Generating Income For Tomorrow’s Post

It's well known that small businesses often feel the economic pain first. That being said, I don't think we've really started to see that across the economy as a whole. When I look at various small business portfolios and their delinquency rates, they make sense overall. Similar to consumer lending, those that lent to borrowers who were riskier, are seeing higher losses. However, this is not sector wide. Also, as the article points out, there are small businesses that have healthy balance sheets and continue to do relatively well. "Access to financing is crucial for small businesses because it enables them to grow and hire additional workers, fueling a cycle that keeps the labor market expanding and the economy humming. Small firms are responsible for roughly two-thirds of all net new jobs and in recent years have accounted for 44% of all economic activity, so their resilience is key to the elusive soft landing Fed officials hope to achieve." "The headwinds dogging small businesses highlight the risks to the economy if the Fed keep rates too high for too long." "So far, data has largely suggested that the broader economy remains strong and steady: Unemployment is below 4%, household balance sheets are strong, and growth soared in the third quarter to a more than a 5% annual rate." "Many small businesses, in contrast, are offering sharp warning signs. The net share of business owners reporting higher sales in the past three months, compared to the prior period, just posted its lowest reading since July 2020, according to the October survey from the National Federation of Independent Business." "And while securing financing is just one of many problems small businesses face, its prominence is rising. Five percent of owners listed it as their top business problem in the latest survey, up from the 1% to 2% level where it has stood for years, says Holly Wade, executive director of the federation’s research center." "Some economists warn that small business troubles could be an early indicator for where the broader economy is headed." "Because of the reduced size of their balance sheets, small firms cannot absorb the costs of inflation and higher interest rates the way larger businesses can. Too much tightening could cut these firms off from the capital they need to grow, forcing them either to turn to more costly methods of financing—such as credit cards—or to postpone plans to expand." "The saving grace for small businesses at the moment is the economy remains strong. Many firms, buoyed by strong consumer demand over the past couple of years, are armed with healthy balance sheets that can help provide some buffer even as interest costs grow more painful." #rates #inflation #smallbusinesslending #federalreserve https://lnkd.in/gKwtzE8C

When you start making money. Don't do this. I was warned when I started my first business. "When you start making money, you will want to buy cool things. Not because you care what others think, but because you have never been able to do so before. Don't do it. Save, and re-invest. There will be plenty of time to spend money after you have built something great." Did I listen? Nope. An amazing thing happens when you are living off of 30k a year and all of a sudden you start making 400k. You start to want things that before you didn't care about. Why? Because now you can afford them. (Psychology baby, we humans arent that smart.) So there I was. I went from barely making ends meet to being very well off. In a matter of about 8 months. Here is what I bought: - New truck. - Went from a 1-bed apartment to a 5-bedroom house. - Tattoos. - Expensive dinners. - Nice jewelry (I love watches.) The list goes on. I know what you are thinking. "Then you lost it all, right?" Nope. Kept growing. I'll do a post later about losing everything. So, if I kept growing... Why was this bad? Speed. At the same time, I started my business, another guy my age started one of his own. Except he: - Kept his old vehicle - Stayed in the 1 bedroom apartment. (Or maybe it was a small house.) - Lived like he was still broke. Guess what happened. He scaled way faster. He made more money than me. His company did in one year what it took mine 3 to do. Here is where he spent his money: - Investments. (Stocks and other businesses.) - Reinvested into his company. - Marketing. - Hired employees. - Mentorships. - Courses. - Hell, he even learned a new language. (Overachiever.) My point is this. The patient man wins. Every time. It took me way too long to learn this lesson. So, when you start making money. Seek council. Don't rely on what you think is best. Because more than likely, you aren't thinking clearly. What are some dumb things you have spent your money on? Are you a saver or a spender?

Interesting insights from CBIZ Inc. on the current economic confidence among small-business owners. Despite challenges such as staffing and interest rates, it's notable how steady interest rates and a robust stock market are bolstering confidence. It's crucial for business owners to stay informed about the various grants and opportunities available to support their growth and navigate uncertainties. The $5,000 Faire Small Business Grant is a valuable resource for retailers looking to enhance their inventory and grow. This grant can provide crucial support during the early stages of a business. Similarly, TD Bank's $1 million grants for nonprofits offer substantial funding for projects that support underserved small-business owners. Businesses should be aware of the complexities involved in grant applications and ensure compliance with relevant regulations and law. I’m excited to see business owners seize these opportunities and achieve great success!

