Inflation – it’s a word that’s been on everyone’s lips recently. Rates are on the rise, and our small business community is feeling it the most. Increased supply costs, a lack of workforce, and dwindling profits are among the challenges faced. Let’s demystify inflation and delve into its impact on small businesses. Grasping Inflation In essence, inflation is the uptick in the cost of goods and services. Whether it’s a… Read more
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Now is the perfect time to evaluate your financial position and come up with innovative ways to add revenue streams and generate cash. Here are five ways you might consider to improve your cash inflow: 1. Evaluate your current company assets. Take a look at your assets, both fixed and human. Could you make slight pivots to create a new form of income? For instance, if you run a coffee… Read more
When you’re an entrepreneur, your to-do list is often long and constantly growing longer. There are an overwhelming number of things you need to do, and it can feel like they’re all urgent. In such cases, it’s easy to push important tasks to the side and focus on less-vital activities, but that often means you miss deadlines, make mistakes or always feel as though you’re trying to catch up. Here… Read more
Most family business owners have a similar goal in mind – to grow the business and pass it on to the next generation of their family. While keeping the business in the family and getting to work with your parents, siblings, or children who share common goals can be a fun and rewarding experience, running and growing a family-owned business isn’t without its challenges. Conflicting views on business and family… Read more
For many business owners, determining the success of a business comes down to how much profit the company makes. Of course, finances are an important measure of an company’s overall success. If you don’t bring in more than you spend you won’t be in business for long. Profit, however, isn’t the only important benchmark by which to measure your business. There are other important factors business owners can and should… Read more
Small business owners know how important it is to save money. They know that one day that dollar could come in handy, especially during slower times. Saving money is definitely important, but there are also things small business owners can – and should – spend their money on today. It might seem counterproductive to spend money when you want to put it in the bank – and make no mistake,… Read more
Since the first internal corporate note was sent—probably reminding employees about casual Friday—companies and organizations have relied on written communications to keep employees up-to-date on company policies, procedures and changes happening within. These days, though, more companies are switching to videos to relay information to their staff. In a lot of ways, video is more effective than written communications. It grabs peoples’ attention, conveys important information quickly and is usually… Read more
Being a small business owner can be fantastic. You get to be involved in every aspect of your business, from marketing to event planning, from sales to employee development. Being involved in so many areas of your business saves you from boredom and allows you to use skills you might not have known you had. There is one area that many small business owners hate to be part of but… Read more