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Running a business is a marathon. At every step, business owners make mistakes. But mistakes often don’t make a business fail; instead, it is a business’s response to mistakes that makes the difference. Successful business owners know how to identify their mistakes, focus on what they could have done differently, and can develop a plan to prevent similar errors in the future. Use an Audit to Learn from Business Mistakes Plenty of business owners might think ‘audit’ is...

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There are dozens of business trends currently affecting the market. Among these trends is the rise of microbusinesses and solopreneurs. While not entirely new terms, you’ve undoubtedly heard them more than ever this year. With their newfound popularity, it’s important to understand each one and the lessons you can glean from them. What is a Microbusiness? There are small businesses, and then there are microbusinesses. A microbusiness usually has a very small number of employees,...

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2022 is turning out to be a strange year. Even though it is poised to be the first post-pandemic year with loosened mask mandates, and the return to the office in full swing, many questions can still puzzle potential entrepreneurs. The biggest question, which always resides within the back of the mind, is whether 2022 is the perfect time to launch a small business. What About Yesterday? There is an old saying: “the best time to plant a tree was twenty years ago, the second-best time is...

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According to the Association of Certified Fraud Examiners, U.S. businesses lose an average of 5% of gross revenue annually to fraud. Small business fraud is one of the most common types, but why does it occur so often? How Small Business Fraud Occurs Small businesses start with fewer resources than their counterparts. This lack of resources results in increased business fraud risk. For many owners, fraud occurs for one of two reasons. The first is that business owners are often too busy to...

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Fraud prevention can be a challenging undertaking for a small business. Every business, however, needs to prioritize fraud protection to keep the company safe. Though prevention may seem complicated, organizations can implement a few proven methods. Hiring Right as Fraud Prevention The first step in business fraud prevention is hiring the right people. You may think your hiring efforts are thorough enough—but ask yourself these questions to better determine your risk level. Did...

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The Employee Retention Credit (ERC) is a tax credit developed in 2020 as a temporary coronavirus-relief provision to assist businesses through the pandemic. It has since gone through several revisions and has provided billions of dollars in tax relief for businesses. All wonderful intentions, but like many of these relief efforts, there are stipulations around qualification and required documentation to take advantage of it. We recommend talking with your tax preparer to determine your potential...

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Small businesses thrive on working capital, and managing working capital successfully is vital to a business owner. When your business has low capital, it can cause problems like a lack of cash flow, obligations to suppliers and employees, and project-related expenses. Dealing With a Change in Working Capital Always having adequate working capital on hand is a difficult task. What can you do when your working capital is already low? We'll give you four tips from the experts at Falcon...

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There comes a time for every business where you will consider a loan. You may need the additional funds for an expansion, equipment, inventory, or even hiring new talent. If you see a small business loan in the future, you may wonder about your credit score's importance. Just how important is your credit profile when applying for a loan? Follow our guide and learn more about how your credit profile plays a role. What Credit Score is Needed for Small Business Loans? There is no magic...

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December is a busy time for small business owners. On top of day-to-day management duties, there are many preparations to make for the upcoming year. This list might include financial statements, tax forms and information, and end-of-year employee bonuses. End of Year Tasks for Small Business Owners It can be challenging for a small business owner or entrepreneur to manage time and maintain a healthy work/life balance. However, devoting attention to your business will help you end the year...

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If you own a small business, you’ve likely noticed that supply chain shortages in the US have affected your sales. Since the Coronavirus pandemic, supply issues have been critical for organizations to manage, especially for smaller institutions across the country. We’ve seen this very clearly in the Midwest, with a supply shortage affecting everything from commodities to labor. Most business owners ask what they can do to mitigate the issue, but some are hopeful that the problem will...

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