As we start 2023, here’s a basic but important question for all business owners – do you have a good operating budget in place?  Unfortunately, many business owners do not prepare budgets.  The reasons may include lack of time, budgeting experience, or appreciation of the benefits.  While some business owners do engage in a budgeting…

Business ownership offers many rewards, but it certainly is not easy.  Many people try with big ambitions and the belief it will prove more lucrative and enjoyable than working for someone else.  More than 30 million privately held businesses exist in the U.S. today, with nearly 1 million launched each year.  However, approximately 20% of…

Building a successful business is no easy task.  Approximately 20% of small businesses fail in the first year, and more than 50% fail within the first five years.  Among the surviving businesses, many struggle to achieve larger scale and consistent profitability.  Business owners often remain stuck executing duties meant for employees, with little or no…

Unless a private business owner has deep pockets, he or she most likely will need a bank loan to start or grow a business.  While numerous alternative forms of capital exist, bank loans typically offer the relatively lowest cost, if available.  Every business must have financial support for its working capital needs, capital expenditures, seasonal…