Taking Your Business To A Better Place

July 5, 2017 by

After a holiday break or vacation break, we do come back to our business ready and inspired to do better.  We look for ways to improve, and we try to make less mistakes.  Not always, but a break from any business is a good motivator to come back stronger.  As you look into your business, can you see what things to improve and what things to let go? Are you inspired to try something new? 

Read more business news by following the links below.

U.S. factory orders fall; core capital goods orders revised up

WASHINGTON, (Reuters) – New orders for U.S.-made goods fell more than expected in May, but orders for capital equipment were a bit stronger than previously reported, suggesting the manufacturing sector remained on a moderate growth path.

Factory goods orders dropped 0.8 percent, the Commerce Department said on Wednesday after a revised 0.3 percent decline in April. It was the second straight monthly decrease in orders.

Economists polled by Reuters had forecast factory orders falling 0.5 percent in May after a previously reported 0.2 percent drop in April.

Factory orders were up 4.8 percent from a year ago.

Manufacturing, which accounts for about 12 percent of the U.S. economy, is losing momentum after gaining steam since mid-2016 amid a recovery in the energy sector that led to demand for oil and gas drilling equipment.

How to take your business from small to big

Q:  I have owned two small businesses and am ready tostart another. I am wondering about growth. My businesses have always stayed fairly small. This time, I want to create something that can scale big. But how? So far, it’s not in my wheelhouse. — Manuel

A: In my book The Big Idea, I looked at people who had unique ideas for businesses and examined how they took that nugget and turned it into a brand  —  things like the Xerox machine, Velcro, Kitty Litter,the cell phone.

While that book looked at breakthrough, innovative products, the idea here is the same, namely, how do you create growth?

Let’s note up front that luck plays a factor, just as it does in life.

When George de Mestral went for a walk one day, he never expected that he would end up with burrs in his sock. But as luck would have it, he did, and decided to look at them under the new microscope he (luckily) had recently purchased.

Ask Doug & Polly: What causes most small businesses to fail?

QUESTION:  What most often causes small businesses to fail?

ANSWER: We’ve heard a lot of people say that the inability to get funding is the thing that causes small businesses to fail.

On the one hand, this may be true. If small businesses had access to an unlimited source of funds, they would never fail.

These businesses also might never make a profit, but as long as they could continue to go back to the well for more funding, they could stay afloat.

We would argue that failure to obtain funding is usually a symptom of a more fundamental problem, but not in and of itself the cause of business failure.

The more fundamental problem is that the business owner has not adequately answered the first question that every business must answer: Why should a prospective customer buy my product or service rather than a competitor’s?

 

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Ohio Business Tax Cut and Medicaid Freeze

June 28, 2017 by

If you haven’t heard the latest news about Ohio’s Business Tax cut, then here we have them for you. How about the Repeal of Obamacare? We have an article for you as well.  But if you are a small business owner, and make more than $250,000, then the business tax cut may benefit you and you would like to continue like that.  But, if you are dealing with other issues, like when to open a second location for your shop, we have those articles for you too. Read more about these issues by clicking the links below.

Ohio budget panel votes for Medicaid freeze

House, Senate still must approve

COLUMBUS — Republicans generally were not happy when Gov. John Kasich did a run around them four years ago to use a budgetary panel to draw down billions in federal funds to partner with Obamacare to expand Medicaid.

While they quietly appropriated the money to keep the program running in the current two-year budget that will expire Friday, they’re not being quiet anymore.

A House-Senate budget conference committee on Tuesday voted 4-2 along party lines to keep a Senate-passed provision requiring the state to ask for federal approval to freeze enrollment in the program beginning on July 1, 2018.

That provision might force Mr. Kasich to again thwart his fellow Republicans by exercising his line-item veto authority.

Those already in the program would continue to receive coverage. But after that date, the program could not accept new enrollees and would not allow those who were previously on the program but dropped off because of a short-term change in their eligibility status to re-enroll.

