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Mistakes Small Business Owners Make When Hiring

Nov 28, 2023

Finding the right people for your small business is super important. But, the hiring process can be a bit tricky, and sometimes even owners with the best intentions make mistakes that can cause big problems.

In this blog post, we'll give you the lowdown on some common mistakes to avoid when hiring new employees. Our goal is to help you build a team that's a valuable asset, not a source of headaches.

1. Rushing the Hiring Process

You might feel pressured to fill positions quickly, especially when faced with increased workloads. However, rushing the hiring process can lead to hasty decisions and a higher likelihood of hiring candidates who may not be the best fit for the role or the company culture. It is important to take the time to thoroughly vet candidates and ensure that they align with your business's long-term goals. Hire slow, fire fast. Try to do it right the first time; it's far less expensive to retain (vetted and qualified) employees than to recruit and train new ones.

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Guardians of the (Digital) Galaxy: What You Need to Know About Small Business Cybersecurity

Nov 22, 2023

Nearly everything we do is online these days. From the TV shows we watch to buying groceries, getting our news, communicating with friends, working out, retail therapy, banking, and virtual museum visits...there's really nothing you can do in "the real world" that you can't do online (with some ahem obvious and notable exceptions.) The point is that as technology increases, so will our consumption of - and reliance on - being connected to The World Wide Web. 

As a small biz owner, protecting yourself and your customers from online threats and data breaches continues to be of utmost importance. As stewards of sensitive information, you have no choice but to adopt a serious stance towards cybersecurity.

Here are nine tips to help you stay safe.

  1. It's essential to have strong passwords to protect your systems and sensitive data. You can also use multi-factor authentication (MFA) to make things even more secure.
  2. Keep your software updated regularly to prevent any security...
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Credit Cards vs. Debit Cards for Small Business Owners

Nov 07, 2023

Managing your finances effectively is crucial to the success and growth of your business. As a business owner, you'll face many big decisions in this realm, including whether to use credit cards or debit cards for your business transactions. Each option has its own pros and cons. In this post, we'll explore both and explain why you should consider using a credit card as your primary payment method.

Let's start with Debit Cards.

Pros?

  1. No Debt Accumulation: Debit cards are linked directly to your bank account, so you can only spend what you have. This reduces the risk of accumulating debt and paying interest.
  2. Simplicity: Debit cards are straightforward to use, and you won't have to worry about monthly payments, interest rates, or late fees.
  3. Security: Debit cards come with security features like PINs and chip technology, making them a safe option for in-person and online transactions.

And the cons of Debit Cards:

  1. No Credit-Building Opportunity: While responsible credit card use...
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Don't Break the Bank: 30 Sometimes-Overlooked Expenses Small Business Owners Should Budget For

Oct 31, 2023

Pulse check: When was the last time you took a look at your expenses? We mean, really look at them. Line by line. Item by item. We’re talkin’ getting up-close-and-personal with the final destination of every dollar and cent that’s passed through your business.

Would any of those expenses surprise you?

Probably yes. 

Whether you’re just starting out (or have been in the game for a few years), running a small business has its fair share of financial challenges. In the daily hustle and bustle to keep the metaphorical boat from sinking, it's easy to forget about certain expenses that might sneak up on you. 

To keep your finances in check and prevent any nasty surprises down the road, it's essential to create a comprehensive budget. To help you out, we’ve highlighted 30 sometimes-overlooked expenses that small business owners should account for.

  1. Taxes and Licenses: Be sure to set aside funds for business licenses, state and local taxes, and any...
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Budgeting and Forecasting for Small Business Success: Know the Difference

Oct 24, 2023

Good things come in pairs: Simon and Garfunkel. Burger and fries. Stars and Stripes. Surf and Turf.

And Budgeting and Forecasting.

As a small business owner, carefully planning your finances is a must if you want to stay IN business; budgeting and forecasting are two essential tools that can help you achieve this goal. Although they may sound the same, they serve uniquely different purposes and play a crucial role in shaping the financial health of your small business.

In this post, we'll dive into the differences between budgeting and forecasting, why they are both essential, and how they can affect your business's success and financial well-being.

 

Budgeting vs. Forecasting

Before delving into the importance of budgeting and forecasting, let's clarify the difference between these two financial processes:

Budgeting is like a roadmap that tells you what money is coming in and what you'll spend it on for a year. It helps you set financial goals and use your resources wisely....

