Explore how small businesses are navigating rising interest rates by adopting strategic financial planning and innovative solutions to maintain profitability and ensure growth.

Rising interest rates have become a key point of discussion across various sectors as businesses brace for potential economic shifts. With central banks adjusting rates in response to inflationary pressures, small businesses, in particular, are feeling the heat.
The effects of increased interest rates can be profound for small businesses. For those heavily reliant on loans for capital, higher borrowing costs can significantly impact profitability and growth prospects. It is crucial for decision-makers to reassess their financial strategies to mitigate these challenges.
Recent trends indicate that small business owners are adopting several strategies to navigate the unpredictable financial landscape. Many are opting to lock in current loan rates by refinancing existing debt, thereby safeguarding themselves from further increases. Additionally, some entrepreneurs are exploring alternative financing options such as angel investments and venture capital to ensure steady cash flows.
Adapting to these changes will require strategic planning and fiscal management. Financial consultants are suggesting small businesses conduct thorough cash flow analyses and cut unnecessary expenses. This proactive approach includes negotiating better terms with suppliers and optimizing internal processes to ensure efficiency and cost-effectiveness.
In real-world cases, small businesses that anticipated these fluctuations have been able to thrive amidst the changes. By taking preemptive measures like securing fixed-rate loans and focusing on sustainable growth, they're weathering the economic storm and even positioning themselves for expansion.
In conclusion, while rising interest rates present challenges, they also offer an opportunity for small businesses to strengthen their financial resilience. By embracing innovative financing solutions and implementing prudent financial planning, these enterprises can not only survive but thrive in the evolving business environment.

Explore how businesses can achieve financial resilience amidst economic uncertainty by focusing on cash flow management, risk mitigation, and technology investment.

In today's fluctuating economic landscape, businesses are facing unprecedented challenges. The need for financial resilience is more critical than ever. Navigating through such rough waters requires strategic decision-making and innovative solutions.

Financial resilience involves more than just having a solid balance sheet. It requires a proactive approach to managing risks, optimizing cash flow, and maintaining operational efficiency. Companies that have successfully demonstrated financial resilience in the past, like during the 2008 financial crisis, can offer valuable lessons.

Cash Flow Management

One of the most crucial aspects of financial resilience is effective cash flow management. Companies need to ensure they have sufficient liquidity to meet their obligations, particularly in dire circumstances like supply chain disruptions or unexpected drops in revenue.

When I worked with large accounting firms such as Deloitte, I noticed that successful companies were always those that planned ahead. They anticipated potential downturns and implemented rigorous cash flow forecasting. This strategy helped them avoid liquidity issues and seize opportunities when competitors were grappling with financial constraints.

Risk Mitigation Strategies

Every business faces unique risks. Understanding and planning for these risks is essential. Diversification of revenue streams, for instance, can prevent over-reliance on a single source of income. During my tenure at EY, I observed how businesses with diverse portfolios were better equipped to weather economic uncertainties. They adapted more swiftly to changes in market conditions, safeguarding their financial stability.

Implementing robust internal controls is another critical component. An example is KPMG's approach to advising clients on fortifying their compliance frameworks, which played a vital role in protecting assets and enhancing decision-making processes.

Investment in Technology

Technological advancements offer transformative solutions for maintaining financial resilience. Automation of accounting processes can streamline operations, reduce errors, and offer real-time insights into financial performance. Recently, PWC has been at the forefront of integrating AI tools with accounting software, resulting in significant efficiencies and cost savings for numerous businesses.

Building a Strong Financial Team

A proficient financial team can be a game-changer. It is imperative for businesses to cultivate talent with the skills necessary to navigate complex financial landscapes. Continuous training and development ensure that the team remains adaptable and innovative.

Collaboration among professionals from different disciplines within the organization fosters a holistic approach to financial planning. Leaders can then make informed decisions that align with both long-term and short-term objectives.

For businesses to thrive in turbulent economic times, it is essential to cultivate financial resilience. Through strategic cash flow management, risk mitigation, technology investment, and strong financial teams, companies can adapt and overcome challenges, securing a prosperous future.

Explore how businesses are increasingly integrating environmental sustainability into their practices to meet consumer demand and regulatory pressures, gaining competitive advantage.

Environmental sustainability has emerged as a vital component in the strategic planning of numerous businesses, transcending from a mere buzzword to a crucial operational pillar. Over the past few days, there has been a significant increase in businesses adopting more sustainable practices, driven by consumer demand and regulatory pressures, particularly in the manufacturing and retail sectors.

