life expectancy has dropped and the rate of deaths of despair are increasing. Men in Colorado accounted for 77% of suicide deaths from 2010 to 2020 and 62% of suicide deaths. Colorado has the sixth highest suicide rate in the US.

READ: Transform Your Mental Health in the Workplace — Strategies for a Healthier, Happier Experience

In terms of economic empowerment, it is a great time to be a woman in our country. But men not working is a problem, not just for our economy, but for our society. 

What if women’s gains since 1972’s Title IX law have occurred to the detriment of men? How might we recover these losses and build up all people moving forward?

In November 2021, the Global Initiative for Boys & Men published a report on the need for a Colorado Commission on the Status of Boys & Men. This report identified six areas where boys and men have been disproportionately impacted, including physical and mental health, education, careers and financial health, family and relationships, criminal justice and court systems, and male narrative in the public discourse. In each of these key areas, the trends for boys and men are concerning, but it is not too late. Now is the time for a state commission to be created to keep Colorado boys and men from falling farther behind.

 

Tamra Ryan is the CSI Coors Economic Mobility Fellow and CEO of the Women’s Bean Project.

Blockchain Technology For Business Development: A Comprehensive Guide

Blockchain technology is making waves beyond its digital currency roots, offering businesses innovative ways to work smarter and safer. Let’s dive into how blockchain can give your business an edge, making things clearer, quicker and more secure across the board.

READ: Blockchain Development in Supply Chain Management — How it’s Changing the Game

What is a Blockchain Framework?

A blockchain framework is a set of software tools, libraries and guidelines that provide a foundation to develop and deploy blockchain applications. It includes core functionalities such as consensus mechanisms and smart contract support, simplifying the creation of blockchain solutions.

Understanding Smart Contracts

As a crucial part of blockchain technology, smart contracts can dramatically streamline your business processes, eliminating unnecessary intermediaries and reducing the likelihood of errors and delays.

Think of them as self-executing contracts. They’re coded to perform certain actions when predefined conditions are met. For instance, in an insurance claim, the smart contract can automatically process payouts when a valid claim is made, eliminating the waiting time.

Moreover, smart contracts enhance transparency as all parties can inspect the contract terms. It’s a game-changer for businesses, simplifying operations and increasing efficiency.

However, they’re not a one-size-fits-all solution; you will need to assess whether they align with your business needs and goals.

Revolutionizing financial transactions

Blockchain technology simplifies transactions, making them faster and more secure. It eliminates intermediaries, reducing the cost and time of transactions. Imagine sending payments across borders without dealing with high fees and long waits.

Moreover, blockchain’s transparency ensures every transaction is traceable and can’t be tampered with. This builds trust among your customers and stakeholders. It even aids in regulatory compliance, as every transaction is accurately recorded.

READ: Blockchain — The Future of Work Building in Colorado

Digitizing identity verification

With the aid of blockchain, you’re not just streamlining transactions but also revolutionizing your business’s identity verification process. Think of having a system where the burden of proofing identities is drastically reduced, expediting your customer onboarding process. That’s the magic of blockchain.

It provides a decentralized, tamper-resistant system that ensures verified identity credentials. No more laborious paperwork or risk of identity fraud. Instead, you’re enhancing system integrity and data security and elevating the user experience.

Data sharing and collaboration

Blockchain offers a powerful tool for data sharing and collaboration, enhancing your business operations in numerous ways. With blockchain, you can:

  • Improve data integrity and confidentiality.
  • Maintain shared records with secure access controls.
  • Offer uncomplicated information-sharing and decision-making.
  • Eliminate the need for reconciliation across multiple parties.
  • Create a single, reliable source of truth.
  • Reduce disputes and accelerate consensus.
  • Enhance data accessibility and transparency.
  • Allow authorized users to access and verify data in real-time.
  • Improve audibility with immutable records.

