Explore how rising inflation is influencing business strategies, from pricing to supply chain management, and learn how companies are adapting to stay competitive.

Inflation has been making headlines recently, as it significantly impacts businesses across various industries. As costs rise for raw materials, labor, and transportation, companies are forced to adapt quickly to safeguard their profit margins.

Pricing strategies have become a crucial area of focus for firms, as they strive to balance the need to increase prices with maintaining customer satisfaction. Businesses are leveraging data analytics to anticipate consumer behavior and make informed pricing decisions, ensuring they remain competitive in the market.

Companies are also reevaluating their supply chain strategies. With inflation causing disruptions, firms are seeking more efficient and cost-effective methods to source materials and manage logistics. Some are adopting just-in-time inventory practices, while others are looking at diversifying suppliers to mitigate risks and reduce dependency on single sources.

Moreover, business leaders are turning to digital transformation and automation solutions to control operational costs. By automating repetitive tasks, companies can enhance productivity and reduce labor costs, offsetting the impact of rising wages.

This inflationary period also pushes businesses to focus on cost management more than ever. Firms are reviewing every aspect of their operations for potential savings, often implementing energy-efficient systems and cutting down on waste wherever possible.

Real-life examples can be drawn from companies like Procter & Gamble, which has successfully adjusted its pricing and trimmed costs to navigate inflationary challenges. As businesses continue to face these economic pressures, strategic planning and adaptability are proving essential in steering through these uncertain times.

Explore the critical role of technology in navigating sales tax compliance for small businesses, with insights on leveraging tools like Avalara and TaxJar.

Small businesses are the backbone of the American economy, fueling growth and innovation across various sectors. However, one persistent challenge they face is understanding and managing sales tax compliance. In recent years, the world of sales tax has evolved rapidly, with technological advancements and legislative changes altering the landscape.
Sales tax compliance is not just about collecting and remitting taxes. It's a multi-faceted issue that involves understanding taxability rules, maintaining accurate records, and staying updated with ever-changing regulations. The complexity escalated after the landmark Supreme Court ruling in the South Dakota v. Wayfair case, which shifted the paradigm by allowing states to mandate sales tax collection from out-of-state sellers.
From my experience with Deloitte, I recall working with a small tech company that expanded its sales beyond its home state. Initially, they were unaware of the economic nexus laws set by various states post-Wayfair. This resulted in hefty fines and penalties that could have been avoided with a proper understanding of sales tax laws.
To navigate this complex web, small businesses can take advantage of sales tax software solutions. These tools help automate tax calculation, exempt management, and return filing, significantly reducing the risk of non-compliance. Industry leaders such as Avalara and TaxJar have been at the forefront of providing comprehensive automated solutions tailored specifically for small businesses.
Moreover, states have been increasingly adopting Destination-based sales tax laws, which can complicate tax collection. For businesses, this means the need to calculate taxes based on the buyer's location, which can be a daunting task if not properly managed. Real-time tax calculations ensure accuracy and compliance, saving businesses from costly errors.
The future of sales tax compliance seems to align closely with technology, emphasizing the need for digital transformation within small businesses. Cloud-based solutions not only ensure compliance but also enhance the operational efficiency of businesses, allowing them to focus more on strategic growth initiatives.
While navigating the complexities of sales tax compliance may seem overwhelming, understanding the key challenges and leveraging the right tools can help small businesses maintain compliance and thrive in a highly competitive environment.

Explore the growing trend of AI integration in business accounting and its impact on efficiency and decision-making.

In recent days, we've observed a significant trend in the integration of AI in business accounting.
As companies strive to stay ahead in a digital era, AI technologies are becoming pivotal in streamlining processes and enhancing accuracy.
One remarkable example stems from my time at Deloitte, where the implementation of AI-driven solutions reduced errors in data entry by 30%.
Such success stories illustrate how AI can revolutionize accounting by improving efficiency and decision-making.
The current trend highlights how businesses are adapting their accounting strategies to include AI for better insight generation.
This shift is evident in industries that rely heavily on data, such as finance and retail, where precise financial analysis is critical.
Today's business leaders are keen to leverage AI not only for its operational benefits but also to gain a competitive edge in their markets.
Those who embrace this evolution will likely see improved performance and long-term success in their accounting practices.

