With the end of the year upon us, many business owners and their advisers are looking forward to bringing in the new year. Whether your goals are to introduce new products or services, hire key employees, or expand into new markets, you will benefit from developing a growth plan to realize your goals in 2020. The plan should consist of SMART—specific, measurable, achievable, realistic, and timely—goals that will help you set appropriate expectations for you and your team. Fro

If you are a small business, and you have applied for any financing, you know how difficult it can be to access capital and to establish business credit. From hiring and retaining employees to developing new products and services, to expanding into new markets, capital and business credit are essential for business expansion. Here is how to establish business credit in 2019: 1. ESTABLISH YOUR BUSINESS AS A LEGAL ENTITY. If you haven’t done so already, now is the time to struc

Building a business takes a lot of energy. When we first start, our thoughts are filled with excitement and possibility. We take on many responsibilities to drive ourselves forward and make our vision a reality. If we aren’t careful, this can come at a cost. Many of us end up sacrificing our health and interpersonal relationships. If you are thinking of starting a business, or you’re an existing business owner, take time to assess your needs and wants, personally and professi

It is an undeniable fact that technology has changed the way that we live, work, and play. If you run a business, you know firsthand how important technology is to your customers, vendors, and employees. Now, more than ever, it is crucial to develop a digital transformation strategy for your business. Developing a digital transformation strategy may sound overwhelming but working with a trusted business adviser can help you design and implement processes that work for you. Im

In 2017, Amazon announced plans to build a second headquarters, called HQ2. Dozens of states and cities competed to attract the tech giant. Each proposal included incentives and subsidies. Illinois offered $1.32 billion in EDGE tax credits and Georgia offered $1.3 billion in Mega Tax Credits. While some of these figures are staggering, it is common for cities, states, and municipalities to offer incentives to facilitate business growth and job creation. Across the nation, sma

Controlling your cash flow is critical to the success of your business. However, it is easy to overlook. During the course of running our enterprises, our expenses can get away from us. It is essential to mitigate unnecessary spending. By incorporating new processes into our workflows, we can keep more cash in our accounts to operate and expand our business. Here are three ways to control your expenses: Automate Expense Tracking It goes without saying, “a penny saved is a pen

For many entrepreneurs, expanding their business is the number one priority. There are external factors at work which may prevent business owners from seizing growth opportunities. According to a March 2019 survey by the National Association for Business Economics, GDP growth is expected to decline from 2.9% in 2018 to 2.4% in 2019. The escalating trade war will increase the costs of imported goods from China and reduce margins for many small businesses. While there is plenty

For many would-be entrepreneurs, the idea of buying a business is very appealing. The freedom to be your own boss, collaborate on projects with like-minded individuals, and the possibility of building wealth through equity ownership are some of the reasons many choose this path. There is also the ability to mitigate risk. Of all businesses started in 2014, only 56 percent made it to the fifth year (2018). Purchasing a business can significantly increase your chances of succes

There have been some interesting developments last week. Uber went public and raised over $8 billion. Chevron dropped its $33 billion bid for Anadarko Petroleum but will walk away with a $1 billion “break-up” fee. The St. Louis Fed anticipates economic growth will slow to 2.9% in 2019. These are just a few of the headlines that stood out. With the flood of information at our fingertips it’s easy to get distracted. Geopolitical and economic events continue to compete for our a

If you own and operate a business, increasing its value should be your number one priority. There are many tactics, such as cutting costs, which you can implement to drive you towards your goal. According to a 2015 Sageworks study, businesses with less than $5 million in revenue experienced, on average, 7.8 percent annual sales growth. If you’re in tech or a healthcare based industry, 20% revenue growth may be common, according to a 2017 Kauffman Foundation report. It’s impor

We’ve all heard the phrase, “business is about relationships.” This is true. Having the right relationships are a key driver towards accomplishing your personal and professional goals. While an external advisory board, consisting of a business banker, business attorney, accountant, financial planner, and a business consultant, can help you develop your overall strategy, you’ll need partners who are in the trenches with you. It’s important to cultivate a network whose interest

It is well known that small business owners have trouble accessing capital. According to an Accion USA survey, 90% of small businesses say availability of credit is a major problem. Startups face an uphill battle because they do not have an operating history. This is the main reason why lenders consider these companies risky bets. This barrier may appear to be insurmountable but there are alternatives to traditional sources of financing. With a little determination and creati

We’ve all heard the stories about the entrepreneur who risked it all to start a business and became a huge success. Bill Gates, Mark Zuckerberg, and Jeff Bezos come to mind. Ray Kroc, Elon Musk, and thousands of small business owners have found success through buying small firms and building them into large enterprises. Whether the goal is to be featured on the Forbes list of wealthiest individuals or to create a valuable asset that you can leave to your heirs, buying an exis

Today’s headlines are filled with uncertainty. We are one month into the government shutdown with no end in sight. The volatility in the stock market is causing investors to rethink their portfolio strategies. And the escalating trade war with China is raising the costs on inputs and goods that small businesses depend on. While all of this news can be overwhelming, business owners are well positioned to tighten the reins and navigate their firms through the current business c

Owning a business comes with unique challenges. There are a variety of systems, processes, and procedures that need to come together to produce certain outcomes. As the owner, you probably have the technical expertise to deliver your products or services to your customers. Or you may be a master marketer who knows how to design and present a solution to the challenges that your market endures. Either way, you’ll need to leverage the skills and experiences of a team of profess

The small business landscape is fiercely competitive. According to the Census Bureau’s Annual Survey of Entrepreneurs, there were 5.6 million employer firms in the United States in 2016. Business owners and their management teams are searching for ways to capture additional market share. They are constantly assessing their position in their industry, gathering market intelligence, and deploying new tactics to acquire customers. Too often it can seem like there isn’t enough ti

As business owners, it’s necessary to continue to make incremental changes to better serve your customers. According to research from the Cranfield University School of Management, small businesses who actively adjust their plan based on market need, grow 30% faster. Proactive planning followed by execution is the difference between industry leaders and laggards. If you are expanding a business in today’s environment, you can attest to the fact that change is rapid. New platf

As we all know, cash is king. According to a U.S. Bank study, 82 percent of businesses fail due to poor cash flow. Therefore, it is crucial for business owners to implement systems to manage their finances. By adopting processes to manage cash flow, automate payroll, and access capital, you will increase the probability for your enterprise to succeed. Here are 3 ways to optimize your businesses finances. Build a forecast Forecasting is a valuable tool. It is your best guess a

For many entrepreneurs, it’s not uncommon to experience a period of stagnation after a growth spurt. Sometimes the market has changed and we haven’t adapted. Other times, new products or services have replaced our offerings and attracted the attention of our customers. It is a pivotal moment for you to make a decision that will determine whether your business will survive or thrive. Here are three ways to redefine your business. Define Your “Why” When you started working on y