One of the key trends is the enhancement of supply chain processes to reduce carbon footprints. Companies are actively choosing sustainable materials and optimizing transport logistics to minimize environmental impact. For instance, global retail giant Walmart has pledged to reach zero emissions across its global operations by 2040, showcasing a proactive approach towards sustainability.

Additionally, there's a rising trend of businesses investing in renewable energy sources. Tech companies, including Google and Apple, have set ambitious goals to fully operate on renewable energy, showcasing that this is not just an environmental cause, but also a sound business strategy that promotes energy independence and cost-effectiveness.

Corporate transparency is another trend on the rise. Stakeholders now expect companies to disclose environmental impact data. Consequently, businesses are increasing their efforts to publish comprehensive sustainability reports. This voluntary transparency fosters trust and strengthens brand reputation among eco-conscious consumers, ultimately driving sales.

Furthermore, companies are embracing innovative technologies to advance environmental initiatives. Artificial Intelligence (AI) and Internet of Things (IoT) devices are being leveraged to monitor real-time energy consumption, waste production, and emissions. Such technologies offer valuable insights, facilitating more informed decision-making regarding sustainable practices.

As a result, organizations that integrate these sustainable practices into their operations not only contribute positively to the planet but also secure a competitive advantage. They're likely to experience enhanced market presence, increased customer loyalty, and improved profitability. The intersection of environmental responsibility and business growth is fostering a new era where businesses not only strive for financial success but also take responsibility towards the environment.

Explore how economic downturns are reshaping accounting practices and business strategies, emphasizing the need for financial resilience.

The recent fluctuations in the global economy have significantly impacted accounting practices across industries. A marked increase in financial scrutiny and an urgent need for cost efficiency have posed both challenges and opportunities for accounting firms.

Several top accounting firms have been ramping up efforts to provide clients with robust financial assessments, optimizing expenditure while ensuring compliance with regulatory standards. Such scenarios bring back memories of the early 2000s, when firms like Deloitte and KPMG had to navigate similar storms, emphasizing adaptability and strategic foresight.

The need for real-time data analytics has become more pronounced, with companies leveraging digital tools to gain financial insights and make informed decisions quickly. Technologies such as cloud accounting platforms have surged in popularity, helping businesses streamline their processes and increase transparency.

Amidst this economic climate, financial resilience has emerged as a critical priority. Firms are encouraged to implement comprehensive risk management strategies, assessing potential vulnerabilities in their financial structures and pivoting business models when necessary.

Research indicates that businesses investing in adaptive financial strategies tend to outperform their peers in downturns. By closely examining past market behaviors and leveraging data-driven insights, companies can strategically navigate uncertain waters, turning potential pitfalls into growth opportunities.

Cloud-based accounting solutions offer a cost-effective way for businesses to manage their financial operations while reducing overhead costs. With the ability of these accounting solutions to move their accounting tasks to the cloud, companies can avoid the need to invest in additional headcount, office space, and equipment like computers and printers. This can result in significant savings, as these expenses can be quite substantial.

In addition to eliminating the need for physical infrastructure, cloud-based accounting also eliminates the need for costly training courses for employees who are new to the job. With cloud accounting software, employees can easily access and use the system without extensive training, saving both time and money.

The ability to integrate with other software applications is one of the leading advantages of cloud accounting. Cloud accounting software can seamlessly connect with customer relationship management (CRM), enterprise resource planning (ERP), and marketing automation tools. Such ease of integration allows for streamlined data flow between different systems, eliminating the need for manual data entry and reducing the chance of errors.

For example, cloud accounting systems often integrate with marketing automation tools like Salesforce Pardot and HubSpot. This integration ensures that data from sales leads automatically syncs into the financial dashboard without any additional work on the part of the user. This not only saves time but also improves data accuracy, allowing businesses to make informed financial decisions.

Additionally, cloud accounting systems can significantly reduce operational costs. Cloud technology can be leveraged by businesses, hence they will no longer need to purchase expensive hardware and software for their accounting needs. With this, the initial capital expenditure and ongoing maintenance cost associated with the traditional on-premise solutions is eliminated.  Additionally, businesses can benefit from automatic software updates and upgrades provided by cloud vendors at no extra cost.

Cloud accounting systems also allow users to access their financial data from any location at any time. This enables users and organizations to save time and increase productivity. With cloud accounting, there is no longer a need to be tied to a specific office or computer to access financial information. This flexibility empowers employees to work remotely and collaborate effectively, resulting in increased efficiency.