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Embracing E-commerce: Transitioning Your Brick-and-Mortar Business Online

Oct 17, 2023

Want to run a successful business?

Change or die.

OK, dramatics aside, there is a lot of truth in these three simple words. In a rapidly evolving world, embracing change is often necessary for businesses to thrive. Failure to acclimate will find you in the graveyard of has-beens alongside MySpace, Blockbuster, and Enron. 

This holds true for any business, but brick-and-mortar operations could benefit the most from a little shake-up. More specifically, transitioning - or adding - E-commerce to their playbooks. 

Obviously, there are undeniable challenges, but the advantages and opportunities are equally compelling. Here, we explore the pros and cons of taking your brick-and-mortar business online and why you might find success in unexpected ways.

The Pros of E-commerce:

  1.  Wider Reach and Market Expansion: One of the greatest benefits of e-commerce is the ability to reach a global audience. This makes your products or services accessible to customers beyond your local...
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The Power of Building Good Habits for Your Small Biz Success

Oct 10, 2023

Quality is not an act, it is a habit.” - Aristotle 

Running a successful small business is not just about having a great product or service. It's about consistently making the right choices and building good habits that lead to long-term growth and prosperity. 

The Habitual Path to Success

As a small biz owner, you've got a lot on your plate when it comes to managing all the moving parts and pieces of your operation. And this can be overwhelming, especially if you don't have a structured approach to handle all the moving parts and pieces. 

That's why developing good habits is key.

Habits are the small, seemingly insignificant choices we make consistently but are the silent architects of our routines, gradually shaping the course of our businesses and our personal lives. For small business owners, recognizing the significance of these habits and harnessing their power can make all the difference between thriving and merely surviving.

Think about this: Do...

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Time Management Struggles for Small Business Owners: Tips for Effective Time Management

Oct 03, 2023

Running a small business can be a fulfilling experience.

BUT (and that's a big but), it's no secret that it can be challenging to manage all the things that need to be done at all hours of the day.

We recently polled readers of our newsletter, The Weekly, and an OVERWHELMING majority (59% to be exact) said their biggest struggle as a small biz owner is Lack of Time / Time Management. 

Now, if someone could figure out the whole time travel thing to give us back hours in our days, they'd be a very wealthy person. But short of any breakthroughs made in the study of quantum mechanics or whatever, we'll have to make do with the 24 hours we're given.

 

So, what do we do?

Before we get to the solution, let's start with the problem. (Or, problems.) 

 

Wearing Multiple Hats

Small business owners have to fulfill several roles within their company, which is one of their most significant challenges. They are responsible for marketing and sales, customer service, bookkeeping,...

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The Art of Pricing: Strategies for Small Business Owners

Sep 26, 2023

Figuring out the right prices can be a real headache for small businesses. Charge too much, and you'll scare away your customers. Charge too little, and you'll end up eating more instant noodles than a college dorm room during finals week. It's a make-or-break decision that can impact your profitability. To help you out, we've put together this blog post to help small business owners get a better handle on pricing strategies. Give it a read and see how it can benefit your bottom line.

Understanding Your Costs:

Before diving into pricing strategies, it's essential to understand your costs. Calculate the cost of goods sold (COGS) and consider overhead expenses. This includes production costs, labor, rent, utilities, and more. Knowing your costs provides a baseline for pricing that ensures you cover expenses.

 

Market Research:

Conduct thorough market research to understand your competitors and target audience. What are similar businesses charging for similar products or services?...

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Navigating Environmental Responsibility for Small Businesses

Aug 22, 2023

In today's world, the push for sustainability and environmental consciousness is more than just a trend; it's a responsibility. Not to mention that more and more customers are placing a higher value on eco-friendly practices. 

 

As a small business owner, you can positively impact the environment and attract customers who value eco-friendly practices…all while enhancing your brand’s reputation and bottom line. (We are business people, after all, and “going green” doesn’t mean going broke.)

 

This post will explore a few practical steps to reduce your business's environmental footprint. Find one or two that seem doable and start there. Even the smallest of changes can have a significant impact down the road. 



Evaluate Your Energy Efficiency

Energy consumption is a significant contributor to carbon emissions. Consider these steps to improve energy efficiency:

  • Switch to LED Lighting: Replace traditional bulbs with energy-efficient...
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