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Everything to Know About Your Business’ Balance Sheet

October 15, 2019
By Kat Tretina –

Business DocumentsAs a small business owner, you likely wear many hats. You’re at once a product developer, marketer, and a customer service representative. But, one of the most overlooked tasks you may have is accounting.

Managing your company’s books is a time-consuming and complex process, but it’s necessary for your business’ success. If you plan on applying for a business loan, it’s important to pay attention to key financial topics and learn how to create and read balance sheets so you can secure the necessary financing.

Whether you handle your business’ finances yourself or outsource your accounting to a professional, here’s what you need to know about business balance sheets and why they’re important for business loan applications. (more…)

Protecting Your Personal Assets As a Business Owner

October 8, 2019
HouseBy Brad Wiewel –

Over a million lawsuits are filed in state courts every year. And, according to one source, all of us have a 10% chance of getting sued in any given year and a 33% chance of getting sued during our lifetimes! This is scary information given that being on the losing end of a lawsuit can be financially devastating.

As a business owner, you have special cause for concern. That’s because if your business is sued and ordered to pay a money judgment as a result, the plaintiff in the lawsuit can collect on the judgment not only by going after its assets, but by going after your personal assets too if your business does not have enough resources to pay the full judgment amount.

The good news however, is that appropriate up-front planning can protect your personal assets. For example, you can: (more…)

Bullying Has No Business Here: How to Recognize and Prevent Workplace Bullying

September 30, 2019
By ComplyRight –

Stop SignOctober is National Bullying Prevention Month, a time for schools, communities and workplaces to get involved and take a stand against bullying.

In recent years, bullying has grown much bigger than a few “harmless” taunts from kids on the playground. It has become a type of emotional and verbal warfare that is fought at any age, in any social circle and in virtually any setting — including the workplace.

What Is Workplace Bullying?

Workplace bullying is defined as a pattern of mistreatment from others in the workplace that causes physical or emotional harm. Bullying is often done by someone who has authority over the victim but it can also be done by peers. (more…)

Which Business Credit Scores Matter the Most?

September 24, 2019
By Connor Wilson –

Credit ReportNot all credit scores are created equally. You likely already know that you have a personal credit score; it’s what you need to buy a car, get a mortgage, credit card, or even pass a background check. You probably also already know that there are three bureaus (Experian, Equifax, TransUnion) that report your credit scores.

What you may not have known is that your small business has a business credit score. Just like your ability to pay your credit card bills and mortgage payments on time factors into your credit score, your ability to handle your business’s debt and accounts payable, among other factors, all go into your business credit score.

Just like personal credit scores, business credit scores come from multiple reporting bureaus (Dun & Bradstreet, Experian, Equifax), and can help you get better financing. Also just like personal credit scores, business credit scores are not all created equally. Here’s a breakdown of three credit scores that matter to business owners. (more…)

Be Your Own Boss. This Millennial Did It And So Can You

September 17, 2019
Blue Spoon CafeBluefield café owner transitions from employee to entrepreneur with help from West Virginia SBDC

Nicole Coeburn had a respectable career working in a community she loved. But like many millennials she yearned for more.

Having grown up in a family of entrepreneurs, Coeburn wanted to own a small business like her grandmother, father and uncles before her. But starting a business is easier said than done. And like many young professionals looking to take the leap, she still had a day job. How would she make a clean break and pursue her dream? And where would she even start?

There were a flurry of questions swirling through her mind, but Coeburn was certain of one thing: it was time to take her career to the next level. She just needed to find someone who could help her make that happen. And she’d have to take the leap. (more…)