Category: Uncategorized

How to Pivot Your Business During the COVID-19 Crisis

How to Pivot Your Business During the COVID-19 Crisis

“Pivot,” is a word that has joined the lexicon of phrases linked to the coronavirus crisis. Small businesses are being told to pivot their businesses to meet the needs of the new economy — and to simply stay alive. Of course that’s often easier said than done, but those that succeed may find their businesses permanently transformed for the better. Here are lessons from four entrepreneurs who are navigating the new normal.  Think Like a Startup “Everyone is a startup,”… Read More
Should You Defer Your Small Business Loans?

Should You Defer Your Small Business Loans?

Cash is tight for many small businesses as they navigate the changing economy during coronavirus. One option for helping to improve your cash flow and protect your credit is to get a loan deferment. This allows you to stop making loan payments for a period of time while you help your business get back on track.  Can you defer your small business loan? And should you? Let’s look at both questions.  Deferment Vs. Forbearance First, it’s important to understand the… Read More
Will a Personal or Business Credit Check Be Required for EIDL or PPP Loans?

Will a Personal or Business Credit Check Be Required for EIDL or PPP Loans?

On December 22, 2020 Congress passed the stimulus bill which includes new EIDL grants, new Paycheck Protection Program loans and other small business relief. Read more about that legislation and apply for a new PPP loan here. For small business owners hoping to get a COVID relief loan through the Economic Injury Disaster Loan (EIDL program) or Paycheck Protection Program (PPP), a credit check is both dreaded and anticipated. Some worry that a credit check will reveal credit problems that… Read More
Profitability Ratios: What They Are, Types, How to Use, and Importance to Businesses

Profitability Ratios: What They Are, Types, How to Use, and Importance to Businesses

There are numerous financial metrics you can use to monitor the success of your business. If you’re not currently tracking your company’s profitability ratios, you probably should be.  Read on for a breakdown of what profitability ratios are and how to calculate them. You’ll also discover why this information matters to your business’s cash flow in the first place. What Are Profitability Ratios?  Profitability ratios measure a company’s ability to earn a profit relative to its sales revenue, operating costs,… Read More
How to Manage Student Debt While Starting a Business

How to Manage Student Debt While Starting a Business

Starting a business is always a risky endeavor, but it can be especially so if you’re struggling with your personal finances. Student loan debt is an oppressive burden for many college graduates. According to Student Loan Hero, class of 2018 graduates left school with $29,800 in student loans. While building a successful business can make it easier to handle your student debt later on, it’s important to have a plan to manage it responsibly until you achieve that goal. Here… Read More
The Most Neglected Type of Small Business Loan

The Most Neglected Type of Small Business Loan

The life of a business owner is busy, stressful, and, at times, unpredictable. Plan as they may, small business owners encounter myriad varieties of challenges, and nearly all of them require money. Small business owners have a good idea of what their financing options are, and often opt for a business credit card or search out a business line of credit or the much-coveted SBA 7(A) loan. For those looking for a relatively easy path to financing and to maybe… Read More