On October 30, 2020, the Federal Reserve Board announced changes to the Main Street Lending Program to benefit a wider range of people. Previously reserved for larger businesses and government organizations struggling financially due to COVID-19, the Main Street Lending Program now offers federal loans to non-profits and smaller businesses as well. This is just one of several changes the Federal Reserve made to the…
As a small business owner, do you ever wish you could clone yourself so you could accomplish more in a day or overcome common business challenges? While duplicating yourself may not be possible, you might consider hiring a business consultant to alleviate some of your stress. A business consultant is someone outside of your organization who evaluates your company to help improve its efficiency and…
The coronavirus pandemic has been hard on everyone, but perhaps no one has suffered more than small business owners. While many large retail stores remained open because the government deemed them essential, thousands of smaller businesses had to close at least temporarily. A sudden and unexpected business closure and loss of revenue is one of the most challenging things that business owners can face. Sadly,…
People often dream of the freedom that owning their own small business would bring but don’t pursue the opportunity once they realize how much hard work and risk it involves. It takes someone with multi-faceted skills to succeed as a small business owner since it requires one person to fulfill many roles. Accounting, human resources, inventory management, and information technology specialist are just some of…
Conflict can sometimes arise between employees and business owners because they have fundamentally different goals. While employees want to earn as much as possible, employers want to reduce costs. This can lead to employees doing what they consider too much work for too little money. If this goes on for too long, the overworked and underpaid employees become disgruntled and quit. High turnover can become…
If you own an HVAC, plumbing, home restoration or another type of home services business, no one needs to tell you that business is booming. Improved technology and the growing number of home improvement platforms available means that the demand for skilled workers in the home service business should continue its rate of unprecedented growth for at least the next several years. However, this has…
Technology is often an important determining factor when it comes to competing with other small and mid-sized businesses. If you have never considered how your company compares in terms of technology with your closest competitors, it’s essential to do so. According to a December 2018 report from Bredin Insight with 600 respondents, 58 percent of those with 19 or fewer employees stated they currently use…
When you work as a sales professional, it’s easy to think of customers as someone you just need to close a sale with. However, you should avoid that mindset if you hope to develop long-term relationships with customers that will return to you for multiple sales in the future. When you take the time to develop customer relationships, you’re building the core foundation of your…
Most human beings have a deep-seated need to win, especially when it comes to their career aspirations. However, as any manager knows, winning means different things to different people. To come up with a strategic plan for your organization, it’s imperative to meet with employees regularly and determine how each person defines winning in a business sense. As the manager, it’s your job to pull…
Without marketing, your small business will not continue to attract new customers and grow. You understand this and want to market your business, but you might also feel that you can’t afford it as a new small business owner. The good news is that your initial marketing efforts don’t need to break your budget to be effective. You just might be surprised at how far…
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