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Small Business Grants Lending Florida Kapitus

Small Business Grants, Contests Still Available in Florida

June 16, 2022/in Featured Stories, Operations /by Vince Calio

With major economic hubs such as Miami, Orlando, Fort Lauderdale and Tampa Bay, Florida ranks number three in terms of states with the highest number of small businesses. The state’s 2.5 million small businesses rank it behind only California and Texas.

With a high number of such businesses, however, comes a high amount of pain: the Sunshine State saw over 32% of its small businesses permanently or temporarily close during the height of the pandemic, one of the highest figures in the country.

With yet another national recession looming on the horizon, getting free money has never been more important to the survival of the state’s small businesses. Fortunately, there are several small business grants and contests still available to small businesses in Florida on both a state and national level. On a national level, there are grants and contests that are still open that can land you a large pool of money and are worth applying for:

Kapitus’ $250K Building Resilient Businesses Contest – Deadline is Looming!

Kapitus has launched its Building Resilient Businesses contest, in which one first-place winner will receive $100,000; one second-place winner will receive $50,000 and five third-place winners will each receive $20,000. To enter, simply send a homemade, 2-minute video briefly describing your business, how it was able to persevere over the last two years, and how you would spend $100,000. The contest is open to all small businesses in the US (excluding Vermont and Colorado) that have been in business for at least a year and have less than $5 million in annual revenue. The deadline to apply is June 30, 2022. To enter the contest, click here.

WomensNet Amber Grant

Florida is home to 1.1 million women-owned small businesses, making it the state with the third-highest

Lending Grants Small Business Kapitus Women-Only

Previous winners of the Amber Grant for women-owned small businesses.

total of those businesses, so the WomensNet Amber Grants are very applicable to the state. WomensNet gives away one $10,000 grant and four $1000 grants to women-owned businesses in distinct categories every month such as skilled trades (January), hair care and beauty products (August) and Creative Arts (October). The site also gives grants of $25,000 to two businesses each at the end of each year, with both of them being previous $10,000 monthly grant winners. Applications are due on the last day of every month. To apply, click here.

American Express and Main Street America’s Inclusive Backing Grants

AmEx and Main Street America are providing more than 300 grants of $5,000 each over four cycles throughout 2022 to small businesses located in older or historic commercial districts with priority to be given to small businesses owned by the LGBTQ+ community, Hispanic-owned, veteran-owned, and business owners who are women and people of color. Applications for the fourth grant cycle are now being accepted by business owners who identify as native or indigenous people, Hispanic, LGBTQ+ and immigrants and refugees. Membership in the National Main Street Center is not required. Applications for the fourth grant cycle can be found here.

State-Level: Open to Florida Small Businesses Only

Currently, there are several grant programs that are still available for small businesses operating in Florida to apply to.

Florida High Tech Research Grants

The Florida High Tech Research Corridor is a public-private partnership between successful high-tech startups in the 23-county region of southern and central Florida and the Universities of Central and South Florida.

The Corridor provides up to $150,000 in funds for applied research projects between private startups and small high-tech firms and university researchers. Funding is provided directly to the university research team and is used to expand the project’s scope of work and allow our students to participate in cutting-edge, applied research. Industry partners must execute a sponsored research agreement with the university to formalize the project plan and terms. To learn more, click here.

Axis Helps Miami Small Business Grants

Axis Helps Miami, a resource company for small businesses in the Miami-Dade area of the state, is offering several grant opportunities to various small businesses. One is a $50,000 grant to women- and minority-owned small businesses in the area and will include consulting services as well as free advertising at Miami Heat games and partnership endorsements for your business.

The deadline to apply is July 11, 2022. Another grant will provide $20,000 to small businesses in the area that are looking to scale up but don’t have the funds to do so. The deadline for that grant is July 15, 2022. To explore each grant program Axis Helps Miami is offering, click here.

Seminole County’s Small Business Assistance Program

Since 2021, Seminole County has been giving grants to small businesses in the county of up to $15,000 to support expenses such as payroll, office utilities and remote access equipment. Applicants must be a for-profit business within Seminole County since at least the beginning of 2020 and must be a member of Sunbiz, a website maintained by Florida state government’s Division of Corporations. Applicants must provide their taxpayer identification number. Commercially zoned businesses with 26-50 employees will receive $15,000 if chosen, while businesses with 2-25 employees will receive $10,000 if chosen. Home- or mobile-based businesses with no more than one employee in addition to the owner can receive $5,000. For more information, click here.

CareerSource Florida’s Incumbent Worker Training Grant – Apply Soon!

CareerSource Florida is awarding up to $100,000 to any small business owner in the Sunshine state who is seeking to train existing employees with new skills. The employee must work at least 37.5 hours per week and must have been employed with the applicant for a minimum of six months. Those interested must register with CareerSource Florida’s website. Deadline for applications is June 30, 2022. To apply, click here.

Enterprise Florida International’s (EFI) Virtual Business Matchmaking Grants

Enterprise Florida is offering grants of up to $2,500 for small businesses in the state interested in expanding overseas, but do not want to have to travel to set up an export program. The program includes virtual introductions with pre-screened overseas partners and distributors via teleconference or videoconference. The program also includes a grant that covers the full cost of matchmaker service, whether it is provided by EFI or the federal government’s US Commercial International Trade organization. Companies can apply year-round. Grants must be approved before the first day of virtual matchmaking appointments. For more information, click here.

Orlando Business Assistance Program

The city of Orlando isn’t just known for Disney World and Universal Studios, it’s also home to over 37,000 small businesses. The city’s Business Assistance Program provides grants throughout the year to assist businesses in relocating or expanding in Orlando, which include funds for development fees, permitting and other costs associated with relocating and expanding. Small businesses must pay half the related costs, and the grant amounts can be up to $20,000. To learn more about this program, click here.

Apply Soon!

If you’re a small business in Florida, any chance to gain access to funds would probably be welcome, as after-effects of the COVID-19 pandemic and current tough economic conditions such as high inflation, rising interest rates and an employee shortage are still rocking the economy. Act quickly, as many deadlines for small business grants and contests are coming up quickly.

Recession small business lending Kapitus

A Recession is Looming, and the Time for Small Businesses to Prepare is Now

June 14, 2022/in Featured Stories, Operations /by Vince Calio

You don’t need to be an economist to know that a recession is looming in this country. Most major financial indices show that the stock market is tanking. Inflation, especially fuel prices, continues to skyrocket, despite rising interest rates. Rising prices are forcing consumers to purchase only essential goods, and two years on lockdown due to the COVID-19 pandemic have them drifting more towards purchasing services such as travel packages and dinners out than physical products.

