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Author: Jake Snelson

It seems like goals is a buzzword in business these days. We hear about solopreneurs achieving lofty aspirations and turning their side hustle into a corporation almost overnight. We read about the best tactics for corporate goal setting and how to implement change, and we’re constantly focusing on how to beat our stats, implement metrics and strategies, and set and crush goals that were once thought of to be impossible.

But with all the good that goal setting does, it also can cause a dangerous distraction. You might be shaking your ahead in agreement – the SMART goals, seminars, ways to make $1M overnight, and other tactics can often create a roadblock for our success rather than propellling us forward. Why?

Well, sometimes the big, fancy finish distracts us from focusing on what it will take to get there. But you’ve gotten it broken down into a million steps and everything is planned, right? Although SMART goals and planning are effective sometimes it really does obscure the path because despite it all we’re focusing on the end result rather than on being the type of person that can actually make the end result happen (and last).

We’re not saying that you won’t get there with goal planning – but it might go a lot faster if you look at the obstacles that are blocking your path and solve those, rather than try to create your own personal roadmap to success.

Here are a few things to think about when it comes to finding and overcoming the obstacles that might stand in your way:

  • do you have the skills needed to accomplish the goal you have in mind? If your plan is to have an astronomically large net worth, but you currently don’t have one, odds are that you might be lacking a few financial skills needed to obtain your wealth. Start listing the skills you think you need and then check them off your list when you’ve got them. Those that you don’t have – make them a priority.
  • prioritize the obstacles – we talk about strategy in business so apply that to the obstacles you’re bound to encounter and you’ll find that you’ll be crossing the goal finish line sooner than you might think. It’s not enough just to have a to do list with things you need to become or learn, figure out the best way to get it done and what to tackle first. Prioritizing allows you to blaze a clear trail and you might find you can even kill 2 birds with 1 stone.
  • keep the end goal vague so you can focus on the here and now –we’ve heard plenty of big goal setters say that knowing the details is what drives you to accomplish that big goal. Things change, flexibility is key, and it might not even be possible to do something exactly to plan. Our recommendation? Keep the end goal vague and instead focus on the details that are happening right now that will propel you to that end goal. When we say vague, we still want you to know where you’re headed just don’t start picking out your big expensive sports car and figuring out how you’ll rule the world just yet.

What are you big goals? Or maybe your obstacles? We love talking business and big dreams… tell us in the comments.

Frequently Asked Questions:

Why can goal setting sometimes be a distraction?

Goal setting can be a distraction because focusing too much on the end result can obscure the path to achieving it. It might cause you to overlook the necessary steps and skills required, leading to frustration and stagnation.

How can I identify the obstacles blocking my path to success?

Start by listing the skills and resources you need to achieve your goals. Identify which ones you lack and make acquiring them a priority. By breaking down the process, you can tackle obstacles systematically and more effectively.

What is the benefit of keeping the end goal vague?

Answer: Keeping the end goal vague allows you to remain flexible and adaptable to changes. It helps you focus on the present actions and decisions that will propel you toward success, rather than getting fixated on a rigid, detailed plan that might not be feasible.

How should I prioritize the obstacles I encounter?

Answer: Prioritize obstacles by assessing their impact on your progress. Focus on the most significant barriers first and create a strategic plan to overcome them. This approach ensures efficient use of your time and resources, helping you progress faster.

Why is it important to manage expectations when setting goals?

Answer: Managing expectations prevents undue stress and pressure, especially when goals are unrealistic or overly ambitious. Setting manageable and attainable goals allows for consistent growth and helps maintain motivation by celebrating incremental achievements.

This post is part of the popular Business of Blogging series. If you’re looking to start a business online, or if you’re looking to grow your business with a blog, the information provided here is a good place to start.

Business of Blogging

More and more of today’s business is being done over the internet. Shopping, consulting, taking classes, even ordering food can be done by the swipe or tap on your smartphone. Despite the fact that convenience is one of the internet’s greatest gifts, it also gives us a host of knowledge right at our finger tips.