According to Nucleus Research, cloud deployments can incur 63% lower initial consulting and implementation costs compared to on-premise solutions. This cost advantage makes cloud accounting an attractive option for businesses of all sizes. The pay-per-use pricing model further adds to the cost-effectiveness, as businesses only pay for the resources they actually use, without any upfront investment.

In summary, cloud-based accounting solutions offer numerous benefits for businesses looking to reduce overhead costs. Cloud technology helps companies avoid the need for additional headcount, office space, and equipment. The integrations capabilities of cloud accounting software streamline data flow and improve financial decision-making. Additionally, cloud accounting systems reduce operational costs by eliminating the need for expensive hardware and software purchases, while providing automatic updates and upgrades. The accessibility of cloud accounting improves productivity and allows for remote working. With its cost-effective pricing model, cloud accounting is a valuable solution for businesses seeking to reduce overhead costs and optimize their financial operations.

 

This year, technology will continue to have a growing role in tax departments as they look to do more with what they already have. Digital automation will quickly become an important tool in companies and workforces as business leaders look to make decisions quicker. 

The first step is to evaluate your business to better understand the processes that are already established and the goals you’re trying to achieve. Business Process Reengineering ­– recreating business processes with the goal of improving product output, quality, or reducing costs – is a helpful tool to accomplish this.

After the initial work is done, it’s time to evaluate where automation will be the most effective. In most cases, this will be in departments that leverage large amounts of data in their processes.

Let’s take tax departments as an example. Tax departments are known for having detailed and complex processes that synthesize a lot of data. Manual processes for tasks like reconciliation are particularly challenging. This is where automation can help spot anomalies that might slip through the cracks.

Across the industry, we’re seeing companies driving towards implementing e-invoicing and e-reporting. E-invoicing creates a system that standardizes the format of the e-invoice and transmits it to the proper tax authorities to receive validation in real-time. It also exchanges the transaction between the buyer and seller and retains a copy. This copy is important so tax teams can comply with periodic electronic reporting requirements.

Branching off this process, the digital journey also includes complying with the different invoicing requirements tax administrations implement on the business-to-consumer side, which is important for businesses looking to expand globally. Each country has specific requirements for invoicing, including language, currency, format, tax calculations, format and signatures. Automating the invoice process makes compliance with these regulations easier.

These trends show that automation is continuing to increase, which in turn decreases the workload for tax teams. Digitizing these processes can help accountants work through the complexity of requirements across different jurisdictions and countries. This is especially applicable to those working with a large volume of business transactions and helps to ensure their integrity.

While automation continues to make manual processes easier, it will leave your team with more time to focus on other business processes such as supporting audits or driving and creating new initiatives. With workforces facing labor shortages, economic barriers and supply chain issues, organizations need to find ways to buy back time and energy using technology.

Collaboration within your organization will be key to achieving these goals. Make sure there is a partnership between the IT teams and departments looking to implement automation. This will create an understanding of each team’s needs and allow for the common goal to be reached.

Remember, the best digital transformations happen over time. Don’t rush the process or fall victim to the “I need it all” mindset. The most successful leaders understand that automation isn’t a one-size-fits-all, but rather a useful tool that should be tailored to the business goals of the organization or department.

Bio: Chris Zangrilli, VP - Technology Strategy

Chris Zangrilli is Vice President of Technology Strategy at Vertex Inc. In his role he leads the technology strategy and innovation efforts, applying emerging technologies to understand the art of the possible to drive growth. He has held several technology leadership roles responsible for the architecture and development of SaaS solutions.  He brings 30 years of technology and strategic expertise driving value to customers through tax technology solutions. 

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.

Explore how businesses are addressing post-pandemic operational challenges with a focus on digital tools, supply chain flexibility, and workforce management.

As businesses continue to navigate the complexities of a world reshaped by the pandemic, operational resilience has emerged as a critical focus. Companies across various sectors have faced significant disruptions, particularly in their supply chains and workforce management.

An important trend has been the increased investment in digital tools to enhance operational efficiency. Many organizations have turned to advanced technologies such as automation and artificial intelligence (AI) to streamline processes and reduce dependency on manual labor. This shift is not merely about replacing human resources but enhancing productivity and enabling employees to focus on strategic initiatives.

