The post-holiday season is the time for taking a physical inventory of your merchandise and restocking your shelves. According to U.S. Census Bureau information reported by Trading Economics, inventories in general rose at the highest level in October 2021 were the highest since May 2011. Sounds rosy? If you’re an inventory-based business, things related to your items haven’t been easy in recent months and likely some problems will continue. Here are some challenges you may or are likely to face in optimizing your inventory and what you can do about them. Read More

Combat fatigue, according to the dictionary, is a psychological disturbance caused by prolonged exposure to active warfare, especially being under bombardment. But this sounds a lot like the psychological disturbance that many small business owners are experiencing from going through two years of COVID-19, supply chain disruptions, labor shortages, and most recently, spiking inflation. Not to belittle or even equate the wartime experience, small business owners need to find ways to handle their “combat fatigue”—severe stress—and move ahead. Here are some ideas to help. Read More

It’s a fact that having a mentor increases your chances for success. According to a study by Kabbage, 92% of small businesses that received mentoring said it had a direct impact on growth and survival. Unfortunately, only 22% had a mentor when they started; 89% of owners that don’t have a mentor wish they did. Get a mentor; be a mentor. The following is an update of an old blog. The importance of mentoring hasn’t changed, but some of the resources are new. Read More

Small businesses, by definition, have limited staff and resources. In order to operate “big,” technology has provided some practical assistance. There’s a lot of talk these days about artificial intelligence (AI) and other sophisticated technology. There are many tools available for small businesses that won’t bust budgets. In addition to your basic tools, such as Microsoft 365 and G Suite, there are other ways to do things efficiently within your limitations. Consider how you might use some automation tools in your company. Read More

If you engage independent contractors and pay them in the aggregate $600 or more during the year, you must report payments to them and to the IRS. In fact, business tax returns ask whether you’re required to file 1099s and whether you have or will do so. You may report payments that are below this threshold, even though not required to do so. The failure to report nonemployee compensation—payments to independent contractors—meeting the threshold can result in costly penalties to you. Read More

It’s been nearly two years since COVID-19 debuted in the U.S. We now have variants and there are no guarantees there won’t be more to come. The federal government, the states, and some localities have issued various directives for vaccines, quarantines, and other measures designed to create a safe workplace. Where do we stand? The rules seem to change daily and some rules conflict with others. Here are some of the latest rules you need to know, with the caution that they may change at any time. Read More

New Year’s resolutions have become a perennial activity. For personal reasons, resolutions usually focus on becoming healthier, saving money, and learning a new skill. Nearly three quarters of all Americans made resolutions in 2021. But a New Year’s resolution is merely a promise to do something differently than in the past. For business reasons, it’s easy to make a list of promises you’d like to see happen in your company the coming year, but how are you going to make this a reality? You need more than a promise and a prayer. Read More

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