Attention small business owners: it's time for a financial wellness exam. And Hello Alice has just the tool for you to use. Photo by Hero Images

Much like the humans that run them, businesses need the occasional wellness exam. A fintech company founded in Houston has created a tool for conducting that health check.

Hello Alice announced that its new tool Business Health Score has launched today. The assessment tool can be used by startups and small businesses to navigate their financial and business health. The tool is the first product rolling out from the Equitable Access Program, a new initiative from Hello Alice and the Global Entrepreneurship Network with support from Wells Fargo, JPMorgan Chase, Mastercard, and the Kauffman Foundation.

Hello Alice was co-founded by Elizabeth Gore and Carolyn Rodz and has worked with over one million small businesses to help them access capital. The idea of the Score is to give business owners "a comprehensive overview of a business's financial health," according to the news release from Hello Alice. This information is critical for decision making and works hand-in-hand with all of Hello Alice's existing resources.

Operating as a self-assessment questionnaire, the Score will provide entrepreneurs with a composite number by evaluating three business aspects: financial and business management practices, financial performance and position, and credit history.

“Over the last two years, Americans have applied to start 10.5 million new businesses, leading to a surge in the small business economy and more entrepreneurs who need support to properly grow their businesses," say Gore and Rodz in the release. "We recognized data was missing from the market that would give enterprise partners and financial institutions a clearer picture of the potential that small business owners possess for massive growth and investment."

The Score will help Hello Alice and its partners, which includes financial institutions, navigate the business's unique needs and provide the appropriate financial services and resources.

“We are providing unparalleled visibility through the Business Health Score that will empower small business owners to make more strategic decisions and optimize their growth while giving partners and institutions the insight to best help them through personalized service and product recommendations," the co-founders continue. "The Score and the larger Equitable Access Program we have launched with GEN are a huge step forward in opening up more growth opportunities for small businesses and ecosystem partners.”

Hello Alice and GEN are on a mission of democratizing access to capital so that entrepreneurs from all communities have the ability to grow their businesses sustainably. Last year, Hello Alice launched an entrepreneur-focused credit card that helped businesses more easily set up a line of credit.

“Entrepreneurs are well-equipped to deal with disruption and changing dynamics, but while talent is plentiful, opportunity is not,” says Jonathan Ortmans, founder and president of the Global Entrepreneurship Network, in the release. “The Equitable Access Program and Business Health Score will open doors for small business owners to better manage and grow their businesses, which will lead to more strategic partnership and funding opportunities.”

The donation comes from Wells Fargo’s Open for Business Fund, a roughly $420 million initiative focusing on racially and ethnically diverse small business owners disproportionately affected by the pandemic. Photo via Getty Images

Wells Fargo donates $20M to Houston small businesses in underserved communities

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More than 500 businesses in the Houston area will benefit from a $20 million donation made by Wells Fargo to the Houston Fund for Social Justice and Economic Equity.

The equity fund will distribute the money in the form of grants for the purchase of property, equipment, and other assets to support economic development in underserved communities throughout the region.

“Small businesses play an important role in the Houston economy, and it is a benefit for our city to provide every tool needed to help them succeed,” Houston Mayor Sylvester Turner says in a Wells Fargo news release. “This Wells Fargo grant program will allow small business owners to innovate, expand, and evolve in a way that improves their investments while also maintaining our reputation as a great place for economic development and company growth.”

For more information about the Houston Equity Fund grants, visit houstonequityfund.com.

The $20 million donation comes from Wells Fargo’s Open for Business Fund, a roughly $420 million initiative focusing on racially and ethnically diverse small business owners who’ve been disproportionately affected by the COVID-19 pandemic.

“Fostering an inclusive economic recovery and helping small businesses sustain themselves and grow in the wake of COVID-19 is a priority for us,” says Charlie Scharf, CEO of Wells Fargo. “As a company, we have a commitment to make the communities where we operate stronger, and to do it at a very local level.”

In the past, Wells Fargo’s Open for Business Fund has supported Houston small businesses through grants to LiftFund and the Houston Community College Foundation, and other local grants enabled nonprofits such as the University of Houston Foundation, Texas Black Expo, Impact Hub Houston, and the Association for the Advancement of Mexican Americans to serve entrepreneurs.

Money from the Open for Business Fund primarily benefits small businesses owned by Black, Hispanic, Asian American, and Native American entrepreneurs.

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Gow Media's media platform launches to report on Houston energy transition news

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Houston's newest media platform has officially gone live.

EnergyCapitalHTX.com, originally announced in March, is now up and running. Houston-based Gow Media, a multi-platform media company and the parent company of InnovationMap, CultureMap, SportsMap, and ESPN Radio 97.5FM and 92.5FM, launched the site tonight at an event at Gow Media's office.

