By Robyn Howard Do you ever feel like you want to close the doors of your small business for good? Well, you are not alone, and giving up shouldn’t necessarily be your first option. Many successful businesses we look up to today have been there too. Sales hitting rock bottom, the business itself sinking deeper and deeper into debt, auctioneers …

A competitive job market has made employee retention all the more crucial. Of course, knowing what motivates employees to stay is critical for businesses to successfully retain top talent. Learn how aligning corporate values with staff values prevents turnover. Impact of corporate culture and values on hiring and retention According to the Bureau of Labor Statistics, there were 8.5 million …

By Aaron Agius According to a CareerBuilder survey, the cost of a bad hire costs about $17,000 on average. In addition to the economic cost to a company, a bad hire can create huge problems for workplace morale and may significantly decrease employee retention—especially if the hire is in a senior position. Unfortunately, bad hires aren’t always easy to spot. …

Having a growth strategy in place is essential to ensure your business hits its milestones. What are the best ways for a young company to implement a strategy and manage growth? Here are five tips from business veterans: 1. Hire the right team Nothing is more important for business growth than hiring the right people, says Paul May, founder and …

Sometimes traditions take root because they’re the most effective and efficient way of doing things. But how can you move ahead if you are stuck on a wheel of repeating the same old systems? In short: you can’t. There’s a real benefit to becoming a rule-breaker, especially when it comes to breaking business rules. Here are a few ways you …

With 38% of the workforce freelancing in some capacity, the chances that your business can benefit from hiring a freelancer—whether to take on that extra load or to provide a service nobody else in your company can—are high. When it comes to hiring the perfect freelancer for the job, you need to understand how they can help your business and …

When you’re starting a new business, do you really need a business plan? Let’s face it: When you’re excited about your great new business idea and can’t wait to get going, the last thing you want to do is a sit down and spend weeks or months crafting a business plan. As the world of business has gotten less formal …

You delivered your product or services on time and your client was—as usual—thrilled with your work. But what gives? The due date on the invoice you sent is now several weeks past due, and it isn’t the first time this has happened with this customer. Slow-paying clients. Ugh. No matter what type of business you operate, you’re bound to experience …

The economy grows and shrinks in response to thousands of independent variables. We experience times of tremendous spending and growth, as well as economic downturns where spending freezes and businesses and consumers everywhere suffer the consequences. An economic downturn could be right around the corner—a possibility no matter how good or bad things look—so do you know what your business …

If you’re a woman business owner looking for financing to start or grow your business, one thing you may be dreaming of (aside from winning the lottery) is getting a grant. Unlike a loan that you have to pay back, or an investment in your business that requires giving up equity, a grant is basically free money that you don’t …

In the whirlwind environment of a startup, where founders juggle multiple roles and work at lightning speed, the need for efficient management is paramount. One role that has gained prominence in recent years is that of a chief of staff. Does your startup need one? To answer this, we’ll delve into the role, responsibilities, benefits, and how to choose a …

By Allen Bell and Allison Goldman Anyone who manages a small or medium-sized business knows that cash flow management is paramount to keeping an organization stable and can be one of the most important tools to scale a business. Now add the complexity of a seasonal business, and the need for disciplined cash flow management becomes even more significant. Most …

Described as the business organization for the 21st century with the “M.O.” of using business as a force of good, there has never been a better time than now for a startup to incorporate as a B Corp. Companies like Patagonia, Method, Warby Parker, and Good Worldwide are just a few businesses leading the pack as B Corps, some of …

On June 12, the Fed announced that interest rates would remain between 5.25 and 5.5%, forcing small businesses to try to access capital in the highest interest rate environment in decades, ultimately making it harder and more expensive. Of course, just because capital is harder to obtain, doesn’t mean you don’t need it to run your business, expand, and address …

Several months ago, we discussed a report from Constant Contact, Small Business Now: The Current State of SMB Marketing, showing that small business owners were struggling to market their products and services and how 73% of them weren’t confident their current marketing strategies were helping them grow their companies. While that initial article highlighted the marketing challenges business owners were …

If you’re a new entrepreneur, an important task is ensuring that your business is compliant with all local, state and federal regulations. Some legal matters require immediate consideration, and you will want to address those issues as soon as possible. To help, Young Entrepreneur Council members share 10 essential tasks to handle right away when starting a business. When first …

As work styles and agreements have evolved, so has the flexibility of work. Many professionals now have the freedom to work from anywhere they choose. Though some like to work from home, many entrepreneurs find it beneficial to get out of the house and use shared workspaces. A shared workspace, also known as a coworking space, is a physical work …

By Lexy Garrett You finally have your business up and running, but it isn’t growing at the pace you’d expected, or maybe it is even struggling. What steps can you take to grow your business? It is important to take action daily to improve your business. Every business is unique, but these steps will help set your business up for …

Bickering in the workplace is toxic. Anyone who is forced to listen to complaints and gripes is immediately put in the center of the conflict. This can spread like a cancer in your office and cause employees to become disgruntled and unhappy with their jobs. Stopping disagreements as soon they arise is essential to the overall health of your business. …

If your company has a presence on social media (and it should), then you need to make sure you have a social media policy that keeps everyone accountable. If you don’t, social media will end up being more of a distraction than an aid. What is a social media policy? According to data from Pew Research Center, 68% of adults …

As an entrepreneur, it’s important to stay on top of the latest trends in your industry. There are many different ways to do this, from networking to following news articles to listening to podcasts. To find out the best approach, we asked young entrepreneurs the following question: Q. Entrepreneurs often seek to gather and share information. What is your preferred …

As the very successful Walt Disney once said, “If you can dream it, you can do it.” And as a successful entrepreneur myself, I can confirm that you can make your dreams come true if you set your mind to it, persevere, and give it all you got. But, making your business idea a reality doesn’t happen overnight. It takes …

One of the most common struggles a new leader faces is learning to delegate and let go of the “little things.” While you may feel like you need constant oversight into your team’s work, micromanaging employees damages morale and drives away your top performers. It also prevents your team from doing truly creative or innovative work. Part of solving this …

If you’re a small business owner, you know every dollar counts toward the success of your company. If you can keep your operational costs down, you can give your business the safety net it needs for when times get lean. But learning how to effectively budget can be a challenge for many entrepreneurs, and is often the key reason small …

Are you one of the millions of people who start or end their day with brain teasers or puzzles? It turns out this is a fantastic way to help you become a great leader. In today’s fast-paced business world, the qualities that define strong leaders and successful entrepreneurs extend beyond traditional skills and knowledge. The ability to think critically, solve …