Exploring blockchain’s security measures

Blockchain’s security is largely anchored on two key features:

  • Decentralization: The data isn’t stored on a single server, making it difficult for hackers to compromise the system. Each transaction is also verified across multiple nodes, ensuring accuracy and credibility.
  • Cryptography: Transactions are encrypted, ensuring data security and privacy. It uses a concept called ‘hashing‘, to transform transaction data into a series of numbers and letters.

READ: How to Protect Your Business Against a Data Breach in 2024

Industries benefiting from blockchain

Here are some significant sectors that are reaping the benefits of blockchain technology:

Finance

  • Blockchain accelerates transactions and reduces costs, offering a more secure, transparent and efficient platform.
  • Cryptocurrencies, enabled by blockchain, have transformed the concept of money and payments.

Supply chain

  • Blockchain improves traceability, accountability and efficiency, reducing the chance of errors, fraud and delays.
  • It helps maintain the integrity of product information from source to consumer.

Healthcare

  • Blockchain keeps patient data safe and private.
  • It makes sharing medical records between doctors and hospitals secure.
  • It helps stop fake drugs by tracking medicine from maker to patient.

Real estate

  • Blockchain makes buying and selling houses easier.
  • Uses smart contracts that follow rules automatically, so there’s less paperwork.
  • Keeps track of who owns a property clearly and truthfully.

The bottom line

Using blockchain for business development helps cut through complexity and secures your operations. It helps keep deals on track without a middleman, stores information that everyone can trust but nobody can mess with and even makes investors sit up and take notice. As companies big and small start to tap into what blockchain can offer, those who jump on board now could lead the pack in their industries.

So, consider this your blockchain crash course, giving you the know-how to harness its power and pave the way for a smarter, more connected business future.

 

Konrad Jasinski is a passionate writer and blogger with a soft spot for nature, travel, and all things tech. When he is not working on his blog or writing articles for Husky Hamster, you can find him in the great outdoors, exploring new places and capturing moments with his camera. He is also a huge fan of the latest gadgets and loves to stay up-to-date on the newest trends in technology.

The Remote Work Burnout is Real: Here’s What You Need to Know

In the wake of the pandemic, remote work swiftly became the norm for countless businesses worldwide. Over a third of employees now work, at least partially, remotely. The shift is heralded for its safety, convenience and liberation from the dread of an employee’s daily commute. However, it also bears a downside that looms large: burnout.

The boundaries between professional and personal life blur easier in a remote work situation, leaving many grappling with a constant work-life merging. The tools that enhance connectivity often become instruments of perpetual availability, intensifying the pressure to perform constantly.

A staggering 86% of employees who work from home full-time experience this phenomenon. The absence of physical detachment from the workspace can erode the much-needed respite, leading to a palpable sense of burnout.

Discover the nuances of this remote work phenomenon, focusing on its impact on mental health and productivity and the strategies to mitigate this looming threat. If you’re a business seeking to improve employees’ work ethic or an employee who’s struggling with the daily digital grind, read on to learn more about the issue.

READ: Overcoming Career Burnout — 3 Strategies for Leadership Longevity

Why does remote work exacerbate burnout?

Remote work blurs work-life boundaries, increases screen time and your constant “availability” that digital tools amplify. The lack of physical separation from the workspace leads to prolonged working hours, difficulty disconnecting and heightened pressure to always be accessible, fostering an unceasing work culture.

The absence of a clear distinction between professional and personal spaces renders remote workers susceptible to a relentless work-life blend. The digital environment also becomes a vortex where the delineation between clocking out and leisure dissipates.

From meetings to communication and general work, additional screen time converges on the same device, leading to cognitive overload and a perpetual state of “being online.” This exacerbates the pressure to perform and devastating any time for much-needed respite.

The setup drives these compounded factors, contributing to an environment where the risk of burnout intensifies.

READ: Adapting to the New Norm — Post-Pandemic Work Culture and the Future of Remote Work

How to mitigate remote work burnout

Amidst the rising concern of remote work-induced burnout, employers and employees alike hold the key to fostering a healthier work environment in this digital setup.