Unlike the recession caused by the COVID-19 pandemic, small businesses don’t have Economic Injury Disaster Loans (EIDL) or the Paycheck Protection Program to fall back on this time around. Even the Employee Retention Tax Credit, a program designed to encourage businesses to retain employees during the pandemic, has expired.

The good news, however, is that there are several steps you can take to prepare your business for a recession so that your company may survive and be in a great position to thrive once the economy bounces back.

#1 Cut Operational Costs

Obviously, revenues often fall short of costs during a recession, and this often presents a painful conundrum for small business owners – how do you cut costs without crippling your business? Worse yet, how do you tell loyal employees that you have to let them go? While it’s a daunting task, the first thing that must be done is to separate your essential from non-essential costs and see where you can pare back. Some suggestions:

Cut down or eliminate the purchasing of less popular inventory, while focusing on having the most popular items in stock.
If you outsource services such as marketing or payroll, for example, you should consider moving some of those services in-house if possible.
During a recession, business owners need to adopt the mindset of doing more with less. Therefore, you might have no choice but to furlough employees or, better yet, make them contract workers. This, of course, will make you and your remaining staff busier as you will have to absorb the work these employees would have produced, but this may be necessary during difficult economic conditions.
See where you can cut down on office supplies, especially big-ticket items.
If your business operates out of an office, small business owners may want to consider a smaller space while allowing non-essential workers to work from home. This trend is already happening because of the pandemic, so it shouldn’t be too difficult to implement.

#2 Be Creative in Your Product Offerings

It’s important to remember that you’re not just a business owner; you’re also a consumer in your personal life, and therefore, you need to let your customers know that you’re feeling the same economic pain as they are. See if you can bundle popular products or hold regular discount sales to show customers that you understand what they’re going through and that you’re willing to help them. This can maintain a positive cash flow during a recession while retaining loyal customers.

#3 Adjust Your Marketing Efforts

The first thing that often gets cut during a recession is the marketing budget. While there may be opportunities to save costs in that area, you must remember that your greatest assets during a recession are lifetime customers, as they are the ones who most likely will continue buying from you when times are tough. Therefore, it will be important that you focus more heavily on marketing and selling to them during a recession.

Change your marketing approach by offering repeat customers special discounts as a way of showing them that you appreciate their business. As stated above, let them understand that you feel their pain during these difficult economic times, and that you’re willing to cut prices for them on certain products. Doing this will go a long way towards ensuring your business not only survives the recession, but comes out stronger on the other side.

#4 Have an Honest Chat

Kapitus employees small business lending

During a recession, small business owners should have an honest discussion with their workers about being furloughed or laid off.

Your employees keep your business going just as much as you. During a recession, it’s important to have an honest, sit-down discussion with your remaining staff. Let them know that there is a recession and that sacrifices will have to be made in order for the business to survive. These sacrifices don’t have to be job losses. These can include seeking a cheaper benefits plan (if you offer them), possibly cutting down their hours and letting them know that they may need to produce more work to compensate for the fact that others were let go.

In all likelihood this is going to be an uncomfortable conversation to have. You can explain to them, however, that recessions don’t last forever and that the situation will improve once business improves. They will probably appreciate your honesty.

#5 Get Your Financing in Order

Getting your financing in order just may be the most crucial element in your plan to survive a recession. The first thing you should do if your small business has a lot of debt and you aren’t in the position to pay it all off now, is consolidate or eliminate that debt by taking out a lower-interest term loan, or negotiate a better deal with lenders for a lower rate or even try to get them to agree to receiving interest-only payments until business picks up again. Also, try to pay off as much debt as you can at the onset of the recession.

Second, if you don’t have much financing, you might want to consider strategically applying for more. A business line of credit may help you keep up with payroll and other expenses during a slow period. Government-guaranteed financing such as a long-term SBA 7(a) loan (if you qualify) can provide you with a relatively inexpensive way to gain funds to keep your operations going during a recession. Invoice factoring can help you get immediate cash for your outstanding invoices, while purchase order financing can get your suppliers paid right away.

Of course, it may seem counter intuitive to add debt as a way to survive a recession, but remember: recessions don’t last forever. You’d be taking on this debt as a convenience to get your bills paid, and when economic conditions improve, you’ll be in an even stronger position to succeed.

Prepare Now

Whether we like it or not, we are at the onset of a recession in 2022 and most likely part of 2023. This is a double whammy for small businesses that were already troubled due to the pandemic. Careful financial planning and examining ways to operate your business more cost-efficiently now could mean the difference between still existing in 2024 or shutting down over the next year-and-a-half.

Small Business Construction Green lending

Biden’s New Orders Expedite the Need for Contractors to go Green

June 13, 2022/in Featured Stories, Operations /by Vince Calio

The importance of going green just became even more important for small construction companies, as President Joe Biden signed three executive orders on June 6, 2022 aimed at boosting clean energy construction projects and the use of domestically manufactured clean energy technology.

What the Orders Entail

President Biden’s new executive orders expedites the need for construction companies to become eco-friendly.

Specifically, the orders require the US Dept. of Energy to deploy the use of the Defense Production Act of 1950 to expand American manufacturing of solar panel parts, environmentally friendly building insulation, heat pumps, equipment for making clean power-generating fuels, and critical power grid infrastructure. Federal construction contracts will also require local contractors to use eco-friendly materials.

According to an announcement from the White House, the order will encourage the use of project labor agreements that offer wages “above and beyond the prevailing rate and include local hire provisions.” The order will also encourage clean construction projects in low-income areas burdened by legacy pollution.

The orders also place a two-year moratorium on tariffs being placed on imported solar panels that the US imports from countries such as Cambodia, Thailand, Vietnam and Malaysia, from which the US gets 80% of its solar panels. The new orders aim to help achieve the Administration’s ambitious goal of eliminating carbon from the nation’s power supply by 2035.

Why it Matters

Aside from, well, protecting the environment, the orders emphasize the urgency of contractors and subcontractors to demonstrate that they can handle green projects. This will be especially important as the federal government begins to search for contractors to handle a bevy of upcoming construction contracts as a result of the passage of the $1.2 Trillion Infrastructure Investment and Jobs Act passed late last year.

Put simply, it would behoove small construction companies to show that they have expertise in government-led clean energy construction projects. Aside from the executive orders, the construction industry – one of the least green industries in the US – needs to start making a push toward becoming green to survive going forward. This has become more than just a trend – currently, the building industry uses nearly half of all electricity used in the US, according to Research Gate, and more than 28% is used by the transportation industry. ComfyLiving.net estimates that green construction projects will reach nearly $100 billion by 2023 in the US.

Actions to Take

There are several ways small construction companies can certify themselves as being proficient in green technologies.

