By Gerri Detweiler –
What qualities come to mind when you think of those who build great amounts of wealth? Disciplined, hard-working, smart — perhaps even a bit ruthless?
You may be surprised to learn that there is another trait that may help you build wealth: optimism. Tom Corley devoted several years to studying the habits of the rich versus the poor, which he has shared in his best-selling book, Rich Habits: The Daily Habits of Successful Individuals. Among the many habits he studied, he found the rich were more likely to be optimistic.
“Sixty-seven percent of the self-made millionaires in my study forged the habit of being positive and upbeat. A positive, mental outlook is critical to overcoming problems, obstacles, pitfalls, mistakes and failures,” he says. “Staying positive is a critical component to becoming wealthy. Positivity is like a radar in search of solutions to problems. Thus, positive thinkers are able to see solutions, where negative people see only problems,” he adds. (more…)
Idaho Success Story –
After other buyers backed out of purchasing the Snake River Travel Plaza in Blackfoot, Idaho, Jace Katseanes stepped in to organize a purchase with Lori Cox as the manager and accountant. Having worked with the Southeast Idaho SBDC before, Lori knew who to call to facilitate the purchase.
“The purchase process was long and sometimes frustrating, but the SBDC helped us prepare financials and a business plan,” said Lori. “[The SBDC] stuck with us through the whole process.” That hard work resulted in a $3.15M SBA loan.
Jace and Lori turned the plaza around with their MMM Philosophy: a focus on money, management and marketing. This turnaround earned Lori a nomination for Woman Student Entrepreneur of the Year at Idaho State University. She won the award and received a $500 prize from US Bank at the 2018 Women’s Business Symposium. (more…)
By Connor Wilson –
While summer won’t officially begin until June 20, the warm weather is already here and school is already out in most places. Depending on the type of business you run, this is either good news or bad news. Some businesses see significant dips in income in the summer months, while some seasonal businesses operate exclusively in the summer. With millions of Americans preparing to travel, beautify their yards, or just head out to enjoy the season, this is the time for summer businesses to make money. For some, it’s the time to buckle down and strategize so their businesses survive the slow months.
There are a number of strategies your business can use to stay afloat and continue to innovate, but one in particular is the tool that every summer business needs to stay on track and meet its goals.
Applying for a Business Line of Credit
If you’ve kept up on your payments to your vendors and other credit accounts, you could potentially qualify for a business line of credit. During 2017, 33% of Nav customers applied for funding to either help cash flow or for expansion. And 40% of customers during this period applied for lines of credit, far more than any other type of financing. (more…)
By Jason Steele –
Credit cards can be an indispensable tool for small businesses. These products offer companies a secure and convenient method of payment, while providing a valuable means of financing and being more readily available than other options like a small business loan. But with a small business credit card, its balance and payment information will be recorded on the credit histories of the primary account holder, just like a consumer credit card. This isn’t a problem when your small business cards are managed responsibly, but it causes issues when they are are not.
Here are five ways that a small business credit card can hurt your credit.
1. When you fail to make on-time payments
With both small business and consumer credit cards, making your payments on time is one of the most important things that you can do to build and maintain a positive credit history and a high credit score. If problems with your company’s cash flow affect your ability to pay your small business credit cards on time, then as the primary account holder, it can damage your personal credit history and lower your credit score. Thankfully, most small business credit cards offer email and text reminders to ensure you don’t forget their due dates. Furthermore, most card issuers also allow you to create automatic payments. (more…)