The Small Business Administration is urging shoppers to look for holiday gifts at local small businesses, reports Small Business Trends.

The head of the U.S. Small Business Administration (SBA) has called upon Americans to ‘Shop Small’ throughout this holiday season, as well as on Small Business Saturday on November 26.

Read the article Small Busines Trends

Small businesses have to learn to compete in a digital first marketplace, reports Yahoo.

Marianne Rausch, American Express Vice President of Small Business Saturday and Shop Small, joins Yahoo Finance to discuss the impact of November 26's Small Business Saturday, how business owners are being taught to integrate into digital marketplaces like TikTok, and buying from small businesses this holiday season.

Read the article Yahoo

According to Mint, small businesses are being forced to put plans on hold by rising business rates. 

Add rising interest rates to the challenges that small businesses are already grappling with, including inflation, labor shortages and strained supply chains.

Read the article Mint

Small businesses can connect with customers via storytelling, reports Entrepreneur.

Whilst facts and data make people think, it's emotions that make them act. Sharing stories allows us to connect with people in real life, and create memories that are more intense and last longer.

Read the article Entrepreneur

Owning and running a small business is a dream of almost everyone. However, this is a big challenge, especially considering the problems you will likely face. While having the idea is the easiest part, starting and managing a business is not a simple task, as some might want to believe. The first two years of a business are the biggest problem, and most small businesses do not make it past this period. Those brave enough will successfully manage every aspect of the business starting from employees, marketing and administration, and ensure that they do not miss any leads. Here are some challenges that your small business might face.

1. Getting customers

While starting a business can be simple, getting customers is a complex undertaking which can be painful sometimes. This is a challenge to startups and multinationals such as Toyota, Coca Cola and Apple, who have the right teams for marketing and customer support. As a startup, you do not have to sit there and wait for people to come and buy your product or service, hopefully. Rather, you must develop a comprehensive strategy to inform people about your product or service and buy it. This is a significant challenge for small businesses because they do not have a recognized brand that people already believe in.

2. Cash flow problems

Small businesses often face the challenge of cash, and entrepreneurs are often afraid to start a business due to this reason. To sustain a startup, you need to spend a lot of cash and engage in various transactions, which can sometimes be challenging. As a startup, therefore, you need to track every transaction and be strict in managing your cash flows. Hire an accountant to help with bookkeeping and in managing your finances.

3. Lead generation

Most businesses face the challenge of lead generation, especially in generating enough leads to satisfy the sales team. Marketers also report that this is a key challenge that business leaders face. Given this problem, it is hard to ensure there is a steady stream of sales and income.

4. Overreliance on one customer

A single, large paying-on-time customer is excellent news for any small business. However, it can also be a major problem. Depending on a single customer for payments makes you appear like a contractor. If they suspend or stop their services, you might end up doing no business at all. While it is important to attract and maintain any customer, you need to find new ones to keep you going when others stop buying from you.

5. Hiring talented employees

Getting the right people to work for your startup is one of the hardest things you may encounter as you start your business. This is a difficult challenge, especially since most quality employees are attracted to bigger brands. According to statistics, 52% of respondents in a CNBC study claimed that the biggest challenge they face is labour quality. This makes it hard for small businesses to get the right people who understand business goals and can work together.

6. Managing workflow

Once you have the right people in place, the next big challenge is to manage the workflow. You must ensure that your team has the right tools and processes to do the right things and work efficiently. This is a problem for startups because some of these processes are new or not tried and tested.

7. Financial planning

 Finances are the backbone of any business. Unfortunately, many small businesses have a problem managing and planning their finances. With this problem, some overspend or fail to use their financial resources prudently, ending their businesses due to cash flow issues. Given this issue, small businesses must find the right planning methods for their finances to last longer in the markets.

Although many potential entrepreneurs have great business ideas, most of them face financial difficulties. This makes starting a small business daunting. Although a great business plan is critical for such a venture, financing is the top element that you need to realize success. Sadly, coming up with the right amount demands discipline and the ability to impress lenders. This may mean that you should have more than one financing option on the table because the traditional lenders have some range they consider before they can fund your idea. If you have a low credit score or lack collateral to give to the lender, there are other alternatives you can try out for your startup. Check these options for small business loans if they can help in your venture.

