Every small business is different, even in the same industry. Services, products, and clients all bring with them unique challenges. But most problems small business owners face fall into similar, broad categories.
Reputation is everything – particularly for a small business owner. Referrals bring you new business, and word-of-mouth can establish you as a trustworthy partner in your community. In the past, your reputation flowed between individuals or written recommendations that you solicited, but all this has changed with the Internet.
In the process of taking stock of your business at the start of 2020, did you decide to look at your insurance policies? Before you review those thick stacks of paper, you should learn about the major types of insurance policies. Each protects a different aspect of your business, so you may not need every single option out there. But if your business has been going through change, it might be time to review your existing policies.
Does your 2020 business plan include purchasing fixed assets? Maybe you’re expanding your bakery and will need to buy a new commercial fridge and oven. Or, perhaps you need additional machinery to handle planned growth and new orders.
If you ever want to apply for a small business loan, the lenders will want to see your business plan. Your business plan gives lenders a concise snapshot of your business model. Having a small business plan also gives the owner added benefits. Often, business owners refer back to their business plan to ensure that they are holding true to the foundations of the business. A well-written business plan can help you stay on track to reach business goals for years to come.
Discounts have become a way of life in the American marketplace. You can’t drive down the street without seeing a sign in a retailer’s window blaring, “50% off!” Coupons arrive in your inbox offering discounts for every occasion – even National Cheese Day.
A non-profit organization can have several definitions depending on the perspective of the people discussing the matter and the context of the discussion. To the layman, the term generally means a charitable institution or perhaps a church, or an organization which provides assistance to the community which isn’t provided by the government.
Most small business owners hope to, or plan to, grow. When you open one café you may have dreams of a nationwide chain. The first product you use to launch your manufacturing business could be one of many designs you have mapped out.
Until the inception of the Tax Cuts and Jobs Act, entity selection by businesses was a fairly easy decision. In most cases, businesses chose a form of pass-through entity, given the high tax rate of thirty-five percent given to C corporations in the past. With the new changes brought forth in TCJA, and the lower tax rate of twenty-one percent, change is in the air. But what are the benefits of considering C corporation status? Unless you are a very large company, determining if you should change from a pass-through structure to a C corporation will not be an easy one.
Poor cash flow can affect much more than the financial performance of your business. The non-financial costs of poor cash flow can have just as negative an impact on your business as the financial costs. Here are a few ways, as noted in Beyond the Numbers, that poor cash flow can affect your business.