As a small business, setting goals is always beneficial. Have a detailed strategy that outlines milestones and ways in which you’ll measure performance and progress. From improving marketing reach, cutting expenses or getting your business organized, these tips will help you triumph in all your small business goals. Know What Your Strategy Is Before Setting Your Small Business Goals While planning your small business goals for the year, it is key to keep the big picture in mind. This will help keep you strategically focused and on track with your goals. According to London Business School professor Elsbeth Johnson, important […]

Alternative sources of funding are a smart way to cover short-term costs or meet any other business expenses. But offerings differ widely, and some may meet your needs better than others. MCA or merchant cash advances are a form of funding created to offer instant cash to small and medium businesses quickly. They are easy to get hands on, unlike traditional business loans. Merchant Cash Advances: How They Work In essence, cash advances are not your conventional loans; here, you get funding by selling a portion of your small companies future sales. So you could end up paying in the […]

Do you have plans to take your business idea and launch a startup in the New Year? If you are feeling a little overwhelmed with the task, know you are not alone. As you piece your business plan together and iron out the details, make sure you also consider the risks involved. Here are three of the major risks you will face in starting a business, along with three business relationships you should develop to mitigate those risks. 1. Sales Risk No matter what business type you have or industry you are in, there is always a risk that your […]

As of 2016, there were 28.8 million small businesses in the US, which represented 99.7% of US businesses. Only about 24.1% of small business loans were approved by big banks, and smaller banks approved about 48.9%. Alternative lenders approved 58.2% of loan requests. In less than 20 years, the merchant cash advance (MCA) industry has gone from $0 to $10.7 billion by 2015, and is expected to account for $15.3 billion in 2017. Are you faced with the problem of whether you should take out a business loan or a merchant cash advance? Below you can find some important information […]

The 2016 State of SMB Cybersecurity Report shows that from April 2016 to April 2017, hackers have breached half of all small businesses in the US. A bill making its way through the US Senate proposes to create a set of resources and guidelines that can be used by small businesses for the purpose of protecting themselves from cyber attacks, which are steadily increasing in number. Cyber Attacks Are on the Rise According to a recent survey, 87% of small business owners don’t feel they’re at risk of a cybersecurity attack. 1 in 3 small businesses doesn’t use the necessary […]

Woman-owned businesses are making more and more economic contributions at rates that are higher than the national average. As of 2016, there were over 11.3 million woman-owned businesses in the US (a 45% increase since 2007), according to The 2016 State of Women-Owned Businesses Report from American Express. These businesses employed about 9 million people and generated more than $1.6 trillion in revenues. Getting officially certified as a woman-owned business has its advantages. For female business owners, there are certifications like the Woman-Owned Small Business (WOSB) and Economically Disadvantaged Woman-Owned Small Business (EDWOSB), which give women entrepreneurs access to resources […]

Merchants who have bad credit are viewed as riskier borrowers by small business loan providers.  Creditors who lend money to bad credit merchants usually shy away from these borrowers since they aren’t sure high risk merchants won’t miss their payments or default. The Fair Isaac Corporation (FICO) calculates credit scores and provides the famous FICO score. The Corporation uses information from the 3 credit bureaus, Experian, TransUnion, and Equifax, and calculates the score. Be aware, your bad credit can cause a number of problems such as higher interest rates. According to FICO: Maxed-out card costs 10 – 30 points for […]

64% of small business owners start with $10.000 or less. They’re primarily self-funded. If you, as a small business owner, need access to working capital, be aware it may be challenging to get approved for a small-business loan. So, you need to prepare well so that to increase your chances of getting a loan. What do you need to focus on? Reason You Need Funding Lenders would like to know the reason you’re applying for a small business loan. Determine whether you need it to start your business, manage day-to-day expenses, grow your business, or maybe to have a safety […]

Estimated taxes are periodic advance payment of taxes based on the amount of income you earned and the amount of estimated tax liability to be incurred as a result. Assessment of estimated taxes is based on income that isn’t subject to any type of withholding such as self-employment income, dividend income, rental income, interest income, and capital gains. As a rule, you’ll be required to pay estimated taxes on a quarterly basis. Paying Estimated Taxes Individuals such as sole proprietors, partners, and S corporation shareholders, are generally required to pay estimated taxes if they anticipate owing tax of $1.000 or […]

The holiday shopping season doesn’t technically begin until Black Friday, so it’s never too early for you, as a retailer, to discover what new and exciting retail trends are waiting for you in the 2017 holiday season. Black Friday and Cyber Monday offer a huge business opportunity. Online shoppers spent about $3 billion on Black Friday weekend in 2016, including almost $1 billion in mobile sales alone. In 2017, the top 3 retail trends that will impact the holiday shopping season are: Shopping from home The mall as you once knew is gone Companies are focusing on customer senses to […]