New analysis says much of Ohio’s business tax cut goes to the rich

When talking about Ohio’s controversial business tax deduction, Republicans often paint the picture of hard-working, small-business, mom-and-pop-type operations.

“The people I see benefiting from this in my hometown own small restaurants downtown, coffee shops, florists, dry cleaners, folks like that,” Sen. Matt Huffman, R-Lima, told his colleagues Wednesday night.

Senate Finance Committee Chairman Scott Oelslager, R-Canton, added: “They go to work every day, turn on a light in their stores, factories and farms and hope somebody comes in and buys their product. We have lifted the spirits of these people.”

But a new analysis by the Ohio Legislative Service Commission indicates that as much as $450 million a year of those business tax cuts are benefiting a wealthy slice of wage earners who represent only 0.5 percent of the state workforce and just 5 percent of those claiming the deduction.

When To Open A Second Location To Grow Your Small Business

“When you are completely booked solid, you have only two options: raise your rates or expand (or both!)” says Rachel Beider, licensed massage therapist and owner of Massage Williamsburg, in Brooklyn, NY. Beider’s solution to growing a small business was to add a second location in Brooklyn, named Massage Greenpoint.

“After raising our prices, we still had long waitlists of clients,” she explains, “and I knew that many were coming from the neighborhood just north of ours.” So Beider found real estate a little farther north from her original studio and opened her doors. Massage Greenpoint has been open now for six months and is continuing to grow. “It is the best investment that I’ve made,” she says.

Many business owners question whether it’s time to open another location, wondering if they’re creating new opportunities or spreading themselves too thin. While you can never know for certain before taking the leap, these entrepreneurs found that certain conditions were signs that the timing could be right.

 

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Ohio Small Business News

June 21, 2017 by

According to The Ohio Department of Taxation, Small Business tax breaks introduced back in 2013 by Gov. John Kasich is costing the state close to a billion dollars in 2015, and is expected to be much higher for 2016.  Talks to repeal the tax break are underway, with Governor Kasich pushing back against repealing it.

For more bout this and other news, follow the links below.

Ohio Democrats: State should end small business tax break to generate $1.1 billion a year

COLUMBUS, Ohio — Senate Democrats on Thursday pitched their idea to patch the $1 billion state budget hole — eliminate Ohio’s small business tax break.

Repealing the business income tax deduction, phased in since 2013, would generate $2.2 billion over the next two years, according to analysis from the nonpartisan Legislative Service Commission.

Democrats said the money would cover the expected revenue shortfall without making cuts and leave another $1 billion to spend on education, health care, local governments, libraries and Ohio’s opioid addiction and overdose crisis.

“Some people will tell you there’s not enough money to go around, but our real problem right now is irresponsible tax policy,” Senate Minority Leader Kenny Yuko of Richmond Heights said at a news conference.

Specifically, Democrats would spend the additional $1 billion on the following over two years:

Kasich Pushes Back Against Repealing Small Business Tax Cut

An income tax break for Ohio’s small businesses in recent years is under fire from Democrats and some Republicans. They say the current budget situation shows it’s time to end that tax cut.

Governor John Kasich is firmly rejecting those suggestions.

Recently, state lawmakers in Kansas ended that state’s tax break for small businesses, saying it didn’t create jobs and cost the state too much money. A similar tax break is costing Ohio more than a billion dollars, but Kasich says he’s not for ending it.

“To raise taxes? Nah, we don’t raise taxes in this state,” Kasich said.

Kasich says the case in Kansas is different because that state didn’t cut spending at the same time the tax breaks were enacted, and he says Ohio did.

Ohio’s revenues $841 million short of projections for this fiscal year.

Small businesses in clean energy sector still hope for best

NEW YORK: Small-business owners who install solar panels or help customers use clean energy don’t seem fazed by President Donald Trump’s plan to withdraw the U.S. from the Paris climate accord, saying they expect demand for their services will still keep growing.

They’re confident in two trends they see: A growing awareness and concern about the environment, and a desire by consumers and businesses to lower their energy costs.

