According to Forbes, recent research shows that small businesses want the government to help them more. 

As the world’s economy continues to be affected by a global recession, small and medium-sized enterprises (SMEs) face many challenges in staying afloat. Research reveals they are increasingly worried about the impact of the recession, with many being forced to lay off workers, reduce wages or even close down completely.

Read the article Forbes

According to Entreprenuer, there are several new trends small business owners should be aware of.

The beginning of a new year often comes with a laundry list of goals and to-dos, which can quickly become overwhelming if you try to tackle too much, too fast

Read the article Entreprenuer

Several cities have launched new grant programs aimed at helping small businesses, reports Small Business Trends. 

Small business grants can help entrepreneurs overcome a variety of challenges, from construction to economic hardships

Read the article Small Business Trends

Small business rule changes allow more businesses to offer more employees retirement plans, reports Morningstar.

Small businesses -- and the people they employ -- got a boon from new retirement rules that could make it easier and more cost-effective for such companies to offer retirement plans and ultimately help narrow the gap in retirement savings at smaller firms. 

Read the article Morningstar

Owning and running a small business is a dream of almost everyone. However, this is a big challenge, especially considering the problems you will likely face. While having the idea is the easiest part, starting and managing a business is not a simple task, as some might want to believe. The first two years of a business are the biggest problem, and most small businesses do not make it past this period. Those brave enough will successfully manage every aspect of the business starting from employees, marketing and administration, and ensure that they do not miss any leads. Here are some challenges that your small business might face.

1. Getting customers

While starting a business can be simple, getting customers is a complex undertaking which can be painful sometimes. This is a challenge to startups and multinationals such as Toyota, Coca Cola and Apple, who have the right teams for marketing and customer support. As a startup, you do not have to sit there and wait for people to come and buy your product or service, hopefully. Rather, you must develop a comprehensive strategy to inform people about your product or service and buy it. This is a significant challenge for small businesses because they do not have a recognized brand that people already believe in.

2. Cash flow problems

Small businesses often face the challenge of cash, and entrepreneurs are often afraid to start a business due to this reason. To sustain a startup, you need to spend a lot of cash and engage in various transactions, which can sometimes be challenging. As a startup, therefore, you need to track every transaction and be strict in managing your cash flows. Hire an accountant to help with bookkeeping and in managing your finances.

3. Lead generation

Most businesses face the challenge of lead generation, especially in generating enough leads to satisfy the sales team. Marketers also report that this is a key challenge that business leaders face. Given this problem, it is hard to ensure there is a steady stream of sales and income.

4. Overreliance on one customer

A single, large paying-on-time customer is excellent news for any small business. However, it can also be a major problem. Depending on a single customer for payments makes you appear like a contractor. If they suspend or stop their services, you might end up doing no business at all. While it is important to attract and maintain any customer, you need to find new ones to keep you going when others stop buying from you.

5. Hiring talented employees

Getting the right people to work for your startup is one of the hardest things you may encounter as you start your business. This is a difficult challenge, especially since most quality employees are attracted to bigger brands. According to statistics, 52% of respondents in a CNBC study claimed that the biggest challenge they face is labour quality. This makes it hard for small businesses to get the right people who understand business goals and can work together.

6. Managing workflow

Once you have the right people in place, the next big challenge is to manage the workflow. You must ensure that your team has the right tools and processes to do the right things and work efficiently. This is a problem for startups because some of these processes are new or not tried and tested.

7. Financial planning

 Finances are the backbone of any business. Unfortunately, many small businesses have a problem managing and planning their finances. With this problem, some overspend or fail to use their financial resources prudently, ending their businesses due to cash flow issues. Given this issue, small businesses must find the right planning methods for their finances to last longer in the markets.

Although many potential entrepreneurs have great business ideas, most of them face financial difficulties. This makes starting a small business daunting. Although a great business plan is critical for such a venture, financing is the top element that you need to realize success. Sadly, coming up with the right amount demands discipline and the ability to impress lenders. This may mean that you should have more than one financing option on the table because the traditional lenders have some range they consider before they can fund your idea. If you have a low credit score or lack collateral to give to the lender, there are other alternatives you can try out for your startup. Check these options for small business loans if they can help in your venture.

