Category: Running a Business

How to File a BOI Report in 2024

How to File a BOI Report in 2024

It’s easy, and often relatively inexpensive, to set up a business in the US. While most business owners start a business to meet their own personal and financial goals, bad actors sometimes abuse this system for money laundering, terrorism financing, or other nefarious purposes. They hide behind business entities they create, making it difficult for law enforcement to find and stop them.  As a result, Congress (on a bipartisan basis) passed the Corporate Transparency Act in 2021. It created a… Read More
Here’s What the Fed Rate Cut Means For Your Small Business

Here’s What the Fed Rate Cut Means For Your Small Business

After eleven rate hikes, the Fed has finally begun to lower interest rates. It has lowered the federal funds target rate by half point, bringing the new range down to 4.75% to 5%.  The federal funds rate is not a rate small business borrowers pay; rather it affects the rates banks pay each other for overnight loans. Still, other interest rates in the economy typically change when it changes. (More about how this works below.) “The U.S. economy is in… Read More
The Business Owner’s Guide To Paying Yourself

The Business Owner’s Guide To Paying Yourself

How To Pay Yourself as a Business Owner: Key Takeaways Business owners have several choices when it comes to how they pay themselves, including owner’s draw and formal payroll.  Choosing the right business structure can save money on taxes. However, failing to pay reasonable compensation or payroll taxes when required can be costly.  One of the key decisions small business owners need to make is how to pay themselves. How, when, and how much to pay yourself isn't always a… Read More
How To Freeze Your Personal Credit (And What It Means for Your Business)

How To Freeze Your Personal Credit (And What It Means for Your Business)

Jump to SectionShareFacebookLinkedInTwitterShare LinkWhy Should I Freeze My Credit? Or Not?Can I Freeze My Business Credit Too? Should I?What Happens When I Freeze My Credit?Can I Continue Operating My Business With Frozen Credit?How to Freeze Your CreditCheck If Your Data Is BreachedIs There a Cost to Freeze Credit?Can I Monitor My Credit With a Credit Freeze?Can I Build Credit When It’s Frozen?How Nav Can Help Consumer data broker National Public Data acknowledged a data breach that may have exposed the… Read More
What Is a Good Profit Margin? The Different Types of Profit Margins & Industry Benchmarks

What Is a Good Profit Margin? The Different Types of Profit Margins & Industry Benchmarks

“No business will survive at the end of the day without profit,” warns Bruce Eckfeldt, 5X Inc 500 CEO and strategic business coach.  “There are ways to deal with cash flow issues in the short and medium term, if you can show long-term profit.” While many business owners find the numbers side of running a business tedious or frustrating, they provide insights you can't get otherwise. Understanding profit margins and building a profitable business is what makes a business successful. … Read More
What is a Merchant Cash Advance?

What is a Merchant Cash Advance?

A merchant cash advance (MCA) is a type of business financing that offers small business owners an advance against future sales. Instead of collecting from customers as sales are made, the business gets a lump sum that will be paid back out of future sales. Typically, the MCA provider will take a fixed amount or a percentage of credit or debit card sales directly from the businesses’ merchant account, along with a fee called a “factor rate.”  MCA’s are often… Read More