“It’s an economic decision people are making, although it also makes environmental sense,” says Suvi Sharma, CEO of Solaria, a Fremont, Calif.-based company that designs and sells solar energy panel systems.

Trump said he was putting U.S. interests ahead of international priorities in leaving the agreement that would, among other things, require the United States and other countries to report greenhouse gas emissions. The United States is the world’s second-biggest emitter of carbon after China, and carbon is one of the gases that scientists cite as a key factor in global warming.

 

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Small Business And Millennials

June 1, 2017 by

Many people have said Millennials are an entitled generation.  They are lazy, lack focus, and believe they should be paid more for the work they actually do.  But, many people believe Millennials are a generation where they embrace change and failure, where they believe in possibilities, and the high certainty of accomplishing those possibilities.  The old rules and habits of Generation X and baby boomers are not something Millennials embrace. So, when we see articles about Millennials and small business ownership, the fact is nobody should be very surprised.

For more about this and other topics, follow the links below.

Millennials and small business go well together, study says

Millennials — Americans born between 1980 and 2000 — may be the most entrepreneurial generation ever. A new study shows Millennials have more experience with small business and greater desire to start businesses than previous generations. But the study also demonstrates a continuing need for help for entrepreneurs if they’ll create the jobs America needs.

The study, released Wednesday by America’s SBDC, the association of the country’s small business development centers, shows that people in their 20s and 30s are eager to launch new companies and be their own boss and that they trust themselves to provide their own financial security more than they trust others.

This entrepreneurial yearning isn’t idle dreaming. Even though they’re younger, Millennials are already more likely to have started a business than Baby Boomers (born between 1946 and mid-60s) or Gen Xers (mid-60s to 1980). They’re in a hurry, wanting to start businesses soon. But they know they need help.

“We are very encouraged that millennials are strongly inclined to begin the entrepreneurial journey,” said C.E. “Tee” Rowe, CEO of America’s SBDC, a network of nearly 1,000 SBDCs providing free consulting and low cost training.

9 Trends That Explain Why Small Businesses Are Thriving Now More Than Ever

70 percent of businesses are going to change hands in the first five years.

According to a recent Gallup Survey, optimism among small business owners is the highest it’s been in eight years. In fact, “the percentage of small-business owners expecting company revenues to increase over the next 12 months rose from 48% to 58%.”

What’s causing this optimism? It probably has something to do with the following nine trends that are explaining why small businesses are thriving now more than ever.

1. Small business owners are motivated for the right reasons.

After surveying more than 1,000 of its small business customers from all 50 states, Guidant Financial found that “dissatisfaction with Corporate America” ranked as the main reason why respondents pursued business ownership in 2016. However, that motivation doesn’t exactly explain why small businesses are becoming successful.

Workers wanted: Skilled-labor shortage hinders business boom

​If economic trends continue as expected, Friday’s all-important jobs report will show further strengthening of the labor market and a declining jobless rate across the nation. 

With national unemployment at a 10-year low, the U.S. economy has arrived at a pivotal moment. In conversations with small business owners in my role as executive vice president and head of business banking at U.S. Bank, I hear a renewed sense of economic optimism. While many are still recovering from challenging times, small business owners in the 25 states where we operate feel more positive about the U.S. economy than they have in years and, importantly, are making plans to expand, invest and hire.

Every year, U.S. Bank surveys small business owners, and this year’s findings confirm the optimism is real: Nearly 80 percent say their own business is stronger than ever. Forty percent say they plan to make a capital expenditure to expand their business in the next year and about one-fourth expect to increase the number of people working for them, both eight-year highs in the survey.

 

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Do You Know How Your Small Business Is Doing?

May 24, 2017 by

Some of the least enjoyable tasks a small business owner must do is managing their books or creating financial reports.  These chores can also be detrimental to the health of any business if they are not done properly or not done frequently enough.  With all the other tasks small business owners do on a daily basis, accounting should probably not be one of them.  There are too many pitfalls for a small business owner to perform their own accounting, and can prove to be financially irresponsible not to have an accountant  do them for them.

For more about this and other topics, follow the links below.