1. SBA loans

The US Small Business Administration loans program is an amount of up to $50,000 given to small businesses looking to start or expand. The average amount is 13,000 administered by nonprofit community lenders. The SBA loans are easier to qualify for compared to larger loans. However, the key downside is that the funds might not be enough for all borrowers. The SBA’s flagship 7(a) loan program finances borrowers that want to start a business. However, the SBA 7(a) loans are hard to come by. They are given to established businesses with collateral, which can be an asset such as equipment or real estate that can be sold in case of a default. It can also take months to access the loans.

2. Microloans

Microloans allow microlenders and nonprofit lenders to access startup business loans with little complexity, unlike the SBA program.  The microloans are available outside the SBA program and help lenders, mainly those with shaky finances. The majority of microlenders focus on underserved small business owners whom traditional lenders often overlook. The terms for these loans are also better than others because they are given by mission-based organizations. This makes it possible for you to grow your business and establish better credit.

3. Personal loans

As a business owner, you can also access personal loans such as those offered by online lenders. These loans are based on the personal credit history of the borrower. This makes personal loans a competitive option if your small business is too new to qualify for other non-personal loans. They can have high APRs of up to 36%, especially for bad credit borrowers. Therefore, this type of loan is the best option for borrowers with strong personal credit and income.

4. Crowdfunding

This method has become one of the popular methods that small businesses use to raise money. Thanks to various platforms such as Kickstarter and Indiegogo that allow entrepreneurs to solicit cash through online campaigns, you can also do this. Instead of paying back the donors in the future, you give them gifts. Therefore, the online-crowdfunding campaigns are known as rewards-based crowdfunding. This approach is great for business owners who want to test their product or service with a specific customer base without debt.

5. Grants

Small grants targeted at businesses by private foundations and government agencies are another great way of raising funds for your small business. The good thing about these grants is that they are not loans, and therefore they will not be hard to get. The challenge is that it might not be enough for a small business that struggles to start.  

6. Loans from family and friends

This is the most common way of financing startups. It entails borrowing money from friends or family who can lend. However, like a bank, if your credit is bad, you will have to convince them to pay back their money. When exploring this option, find the individuals who understand the risks involved and your plans.

The coronavirus pandemic has indeed subjected many businesses to untold suffering and losses. If your business is struggling, now is not the time to give up. Instead, you should think of ways to remain afloat during these difficult moments. For a small business, there is a lot of pressure to perform after launch. This often leads to the failure of roughly 20% of small businesses. On the contrary, as many as 45% fail within their first five years. Following the outbreak of the COVID-19 pandemic in 2020, their chances of remaining afloat have become slimmer. As such, the number of bankruptcies has risen more than ever before, with Bloomberg's report showing that bankruptcies have increased by over 36%. While bankruptcies cannot be overstated, there are many ways for small business owners to safeguard against the folding over. Here are a few of them.

• Take advantage of the existing government programs

Paycheck Protection Program (PPP) is one of the programs that have assisted many businesses to remain afloat during the pandemic. The program, which was created through the Coronavirus AID, Relief, and Economic Security Act, has assisted more than 800,000 businesses distributing more than $210 billion in loans. Although the PPP ended in May, you can look for other similar opportunities provided by other agencies or institutions. These loans will keep you going until things return to normal. If one institution fails to consider your loan request, try another. Start by looking at the banks that you have a higher chance of getting a loan and go for it.

• Renegotiate the existing contracts and loans

Payment terms and timelines might be affected substantially by the pandemic. This might leave your small business unable to repay its loans or complete all the contracts due to financial constraints. However, you can avoid problems with your financiers or clients by renegotiating the loans or contracts that you currently have. Look at your account payable and find how you can renegotiate them to favor your current situation. Although some of your clients might not agree, others will understand your situation. You can also talk to your property owner regarding rent payment.

