Business Update – November 24 2021

Just a few weeks ago, it appeared that the Delta variant was on the wane in the US. However, in pockets of the Midwest, Southwest, and Northeast, cases are climbing, just ahead of the holiday travel season. Minnesota is experiencing its highest average daily case counts since April, at 3,500 per day, overwhelming some hospitals. In response, Minnesota Governor Tim Walz has enlisted the National Guard to staff temporary sites…  Read more

Why Smart Business Owners Never Stop Marketing

One classic mistake business owners make when money gets tight is to stop marketing or cut their marketing budget. At first glance, it seems logical to cut down your expenses during tough economic conditions. However, in reality, it’s the opposite of what you should do. When your business is struggling, cutting your marketing budget will further hurt your business. It is during this time that you should go the extra…  Read more

Business Update – November 17 2021

Just a few weeks ago, it appeared that the Delta variant was on the wane in the US. However, in pockets of the Midwest, Southwest, and Northeast, cases are climbing, just ahead of the holiday travel season. Minnesota is experiencing its highest average daily case counts since April, at 3,500 per day, overwhelming some hospitals. In response, Minnesota Governor Tim Walz has enlisted the National Guard to staff temporary sites…  Read more

4 Money Saving Tips for Business Owners

Running a successful business requires you to make smart decisions about everything from who you hire to how you spend your money. There are many legitimate expenses to cover, but it’s easy to overspend in areas that aren’t helping you or your business. Spending wisely is key to owning a sustainable business. Here are four practical money saving tips for business owners. 1. Have a list of all your subscriptions,…  Read more

Business Update – November 10 2021

In a tight market for available workers, some companies are responding by loosening hiring requirements such as the need for a bachelor’s degree. The Body Shop, which piloted an open hiring program in 2019, no longer requires drug tests, background checks, or other education or work experience for jobs in its warehouses and retail locations. Likewise, UPS, in a quest to hire 100,000 seasonal workers for the holidays, eliminated any…  Read more

5 Ways to Recover After a Financial Setback

You started your business with plans of earning a living and being successful, but an unfortunate fact of business life is that companies suffer financial hardships. Whether those hardships are pandemic-related or linked to other urgent situations, the effect is still the same. Your finances are negatively affected and it’s up to you to lead the recovery. Here are 5 steps you can take to help your business recover after…  Read more

Business Update – November 3 2021

As the pandemic continues, many people are having a harder time making small daily decisions such as what to wear or what to have for lunch. According to a recent survey by the Harris Poll, nearly a third of adults were still so stressed by the pandemic that small decisions were difficult. Millennials and parents with children under 18 are having the hardest time with decisions. The combination of safety…  Read more

4 Ways Small Start-ups Can Take On Established Competitors

Starting a business means you’ll be in competition with other companies that already exist. It’s actually a good thing if you have competition to go up against. Competition pushes you to be innovative. It also means there’s an established market for your goods or services. The key to benefitting from competition is knowing how to effectively take on competitors so your company earns a profit. Here are some ways to…  Read more

Business Update – October 27 2021

On November 8, the U.S. will open borders to foreign travelers, marking a new stage in the pandemic. The Delta variant surge is easing, vaccinations and boosters are available to more people, and mask mandates are being dropped. Case counts appear to be decreasing, and hospitalizations are declining in most parts of the country. However, worker shortages – particularly in restaurants – persist as a reminder that the pandemic is…  Read more

5 Funding Options for Start-ups

Starting your own business requires enough capital to ensure you can pay your bills until your company turns a profit. Depending on the type and size of your business, you may need thousands of dollars monthly to cover overhead. If you’re wondering where to find business start-up funding, there are a variety of options available to you. Each of these options has its advantages and disadvantages, and it’s important to…  Read more

Business Update – October 20 2021

The pandemic may change business travel as we know it forever. The Global Business Travel Association reported a nearly 90% drop in business travel last spring, as businesses were forced to conduct business via Zoom. While travel is increasing compared to a year ago, it is still sharply down from pre-pandemic levels. Post-pandemic, virtual business meetings may continue to be the norm. Travelers who are willing to venture out may…  Read more

How Much Cash Does My Business Need?

Your business needs cash. Cash is what keeps your company in operation and enables it to grow, so you should know how much cash your business needs to survive. Although many people think the answer is linked solely to operating expenses, this isn’t the case. There is no single factor that determines how much cash every business needs to have on hand. Somewhere between 3-6 months of operating expenses is…  Read more

Business Update – October 13 2021

Global supply chain delays have become so bad that the biggest U.S. retailers are chartering their own cargo ships to stock shelves this holiday season. Walmart, Home Depot, Costco, and Target are among companies that are paying the additional expense to mitigate holiday disruptions. While the smaller ships these companies will use are far more expensive than the larger ones, they have the advantage of the ability to dock at…  Read more

How to Scale Your Business with Minimal Effort

If you want your business to grow, at some point you’ll have to think about scaling it. Scaling it isn’t exactly the same as growing it, though they are often used interchangeably. Growth refers to adding resources and increasing your revenue in a linear fashion. You double your number of offices to double your number of customers, for example. Scaling means increasing your revenue without a substantial increase in the…  Read more

Business Update – October 6 2021

What does it cost to be hospitalized for COVID-19? A study by The Wall Street Journal found the cost can vary by tens of thousands of dollars, depending on the hospital and the insurance policy. While most insurers waived out-of-pocket costs for patients for most of the pandemic, many patients are now receiving bills for hospital stays, which can depend on rates negotiated between hospitals and insurers. For example, at…  Read more

4 Things to Consider Before Expanding Your Service Offerings

If you’re looking to grow your business, you might consider expanding your service offerings. Adding additional services is a good way to increase your profitability, diversify your income and expand your market. But there are important things to consider before adding to your income streams. Here are 4 important things to keep in mind when you consider adding to your services. 1. Does the expansion complement your business? The best…  Read more

Business Update – September 29 2021

The legal cannabis industry has been absorbing furloughed, laid-off, and disenchanted retail and restaurant workers at a rapid pace throughout the pandemic. An estimated 321,000 people in the U.S. work in the industry, more than work as dentists, paramedics, or electrical engineers. Burnout, overwork, and challenges with unhappy customers in retail during the pandemic are driving many to seek out work in an industry with a growing reputation for treating…  Read more

3 Tips for Working Smarter and Gaining Personal Time

You’ve probably heard the maxim that it’s better to work smarter than harder. Working smarter means allocating your time, energy and money so vital tasks get done more efficiently, freeing up your personal time. Too many business owners think they must keep working harder—taking on more responsibilities and working longer hours—to be successful. It makes sense, because you’re responsible for your business, but that route leads to work overload and…  Read more

Business Update – September 22 2021

Even before the pandemic, some restaurant owners were challenging the model of paying servers only $2.13 an hour and depending on tips from customers to make them whole. Today, as restaurants and bars struggle to find enough workers to stay open, a few are making further changes to their business model. Some are raising wages and offering signing bonuses. Others are adding service charges to every bill, and others are…  Read more

Early Warning Signs of Insolvency to Watch Out For

Running a business isn’t exactly a walk in the park. It is definitely hard work, but a rewarding journey at the same time and you can probably attest to this yourself. Sometimes, things also don’t go as planned and you may find your business under financial distress. Suddenly you find yourself falling behind on due dates, suppliers are chasing for payments, and your stress levels are skyrocketing. Regardless of the…  Read more

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