Survey: small business owners remain optimistic about growth

Small business owners are largely optimistic about their ability to grow business and raise revenue in the year ahead, mirroring Wall Street’s sanguine outlook, according to a new index survey released Wednesday.

The MetLife & U.S. Chamber of Commerce Small Business Index produced a score of 60.6. That means 60.6% of small business owners currently have “a positive outlook for their company and the environment in which they operate,” according to a statement from the insurance company and the business advocacy group, which plan to update the index every quarter. The survey was based on telephone interviews with 1,000 small business owners and operators.

A similar percentage of respondents, 60%, expect revenue to rise in the year ahead, compared to 9% who forecast a revenue decline. But they weren’t as eager about boosting their payrolls. About a third of them said they plan to hire more employees, while a majority said they’ll retain their current staffing levels.

Small business owner: Here’s how not to be a starving artist

You live for your art. Every day, you paint or compose music or write short stories or make beautiful hand-crafted objects. But every day, you also need to eat.

If you aren’t  engaging in your art just for pleasure, you’re not only an artist, you’re a small business owner. And if so, it’s all the more important that you realize that starving artists don’t actually last very long.

Here’s a dirty little secret of successful artists: You have to plan on how to make money. Many creative types believe (wrongfully) that if they just pursue their art, the world will discover them, and they’ll become rich, or at least they won’t starve. If only that were true.

Whether you work for yourself or are hired by other companies, especially as a freelancer, here are five tricks to be smart about your art.

Voices 3 key small business questions CPAs must be able to answer

​Probably the number one question most clients want to know from their tax professional is, “How much do I owe?” But that’s just the beginning for many small business clients who want their accounting professional’s advice on a variety of business-related questions.

Being able to answer these key questions can help you build a richer relationship that can lead to higher client satisfaction, retention and referrals.

1. How is my business really doing?

Owning a small business can be a lonely proposition; entrepreneurs often feel that nobody really understands their business and the challenges it faces. Their accounting professional often comes the closest, and is someone who can provide real insights.

“I love asking my accounting firm what their thoughts are on my financials,” said Allen Walton, founder of SpyGuySecurity.com. He’s built a multi-million-dollar company in just three years, and worked with a bookkeeper from the beginning, but just hired a CPA last year. With such fast growth, he wants to know whether his business looks healthy and whether there are any areas of concern.

 

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Tips And Advice To Have A Healthy Small Business

May 19, 2017 by

Having a financially healthy business is always a major goal for most business owners.  Profits that the business has for the fiscal year, allows it to invest in people and business needs without having to resort to borrowing money from the banks.

Planning and organization seem to be extremely important for any business, but for having a healthy balance sheet, those skills are too important to ignore.  If you don’t have a clear number of the business debt you have, you cannot take the necessary steps to be debt free, or to establish a plan to be debt free.

For more about this topic, follow the links below.

5 Steps to Getting Your Small Business Debt Free

Debt is a necessary part of running a small business. A business loan, line of credit or a business credit card can help your company hire new employees, purchase equipment and finance growth. But too much debt can stifle cash flow and put your business at risk. And the less you owe, the more you have to reinvest.

The average U.S. small-business owner has $195,000 of debt, according to a 2016 study by Experian.

Small Business Debt Management Tips

Here are five steps to digging your business out of debt.

1. Take Inventory of Your Debt

Sort all of your debts by interest rate and monthly payment. This includes payments on business loans, lines of credit and business credit cards as well as outstanding payments due to vendors.

This process can help you prioritize which debts to tackle first. Some experts recommend starting with the highest-interest-rate debt.

Bad for small business

The Republican leadership’s plan now headed to the Senate repealing the Affordable Care Act (ACA) and replacing it with a poor substitute would prove particularly harmful for my business and for the more than 4 million small-business owners, employees and self-employed entrepreneurs who have gained access to affordable coverage under the landmark health care law.

Instead of looking out for small-business owners who are critical components to the strength of local economies, this plan pushes back the tax credit and hurts us all. Lawmakers who supported this so-called reform are trying to bring us back to a time when we paid more for less coverage and could not afford to cover our employees.

