Tag Archives: small business owners

How Cloud Storage Differs From Data Center Storage | businessnewsdaily.com

Cloud storage and data center may seem like similar solutions, but they have significant differences.

  • Cloud storage is a scalable solution with redundancy and anywhere access, but it relies on an internet connection, which makes it vulnerable to cyberthreats.
  • A data center is a fully customizable storage solution over which you have complete control, but it costs more, takes up space, and can only be accessed through an onsite corporate network.
  • Some businesses may be restricted from using cloud storage, based on their industries and government policies and regulations.
  • This article is for small business owners and information technology (IT) managers considering the benefits and drawbacks of different data storage options.

When storing and accessing massive amounts of your organization’s data, cloud data services are a cost-effective alternative to setting up and running a data center.

Read More

Government Grants for Small Businesses | businessnewsdaily.com

A small business grant is essentially free money given to a small business owner to help them launch, develop or expand their organization. Grants, unlike a loan, do not have to be paid back, but they often come with restrictions on how the money can be spent.

Just because a grant is free money, doesn’t mean it is easy to get. It takes a lot of time and preparation to apply for a grant, and they are highly competitive, so small businesses should only apply for grants they are eligible for.

Entrepreneurs and small business owners can seek a variety of grants, like private grants from corporations and government grants from federal, state, and local governments. Grants are also available for specific industries and demographics; for example, if you are a minority business owner, there are several minority-owned business grants specifically geared toward you.

Read More

9 Tips for Managing and Running Your Business Effectively | Getentrepreneurial.com

It is not unknown that most of the highly successful people have shared their traits which include tenacity, vision, luck, hard work and being business savvy. It is often heard that people like Bill Gates, Steve Jobs, Mark Cuban, have “Midas touch” as they seem to be able to turn the majority of their business into successes.

No one can deny that these successful entrepreneurs are now masters in managing their finances and their business to a certain degree because of their virtue of enormous success.

It is observed that when it comes to managing the fund, most entrepreneurs don’t understand the tax and accounting elements that well. In fact, most entrepreneurs don’t enjoy this side of the business, and they rather want to spend their time and energy to find solutions, new product or services, they want to grow their businesses. This, therefore, results in neglecting the financial side of the business which creates government compliant risk, unneeded legal tax, and undermining their business success.

To become a master of finances of your business, you have two options:

Read More

Business Loan Terminology You Need to Know | Small Business Trends

Business loan terminology can be confusing. Most small business owners would rather grow their companies than talk about loan interest and finance charges. That said, if you approach a lender without knowing loan terminology you could be — well — borrowing trouble.

Fortunately, we’ve created this glossary of loan definitions that a small business borrower must know in order to make informed choices. Knowing these terms will help you understand small business funding options and the obligations that come with them.

Read More

Small Business Owners: Don’t Overlook Your HR Strategy | AllBusiness.com

When you’re an entrepreneur, you generally need to understand every function of your company: operations, sales, marketing, finances, and human resources. Many business owners, however, only concentrate on departments that are directly linked to sales and increased ROI, and put human resources on the back burner.

However, by not making HR a critical department in your operation, you are sabotaging your company. This is not to say that a startup should immediately hire an HR coordinator, but if you run a small business, you need to be knowledgeable about HR. Implementing the following practices will put your organization in a stronger position for growth and financial success.

Read More

Give Your Small Business a ‘Cash Health’ Checkup for the New Year | AllBusiness.com

As we wrap up the year and prepare for the next, make sure to give your business a cash health checkup. This is more than looking at a statement to see if there is money in the bank or to check the profit margin. It’s analyzing where you are, deciding where you want to be, and outlining a strategy to get you there.

Read More

Is Micromanaging Your Employees Hurting Your Business? | AllBusiness.com

Many small business owners are guilty of micromanaging. It’s no secret that delegating tasks is often very hard for small business owners to do. After all, how many of you started your business thinking, “I can do it better than my boss can!” or something similar?

When you’re the best at something, it’s tough to let anyone else take the reins. But micromanaging can hurt you, your employees, and your business.

Read More

Entrepreneurs Share 7 Smart Reasons They Use Business Credit Cards | AllBusiness.com

A business credit card can be much more than a convenient way to pay for purchases. These cards can also provide lucrative rewards, superior fraud protection, and can smooth out cash flow. According to the Federal Reserve’s 2019 Small Business Credit Survey, 52% of firms with 1 to 499 employees use credit cards on a regular basis.

Here, seven small business owners reveal the smartest purchase they ever made on a credit card, and why putting those purchases on plastic was a savvy move. In addition, you’ll learn strategies for making the most of your business credit cards.

Read More

56% of Small Business Owners Have a College Degree | Small Business Trends

Digital technology is disrupting almost everything, which includes education. According to the self employment statistics in FreshBooks’ 2019 Self-Employment in America Report, college education is becoming less of a prerequisite.

The percentage of self-employed professionals with college degrees has decreased considerably in the last couple years. In 2017 it was 64%, followed by 60% in 2018 and it now stands at 56% in 2019. This doesn’t mean people are not getting educated. The only thing that has changed is how they’re getting this education.

A fact which supports this point is how much those with and without college degrees earn. In the past the earning disparity between high school and college graduates was significant, this is no longer the case. The report reveals there is no difference in revenue between businesses founded in the last two years for both groups.

Read More

Delegation is Crucial for Your Small Business’s Health [Use These Tips to Start Delegating Today] | crowdspring Blog

Small business owners often find themselves taking on every task in their company.

But, as a business grows, this hands-on approach becomes harder to maintain.

A business’s ability to evolve depends on its leader’s ability to let go of that death grip on… everything… and learn to delegate without micromanaging.

But, despite the fact that hoarding tasks is exhausting and detrimental to business, it’s still a hard habit to break.

Read More