By Ty Kiisel –
Over the nearly 40 years I’ve either owned or otherwise worked in a small business, I’ve observed that even businesses that might not be considered “seasonal” in the traditional sense ebb and flow over the course of the year, creating times when capital becomes tight and the cash flow pinch can cause an otherwise healthy business to struggle. In today’s world, small business budgeting and borrowing are more important than ever. I use these two words together intentionally, because I believe there is a synergy there for business owners who take a strategic approach to capitalizing their businesses.
A reactionary approach to a small business’ need for capital can satisfy a short-term need or meet an unanticipated shortfall, but it might not help the business grow. We see evidence of this in the failure rate of small businesses in our country. Of the 30 or so million small businesses in the United States, those that survive the first few years are far too few, and only 40% of small businesses are even profitable. What’s more, the most common reason for business failure is a lack of adequate cash. In fact, poor cash flow causes 84% of the business failures in the US. (more…)
To help small businesses and self-employed workers stay afloat due to the COVID-19 outbreak, the IRS created new tax credits, including:
We’ve all got our own favorite tips, tricks, and tools that help us organize our task lists, assign projects, and manage deliverables. Today, there are more apps and software programs geared toward business owners than ever. I interviewed 10 entrepreneurs to find out what they use to stay on top of everything.