Adjustments made through the ACA helped even out the market and cut costs with tax credits for small businesses. Those have not been protected with this new plan. Also, when cuts to housing, food benefits and especially Medicaid are a threat, it weakens our ability for economic growth.

Small business owners: Tax Reform can’t wait

​National Federation of Independent Business (NFIB) tells House Ways and Means Chairman the time is now for comprehensive tax reform

by Jack Mozloom

The National Federation of Independent Business (NFIB) told House Ways and Means Committee Chairman Kevin Brady (R-TX) today that small business owners expect comprehensive tax reform this year and that it must feature parity for businesses of every size.

“Tax reform has the potential to have an enormously positive impact on small businesses; it is their top priority in 2017,” said NFIB President and CEO Juanita Duggan in a letter to chairman Brady this morning. “Given that small businesses account for nearly half of the gross domestic product (GDP) and private sector workforce, and create two out of every three net new jobs, the U.S. economy will not reach its full potential for growth without a robust and flourishing small business sector.”

 

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Small Business Lending

May 11, 2017 by

Looking for a new small business loan?  How about Free business tools for your business?

According to new reports, the loan approval rate has increased this last past month to an all time high.  Which means, it’s a good time for you to apply for that new business loan you were hoping to get. 

Looking for new ways to grow your business?  There are twenty business tools for free you should be using if you want to grow your business.  From shopping carts to accounting apps, these free business tools can make your business a bit less difficult.

To read more, follow the links below.

Small Business Lending at Big Banks is On the Rebound, Says Biz2Credit

Loan approval rates at big banks rebounded after a setback month, the latest Biz2Credit Small Business Lending Index has revealed.

Biz2Credit Lending Index April 2017

Big Banks, Small Banks and Institutional Lenders Give Businesses a Reason to Cheer

According to the newly published report, loan approval rates at big banks grew by two-tenths of a percent to a new all-time index high of 24.3 percent. This marked recovery from last month’s stagnant percentage, which ended a seven-month streak of increases.

Rohit Arora, Biz2Credit CEO said, “Recent interest rate hikes and the Fed’s announcement that it will start unwinding the $4.5 trillion in bonds on its balance sheets signals a strong economy. Since most small business loans are tied to U.S. prime interest rates, there will be more incentives for banks to approve loan requests as lending in this sector will be more profitable.”

Billionaire Richard Branson reveals his best tips for making great business decisions

​If Richard Branson is your dream mentor, you’re in luck — the billionaire entrepreneur just revealed some of his best tips for making business decisions.

Everyone knows how important first impressions are when meeting someone — in fact the subconscious decisions people make within a tenth of a second are so strong that often contradictory facts can’t change them. But you have to fight the urge to rely first impressions when it comes to business decisions, says Branson. “You mustn’t allow that first reaction to influence your ability to objectively weigh the cons as well as all the pros when they are presented,” he advises.

Branson also suggests uncovering an idea or project’s “hidden warts.” They’re there, he assures, because nothing is perfect. You want to know about them early in the decision-making process while you still have the time and ability to deal with the issues. According to Branson, more learning is almost always better, just don’t get into “‘paralysis by analysis’ mode,” he says. At some point you have to decide, “screw it, let’s do it,” as he’s famous for saying.

20 Free Tools Your Small Business Should Be Using Today

Software doesn’t have to be expensive for small to midsize businesses. To help you celebrate National Small Business Week, here are 20 free tools to get your SMB up and running.

Although your small business needs a healthy amount of software to conduct operations, it’s not necessary for you to spend a fortune on web-based products. In our comprehensive testing of business and consumer software, we’ve come across dozens of incredible and free solutions that can help you get the job done. We’ve tested free tools in almost all facets of business — from email marketing to endpoint protection to project management.

To help you celebrate National Small Business Week this week, we’ve compiled this list of 20 free tools that your small business should be using. Fortunately for you, all of the software listed below offer premium versions to which you can upgrade once your business grows. So don’t shy away from the products on this list under the false assumption that you will eventually scale out of this category.