Furthermore, supply chain volatility has underscored the need for more agile and flexible operations. Businesses are reevaluating their supply chain networks, seeking to diversify suppliers and implement more dynamic logistics strategies. A prominent case is a global retailer that adopted blockchain technology to improve transparency and trust throughout its supply chain, enabling more accurate tracking and faster response to disruptions.

In addition, the hybrid work model has posed both opportunities and challenges. Companies are navigating how to manage productivity and engagement when teams are dispersed across different locations. Successful firms are adopting comprehensive remote work policies that prioritize collaboration and communication while ensuring that employees remain connected and engaged with the company culture.

These operational shifts necessitate new skills and a focus on change management to help businesses adapt successfully. Leaders are thus investing in training programs to equip their teams with the necessary skills to thrive in this dynamic environment. The post-pandemic landscape demands resilience and innovation, and businesses that embrace these changes are likely to emerge stronger and more competitive.

Explore how businesses are leveraging AI to enhance operational efficiency, featuring real-world examples and insights.

In today's rapidly evolving business landscape, companies are increasingly turning to artificial intelligence (AI) to streamline operations and enhance efficiency.
AI technology offers numerous applications, from automating routine tasks to providing deep analytics that inform strategic decision-making.

A prominent example of AI in action is the global professional services firm Deloitte. The firm has successfully integrated AI into its auditing processes, significantly reducing the time required to analyze vast datasets while maintaining accuracy.
Such innovations are not confined to large enterprises alone; small and medium-sized businesses are equally benefiting from AI-enabled tools that help optimize resource allocation and process management.

The adoption of AI in operational frameworks helps businesses anticipate market changes and prepare adequately. For instance, predictive analytics, a fundamental AI application, allows companies to forecast demand trends and adjust production schedules, minimizing waste.
Moreover, AI-driven insights into customer behavior enable businesses to tailor their offerings, leading to increased satisfaction and loyalty.

Organizations also employ AI for risk management by identifying potential vulnerabilities in the supply chain, thus ensuring continuity even amidst disruptions.
Incorporating AI technology not only enhances operational efficiency but also positions businesses as forward-thinking leaders in their industries.

As more companies recognize AI's transformative potential, investing in AI-driven solutions becomes a prerequisite for staying competitive in the business world.

Explore key practices for enhancing supply chain resilience amidst global disruptions. Learn how local sourcing, technology, and sustainability can fortify operations.

The ongoing global supply chain disruptions have heightened the need for businesses to bolster their operational resilience. Companies across various industries are compelled to re-evaluate their supply chain management practices to reduce vulnerabilities and maintain a competitive edge.

One significant trend is the shift toward local suppliers. Globalized supply chains have exposed businesses to multiple risks, including geopolitical tensions, pandemics, and natural disasters. By diversifying and localizing their supplier base, companies can minimize these risks and ensure a steady flow of goods. A well-known case is of a major retailer in the U.S. that successfully navigated the recent supply chain challenges by increasing its procurement from local manufacturers, thereby significantly reducing lead times and logistics costs.

Another critical approach is investing in technology. Advanced analytics and real-time data platforms allow companies to monitor supply chain status actively. This visibility enables them to anticipate disruptions and swiftly adapt to changes. Recent surveys indicate an uptick in the adoption of digital tools among top firms, aiming for better supply chain transparency and proactive decision-making capabilities.

Building robust partnerships with suppliers is also paramount. Trust and communication are vital in navigating unexpected disruptions. Collaborating closely with suppliers can lead to shared benefits, such as improved product quality and reduced costs. An exemplary model is the collaboration between an automotive giant and its parts suppliers. Through joint risk assessment and contingency planning, they successfully managed to maintain production schedules during a critical phase.

It's also worth noting the growing trend of sustainability in supply chain operations. Businesses are increasingly under pressure to meet environmental standards, and integrating sustainable practices into the supply chain is becoming non-negotiable. Eco-friendly packaging, energy-efficient transportation, and ethical sourcing are a few areas where companies are making significant strides.

While the challenges are diverse, the path forward is clear. Continuous evaluation and adaptation of supply chain strategies are crucial for businesses aiming to thrive amidst uncertainties. As companies invest in resilience, they set a pathway not just for survival but for sustainable growth in an unpredictable world.

Explore operational strategies that optimize remote work success, focusing on communication, cybersecurity, and employee engagement in a remote-first business environment.

The global shift towards remote work has transformed business operations significantly. Organizations today are tasked with not just managing the technical aspects of remote work but ensuring their operations remain efficient and effective....

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.