There’s a collective responsibility for well-being in a remote work landscape. Cooperation between management and employees is necessary to achieve and maintain the benefits of remote work without sacrificing health and productivity.

For employers

Here’s how you can support your employees past their remote onboarding to maximize their efficacy without sacrificing their well-being.

1. Respect boundaries: Encourage a culture that respects off-hours. Refrain from sending non-urgent emails or messages outside of agreed-upon work hours.

2. Set clear expectations: Define work hours and communication protocols explicitly to prevent the assumption of constant availability. Also, compensate for any overtime or extra work your employee renders.

3. Promote breaks and time-off: Encourage regular breaks and vacations to allow employees to recharge until they’re ready to handle further tasks.

4. Provide support: Offer resources such as mental health services or counseling to support your employees and maintain their health. A support system can do wonders for your employees’ health and morale.

READ: Managing a Remote Work Team with Communication and Ease

For employees

Your participation bolsters the collaborative effort to make work-life balance possible. Here are steps you can take to mitigate the risk of burnout.

1. Define work boundaries: Set clear boundaries between work and personal time, adhering to designated work hours to avoid overworking. However, don’t take advantage of boundary-setting to get away with underworking.

2. Create a dedicated workspace: Establish a separate area for work, if possible, to set a clear divide between professional and personal spaces. Remove distractors in the working environment and remove work-related items in your leisure spaces.

3. Take regular breaks: Incorporate short breaks or step away from screens for a while to let your eyes and mental state rejuvenate throughout the day. If you can, leave your phone behind so you can completely disconnect and recover quickly.

4. Communicate needs: Openly communicate with your employers about workload or stress levels to avoid potential burnout triggers. An open dialogue informs you of what to expect and what your employers can expect from you, tempering both parties’ expectations.

Out with Burnout

Remote work has undoubtedly changed the way many businesses operate. From cost-cutting to added family time, a setup like this allows for better flexibility with one’s time.

However, despite these benefits, it also comes with many drawbacks as employers and employees like Laike need help to find balance in handling each other’s newfound freedom.

Burnout’s detrimental effects ripple widely, fostering increased employee turnover and diminishing quality of life and work outputs. Mitigating burnout demands a collective commitment from employers and employees alike to nurture a culture that prevents its grip rather than perpetuates it.

 

Valerie Chua headshotValerie Chua is a Content Specialist at Manila Recruitment, a company providing headhunting solutions for recruiting executive, expert, technical, and specialist positions in the Philippines.

How to Embrace Socially Conscious Business Models (and Increase Your Profit Margin)

In recent years, there has been a growing emphasis on the importance of social and environmental impact in business practices. Companies are increasingly recognizing the need to balance profit-making with positive contributions to society. This emerging trend, known as socially conscious business models, is reshaping the way organizations operate and interact with their stakeholders.

READ: Don’t be an “Average” Company — The Power of Prioritizing Team Happiness

Understanding socially conscious business models

Socially conscious business models are fundamentally different from traditional profit-centric approaches. They prioritize the well-being and welfare of both people and the planet. This means that businesses aim to create value not only for shareholders but also for the broader community and the environment.

One way that socially conscious businesses prioritize the well-being of people is by adopting fair labor practices. They ensure that their employees are paid a living wage, have access to benefits and are treated with dignity and respect. This not only improves the quality of life for employees but also contributes to a more equitable society.

In addition to caring for people, socially conscious businesses also prioritize the health of the planet. They take proactive steps to minimize their environmental footprint by implementing sustainable practices. This can include reducing waste, conserving energy and sourcing materials from eco-friendly suppliers.

Defining socially conscious business

At its core, a socially conscious business is one that intentionally integrates social and environmental considerations into its operations and decision-making. Rather than viewing these factors as secondary or optional, these businesses recognize their inherent value and prioritize them alongside financial performance.

By aligning their values with their business strategies, socially conscious businesses create a sense of purpose that goes beyond profit. They strive to make a meaningful impact on the world and inspire others to do the same.