 

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Best Cities For Small Businesses. Where Are They?

May 3, 2017 by

Even though the number of added jobs for the first quarter of 2017 was not what analysts were expecting, the fact that businesses — if not hiring yet-are compensating employees with higher wages or other type of incentives is good for the economy.

The optimism small business owners indicated were feeling at the beginning of this administration, has not translated completely to added jobs.  When the second quarter arrives, we hope to have a clearer view of added jobs that will boost the optimism of the small business owner for 2017.

To read more about this and other topics, follow the links below.

The best city for small business in America is not in Silicon Valley

New York City surpassed Silicon Valley to become the top city for small business, according to Biz2Credit’s annual study of the Top Small Business Cities in America. New York’s growth has been fueled by the booming real estate market and the construction industry, banking and finance (including fintech), and the city’s thriving technology sector.

New York City overtook last year’s small-business city leader, San Jose, the hub of Silicon Valley, which dropped to the No. 4 spot on the list. Technology companies in Silicon Valley are still thriving, but it’s the supplementary companies that are faced with challenges of growing. The skyrocketing cost of living in Silicon Valley impedes the profits of many firms. Commercial rents, housing and labor costs weigh down non-tech businesses dramatically. Furthermore, taxes are higher in California, in general. Lacking that economic balance in the area has prevented San Jose from reigning as the leader in top small-business cities this year.

Small businesses hired fewer workers in April but gave their employees raises, Paychex survey shows

Small business hiring fell in April, but wages continued to rise for workers, a report by human resources firm Paychex said Tuesday.

The Small Business Jobs Index decreased 0.22 percent from the previous month to 100.50. The pace of small business employment growth is down 0.27 percent from a year ago, the company said.

“The decline in the April index mirrors what was reported last month by (the Bureau of Labor Statistics), which showed deceleration of job growth,” said Martin Mucci, Paychex president and CEO. “At the same time, the wage report shows continued growth in both hourly earnings and hours worked over the past year.”

The Bureau of Labor Statistics reported last month that nonfarm payrolls grew less than expected, but average hourly earnings were up by 2.7 percent on an annualized basis.

Paychex said national hourly earnings for the month were $25.67, increasing 2.73 percent, or 68 cents, from last year. Weekly earnings were up 2.92 percent from last year.

These 4 tips will help small business owners drastically boost their earnings this year

Whether you’re running an established small business or just starting your journey toward entrepreneurship, it’s safe to assume most business owners are on the hunt for new ways to grow their enterprise and improve their bottom line.

And we should all want to help them do so. Why? According to the Small Business Administration (SBA), small businesses create nearly 70 percent of net new jobs nationally, and drive tremendous growth in our local economies. When small businesses flourish, everyone wins.

My father-in-law is a small business owner. As a result, I have seen first-hand the sacrifices they make on a daily basis, and am driven to design products and provide resources to help small businesses meet their goals and fulfill their dreams.

 In honor of National Small Business Week, here are four ways small business owners (SBOs) can drive business growth this year.

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Tools To Help Your Small Business Succeed

March 20, 2017 by

Small business owners are notoriously hard workers with long hours every single day of the week. Software tools and applications that make their business a bit easier have become more readily available with the current technology.  Documents, appointments, on line calendars and applications they can access through their phones or other devices have become commonplace.  Their business can truly travel with them, and can provide the much needed time to spend doing other more enjoyable things.

To read more about new business applications and other small business topics, follow the links below.

3 Financial Documents Every Small Business Needs

Columbia, S.C. (WLTX) – Happy Money Monday to our entrepreneur viewers. Today we’re covering the basics to help you understand the financial health of your business.

Here are 3 financial documents every small business needs:

1. Balance Sheet – This is a great way to provide a financial overview of your business. If you’re a visual person, this financial report will be easier for you to understand as it’s displayed as a chart. The left side shows what your company owns (aka your assets), while the right side will show you your expenses and equity.

