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Four Ways to Build Wealth Using a Budget

Budgets are one of the best ways to manage your money. Yet, many don’t like to take the time to put a budget together. And once they create one, they find it challenging to stay within it. But did you know that creating and maintaining a reasonable budget can help you build wealth? Here are four ways to build your wealth using a budget: #1: Create Realistic Goals That Focus on Your Desired Future. Before you begin to build your budget, you must define how your future looks. For example,… Read More >

Five Easy Ways to Manage Your Business Remotely

More and more Americans are managing their businesses remotely – whether from home or while traveling. And more recently, it’s been the way many companies have stayed relevant during mandated stay-at-home or shelter-in-place orders. If you’ve just started managing your business remotely, or you’re ready to take the plunge on a more consistent basis, consider these five critical tips for ultimate success. Tip #1: Communicate, communicate, communicate. Communication is an essential element of managing your business remotely – and you can never do too much of it. The more you… Read More >

What are Your Business Lending Options?

Whether you’ve been in business for a few months or many years, access to funds is vital for your growth and sustainability. To that end, you may need to get a loan to help. But, which type of loan is the best fit for your business? To answer this question, take a look at your lending options to determine how they fit into your financial plan. Consider how much cash you need, how quickly you can repay your loan, and whether you can provide collateral.  Here are five common types… Read More >

Seven Smart Ways to Use Your Tax Refund

  You’ve just received your tax refund, and you’re not quite sure how to put it to use. Resist the urge to splurge and consider investing your money into something that can help you in the long run.   Here are seven smart ways to make your tax refund work for you:   Pay off existing debt. If you have a credit card or other unsecured debt, use your tax refund to pay it off — or at least pay it down as much as you can. Doing so will… Read More >

6 Questions Your 2020 Business Plan Should Answer

A business plan is your road map to success. Even if you experienced success in 2019, it’s critical to keep it updated every year. It allows you to organize your strategy – from operational plans to marketing. As you look to 2020, what questions should your business plan answer? Let’s take a look. Question #1: What need does your company address? In other words, what do you do? Sure, you can highlight all the products and services you provide, but what is it that keeps your customers coming back to… Read More >

6 Ways to Keep Customers Coming Back – and Make a Profit

There’s a common misconception that you need to acquire new customers if you want to make money. That’s not necessarily the case. While attracting new customers will help you grow, it’s not the only way to boost your profits. The fact of the matter is that focusing on customer retention – specifically your “best” customers – is an incredibly essential (and sometimes overlooked) business strategy. Take a look at a few cost-effective marketing strategies to improve customer retention in 2020: Start a blog – or develop the one you have…. Read More >

How to Choose the Right Business Loan

As your business grows, you’ll likely need to get a business loan – whether you plan to expand, enhance your products and services or need an infusion of cash for emergencies or seasonal concerns. With so many business loan options available, it may be overwhelming to determine where to start. Although the process for approval may be different with each lender, consider your answers to the following questions to help you choose the right loan for your business. How much money do I need? How much you borrow will directly… Read More >

Dec. 18 2019 | Posted in Business, Growth & Capital

How to Grow Your Small Business while Preserving Company Culture

As your business grows, it’s crucial to preserve the elements of your company culture that you and your employees value. Here are some ideas of how you can do this. Stick to Your Values Write down your company values and make sure each employee has a copy of them. They should also be displayed prominently throughout your business location. Then, identify a few long-time key staff members who “live” or personify those values. These key people are your “culture champions,” and they can be helpful in multiple areas — from… Read More >

Startup Founders Are Often the Reason for Failure

Many people think that most startups fail because of a shortage of funds, and for some, this is true. But often there is a more complicated problem: the founder. In this article, we will address common startup issues that arise because of faulty leadership.  1. Dictatorial Leader Doesn’t Listen to the Team Startup founders tend to be charismatic, ambitious and driven by their vision — all qualities needed to motivate people to buy in to their new business idea. Very often, it is the founder’s drive to make their idea… Read More >

Finding a Healthy Burn Rate

Did you know that 29% of startups fail because they run out of money? That’s why it is critical to understand what your company’s burn rate is, why it is what it is, and how spending levels will inevitably change as your company grows. Let’s start with the basics from Investopedia: Burn rate is typically used to describe the rate at which a new company is spending its venture capital to finance overhead before generating positive cash flow from operations; it is a measure of negative cash flow. Burn rate… Read More >

Aug. 21 2019 | Posted in Business, Cash Management, Growth & Capital