Deborah Conrad, who joined SCORE in late 2014, has over 40 years of combined experience in global trade finance, loan portfolio and credit administration, government guaranteed credits and marketing and development.
Banks are not the only lending options for small businesses. In this presentation, Andrea Gellert goes over different non-bank financing options that a small business can turn to.
Credit card processing is an unregulated industry. It is electronically based with no short cuts. Pricing is the biggest area of misinformation.
It is true that security rarely actually adds anything to the bottom line of your company. There is usually nothing tangible to point at and say “We added X amount of $ to the company bottom line and thereby saved you that money". But on the other hand, you should contact your insurance company and see how much they can save you by hiring security officers or a patrol of your facility.
Have you begun to wonder if your business is ready to expand? It’s a tough question to answer. Even if all indicators point toward making this move, you don’t want to jump the gun. This is a big decision that will impact you and your company in a number of ways.
If you have a family-owned-and-operated, andyou’re a baby boomer, you need to start thinking about who’s going to run the business when you retire. Something to remember: your style of doing business may be different than those of a Gen-Xer or a Millennial.
Who doesn’t want to make $10,000 a month in their business! For a startup, that is a “Dream” goal not a “Realistic” goal.
For any business, monitoring your cash flow is crucial. Here are some tips from “Two Men in Your Business”
An ESOP is also not an Employee Stock Option Plan. It is a defined contribution retirement plan established under section 401(a) rather than 401(k) and has two major differences. It must invest primarily in stock of the sponsoring company, and can borrow money to do so. The name is very misleading since the employees never own any of the company stock.
An ESOP is not a do-it-yourself endeavor. The creation is complicated. The ESOP must conform to the laws and regulations of both ERISA and the IRS, and is overseen and regulated by the Department of Labor. Dealing with one government agency is bad enough. Dealing with three of them is horrific.
Business owners spend their life growing the family business, but their wealth is locked up in their business and the owner isn’t able to enjoy the fruits of his labor. An ESOP will allow him to sell part or all of the company, providing liquidity and diversification of his wealth while still remaining in control of the company.