This is going to be your year. You’re going to finish stronger than before. It’s the feeling many small business owners share every January. It’s a good way to feel, especially when we’re all at the annual starting line and we’re all running about even.
The trick is to find ways to propel your business forward and sustain the successful momentum all through this current trip around the sun. There are three key areas that can make a big difference in your business performance this year, and we’ve put together some of our top guides to help you make the most of the next 12 months.
1. Financial awareness and preparation.
Every business owner wants to see their operation generate revenue, but those dollars often come with other questions and concerns. We’ve got helpful guides to cover a wide range of money topics. Here are some of our favorites:
Should You Reinvest Profits Into Your Business?
Turning a profit is a major milestone, but the next big question is whether to pocket the cash or put it back into the company. This article explores the critical balance between profit taking and reinvestment. Should you use profits to grow your business or put some way as a hedge against economic doldrums or downturns? Discover how to identify the right stage of growth for reinvesting and ways you can do it.
How to Make the Most of Small Business Tax Deductions
Tax season doesn’t have to be a source of dread if you know which deductions can lower your bill. This thorough guide breaks down common write-offs, from home office setups and vehicle mileage to the latest permanent changes brought about by recent tax legislation. Read on to learn how to maximize your savings and, more importantly, which red flags to avoid to keep your business off the IRS audit radar.
Here’s How to Get Overdue Invoices Paid
Late payments are more than just a nuisance; they can stall your cash flow and disrupt your entire operation. This practical guide offers a step-by-step approach to getting your money, starting with soft reminders and moving toward formal written demands and collections. It also provides tips on preventing future issues, such as setting up deposit requirements and recognizing the warning signs of potential late payments before you sign a contract.
How to Save for Retirement as a Small Business Owner or When Self-Employed
When you’re busy working for yourself, it’s easy to lose sight of planning retirement for yourself. This article looks at the various options available to small business owners, including Solo 401(k)s, SEP IRAs, and defined benefit plans. Whether you’re a one-person operation or planning to hire a team, this guide helps you choose the right path to ensure your golden years can be as comfortable as your working years are productive.
2. Making the most of holidays and seasonal opportunities.
Looking for opportunities to increase your business and reach new customers? You can start by looking at the calendar. Whether you’re gearing up for a major holiday sale or looking for ways to stay productive during the summer slow-down, here’s a guide on how you can make the most of seasonal opportunities.
How to Maximize Your Small Business Sales Events
Holiday sales events like Small Business Saturday® are prime opportunities to showcase your expertise and attract new clientele. This guide walks you through essential strategies, from establishing clear objectives and creating eye-catching displays to partnering with other local businesses for a greater community impact.
Tips for Growing Your Business Over the Summer
The golden days of summer can also offer a golden opportunity for business expansion and fine-tuning. Use this downtime to conduct a thorough competitor analysis, optimize your website for a better digital storefront, and engage with local town festivals or fundraisers. This guide can help you get started.
Preparing for the Busy Season: 8 Tips to Stay Safe, Sane, and Motivated
The busy season. It can inspire both excitement and dread, but being ready for it can help you handle the hustle with confidence. This article highlights the importance of staying organized, delegating tasks to trusted team members, and ensuring your inventory is well-stocked and your equipment in top shape before the rush begins. By reaching out to your regulars early and supporting your staff’s well-being, you can ensure your peak season is your small business’s time to truly shine.
How to Take Advantage of Vacation Time as a Small Business Owner
It might seem counterintuitive, but taking time away from your business is actually one of the best things you can do for its health, and yours. Stepping away to relax and re-energize opens your mind to fresh perspectives and prevents the serious health risks associated with overworking. This guide provides practical advice on how to start small, plan around slow periods, and trust your team so you can enjoy a well-deserved break without the worry.
3. Avoiding and minimizing business risks.
It’s been said with no risk, there’s no reward. That doesn’t mean you can’t lessen the chance of unfortunate events and mishaps. From evolving threats that shift as your company grows to common pitfalls that could lead to costly insurance claims, staying ahead of potential dangers ensures your hard work remains protected. Here is a round-up of essential resources to help you navigate and mitigate the risks of small business ownership.
How to Manage Business Risk That Changes as You Grow
The hazards you face on day one won’t be the same ones keeping you up at night once your business scales. This article breaks down the risk evolution across the startup, growth, and established phases, highlighting how external forces like economic shifts and technology disruptions play a role. Learn how to spot the warning signs of a changing risk profile and create a dynamic action plan to keep your business secure through every stage of its lifecycle.
Preparing for the Unexpected: 4 Insurance Claim Scenarios
Sometimes the best way to understand risk is to see it in action through real-world moments. Whether it’s a videographer’s water-damaged gear or a restaurant fire, this piece explores four common scenarios that illustrate how specific insurance policies like inland marine and workers’ compensation can be the difference between a temporary setback and a permanent shutdown.
Unfortunate and Unwanted Scenarios Small Business Owners Could Face
Business risks can be as varied as businesses themselves. Even businesses such as professional services and digital operations aren’t immune from threats. From an accountant facing negligence claims to a consultant dealing with a sudden cyberattack, this article highlights how professional liability and cyber insurance protect your reputation and bottom line.
Small Business Risk Assessment: Identifying Continuity Threats
A successful business continuity plan starts with a bird’s-eye view of your specific vulnerabilities, from operational and compliance risks to reputational harm. This guide dives into the biggest insurance risks today, including the rising threat of cybercrime and the high costs of property damage. It also provides a four-step strategy to deal with those threats.
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