Blogging is no longer family pictures and a digital way to preserve or share memories. Today, blogging is a key way to provide expert information about your product or service and many online entrepreneurs are financially successful just by providing expert-level information alone.

So how does one turn a blog into a business? We’re glad you asked.

Despite the fact that anyone can start a blog, very few are successfully run businesses. And even though the idea of online businesses is still fairly new, the way to create a successful business is not. In this series, we discuss the details of business as it pertains to blogging, and our goal is to help you turn a profit from providing your knowledge, product, or service on your own little piece of the internet.

Today we’re discussing just how to start making money on your blog. There are a variety of methods, but these are the ones that we’ve found to be the most effective.

Read more here…


This post is part of the popular Business of Blogging series. If you’re looking to start a business online, or if you’re looking to grow your business with a blog, the information provided here is a good place to start.

More and more of today’s business is being done over the internet. Shopping, consulting, taking classes, even ordering food can be done by the swipe or tap on your smartphone. Despite the fact that convenience is one of the internet’s greatest gifts, it also gives us a host of knowledge right at our finger tips.

Blogging is no longer family pictures and a digital way to preserve or share memories. Today, blogging is a key way to provide expert information about your product or service and many online entrepreneurs are financially successful just by providing expert-level information alone.

So how does one turn a blog into a business? We’re glad you asked.

Despite the fact that anyone can start a blog, very few are successfully run businesses. And even though the idea of online businesses is still fairly new, the way to create a successful business is not. In this series, we discuss the details of business as it pertains to blogging, and our goal is to help you turn a profit from providing your knowledge, product, or service on your own little piece of the internet.

Today we’re discussing the importance of defining the type of business entity your blog or website falls under. The choice is really up to you, but knowledge is power and – read on to find out the different entity types and learn how the pros and cons of each one might benefit you and your blogging business.

Read more here…

Stories are just words. So why are they so important? Studies show that the average American hears or reads 100,000 words every single day. Findings from studies dating back decades have shown that 80% of what we learn is gone within 24 hours of our hearing it. That means that many of the message we hear simply don’t make an impression.

And yet, we’re told more and more that it’s even more important than ever to have a personal brand, to build a platform, to stand out, to manage our careers. But how do we do that without words? And how do we make the words we say meaningful enough to stick?

We tell stories.

Why Telling Your Story is So Important

These stories aren’t necessarily the ones you read to your kiddos at bedtime or those fairytales you remember hearing as a kid. But they’re important just the same  and they’ll be remembered (just like those fairytales) if you tell them right. These stories are facts, but they also provide plenty of opportunities to connect with those you tell them to and the connection is what will make you memorable.

But why is telling a story so important? Don’t we have other means that showcase who we are and what we’re capable of. We do, but the honest truth is that not many care and even less remember. Here’s just a few reasons telling your story can be so important:

  • no one really cares about your resume – gone are the days of relying solely on a sheet of paper with your greatest accomplishments. Many employers today are more interested in reading your bio, seeing what they can find about you when they search on Google, and hearing about the life experiences that have shaped you into the person you are today (you get bonus points if the  life experiences you share showcase skills that apply to your work!)
  • the biggest leaders and greatest marketing campaigns start with a story – look around and you’ll find some of the most influential organizations tell a story that is so compelling others want to join or contribute just to be a part of it. (If you’re racking your brain trying to think of an example, here’s a few, Apple, R[E]D, Toms)
  • telling your story helps you evolve – how many times have you introduced yourself? Do you always say the same things? If you look back you might find that the details you include have changed over the years – when we tell our story often we start to find out subtle truths about ourselves that help us gain confidence and understanding about who we are and what we can and want to do.
  • sharing your story can accelerate interpersonal connection – think about the people you work with. Those that you eat lunch with or have known for years have probably shared at least a few personal details about their lives and likes. Because of this, you’ve got a better gage at how to work with them and that means that you can accomplish more. Creating these connections is a great way to be efficient and it’s also incredibly effective when you’re striving to put together high performance teams.

