Statistics show that in five years, half of the small businesses started today will no longer exist. That’s only a 50% survival rate in the first five years. But whether these businesses succeed or not relies on much more than the flip of a coin. If you’re starting a business in 2023 or just hoping to thrive this year, keep reading. We’ll take a look at how loans vary by business category and how to improve your chances of getting a small business loan. First, let’s check out some more stats: 99.9% of American businesses are small businesses. 61.7 million workers are employed by small busines ..read more

Any small business owner knows that it’s not always easy to get funding, especially when it comes to taking out a loan. Although small businesses vastly outnumber their big business counterparts when it comes to the national economy, they often struggle more. Due to tightened regulations, lower cash flow, less time in business, and lack of collateral, big banks often don’t want to take a chance on lending to small businesses. Because American small businesses are such an important part of the economy, the U.S. Small Business Administration was created to give them a boost. The idea is to encou ..read more

Every business owner should have a good grasp of working capital, both in concept and practice. In broad strokes, having too little working capital can doom a business to failure but having too much isn’t great either. An overabundance of working capital means you’re missing out on growth and opportunity. To find the right balance, you need to know how to measure the working capital you have, learn how much you need, and find out how much it takes to grow your business. This article will give a few pointers and help you get more familiar with the working capital part of running a business. Wha ..read more

Whether you’re ready or not, 2023 is here. With it comes new economic challenges both on the global front as well as domestically. Many of the trends we saw in 2022 will continue as many people hunker down for a recession. We’ll see significant changes in consumer spending, the labor market, and energy sectors. But not every industry will feel the heat equally. Below you’ll find five industries expected to face an uphill battle in the months to come. If any of them hit a bit too close to home for you and your business, the time to act is now. Be sure to read to the end to discover some tips to ..read more

As many financial experts warn business owners to prepare for the possibility of a recession, loan brokers are looking for ways to help their clients grow and thrive. While not every business owner can launch or acquire a new business, these industries can spark ideas on services you might provide to support your clientele. Financial Services One category that thrives during a recession, paradoxically, is the financial sector. When earnings are tight, business owners and individuals alike need to make sure they are getting every benefit they can from tax deductions and financial services. But ..read more

With 2022 quickly departing, it’s time to look ahead to what 2023 has in store. After the shock of the past few years, the economy is off to a shaky recovery with some predicting a looming recession. Global economic conditions are still somewhat uncertain as Russia’s invasion of Ukraine continues to cause tension. After midterms, politics are heating up as we head into the next major election season. That’s bound to cause waves as candidates on both sides of the isle jostle to make their mark on policy. So what can we expect in the next cycle? In this article, we’ll cover what to watch out for ..read more

As global economies struggle to recover from the pandemic, new challenges have slowed growth in some sectors. The most impactful of these, perhaps, is the war in Ukraine. We’ve seen significant shifts in energy and trade as the result of shipping blockades and sanctions. Most Americans have also been concerned with rising gas prices and interest rate hikes domestically as economists brace for a recession. How do 2022’s financial milestones affect your investment choices and business financing strategy? What should you be doing now to prepare for 2023? While there’s still some degree of uncerta ..read more

Investing in commercial real estate offers many pathways to profit. An investor can decide to take an active role in managing the property or take a passive role and leave management to someone else. There’s also variety in the types of properties available, with each offering a different mix of effort versus payoff. In some cases, a small investment in amenities can greatly increase residency rates. But, if you sink too much money into the wrong upgrades, you could end up losing money in the long run. Let’s take a look at asset classes, market tiers, and how to adjust investment strategies ac ..read more

Congratulations! You’ve just decided to run the Chicago Marathon. The only trouble is; you’ve run for fitness and on your high school track team, but never attempted such a monumental goal. So how are you going to get from a three-day-per-week runner to a long-distance athlete? If you structure a daily running routine, how will you know if you’re making any progress toward your goal? The answer lies in measurement. Most runners measure time and distance to see how far they’ve progressed. Measurement is benchmarking in a nutshell. Legendary management expert Peter Drucker is credited with sayin ..read more

It’s often said that “if cash is king, cash flow is queen.” That concept is based on the idea that really, the queen that makes things happen. When it comes to business success, cash flow does win over a lump sum of capital. If you have trouble managing your business’s cash flow, you could be in for a rough time. Although it’s not always as simple as, “positive cash flow = good, negative cash flow = bad,” you should pay close attention to where your business’s cash flow sits. Some businesses can sustain negative cash flow for short periods, but an extended negative cash flow can sink a busines ..read more