When you think about your business reputation, you may be looking to customer testimonials or surveys to determine how well you're doing. Obviously, your branding and online perception is going to influence sales and ultimately your revenue. Another part of your business' reputation, however, is how you approach the financial aspects of your business.
COVID-19 cases are still increasing as the United States reopens and now the National Bureau of Economic Research has declared that the U.S. economy is indeed in recession. According to the announcement, the economy was heading into recession when the coronavirus hit and, as businesses were shutdown, any gains were erased during March and April. If you're a business owner or accounts receivable professional, you may already know that cash flow has been affected by the events of the past few months.
The good news is that cash management options are still accessible during an economic downturn, such as a recession. Read on to learn more.
As entrepreneurs, we tend to look for those who most resemble ourselves for motivation and proof of success. We all need business leaders who've trudged the path before us, helping to make the path a little clearer. Brown and black entrepreneurs, as an example, face challenges such as a lack of media coverage of diverse leaders and are less likely to receive venture-capital funding. Still, there are those to push to start businesses any way, disrupting industries and the status quo.
To motivate others like them, read on to discover inspiring business quotes from black entrepreneurs.
Employers and organizations are beginning to move into a new normal after the COVID-19 pandemic response affected their businesses. With lockdown orders lifted and the phased approach to reopening, business owners and executives are seeking out ways to ramp up business quickly and keep their employees safe. Many companies furloughed or laid off staff and will be running at reduced staff levels for a period of time.
In this post, we offer predictions of tools and new strategies for B2B businesses to get back to work with reduced staff.
Retaining clients and customers is important for any business at any time. During times of uncertainty, it can be especially challenging. Clients may be unwilling or unable to commit due to financial concerns. You can still make efforts to keep these customers by changing how you work with them.
Here are best practices for customer retention during tough times.
This week, LinkedIn published a piece from their Workforce Confidence Index sharing that freelancers "reported lower confidence in their financial stability than the unemployed." As if we're not all inundated with enough bad news, there's no need to state the obvious. Most of us are shaken and concerned right now as nearly any business is affected by the pandemic. Even more interesting were the comments on the article from freelancers and entrepreneurs sharing their view of this crisis as an opportunity.
For freelancers, entrepreneurs and digital agencies, COVID-19 might be presenting more opportunities than expected.
When the Small Business Administration announced a forgivable loan program in response to the COVID-19 pandemic, small businesses and independent contractors rejoiced. The only requirements to qualify for the Paycheck Protection Program loan are fewer than 500 employees and to have been in business by February 15, 2020. If your growing business is economically affected or you're a freelancer who has lost clients due to the pandemic, this program was made to help.
Learn more about how PPP loans will improve your B2B operations and accounting.
For freelancers, startups and small business owners, the COVID-19 pandemic likely has impacted daily life and your business. Startup funding is drying up, employees are being furloughed or in general, we're all living in a state of uncertainty. You may be wondering if there's anything that you can do that could save your business during a crisis.
Our advice - Don't Panic! You may be better off than you thought.
Steps you can take to save your business in a crisis.
Whether you're a freelancer, small business owner or employee, working from home can be quite an adjustment. It's easy to get distracted by laundry or other household to-do's and you're probably reading this because you know that already. With a couple of tweaks to your routine, you may find that you're more productive working from home than the office.
Here are tips to stay productive when you work from home.
When working a 9 to 5 grind has got you down, you may be considering how to start your own business. If you've been the expert at something in a corporate job, you could break into the business of speaking about it or even consulting to other businesses. Do you want to make money with your expertise, working on your own terms, and are you ready to get started?
Entrepreneurship starts when you decide what you're good at and how to sell that.