Category: Running a Business

Business credit scores are often seen as the number one obstacle preventing small businesses from getting financing. But disorganized financials may be equally to blame. In today’s challenging economic environment in particular, lenders want to make sure your business is viable and will be able to repay the debt. Organized and up to date finances are essential if you want to increase your chances of getting approved.  Here are 5 simple ways to organize your small business finance processes. 1.… Read More

We’ve all got our own favorite tips, tricks, and tools that help us organize our task lists, assign projects, and manage deliverables. Today, there are more apps and software programs geared toward business owners than ever. I interviewed 10 entrepreneurs to find out what they use to stay on top of everything. Here are 10 of the best organization and productivity tools for entrepreneurs. 1. Monday: Streamline Communication Channels Aalap Shah, founder of 1o8, an e-comm-focused digital agency in Chicago,… Read More

When Congress created the Pandemic Unemployment Assistance as part of the CARES Act it made unemployment benefits available to the self-employed as well as workers who may not be able to work for a variety of COVID-related reasons. Pandemic Unemployment Compensation (PUC) added an additional $600 weekly payment through July 31, 2020 to certain eligible individuals who are receiving other benefits. And Pandemic Emergency Unemployment Compensation (PEUC) extends certain benefits.  All of these programs provide some welcome relief to those… Read More

Having customers who drag their feet on payments can be an accounting nightmare. First of all, your small business needs that revenue to pay expenses. And second, chasing after late-paying clients can be time-consuming or expensive. Certainly, there are collection agencies you can work with to help with the collection process, but you’ll have to give up 25-50% of the amount due to that collection agency. A better solution to collect on what’s owed to you is to use debt… Read More

As a small business owner, paying your own salary may come at the end of a very long list of expenses.  Understandably, you might take less money out when you first start your business and get it profitable, but after a while, you’ll need to determine the best way to pay yourself and how much. There are two primary options: treat yourself like an employee and pay yourself a salary, or take an owner’s draw. Each has slightly different tax… Read More