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Blog Business Managing Your Business

3 Fears That Plague Most Entrepreneurs

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To overcome our fears, we must face them head on and find ways to move past them. Because entrepreneurs face common challenges, they also can suffer from similar fears. The 3 following fears will be familiar to most entrepreneurs and business owners. If you have fallen prey to any of these common fears, you can take comfort that other people have felt the same way, and still found a path to success. 

1. Fear of change

Change is unavoidable. The very nature of life is change and business and technology are now changing faster than ever. How can you find ways to embrace change in your business? Does a new innovation or advancement frighten you? Read about it, take a class online or in person. Have confidence that you have the flexibility to meet and embrace change. 

2. Fear of failure

If you are faced with a challenge, instead of giving up because you’re afraid you will fail, try the following exercise:

  • Ask yourself what will happen if you succeed. 
  • Next, ask yourself what will happen if you fail. 
  • Finally, ask yourself how you will feel in 5 years’ time if you don’t take advantage of the opportunity. 

If you decide to move forward, make a plan to prepare yourself if things do go sideways. Instead of avoiding fear, face it, plan, and prepare. 

3. Fear that you’re not good enough

At the root of many fears is self-doubt. I’m not good enough. I’m not smart enough. I don’t have enough education. Why would people listen to me? This negative inner talk can be crippling. 

Stop harmful inner monologues by asserting the opposite. 

I’m not good enough becomes I am good enough.

Why would people listen to me? becomes People listen to me because I am an authority in my field. 

You don’t have to let anxiety and fear hold you back from achieving your business goals. Remember that fear feeds upon fear but backs down when directly confronted.

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Blog Business Cash Management Managing Your Business

Get your Small-Business Finances Organized

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Owning and running a small business can be challenging. There are a million little things to take care of and lots of big things that cannot be ignored. We’ve brought together our 6 top tips to get your small-business finances organized. Follow these suggestions to gain peace-of-mind and to thrive in your business!

1.  Keep a Separate Bank Account

Congratulations! Your business is making money. Now it’s time to separate your business and personal finances. Why is it important to have separate accounts?
  • You appear far more professional to clients and customers when they make a check out to your business name rather than your personal name
  • It signals the IRS that you have a business rather than a hobby
  • It makes doing your taxes much easier. Your personal and business transactions will already be separate.
  • Should you be audited, providing a separate business statement and record provides a clear picture of your business finances.
  • Mixing your finances may result in missed tax deductions, and it will certainly cost you precious time.
  • It’s much easier to keep track of your expenses, cash flow, etc.

2.  Protect Your Business – And Yourself 

Did you know that establishing an LLC or an S-Corp allows you to separate your business identity and finances from your personal finances? This means that should a legal issue arise, your personal assets and property would not be liable. By protecting your business, you protect yourself.

3.  Track Your Income and Audit Your Expenses 

It’s important to know how much you make and how much you spend. There are many ways to track your income and expenses:
  • Spreadsheet
  • Online or phone apps
  • Invoicing or bookkeeping software
You can track your income and expenses daily, weekly, or monthly – whatever best suits you and your business. This is a great way to spot trouble areas in your finances.

4. Eliminate, or Cut Down, on Paper

There is nothing more unorganized than a giant stack of paper! Get rid of clutter by organizing and digitizing your important documents. Save documents digitally then store them. Some information can be kept on your computer or on a separate hard drive, while more important documents should be stored and protected by a third-party secure service. Some documents cannot be stored digitally. Be sure to keep these in a well-organized, fire-proof filing cabinet.

5. Decide How You Will Accept Payments

There are now more ways than ever to received payments, and you want to make it as easy as possible for your customers to pay you. Do you accept credit cards in person? How about online? Does it make sense to set up a PayPal or Venmo account to receive payments? Do you need to be able to accept payments on-the-go directly from your phone? These are all things to consider. Compare and choose the option(s) that have the lowest fees and the most ease for you and your clientele.

