The Small Business Administration is seeking nominations for the 2023 National Small Business Week Awards, reports Small Business Trends.

The U.S. Small Business Administration (SBA) recently announced the call for nominations for the 2023 National Small Business Week (NSBW) Awards.

Read the article Small Business Trends

Businesses need to make a plan in the event of a shooting or other large scale crime in their area, reports the Star Tribune. 

It has started to feel like shootings and other dangers in business settings are becoming more common.

Read the article Star Tribune

According to ABC News, higher prices are causing customers to leave small businesses in search of better deals. 

Inflation isn’t only costing small businesses money. It’s costing them customers as well. 

Read the article ABC News

The slowing housing market is adversely affecting small businesses, reports AP News.

The chill in the housing market is rippling out to the carpenters, landscapers and other small businesses that lose out when fewer homeowners are renovating their properties. 

Read the article AP News

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. 

As a small business owner, every penny always counts, and 2021 is an extraordinary year that every income must be secured than ever. As the pandemic-related challenges continue mounting, you must optimize your revenue and income sources, minimize your expenses and reduce your tax liability. Sadly, many entrepreneurs lack adequate knowledge of tricks and tools that can help them achieve this. They, in most cases, end up spending more money than they should. Although some may see taxation and setting up strategies as a challenging undertaking, the truth is that you don’t need to be a professional accountant to understand it and take advantage of the accounting tips. Here are a few strategies that you should consider in 2021.

• Understand your tax planning

The tax planning process is a critical aspect that helps your business reduce the amount of taxes that need to be paid at the end of the year. Although some business owners wait until the last minute to find out taxation regimes, the secret to this is that the earlier you start, the better the chances of receiving a tax refund. Although there are various strategies to approach tax planning, the main ones are; increasing tax deductions, utilizing tax credits, and reducing your income. While relying on certified public accountants can be helpful, it is often important to have a concrete tax planning strategy in place. Doing so saves money and helps you avoid paying unnecessary taxes. Furthermore, understanding your tax planning gives you an overview of things you are spending on each year. 

• Consider changing to a different tax structure.

When starting a business, the first thing you do is specify whether your business is a sole proprietorship of a partnership. However, things may change midway, and the changes and restructuring can impact the business structure. As you re-strategize, perhaps changing the tax structure in your business can help as well. By choosing to be taxed as corporations, businesses can save a lot of money in tax cuts. Before changing your tax structure, make sure the tax cuts you will realize make sense in the new structure. 

• Know your tax payment plan

Although having a business might be your lifetime dream, generating revenue and paying taxes is a different ballgame that can make your dream a nightmare. This can be made worse by the “pay as you go” tax system, which requires businesses to make estimated quarterly tax payments. This payment plan presents a temptation for businesses in paying taxes as they seek to maintain liquidity. Delaying tax payments “as you go” can put you in an awkward position and present a challenge of penalties and interests that occurs due to delays. Ensure that you have a tax plan and money is always set aside to save yourself from the burden of penalties from the IRS.

• Carefully choose your accounting method.

There are different ways that small businesses calculate their revenue. However, most of them use cash method accounting methods. These methods that are based on the time the money is received instead of when an order was placed. This approach also counts the day the expenses were paid instead of the item or service ordered. Regardless of the accounting method you choose, adjust the approach strategically and report income based on the cash receipts if you want to reduce your end year revenues, mainly if you believe there is a possibility that the income for the coming year will be lower and you expect to be in a lower tax project. A proper accounting method allows you to know the possible tax cuts and anticipate the upcoming tax bracket, which helps you devise a proper tax payment strategy for your business. 

When you think of small businesses, you probably imagine a local barber or café. However, the term “small business” has a much broader scope than you might think. Small businesses can take on many forms and operate in almost any industry. In fact, over 27 million small businesses are operating in the U.S. today – with new ones being formed every day.

You need to know many things about small businesses and what makes them different from others. Furthermore, you need to know various things about the small business world. Here are six things happening in small businesses that you need to know as a small business owner. This will help you navigate the small business terrain with ease.

1. Artificial intelligence

Artificial intelligence (AI) and machine learning (ML) are among the hottest topics of this decade. They are reshaping many industries, such as the finance and insurance sector, by enhancing customer service and improving customer experience. As AI and ML continue advancing, small business owners will keep integrating AI-based solutions into their operations in 2022 and beyond. This will mean that uses such as voice assistants and bots will be a trend in the coming years. In fact, AI is already being used in areas such as customer research, cyber security, and offering CRM solutions. While AI may appear as if it is meant for big enterprises, smaller businesses are widely adopting it due to its potential to ease operations and lower costs.  

2. 5G Rollout

5G is one of the technologies that businesses are preparing to welcome. This technology has far-reaching implications. While its adoption began in 2019, the pandemic dealt a major blow and delayed domestic adoption. Adopting this technology will significantly benefit businesses by enhancing data transmission speeds and aiding other technologies like the internet of things.

