A Line of Credit... Just in Case
There are several reasons you may want to sell your FedEx ISP routes—you want to retire, buy another business, or have too many routes to handle. However, no matter the reason, it’s crucial to know what to expect from the process and complete your due diligence to ensure smooth selling. 3 Questions to Ask Yourself […]
Like businesses, developing a business plan is essential for running a successful nonprofit. A business plan helps nonprofit founders to ask and think through some pertinent questions that will be useful for the growth of the nonprofit. It’s a road map that guides nonprofits in their journey of putting things together to facilitate their effective […]
Every nonprofit needs funding to operate effectively and further its cause and there are also times when a nonprofit needs to give away its funds. Unlike businesses, nonprofit funding is most often received from donations from individuals, foundations, corporations, endowment funds, and local and federal government grants. As an owner of a nonprofit, it’s essential […]
A small business line of credit is a short-term revolving line of credit used for operating expenses such as covering bills, payroll, or unexpected needs. A business line of credit can function as an emergency fund ready to borrow from when needed. Like a revolving credit account, borrowers are approved for a preset lump sum […]
Nonprofits are organizations that operate for the collective public and private interest without aiming to generate profits for the founders. Unlike businesses, nonprofits organizations are exempt from federal income taxes under subsection 501(c)(3) of the Internal Revenue Service (IRS) tax code. Tax-exempt enables nonprofits to save thousands of dollars to facilitate their operations effectively. However, […]
Law is an essential part of human existence. It serves as a guideline for what is accepted in society and helps to mediate differences in interpersonal relations. Without some laid down rules and regulations, there would be a conflict of interest in any human gathering. For nonprofits to operate effectively, there should be a legal […]
There’s a common misconception that all nonprofit workers are volunteers; hence, little attention is given to employees’ salaries. However, like every business, the payment of nonprofit workers is essential for the efficient operation of nonprofit organizations. Therefore, the executive directors of nonprofits should implement a working strategy that allows for the prompt payment of workers’ […]
Small business owners were optimistic heading into 2022. Even so, money remains a considerable concern after two years of the pandemic. According to the Small Business Index, a report compiled by the U.S. Chamber of Commerce and MetLife, 34% of small business owners reported revenue as their top challenge, along with other concerns such as […]
Owning a business means that you are often pulled in many different directions. You likely have a full plate at every waking moment, and it can be challenging to know if you are implementing the best strategies to accomplish your goals and spur growth. That’s where hiring a business coach can help. Whether your company […]
Nonprofit organizations have the same challenges as for-profit small businesses. From poor management to poor financing, the risk of failure is ever-present. The National Center on Charitable Statistics says about 30% of nonprofits dissipate after 10 years. Several years ago, Guidestar reported that about half of all U.S. charities were operating with less than one […]