6. Put Finance Meetings on Your Calendar 

Many people are reluctant to look at the finances regularly, which only makes it more painful when they have to figure out what their financial situation is. Set a weekly meeting to go over your business finances. These meetings do not have to be long. In fact, they will likely shorten in length once you have a better idea of your financial situation. Once you have made weekly check-ins a habit, set up quarterly or bi-annual meetings with an accountant or tax professional to get an outside perspective on how your business is doing.
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Blog Fraud & Security

Don’t Skip These Steps for Protecting Your Business Assets

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You’ve given it your all.

But now that you’ve established a business, how do protect the assets and profit you’ve built? That’s an important question. Just asking the question is a good first step. Making time to stop, look at your options, and develop a plan is important. It’s always hard to give enough time for future planning when you’re running a business.

But what should asset protection look like? Every person might develop a slightly different plan, but here are some ideas from the experts to get you started.

Don’t put all your eggs in one basket. Having all your money in one investment can spell trouble. But on the flip side, chasing every up and coming trend isn’t a good plan either. Take a more measured approach, having your money in a mix of risky and stable investments.

Look ahead. Is your business ready for any thing? Many business and business people are under insured. Not being prepared could derail any future plans.

Ask the experts for advice. Don’t skimp on time with the experts. Estate planners, CPAs, legal advisers, and others are essential for making sure you’re on the right track financially. Every businessperson needs advisors they trust; they also need to be willing to implement the best of what they’ve learned. It could make a major difference when it comes to saving the money you’ve worked so hard to earn.

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Blog Business Managing Your Business

Banish Business Stress with These Three Ideas

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No one ever said it’d be easy. But the stress of running a business shouldn’t take over your life. Unmanaged, stress can take its toll — not just on your health, but also on your relationships. So, how can you control stress instead of letting it control you?

Here are a few ideas.

Stay active not just busy. Sure, your calendar is full and you have a busy schedule. But busy doesn’t have quite the same benefit as being active. Promise yourself regular active time. Once you make that promise to yourself, don’t break it. No, this doesn’t mean you have to start hanging out at the gym all day. This could mean biking, swimming, walking with friends – do whatever piques your interest and keeps you going.

Make the most of your down time. The couch may be calling, but ignore that call at least a couple times a week. Push yourself to go out. Meet friends for supper. Spend more time with family. Netflix and chill is a fun motto, but don’t let it become your life.

Learn to delegate. Isn’t it so easy to slip into micromanaging? Sometimes it just seems easier to do things ourselves. But that doesn’t help with stress. Delegate to trusted employees. Work with trusted financial partners. Develop management plans that give you more peace of mind.

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Blog Building & Managing Credit

Could Your Credit Score Be Healthier?

You probably won’t find a quick fix. But when it comes to your credit score, your actions do have the power to make a positive impact.

Here’s how the American Bankers Association says you can give it a boost.

Request a copy of your credit report. You’re entitled to a free copy from each credit agency, but you should go here to get it. Once you get a copy, look for mistakes and correct them.

Set up automatic bill pay. Every late bill payment matters. Luckily, this can be an easy fix.

Rent to build credit. You want a house. We hear you. But know that every on-time rent payment builds your credit.

Use credit wisely. Always pay off your credit cards. Don’t fall for the line that says big balances boost your score. Even paid off, big balances don’t really help, say the experts. Even if your favorite retail giant offers an extra 10 percent off a new pair of jeans, don’t open another credit card. Opening new credit accounts isn’t a bonus. But if you have old accounts already open, just leave them for now.

Know when to ask for help. It’s OK to need help with a complicated issue like money and debt. Just make sure you ask the right expert. Don’t where to turn? Here is a good place to start.

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Blog

Boost your business with positive referral relationships

Blog Post Image-1Connections.

In a digital world, connections still matter, especially for businesses that depend on referrals. So, how do successful businesses cultivate a steady flow of quality referrals?

There are plenty of options. What’s your favorite? If it’s flooding your friends’ newsfeed with sales requests, hold back until you read this.

