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Small businesses face a number of daily obstacles, but financial ones can be the most complicated. Understanding how to prepare for and handle these challenges can be critical to the success or failure of a small business. What are some of the most common small business financial challenges and how can they be alleviated? This article will walk through the top three small business financial challenges, offering tips to overcome them.
Watch this free webinar and take the worry out of increasing your fees. With expert advice from Heather Townsend, Founder, The Accountants Millionaires’ Club.
In the search for better small business funding and new customer opportunities, there’s a source of new revenue opportunities that far too few small business owners recognize: the U.S. government. The federal government is a huge organizational entity—and just like any other business, they need to purchase goods and services to function effectively.
How to Get a Business License. The steps to getting a business license will very much depend on what state you base your small business in and the nature of your business. Different states in the U.S. will require different types of business licenses based on your industry. Generally speaking, we recommend you research the online business license guides your state provides for instructions on how to get a business license.
Your past-due accounts are growing, cash flow is tightening, and the pressure is on. The big question: Do you handle the collections internally or outsource to experts? Both strategies come with advantages and risks - but which one delivers the best impact for your business? In this session we’ll dive deep into the in-house vs. outsourcing debate, examining cost-effectiveness, efficiency, compliance risks, and overall recovery success rates.
How to Keep an A+ Rating With the Better Business Bureau. Stay compliant. The Better Business Bureau (BBB) doesn’t give you points for being compliant, they take away points if you aren’t compliant. Reduce the number of your complaints. Complaint volume is the biggest factor in a BBB rating, so prioritize customer service to reduce the amount of complaints you get.
So you want to be an entrepreneur and you’re looking for a small business for sale. Maybe you love the idea of being your own boss and growing a successful business, but one roadblock is keeping you from moving forward: You’re having trouble coming up with an actual business idea to execute on. Some entrepreneurs are lucky enough to stumble across a million-dollar idea and start a business.
So you want to be an entrepreneur and you’re looking for a small business for sale. Maybe you love the idea of being your own boss and growing a successful business, but one roadblock is keeping you from moving forward: You’re having trouble coming up with an actual business idea to execute on. Some entrepreneurs are lucky enough to stumble across a million-dollar idea and start a business.
Any small business owner who accepts credit cards should understand how credit card processing fees work. Credit card processing typically costs businesses between 1.7% and 3.5% per transaction. At the end of the day, that means that if a customer spends $100 at your store, you’ll only end up with between $96.50 and $98.30. When you add up credit card processing fees over time, they can really eat into your bottom line.
The world of small business finance is abundant with confusing acronyms. One of the most frequent, acronym-based questions that come up for small business owners is “What is a POS?”. POS stands for point of sale. But beyond a simple POS definition, a POS system meaning can encompass a lot. You’re in the right place to learn all you need to know about point of sale systems , because we’ve created this ultimate guide to understanding this financial concept.
What Is a PEO? Professional employer organizations, or PEOs, work with small and midsized businesses to provide human resources support, payroll, benefits, and other administrative services. Partnering with a PEO could help improve your business’s productivity and profitability while allowing you to focus on growing your business. PEOs provide services to over 175,000 small and mid-sized businesses , according to statistics from the National Association of Professional Employer Organizations (NA
Small business owners looking to sell their products online should consider selling on Walmart. The retail behemoth has made a concerted effort over the last two years to boost their ecommerce operation, and is now second only to Amazon in terms of online sales. Unlike selling on Amazon , the process for getting your business set up on the Walmart online marketplace is free, and it’s fairly straightforward.
Best Small Business Phone Systems. RingCentral: Best Overall Small Business Phone System. 8×8: Most Secure Small Business Phone System. Phone.com: Best Budget Small Business Phone System. Grasshopper: Best Small Business Phone System for Home-Based Businesses. Google Voice: Best Small Business Phone System for Side Hustlers. It often seems like you can’t go anywhere without your phone nowadays.
What Is SurePayroll? SurePayroll is one of the many online payroll options for automating how you pay your team. The SurePayroll company stands out in a few ways, both positive and negative. SurePayroll syncs with many of the most popular accounting software programs, and offers a standout mobile app. That said, SurePayroll also comes with expensive, quote-based pricing and will charge you extra to add W-2 and 1099 contractors to your payroll.
