The COVID-19 pandemic has proven challenging for many small business owners. It’s difficult to run your business remotely, especially if you’re not set up to do so. If you run a business that requires customers or clients to come to you, you might be very concerned about how you can continue to operate without opening your premises.

At some point in the life of your business, you’ll likely need to borrow capital.

That’s why it’s important to build and maintain a solid credit score now – so when the time comes to apply for financing you’ll be able to prove to a lender you’re a good risk.

There are two schools of thought when it comes to “open book management” – the decision to increase transparency by sharing your company’s financials with your employees.

As a small business owner, you’re likely concerned about every penny you spend. That’s a good thing, because you need to keep track of your income and expenses. It also means, however, that you might be less likely to hire people who can help your business. People like bookkeepers, who are great investments for any small business.

Even the best entrepreneurs make mistakes. In fact, most would advocate that you need to make a few mistakes to learn and grow. So it’s important not to let those missteps stop you from following your dream of running your own business.

The CARES Act has many helpful provisions for small businesses, which the Senate Committee on Small Business and Entrepreneurship details in this helpful guide. Here’s an overview of the most important provisions

Being a small business owner can be fantastic. You get to be involved in every aspect of your business, from marketing to event planning, from sales to employee development. Being involved in so many areas of your business saves you from boredom and allows you to use skills you might not have known you had.

For small business owners, the risk of data breaches and fraud is high, so taking all the necessary steps to protect your sensitive data is a must.

Unfortunately for many entrepreneurs, the decision to increase their company’s data protection comes too late – after they’ve been victimized by a malicious hacker.

The SECURE Act was recently signed into law by President Trump, but even though it will have an impact on small business owners’ retirement, not a lot of people know what the act means for them.

Hiring staff can be an exciting time, because it means expansion and growth in a business. Sometimes, however, companies grow before they’re ready to. Small business owners think their businesses look more professional with more staff so they hire people when they don’t need to.

There are some things in life that go together well and others that definitely do not. Business and personal finances are in the category of items that should not be mixed.

Time management skills are increasingly important in a world where people seem to rush headlong from one crisis to another. Add in the effect of social media and addictive computer games that can be accessed from anywhere at any time and it's no wonder that some people struggle to fit everything into their days.

Good people management comes through experience. Courses will teach you the theories, but there is no substitute for day-to-day practice managing staff and their issues.

Times were tough, so John decided he had to drop his prices below his competitors. The results seemed gratifying. Business picked up quickly and when John looked round his shop he could see his sales staff were always busy with customers.

Very few small businesses have a huge marketing budget to work with. Fortunately, there are a number of simple, free and low-cost ways to get the word out about your company that are also highly effective.

These tips will show you five simple ways to promote your local business without breaking the bank.

Looking for simple ways to cut costs? These tips will help you make a noticeable difference to your bottom line.

Deciding on an online marketing plan can be overwhelming for small business owners looking for affordable ways to nurture steady, sustainable growth. With time in short supply, the key is to find one or two growth strategies that will get results at minimal cost.

Bookstores and libraries around the world supply excellent instructional materials. Riding in the car or commuting on the train, you can learn from experts. The bestseller lists at Amazon are fantastic resources.

The ability to network is a fundamental part of running a business. Running a business in isolation is difficult, so it helps to have expert partners and acquaintances available to share ideas with.

Hopefully, you have long – and short-term plans for your company and you may even have a strategy for your own development, but have you considered having a personal development plan (or individual development plan) for employees?