What Makes a Good Story

Now that we’ve seen why a story is so important, we want to make sure the stories we tell are as effective as they can be. Miscellaneous facts and data aren’t easily remembered if they’re line-itemed or randomly listed, but include them in a story and you’ll find the recall rate is a lot higher. Tucking in important points within your story is key, but the most memorable stories are those that are practiced and that have a set pattern. Here’s how to get started & a few tips on telling a good story:

  • make sure you have good story structure – start at the beginning and provide ample background without losing your listener in the details. Every story should have a beginning, middle, and end.
  • keep the reason or moral of your story simple and stick to just one – learning 17 different lessons from a story seems overwhelming not to mention a little unrealistic. Pick the most important reason for your story and stick to it.
  • Personal connection – sometimes in story telling a character can seem one-sided or flawless. Make sure that you have your main character be relatable – remember to show them in real life even if the story is about them taking on a challenge or overcoming a tremendous obstacle.
  • Include common reference points – this is one of the best ways to solidify your characters being relatable. Include feelings, ideas, thoughts, that others can relate to. We all know what it’s like to feel scared, take on a new task, or work towards achieving a huge goal.
  • Pacing – having a beginning, middle and end isn’t all you need. Make sure you have a good pace – that you don’t dwell too long on setting up the story or belabor certain points. Instead make a full circle and come back to the point you started with in the beginning

No matter what, remember that stories need to be practiced and then shared. They might help you get a job interview, inspire an employee, get you a promotion or help you sell your product or service.


This post is part of the popular Business of Blogging series. If you’re looking to start a business online, or if you’re looking to grow your business with a blog, the information provided here is a good place to start.

 

Business of Blogging

More and more of today’s business is being done over the internet. Shopping, consulting, taking classes, even ordering food can be done by the swipe or tap on your smartphone. Despite the fact that convenience is one of the internet’s greatest gifts, it also gives us a host of knowledge right at our finger tips.

Blogging is no longer family pictures and a digital way to preserve or share memories. Today, blogging is a key way to provide expert information about your product or service and many online entrepreneurs are financially successful just by providing expert-level information alone.

So how does one turn a blog into a business? We’re glad you asked.

Despite the fact that anyone can start a blog, very few are successfully run businesses. And even though the idea of online businesses is still fairly new, the way to create a successful business is not. In this series, we discuss the details of business as it pertains to blogging, and our goal is to help you turn a profit from providing your knowledge, product, or service on your own little piece of the internet.

Today we’re discussing the myths and truths that go along with making a business out of your blog. You may have heard that blogging is a great way to earn money, that you can do it from anywhere, and that it’s relatively easy to do. We’re covering it all… now.

Read more here…

 

 

 top ten list of reasons to file your taxes early

We’ve heard it before. The effect daily rituals have on success is quite the topic among high achievers. The concert pianist who practices scales and muscle memory exercises mercilessly to help hone their craft. The athlete that visualizes winning a gold medal, scoring the winning goal or breaking a world record in efforts to maximize their performance. And the ultra-savvy entrepreneur or CEO that gets up early, works out regularly, takes risks and makes millions. More often than not, those that are most successful in their chosen field attribute their success to exercises, or rituals, such as the ones mentioned above. The difference between an exercise and a ritual might just be the fact that most rituals become long-standing habits. Aristotle said it best,

We are what we repeatedly do. Excellence, then, is not an act, but a habit.

So what exactly do daily rituals mean for small business or entrepreneurial success? Everything. Today we’re breaking down the purpose of daily rituals and just how we can implement them to help propel our success in our chosen field or industry.

Benefits of Optimized Rituals

When  most people hear the world ritual they associate it with religion. In this case, a ritual is merely something that is done consistently in efforts to produce the same results. Rituals, aren’t just consistent, they’re outlined steps that are followed with exactness so as to ensure a wanted outcome. So what type of benefits can you expect to see from a ritual? We’re glad you asked. Rituals can benefit anyone in the following ways:

