How Long Does it Take to Build Business Credit?
Just like building a business, building a credit history for your business can take years. For many business owners, business credit is an afterthought until they need capital. Suddenly they’re scrambling with the question, “how long does it take to build business credit?” The short answer is, it varies. But whether your business is young […]
What is an ACH Transfer?
ACH transfers have become a key component of the banking system. You have likely paid invoices as a consumer using ACH transfer. You have likely deposited money into your checking account through ACH. Small businesses use them all the time to pay their suppliers and vendors. Despite millions of ACH transfers every day, few people […]
Credit, Debit, or Spend: Which Card is Right for Your Small Business?
When it comes to paying for business expenses, the small business owner has no shortage of choices. It should go without saying that you need a business bank account, but beyond that, you’ll need to be strategic about managing expenses. The type of payment card you should use could be more impactful to your business […]
What is the Profit First Method?
As far back as business financials are documented, the formula for profit has been: sales – expenses = profit But the Profit First Method of accounting has a different take. First introduced in Mike Michalowicz’ book, Profit First, this method helps small businesses ensure they turn a profit and carve out a piece of the […]
What is a Profit and Loss Statement?
Small businesses have unique challenges when it comes to financial statements. Owners rarely have accounting backgrounds, and often operate without a finance team. This can make it difficult to identify the most important financial data for the company. One financial statement that every small business owner should be aware of is a Profit & Loss […]
What Would a Recession Mean for Small Businesses?
Let’s start here: the United States is currently not (technically) in an economic recession, which is defined by two consecutive quarters of negative growth in the gross domestic product (GDP). But there are justified fears of a recession looming. The US economy shrank by a rate of 1.4 percent in the first quarter of 2022, […]
The Top 5 Reasons You Need a Business Bank Account
When you’re starting a small business, there are a lot of important decisions to make. One of the most important is what type of bank account you should use. In today’s age of side hustles, freelancing, or opening a business from your makeshift home office, small business owners mistakenly believe that they can use […]
How to Conduct a SWOT Analysis
A SWOT analysis is a powerful tool to help you better understand the state of your business and how to set goals. A quality SWOT analysis provides a snapshot of where you are today and what direction your business should be moving. In this post, we’ll cover the best ways to conduct a SWOT analysis, […]
Study: Less Than Half of Small Business Owners Monitor Cash Flow
Successful small business owners almost always have a passion for their products or industry. They almost always have natural business savvy, confidence, and work ethic to succeed. But not all of them have a background in finance. So without a CFO or an accountant on staff, how do they manage small business finances? How much […]