1. SBA loans

The US Small Business Administration loans program is an amount of up to $50,000 given to small businesses looking to start or expand. The average amount is 13,000 administered by nonprofit community lenders. The SBA loans are easier to qualify for compared to larger loans. However, the key downside is that the funds might not be enough for all borrowers. The SBA’s flagship 7(a) loan program finances borrowers that want to start a business. However, the SBA 7(a) loans are hard to come by. They are given to established businesses with collateral, which can be an asset such as equipment or real estate that can be sold in case of a default. It can also take months to access the loans.

2. Microloans

Microloans allow microlenders and nonprofit lenders to access startup business loans with little complexity, unlike the SBA program.  The microloans are available outside the SBA program and help lenders, mainly those with shaky finances. The majority of microlenders focus on underserved small business owners whom traditional lenders often overlook. The terms for these loans are also better than others because they are given by mission-based organizations. This makes it possible for you to grow your business and establish better credit.

3. Personal loans

As a business owner, you can also access personal loans such as those offered by online lenders. These loans are based on the personal credit history of the borrower. This makes personal loans a competitive option if your small business is too new to qualify for other non-personal loans. They can have high APRs of up to 36%, especially for bad credit borrowers. Therefore, this type of loan is the best option for borrowers with strong personal credit and income.

4. Crowdfunding

This method has become one of the popular methods that small businesses use to raise money. Thanks to various platforms such as Kickstarter and Indiegogo that allow entrepreneurs to solicit cash through online campaigns, you can also do this. Instead of paying back the donors in the future, you give them gifts. Therefore, the online-crowdfunding campaigns are known as rewards-based crowdfunding. This approach is great for business owners who want to test their product or service with a specific customer base without debt.

5. Grants

Small grants targeted at businesses by private foundations and government agencies are another great way of raising funds for your small business. The good thing about these grants is that they are not loans, and therefore they will not be hard to get. The challenge is that it might not be enough for a small business that struggles to start.  

6. Loans from family and friends

This is the most common way of financing startups. It entails borrowing money from friends or family who can lend. However, like a bank, if your credit is bad, you will have to convince them to pay back their money. When exploring this option, find the individuals who understand the risks involved and your plans.

The coronavirus pandemic has indeed subjected many businesses to untold suffering and losses. If your business is struggling, now is not the time to give up. Instead, you should think of ways to remain afloat during these difficult moments. For a small business, there is a lot of pressure to perform after launch. This often leads to the failure of roughly 20% of small businesses. On the contrary, as many as 45% fail within their first five years. Following the outbreak of the COVID-19 pandemic in 2020, their chances of remaining afloat have become slimmer. As such, the number of bankruptcies has risen more than ever before, with Bloomberg's report showing that bankruptcies have increased by over 36%. While bankruptcies cannot be overstated, there are many ways for small business owners to safeguard against the folding over. Here are a few of them.

• Take advantage of the existing government programs

Paycheck Protection Program (PPP) is one of the programs that have assisted many businesses to remain afloat during the pandemic. The program, which was created through the Coronavirus AID, Relief, and Economic Security Act, has assisted more than 800,000 businesses distributing more than $210 billion in loans. Although the PPP ended in May, you can look for other similar opportunities provided by other agencies or institutions. These loans will keep you going until things return to normal. If one institution fails to consider your loan request, try another. Start by looking at the banks that you have a higher chance of getting a loan and go for it.

• Renegotiate the existing contracts and loans

Payment terms and timelines might be affected substantially by the pandemic. This might leave your small business unable to repay its loans or complete all the contracts due to financial constraints. However, you can avoid problems with your financiers or clients by renegotiating the loans or contracts that you currently have. Look at your account payable and find how you can renegotiate them to favor your current situation. Although some of your clients might not agree, others will understand your situation. You can also talk to your property owner regarding rent payment.

• Minimize staff costs

Although it may be a painful decision, you should consider reducing your staff as much as possible. Try furloughing or layoffs to reduce the amount of money you spend on employees. This is often the most sensitive area that needs to be handled with care considering its effects on the future of your organization.  For those who remain, consider pay cuts until things improve. 

• Collect the debts

Money that people or companies owe you can save your business from going under. Although the time is difficult for everybody, some of those who owe you may have the ability to pay. Therefore, you should reach out to them and collect this cash. If there is an invoice you have been holding until work is completed, do not wait any further—Bill for the portion that has been completed. You can also ask your customers for prepayment for a service. This strategy will allow your business to stay alive. Consider giving those who pay upfront a discount to attract them.

