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Small Business Budgeting

Learn How to Manage Payroll for Small Business

How to Manage Payroll for Small Business 

Expanding a new business comes with exciting milestones. From increased production to more income, seeing your efforts come into fruition is rewarding. But even though new hires are a great sign of growth, managing payroll for small business staff takes the fun out of it for many business owners. There are forms to fill, taxes to pay, regulations to comply with, and so many more human resources tasks.

But setting up a payroll system for small business hiring is not as daunting as it seems. How does payroll work for a small business? Here’s a guide.

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Managing Cash Flow

Managing Cash Flow: Strategies & Examples for Business

10 Tips for Managing Cash Flow in Your Business 

As the name suggests, cash flow is the amount of cash flowing in and out of your company. It’s an important tool for diagnosing a business’s financial health.

Positive cash flow is when the money flowing into your business from sales, accounts receivable, etc. is more than the amount leaving through accounts payable, wages, and other expenses, while a negative cash flow means your outflow is greater than your incoming cash. This usually means trouble for any business.

If you’re wondering how to handle cash in a small business, here are some cash flow management strategies to make sure you stay in the positive zone. 

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Line of Credit

Business Line of Credit Rates: Interest Fee Analysis

Business Line of Credit Rates Explained

As start-ups and small businesses work to find their rhythm, the struggle to manage cash flow, fund day-to-day operations, and take advantage of new opportunities are common. Sometimes, this may necessitate taking out a loan to supplement cash reserves.

A secured business line of credit is an ideal lending resource that allows businesses to draw this capital when they need it. However, small business line of credit interest rates are something to watch out for, with the average interest rate on a line of credit ranging from 5% to over 20%. Here are some things you should consider if you are looking to keep your line of credit fees low.

Categories
Small Business Budgeting

Small Business Accounting Tips: How to Manage Your Accounts

The Best Small Business Accounting Tips

Keeping books for a small business is not something most owners look forward to. And yet, without sound and responsible accounting practices, no company can expect to survive for long.

Only those that are able to learn how to maintain books of accounts for small businesses can allow themselves to focus on the fun parts like promoting your business, designing your brand, and making sales. 

But what’s the most critical bookkeeping advice for small business you should know? 

Let’s break down the top accounting tips below.

Categories
SBA

SBA Coronavirus Loans: COVID-19 Disaster Relief Program

SBA Coronavirus Loans

We are currently experiencing one of the most devastating health crises of the modern age.

The COVID-19 outbreak has infected hundreds and thousands around the world and affected millions more. Global economies are entering into a recession, and small businesses are hit the hardest.

Are you worried about how your company will survive COVID-19? The Small Business Administration might be your saving grace.

If you’ve ever wondered, “what is an SBA disaster loan?”, now would be the best time to learn more about it. We’ll discuss that in this article and how it can help you survive these trying times.

Categories
Hiring

Small Business Team Building: Techniques & Activity Ideas

Small Business Team Building Techniques

97% of employees and executives believe that a lack of alignment between colleagues has a negative income on project or task outcomes. 

And yet, when it comes to small business team building, many companies still don’t have a structured and proven approach for improving cohesion, strengthening communication, and nurturing a positive work environment.

Building company culture takes time and effort, but it revolves around making conscious and dedicated actions towards improving the vital communication and collaboration skills. A great way to work towards a healthy company culture is through business team building activities.

So, to help you get started, let’s figure out what is team building in business and go over some of the most crucial small office team building ideas that you should consider.

Categories
Hiring

Hiring for Small Business: Finding Employees & Staff

A Guide to Hiring for Small Business

A business is only as good as the people that it employs. And that’s especially true for smaller companies where each employee is a representation of the company culture and values that it represents.

That’s why hiring for small businesses isn’t just a way to fill out various roles; it’s an essential aspect of running a company that will ultimately determine how successful your business is and what you can achieve, both long-term and short-term.

But what are the best practices of hiring employees for small businesses? When thinking of small business hiring, where’s the best place to start?

Let’s go over the most important things to consider when hiring; whether you’re hiring your first employee or have been running a company for many years, you may find these key points helpful.