3. Employee monitoring software

 The pandemic has substantially impacted how we work. After the enforcement of lockdowns, its employees worked remotely, and most of them did not want to return to the office. Small businesses should know that remote work is here to stay. With this, the employee monitoring software will play a crucial role in the coming years as business owners look for ways to make their employees productive and gain oversight over remote staff. 

4. Remote onboarding

With more businesses embracing hybrid models in their environments, businesses will increasingly rely on technology for a successful onboarding process for a remote workforce. This is important in hiring new employees because it helps them understand their responsibilities and company culture. The technology ensures that every onboarding step is well planned and carried out. With companies unable to connect with their staff in person, they are now turning to technology and software onboarding. In the coming years, companies will invest more in technology to help people understand and familiarize themselves with the company.

5. Technology-assisted shopping

Retailers have seen a change never witnessed before during the pandemic. The change was occasioned by lockdowns and restrictions of movements meant to reduce infections. With these changes, businesses have been accelerating mobile, web and social media shopping to create a contactless shopping experience for their customers. Mobile payments and e-commerce will continue increasing, and customers will embrace this new shopping experience more.

6. Automation will receive greater emphasis

Automation has been a leading area of conversation over the past few years. With the increased technology adoption, business owners are now looking at workplace adoption to save money and cover various problem areas. With continued shortages of workers in different industries, investment in automation will continue to fill the gap. Companies offering automated solutions will also increase.

The past three years, from 2019 to 2021, have been the most difficult for many businesses. They underwent extraordinary hardships that forced many of them to close, mostly due to the COVID-19 pandemic. In the United States, the challenges were exacerbated by other aspects such as labour shortages, a divisive election and other disasters that the country has faced since 2018. As 2023 approaches, new small business trends are expected. Therefore from now on, businesses require businesses need to prepare for new challenges. Moving forward, small businesses should watch these trends to remain competitive in a tough market.

1. Increased sustainability

In a society with many environmental challenges such as catastrophic weather events, oceanic garbage, extinction of species and rising temperatures, small businesses have no option but to participate in initiatives meant to help save the environment and life. Consumers are concerned, and this trend might define the viability of businesses in the coming years. According to a study by the National Retail Foundation (NRF) and IBM, 62% of the respondents noted that they are more likely to apply for a job in environmentally responsible organizations. Among those interviewed, 48% stated that they are willing to accept lower pay in such organizations. From this, it is evident that employers will, from now and in the future, be responsible for implementing meaningful change.

2. Ecommerce will remain important

The pandemic changed the setup of businesses in a way that it might not return to what it used to be. It accelerated a shift from brick-and-mortar stores to digital shopping through e-commerce websites. From clothing to groceries and other consumer products, shopping is not done mostly online, with items delivered at home. This gives consumers more say and increases efficiency, convenience and safety. To ensure that businesses remain competitive, they should adopt a hybrid approach to shopping. This approach involves both brick-and-mortar stores, using mobile apps and using websites.

3. Customers will continue seeking alternative methods of payment

The pandemic has disrupted the payment of goods and services, so it might not be possible to alter the previous way any time soon. While this disruption has affected operations, it has also hastened the process of moving from traditional payment systems to alternative systems such as mobile pay applications, debit cards and contactless payment options. In 2022 going forward, more contactless payment options will come up, and the existing ones will receive the competition. As such, small business owners should prepare for the demand for applications, mobile wallets and other forms of digital payment. This is critical for the development of any business.

4. Customer service will need more empathy and personalization

Customers have, over the years, become increasingly demanding. Additionally, the stresses that most people went through in 2020 and 2021 have made things worse. As such, there is an increasing need for compassion and understanding by businesses towards their customers to help them get over the anxiety caused by the occurrences of the past two years. When it comes to choosing a place to spend their cash, consumers will always prioritize an empathetic organization where the best quality products and services are offered on top of it. Therefore, as we advance, you might need to invest more in training your staff because frustrated staff will affect customers.

5. Remote work will keep rising

A few weeks into the pandemic, many services were transformed, and workplaces changed from physical offices to mobile engagements among employees. This enabled businesses to continue operating even with massive assaults by COVID-19 and related disruptions. The pandemic has created a new norm, and employees have expressed interest in continuing to work remotely even after the pandemic. This means that online or remote work is a new trend that small businesses must prepare to accept.

A good business idea is hard to come by, but with proper brainstorming, planning and preparation, you can easily develop a small business idea that will not only supplement your income but also become your full-time job and make you a boss of your own. Although you may already have an idea you would like to pursue, you can also benefit from some direction or ideas that can change your course. Here are some small business ideas you might want to consider as you begin your entrepreneurial journey.