• Minimize staff costs

Although it may be a painful decision, you should consider reducing your staff as much as possible. Try furloughing or layoffs to reduce the amount of money you spend on employees. This is often the most sensitive area that needs to be handled with care considering its effects on the future of your organization.  For those who remain, consider pay cuts until things improve. 

• Collect the debts

Money that people or companies owe you can save your business from going under. Although the time is difficult for everybody, some of those who owe you may have the ability to pay. Therefore, you should reach out to them and collect this cash. If there is an invoice you have been holding until work is completed, do not wait any further—Bill for the portion that has been completed. You can also ask your customers for prepayment for a service. This strategy will allow your business to stay alive. Consider giving those who pay upfront a discount to attract them.

If you feel that you have done all it takes but are still unable to pay your bills, seek advice from an attorney. They might have a word or two on how you should move ahead. Some of the advice from your attorney may turn things around and shed more light on what you should or should not do or the procedure of filing for bankruptcy. The good news is that businesses will recover soon, and you will embark on normal service provision.

It is now more than a year since the coronavirus pandemic brought the world's economy almost to a standstill, and we are witnessing changes in businesses that we have never seen before. As the Small Business Administration (SBA) rolled out a massive lending program ever seen in the United States history, fraudsters saw a potential area to exploit, which is the reason for the rising cases of COVID-19-related fraud. The US Department of Justice (DOJ) has termed the high levels of fraud as “historic” and focuses on taking a high level of enforcement action to counter the threat. 

The DOJ has in within a year after Congress passed the $2.2 trillion Coronavirus Aid, Relief and Economic Security (CARES) Act, managed to criminally charge over 474 people for allegedly obtaining $569 million fraudulently through COVID-19-related schemes since banks started processing Paycheck Protection Program loans on behalf of the SBA. Among the problems that SBA cites are forged companies receiving thousands of dollars, businesses getting money even if their payrolls is more than the 500-employee caps, and others receiving money even when the law prohibits them due to existing government debts.   

Most cases are perpetrated by people who see the economic intervention by the government as a way of making quick money. While these individuals are now focused on the PPP loans, DOJ notes that the fraud will likely turn into something more complex and more significant in the coming months if not addressed now. Due to the sensitivity and possibility of the matter getting out of hand if left unchecked, sweeping investigations by the DOJ have commenced with the law enforcement now pursuing charges against large companies that received millions of dollars in PPP loans and individuals who are accused of fraudulently receiving PPP loans to finance their lavish personal lifestyles.

DOJ is responding to this in a variety of ways. Recently, it advertised a vacancy for a trial attorney whose work will be to prosecute cases under the CARES Act, including PPP fraud. This adds to the DOJ’s Market Integrity and Major Funds (MIMF) Unit that prosecutes cases involving government procured fraud and stopping fraud in the SBA COVID-19 disaster relief programs such as the PPP and the Economic Injury Disaster Loan (EIDL). 

Fraud liability comes in a variety of ways. The first one is from the certifications that companies need to have before participating in the CIVID-19 relief programs. For instance, to participate in the PPP, companies must have multiple certifications on their loans and forgiveness applications. This is where the fraud begins. Some companies obtain false certificates that show that they have no other government loans or are not involved in any bankruptcy proceedings when the facts are different. This increases the risk of companies falling victim to more sophisticated fraud. 

As the rate of fraud continues increasing during this season of COVD-19, several companies will soon find themselves subject to government investigation related to the PPP loans. This is shown by the number of whistleblower reports and lawsuits under the FCA (False Claims Act), that has been on the rise, the cooperation among several law enforcement agencies at local and federal levels and internationally, and the audits being conducted on all companies that borrowed more than $2 million under the PPP. Businesses with foreign affiliates or operations are equally at risk due to footprints and the cooperation between the US agencies and their international counterparts. 