Get Green Certified. Construction companies can receive their “green certification” through either the Green Building Initiative (GBI), which assists the National Association of Home Builders to promote sustainable energy building guidelines for residential structures, or the Leadership in Energy and Environmental Design (LEED), which is a rating system for construction eco-performance. The two programs use performance-based codes to ensure that construction companies use design, construction, tools, and processes that are up to state and local green codes. The International Green Construction Code (IgCC) often sets these requirements as well and is followed by both LEED and GBI. This certification is a quick way to let government agencies and private clients know that you are environmentally conscious, as well as an excellent construction company.
Use Recycled Construction Materials. Using recycled materials to construct a home or
Using environmentally- conscious materials such as eco-friendly insulation will go a long way towards making your construction company “green.”

building will go a long way in letting your clients know that your company is serious about being green. These materials can include recycled concrete, wood and steel, and involves the use of eco-friendly materials such as plastic composite lumber, wool bricks and polyurethane rigid foam.
Offer Green Solutions. Your company can make a lasting impression on customers by offering various green solutions when building a home or office building. Nearly half of the power used by homes and office buildings is for heating and cooling, so giving them greener and cheaper options for electricity and insulation will show that your construction company is environmentally conscious. Installing solar panels would probably be the most obvious way of making a home or office building more energy efficient. You can also use eco-friendly insulation so as not to waste hot or cold air through a structure’s HVAC system. Other options include offering to install programmable thermostats, water-conserving plumbing, green HVAC systems and offering to install low emissivity (Low-E) windows.
Use Energy-Efficient Construction Vehicles. It may be time to replace and update your equipment with environmentally friendly machinery. Construction equipment manufacturers such as Bobcat, Volvo, John Deere and Caterpillar already produce construction equipment such as backhoes and bulldozers that have economy modes and on-demand throttles installed in them to reduce their carbon footprint. These companies are also in the process of developing electric (instead of gas-powered equipment) to become more eco-friendly.
Show Concern for Your Customers’ Health. Present manufacturers’ reports on the materials you are using to your customers to inform them that you are using materials that will benefit their health and wellness, especially when it comes to the air quality in their homes or buildings. Such reports are produced by the Health Products Declaration Page site run by SCS Global Services, and the Environmental Product Declaration site.
Use Energy-Efficient Processes. Using 3D printing to show models of your projects to customers and blockchain technology to centralize data from contractors, subcontractors and customers to prevent wasting hundreds of pages of paper. You can also use construction software produced by such companies as ProCore and Worksuite to make projects more efficient by managing material procurement to cut down on waste and save time, money and resources.

Market Yourself as Green

Making your construction company green won’t mean much if customers and potential contractors don’t know it. It’s important to make the necessary changes to your marketing strategy to inform future customers and government contractors that you meet eco-friendly standards.

Make changes to your website and advertisements to let the world know that you’re eco-friendly. Also, make sure that one of your pre-qualifications is that your company adheres to environmentally friendly standards. This could very well mean the difference between landing and losing a client.

Don’t Get Caught Off-Guard

It’s obvious that more state and federal agencies will require contractors and subcontractors to follow eco-friendly standards, especially with the passage of the Infrastructure and Jobs Act. It’s crucial that your construction company takes the necessary steps to let the world know that, in addition to being an excellent construction company, that you’re also environmentally conscious.

Government Offering $10B in Small Business Funding – How to Take Advantage

June 10, 2022/in Featured Stories, Operations /by Vince Calio

Small businesses should be checking in with their state governments to see how to get a piece of the latest round of pandemic funding. In late May 2022, the US Treasury Dept. issued the first chunk of the federal government’s much-debated State Small Business Credit Initiative (SSBCI) – a $10 billion program included in the $2.1 trillion America Rescue Plan Act of 2021 that distributes money to states, territories and tribal governments for the purpose of providing venture capital to, and encouraging private lending for, small businesses.

States must apply for the federal funding, and if chosen, will receive money in three tranches throughout the year. The program also allocates $1.5 billion of the $10 billion for women-, minority- and veteran-owned small businesses, as well as those in economically disadvantaged areas. An additional $1 billion in incentive funding has been set aside for states that demonstrate a proven ability to reach those small businesses.

The Treasury recently released $200 million to five states – Maryland, Hawaii, Kansas, Michigan and West Virginia in the first of three tranches to be released to them this year.

The Purpose of SSBCI

There have been grumblings from some politicians that pandemic funding is no longer needed as unemployment has decreased dramatically, and that the program has the potential to be rife with corruption.

Both the Biden Administration and the US Treasury Dept., however, have pointed out in public statements that there are several safeguards in place to detect and avoid corruption. Among them are that states receiving funding will not receive subsequent tranches if they have not met specific performance and compliance requirements, and they will also be required to provide quarterly and annual statements on how the funding is being deployed.

The Biden Administration has said that the program is still necessary to support the thousands of budding entrepreneurs who launched small businesses during the pandemic, as many of them lost their jobs or worked from home and became inspired to start their own businesses.

Biden Administration advisor Gene Sperling said the SSBCI program is meant to boost small businesses and entrepreneurs still suffering from the pandemic.

In a public statement, Gene Sperling, a senior advisor to the President, said, “This program is directly putting more wind at the back of this trend. It is precisely about helping people with good business plans and strong ideas but without deep financial ties or significant collateral not to be unfairly shut out of access to capital as happens far too frequently in our economy.”

How it Works

Once states receive their initial tranche of funding, they must meet requirements of how the money is spent. Generally, states that receive funding can redistribute money towards community development programs, minority depository institutions, community banks, economic development programs and nonprofit organizations that support small businesses in their communities. As mentioned above, states that offer funding opportunities to women-, minority and veteran-owned small businesses will be favored when applying for funds.

Maryland, for example, will use its funding to expand the state’s Neighborhood Business Works program, as well as increase the state’s venture capital funding to aspiring startups, as well as provide debt offerings to new small businesses, said Owen McEvoy, deputy secretary of the state’s Department of Housing and Community Development, in a public statement.

Specifically, the act outlines five areas in which individual states can spend the funds:

Loan Guarantee Programs. Individual states can partially or fully guarantee private small business loans. These can include microloans – smaller loans often earmarked for startups in underserved communities. Small businesses can also receive partially guaranteed lines of credit, term loans and commercial real estate loans.
Collateral Support Programs. This type of program gives eligible small businesses cash collateral for a loan that otherwise do not have such assets on hand to obtain a loan.
Capital Access Programs. These types of programs typically create a reserve fund in local communities to shield eligible private small business lenders from taking large losses when borrowers default on their payments.
Loan Participation Programs. In these types of programs, the state government can act as a direct lender by offering to purchase a portion of a small business loan or granting a new, companion loan to loans that already exist.
Venture Capital Funding. Participating states can use government funds to either directly fund startups or provide assets to private VC managers that invest in startup small businesses.