If you feel that you have done all it takes but are still unable to pay your bills, seek advice from an attorney. They might have a word or two on how you should move ahead. Some of the advice from your attorney may turn things around and shed more light on what you should or should not do or the procedure of filing for bankruptcy. The good news is that businesses will recover soon, and you will embark on normal service provision.

It is now more than a year since the coronavirus pandemic brought the world's economy almost to a standstill, and we are witnessing changes in businesses that we have never seen before. As the Small Business Administration (SBA) rolled out a massive lending program ever seen in the United States history, fraudsters saw a potential area to exploit, which is the reason for the rising cases of COVID-19-related fraud. The US Department of Justice (DOJ) has termed the high levels of fraud as “historic” and focuses on taking a high level of enforcement action to counter the threat. 

The DOJ has in within a year after Congress passed the $2.2 trillion Coronavirus Aid, Relief and Economic Security (CARES) Act, managed to criminally charge over 474 people for allegedly obtaining $569 million fraudulently through COVID-19-related schemes since banks started processing Paycheck Protection Program loans on behalf of the SBA. Among the problems that SBA cites are forged companies receiving thousands of dollars, businesses getting money even if their payrolls is more than the 500-employee caps, and others receiving money even when the law prohibits them due to existing government debts.   

Most cases are perpetrated by people who see the economic intervention by the government as a way of making quick money. While these individuals are now focused on the PPP loans, DOJ notes that the fraud will likely turn into something more complex and more significant in the coming months if not addressed now. Due to the sensitivity and possibility of the matter getting out of hand if left unchecked, sweeping investigations by the DOJ have commenced with the law enforcement now pursuing charges against large companies that received millions of dollars in PPP loans and individuals who are accused of fraudulently receiving PPP loans to finance their lavish personal lifestyles.

DOJ is responding to this in a variety of ways. Recently, it advertised a vacancy for a trial attorney whose work will be to prosecute cases under the CARES Act, including PPP fraud. This adds to the DOJ’s Market Integrity and Major Funds (MIMF) Unit that prosecutes cases involving government procured fraud and stopping fraud in the SBA COVID-19 disaster relief programs such as the PPP and the Economic Injury Disaster Loan (EIDL). 

Fraud liability comes in a variety of ways. The first one is from the certifications that companies need to have before participating in the CIVID-19 relief programs. For instance, to participate in the PPP, companies must have multiple certifications on their loans and forgiveness applications. This is where the fraud begins. Some companies obtain false certificates that show that they have no other government loans or are not involved in any bankruptcy proceedings when the facts are different. This increases the risk of companies falling victim to more sophisticated fraud. 

As the rate of fraud continues increasing during this season of COVD-19, several companies will soon find themselves subject to government investigation related to the PPP loans. This is shown by the number of whistleblower reports and lawsuits under the FCA (False Claims Act), that has been on the rise, the cooperation among several law enforcement agencies at local and federal levels and internationally, and the audits being conducted on all companies that borrowed more than $2 million under the PPP. Businesses with foreign affiliates or operations are equally at risk due to footprints and the cooperation between the US agencies and their international counterparts. 

While the companies that did not take advantage of COVID-19 relief have nothing to worry about, they sometimes get asked questions by the regulators and law enforcers. This can be avoided by maintaining robust files that will support presentations and answer all questions that law enforcers might want to know. 

As the year comes close to an end, people across the world are thinking of the right ways to begin the coming year on the right footing. One way you can start on a high is by starting a business venture and working hard for its success. Although there are many business ideas, only a handful last for a year, let alone make a profit. Due to this challenge, most wannabe entrepreneurs find themselves losing hope of ever being business owners in their lives again. As you embark on a new year, here are 7 great ideas for a business venture that can interest you:

1. Start a blog

Blogging is still one of the best business ideas you can start in 2023. If you are confident about your writing skills, perhaps it is about time you launched your own blog. While some may find it tedious, you can make a good amount of blogging, provided you take it seriously and treat it like a business. Even if you do not know any coding, you can start a blog and design a website without writing a single line of code. Furthermore, you can learn everything from scratch from dozens of online materials. You can monetize your blog using Google Adwords, affiliate marketing and many other methods. With these approaches, you can make a good passive income.

