What the CARES Act means for you

Help for small businesses The CARES Act has many helpful provisions for small businesses, which the Senate Committee on Small Business and Entrepreneurship details in this helpful guide. Here’s an overview of the most important provisions: Loans for small businesses The CARES Act also expanded eligibility requirements for disaster relief loans from the SBA to make it easier for small businesses to access the funds they need to stay afloat.…  Read more

Simple Tips for Onboarding New Employees in Your Business

The first day of a new job can be overwhelming for new employees. There are company policies and procedures to absorb, colleagues to meet, and job duties to learn. That stress can make the first few days of a job uncomfortable. As a small business owner, it makes sense for you to make that transition as easy and pleasant for the new hire as possible. Taking some simple steps will…  Read more

The Number 1 Thing to Know About Your Business

When you own a business, it’s vital you understand how money flows into and out of it. At a basic level, you need to know where your income comes from and what your expenses are. At a deeper level, knowing how money moves through your business can help you make strategic decisions about growth, invoicing, and debt management. The consequences of not understanding money can be drastic—poor financial management is…  Read more

Three Terrible Management Habits

Every manager has habits that make them incredibly effective as well as issues that their employees wish they would change. The problem is that many employees won’t tell their manager what those weaknesses are, often out of fear of retaliation. So while managers conduct employee performance reviews pointing out areas for staff improvement, sometimes the manager’s own weaknesses go unaddressed. There are a wide variety of habits that make managers…  Read more

When You Should Consider Hiring a Business Lawyer

When you run a business, every cent counts. It can be difficult to spend money on anything you don’t consider vital. Hiring a lawyer during key times in your small business might seem like an unnecessary expense, but the money you spend now on a business attorney could save you time, money, and energy in the long run and could protect your business. When it comes to your small business,…  Read more

Smart Money Tips for Business Owners

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 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, saving and…  Read more

Why Bookkeeping is Crucial to Your Business

Keeping track of income, receivables, expenses, and payables is fundamental to the overall health and sustainability of your business. Effective bookkeeping produces the data you need to evaluate your current practices, anticipate challenges, and set attainable future goals. But despite their proven importance, many business owners dread and avoid accounting tasks. In fact, 40% of surveyed entrepreneurs claim that bookkeeping is one of the worst parts of running a business!…  Read more

Get paid first – why your salary should be your business’s first monthly expense

It’s the line item most often left out of a company’s budget: the owner’s salary. Let’s face it: you can always spend cash on your practice. From office expenses to employee salaries to rent, every month a portion of your revenue is accounted for. But paying yourself first is a must. You need to earn a living – and paying yourself can actually help your business succeed. Here’s why you…  Read more

The Importance of Business Planning for a Business

When you are setting out and everything is moving so quickly in your business, it’s easy to deviate from where you intend to be. If you don’t have a business plan, you might compromise growth or miss out on opportunities by sweating the small stuff and not focusing on what matters most. Having a clear business plan from day one keeps you focused on the goals that are crucial for…  Read more

Dealing With Cash Flow Problems

Below are some suggestions for unlocking funds without affecting your operational capacity. Keep in mind that you should always seek professional guidance before making changes to your business if you are unsure of the repercussions or potential issues. Hidden sources of finance Most business owners immediately think of the bank or loans when they’re short of money. But there are many more resources you can tap before you ask for…  Read more

Tips to Keep Your Business Finances in Order

If you’re like most business owners, you spend the majority of your time managing daily operations, keeping customers happy, and looking for new ways to grow. Spreadsheets, cash flow analysis, and financial projections are probably not your first passion. However, measuring profitability, creating realistic budgets, and planning ahead for the future are crucial to your professional success. Follow these four tips to get a handle on the numbers, and take…  Read more

Using KPIs to Monitor and Improve Business Performance

The key performance indicators (KPIs) for one type of practice will invariably be different from the KPIs of another firm.  What both hypothetical companies share however, is the challenge of selecting which KPIs are best suited for measuring the goals and progress of their particular business model. Indeed, businesses have a vast array of reports and data sets from which to choose and select from, but that data needs to…  Read more

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