Small business confidence dipped during May, reports Reuters.

U.S. small-business confidence edged down in May as worries about high inflation persisted, according to a survey on Tuesday, which also showed demand for labor remained strong despite rising interest rates and tighter financial conditions.

Read the article Reuters

Small businesses are still receiving bad customer service from their supplier, reports Yahoo Finance.

Eight in 10 small businesses have said they are facing a “cost-of-working crisis” due to poor customer service from suppliers, according to a survey.

Read the article Yahoo Finance

According to CNBC, small business lender Brex is exiting the small business market.

Brex, the Silicon Valley lender to start-ups, is dropping tens of thousands of small business customers to focus on bigger venture-backed clients, according to co-founder Henrique Dubugras.

Read the article CNBC

According to Marketplace, the federal government is revamping the rules regarding what qualifies as a small business. 

For all the coverage of small business that we do at Marketplace, we don’t have a fixed definition of what makes a business “small.” A small business could be a literal mom-and-pop store, a restaurant with a couple of employees or a manufacturer with 150 employees.

Read the article Marketplace

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. 

As a small business owner, your goal is to ensure that your venture will one day become bigger to the level of being known globally. However, before reaching such a level, you have to do a lot of work and lay down various strategies that will propel your business to greater heights in the market. As small as your business might look at the moment, there are various benefits that small companies have that the larger ones do not. Here are some of these benefits.

1. Culture

Small businesses are often run by people who founded them or have been there since their inception. This is one of the advantages because these individuals know the culture of the business and the story that binds employees. They understand the core purpose of existence, the philosophy of the job and the original intention of the owners. This sets the company apart as a workplace and is part of a brand that customers buy into. As the company grows, the original culture of the business may slowly disappear because many people who do not understand the company's origin arrive.

2. Flexibility

Unlike large companies, which are compartmentalized and have a lot of bureaucracies, small businesses are small and agile. This makes them easy to be changed to fit into the changing business landscape. For example, if you, as the business owner, feel that the company should be changed in a particular manner, you can make decisions faster since there are few layers involved in decision-making, unlike the large multinationals where you have to consult many people and departments. As such, bigger companies are not as agile as small businesses because decisions must be filtered through various layers before they can be adopted.

Small businesses can make fast decisions because it does not take too much time to call a meeting of the entire company, including the workforce and explain decisions. Additionally, smaller businesses can identify problems faster and solve them before they become a disaster.

3. Specialization

Big organizations are focusing on greater opportunities to generate significant revenues and grow. Therefore, many niches that bigger organizations do not target remain unserved. Unlike the bigger organizations, smaller companies have a chance to fill the void left by others. They can use this to build a reputation as being able to serve better than anybody else. An example is a contractor who can focus on residential building projects and deliver unique messages that distinguish it from the competitors. This kind of uniqueness attracts residential project owners and allows faster growth.

4. Communication

Small businesses are closely-knit communities where employees are close to one another and always have verbal communication throughout the day. With this family-like mentality, there is better communication among the employees and those running the company. Workers can easily communicate directly with the business owner or boss they are likely to know in person. Therefore, if an organization has a problem, the boss will know it faster and solve it.

Proper communication within an organization is critical in building trust and solving complex business challenges. Unlike bigger organizations that have many bureaucracies and protocols, small organizations get information directly from lower cadre employees who have firsthand information on the happenings from daily operations. This is one of the areas in that small businesses have the edge over large organizations. With the right communication framework, issues that could have otherwise worsened due to the too much time it takes to be solved in bigger organizations are solved within the shortest possible time.

A code of ethics entails a set of standards adopted to allow the conduct of a specific group of people to be governed. It is a rulebook that stipulates what should and should not be done. In a business environment, ethics and morals help govern how staff conduct themselves. Individual businesses have their codes of ethics, which ensure integrity within an organization. As a business leader, you may want to surround yourself with like-minded people who have the same capacity, morals, and values. Otherwise, the business will not operate as you would wish.

Ethics govern the moral principles and how a business operates. They are relevant to business operations and staff. They are part of the company culture. Every business operates based on guidelines for what purpose it deems right or wrong. This means that the code of ethics is critical in keeping a business operating, speaking in one voice, and reading on the same page. Having a well-laid-out code of conduct can help a business determine its priorities, goals and values. It also helps deal with possible future problems in case of legal tussle.

In small businesses, moral and ethical codes of conduct are crucial because there is no universal small business code of ethics. Small business owners need to exhibit high-quality values and ethics.  

Here are some tips you should know when developing a code of ethics for your business.

Why the ethics policy?

Ethics brings equality to a business. It allows every employee, client, and partner to be treated equally without prejudice, honesty, respect, and integrity. With a code of conduct, a business will work towards the same code of behaviour in guiding how everyone thinks, makes decisions and serve customers. It promotes the positive behaviour of employees. How employees act determines the reputation of a business. Furthermore, it determines the responsibility of your business to be transparent, honest and decent.

Set your priorities

Your code of conduct does not work in isolation. Rather, it must be aligned with your organization’s mission statement and the overall goal of your small business. As such, you need to consider your office policies because they significantly inform the ethical code of conduct. While doing the same, you need to ensure that the code is not just for employees but addresses other people, including vendors, outsourced workers, and partners. Therefore, ensure your code takes into account the social responsibility of a company and employees, company goals and guides and rules that employees need to follow. When writing your code of conduct, the first thing you need to think of is the values that are important for your business. Write about how you want your employees to behave and the behaviour you do not want to see. Setting up your business code of conduct can help your organization grow into a big sustainable business that respects professionalism.