Other Rules

States that receive funding must spend at least 80% of funds received through the SSBCI program and must release detailed progress reports on how the funding is being distributed, as well as reports on how those supported businesses are faring. States must also demonstrate stringent screening requirements of applying small businesses to guard against fraudsters posing as small business owners.

How to Take Advantage of Funding

Unfortunately, small businesses will have to do some legwork to try to find out whether their individual state has received funding through the SSBCI program, as there isn’t a single way to do so. Small business owners should:

Keep a close eye on press releases and announcements from the governor’s office of their respective state.
Check with local private lenders and VC funds to see if they have received funding guarantees from the SSBCI program.
Monitor news of community development programs in your state.
Frequently check for breaking news about small businesses in your state and local communities.
Keep a close eye out for any new announcements from your local Small Business Administration office.

Don’t Pass up Opportunities for Funding

By not renewing the Paycheck Protection Program and the Restaurant Revitalization Fund, it’s clear that the chances of Congress authorizing spending on any additional pandemic relief funding is nil, so this may be the last chance for small businesses to capitalize on such funding.

Monitor your state government carefully to see if and when funding from the SSBCI comes through. If your state receives funding, your state government will clearly spell out ways you can take advantage of that.

Enhance Your Success by Offering Subscription Box Services

June 7, 2022/in Featured Stories, Operations /by Vince Calio

There’s no doubt that these are trying times for US-based small businesses, as rising inflation and employee shortages, among other factors, are clouding their future cash flows – especially in the retail and eCommerce spaces. One of the sure ways to pad your future cash flow, increase customer loyalty and increase your database of repeat and lifetime customers is to offer subscription box services.

Although people often think of video streaming services or publications when they hear the word ‘subscription,’ this service has become popular among retailers selling physical products. In short, more retailers are offering groups of products to customers who agree to pre-pay for and receive on a weekly or monthly basis for a predetermined time frame.

According to tech consulting firm NCR, subscription services among eCommerce and retailers rose 23% during the COVID-19 pandemic, and have increased 17% on a year-over-year basis for the last five years.

In fact, the pre-pandemic years saw the rise of the most popular retail subscriptions services such as Birchbox (beauty supplies), Blue Apron (homemade meal kits) and Dollar Shave Club (men’s shaving products).

Should You Offer a Subscription Service?

Whether you should offer subscription services depends on the products you sell, as they aren’t for every small business. For example, such a service probably wouldn’t be a good fit for construction companies and business services firms such as accounting and law firms. If you sell physical products, however, a subscription service can bolster your bottom line and ensure future sales, and the best part – if you set it up correctly, you don’t need to be a major retailer to offer such a service.

No matter what physical products you sell, subscription services have skyrocketed during the pandemic. Consumers have shown that they enjoy receiving a surprise box of products tailor-made that fit their personal or professional lifestyles on a weekly or monthly basis for an automatically recurring fee, especially now as more consumers are working from home.

Get Inspired

If you’re unsure whether the products you offer would work in a subscription plan, you should first determine who your target customers are and what niche you are seeking to fill. The first thing you should do is check out other successful, small- to medium-sized businesses that have made it work for inspiration. Examine how companies such as The Honest Co. (environmentally safe baby products) and KiwiCo (homemade science projects for kids) have successfully built their businesses around subscription services.

Granted, those are now large companies. If you believe your business is too small to offer this service, you’d be wrong – consider the success of these small business subscription services created at the height of the pandemic that are still going strong today:

Business Book Monthly. Business Book Monthly is a small business that has built a successful model by getting customers to subscribe to a service in which they receive a new business advice book as well as an assortment of office products every month.
GlobeIn. GlobeIn sends exclusive artisan products for the home or office monthly and offers a
GLobeIn is a great example of a small business finding success in the subscription box industry.

three- or six-month or annual subscription with prices ranging from $35 to $40 per month. Notice how its site features positive business reviews and colorful graphics highlighting its various products.
CrateJoy. CrateJoy offers several unique subscription boxes containing products such as flower arrangements, monthly earrings and food and snacks. Its most popular subscription is its Fair Trade Fridays boxes, which contain artisan trinkets from various independent artists.
Sitti. Sitti partners with women-owned businesses and sends monthly boxes containing nine ethnically diverse artisan products.
Each Peach Market. Each Peach Market sends boxes of gourmet cheeses with recipes, handmade chocolates and wines on a quarterly basis for a few hundred dollars per year.

Where do you Begin?

If you have products that you know your customers will love to receive at various intervals, it’s time to set up a service – but, where do you begin? Once you’ve figured out your niche and determined who your target customers are, here are some steps you can take to launch your subscription box enterprise:

#1 Create a Prototype Box

The first question to ask yourself is: what do my customers want? Whether you sell gourmet snacks, clothing or beauty and fashion products, put a list of products together that your target audience would want. Advertise that product on social media, on your website or in your physical store to see customer reactions to it.

It may take a few tries, but once you’ve come up with the perfect box, you must be creative in how you’re going to update and personalize those boxes at the intervals you want – be it weekly, monthly or quarterly. This sounds like a chore, but it’s something you can have fun with as a business owner.

If you sell gourmet snacks, for example, you may want your boxes to contain food items that correspond to the different holidays during the year. If you’re a home goods store, you may want to sell boxes that contain small items for gardening in the spring.

#2 Price it Accordingly

Obviously, your ultimate goal as a small business owner is to be profitable, but you don’t want to charge so much that it will drive away customers. Like with any product, you need to take into account the cost of the materials, marketing costs, transaction fees and packaging and shipping costs when pricing your boxes.

With inflation currently skyrocketing, you should also consider that consumers are seeking bargains now more than ever before, so a key component of your success will be to market your subscription boxes in a way that lets customers know that they will be saving money by pre-purchasing your subscription boxes than if they simply purchased the products separately.

#3 Personalize Your Boxes

One of the allures of a subscription box is that the subscriber sees it as a present to him or herself every month. Every customer has their own tastes, so it’s important to give them choices as to the style of boxes that they want based on their age, gender, income level, etc..

For example, subscription box company BespokePost, which sells retail items from clothing to hardware tools, takes into account each customer’s age, color preference, grooming habits and size before personalizing boxes for them, ensuring that they deliver boxes that individual consumers will enjoy. Personalizing your boxes will bring you greater customer loyalty and ensure future subscriptions.

#4 Figure out Inventory and Shipping

Everyone knows the economic challenges businesses are facing right now, especially small businesses. For this reason, small businesses need to figure out the best way to keep inventory flowing and shipping costs down. The rules of inventory management have changed for small businesses over the past year as supply chain disruptions continue.

eCommerce and physical retail stores seeking to offer subscription boxes should set up a system in which inventory can be pre-ordered. Your list of suppliers should be diversified, and it may be best to partner with other small businesses to offer unique products and to make sure you have products in stock for your customers.