2. Cash flow Statement – Similar to your budget for your personal finances, the cash flow statement shows how money comes and goes for your business. This helps you understand how your business is operating on a day-to-day basis and will help you answer the question, “How much is my business truly making?”

What is Yext and Can It Help Your Small Business?

It you’re looking for a way to automatically sync your business information across 50+ directories such as Google Maps, Yelp and Apple Siri, Yext presents itself as a possible solution.

Last week, the New-York based company filed paperwork with the US securities regulators to raise as much as $100 million in an initial public offering.

What is Yext?

Yext is a data management tool that is designed to keep track of your business’ location-related information on multiple directories. The software allows you to sync your:

  • Business Name, Address and Phone Number;
  • Business hours, products and services, holiday hours, photos and videos, staff bios, menus, and calendars;

Why your small business needs a mobile app

Many small businesses are unsure whether they need a mobile app, many believing that their mobile website is enough. Are you staying relevant?

Are you app-solutely missing the boat?

These days, we carry our smartphones everywhere. People are using them to play, order food, make purchases, do research, communicate, check reviews, read books, find love and generally get by day to day. Some people are even running their business from their phone! In fact, many of you probably prefer using apps over your desktop when it comes to things like checking emails, updating your social media accounts or checking your online banking.

 

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Information You Must Know For Your Small Business

March 16, 2017 by

If You Think Education Is Expensive, Try Ignorance – Famous quote

And, for many small business owners, knowing the rules and regulations concerning their business can save them a lot of money they can then invest in their business.  Tax incentives, or other type of changes that affect how they do their business, are opportunities they cannot pass up. 

For more about this and other topics, follow the links below.

Medicare rules differ for small business owners and employees

They must enroll when they turn 65 or face lifelong penalties.

Financial advisers who work with owners or employees of small businesses that employ fewer than 20 workers should be aware of a special rule that affects these clients: They must enroll in Medicare when they turn 65 or face lifelong penalties.

Normally, workers age 65 and older can delay enrolling in Medicare, the government-run health insurance program for people 65 and older and certain people with disabilities, if they continue to have group health insurance through their employer or through their spouse’s employer.

If the employer has 20 or more employees, the group health plan generally pays first, according to Medicare.gov. But the rules are different for small businesses and the self-employed. In this case, Medicare is the primary payer and if you don’t sign up for Medicare at 65, it will be as if you have no insurance at all, warns the Medicare Rights Center.

Avoid Business Burnout: 10 Real Small Business Owners Share Their Coping Secrets

Let’s face it: nobody starts a small business so that they’ll work less and have more free time. One thing I’ve heard consistently over the years from small business owners is how much harder it is to run a business than it is to work for one. In fact, many of them describe business ownership as a job that means working from morning till night, seven days a week. A friend of mine who owns a small café recently admitted to me that he hasn’t taken a single vacation in the seven years since he opened!

All of this sounds like a surefire recipe for serious “business owner burnout.” So I decided to ask 10 real-life small business owners how they stay energized. How do they cope with those moments when they feel overwhelmed by the constant pressure, the lack of time off, and the worries that come with being in business for yourself? This is the question I posed to them: “What tactics do you use to re-energize yourself and reinvigorate your passion for your business?”

10 Reasons Why Marketing Training for Small Business Owners is Essential

It’s no secret, at the core of business success is marketing. For small businesses, marketing goods, services and their brand, is essential in reaching customers, selling products and services and generally staying afloat. Though as with any discipline, marketing is achieved more effectively when you have the knowledge and expertise about the most effective forms of advertising, promotion and public relations, hence why marketing training can prove invaluable for many marketing-naïve SMEs.

If you run a small business and your marketing efforts are either non-existent or aren’t getting you very far, it could be worth investing in marketing training. Take a look at the following 10 reasons why marketing training for small business owners is essential.

Open new doors

Being up-to-date with the latest trends, innovations, technology and developments in the world of marketing, can help open new doors for your business. You will be able to implement such innovations into your own marketing strategy, and by doing so, grow your businesses organically by reaching out to new and existing customers.


 

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