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Recession Proofing Your Business Requires Inventory Management

Recession Proofing Your Business Requires Inventory Management

General Business, Homepage, inflation, inventory management, recession proof your business, Small Business, SMB Financial, supply chain Tuesday, April 25, 2023 5:08 am

In the last couple of years, the biggest concern for inventory-based businesses has been supply chain disruptions. Now, the focus is on managing inventory in inflationary times with the threat of a recession looming. It’s already been reported that there’s an oversupply of cars, which likely will lead to price wars. What happens when there’s an oversupply? Less demand usually means lower prices. As quipped on PictureQuotes.com, “talk is cheap because supply exceeds demand.” While a recession is not a certainty but surely a strong possibility, what should you be doing now to ensure your inventory meets the Goldilocks standard—not too […]
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Are You Properly Insured?

Are You Properly Insured?

business insurance, business interruption, business losses, business owner's policy, General Business, Homepage, insurance coverage, Small Business, small businesses, SMB Financial Tuesday, April 18, 2023 5:25 am

Insurance coverage is a must for businesses that hope to survive the impact of storms, fires, and other dramatic, unexpected events. There are certain types of occurrences for which you may think you’re covered, but on closer examination find you’re lacking. Or, even if covered, the extent may not be sufficient. Think about the small businesses in East Palestine, Ohio, who were shut down when the train carrying toxic chemicals derailed there on February 3, 2023. Residents were evacuated and told not to return until February 8, 5 days later—when businesses also began to reopen. But small businesses suffered considerable […]
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Expiration of the COVID-19 Public Health Emergency and Your Business

Expiration of the COVID-19 Public Health Emergency and Your Business

company policy and vaccines, COVID-19, General Business, Homepage, pandemic, public health emergency, Small Business, work arrangements Thursday, April 13, 2023 6:36 am

May 11, 2023, marks the end of the public health emergency for COVID-19. Many businesses for months have been acting as if the pandemic was long since gone. But the official end to the public health emergency on May 11th, an emergency that lasted more than 3 years, can have some impact on your business and require that you take certain actions. FAQs prepared jointly by the Departments of Labor (DOL), Health and Human Services (HHS), and the Treasury give guidance to employers on what to do now with respect to certain activities. Group health plans Group health plans are […]
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How Transparency Impacts Your Business Practices

How Transparency Impacts Your Business Practices

General Business, Homepage, increased productivity, Small Business, transparency, transparency in business, transparent pricing, trust, worker engagement Tuesday, April 11, 2023 5:50 am

According to Forbes: “Business transparency is the process of being open, honest, and straightforward about various company operations. Transparent companies share information relating to performance, small business revenue, internal processes, sourcing, pricing, and business values.” With social media, it’s virtually impossible not to be transparent. Just about everything gets disclosed on social media sites…by your customers, your employees, and everyone else. As a result, it makes sense to think about how transparency can be best employed in your business practices. (The following is an update of an earlier blog post of mine on the subject.) Ways to implement transparency in your […]
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What to Consider When Relocating Your Business

What to Consider When Relocating Your Business

business location, business relocating, business taxes, General Business, Homepage, regulatory costs, relocating, Small Business, state income tax Thursday, April 6, 2023 5:52 am

According to Allied Van Lines, Spring is typically the best season to move to another residence. It’s probably a good time, too, to relocate your business if that’s what you want or need to do. And many businesses are relocating. Due to remote work arrangements, they may no longer need their current space. Or perhaps they’re seeking a better business environment than the one in which they’ve been operating.  Here are some factors to consider when relocating, whether it’s across town or across the country. Factors to consider when relocating your business Staffing Be sure to consider what a move will […]
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Anecdotes of Women Entrepreneurs Helping Each Other

Anecdotes of Women Entrepreneurs Helping Each Other

business owner, General Business, Homepage, Networking, Small Business, women entrepreneurs, women in business, women's groups, Women's History Month Tuesday, March 28, 2023 5:20 am

A long-time business acquaintance of mine—Rieva Lesonsky, owner of Small Business Currents—said in a blog for SCORE “When I started covering small businesses decades ago, a woman-owned business was an anomaly. Remember that women didn’t even have the right to equal access to credit until 1974. So the fact that women today own about 36% of all small businesses in the U.S. is a significant accomplishment. So, yes, we’ve come a long way. But we have a long way yet to go.” Barriers to women, in credit, connections, and other ways, have been impediments. Nonetheless, women are now starting businesses in […]
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What Makes a Great Woman Entrepreneur?

What Makes a Great Woman Entrepreneur?

General Business, Homepage, leadership qualities, Small Business, women business owners, women entrepreneurs, Women's History Month Thursday, March 23, 2023 4:32 am

Do you think women need different characteristics or behavior than men to succeed as business owners? As a woman in the business world for 50 years, I still can’t answer this question. I’ve never tried to be different from my male counterparts; I just did what I did and moved forward. But there’s certainly a lot of discussion on social media about this question. Here are some of the answers I found and you can draw your own conclusion. Lists of qualities for a successful female entrepreneur Entrepreneur lists 8 qualities to drive success as a female entrepreneur: Integrity Humility and […]
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Work-Life Balance for Women Entrepreneurs

Work-Life Balance for Women Entrepreneurs

female entrepreneurship, General Business, Homepage, Small Business, small business owners, women business owners, women entrepreneurs, Women's History Month, work-life balance Tuesday, March 21, 2023 4:43 am

During Women’s History Month, there are many topics that relate to women business owners. One of the big challenges for many women owners is achieving a good work-life balance. A study by Mastercard found that 3 in 10 (29%) female entrepreneurs say they are struggling to maintain a work-life balance, compared to 17% of men. Of course, women business owners face the same challenges in running a business as their male counterparts. But many women face additional challenges in childcare, spousal care, or parental care. This adds another layer of responsibility and demands on time. What are women entrepreneurs to do? […]
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What Is Direct to Consumer and Is this Marketing Strategy for You

What Is Direct to Consumer and Is this Marketing Strategy for You

D2C, direct-to-consumer, ecommerce, General Business, Guest Blog, Homepage, Marketing, online shopping, Small Business Monday, March 20, 2023 4:20 am

Direct-to-consumer (D2C) is a marketing strategy that allows businesses to sell directly to the consumer without going through a wholesale or distributor. It enables business owners to establish one-on-one customer relationships and gain loyalty. D2C is more cost-effective than traditional marketing strategies because it eliminates unnecessary intermediaries and markups. D2C is also more efficient because it gives you direct access to your customer’s feedback, which can improve your products and services over time. In addition, D2C allows consumers to learn about new products in a fun way, which can increase engagement with your brand. Consumers are increasingly turning to the […]
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Best Books to Read about Women in Business

Best Books to Read about Women in Business

biographies of women in business, business women, General Business, Homepage, Small Business, women entrepreneurs, women in business, Women's History Month Thursday, March 16, 2023 4:10 am

If you’re a big reader, you likely find inspiration in the biographies of famous people. If you’re not a big reader, you might want to sample a book or two during Women’s History Month to better appreciate how women have struggled and triumphed in the business world. The following, which is excerpted from the Library of Congress and other suggested reading, is a list of biographies of women in business. Many names may be familiar to you, while others may not. Some are modern and still on the scene, while others are from years past. There are, of course, numerous […]
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