READ: 4 Strategies for Corporate Social Responsibility in the Workplace

The importance of balancing profit and impact

While making a profit is essential for any business, it is equally important to consider the social and environmental consequences of those profits. By balancing profit and impact, socially conscious businesses strive to create sustainable value in the long run. This approach helps to build trust and loyalty among stakeholders, fosters positive brand image, and increases employee engagement.

When businesses prioritize social and environmental impact alongside financial performance, they create a virtuous cycle of success. By investing in their communities and the planet, they contribute to a healthier and more prosperous society. This, in turn, can lead to increased customer loyalty and support, as consumers increasingly seek out businesses that align with their values.

Furthermore, socially conscious businesses often attract and retain top talent who are motivated by more than just a paycheck. Employees are more likely to be engaged and committed when they believe in the company’s mission and see the positive impact it has on the world.

Key components of socially conscious business models

Successful socially conscious business models incorporate several key components to ensure that they are effective in both creating social impact and being financially sustainable.

Socially conscious businesses go beyond traditional profit-driven models by prioritizing the well-being of society and the environment. They strive to make a positive difference while still maintaining a strong financial foundation. Let’s explore some of the key components that make these business models successful.

Meeting the needs of vulnerable populations

In the realm of socially conscious business models, there’s a profound emphasis on addressing the needs of vulnerable populations. As society becomes more attuned to the challenges faced by individuals with cognitive impairments, socially conscious businesses are stepping up to create positive changes in this area. Dementia, which affects millions of people worldwide, causing memory loss, cognitive decline, and other debilitating symptoms, is one area where these businesses are making a meaningful impact.

One way these businesses do this is by developing and promoting specialized product and games designed to engage, stimulate and provide comfort to individuals living with dementia. This can include sensory-stimulating products, reminiscence therapy tools and personalized care solutions adapted to different dementia stages.

This approach to socially conscious business models, which focuses on the well-being of people and particularly vulnerable populations, is exemplified by such endeavors. Businesses that cater to the unique needs of those living with cognitive impairments contribute to the well-being and quality of life for individuals with dementia, as well as provide support for caregivers and families who are affected by the condition.

Incorporating sustainability in business strategy

Integration of sustainability principles into the core business strategy is essential for socially conscious businesses. This goes beyond simply implementing environmentally friendly practices. It involves a holistic approach to minimize the negative impact on the environment and promote positive change.

By adopting sustainable practices, businesses can reduce waste, lower their carbon footprints and promote the use of renewable energy sources. They can explore innovative ways to conserve resources, implement recycling programs and support eco-friendly suppliers. These efforts not only benefit the environment but also contribute to long-term cost savings and operational efficiency.

Moreover, socially conscious businesses can leverage sustainability as a unique selling point, attracting environmentally conscious consumers who prioritize businesses that align with their values. This can lead to increased customer loyalty and market differentiation.

READ: Why Colorado Needs Sustainable Power Solutions for Modern Aviation

The bottom line

Overall, socially conscious business models represent a paradigm shift in the way organizations approach profitability and societal impact. By balancing profit and impact, these businesses can create long-term value that extends beyond traditional bottom lines. As the world becomes increasingly aware of the need for sustainable and ethical business practices, the importance of socially conscious business models will continue to grow.

 

Mary Anne Roberto is the co-founder of Always Home Connected and a dedicated CNA and PAC Certified Independent Consultant, specializing in dementia care. One of her goals is to create awareness about those experiencing cognitive changes and to provide caregivers with resources and tools that are necessary to help alleviate some of the challenges caregivers face on a day-to-day basis.

Discover the Best CRMs for Small Businesses in 2024

Small businesses thrive by leveraging available resources in today’s competitive landscape. CRM software stands as a pivotal tool in this tech arsenal. It’s more than just data organization; it’s a game-changer, offering insights into customer behavior, preferences and interactions — key elements for adapting strategies effectively.

Utilizing CRM isn’t solely about data organization. It’s about leveraging insights to expand, enhance service, streamline operations and boost communication — vital aspects for long-term success.

