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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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Business owners are undoubtedly aware of increased prices. You don’t have to be paying attention to your supply chain to notice them when you can easily find them at the grocery store and the pump. But small businesses must navigate price increasing to continue turning a profit, so how can they do it? Luckily, there are a few aspects of your business that you can evaluate in the face of price increases. Evaluating Labor’s Effect on Raised Prices There is an immense rise in labor...

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When businesses are looking to take out an SBA loan for their small business, they have many options. Two of the most popular options are called 504 loans and 7a loans. It can be difficult to know which is right for your business–let’s take a look at the benefits, drawbacks, and features of each one. The Basics of a 7a SBA Loan Typically, the 7a loan provides greater flexibility than the 504. 7a loans offer a maximum payout of $5 million and technically have no minimum amount (though...

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Have you ever heard or repeated the phrase, “You have to spend money to make money”? If so, you might be the owner of a small business. Access to a business line of credit allows small businesses to execute daily functions, cover daily expenses, purchase inventory, hire staff, and much more. Business owners know that keeping a company’s ship afloat means understanding cash flow and profits–it’s not all about how much you have in the bank at one time. Fortunately,...

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An SBA loan is a small business loan partially guaranteed by the Small Business Administration.  SBA loans eliminate some of the risks for the financial institution that issues the loan. SBA loans work within a network of approved lenders that lend money to small businesses. While we may know the benefits of an SBA loan, one of the scariest questions to answer as a small business is what to do if you are denied. Determine Why Your Loan Wasn’t Approved According to the American...

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Loans through the Small Business Administration (SBA) offer flexible and competitive financing to help you launch, manage, and grow your business. Businesses can utilize loans for major fixed assets, payment of operating expenses, equipment purchases, and more.  In short: you get the funds you need from your local nationwide bank with benefits like long-term, fixed-rate financing, and lower (and more predictable) monthly payments. So, how do you get approved for an SBA loan?...

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Some business owners knew they wanted to pursue an entrepreneur career path from the get-go. They attended business school, have advanced degrees, and are very familiar with how business finance works. Other business owners are naturally savvy when it comes to finance. They have a great idea, product, or company, but are well-versed in the business world. Unfortunately, self-employment isn’t for the faint of heart and the learning curve isn’t very large. However, there are a few things...

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