As far as shipping goes, examine the best and most cost-effective shipping fulfillment companies for your subscription service, especially if you’re engaging in direct-to-consumer shipping practices. There are also a variety of ways you can reduce shipping costs so that you don’t have to pass those costs along to your customers.

Enhance Your Business

In all, subscription boxes are a great way to ensure future sales, increase cash flow and customer loyalty. The past three years has witnessed skyrocketing growth in the popularity of subscription box services from retailers, as customers like to feel special with personalized boxes and want to feel like they’re getting a bargain. If a subscription box service is right for your business, don’t find yourself left in the dust in this growing trend.

Federal contract small business kapitus lending

Tips on Applying for and Winning Government Contracts

June 3, 2022/in Business Productivity, Featured Stories /by Vince Calio

A windfall of government contracts, both on a federal and state level, are on their way for small businesses over the next few years, thanks to the passage of the massive $1.2 trillion Infrastructure Investment and Jobs Act that was passed last November.

The current law requires 23% of prime federal contracts be eligible for small businesses, especially women- and minority-owned businesses, and the new law means that local and state governments, as well as the federal government, will be seeking to contract construction firms, IT companies, engineering firms, equipment manufacturers, electricians, law firms and a host of other types of small businesses.

The Money is out There…

Don’t miss out on the lucrative opportunities that will be coming from the federal government.

The new infrastructure law calls for:

$110 billion to repair existing roads and bridges and build new ones;
$65 billion to be spent on building high-speed internet across the country;
$73 billion to upgrade the nation’s existing power grids;
$39 billion to increase and improve public transportation;
$15 billion on electric vehicle investments;
$25 billion to modernize airports, and
$55 billion to enhance water safety.

The challenge for small businesses throughout the country now is to find and apply for these government contracts and prepare to take on new public projects. Small businesses intending to work on government contracts need to prepare themselves in terms of marketing, inventory management and employment.

Finding Contracts

If your small business plans to apply for a government contract, the first thing you need to do is register your business in the System Awards Management (SAM) program run by the federal government, if you haven’t already. This is the system in which you can create a profile of your business and describe what your business is capable of.

Once you do that, your business will be entered into the Dynamic Small Business Search database that is run by the SBA. That’s the database that is used by federal agencies to find small businesses with which to contract. Small businesses can also use that database to connect with other small businesses for subcontracting work. Government agencies are required to use SAM to advertise all federal government contracts over $25,000.

You also want to secure a contract with the US General Services Administration (GSA), which connects government buyers with contractors. By doing so, you will get onto the GSA’s schedule, which means you’ve been approved to do business with the government. You’re also going to want to keep up with your state and local governments, as much of the funding from the Infrastructure Act will go to them for contracting as well.

Preparing to Serve

Landing a government contract can be quite lucrative for your small business, but you need to take steps to ensure that your company can handle the work that such contracts require. This will most likely require your business to have great access to capital and hire additional staff with specialized skills. Remember, there are a number of financing tools out there that can help you prepare to land a big contract. Some of the basic steps are:

Increasing Inventory, Modernizing Equipment

Landing a contract with the federal government could mean that you must either increase your inventory or buy new supplies. A construction firm, for example, may have to stock up on extra lumber and other materials and purchase new machinery to fulfill a large contract. That could mean expensive upfront costs for you if you do win a government contract. With current supply chain disruptions and rampant inflation, you may be short on immediate funds for new materials.

This is where lending tools such as purchase order financing can come in handy. PO financing provides assets to pay your suppliers upfront, and the lender will base its borrowing decision on the credit of your customer, and in this case, who has better credit than the federal government? This type of financing will help you with your cash flow because it allows you to operate without having to take on additional debt, and it also allows you to make sure you can meet the necessary milestones for a project that you are hired for.

If you need new, expensive equipment to fulfill a contract such as a new bulldozer for a construction project, you may want to consider equipment financing – financing that has relatively few requirements and can pay for vital equipment upfront. You should also carefully consider whether purchasing equipment makes more sense for you than leasing equipment.

Hiring Specialized Workers

If you’re going to bid for government contracts, you may need to hire additional staff that specialize in the work being required. For example, if you’re a construction firm that wins a bid to build a new road or bridge, you’re going to want workers experienced in doing so. If you’re a law firm that’s been contracted to perform an environmental study for a new construction project, you may want to add attorneys that specialize in that.

Hiring additional workers may be both difficult and expensive, especially now that we’re still amid the “Great Resignation,” and will require extra operating cash. If you run a small construction firm, hiring additional workers for a government contract may be especially expensive, since you will be obligated to follow the Davis-Bacon Act, which mandates that construction workers for a government contract be paid the average wage of workers of a similar private project.

If that’s the situation you’re in, you may consider taking out a line of credit or negotiating an increase to your line of credit if your business already has one in place, or even taking out a new business loan. A line of credit and a business loan are generally cost-effective ways of fulfilling your operating costs – including meeting payroll – during times when your cash flow may be uneven.

Create a Marketing Plan

The federal government, , in many ways, is no different than any other client – you need to get its attention through marketing and advertising efforts. Target specific government agencies that you want to win contracts from. Get to know who the decision makers and influences are in those agencies, and create campaigns that involve email, text and social media marketing. Let them know that your small business is capable of performing the task they are seeking to contract out.

The Federal Insurance Deposit Corp. (FDIC) has a very good presentation on how to effectively market to the government. If you don’t have the time or bandwidth to market yourself, there are actually several firms out there that specialize in this type of marketing.

Don’t Miss Out!

Many economists believe that the US is heading into a recession as inflation and interest rates continue to spike, so it’s important that you get as much business as possible for your small company. Government contracts represent great business opportunities, as winning them will bolster the reputation of your firm and guarantee income.

Essential File Management Tips and Trends

May 17, 2022/in Business Productivity, Operations /by Brandon Wyson

As the tides come in on another annual tax filing deadline, there is perhaps no better time for small business owners to reevaluate their current tax record management structure. An outsider may not realize how much work goes into managing and maintaining tax records for a small business but those in the know are all too aware how quickly paper files can turn into a Himalaya-sized hassle. The advent of digital tax filing tools has doubled as a great means to store those same records but there are more than a few reasons why digital records can become a chore in themselves.

An essential element of modern financial literacy (especially for small business owners) is maintaining a trusted system for storing and tracking your own tax records. A good system is also easily accessible whenever reason requires. Consider, then, this collection of methods and tips before next quarter is already at a head.

