smallbusiness
America’s small businesses face unprecedented challenges. Small business bankruptcy filings increased 78% over the past year, driven by impending changes to bankruptcy law and ongoing uncertainty about the overall economic outlook. Chief among these concerns is whether, when, and by how much the Federal Reserve Bank of the United States will begin cutting interest rates. Higher “Fed” interest rates mean small businesses pay more to borrow money, which directly impacts how much of each sale they get to keep for themselves. As a business owner, you indeed wish things could be easier. On the othe...
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Entrepreneurship involves numbers. It’s as simple as that. However, the way each entrepreneur interacts with numbers, especially when it comes to finances, varies from one individual to the next. Even billionaires like Richard Branson have their struggles. Branson is dyslexic and struggled to grasp the difference between terms like net and gross. And yet, the man has built one of the biggest business empires in Europe. Just because someone has entrepreneurial ambition doesn’t mean they’re comfortable with numbers. But it does mean they need to find the support people and tools to help them go ...
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When it comes to running a small business, cash management is an essential aspect that often gets overlooked. Unfortunately, many business owners don’t consider the opportunity cost of suboptimal cash management practices. This is particularly true when it comes to managing your business’s idle cash. What exactly is idle cash? In this context, idle cash refers to the excess cash reserves that a business has on hand, which is not currently being utilized for operations, investments, or other immediate expenses. Idle cash can be invested (safely) so that it earns a return during the time it is n...
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When it comes to protecting your eCommerce company from rising inflation, you have a few options. Try some of these techniques to beat back rising consumer prices and stay ahead of your competition. Consumer inflation may be hovering at 9.1%, which is its biggest hike in more than 40 years. That doesn’t mean that your eCommerce company has to suffer. You may not be able to control gasoline price increases but you can certainly protect your business. Below are several strategies to help you weather the inflation storm. By implementing at least a few of them, you’ll position your organization to...
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PCI compliance knowledge can help small business owners potentially avoid the detrimental consequences of data security issues. After all, you don’t have the expensive data security resources big corporations have. Plus, you most likely don’t have the necessary training to help you stop security breaches. But even if you have some security training, there are some critical facts that you may not know. There have been many recent changes to compliance requirements. So, it’s more important than ever to stay up-to-date on how to protect your customers’ data. Small business owners need to understa...
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A 2021 poll found that 59% of Americans don’t believe they will ever save enough to retire. In fact, a 2020 PwC survey found that 25% of American adults have no retirement savings at all. Those who do aren’t saving nearly enough in their retirement plans. Making things more difficult is that smaller companies often don’t know how to best assist employees with their retirement plans. Small businesses have tight margins. So, even though health benefits and retirement plans improve employee satisfaction, they’re on the cutting block as the economy worsens and business leaders seek cost-saving mea...
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The most valuable retirement assets that many small business owners have are actually their business itself. Retirement may seem far-off and in the future for some. At the same time, others may be wondering if it’s already too late to start planning. It’s never too early to prepare for your retirement, and those latecomers should be assured they can always take steps to improve their trajectories. For those looking to develop or collaborate on financial strategies, working with a well-chosen small business private equity investment firm can help mitigate some of the more challenging risks invo...
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