  1. Put you in a high performance groove both mentally and physically – its a surefire way to get ready for big decision-making and calculating risks
  2. Allow you to predictably perform at a high level – meaning you can count on high performance every time rather than hit and miss chances at success
  3. Stop you from overthinking – when it comes to risks, thinking too much can actually cost you a win. Rituals push you through the process and help you get to the success faster so you don’t overthink or miss an opportunity
  4. Allow you to upgrade your performance because you can break things down in steps and tweak what’s need fixing – doing things repeatedly and in the same way allows you to pinpoint where the breakdowns might occur and correct them.
  5. Give a sense of purpose and confidence – creating a habit or a practiced sequence means you’ve seen success before. This consistency gives you confidence that you can recreate the same effective outcomes and that means you’re more and more ready to push through the challenges ahead.

upgrade your performance

How to Build Your Own Daily Ritual

Now that we’ve got you convinced about daily rituals and how they can propel you to success, lets talk about how to create some rituals of your own. It really is just a prescribed sequence that can help set you up for success – creating some ornate set of steps or adding additional tasks to your already busy schedule won’t do. Real rituals are the most effective when you fine tune your already existing routines to help ensure a successful outcome. To do this, we suggest the following steps:

  • catalog what you already do – focus on a single area that you wish to improve. It may be your customer service, product launches, or even expanding your business in a certain area. List out the typical steps you take.
  • take a look at your process – What steps are you missing? Are there things you might be able to add in, delete, or move around that would better ensure your success?
  • reinvent the ritual and put it to practice – make the changes and then get to work. No matter what your ritual, you won’t see success unless you put in consistent effort.

upgrade your performance

Incorporating AI technologies into daily rituals can significantly enhance productivity and success. Future AI tools like personalized scheduling apps, virtual assistants, and smart home devices can streamline routines and manage time efficiently. By automating repetitive tasks, AI allows individuals to focus on high-priority activities and decision-making. Additionally, AI-powered analytics can provide insights into personal habits, helping to optimize performance and well-being. Embracing AI in daily rituals not only boosts efficiency but also fosters a proactive approach to achieving goals, ultimately propelling individuals toward greater success.

We’d love to hear about the goals you’ve set and the rituals you’re creating to help you get there – drop us a line in the comments.

Frequently Asked Questions:

1. What are daily rituals, and why are they important for success?
Daily rituals are consistent, outlined practices that help create habits leading to success. They prepare you mentally and physically, enhance performance, and build confidence.

2. How do rituals differ from regular exercises?
Rituals are structured, repeated practices aimed at achieving specific outcomes, while exercises are often one-time or sporadic activities. Rituals become ingrained habits that consistently yield results.

3. What are some benefits of incorporating daily rituals?
Daily rituals can improve performance, reduce overthinking, boost confidence, and provide a sense of purpose. They help streamline decision-making and enhance consistency in achieving goals.

4. How can I create my own daily rituals?
Start by cataloging your current routines, identifying areas for improvement, and making adjustments. Focus on consistent practice to reinforce these rituals for optimal results.

5. How can AI enhance my daily rituals?
AI technologies, like personalized scheduling apps and virtual assistants, can streamline your routines by automating repetitive tasks. This allows you to focus on high-priority activities, improving efficiency and productivity.

7 Tips for What NOT to do as a Small Business Owner | Entrepreneur Tips | Small Business Accounting & Bookkeeping for Entrepreneurs and Small Businesses | Mazuma USA

Being a small business owner is hard.  We balance personal life, work, and everything inbetween just trying to make it through the day.  Because of this, it’s easy to take shortcuts or let things slide. Here are a few ideas on what to steer clear of or at least know what you’re getting into so you know how to handle it:

Don’t Hire a Family Member or Friend

  This can be tricky.  There are times that this works out well, however, keep in mind that you will need to be prepared to give correction, be professional much of the time, meet deadlines, and be careful with money.  If you do hire someone close to you, make sure that you talk about the professional requirements of the job and how you are counting on them. If they don’t work out, be honest. Make sure they also happen to be the best person for the job.

Don’t Allow Business to Change Your Personal Calendar

Many times, people quit a taxing 9-5+ job to start a small business so they can spend more time with their family.  It’s hard when trying to “make it” in the beginning, and when you “have arrived” and things are really busy. Just remember, you switched vocations so that you could spend time where you wanted.  Even if that takes a little less money here or there, those kid performances are important. Make your schedule at the beginning of the week and try to stick to it.