Going Paperless

You’ve certainly heard it before and will hear it again before long: it’s time to go paperless. Going paperless is more than a clutter-reducer; by having less papers spread among less places, there is an equally lesser chance that documents disappear by incorrect filing or plain old human error. While initially overwhelming for most small businesses, crossing the peak into fully paperless document management makes life easier for your business if you file digitally or even with a CPA; it is entirely likely that the CPAs you may consult come tax time already have their own paperless system in place. By carrying your relevant documents on a flash drive instead of a shoebox and a few filing tins, you may just be doing your CPA a favor. Going paperless for your essential documents is a full enough topic on its own that it deserves some sub sections:

Document Management System: Running a secure document management system is a nonnegotiable must when switching to fully paperless records. Here is the flipside all paperless considerers should, well, consider: Your document management system is the digital safe that protects your every essential document; don’t go for cost-savings and don’t cut corners: if this system fails or unexpectedly suffers a breach, I don’t have to explain what bad things can happen next. Evaluate your current tech loadout. If you are running a local server that is fully offline and, thus, more secure, this is a more than sufficient directory to store scanned and wholly digital files until they need to be retrieved.

If servers are too costly for your business, look into cloud-based accounting software. The most well-known example of such software is QuickBooks by Intuit, also the operators behind TurboTax. These systems store and organize files in a near-identical means to local storage but can also be retrieved when you’re away from your master file. Plus, if your business is small enough or manages few enough files to confidently file fully digitally, QuickBooks is fully integrated with TurboTax allowing a one-stop document management and tax filing system. For reasons we will explain later, however, there are more than a few reasons that even if you are confident in your ability to self-file, working with a CPA can still be beneficial.

Cataloging Old Documents: Depending on how long you’ve been in business, the process of digitizing and cataloging your old documents can range from no-trouble to a lengthy ordeal. If your printer has a scanner function, you’re already equipped to do most of the work from your office. Luckily, there are several apps and programs that can use your smartphone camera to do the same work as a scanner. Since such apps will be scanning your essential documents, it pays to triple-check the legitimacy and security of the service you plan to use. Digitizing old records is also a thoughtful alternative to discarding records that have passed the retention mandate; records that are over seven years only are a good place to start digitally downsizing.

Co-Management with Your CPA

There are several industries, however, where going fully paperless either makes work more difficult or costly. This simply means that the documents, receipts, expense reports, etc. for your business must be stored by a method convenient for you. If you work quarterly with the same trusted CPA, it is likely reasonable to split your files (or maintain copies of) relevant files between your two offices. Your CPA can also advise you on the essential record retention mandates relevant to your specific field and filing status. Being that essential financial documents for your small business may include personally identifying information about you and your employees, be certain that any files you leave on record with your CPA are equally (if not more) protected and secure compared to your own record security system.

Stepping Up Security Online and In-Person

The financial documents you maintain for your business are considered essential for a reason; if those documents were stolen or compromised, it may not be just your business at risk. Your employees, as well as any contractors that were directly paid by your business are likely personally identified in your essential documents and identity thieves are aware of this. And as you’re likely aware, identity thieves aren’t safecrackers and cat burglars; they are the digital prowlers, constantly vigilant of unprotected infrastructures with easily accessible SSNs to flip for cash. It is then paramount that every “what if” of your security structure is hammered out.

In-Person Security: The rules for in-person security of your documents luckily haven’t changed much in the past 50 years. The most meaningful way to increase security for your physical documents is to keep them somewhere locked (preferably a safe, not a flimsy locked filing cabinet drawer). Second, know with unimpeachable certainty who has access to those secure documents; reduce the number of people who interact with those documents as much as possible. Only relevant, trusted employees should have access to your essential documents. A modern security element to consider is motion detection modules on the hinge edge of your safe or document holding area. Modern modules can even connect to an app on your phone and inform you directly if some amount of motion is detected. Essentially, treat documents bearing SSNs or other personal information with the same gravity as cash itself; thieves want it just as bad.

Digital Security: If you are on the road to paperless documentation, it’s worth knowing that those digital files are just as attractive as the physical ones. Plus, there are infinitely more methods of egress for cybercriminals to test. If your files are stored on a computer with Internet access be certain that you have an external (cloud-based or local) back-up of those files. In the event of a ransomware attack, those files could be irreparably encrypted. The best way to securely store digital files is on a wholly offline local system with semi-regular back-ups. Since nearly all small businesses file taxes quarterly, it’s sensible to pair back-ups on that same schedule. Hard drives and even modern solid-state drives all fail eventually; so, like paper records, it pays to have extras and back-up copies.

Every Management System Has Room for Improvement

The most effective file management systems are in a state of constant improvement. Whether your records are paperless, paper-ful, or somewhere in between, it pays to regularly shake up your management system both to keep intimately familiar with the where and how of your most essential records as well as to take advantage of cutting-edge trends. Especially for small businesses who don’t have the luxury of in-house accounting and legal departments, being the master of your finances and the keeper of an organized collection of records is the cornerstone of financial literacy.

Company Culture Small Business Kapitus Hiring

How to Strengthen Your Small Business’ Company Culture

May 13, 2022/in Featured Stories, Operations /by Vince Calio

Is your company a place where people actually want to work? That question has obviously become front and center since “The Great Resignation” began wreaking havoc on the US workforce in 2021.

Indeed, gone are the days of whip-cracking bosses, inflexible hours, subsistence-level wages and workers’ fear of getting fired – they’ve shown that they’d rather quit at the mere threat of being terminated, as the Dept. of Labor’s most recent Quit Rates have shown. In fact, workers have shown that they’re less tolerant than ever before of toxic workplaces.

A recent Pew Research Center study revealed “Feeling Disrespected at Work” as one of the major reasons workers are quitting in droves. As a small business owner, you probably can’t afford to compete with your larger competitors when it comes to salary, so you’re going to have to compensate by offering a strong company culture, among other things.

What is Company Culture?

Offering a strong company culture is crucial in today’s challenging hiring climate, but it’s an opaque term and involves a lot of different elements. Defining your company’s workplace culture starts with a simple question: “If I were an employee of this company, would I be happy working here?”

When answering this question, consider several key factors:

Do workers feel comfortable offering suggestions to upper management?
Do workers feel like they are being listened to?
Is there room for advancement and innovation?
Do the company’s workers share similar values and behaviors?
Does upper management show empathy for employees’ needs?
Does the workplace offer an amiable and respectful environment, starting with the boss?
Do your employees feel appreciated? Are they rewarded for going ‘above and beyond’?

Those are just a handful of questions that need to be answered if you are going to ensure that your small business offers a culture that will attract workers, even if you can’t afford to match the salaries being offered by your larger competitors. While the task may seem daunting at first, here are a few steps you can take to make your business’ culture standout:

#1 Diversity, Equity and Inclusion (DEI)

Diversity Equity Inclusion hiring Small Business Kapitus

Having a strong DEI policy in place can go a long way in attracting workers.