An insightful article discussing strategies for U.S. businesses to navigate current economic challenges, including inflation, labor market shifts, and consumer sentiment.

The past few days have seen a whirl of discussions surrounding the U.S. economic outlook as businesses brace themselves for an unforeseen fiscal climate. ...

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.

Discover how operational agility is crucial for businesses to thrive in uncertain times, with insights from industry leaders like Amazon and Deloitte.

Operational agility has become the cornerstone of successful businesses navigating the complex and ever-changing market dynamics. With fluctuating consumer demands, supply chain disruptions, and evolving regulatory landscapes, companies that prioritize agility in their operations are better positioned to thrive.

One prime example of operational agility's impact is seen in the case of Amazon. The e-commerce giant has continuously demonstrated its ability to swiftly adapt to market trends and consumer preferences, largely due to its agile operations. By leveraging robust data analytics, Amazon adjusts its inventory and distribution strategies in real-time, ensuring that customer demands are met promptly and efficiently.

Incorporating advanced technology into operations is another vital aspect of enhancing agility. Automation, artificial intelligence, and machine learning can streamline processes, reduce human errors, and improve decision-making speed. For instance, Deloitte has been a pioneer in implementing AI-driven solutions to revolutionize auditing processes, significantly enhancing accuracy and efficiency.

Furthermore, fostering a culture of flexibility among employees is crucial. Encouraging cross-functional training and emphasizing teamwork enables businesses to adapt to unexpected challenges seamlessly. Deloitte's renowned team-building initiatives and flexibility policies exemplify how such practices can lead to superior operational agility.

The COVID-19 pandemic showcased the necessity of operational agility, with companies like Johnson & Johnson rapidly pivoting their operations to expedite vaccine distribution. This quick adaptation underscored the importance of robust supply chain management and agile response strategies in crisis situations.

In light of these examples, businesses must reevaluate their operational frameworks. Regularly assessing and upgrading existing processes, investing in technology and training, and fostering an adaptive work culture are pivotal steps toward achieving operational agility. As the market continues to evolve, prioritizing these elements will empower companies to not only survive but also thrive in uncertainty.

Discover how AI is driving operational efficiency and transforming business landscapes with real-world examples and insights.

In an increasingly competitive market, businesses are turning towards innovative technologies to optimize their operations. One such rapidly emerging trend is the integration of Artificial Intelligence (AI) into operational frameworks. Companies are embracing AI-driven solutions to not only improve their efficiency but also to stay ahead in the competitive landscape.

AI has proven to be a game-changer for operational processes, from automating mundane tasks to providing insightful analytics for better decision-making. This transformation was evident when a renowned U.S.-based retail chain implemented AI to manage its inventory. By using predictive analytics, the company reduced its inventory costs by 15% and improved customer satisfaction through timely restocking of products. This case exemplifies how AI can streamline operations and drive strategic value.

Another significant benefit of AI in operations is in the realm of supply chain management. AI-driven tools can anticipate demand fluctuations and optimize logistics, significantly reducing waste and increasing efficiency. For instance, a global logistics firm integrated machine learning algorithms to predict delivery times more accurately, achieving a 20% reduction in delayed shipments. This not only optimized their operations but also enhanced their client satisfaction ratings.

Moreover, AI-driven process automation has revolutionized customer service operations. Chatbots and virtual assistants are now handling routine inquiries, allowing human agents to focus on more complex issues. A financial services provider incorporated an AI-powered chatbot which reduced their customer service costs by 30% while maintaining high customer satisfaction levels. The ability of AI to balance cost optimization with service quality is a testament to its transformative potential.

The widespread adoption of AI in business operations underlines the importance of embracing digital transformation. Companies that leverage AI technologies stand to gain a competitive edge, as they are able to respond faster and more effectively to market changes. However, adopting AI requires a strategic approach, including investing in the right technologies, upskilling employees, and maintaining ethical considerations in AI deployment.

