Category: Running a Business

Inflation and Rising Costs: What Businesses Should Know in 2024

Inflation and Rising Costs: What Businesses Should Know in 2024

Inflation rates have “hugely” affected LaToya Redick’s business Redick Beauty Affect, a company that sells all natural skin care and cosmetics. As a relatively new business owner, Redick says she has not been able to participate in the in-person events she is confident would be valuable for connecting with customers. She’s found herself “trying to figure out how to keep it up and going with little to no resources.” She’s not alone. CNBC, First in Business Worldwide, and SurveyMonkey’s quarterly… Read More
Must Do Checklist for Small Business Financial Checkup

Must Do Checklist for Small Business Financial Checkup

Every Friday, Margo Burr, a public speaking trainer and Founder of B7 Media Relations, reviews her business finances. Using her accounting software and spreadsheet, she spends about 30 minutes checking in on her business spending and revenue. She also sets quarterly goals and checks in monthly.  “It holds me accountable,” she says, “and helps me see in real time what I spent.” Whether you are a small business owner with a startup, or have several years under your belt, regular… Read More
What is the Highest Possible Credit Score for Small Businesses

What is the Highest Possible Credit Score for Small Businesses

Quick question: what’s a good business credit score? When I’ve asked small business owners this question in webinars and workshops, they often guess numbers like 700, 750, or sometimes, 100.  The answer, I respond, is “it depends.”  That’s in part because the number that represents the highest possible credit score for small business depends on the scoring model used. And the other reason it depends is that each lender decides for itself how much risk it's willing to take. To… Read More
Nav vs WalletHub: Which Credit Service is Best for Your Business

Nav vs WalletHub: Which Credit Service is Best for Your Business

Checking your credit on a regular basis is important, whether you’re a consumer looking to make better credit and financial decisions, or a small business owner hoping to do the same.  With dozens of places where you check and monitor your credit reports and scores, you may not be sure what service will work for you. Here we’ll analyze two options: Nav and WalletHub.  Keep in mind that Nav is designed for small business owners, while WalletHub is focused on… Read More
Our Top 9 Pricing Strategies for Service Based Business Owners

Our Top 9 Pricing Strategies for Service Based Business Owners

Key takeaways: Service providers often struggle with setting prices, afraid that a high price will scare off potential customers, or charge too low a price to create a sustainable business.  Small business owners need to set a pricing structure that helps them attract their ideal customer, while meeting their own financial goals.  There are a number of pricing strategies that can work, based on the type of service you offer and the value you provide.  Research pricing strategies and revisit… Read More
How To Set Your Prices for Product-Based Businesses

How To Set Your Prices for Product-Based Businesses

As a business owner, setting prices may be one of the most frustrating but crucial aspects of running your business. Set prices too low and you may not make enough money to stay in business or to grow. Set prices too high and you may scare off customers.  Finding that “just right” sweet spot is often an ongoing task. Just when you think you have it right, it will probably change. A competitor will copy your product and slash the… Read More