Running a business is no small feat in and of itself. But when news begins to spread of a looming recession, a whole new set of challenges emerge. Whether your company is consumer-facing (B2C) or serves other businesses (B2B), you can expect customers to tighten their purse strings. The good news is that you have time to prepare.
Life as a small business owner is never easy. But the last couple of years has brought obstacles no one saw coming. Finally, as the challenges brought forth by the pandemic started to wane, new burdens emerged. Supply chain issues and record levels of inflation have business owners scratching their heads, wondering if this run of bad luck will ever end.
Running a small business is no easy feat. Aside from the day-to-day activities, most owners also manage the company’s finances, operations, and marketing. Keeping it all running smoothly comes down to one thing – cash flow. Cash flow refers to the movement of money in and out of the business and is the lifeblood of every organization.
Nowadays, with more and more information being backed up and stored on the cloud, you might wonder if you really need a safe deposit box. The answer is really dependent on the individual asking.
As a business owner, you know how vital cash flow is, and you may need to tap into credit frequently. Whether it’s covering inventory, making payroll, or everyday expenses, many businesses rely on credit. But what type of credit should you have - a credit card or a business line of credit?
Did you know that, just like individuals, your business needs a good credit score? Whether you’re thinking of turning your side hustle into a full-time gig or starting a new business, establishing business credit is imperative.
As you turn on the TV or glance through the latest news stories, you can’t help but hear about the “Great Resignation.” With more and more people leaving their current jobs, businesses are struggling to find workers. Due to staffing shortages, some companies are even adjusting their hours or closing one or two days a week.
Whether starting your own business has been a lifelong dream or recent events encouraged you to try and monetize your unique skills and talents, there is much to consider before taking the plunge. While creating a business is relatively simple in terms of completing and filing forms, ensuring your success long-term requires greater planning.
The traditional 9-to-5 job has gone by the wayside as more and more people realize they can do just as well, if not better, in the gig economy. Whether you deliver food for Uber Eats or Door Dash, groceries for Instacart, or walk dogs for Rover, you are part of the gig economy.