In conclusion, as businesses navigate the complexities of today's environment, integrating AI into operations can unlock new opportunities for growth and efficiency. By harnessing the power of AI, businesses can drive operational excellence and achieve sustainable success.

Explore the challenges and opportunities of hybrid work models in businesses. Learn about strategies for effective implementation and maintaining company culture.

In recent times, the hybrid work model has emerged as a strategic solution for businesses striving to balance operational efficiency with employee satisfaction. As organizations continue to adopt flexible work arrangements, this approach has proven to be both a blessing and a challenge.
The hybrid work model allows employees to split their time between working remotely and from the office, offering unmatched flexibility. However, it also brings unique challenges that require savvy navigation for successful implementation. A key aspect of this transition is maintaining consistent communication within teams. Businesses have turned to various digital communication tools to bridge the physical gap. Yet, the efficacy of such tools hinges on proper deployment and the fostering of a digital-first mindset among employees.
At the heart of successful hybrid work models is the alignment of organizational goals with employee roles and responsibilities. This can be achieved through regular feedback loops and performance assessments. Moreover, business leaders must equip their teams with the necessary resources and tools to thrive in a hybrid setting, ensuring high productivity levels regardless of physical location.
Another significant challenge is cultivating a positive company culture in a dispersed environment. Regular virtual team-building activities and meetings can help maintain a sense of community and engagement among employees. Encouraging transparency and inclusivity is crucial to keep the organizational spirit thriving, even when physical interactions are limited.
From my tenure at PWC, I observed that businesses embracing hybrid models saw notable improvements in employee satisfaction and retention rates. However, the transition requires strategic management and investment in technology and infrastructure. Companies must prioritize cybersecurity to safeguard sensitive information in a digital work environment.
Case studies reveal that companies like Deloitte have successfully implemented hybrid work structures by fostering a culture of trust and accountability. They have empowered employees with autonomy in their roles while maintaining clear communication channels to ensure productivity and efficiency.
In essence, while the hybrid work model presents challenges, it also offers opportunities for innovation and growth. By leveraging digital tools and fostering an adaptive organizational culture, businesses can navigate this new era of work effectively. Leaders must remain proactive, flexible, and attentive to emerging trends to stay ahead in an ever-evolving business landscape.

Explore the rising importance of operational agility in the business landscape, focusing on technological integration, corporate culture shifts, and real-life examples from leading companies in 2023.

The business landscape has been evolving rapidly, driven by technological advancements, changing consumer behavior, and global economic shifts. In this dynamic environment, operational agility is emerging as a critical success factor for businesses looking to maintain a competitive edge.

Operational agility refers to a company's ability to adapt quickly and efficiently to changes in the market, technology, or regulatory environment. In recent years, several high-profile cases have illustrated the importance of agility. One notable example is the transformation undergone by a leading retail giant. By integrating AI-based inventory management and enhancing supply chain flexibility, the company significantly reduced lead times and improved customer satisfaction.

Technology is the cornerstone of operational agility. Companies are increasingly investing in digital transformation initiatives to streamline processes and improve decision-making. Cloud computing, artificial intelligence, and data analytics are at the forefront of these transformations. These tools enable companies to collect and analyze vast amounts of data in real-time, facilitating quicker and more informed decisions.

However, technology alone cannot drive operational agility. It requires a cultural shift within the organization. Businesses must foster a culture of continuous improvement, where employees are encouraged to innovate and embrace change. Training programs and workshops that focus on agile methodologies can be instrumental in achieving this cultural shift.

Moreover, collaboration plays a vital role in achieving operational agility. Breaking down silos and promoting cross-functional teamwork allows businesses to respond more effectively to challenges. By leveraging the diverse expertise within their teams, companies can develop innovative solutions to complex problems.

Looking ahead, the importance of operational agility is only set to increase. As market conditions continue to fluctuate, businesses that can pivot quickly will be better positioned to seize new opportunities and mitigate risks. While the journey towards agility is not without its challenges, the potential rewards in terms of improved efficiency, competitiveness, and resilience make it a worthy pursuit.

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.