Don’t Do Everything Yourself

You’ve heard the phrase, “the devil is in the details” right? Well, when owning a small business, it can actually be bad to care about so many little details.  Hire a good team, then delegate, and TRUST them. They might not do things the way you would, but why would they? They can bring something better than another robot version of yourself…variety, cross-functional thinking, and most importantly, TIME 🙂  Don’t discount the importance of this when you get to pay day.

Don’t Be Late to Everything

here are so many tasks, projects, people to follow up with, customer requests to get to.  Even if a conversation seems to be going somewhere successful, make sure to let a prospective buyer/client know what time you need to be done, and stick to it. Professionalism counts, even for small business owners.  By excusing yourself to head to another meeting or a child’s soccer game, the buyer will know your time is precious and take you more seriously than if you hung out with them all day listening to what they have to say.

Don’t Assume That Spending Money on the Business Should Always be Done Cheaply

This goes for marketing materials, trainings, software, employees, etc. Careful planning and organization is important, but many of these items should be viewed as an investment toward the future. I’m only talking to the Frugal Freddie’s here. Spending frivolously is a different topic.  It’s not a good idea to hold out on marketing for an upcoming conference, or withhold training for employees, or put off a simple low-cost piece of technology until you have more customers or make a certain amount.  It is smart to spend even when you don’t have much, as long as it is done in a strategic way.  Most importantly, don’t skimp on paying good help what they are worth. A special gift to collaborators can go a long way as well.

Don’t Reinvent the Wheel

Don’t feel like you have to implement all of your ideas right away.  Even a “slam dunk” plan might not have the best timing. Think about what you have already created and how you can use it to implement a version of the plan.  If the timing isn’t right, don’t throw the plan away. Make a folder on your computer or project management software for “Backlog” or “Ideas.” Revisit that folder at quarterly and annual review time. You’ll be amazed at how many great ideas can be patched together from plans you’ve almost implemented in the past.

Don’t Act as if Sleep & Exercise is for Wusses

You know we all do this.  We stay up late to get everything done that hasn’t been done for years, and then get disappointed when we can’t finish, have no energy during the team meeting the next day, and forget to tell employees how important hair nets are.  Work will always be there. Sleep and exercise is how we get through the day without sluggishness, depression, etc. Also, we end up becoming more dependant on coffee, sugar, junk food because we don’t have the energy to get through the day without it.

You are doing great.  Many times we think we aren’t making a difference or selling enough, etc. Take a look at all the good that has come because of opening your doors.  Thanks for all the hard work you do to build the small business community in a STRONG way!

7 Tips for What NOT to do as a Small Business Owner | Entrepreneur Tips | Small Business Accounting & Bookkeeping for Entrepreneurs and Small Businesses | Mazuma USA

 

How to Stay Organized on Your Business Calendar

It’s all too easy to let our day jobs rule our lives. With technology at our fingertips we can constantly be in contact – checking emails, answering texts, and fielding phone calls. Our work schedules quickly feel up with business meetings, and collaborating with teams on projects, new product launches and much, much more. As small business owners, we’re guardians of our time and our success and the two are definitely linked. Today we’re sharing our top tips for keeping organized when it comes to your business calendar.

Make an Optional Calendar

Life is busy. We say no to lots of things… even good things that might help us take our personal and professional lives to the next level. The reason? Time. But if you’re like us, you’ve had the occasional afternoon open up and you’re left coming up with what to do or worse, wishing you could remember the dozens of tasks that you’ve been meaning to get done.

You’ve probably seen on your own digital calendar that you can set up multiple calendars and have them appear at a click of a button a master calendar. Events are color coded and it’s not only pretty to look at but effective. That said, it can still cause a lot of stress and an over-programmed life. When you say no to an event or project that you’d like to say yes to, slip it onto a “Optional Calendar” that way you’ve got the information at hand when your afternoon seems to open up and you’ve got free time you didn’t know you had. And you can shut down the regret of having to say no by simply turning the view option on that calendar off.  With an Optional Calendar, you can spend the time doing more rather than figuring out what to do with your free time.

