By: Sharita Humphrey –
2022 is just right around the corner. One year closes and another is full of possibilities. Like a chapter in a book, the new year waits to be written — and so do your financial goals.
With all the uncertainties of this year and the last, it’s a good idea to be prepared for whatever may happen. It’s time to set financial goals to help you manage the ups and downs of running your business.
What Are Financial Goals?
Your financial goals are your plan for how much money you want to make in your business. These goals will guide how you run your business, spend your resources, and save. Your business financial goals are about things like profit and growth. You should also have personal money goals, which will give you a different perspective on how you make and spend money in your business. (more…)
By Charles “Tee” Rowe –
Every year, Americans start businesses with the hope of achieving financial success, independence, and personal fulfillment. Unfortunately, many times those dreams are never realized. Too often the enthusiasm and energy that small business owners put into their business isn’t matched by the planning and skills needed to survive.
At America’s SBDCs — 62 small business development center networks nationwide and their nearly 1,000 centers — we find that a solid business plan and a brilliant business concept need to be married to a serious understanding of the financial and management needs of running a business.
Too many businesses believe marketing is their key to success, but hemorrhaging cash is the secret, silent killer. So for aspiring entrepreneurs, here are five myths small business owners believe in that lead to failure:
1. Don’t ask for help
“You’re smart, you’ve got this.” Nobody has got it. There are so many free resources out there, and the biggest mistake many small business owners make is not using those resources. There are nearly 1,000 small business development centers nationwide — why would you ignore free help? (more…)
By Michelle Black –
Buying commercial real estate has the potential to be an excellent investment, often more so than residential properties. Yet even if you’re an experienced real estate investor, it’s crucial to understand that buying a commercial property isn’t the same as buying a house.
Before you purchase a commercial property, it helps to know the pros and cons of this type of investment. It’s also important to understand that with the chance for more reward often comes a higher purchase price and more risk.
How to Buy a Commercial Property: An In-Depth Review
1. Understand your motivations for investing in commercial real estate.
Why do you want to invest in commercial real estate? It’s an important question to ask yourself before you start hunting for properties. (more…)
By Andriana Moskovska –
Keeping your business afloat in a highly competitive market is not exactly a walk in the park. Approximately 20% of new ventures don’t even make it past their first year, so it’s important to do all that you can to rise above the competition.
With that being said, finishing up another year without your business closing down is already a major milestone. But don’t start celebrating too soon. Now is the time to reflect on the past few months, and set goals for the upcoming year. Preparing for the year to come will ensure steady growth for your business.
Poor business planning and market research are two of the main culprits of business failure. Simply put, there’s no room for incompetence in the world of business.
It’s important to avoid procrastination. Take care of smaller tasks as they come, so you can focus on the bigger things ahead.
Here are a few things to add to your end-of-year checklist so you can start the new year with a clean slate: (more…)
By 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…)