Inflation – it’s a word that’s been on everyone’s lips recently. Rates are on the rise, and our small business community is feeling it the most. Increased supply costs, a lack of workforce, and dwindling profits are among the challenges faced. Let’s demystify inflation and delve into its impact on small businesses. Grasping Inflation In essence, inflation is the uptick in the cost of goods and services. Whether it’s a… Read more
AI (Artificial intelligence) has been both a huge disrupter and enabler for businesses of all shapes and sizes. (AI) is no longer just a pipe dream of science-fiction. It has become a vital aspect of today’s world and has meant businesses or employees can and are becoming more productive by leveraging the many AI tools for business activities. In the past, the application of AI was limited to big corporations… Read more
In today’s digital age, online reviews can make or break a small business. With the ease of access to social media and review websites, customers can easily voice their opinions and experiences with your business online. As a small business owner, it’s essential to understand the importance of online reviews as they will impact your brand image, sales, and customer loyalty. Boost your brand image Online reviews are the first… Read more
Businesses tend to progress more consistently if the owner sets financial goals and makes a plan to achieve them. The new year is a natural time to decide what you want to achieve and how. With that in mind, read on to learn the steps for setting financial goals for your business for 2023. 1. Review and evaluate your 2022 goals You’ve got to see where you’re coming from to… Read more
You’ve likely heard the phrase “in the black.” Your balance sheet is the tool that shows you whether your business is indeed “in the black.” Your balance sheet includes a section for your assets (things you own or will receive that have value), your liabilities (what you owe to others) and equity (retained earnings and funds from investors) at a specific time. The relationship between these three sections shows how… Read more