2. Create a SaaS software business

Software-as-a-service (SaaS) is a software distribution model where software is centrally hosted on the cloud for customers to access through their web browsers. It is a subscription-based service. This has become one of the most preferred software lately because it is flexible, does not require installation, and can be used from anywhere. For developers, it is cost-effective, and its upgrade does not require you to replace software on individual machines. As you start a new year, perhaps you should consider this business.

3. Become a web hosting reseller

Post-pandemic, many businesses have chosen to go online. This means that the demand for websites has grown significantly over the past three years, and so has the demand for web hosting servers. So, if you start a web hosting company, you will make quick, passive income with this growing business. Unlike starting a big web hosting company that is expensive, risky and requires huge capital investments, reselling is cheaper and easy.

4. Start a content-writing business

The growth of online businesses means the urgent need for content for websites. You can take advantage of this need by starting your own content-writing business. If you are good with words, you can offer blog writing services, work with various companies, and help them meet their content requirements. Furthermore, you can create your website to sell content and provide writing services.

5. Social media marketing

Most companies use social media to reach their customers. This is because many people spend their time on social media daily. If you know your way around social media marketing, you can take advantage of the demand of social media marketers by starting a social media marketing business. You can help companies target audiences, carry out research and develop content. You will make good money from these services if you are good enough.

6. Sell ebooks

If you are good at writing, you should consider writing an ebook, selling and making money. You only need a good laptop and an internet connection for research and publishing. Sell your ebook on platforms like Amazon and even your blog. This is another passive income opportunity you can take advantage of as a new year begins.

7. Sell online courses

People are now interested in online learning more than ever. As such, if you are looking for a passive income opportunity, selling online courses might be a perfect opportunity for you. You need to be an expert in a particular area and patient enough after developing a course. The course can be a video or text; you can sell it on various platforms such as Coursera and other online marketplaces.

As a small business owner, you are definitely thinking of ways to improve and make it bigger and better. This will remain a dream until you find practical ways to realize them. Research indicates that most small and medium-sized businesses (80%) make it through the first year, while half survive their five-year anniversaries. As such, if you want to be among those who manage to beat the five-year mark, you must invest time and effort into your small business to see it grow into a bigger organization. Here are some strategies and approaches that can make your small business better.

1. Organize your processes and workspace

Things may become complicated once you start a business. It may even be worse if you lack organization. Typically, businesses are characterized by paperwork, unsorted files and subscription services with payment details. To avoid confusion, you must organize everything for improved efficiency and organization. Start by reviewing your storage methods by thinking of converting manual files to digital ones. Find neat cabinets, organize everything in order of importance, and add relevant people to help make everything effective. Take stock of your progress and learn from your past mistakes.

2. Look into your finances

To improve your business, you must have a good grasp of your finances. Know everything starting from your cash flow to your business’ credit score. The status of your cash flow indicates your growth, failure or success. Sadly, almost half of small businesses exist in the market due to their failure to manage their cash flows. By regularly looking into your cash flows, you identify errors and determine where you can solve these problems. You can easily pinpoint areas to minimize expenditure and areas of improvement.

3. Try automation

Small businesses often have few workers, and many activities or tasks are left unattended, or employees get overworked. To that end, such organizations can get refuge in automation. Technology can help small businesses operate in some areas with minimal human intervention. Technology can significantly benefit areas such as accounting, customer service, social media marketing and emailing. Therefore, as a small business founder, you have time to invest in automation to cut costs in the long term and expand your product lines.

4. Build a relationship with your community

The times when you vigorously hunted for customers should be a lesson enough that losing some can be costly. As such, you should do all it takes to sustain your markets and increase your reach. You can only achieve this by staying connected to your community. In fact, 82% of all loyal customers will refer others to your organization. Therefore, by establishing a strong relationship with your current customers and building a community around your business, you get a chance for referrals. Simple actions such as virtual meetups, social media videos, sharing of tips and monthly emails can change your relationship with your customers.

5. Connect with your employees

Employees are everything to an organization. They are influential and a great marketing team if treated well. As a small business owner, you must find a way to engage them and create a positive work environment that motivates them to continue giving their best. Start by listening to them and solving their problems, no matter how small they may seem. A positive work environment encourages employees to keep high productivity and fresh ideas. People can implement business strategies and report problems whenever they feel valued and respected. They will also encourage customers to buy your goods and services. You can achieve a lot by creating an open-door policy between you and your employees. Seek quarterly feedback, and hold regular meetings, holidays and birthday parties.

