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There are a number of types of business insurance that you likely already have, but have you considered insuring your most valuable assets? These are your key employees. Key person insurance is a type of insurance that helps a business get by in the event that something happens to a key employee or even the…
Owning a small business comes with few guarantees, but there are some steps you can take that will put your business on the path to success. Research Know the market, and know how your product fits into it. Find out what has and hasn’t worked for other businesses like yours. Great Product/Service Offer a top-notch…
It’s said that cash flow is the lifeblood of a business. If that’s true, the working capital cycle is the heartbeat. These two serve as good indicators of your business’ overall health. At its simplest, working capital is the difference between your current assets and liabilities. It can be determined using three different numbers. Inventory…
Fraud can hurt your books in a major way. In the worst cases, scammers get away with their wrongdoing, and businesses may be forced to close. It is vital that you protect your business from fraud both from inside and outside of the company. Familiarize Yourself (and Your Staff) with Common Scams It helps to…
In the current economic climate, small businesses have plenty of obstacles to contend with, but security must not fall to the backburner as problems like inflation and hiring challenges continue to make life difficult. Following are some of the biggest security threats facing your business. Theft One of the top security threats facing small businesses…
It takes money to make money. It may sound cliché, but it's also true. If you want to grow your small business, you're going to need money to make it happen. That means exploring options for accessing capital. With such access, you can pay for the ongoing production of goods or services, grow your workforce, …
Surveys have found that many small business owners are worried that their business will not survive beyond this year, with cash flow cited as one of the top concerns, due to rising costs and uneven revenues. As 2023 rolls on, cash flow should be top of mind for small businesses everywhere. Following are five essentials…
As a small business owner, it's important to understand exactly what your financial statements (your income statement, balance sheet, and cash flow statement) have to say about your business. They also provide your bank with crucial information that can impact how it's able to help your business. Whether or Not Your Business is Profitable Your…
With 2023 now finally upon us, it's time to consider the trends that have the potential to impact small businesses throughout the year. Following are four trends that many are already taking advantage of and reaping the benefits. Super Apps Super apps (sometimes written as "superapps" or "super-apps") are essentially apps that utilize collections of…
If you are a sole proprietor or partner in a business, an independent contractor, or just someone with a lucrative side hustle, you need to know about taxes. There are two main types you’re responsible for: income tax and self-employment tax. When you’re employed by someone else, these taxes are automatically withheld from your paycheck.…