READ: CRM-Metaverse Integration: — What You Need to Know for 2024

For small businesses, adopting CRM yields:

  • Centralized data management: All customer data, interactions and preferences in one place, aiding informed decisions.
  • Enhanced customer engagement: Understanding customers better and adapting strategies to meet their unique needs.
  • Operational efficiency: Automating tasks, freeing up time for strategic goals and client-facing operations.
  • Data-driven insights: Real-time analytics for better strategies and informed decision-making.

Unlocking these CRM benefits fuels growth and longevity in today’s competitive market.

The Top 5 CRMs for small business growth

Small businesses seeking to fortify their customer relationships and supercharge growth can explore these best CRM for business solutions:

Salesforce

Configurable dashboards, lead management, opportunity tracking and AI-driven insights through Salesforce Einstein are just a few of the many features offered by one of the industry leaders, Salesforce. Even though it’s not the cheapest choice, its versatility and scalability make it a fantastic substitute for growing small businesses searching for comprehensive client management solutions.

HubSpot

Because of its user-friendly design and comprehensive toolbox for marketing, sales and customer service, HubSpot is a compelling option for small businesses. HubSpot provides an integrated platform with lead generation, customer care ticketing, social media and email marketing for companies seeking simplicity and efficiency.

READ: How to Generate Qualified Leads for a Small Business — 3 Easy Tips

Zoho CRM

Zoho CRM is well-known for its affordability and adaptability. Its features include lead management, email marketing, workflow automation and sales pipeline visualization. Its price and customizability may be advantageous for small businesses, especially startups or those seeking a scalable solution.

Pipedrive

In terms of user-friendliness, Pipedrive excels because of its focus on effectively managing sales funnels. Utilizing its visual pipeline management technology, businesses may track deals, identify bottlenecks and speed up sales processes. Because it may assist small businesses boost sales, Pipedrive is a useful tool for those focusing on sales management.

Freshsales

Freshsales serves quickly growing companies with its AI-powered capabilities and user-friendly user interface. Lead scoring, email tracking and integrated phone and email features simplify lead interaction. Freshsales’s scalability and customization options make it a smart choice for businesses looking to expand and change.

Choosing your business’s best CRM

A lot of factors need to be considered while selecting the cheapest CRM for small business:

  • Business Requirements: Determine your unique demands, such as those related to lead management, marketing automation, sales pipeline visualization, or customer support features.
  • Scalability: Ensure the CRM aligns with your business growth plans without requiring frequent changes or causing disruptions.
  • User Adoption: Select a CRM that aligns with your team’s skill level and has an intuitive user interface to hasten adoption.
  • Integration Capabilities: Verify if the program can be easily integrated with other programs that you use for company operations, as well as whether it is compatible with currently installed tools. To make an informed choice that advances your company, it is critical to match these variables with your budget and your objectives.

READ: Four Must-Have Ecommerce CRM Integrations

The bottom line

Growing a small firm in today’s fast-paced business climate depends critically on optimizing client connections and operational effectiveness. CRMs work similarly to catalysts, assisting businesses in streamlining their operations, managing client relations more skillfully and enabling quicker expansion.

The top five CRMs for small businesses in 2024 — Salesforce, HubSpot, Zoho CRM, Pipedrive and Freshsales — offer distinct advantages tailored to different business needs. After carefully evaluating the requirements of your business, choose a CRM that will help you achieve both your immediate and long-term growth objectives. Using the right CRM may improve client relations and expedite operations for small businesses. They are now in a competitive position to succeed over the long run.

For small businesses, a well-thought-out CRM is more than just a tool; it’s a strategic investment that fosters customer participation, operational success and speedier development.

 

Ankit Agarwal headshotAnkit Agarwal is the CEO of Dean Infotech, a leading software development agency in Florida that specializes in Salesforce development services. As CEO, he not only oversees the company’s operations but also ensures that clients receive exceptional service and satisfaction. Through his informative blog posts, Ankit goes above and beyond to simplify complex tech concepts, making them easily understandable for a broader audience.