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Thousands of people start new businesses every year in the U.S. in pursuit of their entrepreneurial dreams. According to the latest census, there are 32.5 million small businesses, defined by the Small Business Administration as those that have fewer than 500 employees. But running a small business isn’t a “cakewalk.” There are many functions to manage, risks to deal with, time commitments, and mastering your small business’s finances.  What a Small Business Owner Needs to Do  To succeed, a small business owner…

Small businesses are critical to the U.S. economy with more than 32 million small businesses in operation according to the SBA Office of Advocacy. And U.S. small businesses employ almost half of the workforce. The COVID-19 pandemic affected all businesses and today they continue to face many challenges. Thus, it is important for small business owners to understand financial trends to create a solid path to continuing success.  Why It is Important to Understand Financial Trends   To use an analogy from the…

Selling your small business isn’t likely to be the first thing on the mind of an entrepreneur when he/she decides to start a small business. After all, there are dreams of great success ahead. But sooner or later that likely will become a reality. According to smallbiztrends, 8,647 small businesses were sold in the U.S. in 2021, up from the 7,612 sold in 2020.  Why Do Small Business Owners Sell Their Businesses  There are many considerations that may lead to the possibility of selling…

Is financial uncertainty a possibility for a small business owner? Yes. Indeed, financial uncertainty can occur for any enterprise. The key thing is to prepare for that possibility. As Thomas A. Edison said, “The object of all work is production or accomplishment and to either of these ends there must be forethought, system, planning, intelligence, and honest purpose, as well as perspiration.”  What is Financial Uncertainty  Financial uncertainty refers to the lack of sureness of a business’s financial future; the inability to…

Everyone likely understands the well-established principle of having a personal savings account to prepare for “a rainy day.” The same principle applies to businesses that should have a business savings account. A business savings account is different from a business checking account in that a business checking account is used for regular transactions such as paying bills and making various purchases while a business savings account is used for storing funds safely.  Benefits of Business Savings  A business savings account offers these benefits:  To deal…