While the companies that did not take advantage of COVID-19 relief have nothing to worry about, they sometimes get asked questions by the regulators and law enforcers. This can be avoided by maintaining robust files that will support presentations and answer all questions that law enforcers might want to know. 

Building a strong and reliable team is key to the success of any organization, regardless of the industry. A team that works in harmony can achieve more than individuals working alone. However, building a strong team takes time and effort. With the importance of the team in an organization, methods of building a strong and reliable outfit are necessary. I will discuss some methods for building a strong and reliable team to help your organization reach its goals.

1. Define the team’s purpose

The first step in building a strong team is clearly defining its purpose. The purpose of any team must be specific, measurable and achievable. For example, if your team’s purpose is to increase sales, the specific goal for the team could be to increase sales by 10% within the next quarter. Defining a clear purpose helps you ensure that each member is working towards the same goal and is aware of what is needed.

2. Set goals

Your team’s goals of the team must be in tandem with the overall goals of the organization. They should also be clear, measurable and achievable. For example, if the business’s goal is to increase revenue, the team’s goal could be to create a new product line. Setting clear and measurable goals helps to ensure that the team is working towards the same objective and that progress can be tracked.

3. Establish expectations from the beginning

Establishing expectations from the beginning ensures everyone is on the same page. This includes expectations for attendance, communication, and performance. For example, if the team is expected to meet weekly, then the expectation for attendance should be that all team members attend the weekly meetings. Establishing expectations helps to ensure that everyone knows what is expected of them and that there are no misunderstandings.

4. Respect your team members

Every member of your team should always be respected. This creates a positive work environment where everyone feels valued. Doing so involves treating everyone with dignity and kindness and valuing their contributions. It also builds trust and cooperation within the team, which is essential for success.

5. Set strong ground rules for the team

Before you begin work, you must set strong ground rules for your team, as it helps ensure everyone knows what is expected of them. This includes rules for communication, decision-making and problem-solving. Setting ground rules ensures that the team is working together effectively.

6. Consider the ideas of each member as valuable

Every team member has something valuable to contribute. Encourage everyone to share their ideas and consider them in decision-making. This helps to ensure that everyone feels heard and valued, which in turn helps to build trust and cooperation within the team.

7. Delegate problem-solving tasks

Delegating tasks helps to empower team members and encourages participation. It also helps to build trust and cooperation within the team. Delegation of tasks ensures that everyone takes part in work, learns from doing and that the team is working together effectively.

8. Encourage trust and cooperation

Trust and cooperation are essential for the success of any team. As the leader, encourage team members to work together. Also, share ideas and support one another. For example, if a team member is having difficulty with a task, encourage other team members to support and assist them. This builds trust and cooperation within the team, which is essential for the team’s success.

As a business leader, building a strong and reliable team might take time and effort. However, with the right method, you can create a team that works well together and achieves success. Following the above methods is the beginning of building a formidable team to take your business to new heights.

As the saying goes, always spend what is left in your pockets after spending. Sadly, saving is not a strength for many people, regardless of the money they earn. Regardless, managing finances and budgeting is no mean task for many. However, it is essential for achieving financial stability and reaching long-term financial goals. Whether you are trying to pay off debt, save for a down payment on a house, or plan for retirement, managing your finances effectively is key. Here are some tips to help you get started.

1. Track Your Spending

The leading step in managing your finances is tracking your spending. With this, you will have a clear picture of where your money is going and where you might be able to cut back. You can achieve this by using many apps and tools available online specifically to help you track your spending. Some of these tools include Mint or Personal Capital. You can also take advantage of a simple spreadsheet or even a notebook to keep track of your expenses.

2. Create a Monthly Budget

Once you have a clear idea of where your money goes after earning, developing a monthly budget will follow. This budget will enable you to plan how to allocate your income and expenses effectively. A basic budget that can work perfectly for you should include all of your fixed expenses, which may include rent, gifts in the form of money or mortgage payments, and your variable expenses, such as groceries and entertainment. In all this, be sure to include a savings category in your budget so that you can set aside money for short-term and long-term goals.

