Merchant Cash Advance Blog

Being the owner of a small business has taken on a whole new identity in 2020. In the middle of a pandemic, many businesses are struggling and adapting to new work conditions. Beyond the pandemic, important social movements and just about everything else in the news these days has encouraged owners to closely evaluate their company culture and take steps toward equality and providing a safe and healthy work environment. Anything that happens over the life of your small business is a reflection of yourself. Personal growth will help you grow your business. Sometimes that means adapting to changes quickly. Usually, being a business owner is about taking risks for large rewards, however this year many businesses are simply focused on staying afloat. Here we take a look at what it takes to be a small business owner in 2020.

Much like personal finance, establishing multiple streams of revenue is essential to protect and grow your business. As we move through this trying time, it is important as a business owner to begin to focus on how to be better prepared and diversified in order to protect your company in the future. Whether it’s incorporating online sales, expanding your product lines, offering new services, or opening a complementary business, having multiple revenue streams can keep your business operating in the black even in difficult situations. Here are a few practical ways to open up new revenue streams and protect your small business.

A SWOT analysis is one of the best ways to gain insight into your business operations, discover opportunities and set your company up for future success. “SWOT – which stands for "strengths, weaknesses, opportunities and threats" – is a type of analysis that helps you develop your business strategy by comparing internal factors (strengths and weaknesses) against external factors (opportunities and threats). Examples of internal factors include things that you have control over and can change, like your staff or your intellectual property. External factors are things that you cannot control, like consumer trends or competitors.”

A lot has changed over the last few months for small business owners. As we continue to move forward, we’re taking a look at the trends that have shaped the first half of 2020 and examine their lasting impact.

As the leader of your business, it is important to maintain your physical, mental, social and spiritual health. In doing so, you greatly increase your chances for business success. Here we take a look at the benefits of mastering self-care for small business owners.