America’s SBDC Blog

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Big financial mistakes and how to avoid them

April 23, 2024
Big financial mistakes and how to avoid them

By Barbara Nuss, CPA
Profit Soup

What must you get right to be financially successful? At Profit Soup, we LOVE numbers. You probably expect us to say something like this:

“To avoid financial problems, study your numbers.”

Academically, it’s a sound approach. Realistically, you cannot build a profitable, sustainable enterprise without a skilled and passionate team living out a selling culture with efficient operations.

Financial statements and KPIs represent the voice of your business, giving you feedback on how well the team is managing the important business functions. Having a sound, regular financial review routine is an important function of a profitable enterprise. It points you to problem areas you need to investigate, such as rising costs and timely price adjustments.

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Have You Filed Your BOI Report Yet? For Most SBDC Members, It’s Required in 2024 for Ongoing Compliance

April 10, 2024
Have You Filed Your BOI Report Yet? For Most SBDC Members, It’s Required in 2024 for Ongoing Compliance

By Frank Tumminello

If your company was formed or is operating within the United States, it’s most likely one of the more than 33 million entities required to submit a Beneficial Ownership Information (BOI) Report in 2024.

If this is news to you, you aren’t alone. The U.S. Department of Treasury hasn’t exactly done a great job of educating the small business community about the new requirements, and the guidance that is available is muddled with government jargon.

We’ve got you covered, though. Keep reading for a simpler explanation of BOI reporting requirements.

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SBDCs Nationwide Celebrate the 8th Annual #SBDCDay March 20th, 2024

March 20, 2024
SBDCs Nationwide Celebrate the 8th Annual #SBDCDay March 20th, 2024

After 45 years, America’s Small Business Development Centers (SBDCs) still rate highly with their clients and live up to their reputation as America’s #1 most trusted small business resource. To celebrate the SBDC program’s continued success, the work they do, and the clients they serve, March 20th, 2024, will mark the 8th annual #SBDCDay and the program’s biggest celebration of the year. SBDC Day is a national movement to help share the small business success stories and notable impact SBDCs have fostered nationwide.

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What Does a Successful New Business Have in Common with Liam Neeson? A Very Particular Set of Skills

March 4, 2024
What Does a Successful New Business Have in Common with Liam Neeson? A Very Particular Set of Skills

By Barbara Nuss, CPA
Profit Soup

“… I can tell you I don’t have money, but what I do have is a very particular set of skills. Skills I have acquired over a very long career.” Liam Neeson, Taken

The particular set of skills all business leaders need won’t make them action movie heroes, but experience shows us they will become the fastest to grow sales and profits. The best thing about this particular set of skills is that it doesn’t have to take a very long career to master them.
Businesses grow faster when they have a command over what we call “Breakeven PLUS.” They must understand how their costs change as sales grow and master a small amount of math.

What’s our evidence? We hear it from many clients who use our online training to onboard new franchisees and network members. We’ll use one franchise system that conducts water damage restoration services as an example. Their goal was to help new their owners become comfortable with the numbers side of the business. They discovered an added benefit when they required the Breakeven PLUS training for all new franchises. By learning to set growth goals with the volume needed to meet their profit goal in mind, owners were more intentional about sales and profits and grew faster.

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