The goal of any business owner and entrepreneur is to develop an enterprise and, at some point, grow and expand it to a big organization. However, this is easier said than done. Many small business owners lose focus along the way and some even end up closing altogether. As you seek to expand your business, here are some strategies to help you achieve your target.

1. Add new products and services

While this strategy may appear simple, executing it can be challenging. To start this, you need to identify the kind of products and services your customers need and how much they are willing to pay. Determine if these products and services can sell at a profit because this is what businesses live for. You can accomplish this better by conducting thorough market research and committing resources (human and financial) to these new products and services. Do customer assessments and find out what they think about the new products.

2. Focus on your existing customers

Although it is a good thing to try a new customer base, you should never forget your existing ones. In fact, you need to penetrate deeper into your current customer base. Perform market segmentation analysis to identify your current customer segments and focus on segments that have not received proper attention. Focus on components like age, gender, location and customers' buying history to assess the profitability of selling new products and services. With this information, you can better allocate resources for sales and marketing. With advanced sales and marketing on your existing customer base, you can sell more products and get return clients.

3. Find new customer bases and territories

Expanding means getting new customers in addition to the existing ones. This can be different segments or niches. It can also mean new locations or countries away from where you operate. If you operate a retail or a storefront business, you may want to expand to new geographical locations- whether a different city or country. This demands additional commitment and investment of both money and time. As such, you will be required to conduct thorough market research to ensure a demand for your product or service in your new territory that justifies your quest for expansion. Determine the efficiency of your existing marketing and advertising strategies and think about how they will work in new markets. If you cannot let people know about the benefits of your product or service, then you are at risk of failing in the new markets. While doing so, try to be as honest as possible.

4. Tap into new sales and delivery channels

The internet exemplifies how new sales and delivery channels can transform a small business into a juggernaut. We have all seen businesses that were once small but are now big, having invested in social media as their marketing tool. You can follow this example by taking advantage of online marketing opportunities instead of depending on the brick-and-mortar approach. Open an online store to reach a broader audience through online advertising and delivery of products. Advertise online using search engine optimization (SEO) techniques to rank higher online and reach prospective customers.

5. Acquire other businesses

This is the fastest route to expanding to new territories and capturing new markets. Find new businesses and acquire them to double your size overnight and increase your sales and revenue. You must perform thorough due diligence before acquiring another company because not all available ones are good for your growth. Look deeper into the company's financial condition, the brand's strength, management structure, client vase and existing contracts. More importantly, look at the synergies between your businesses.

Starting a small business can be stressful and demands attention to detail. It often comes with challenges that may end your dream of becoming a business owner even before you start. However, with little planning, it is possible to manage your expectations and fulfil your dream as a small business owner. As an entrepreneur who wants to achieve a business goal, you should roll up your sleeves and start your business. However, you should know these answers before starting your small business.

Who are my competitors?

As you begin your business, you need to not only understand your competitors so that you know the market but also be capable of tracking their operations and activities. For example, if you intend to open an e-commerce business, you should identify your competitors and see what they are doing and their markets. Stay aware of direct and indirect competitors because they can also affect your operations. While your indirect competitors might not offer similar products or services as you, they can still affect your market share. Analyzing your competition can put you in a better position to succeed in a competitive environment.

How is the market in this industry?

Doing market research is important in making your business successful by understanding the economy and estimating the possibility of success in a given niche. You need to understand the demographic and the potential customers for your product or service. With this knowledge, you will have the right information and insights for targeting a specific group of people.

How unique is my product/service from my competitors?

Even if there is a big market for your niche, it does not guarantee instant success. You need to understand the difference that your products bring if you are to compete favourably. Even with a large customer base, you are not guaranteed instant success. You need to understand the processes, what your competitors offer and know how unique your product is from the rest. Without such knowledge, you will be doing what those who came before you do, and you will have a low chance of succeeding.

Who is my ideal customer?

You will understand who your customer is by answering some key demographic questions. The questions include: What gender is my product/service targeted at? What is their income level? Why do they need my product? Understanding your customers means gathering more than their basic information but going deeper to know their motivations, personalities and pains. This can help you develop products that meet their needs and market them in the best way possible.

What is the best marketing strategy for my business?

