Neglecting to design an exit strategy from the very start can jeopardize both your company’s long-term value and your financial future. According to a report from Cassandra Smalley Wealth Management, 76% of business owners who sold their business last year regretted not planning their exit earlier. This statistic highlights a crucial point: exit strategy development is not a reactive exercise but a proactive strategy essential for sustainable business success.
TAGS:
Exit Strategy,
Small Business,
Business Owner,
CEO,
entrepreneurs,
economic,
exit plan,
business plan,
business exits,
succession planning,
Protecting yourself from ATM and POS terminal skimming is more crucial now than ever. Criminals have found increasingly sophisticated ways to steal personal and financial information by installing covert devices at ATMs and point-of-sale terminals. These skimming devices capture sensitive card data that can later be used to create counterfeit cards or make unauthorized purchases. According to the FBI, skimming costs financial institutions and consumers more than $1 billion each year fbi.gov, and according to Coin Law, global ATM fraud has surged by 18% in 2023, with losses estimated at $2.4 billion.
TAGS:
Finances,
financial crimes,
skimming,
Scams,
ATM,
POS Terminal,
small business,
fraudulent,
Fraud,
credit cards,
payment cards,
transactions,
According to the National Institute of Mental Health (NIMH), 72% of entrepreneurs report experiencing mental health concerns, compared to 48% of non-entrepreneurs. Additionally, research published by Detroit Regional Chamber, startup business owners report the highest stress levels (72%) compared to owners who have been in business for more than 6 years (58%). Given these challenges, entrepreneurs should take into consideration to prioritize mental health not only for personal well-being but also for long-term business success.
Being a role model means showing, not just telling. When you succeed in your own life, it builds credibility with those who look up to you. People are much more likely to trust and follow someone who has "been there, done that." According to a study by the Journal of Business and Psychology, mentees not only report higher job satisfaction but also demonstrate a 90% chance of being promoted compared to their peers without mentors. Your success story serves as proof that the journey is possible, and by demonstrating what can be achieved, you inspire others to believe in themselves.
Small businesses serve as the backbone of the economy, employing nearly 61.6 million Americans and driving innovation across various industries, according to the U.S. Chamber of Commerce. However, they often face economic challenges that disproportionately affect them due to their limited resources.
TAGS:
small business,
Inflation,
Business Challenges,
employment,
cash flow,
Capital,
Line of Credit,
supply chain,
salary,
small business owner,
,
finance,
financial
Nonprofit organizations address critical needs that often fall outside the reach of government and business efforts. Economically, according to Tronvig, nonprofits play a significant role by contributing $1.4 trillion to the U.S. economy in 2022, accounting for 5.6% of the GDP. Their influence extends beyond direct operations, creating a ripple effect in local economies. For instance, in sectors like the arts, 100 jobs in a nonprofit can spur an additional 152 jobs in related industries. This multiplier effect demonstrates how nonprofits bolster economic stability through their demand for goods, services, and employment.
TAGS:
local communities,
non-profit,
economic,
soical impact,
environmental sustainability.,
environmental impact,
small business,
charity,
Medicare,
education,
healthcare,
growth,
local jobs,
Staying ahead of social media trends is crucial for maximizing reach, engagement, and conversions. One of the most significant trends is the rise of short-form video content. Platforms like TikTok, Instagram Reels, and YouTube Shorts have popularized these dynamic and easily consumable formats. According to EverGreenSocial Data, 69% of marketers report achieving a higher ROI from short-form videos compared to other types of content.
TAGS:
Data Protection,
social media,
marketing,
Business Growth,
engagement,
conversions,
data,
Small Business,
relationship development,
strategic guidance,
Niche markets are experiencing significant growth as consumers increasingly seek personalized experiences and products tailored to their specific needs. Small businesses are well-positioned to take advantage of this trend by offering targeted solutions that resonate deeply with their audiences. For example, a Deloitte survey found that 80% of consumers prefer brands that provide personalized experiences. Additionally, a 2019 article in the Harvard Business Review reported that 65% of consumers prefer to buy from brands that advocate for sustainability.
Beneficial ownership refers to the individuals who ultimately own, control or benefit from a business or legal entity. This can occur either by exercising substantial control or by holding at least a 25% ownership stake according to GreenBurgTraurig. Unlike nominal ownership, which may only be reflected in official documents, beneficial ownership offers transparency regarding who truly benefits from or directs the entity’s activities. This distinction is crucial in preventing the misuse of legal structures for illicit purposes.
TAGS:
Beneficial Ownership,
business,
Small Business,
legal entity,
taxes,
financial,
finance,
nonprofit,
compliance,
money laundering,
Protect,
According to the U.S. Small Business Administration (SBA), Americans spent an estimated $17 billion on Small Business Saturday in 2023, highlighting its significant impact. Celebrated annually after Thanksgiving, Small Business Saturday was launched in 2010 by American Express and has been supported by the SBA since 2011. This event emphasizes the vital role that small businesses play in the U.S. economy.
TAGS:
Small Business Saturday,
SBA,
Small Business,
Economy,
Shop Local,
finance,
sales,
revenue,
community,
local jobs,
Inflation,