1. Marketing services

Many businesses are coming up daily, and the founders look for ways to market their products and services to as many people as possible. This might be an area you might want to venture into. While starting a business is easy for most new business owners, executing a marketing plan can be difficult. As an independent marketing professional, you can take advantage of this gap and help in marketing initiatives like developing an SEO strategy, writing blogs, generating advertisements and getting their name in the lights for pay.

2. Real estate business

If the real estate or property industry is your passion, there are various ways to serve customers and other businesses in this area. You can start a small real estate company or agency and work with businesses or individuals to help them find office space, houses or apartments based on their needs. You can also buy your own property and become a property manager or property owner. With the rising demand for houses, people will need a place to live and you will be right there to offer your services.

3. Event planning

Event organization and planning are perhaps some of the most sought-after services in the current era. With such high demand, individuals and companies are hiring freelance event planners to help manage, design and coordinate events. If you love this, you can help plan events such as birthdays, retirement parties and baby showers at a fee. Start small, maybe in your neighbourhood and grow big with time.

4. Dropshipping

Unlike businesses that require you to have inventory, dropshipping is one of the easiest retail ideas you can try. Apart from being easy to start because of no inventory, it is also online, and you do not have to set up an office or a store. You can sell a product of your choice to customers regardless of location.

5. Video production

 If you love cameras or are the kind of person who loves running around with a camera or video recorder, this type of business can be good for you. If this describes who you are, then video production might be the best business idea for you. With the popularity of social media and the internet, start small by covering small events and producing videos, then post them on social media. With time, you will get customers who want their events captured in video.

6. Podcasting

Podcasts are ever-growing, and you might want to try one yourself if you have a story that you want to tell. It needs an investment in some audio equipment and editing software. If you love online business ideas, podcasting is right for you.

7. Catering

If you are a professional chef and have a passion for serving people, catering service is something you may want to try. Apart from being a self-employment opportunity for you, it presents an opportunity to experience a restaurant-like environment without having to open a restaurant altogether. Compared to opening a restaurant, the overhead costs are manageable.   

8. Social media management

If you love social media and have some basic marketing skills, business owners might need your services. While most business owners have social media accounts, only a few of them can run ads and marketing campaigns successfully on their own. You may consider doing social media management for a fee and grow big with time.

Although the end year is still some months away, next year’s calendar is slowly beginning to fill up. While it may seem early, there are a lot of activities that are coming, and they may be distractive if you do not prepare adequately in advance. If not planned early enough, it can cause damaging conflicts on your calendar. As we usher the final quarter of the year, many businesses are looking for ways to improve their businesses and make them better. As a business, the end of a year and the beginning of a new one presents another opportunity for growth. As the year ends, various things can be done to help your business grow. Here are some tips to help you finish the year strong and start another one even better.

1. Marketing of holiday hours is crucial

As the holiday season draws closer, it will be crucial for both the employees and customers of your organization to know about the holiday hours. As such, you need to communicate this to everyone promptly and in advance. This will allow you to avoid confusion and problems that can lead to loss of sales and revenue. Inform your employees about the workload available during holidays. This is critical if the business has remote employees. Employees need to plan their time to relax and have family time for the holidays. If they are not informed about their schedule and what work will look like, the company may experience some challenges.

An example is giving an employee an assignment during Christmas and expecting them to deliver it before New Year’s Eve. This may affect the calendar of a remote worker who had planned to spend time with family. To get maximum results, ensure you post all holiday hours on the company’s social media platforms, Google business listings and other platforms to let everyone know what is expected of them and when.

2. Avoid last-minute expenses

Year-end comes with its challenges in regard to expenditure as companies have to get their tax regimes in order. Sadly, this is also when most of them spend more money than they should. As a business owner, try to find some things that can be replaced and written off in taxes. This can include new office gear, marketing campaigns or cars. If the expenses are not written off, the accounting team will have to wait until the next year to write off the additional expenses. Get the last-minute business expenses done before the year ends.

3. Set deadlines for specific goals early

The holiday season is not only the busiest but also the most challenging time of the year. For example, people with online businesses trying to sell their products and services tend to put their plans off until the coming year. This is always caused by an increase in earnings for Q4, and it is hard to engage buyers on the phone during the holiday season. While expecting a hectic holiday season, try getting your goals done as early as possible. If you cannot set all the goals because you are busy setting them in the first quarter of January, your employees, both executives and those at the lower levels, may be demoralized. Therefore, try as much as possible to finish all the goals during the year. Finish everything you have set out to accomplish during the year if possible. Ensure that you keep shareholders and employees happy by finishing more than you envisioned in the roadmap you developed at the start of the year.

4. Send a year-end holiday letter and give employees special gifts

As the holidays draw closer, spread love and joy to your employees by sending them a thank you note for their involvement in the business. If possible, give them gifts and wish them the best holiday season. In the letter, consider listing goals and tasks finished in the year. Offer some of your aspiration for the coming year and appreciate them for their efforts.

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.