Quality over quantity

It takes more than just quantity to boost business referrals. According to experts, business relationships that are a “mile wide and an inch deep” won’t help your business in the long run. Boosting your business referrals takes time, but it also requires developing “powerful, personal” relationships.

Quality takes time

According to a 2018 study in the Journal of Social and Personal Relationships, it takes 50 hours of interaction to move beyond acquaintance to a casual friend. It can take up to 200 hours to develop a close friendship.

Referrals come, say experts, when confidence grows. No, not your confidence. Referrals happen when the relationship grows enough to where the other person has confidence in your abilities. When they believe in your abilities enough, they’ll refer friends and family.

Returns on your investment

Lasting business relationships probably require more than a quick Facebook share or business card swap. Consider those a great start. Give yourself time to develop that confidence and trust. We promise the returns are always worth it.

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Blog Business Cash Management Managing Your Business

How healthy is your cash flow?

Blog Post Image-2What’s your why?

Whatever your business, you probably jumped in because you saw a great opportunity or you loved the field.

But just because you love baking cakes or you’re an amazing web designer, doesn’t necessarily mean you love every aspect of the business. It’s easy to spend less time on areas you aren’t as passionate about.

But success means not neglecting anything, and cash flow is an important area.

Why cash flow matters

It’s always worth it to keep an eye on your cash flow. Why? A healthy cash flow system accomplishes plenty: it monitors spending, creates funds for investment, and keeps the business strong enough for future loans.

How to keep cash flow healthy

Creating a healthy cash flow involves both balance and some homework. Don’t worry. It’s not as impossible as it sounds.

Study your past numbers and work toward developing a good inventory system. Cash flow homework can also help you buy smarter, say experts. Ask yourself if you could you save money by buying in certain quantities or paying early, for example.

Cash flow is also about relationships. Know which customers pay on time and which are past due. Every single relationship plays a part in creating a healthy cash flow for your business.

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Blog Business Fraud & Security Safety & Security

Could You Spot A Fake Check Scam?

The trouble is: we all think we’d know a scam when we see it. But the numbers tell a different story.

Statistics say 2.7 million people lost a reported $905 million to scammers in 2017, according to the Federal Trade Commission (FTC). Some of those scams involve fake checks. Could you spot a fake check scam?

Here’s what to watch for, says the American Bankers Association.

Congrats! You won! Now, how do you collect those winnings? Scammers will want you to cash a check and send back a chunk of it for taxes and fees. Umm, maybe you’d better hold off on the celebration for now.

Want to work as a mystery shopper? Sounds pretty fun. But these schemes usually involve wiring money somewhere. And the check you’ll receive is – you guessed it – worthless.

You’re an online super seller. Did you sell an item and “accidentally” get overpaid? If they ask you to send back the difference, you’d better hit pause on the transaction.

These schemes happen because banks, by law, must make funds available quickly. It can take longer, though, to learn if a check is bad. A cleared check isn’t necessarily a good check.

You can stop the scammers by asking questions. Talk to someone you trust. Ask your bank for a double check. You can also report your complaint to the FTC.

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Blog Business

Navigating economic ups and downs

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Guarantees don’t happen.

When it comes to business, no one can promise immunity from market ups and downs. But even though no one gets any guarantees, businesses can still be ready for anything. Here are some ideas to get you started.

Keep an eagle eye on your budget. Watching levels of debt, cash flow, and expenses are always important. But you’ll be especially glad you did if the economy heads south. Always make sure you have enough cash reserves to handle emergency expenses.

Consider your debt. It could be time to look at how your debt is structured. Look at both your long-term and short-term debt; think about whether they’re both structured in the best way.

Meet with your lender. It never hurts to meet with your lender for a financial review, show them your current financial information and talk about the best way to resolve any issues. Ask if you’re eligible for Small Business Administration guaranteed loans.

Examine your insurances. Reviewing all policies can help you eliminate old or obsolete items and possibly lower your deductible. Examining life insurance policies can have some perks, too. It’s always good to know which policies let you borrow against them. Plus, if you review costs and shop around, you might find a way to get the same coverage for a lower rate.