What Are Profitability Ratios? Profitability ratios are simple calculations that break down the numbers from your financial statements into percentages. The three profitability ratios that are most valuable to small business owners are: Gross profit margin ratio, operating margin ratio, and net profit margin ratio. Each of these profitability ratios tells you something different about your business.
Are you using Direct Debit as a fast, efficient, low-cost method to collect regular fees, subscriptions or one-off payments from your customers? Or considering adding Direct Debit to your payments mix?
The ultimate guide to getting paid on time for SMBs in Australia. We guide you through practical, low-cost, high-impact tactics that will reduce your average payment times and debtor days.
If you’re a small business owner trying to more effectively manage your spending, consider investing in a prepaid business debit card. Prepaid business debit card holders preload their card with however much money they want to spend, ensuring that they never go over their limit or spend more than they can afford. Prepaid debit cards became popular in the 1990s as credit card companies began to realize that many Americans could not qualify for a credit card or were defaulting on their balances.
There are a couple of reasons why you might be looking for self storage loans. The first and most obvious would be that you own a self storage business , in which case you can only make as much money as the room you have for storage. But even if you don’t own a storage business, you might simply need additional space for inventory storage—depending on which type of retail or manufacturing field you work in, you can find yourself having a lot of excess material and nowhere to put it.
Starting a business is difficult for any entrepreneur, but it’s even more challenging for people with a criminal record. A felony or criminal history of any kind can put you at a big disadvantage, particularly when it comes to getting business financing. Despite the obstacles, people have turned their lives around after serving time in prison and gone on to have lucrative careers as entrepreneurs.
When business owners think about improving sales, they tend to think of acquiring new customers. Small business owners often focus heavily on generating new leads or converting new visitors to customers. However, what about the people who have already bought from you? Customer retention is equally, if not more, important than customer acquisition. Those existing customers have already shown they’re interested in your product—and by not focusing on bringing them back again, you could be missing o
If you’re interested in the online lending space, you might have come across SoFi. This all-digital, San Francisco-based lender is one of the leading names in online personal loans, whose several loan products boast low interest rates and quick turnarounds. So, if you’re a business owner, you’re probably wondering about SoFi business loans. But if you want to secure a business loan, you’ll need to set your search elsewhere.
As a small business owner, choosing a business bank account is about much more than making deposits and withdrawals. You want to find a bank that will deliver great service and be a partner as you grow. If you run a small business in the Midwest, you might want to consider Huntington Bank for your business checking needs. Founded in 1866, Huntington Bank boasts nearly 1,000 branches and more than 1,800 ATMs across Illinois, Indiana, Kentucky, Missouri, Ohio, Pennsylvania, West Virginia, and Wisc
Direct Debit is a great way to take recurring payments but historically it has been seen as clunky and inflexible. So, how is Direct Debit different with GoCardless? GoCardless' Joe Robbins explains in this video quick guide.
What Is Ultipro Payroll? Ultipro Payroll is a cloud-based payroll service offered by the parent company Ultimate Software. Ultipro Payroll is customizable and automates the payroll of some of the nation’s largest brands. If you’re looking for a larger-scale payroll solution, then this could be your best option. Be sure to note that Ultipro is priced on a quote-based system that relies on features you request and how many employees you have.
As a small business owner, it can be hard to separate work and your personal life. After all, your livelihood is dependent on your business. Keeping your finances separate with a business bank account can make the distinction much easier. If you’re not sure where to find the right business checking account , and you own a business in California, Connecticut, Washington, D.C., Florida, Illinois, Maryland, New Jersey, New York, Nevada, or Virginia, Citibank may be a good place to start.
What Is Rocket Lawyer? Rocket Lawyer is a legal services website that provides access to a variety of legal help and connects customers with attorneys. The services are available to individuals and small businesses for a low fixed cost. Rocket Lawyer is one of the fastest-growing companies in the legal services space. The company was founded in 2008, and more than 20 million businesses and consumers have used its services.
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