3. Save for Retirement

While every other tip mentioned above is important, saving for retirement is critical to managing your finances if you want to live a quality and fulfilling life after retirement. Do not wait until you are 50 to start saving. Remember that the earlier you start saving, the more time your money has to grow. As such, consider setting up automatic contributions to existing plans such as a 401(k) or IRA.

4. Improve Your Money Mindset

Your relationship with money can significantly impact your ability to manage it effectively. Therefore, be mindful of your thoughts and beliefs regarding money. With such a mindset, you can develop a positive money mindset. This can entail learning more about personal finance, setting financial goals, and challenging negative thoughts about money.

5. Diversify

Diversifying your investments can help protect you from market fluctuations and ensure your portfolio is well-balanced. Diversifying your investments can include spreading your money across different investments, such as stocks, bonds, and real estate.

6. Plan Professionally for Your Future

Although the present is critical, a lack of proper planning for your future can affect your quality of life even as you age. Therefore, at your young and working age, you should consult a financial advisor or a professional planner who can help you create a financial plan that fits your individual goals and circumstances. They can also guide you on managing your money and making the most of your investments.

In a nutshell, while many may take it for granted, managing finances and budgeting can be a challenging undertaking if things are not done well. However, by tracking your spending, developing a realistic and applicable budget, saving for retirement, improving your money mindset, diversifying your investments, and planning like a professional for your future, you can take control of your finances and achieve your financial goals. In all this, remember to be patient, consistent, and disciplined regardless of the approach you choose in managing your finances.

Consumers’ identities and values are increasingly shaping how companies operate. Seventy three percent of Gen Z only buy from brands they believe in. “Not only are consumers increasingly loyal to brands that support causes they care about, but they’re also less likely to buy from those that don’t,” according to Business Insider's latest Global Trends Report.

People remember and look up to leaders who show up and take action thoughtfully not just for their shareholders, but also for their employees and community. So while building a full-fledged CSR strategy sometimes takes months, the next generation of top leaders is invested in building social impact directly into their business model from Day One. Here are a few focused ways your company can, too:

1. Commit to giving back and join the 1% pledge

Pledge 1% is an innovative way to allocate a portion of your business’s future profits to support social impact causes. According to a corporate giving survey commissioned by Benevity, 78% of employees said they are more likely to work for an organization that provides transparency into how the company allocates its charitable donations. With Pledge 1%, you can commit to giving 1% of your time, equity, product, or profits. It’s a small but significant way to make giving back a priority.

2. Inspire generosity with a matching gifts program

Nearly two-thirds of Fortune 500 companies match employee donations to eligible nonprofit organizations. Does yours? It’s an easy and effective way to support nonprofits to grow and reach more people in need, increases the impact of your corporate social investment, and demonstrates alignment between your company and your employees. If your company does not have a match program, consider building one today.

3. Meaningfully engage with volunteering opportunities

At Watsi, we host virtual “Volunteer Power Hours” with companies like Airbnb and Medtronic where teams come together to volunteer their time to write the stories of patients in need of healthcare around the world. Organizations also can offer time off for volunteering or donations to nonprofits where your team members dedicate their own time. It’s exciting to see companies celebrate wins, like milestone donations or volunteer hours collected, together as a team. Leading companies like Atlassian offer Volunteering PTO or “VTO”. All of these efforts not only help boost a company’s brand as a great place to work but help attract and retain top socially-conscious talent too.

4. Be purposeful with in-kind or unrestricted support

The pandemic had a significant impact on the nonprofit industry, ultimately most impacting communities that are least equipped to withstand challenges. Combined with this year’s economic downturn, cutting back on corporate giving saw many nonprofits struggle. But companies like Blackthorn.io re-evaluated their strategic investments and actually expanded their philanthropic giving. Tech leader Chris Federspiel, CEO and founder of Blackthorn, reached out to Watsi asking, “How can we help?” Along with joining the 1% Pledge, Blackthorn allocates $3,000 every month to directly fund healthcare for patients on Watsi. Being able to count on their consistent support all year long has helped Watsi focus on the biggest strategic efforts that are needed to build a healthier world for all.

