As a business leader, it can be challenging to keep up with everything that's going on. Your focus may be sales or attracting venture capitalists. You may be the creator of your product or service and spend more of your time manufacturing what you're selling. Whether it's an upcoming recession or lax accounts receivable management, you'll want to know if your business is in trouble.
Is the United States headed for a 2019 recession? According to economists, the risk is high though there was strong financial growth in the first half of the year. Even the whisper of a recession can trigger business owners with even the strongest constitution.
Do you know if your business is recession-proofed or prepared? Do you feel secure that you can continue operating in an economic downturn? Here are some steps you can take now to feel better about the future of your business.
Is your business recession ready?
So you've decided to take the plunge into entrepreneurship - 🙌Congratulations📣! Perhaps you're breaking away from an established business with a new idea or you're trying the freelance life. If you're feeling a bit unsteady, it's perfectly normal. Now's the time of frenzied activity and some of that involves rearranging your life. The good news is that you can build a solid foundation right now so that you're off to a great start.
Here are 5 best practices to have a successful first year in business.
Subscription based billing is when services are billed on a recurrent basis. Examples of subscription services include website hosting, software, consistent access to published content, apps, music or other digital information. From a B2B standpoint, your business likely sells a service or software to another business and bills them monthly for access. This billing model brings in recurring revenue that your business can depend on.
Here's how to ensure that your subscribers keep paying their monthly bills.
In every business and at every job level, there are negative situations. You may be faced with challenging colleagues or a client who's not holding up their end of a deal. It could be easy to loathe your job or let it get to you. You may then experience mental health challenges or problems with your home life. Or you could empower yourself and learn to face things with a different attitude. Your choice could change the outcome or launch you into something better.
Here are 4 best practices to stay positive in negative situations.
In a Quora thread from last year, an owner of a software business shared the story about a client who stopped paying for their SaaS services. After months of nonpayment and no response to follow-up notices, they closed his account. He later chose to sue the software company for closing his account and they went to court. Because their contract clearly stated that they could close his account due to nonpayment, they won their court case.
Freelancers, software companies and marketing agencies are examples of businesses that may work exclusively with other businesses. Because of the potential for litigation, B2B contracts are not only important, but necessary for protecting the interests of these companies.
Here are 10 things to include in every freelance and B2B contract.
You've established a great rapport with your client. They love what you have to offer and you feel like they're a great fit for you. Now it's time to discuss how much they're going to pay for it.
Feeling a bit queasy about this part? Most people do. Beyond the understanding that you can ask for what you're worth, this is also the time to make it a natural and expected part of your business relationship. Because it is.
Here's how to talk to your clients about money.
If you are a freelancer or own a small business, it can be tempting to do everything yourself to save money. Tax time can be especially daunting because of changes in tax laws, deductions, sending out tax forms to contractors and more. There are loads of software programs available and a free IRS website for DIY tax prep as well, which may also prompt you to do it on your own.
Are you wondering if you should hire a professional to do your taxes instead? Consider the following:
When you're growing a small business, it can be overwhelming to take on tasks that aren't your strengths. After all, you started a business because you were good at something... and likely, that something wasn't invoicing or collecting accounts receivable.
Making sales and making money are obviously necessary to grow your business. Instead of searching all over the internet for advice and sample templates, let us give you a head start.
Click on the links below to download our free resources.