Be specific

Although a too detailed code of ethics may not be good, it may be good to give some examples of ethical dilemmas to your code of conduct in cases where there are discrepancies. Elaborate on sensitive topics such as workplace romance and nepotism and make sure they are well addressed and clearly outlined with a procedure to follow.

Appoint a compliance officer

Once you have created your code of ethics, it must be implemented. A copy has to be sent out to every employee through the human resource department to achieve this goal. Employees will then sign and return it to HR. However, it is good to appoint an individual to update the code of conduct and compliance. This person will be the compliance officer, most likely from the HR department. The work of this individual is to handle the ethical breaches and update the code as he or she sees necessary.

Small businesses face various challenges. This makes it difficult for most businesses to succeed. However, this does not mean that the failures are permanent. Rather, if programs are well executed, the priorities can be changed, and success can be realized. However, this is easier said than done. Many business owners refuse to make changes because they are unsure of the right time to act. Pivoting can breathe new life into a failing business. However, it may force business owners to start from scratch and abandon their previous investments.

Pivoting

Pivoting means changing the direction of a business after realizing that the existing products or services have failed to meet the needs of the markets. The main goal of doing this is to improve revenue and survival chances in competitive markets. As you pivot, ensure you do it correctly because the way you do it can make a difference.  

When can you pivot?

While pivoting is crucial, it is not a silver bullet that can solve all the woes you face in your business. Therefore, as a small business owner, consider pivoting when it is the last solution or whenever it is necessary. It should always be the last resort when everything else has failed or has been exhausted. There are various times you should consider when pivoting. One of the reasons is that there is little progress even after investing a lot of resources and cash into your business. Another reason is when there is a lot of competition or when your organization's progress has stalled. You can also do it when the features of products are not getting the due traction or the customers are not responding to the products as you initially thought they would and when your perspective about the industry you operate in has changed.

How do you succeed in pivoting?

Successful pivoting requires decisive action and a leader that is ready to take risks. However, you must understand that no solution can be everything, no matter how you see it. Therefore, even as you introduce new products or features, ensure you are not doing it too much because it may bring confusion to your customers. Here are some tips on how you can pivot successfully.

1. Pick goals that are aligned with your business

When you are pivoting and trying to change how your small business operates, you need to define new goals that align with the newly pivoted business. Make valuable decisions on your new goals concerning revenue goals and customer traction numbers. While it is good to do it, comparing your business with the previous goals will not give you a clear idea of your company's performance.

2. Understand your target

Before embarking on your pivoting mission, ask yourself what you want to achieve. For example, if your product is not selling, you might need to think about why this happens, and the target that pivoting might achieve. Perhaps your main problem is that you are not selling it to the right people. For example, while your business might be targeting some customers, your products might be perfect for B2B.

3. Assess what your competitors are doing

Another critical step is to identify what your competitors are doing. These are not just any competitors. Rather, they should be your direct competitors. After such an assessment, think of what you can do better to get ahead of them.

Speak the language of your audience

Pivoting is always thought of as offering a new product or service. While this happens most of the time, it is not always the case. Instead, proper messaging is critical because an excellent idea can go unnoticed if you fail to focus on your audience. Consider letting your audience understand the overlooked feature if you want to bring the value of the pivoting out.

Moving your business to a new location can be hectic. No matter the size and type of business, relocating offices has various complications and headaches that most entrepreneurs fear. However, with the right mindset and proper preparation, you can streamline your processes to ensure they are as smooth as possible, and the move is beneficial to your operations. Here are some things you need to do if you are moving your business to a new location.

1. Identify the new office location

Before you think about anything, the first thing you need is an office location. This means you have to identify the new office location before even thinking of getting your stuff out. Assuming your business is not home-based, you will have to work with your HR department to find the new office space. You can assign a number of your employees to scout out the potential office locations. Find those who have experience in finding the office locations. If none has the experience, you should consider hiring a professional to get the job done.

2. Consider business needs and ease for your employees

Before you move your business out, ensure you consider the needs of your business and that of your employees. Take this as an important undertaking because it can make or break your business. If your organization relies on foot traffic or focuses on a certain demographic, find a space that suits them. It might be sensible to find a location with businesses that are similar to yours. For example, if your business is IT-focused, you might want to open an office in an area with IT networks. Consider the needs of your employees and try as much as possible to address them.

3. Assess the available leasing options

If you are planning to have a rented office space, you must first consider the lease terms and conditions before signing it. Assess the lease options available with each landlord. Most landlords often prefer multi-year lease options. Therefore, ensure you are comfortable with the lease options and timelines before signing an agreement. Furthermore, consider the possibility of your company expanding and having a space to expand to before the multi-year lease lapses.

4. Find and understand your budget

While moving may sound simple, it is a difficult and costly undertaking that will undoubtedly eat a lot of money and time. Therefore, before you move out, understand the moving budget. In addition to the monthly payments for the new office space, ensure your company is prepared to pay all the expenses for moving to a new space. The cost may include transport costs, storage needs, and replacement or addition of office furniture and fittings.

5. Let your employees know about your intentions to move

Employees are a critical part of any organization. As such, any office location change must involve everyone. Let them know in advance that the company has started looking for new office space and why you have to move your operations to a new base. Avoid surprises by giving them a heads-up. This will help them plan for their futures.

6. Develop a plan for moving all equipment

Moving to a new location is not something you just wake up and do. Rather, you have to plan appropriately before you can do it. Therefore, as you plan to move, develop a plan to migrate all technical equipment such as computers and servers. Assemble an IT support team to plan out the right approach to migrate your equipment ahead of time. With their knowledge and expertise, they will be able to move and transfer sensitive equipment.

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.