5. Celebrate teams and milestones with meaningful gifts

We know every dollar spent is absolutely essential right now for businesses around the world. There isn't a more meaningful way to celebrate your partners, clients, or employees than teaming up with charities or sharing gift cards from a nonprofit to support their cause. Instead of other, more traditional swag items like clothing or branded drinkware, a contribution to a nonprofit can be a much more meaningful bonus.

6. Build a culture deeply rooted in giving back

Whether it’s your company’s 10th anniversary or a birthday or any other team celebration, consider starting an internal campaign supporting your favorite nonprofit and hosting a fundraiser. For example, Global Giving allows companies to launch a fundraiser in minutes. Here's more inspiration from LinkedIn employees hosting a fun St Patrick's Day fundraiser at work that you can now also host virtually.

Whether you are a big company or a small local business, anyone anywhere can do good. It’s a practice and muscle that we can each learn to flex more and more. The best leaders are doing this from Day One and inspiring others to join in too.

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Mackinnon Engen

Mackinnon is the Executive Director at Watsi. She has a passion for helping people and organizations come together to tackle complex challenges and create measurable, and sustainable impact. You can meet her here.

Effective time management and organization are essential skills for anyone looking to increase productivity and achieve their goals. By learning to prioritize tasks, schedule your time, and eliminate distractions, you can make the most of every day and get more done.

1. Find out how you are currently using your time

The first step in improving your time management and organization skills is understanding how you currently use your time. This means keeping track of how you spend your days and identifying any time-wasting activities. You can do this by keeping a log of your daily activities or using a time-tracking app. Revisit your actions of the day and identify the areas in which you spent your time. With this, you can easily see the things that consumed too much of your time and adjust accordingly where necessary.

2. Create a daily schedule and stick to it

Once you have a better understanding of how you are using your time, you can create a daily schedule to help you stay on track. This should include blocks of time for work, rest, and leisure activities. Make sure to allocate enough time for each task, and stick to your schedule as closely as possible.

3. Prioritize the most important tasks

Not all tasks are created equal, so it is important to prioritize the most important ones. This means focusing on tasks that have the greatest impact on your goals rather than those that are easy or enjoyable. Use the "80/20" rule to identify the most important tasks and tackle them first.

4. Divide large projects into smaller tasks

Large projects can be overwhelming and may seem impossible to complete. To make them more manageable, try breaking them down into smaller tasks. This will help you stay focused and make progress toward your goals.

5. Group smaller tasks together

In addition to breaking large projects into smaller tasks, try grouping similar tasks together. For example, if you have several emails to write, work on them all at once rather than being scattered throughout the day. This will help you stay focused and accomplish more in a single moment.

6. Avoid too much multitasking

While multitasking may seem like an effective way to get more work done, it can be counterproductive. When you multitask, your brain has to switch between tasks, which can decrease productivity. Instead of trying to do several things, focus on one task at a time.

7. Reduce distractions

Distractions can be a major time-waster and can disrupt your workflow. To reduce distractions, try to eliminate as many as possible. This may mean turning off notifications on your phone, closing unnecessary tabs on your computer, or working in a quiet place.

8. Assign time limits to each task

Try setting time limits for each task to ensure that you are using your time efficiently. This will help you stay focused and avoid getting bogged down in small details.

9. Know when to say no

It is important to be selective about your tasks and know when to say no. By learning to say no to low-priority tasks, you can free up time for the most important things.

10 Be organized

Finally, effective time management and organization require being organized. This means having a clean, clutter-free workspace, keeping track of important documents and information, and using tools like calendars, to-do lists, and project management software to help you stay on track.

In summary, effective time management and organization are crucial skills for anyone looking to increase productivity and achieve their goals. By following the tips outlined above, you can make the most of your time and ensure more is done every day.

According to Small Business Trends, the federal American Rescue Grant continues to provide grants to small businesses. 