After knowing your target audience, you must understand the best way to reach them and market your product. For instance, you may try social media channels to reach younger customers. Snapchat, Instagram and Facebook are examples of platforms allowing people to respond to your products faster. Before starting your business, understand where and how you will market your product. Develop a value proposition strategy.

How will I fund my business idea?

You can explore various options for funding your business. There is self-funding which involves building your business using your own money. Investor-funded businesses are where you find investors or people interested in your business to provide money to start operations. However, in most instances, most entrepreneurs use a mix of their own money and money from investors. You can also borrow a loan from a financial institution if you are capable of repaying it later. All these funding methods have pros and cons. Therefore, you need to choose wisely the method that suits you well.

According to Small Business Trends, the federal American Rescue Grant continues to provide grants to small businesses. 

The economic stimulus grants provide small businesses can be the difference between staying open and closing entirely. Even before the pandemic, small business grants offered great opportunities to keep operating as well as support growth with strategic funding. 

 Read the article Small Business Trends

Running your own business can be hectic for many business owners. For small business owners, however, having all the responsibility to all operations, including successes and failures, can be detrimental to one’s health. Sadly, health among small business owners has not been taken seriously as it should despite the economic significance of such businesses to society and the economy. The mental health of small business leaders leads to a healthy working environment. It also leads to effective teams that are characterized by respect and trust in one another.

Large corporations with complex and well-structured succession plans can hardly be affected by health issues that may affect their leaders. The well-laid down succession plan ensures that in the absence of the CEO, operations run without hitches. Unlike big multinationals whose operations cannot be affected by the health issues among those in the high offices, poor health among the leaders of small businesses can end operations and render employees jobless. The simple structure of a small business is risky, and the impact of the demise of a CEO is unimaginable. With an instant disease or a condition such as a heart attack, everything can go down the drain since everything revolves around an individual. From this, it is evident that health is the greatest capital of small business owners. The smaller the firm, the higher the vulnerability in case the owner develops health complications, either physical or mental.

The health of such business owners may have damaging consequences not only for those that have been employed but can also impact those that depend on them entirely. For example, the family members who rely on the owners can also be significantly impacted. Similarly, health problems among the personnel and family members can destabilize operations and how the business runs. Small business owners face many challenges that often affect their mental wellbeing. According to a Danish study, there is a significant link between entering entrepreneurship and receiving prescriptions for sedative or hypnotics and/or their spouses. This is a clear suggestion that entering entrepreneurship is a health risk as it is a potential source of stress for entrepreneurs and their family members.

Many studies have found out that stress level among the business owners is higher than those of the employed. The always conflicting issues such as ambiguity in the business environment, lack of adequate resources, and daily hassles as well as failure to clarify roles increase stress and the possibility of health complications. Work overload is another factor that many small business owners face and may result in a complication. Entrepreneurs often work for more than 50 hours a week. Working for long hours, including weekends doing intensive tasks, is a potential cause of stress. 

Uncertainty is often identified as another factor that can cause health problems among self-employed individuals. The fast-changing business environment is always a concern for entrepreneurs who are always worried about their businesses in case things do not go as planned. These owners have many things to worry about, including their employees, government regulations, and reduction in profits, all of which determines the success of their businesses.  Loneliness of business owners also results in burnouts, which in itself is a potential contributor to mental health. Loneliness can be harmful in an environment where difficult decisions are to be taken, such as firing or hiring employees.

As seen above, health issues among the small business owners have severe spillover effects on those they employ and their families. Unlike CEOs of large companies that have a proper succession plan, health challenges among small business owners can cripple operations. As such, it is crucial to always stay ahead by addressing potential causes of health problems before they manifest into catastrophes.

Even before the coronavirus pandemic struck and sank the world’s economy, retiring at the age of 65 was already becoming a hot topic among many professionals. Now that the pandemic has impaired many businesses, both small and large plans of many organizations are in shambles. One of the areas that have been significantly affected is retirement. Business owners that were planning to retire are now forced to rethink. This could mean that the retirement age is likely to fall further as employees try to pick up from where they left once the economy reopens and the pandemic eases.

Although the recovery is expected to happen sooner or later, it may take some time. This is if the 2007-2009 recession is an example to go by. The recovery time can even be longer considering the severity of COVID-19 compared to the recession witnessed in 2009. As such, many small business owners may be tempted to consider selling their businesses rather than waiting for things to get better.

