All micro-business financial metrics discussed below are known to pretty much every retailer in the world of commerce. However, this guide seeks to shed more light on these critical aspects of running a business. So what are some key metrics a small firm owner should check? 1-Income/revenue Income is the equal of your total sales. Without revenue, your business is as bad as dead. You can’t pay staff, order product delivery or sustain operations. So income straight away qualifies as the first metrics to put a tail on. If possible, track your daily, weekly, monthly, quarterly, and yearly income to […]

Every retailer is aware of the importance of building business credit— most of them just don’t know how to go about it.  It is one factor they look at when assessing your eligibility for a micro-business loan, a line of credit, or any other kind of funding. Follow this guide to build credit for your company. Understand the process of Business Credit Reporting You need to learn the process of business credit reporting. Credit reporting agencies get their data from the lenders and creditors that offer you funding and process the info via an algorithm to determine your business credit […]

There are 71 million millennials, aged 20 to 35. This unique group looks for marketing approaches that are much different than what previous generations responded to. As you put together your small business marketing strategy, make sure you also consider the following tips: Optimize content for social media Nowadays, there is so much content on the internet. The key to keeping your millennial customers’ attention is to share great, personalized content. It is especially important to focus on optimizing content for social media. When it comes to millennials, social media is the new SEO. Reach out to millennials via social […]

Knowing basic accounting terminology will help you efficiently manage your cash flow and make you aware of when you won’t have enough and will need to find it elsewhere. The problem is that small businesses are often by newer owners who don’t always realize they are in trouble until too late. Small businesses also face the challenges of not being very attractive to traditional lenders, like banks. They don’t want to take a risk on businesses, especially those in high-risk industries, because they have no collateral and nonexistent or poor credit. But, by knowing when you may be facing a […]

There are so many challenges for small businesses to overcome. Should you hire that employee? Do you need to secure a merchant cash advance to boost cash-flow? Running a successful business is a never-ending learning process. If you are eager to learn more about how you can boost your leadership skills, increase profitability and improve hiring, consider the following 6 best business books: 1.      Tribe of Mentors: Short Life Advice from the Best in the World by Tim Ferriss is an incredible 600+ page business book that compiles everything Tim Ferriss has worked on over the past decade. […]

Starting and building a business requires ambition, hard work, inspiration, motivation and perseverance. However, it is normal to go through periods of uncertainty and doubt. Are you making the right decisions? Is the business headed in the right direction? Words of successful business owners can inspire you and shed some light on how they tackled business challenges. Whether you need motivation, inspiration, or encouragement, the following top business owner quotes compiled by our team at First American Merchant will help you continue to move in the right direction: Entrepreneurship requires determination and ambition “Your time is limited, so don’t waste […]

When you are an entrepreneur, you should not only be able to stay ahead of your budget and keep your eye on emerging trends in your industry, but anticipate and be prepared to handle changes. Owners retire, partners pass away, and new stakeholders get added to accommodate growth during business growing pains. Though everyone knows about these transitions, most people are never really prepared for a change of ownership business. The best way to handle this type of change is to prepare and develop a plan. Since a business’ corporate structure and the reason for an ownership change are factors […]

Running a profitable boutique business is based on many different components. If you want to succeed in your business, you can’t do without mastering all of them. Steady sales production is the result of being unique and different from among so many competitors in your field. To learn about several important methods that can help your business succeed, just read below. Important Tips for a Successful Boutique Business Do you need some helpful methods to improve your boutique business? That’s great since running a business of this type can be challenging indeed. Remember that you need extremely sharp business acumen […]

Are you a small business owner in need of good bookkeeping tips? Which ones to follow? How can your small business keep tight books? No worries! Just read below and you’ll get the necessary information. Bookkeeping Tips and Merchant Services for Businesses Accounting can be a daunting task for many business owners. The good news is that keeping tight books can help businesses avoid tax nightmares. You, as a business owner, should have a system for your business’s finances. Otherwise, lots of things can slip through the cracks, and you’ll end up with unnecessary expenses in the long run. Bookkeeping […]

Every time you are pricing goods, profit is the one thing that lingers your mind. However, the best you can do for your micro-business is to not only set prices that will ensure profitability but ones that are market competitive. So if you’ve been feeling like you aren’t earning what you’re worth or making adequate revenue, then increasing prices is one way to solve it. On the other hand, keep in mind the present price as well as any future cost increases that may occur in a year, or two. A wrong way to go about it is to up […]