“We are excited to roll out our new outlet, EnergyCapitalHTX.com. We have been very impressed by Houston’s efforts to lead the global transition of energy and to address the 'dual challenge' of meeting the world’s growing demand for energy while at the same time reducing carbon emissions,” says David Gow, CEO of Gow Media.

“On our new site, we plan to provide informative, unbiased coverage of the Houston-based initiatives, spanning big corporations and startups," he continues. "We hope that a site dedicated to the transition will bring visibility to the city’s substantive progress and to the path forward.”

The site will cover Houston's energy transition ecosystem — the people, companies, capital sources, and numerous initiatives in Houston. Lindsey Ferrell serves as the inaugural editor of the site.

The site’s inaugural sponsor is HETI, which launched in 2021. Led by Executive Director Jane Stricker, HETI was founded to drive economic growth in the Houston area within the energy transition toward a lower carbon future.

“We are excited to support Gow Media with the launch EnergyCapitalHTX.com,” Stricker says in an earlier news release. "There is so much innovative and exciting activity in our ecosystem. Houston is the Energy Capital of the World, and this platform will amplify the energy leadership that is already happening here.”

Houston wealth management adviser weighs in on benefit options as key for small business success

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While Small Business Appreciation month has come to an end, my work in aiding small businesses achieve financial success is continuous.

In 2009, I began my career as a financial adviser recently co-founded Volante Integrated Planning, a Houston-based office of Northwestern Mutual focused on comprehensive financial planning and helping clients achieve financial freedom.

After years of working with business owners, and as a small business owner myself, I have learned the importance of offering benefits that help attract and retain talent, foster improved work habits and provide a foundation for growth. According to the annual SHRM employee benefit survey, health-related benefits and retirement plans were ranked the two most important benefits for employees. Whether you are a new small business owner or an established one, it is important to be aware of the benefit options available to you and the considerations that go into mapping out a benefits strategy.

1. Retirement plan options

The most common retirement plans available to small business owners are 401(k), simplified employee pension (SEP) IRA and savings incentive match plan for employees (SIMPLE) IRA. The SEP IRA and SIMPLE IRA provide employers the ability to save on a pre-tax basis. While there are some required contributions on behalf of any full-time employees, the SEP and SIMPLE IRA’s are often recommended for the self-employed or businesses with part-time or contract employees. The 401(k) also provides employers with a pre-tax savings opportunity and the ability to save on a Roth basis. Because a 401(k) requires additional administration and ongoing requirements, it is often a valuable tool for business owners who have more full-time employees.

2. Health care benefit options

According to the Affordable Care Act, companies with fewer than 50 employees are not required to provide health insurance. However, offering a competitive health insurance benefits package is an increasingly important strategy to help boost both new employee acquisition and retention. Following the global pandemic, health benefits have become increasingly important. According to a study by McKinsey & Company, 51 percent of employers now offer health care benefits to attract new employees with dental, vision, and short-term disability as the most important for job-seekers.

Not only are these benefits of importance to employees, they provide protection for business owners by ensuring good health and protection from illness-related lost productivity. Some health care benefits available to small business owners include health reimbursement accounts, where you make contributions to an account that can be used by employees to pay for individual health insurance policies acquired on their own. Consider hiring a broker, benefits consultant or financial adviser to help compare your options.

3. Life and disability insurance options

As a small business owner, you have a duty to your family, employees and business partners. It is often the unexpected that can derail the success of a business. To that extent, taking the steps to ensure you and your business are protected if you are unable to work is important. Disability insurance is a versatile product that can be used to protect you, as the owner, and your employees against loss of income due to the inability to work. Additionally, disability overhead coverage and disability buy-out insurance can protect the business and any business partners from an owner’s disability, ensuring that the business can still run smoothly. Life insurance is also important, and often required if seeking a business-related loan, to provide income replacement for your family and any business partners in the event of an owner’s death.

4. Get creative with your benefit options

The small business world is ever changing, which is why it is essential — and sometimes difficult — to keep up with benefit options. I encourage small business owners to get creative with their benefit options by exploring a professional employer organization (PEO) and a multiple employer welfare arrangement (MEWA). PEO is designed to help small businesses manage their administrative overhead, benefits and compliance duties. Through MEWA, small businesses are able to collaborate on group insurance benefits for a low cost. Lastly, if your family members contribute to your small business, make sure they are on the payroll and eligible for various benefits. This may allow you to increase the benefits your household takes home.

While creating a small business employee benefits plan can be tedious, it will take your small business to the next level. Consult in a CPA, business attorney, and financial adviser to help navigate what benefits are a good fit for you and your small business.

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Jennifer Steil is principal and wealth management adviser at Volante Integrated Planning, a private client group at Northwestern Mutual.