A study by StreetWise Retirement Confidence Index in May indicated that 26% of those interviewed stated that they would postpone their retirement plans after the coronavirus. Their decision is due to the economic conditions that the virus has caused. As damaging as they may seem, the decision is not surprising, given the uncertainty and fear that the pandemic has caused in many industries in different countries. The uncertainties have had an impact on the financial strategies of organizations and have forced many businesses to change their priorities. Another study by Allianz Life Insurance Company found out that almost half of Americans interviewed went into early retirement for reasons beyond their control. One of the reasons that were cited in the research is job loss. This was cited by 34% of the respondents, while 25% cited health challenges as their primary reason for retiring early. As an entrepreneur or employee who is willing to persevere and try their best to achieve their dreams, all is not lost. Taking some steps can enhance value and build your business so that you can sell more and retire as you planned or even early.

Creativity is one of the ways that can help you remain open in the current era of uncertainty. As a business owner, try your best to find creative ways that can adapt to the changes in the business environment. One way you can do this is by adding other services that will replace the revenue that has been lost. For example, as a restaurant owner, you can supplement the revenue lot by ordering food and selling them. This will create a new stream of income and increase profits even when other sources of revenue are not doing well enough.

A good rapport with banks is also crucial to businesses. Regardless of the size of your organization, always ensure that you have a good relationship with financial institutions. Having a wrong sense of security will only deceive you, and you will not have anyone to turn to in case things become tough. With the right relationship, you will have someone to run to for loans when the revenue stream dries up, and you need additional funds to keep running. Always ask yourself, is my bank relationship stable? If the answer is yes, then you are in the right place.

Coming up with a transition plan is another approach that you must consider. Just because you are delaying your retirement plans does not mean that you should not establish a transition plan. Take time to build a working transition plan that will not leave your organization in chaos when the right time comes. Most business owners lack a proper transition plan. This leads to a lack of focus on what is needed for a business to operate successfully.

It’s a good strategy to be forward-thinking and plan for the future, so now is a fine time to consider future vacation ideas. Not only will you have something exciting to look forward to, but you may need a longer lead time to put one of these plans in motion.

There are few places on Earth that are more remote, exotic, and accessible as Hawaii. With direct flights from almost all major US cities, and no passport required, Hawaii is a great destination to feel like you have left the monotony of day-to-day life behind. What’s even more exciting about getting to the most far-flung US State is that there are multiple islands, with 4 very different vacation styles for every taste. The big island offers no shortage of adventures, from walking across a volcano to snorkeling with sea turtles and manta rays, to tropical hikes with breathtaking waterfalls. Oahu provides the familiar hustle and bustle of city life with picturesque beaches. Maui is the most popular destination, with relaxing beaches and lively nightlife both. Finally, Kawaii is the most relaxing and serene of the islands.

If you prefer to stay in the continental US, the Southwest has plenty of adventure! From riding dune buggies through the desert to a train ride to the Grand Canyon, there is a right-pace adventure for everyone. Relax in a hot air balloon over Albuquerque or relive the old west with a trip through Tombstone, Arizona and other gold-rush towns. Few images are as inspiring as a desert sunset over the mountains, and once the sun goes down, the action never stops in Las Vegas.

Stretching along the Coast, there’s many options for a memorable vacation. Traveling to New England may seem like quite a change of pace, but there is plenty to keep one busy from Maine down to Connecticut along the coast. Enjoy a lobster dinner on the oceanside, hike through some of the nations oldest states and national forests, and get lost in miles of winding roads. Boston or Portland make perfect bases of operation to go a few hours north to the backwoods of Maine or to enjoy the finest foods from a wide variety of different cultures right in Boston or Providence.

While you won’t be able to enjoy an ocean view, the Midwest offers plenty of excitement as well. The mighty Mississippi touches 10 different states, each one with different scenery to enjoy. Whether you’re up for rugged hiking in Minnesota or a leisurely cruise on the river in Louisiana, the Mississippi River has dozens of perfect destinations along it’s 2320 miles. St. Louis boasts some of the region’s best museums while Memphis, Tennessee is a must-see for Elvis fans everywhere.

No matter where your interests take you, across our vast nation, there are ideal vacation destinations to be had. From coast to coast, you can’t go wrong planning your vacation in any region. Take your mind off any current worries, let your dreams loose, and plan ahead.