5 Ways to Save Money for your Business

Looking for simple ways to cut costs? These tips will help you make a noticeable difference to your bottom line. 1. Reduce staff costs Without a doubt, having someone to help deal with routine tasks can greatly improve productivity. The rub is that hired help is often too expensive for small business owners. Internships can be a real win-win: a student gets hands-on experience assisting you with marketing, accounting or…  Read more

Business Update – September 1 2021

While businesses have been mandating vaccines for employees for some time now, they are now beginning to take a harder line. Some, like Delta, are charging unvaccinated employees an extra $200 per month for health insurance, and some are firing unvaccinated employees. Companies that require employees to be vaccinated face several risks. First, the divisive nature of the covid vaccine may lead to workplace bullying or retaliation of unvaccinated employees…  Read more

5 Financial Tips for Your 30s

Your 30s are an exciting time. You’re typically making more money than you were in your 20s and you’re looking to the future to determine the type of life you want to live. Your 30s are also a great time to take control of your finances, so you have more security and flexibility in the coming years. Here are 5 financial tips to follow in your 30s, to help you…  Read more

Business Update – August 25 2021

The FDA has now granted Pfizer and BioNTech full approval of their COVID-19 vaccine for persons aged 16 and up. This means this vaccine has met the agency’s standards for safety, effectiveness, and manufacturing quality. This approval was based on close examination of six-months of follow-up which revealed no additional long-term safety concerns. This approval may now spur major companies to require employees to be vaccinated. Based on clinical studies,…  Read more

Cash Flow Advice for Small Businesses

Solid cash flow management is vital to ensuring your business survives, but not everyone understands what cash flow is or how to manage it. That’s likely what makes it a leading cause of stress for small business owners. In fact, a Capital One study found that 42% of small business owners say cash flow management is a major concern for them. Cash flow refers to the movement of money into…  Read more

Business Update – August 18 2021

COVID-19 relief programs have helped keep millions of Americans afloat during the pandemic but have also been a spectacular bonanza for an array of international scam artists, including Russian mobsters, Chinese hackers, and Nigerian scammers. An estimated $87 million to $400 billion in unemployment benefits may have been lost to fraud; at least half of that is thought to have been stolen by foreign criminals. Many took advantage of weak…  Read more

Why Smart Business Owners Never Stop Marketing

One classic mistake business owners make when money gets tight is to stop marketing or cut their marketing budget. At first glance, it seems logical to cut down your expenses during tough economic conditions. However, in reality, it’s the opposite of what you should do. When your business is struggling, cutting your marketing budget will further hurt your business. It is during this time that you should go the extra…  Read more

Business Update – August 11 2021

What sets the Delta variant apart from other strains of the COVID-19 coronavirus is the amount of virus produced by those infected, a measure called viral load. One recent study found that people with the Delta variant had viral loads up to 1,260 times as high as the original strain. Higher viral loads make the Delta variant more transmissible and can also make infected people sicker. However, the CDC has…  Read more

How to Build an Effective Financial Plan for Your Business

Every business needs a financial plan. Your financial plan gives you a way to monitor and review your cash flow, make adjustments to your spending, and anticipate any upcoming financial issues. It can also make you more prepared to request funding or find investors so you can bring more money into your business. Although many business owners are aware that financial planning is important, it is often overlooked. Without a…  Read more

Business Update – August 4 2021

The Delta variant is more contagious than other virus variants, which is changing the public-health advice on preventing its spread. With the previous strains, a rule of thumb was that it took 15 minutes of close contact with an infected person to become infected. With the Delta variant, infection may happen in less than five minutes, and possibly with only fleeting contact, such as in an elevator. Recent studies show…  Read more

Creating your business to-do list

When you’re an entrepreneur, your to-do list is often long and constantly growing longer. There are an overwhelming number of things you need to do, and it can feel like they’re all urgent. In such cases, it’s easy to push important tasks to the side and focus on less-vital activities, but that often means you miss deadlines, make mistakes or always feel as though you’re trying to catch up. Here…  Read more

Business Update – July 28 2021

The U.S. economy depends on population growth as a driver, but recent estimates indicate that the COVID-19 pandemic has compounded a decadelong fertility slump to result in the lowest population growth rate in history. In half of all states, more people died than were born. The impact is most acutely felt in rural communities, which frequently lack the jobs, child-care options and housing that young families need. The result in…  Read more

Why Keep Your Data in the Cloud?

Cloud computing is quickly moving from an obscure concept to an everyday reality for small businesses all over the world. A 2015 survey of small business owners found that 52% had already adopted some form of cloud-based data storage; however, a general lack of awareness regarding the logistics and advantages of cloud computing has made others a bit more resistant. The truth is, there are several very practical benefits to…  Read more

Business Update – July 21 2021

Three weeks ago, new COVID-19 cases were averaging about 11,300 new cases a day, but that rate has now doubled to 23,000 cases per day. According to the CDC, nearly all recent COVID-19 cases and deaths have been among unvaccinated people. The more contagious Delta variant is now the dominant strain in the US, and appears to be more severe. A Scottish study found that the hospitalization rate is about…  Read more

Using KPIs to monitor and improve business performance

The key performance indicators (KPIs) for one company will invariably be different from the KPIs of another firm.  What both hypothetical companies share however, is the challenge of selecting which KPIs are best suited for measuring the goals and progress of their particular business model. Indeed, entrepreneurs have a vast array of reports and data sets from which to choose and select from, but that data needs to target those…  Read more

Business Update – July 14 2021

In the wake of the pandemic, many families may find themselves with medical debt from COVID-related hospitalizations. This article from Acorns has four steps to take to reduce damage to credit scores from medical debt. First, review the bill to make sure it’s accurate. See if you can set up a payment plan with the provider. Try to negotiate with the provider to accept rates that are closer to Medicare…  Read more

Avoid These 5 Costly Accounting Mistakes

A Canadian bank recently surveyed over 500 small business owners about what they love and hate most about owning their own business. Unsurprisingly, flexibility and feeling in control ranked first in the “love” category. Meanwhile, almost 60% said bookkeeping was hands-down their most hated task. Most business owners understand that effective financial management is key to their success. But lack of knowledge, frustration, and even avoidance can add up to…  Read more

Business Update – July 7 2021

While pandemic restrictions are easing in the U.S. as vaccination rates rise and infection rates fall, whether that trend will continue may depend on the interaction of three principles. First, current vaccines are still effective against the variants. Those who have been fully vaccinated with any of the vaccines are not as likely to get as sick or to be hospitalized, but they may still be able to transmit the…  Read more

Tips for updating your business plan

Think of your business plan as a roadmap designed to point the way to your current destination, knowing that where you land may not be your ultimate end point. After all, things are constantly changing in a healthy, thriving business. Market fluctuations, new competitors, changes in staffing or your sales figures may nudge you in a direction you wouldn’t have previously dreamed of, requiring new goals and strategies to achieve…  Read more

Business Update – June 30 2021

As the pandemic recedes and businesses reopen, millions are quitting their jobs rather than return to their pre-pandemic routine. Some are seeking out positions where they can be fully remote, while others, particularly in the leisure and hospitality sector, are seeking better work-life balance, higher pay, or a less stressful work environment. The lengthy experiment with remote work has changed what people think about where and how they want to…  Read more

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