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What small businesses need to know about combating inflation

July 5, 2022 1 Comment

By Myranda Mondry

Inflation is the biggest threat facing U.S. small businesses in 2022, according to recent QuickBooks data. 99% of survey respondents say they’re concerned about the rising costs of goods and labor, and more than half say they’re very concerned.

With inflation comes additional cash flow challenges for small businesses. More than two-thirds of respondents say they’ve encountered cash flow problems this year, and 23% say it’s a major problem for their business. They identified rising costs as the number one cause of these challenges.

To combat inflation, many small businesses have been forced to dip into business savings accounts (if they’re lucky enough to have cash in reserve) or turn to credit cards, loans, or even their personal bank accounts to keep their business afloat. Nearly 40% of small business owners say they’ve dipped into their personal savings for their business this year.

How to Do Business in Your Own Backyard With no Money

June 28, 2022

By: Sharita Humphrey

Starting a business can seem rather scary at first. You’ve got to think about how to get your resources, review whether your budget would be enough, or – whether a certain business would be profitable.

This is why, in order to live a simpler life, many people delay starting their dream business because of the challenges it may involve.

The good news is… there are ways to start a business in a simpler sense. You may start a business from the comfort of your own home and save a lot of headaches. It might not be the dream business you had in mind, but all big businesses started small.

Take Virtual Team Collaboration to the Next Level with These Digital Workspaces

June 21, 2022

By: Steph Davidson

Digital transformation is a term many of us are familiar with these days, and the reason ‌is clear. As remote and hybrid workforces continue to hold a grip on the corporate world, integrative digital systems have become crucial for efficient communication and collaboration between multiple parties.

Technology options have expanded hugely since 2020, increasing our reliance on digital workspaces.

These powerful virtual work environments allow people to organize, store, edit, share, automate and optimize data, amplifying productivity and promoting better time management. No matter what kind of business you’re in, digital workspaces have become a modern zeitgeist for virtual team collaboration.

In fact, 72% of US companies report having a well-established digital workplace strategy as of 2022.

4 Red Flags to Look Out For in a Lender

June 14, 2022

By: Matthew Gillman, SMB Compass Founder

When in need of financing, many small business owners would prefer to apply for loans from traditional lenders such as banks or credit unions. However, getting loan approvals from banks can be challenging, particularly for small companies. They are often not considered due to their lack of financial history or low credit scores.

If you need to access capital as soon as possible, your best option is to borrow from alternative lenders. But you have to remember that not all lenders have the same credentials, and not many of them are legitimate.

Business Grants: 9 Places to Find and Get Free Money

May 18, 2022

By: Sharita M. Humphrey

A business grant is a certain amount of money you can obtain to help with your business, similar to a loan with the key difference being that you don’t have to pay anything back. Business grants are hard to obtain since they target specific business types and specific industries like technology and medical industries.

You also need to follow the rules on how to spend the money you obtain which you’ll know when you receive a grant from an organization.

But you shouldn’t get disheartened by these facts, as there are always ways to get a grant for your business.

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