Yesterday, Ladies Who Launch completed the pilot of our 2023 #FUNDBootcamp in Belfast, Northern Ireland. 💚 25+ women and non-binary business owners, representing products and services, came together for a day of learning, growing, and sharing in community, with the ultimate goal of becoming loan-ready and bankable. We’re so grateful for our host, Invest Northern Ireland, and the great Karen Finlay, and our partners, AwakenHub and AwakenAngels (Mary McKenna, MBE & Clare McGee), and Women in Business NI (Lorraine Acheson and Roisin McDermott) for helping us assemble an incredible cohort, and an expert speaker line-up of small business champions, including: 💡 Bianca McGee, MSBA of Plan Profit Grow™ for facilitating our kick-off session on the Emotions Behind Money. 💡 Chris McClelland of Broadstone for providing an overview on how to fund your business, including crucial topics like how much funding one needs for their business, and where to spend funds. 💡 TS Anil of Monzo Bank and Grainne Kelly of BubbleBum UK Limited for sharing their entrepreneurial journeys, lessons learned, and guidance around growth. 💡Angela Reavey of Kinsetsu for walking the group through the power and importance of financial statements and forecasting. 💡Susan McKane of British Business Bank and Amy Junkin of Enterprise Northern Ireland for sharing more about the varying pathways to capital, and specifically how the BBB partners with entities like Enterprise NI to disseminate small business loans. 💡 Mary McKenna, MBE of AwakenHub and AwakenAngels, Julie-Ann Halliday of Invest Northern Ireland, Claudine Owens of Clarendon Fund Managers, Sinead McKeown and Carmel Morris of Irish League of Credit Unions, for talking about funding opportunities in your backyard (in Belfast and across NI) to secure grants, loans, angel investors and beyond. In Summary: There are so many funding opportunities for women and non-binary small business owners to access in NI and beyond, and to start in a place where each of you feels comfortable and confident! #womenownedbusinesses #smallbusiness #accesstocapital #financialliteracy #loans #partnerships

Up early, 2 cups of coffee already down.. Stressing, filling out 10 applications an hour on some big job website, and this local job board I've never heard of.. I guess when 2 mega-companies own 80% of the industry you work in, finding work isn't an easy thing to do. I've made a decision though, I've decided I'm not settling anymore (thanks Chet Perry) because I'm great at what I do!! I'll have to swallow my pride, and find something for us to get by for now. I'll start to save money for a truck (and a replacement magical disappearing equalizer, since mega-conglomorate @drivenbrands claims they aren't responsible for tools that come up missing while locked inside their shop. I believe my former managers EXACT words were "I asked the "GM" and he said that's too bad, try calling the cops if you want to).. Btw, huge congrats to them on the 3Q earnings reporting! imagine, firing 35% of the work force, and somehow STILL finding a way to make millions!.. That's skill...boy i tell ya what.. Anyways enough joking around..On a serious note, I've heard of GoFundMe, anyone know if there's a "GoFinanceMe" by any chance? lol. Wouldn't that be an extremely helpful tool to rebuild the American dream that was the small business. I'm sure like with many others, there were no stimulus checks during COVID for me, apply for PPP loan but the US government was fresh outta cash. Oh, then the SBA grants in mid-2021, they strung me along nearly 6 months but instead of a little help, big daddy government hands me a $92k tax bill 4 tiny little days before Christmas. Still, after all this pitiful self-loathing and complaining I'm doing... In the end, it won't make a bit of a difference. it's only another bump in the long road, life is full of them. The bumps are what allows us to feel the smooth patches, those great little stretches where we can open up and finally build some momentum, of course that's before the next rough patch . I'll be right back here https://lnkd.in/ecx4piQG one day soon, but this time I'll have lessons I learned from. So, with a stack of invoices ready to go, a rack full of glass in the back of the truck... With my 5 stars, A+ BBB rating, and most important of all... An endless supply of happy, satisfied, and smiling customers!! 😊 I'll pick right up where I left off!! Watch this ✨

Grants, loans, e-commerce and trainings – all kinds of models out there. Which ones are you adopting? What is working? How are you reaching all of your business owners? What kind of metrics are you using to make sure you reach the demographic diversity of your community? Check out the small business relief models here – and add your own in the comments: https://lnkd.in/ejuEqq8

Managing finances a big challenge for 75% of entrepreneurs “A new study from Sage reveals the importance of sound financial advice to start-ups” I was intrigued by this article I read recently.  I am a great believer of businesses being a way to have positive impact in our communities. This can only be done if business are actually making money that can be used to positively impact the community that they serve.  You may/may not know that I set up my Accounting practice to mainly work with business start-ups, as I am passionate about money management for everyone and it is one of the areas that a lot of start-ups struggle with. I am definitely seeing the need to incorporate personal financial management into my services, as a lot of start-ups just want to get on with running their business or “try a ting” without any knowledge of that figure they NEED their business to pay them.  Or some are making money but have no plans or direction for where they want that money to flow.  I am now keen on my new clients working with me to have that financial plan in place  so that their business will be the tool that helps them to execute that plan. Building profitable businesses where we can employ, that youth that has gone through trauma, donate to the charities that are making a real impact in poverty stricken communities is something I am so passionate about.  This is 1 tool we can use to change lives. If you are someone or know of someone struggling with their business or personal finances have a look at the link below and please share if it’s not for you.  Each one help one! I am an Accountant & Money Coach and the creator of “7 steps to building wealth” https://lnkd.in/e9iGpr-A

#WSFS Bank’s commitment to supporting small businesses extends beyond mere financial transactions. Check out these small business success stories to see how WSFS is fueling community growth and prosperity! 

#WSFS Bank’s commitment to supporting small businesses extends beyond mere financial transactions. Check out these small business success stories to see how WSFS is fueling community growth and prosperity!