The economic stimulus grants provide small businesses can be the difference between staying open and closing entirely. Even before the pandemic, small business grants offered great opportunities to keep operating as well as support growth with strategic funding. 

 Read the article Small Business Trends

Running your own business can be hectic for many business owners. For small business owners, however, having all the responsibility to all operations, including successes and failures, can be detrimental to one’s health. Sadly, health among small business owners has not been taken seriously as it should despite the economic significance of such businesses to society and the economy. The mental health of small business leaders leads to a healthy working environment. It also leads to effective teams that are characterized by respect and trust in one another.

Large corporations with complex and well-structured succession plans can hardly be affected by health issues that may affect their leaders. The well-laid down succession plan ensures that in the absence of the CEO, operations run without hitches. Unlike big multinationals whose operations cannot be affected by the health issues among those in the high offices, poor health among the leaders of small businesses can end operations and render employees jobless. The simple structure of a small business is risky, and the impact of the demise of a CEO is unimaginable. With an instant disease or a condition such as a heart attack, everything can go down the drain since everything revolves around an individual. From this, it is evident that health is the greatest capital of small business owners. The smaller the firm, the higher the vulnerability in case the owner develops health complications, either physical or mental.

The health of such business owners may have damaging consequences not only for those that have been employed but can also impact those that depend on them entirely. For example, the family members who rely on the owners can also be significantly impacted. Similarly, health problems among the personnel and family members can destabilize operations and how the business runs. Small business owners face many challenges that often affect their mental wellbeing. According to a Danish study, there is a significant link between entering entrepreneurship and receiving prescriptions for sedative or hypnotics and/or their spouses. This is a clear suggestion that entering entrepreneurship is a health risk as it is a potential source of stress for entrepreneurs and their family members.

Many studies have found out that stress level among the business owners is higher than those of the employed. The always conflicting issues such as ambiguity in the business environment, lack of adequate resources, and daily hassles as well as failure to clarify roles increase stress and the possibility of health complications. Work overload is another factor that many small business owners face and may result in a complication. Entrepreneurs often work for more than 50 hours a week. Working for long hours, including weekends doing intensive tasks, is a potential cause of stress. 

Uncertainty is often identified as another factor that can cause health problems among self-employed individuals. The fast-changing business environment is always a concern for entrepreneurs who are always worried about their businesses in case things do not go as planned. These owners have many things to worry about, including their employees, government regulations, and reduction in profits, all of which determines the success of their businesses.  Loneliness of business owners also results in burnouts, which in itself is a potential contributor to mental health. Loneliness can be harmful in an environment where difficult decisions are to be taken, such as firing or hiring employees.

As seen above, health issues among the small business owners have severe spillover effects on those they employ and their families. Unlike CEOs of large companies that have a proper succession plan, health challenges among small business owners can cripple operations. As such, it is crucial to always stay ahead by addressing potential causes of health problems before they manifest into catastrophes.

Even before the coronavirus pandemic struck and sank the world’s economy, retiring at the age of 65 was already becoming a hot topic among many professionals. Now that the pandemic has impaired many businesses, both small and large plans of many organizations are in shambles. One of the areas that have been significantly affected is retirement. Business owners that were planning to retire are now forced to rethink. This could mean that the retirement age is likely to fall further as employees try to pick up from where they left once the economy reopens and the pandemic eases.

Although the recovery is expected to happen sooner or later, it may take some time. This is if the 2007-2009 recession is an example to go by. The recovery time can even be longer considering the severity of COVID-19 compared to the recession witnessed in 2009. As such, many small business owners may be tempted to consider selling their businesses rather than waiting for things to get better.