This sounds like a complicated term, but it really isn’t. A DEI policy means that your workforce represents different races and ethnicities, genders, sexual orientation, religions, ages, experience and abilities. You may think this doesn’t apply to small businesses, but you’d be wrong. Job searchers are increasingly demanding that prospective employers have a DEI policy in place.

Having a DEI policy can benefit you in many ways – it allows you to hire younger, less experienced employees to train and start at a lower base salary than normal. It also gives opportunities to people of color that may not have seen them previously, and allows work for people who may have disabilities but are able to work in a high functioning manner. These people, thankful for the opportunities you are giving them, are often eager to work hard and get ahead. Plus, you’re letting the world know that your company believes in a diverse workforce.

#2 Listen to Learn, Learn to Listen

One of the advantages that you have over your large competitors is that big companies often tend to treat

A willingness to listen to your employees and making them feel like their voices are being heard goes a long way in creating strong company culture.

workers like numbers, leaving employees feeling as if that their voices go unheard by the company’s senior managers. After all, do you really believe that Amazon’s CEO, Andy Jassy, knows the names of any of the employees in the company’s warehouses, or that Elon Musk knows the names of anyone who works on the factory floors of Tesla? That’s one of your biggest advantages as a small business owner: employees have access to you – the boss – which enables them to be heard. Listen intently to your employees’ needs.

Whether your employee has a suggestion to improve your business or has a pressing family issue and needs to readjust their hours as a result, the fact that you’re there for them and are willing to listen and consider what they have to say will go a long way in keeping your employees loyal to your business, as it will make them feel that they are truly contributing.

#3 Birds of a Feather…

Your company culture can be boosted by the mere fact that your employees get along with one another. A single worker who is difficult to deal with can easily cause a hostile work environment, especially in a small business with 20 or fewer employees. Employees that become “work friends” will lead to more productivity and greater cooperation among your staff, so it’s important to make sure they have personalities that will encourage that. You don’t want someone who’s naturally an introvert having to deal with co-workers who are extroverts, for example.

Therefore, when you’re interviewing job candidates, it’s important to try to assess their personalities. Try asking questions such as “Describe a stressful work situation and how you handled it,” or “What hobbies or sports are you involved in outside of work?” Also, in as much as you can, try to discourage talk of politics in the office, as that can often be divisive.

#4 Be Human

Nobody wants to work for a boss who is inflexible, short-tempered and cold. While you don’t have to be best friends with your employees, it is important to take some interest in how they are personally doing and showing empathy when they have a personal matter they must deal with. Be flexible with scheduling when an employee needs to take a day off for a personal matter.

Ask questions such as “how was your weekend?” on Monday mornings. Also, if an employee makes a mistake, it’s important not to scream at them (no one likes being yelled at), rather, simply correct them and offer solutions on how to avoid the mistake in the future. Being personable and friendly will go a long way in making your office more pleasant and attracting workers.

#5 Show Some Appreciation

Employees will be more productive when they know they will be rewarded for their efforts and/or they know they will be able to reach professional goals. You don’t have to establish performance-based incentives, if an employee goes above and beyond to make a sale or exceeds a production quota, for example, it’s important to recognize those efforts with a small check, free dinner, gift certificate, etc.

Remember, it’s not so much what you give them, it’s the fact that they know they are being appreciated. Giving your employees cash bonuses if your business has an especially strong quarter or year will also go a long way in getting people to want to work for your company.

#6 Have Some Fun

If your employees are working especially hard, it’s okay to treat them to a fun activity. This could mean having a contest to see who has the best vacation photos, or a company-wide scavenger hunt. Perhaps you take half-a-day on Fridays for cocktail hour, take them to see a movie or another fun event. It doesn’t have to be done on a weekly basis, but it does further show them that you appreciate their efforts. Make sure to post your activities on social media to show prospective employees that your company is a good place to work.

#7 Your Company is NOT Family

While the age-old practice of calling your workforce “family” may be well-intentioned, it’s actually insulting to workers, especially in the midst of “The Great Resignation.” Employees have collectively stated over the past year that they want more pay and better work environments, and they know that they are usually “at-will” employees, meaning that they can be terminated at any time for any reason – that isn’t what a typical family does.

As such, employees feel insulted when you refer to workers as family, because you’re implying that their company should be just as important to them as their families. The thing is, your family isn’t going to lay you off when business is slow, and your company isn’t going to love and support you unconditionally when times are tough. Employees know this. It will serve you far better to call your company a “good” or “pleasant” place to work. Advertise your strengths as an employer instead of claiming that your company is family.

You Have the Advantage

If you feel discouraged about competing with larger companies for workers, just remember that, as a small business, you have the advantage since you have fewer employees – the CEO of a large company won’t get to know many of the workers, but you can. You have the ability to be more flexible and personable with your employees by creating a great company culture, therefore giving you a distinct advantage over your larger counterparts.

Biden’s “Family Glitch” Order is Great News for Small Businesses

May 5, 2022/in Featured Stories, Operations /by Vince Calio

Small businesses struggling to offer health insurance to their employees just got a break from President Joe Biden. Biden recently signed an executive order that effectively eliminates the widely criticized “family glitch” flaw in the 2010 Affordable Care Act (ACA), thus making it possible for many small business employees who are insured through their employer to obtain coverage for their family members as well.

The Glitch

Under the ACA, employees and family members were not eligible for a premium tax credit to buy subsidized coverage on the ACA’s health insurance marketplaces if the employee has access to “affordable” health insurance provided by an employer. Affordable was defined as self-only coverage that did not exceed 9.61% of the employee’s income.

If that was the case, the employee could not get premium tax credits to buy supplemental insurance for his or her family members through the ACA marketplace. This was referred to as the “family glitch” in the ACA and was put in place during President Barack Obama’s administration because Congress did not want to exceed $1 billion in tax credits for the ACA.

“For family members of an employee offered health coverage through an employer, the cost of that family coverage can sometimes be very expensive and make health insurance out of reach,” according to a statement from the Internal Revenue Service. “The family glitch affects about 5 million people and has made it impossible for many families to use the premium tax credit to purchase an affordable, high-quality marketplace plan.”

The Fix

Biden Health Insurance Small Business Kapitus

President Biden’s executive order fixing the “Family Glitch” problem in the ACA is good news for SMB owners trying to attract employees.

Biden’s executive order, issued April back on 6, means that spouses and family members will be eligible for premium tax credits to buy into a plan on the ACA marketplace even if the employee’s health insurance plan is considered “affordable insurance.” In other words, family members of workers that are offered health insurance by their employer will now have an affordable way to be insured.