A study by StreetWise Retirement Confidence Index in May indicated that 26% of those interviewed stated that they would postpone their retirement plans after the coronavirus. Their decision is due to the economic conditions that the virus has caused. As damaging as they may seem, the decision is not surprising, given the uncertainty and fear that the pandemic has caused in many industries in different countries. The uncertainties have had an impact on the financial strategies of organizations and have forced many businesses to change their priorities. Another study by Allianz Life Insurance Company found out that almost half of Americans interviewed went into early retirement for reasons beyond their control. One of the reasons that were cited in the research is job loss. This was cited by 34% of the respondents, while 25% cited health challenges as their primary reason for retiring early. As an entrepreneur or employee who is willing to persevere and try their best to achieve their dreams, all is not lost. Taking some steps can enhance value and build your business so that you can sell more and retire as you planned or even early.

Creativity is one of the ways that can help you remain open in the current era of uncertainty. As a business owner, try your best to find creative ways that can adapt to the changes in the business environment. One way you can do this is by adding other services that will replace the revenue that has been lost. For example, as a restaurant owner, you can supplement the revenue lot by ordering food and selling them. This will create a new stream of income and increase profits even when other sources of revenue are not doing well enough.

A good rapport with banks is also crucial to businesses. Regardless of the size of your organization, always ensure that you have a good relationship with financial institutions. Having a wrong sense of security will only deceive you, and you will not have anyone to turn to in case things become tough. With the right relationship, you will have someone to run to for loans when the revenue stream dries up, and you need additional funds to keep running. Always ask yourself, is my bank relationship stable? If the answer is yes, then you are in the right place.

Coming up with a transition plan is another approach that you must consider. Just because you are delaying your retirement plans does not mean that you should not establish a transition plan. Take time to build a working transition plan that will not leave your organization in chaos when the right time comes. Most business owners lack a proper transition plan. This leads to a lack of focus on what is needed for a business to operate successfully.

It’s a good strategy to be forward-thinking and plan for the future, so now is a fine time to consider future vacation ideas. Not only will you have something exciting to look forward to, but you may need a longer lead time to put one of these plans in motion.

There are few places on Earth that are more remote, exotic, and accessible as Hawaii. With direct flights from almost all major US cities, and no passport required, Hawaii is a great destination to feel like you have left the monotony of day-to-day life behind. What’s even more exciting about getting to the most far-flung US State is that there are multiple islands, with 4 very different vacation styles for every taste. The big island offers no shortage of adventures, from walking across a volcano to snorkeling with sea turtles and manta rays, to tropical hikes with breathtaking waterfalls. Oahu provides the familiar hustle and bustle of city life with picturesque beaches. Maui is the most popular destination, with relaxing beaches and lively nightlife both. Finally, Kawaii is the most relaxing and serene of the islands.

If you prefer to stay in the continental US, the Southwest has plenty of adventure! From riding dune buggies through the desert to a train ride to the Grand Canyon, there is a right-pace adventure for everyone. Relax in a hot air balloon over Albuquerque or relive the old west with a trip through Tombstone, Arizona and other gold-rush towns. Few images are as inspiring as a desert sunset over the mountains, and once the sun goes down, the action never stops in Las Vegas.

Stretching along the Coast, there’s many options for a memorable vacation. Traveling to New England may seem like quite a change of pace, but there is plenty to keep one busy from Maine down to Connecticut along the coast. Enjoy a lobster dinner on the oceanside, hike through some of the nations oldest states and national forests, and get lost in miles of winding roads. Boston or Portland make perfect bases of operation to go a few hours north to the backwoods of Maine or to enjoy the finest foods from a wide variety of different cultures right in Boston or Providence.

While you won’t be able to enjoy an ocean view, the Midwest offers plenty of excitement as well. The mighty Mississippi touches 10 different states, each one with different scenery to enjoy. Whether you’re up for rugged hiking in Minnesota or a leisurely cruise on the river in Louisiana, the Mississippi River has dozens of perfect destinations along it’s 2320 miles. St. Louis boasts some of the region’s best museums while Memphis, Tennessee is a must-see for Elvis fans everywhere.

No matter where your interests take you, across our vast nation, there are ideal vacation destinations to be had. From coast to coast, you can’t go wrong planning your vacation in any region. Take your mind off any current worries, let your dreams loose, and plan ahead.