During an April 5 announcement by the White House, spouses and family members of an employee were sometimes paying 20% to 25% of their incomes on health insurance as a result of the family glitch.

“Family members may choose to stay in the coverage that they’re in today because they find it more convenient to have their whole family in a single health plan,” according to the White House statement. “But others, and the people for whom this is the greatest hardship, will [be able to]… switch from the coverage that they have today into more affordable marketplace coverage.”

What Does This Have to do With Small Businesses?

The executive order has been hailed by the US SBA and small business associations such as The Small Business Majority (SBM) because it will help small businesses that do offer healthcare plans to retain and hire valuable employees by letting them know that their entire family can get covered in an affordable manner.

Offering affordable insurance to employees, especially for businesses with just nine to 20 employees, has been one of the biggest worries for small businesses, as offering comprehensive health insurance is often a crucial employee perk used to attract job candidates.

According to a recent survey of 827 small businesses from Small Business for America’s Future, more businesses (55%) are worried about the costs of providing health insurance to their employees than they are about the dangers of COVID-19 (37%). The study also found that 76% of small business owners do not provide coverage because the cost is too high, while 53% of small business owners said they do offer insurance but are considering dropping it because of rising costs.

Roughly 90% of small business owners said their health insurance costs increased over the past four years, with 40% responding that costs have risen by 10% or more a year. Small business owners also said that competing with large companies for talent is made more difficult by the fact that larger companies can more easily afford to offer comprehensive health benefits to prospective candidates.

“We are glad that the Biden Harris Administration is taking steps to fix the so-called ‘family glitch’. By fixing the family glitch, more small business owners, their employees, and their families will be able to access and afford coverage…we know that many small businesses want to offer affordable healthcare benefits but can’t afford to do so. Indeed, our research has found that healthcare costs are one of the biggest challenges for small businesses. More than 1 in 3 small businesses said they have struggled to obtain health insurance coverage for themselves and their employees during the pandemic. Fixing the family glitch will help many in the small business ecosystem by allowing more individuals to switch to ACA Marketplace coverage with premium assistance.”

What SMB Owners Should Do

The executive order means that small business owners should focus on educating their employees on what their options are now that the executive order has passed. Whether you offer a premium plan through an outside insurance carrier, or a self-funded plan that employees contribute to, you should instruct them on what their options are in the ACA Marketplace and give them a sense of relief by letting them know that their family members can get affordable coverage.

Financial Literacy Month Resources

April 25, 2022/in Cash Flow Management, Operations /by Brandon Wyson

Financial literacy has been a moving goal post throughout the digital age. Modern financial technology has majorly shaken up how consumers and business owners alike manage their capital and if current trends are any indication, financial literacy is by no means a simple or straightforward goal to achieve. Only the savviest and most adept business owner understands that there is always more to learn when it comes to finances; those who settle are the most likely to be left behind. Once you have the basics down on understanding finances, it’s wise to stay up to date on current financial trends and means to manage your capital. In recognition of Financial Literacy Month, we at Kapitus have aggregated a mélange of valuable resources to test and refine your financial literacy, as it’s just about impossible to know too much about your finances.

Money Smart for Small Business

Money Smart for Small Business is run and operated by the U.S. Small Business Administration; a great place to start your journey for financial literacy info. Money Smart is a curated course jointly run by the SBA and the FDIC with 13 separate modules available in both English and Spanish. The entire course is free and downloadable directly from the SBA’s money smart main page.

Money Smart is a fantastic tool to diagnose your own financial literacy strong suits and areas that need focus. Being that the course is a comprehensive overview of all the potential needs a small business owner may benefit from in the financial sphere, this course can be a great first step in your literacy journey. Since the course is fully online as well, busy business owners can take the course piecemeal over several weeks or months in between daily operations.

Entrepreneurs’ Learning Centre

For this accessible collection of financial literacy tools and lessons we have no one other to thank than the Business Development Bank of Canada. Even if your business is not operating in the great North, that doesn’t mean you can’t take advantage of the BDC’s collection of resources! After making a free account, you can access several courses and digital workshops (all on your own time) which span several topics from running efficient operations to “advanced cash flow.” The BDC’s resource centre represents a more selective group of resources tuned specifically for business owners with established companies and an interest in tightening up their financial ship. Being the BDC is primarily a financial institution themselves, there are also courses about small business’s connection to banks at-large including courses such as “be credible and prepared when speaking to a banker;” a lesson well worth learning.

SCORE Workshops

If you are not already closely associated with your local SCORE branch, consider this article the match lighting the fire under your behind; SCORE is one of the most reputable and ubiquitous small business learning resource centers out there for both individual mentorship and online courses. SCORE likely has the widest variety of engagement options of the resources on this list; from one-on-one in-person mentorships and audits all the way to lecture-style Zoom lessons, SCORE proudly serves just about as many topics and interests as there are small businesses.

Getting involved with SCORE is also a great means to kick off a partnership with another small business, as local SCORE branches often double as meeting places for the small businesses in your area. There is likely no small business owner that couldn’t benefit from SCORE resources. Better yet, once you know the SCORE system well enough, you can give back to your fellow business owners by becoming a SCORE volunteer.

Visa Financial Center

Large financial institutions have a lot to gain by lending and partnering with small business owners who are financially literate. Articulating your financial needs and building a trend-informed plan for the future of your business doesn’t happen by magic; and Visa knows this to be true. The Visa Financial Center is an online collection of articles, learning documents, and videos covering a wide range of topics relevant to small business owners. Visa also frequently features real-life small business owners who share their own tips about big ideas like funding your business or financial starting points.

Being that Visa has an interest in keeping small businesses educated about trends in their own technology, you can also learn about the finer points of Visa systems like accepting contactless payment or getting financing.

NYC SBS Business Courses

Even if you are not a resident of New York City, you can still take full advantage of the NYC Department of Small Business Services free business courses. The department’s online courses vary widely and are offered frequently, often multiple times a day. From free legal consultations to the finer points of signing a commercial lease, the purpose of the NYC SBS’s courses is fully, and unambiguously, to help businesses run better.

Signing up for NYC SBS courses, once again, does not require you to be a New York City resident, nor do they require you to be a current small business owner. Many of the department’s courses are actually centered on either scoring your first location or managing your first accounts; there are also advanced courses about building marketing strategies and a full 15-hour course on starting a wholly online business.

ABL, Always Be Learning!

While some may say the best experience for small business owners comes from, well, running their business, the most successful small business owners don’t stop their financial education simply because they run their own business. Being ahead of current financial trends and having a firm understanding of your financial situation is the straight spine in your business’s skeleton. While April may indeed be Financial Literacy Month, every day is financial literacy day for America’s small business owners, as there is always more to learn and always more ways to save.