Work in Blocks of Time

You’ve heard of batching tasks and we’ve even talked about automating processes, but there’s something to be said for blocking off chunks of time so you can hunker down and get things done. You’ve probably heard of many an entrepreneur or CEO that hits the office early so that they get a jump on the day – they’ve scheduled blocks of time for answering emails or brainstorming projects – often those things that aren’t easy to accomplish amidst a dozen interruptions.

Take a look at your schedule. Can you move your meetings all to the afternoon so you’ve got time in your office to take care of daily tasks? Maybe it’s best to schedule out reading and answering emails before 10 AM. No matter what you do, look for tasks that you do often or that require similar circumstances (like peace and quiet to return phone calls, etc.) and then group like tasks together.

Prep for Tomorrow

Half the battle of a successful day is being ready for what it holds. Some of the most successful small business owners we know make it a habit to spend the last few minutes of the day getting ready for the next. So what is it that they do?

Some review their schedule for the next day? Others write the last few emails and hit send, others clear off their desk, close out of tabs in their internet browser, and scribble down a short list of to do’s so they can hit the ground running. The best way to figure out what to do to prepare for the next day is to take note of what things you’re doing first thing in the morning – then add those tasks to your end of day and you’ll start the next day ahead.

Prioritize Tasks & Do What You Can, Now

The almighty to do list can get awfully long, so make sure you prioritize it once you’ve created it. Most efficiency experts say that planning to accomplish 3 major tasks each day is  a definite win. But what about all the little things you put on your list – where do those fit in? Instead of pushing them into tomorrow’s schedule stop and do them now.

Don’t wait to respond to that employee that needs an answer tomorrow – craft a short response and send it now. Once you prioritize your tasks you’ll be able to see which items need more thought and which ones can easily be accomplished or eliminated completely.

So what are some of the ways you stay organized in your business calendar and life? We’d love to hear your ideas in the comments below.

Prioritize Tasks & Do What You Can, Now

FAQs: Staying Organized on Your Business Calendar

1. What is an optional calendar, and how can it help me stay organized?

An optional calendar is a secondary calendar where you can add events or tasks you would like to do but are not essential. This helps you avoid over-scheduling and provides a list of productive activities when you find unexpected free time.

2. How can blocking time improve my productivity?

Blocking time involves scheduling dedicated chunks of time for specific tasks. This minimizes interruptions, helps maintain focus, and allows you to complete similar tasks more efficiently, improving overall productivity.

3. What are some tips for preparing for the next day?

Spend the last few minutes of your day reviewing the next day’s schedule, sending any final emails, clearing your desk, and making a to-do list. This preparation ensures you start the next day with a clear plan and focus.

4. How should I prioritize tasks on my to-do list?

Focus on accomplishing three major tasks each day. Prioritize by importance and urgency, and try to handle quick tasks immediately to keep your list manageable and prevent procrastination.

5. Why is it important to respond to small tasks immediately?

Addressing small tasks immediately prevents them from piling up and becoming overwhelming. It also ensures timely communication and keeps your workflow smooth and efficient.

Raise Your Small Business Credit Score

When it comes to test scores, salaries, batting averages, or pretty much anything other than golf scores – the higher the better. The same goes for credit scores. And a good credit score means a lot if you’re starting or running a business. 

Why Your Credit Score Matters

A credit score is a way that financial institutions and lenders attempt to predict your future financial behavior. They look at your financial past- what types of loans you’ve taken out, if you quickly repay or default on a loan altogether, and  if you’re consistent in your payments and even pay on time. Then based on their assessment they assign you a score between 850 and 300. 

The higher the score the better of an investment you are, so your ability to take out new loans or work with lenders with better rates increases. 

This can be essential if you’re looking to start a business or expand the business you already have. It even can come into play if you’re sourcing large amounts of raw materials or other resources for your business – many wholesalers are more likely to extend larger tabs to clients with higher credit scores because they know they’ve got a good financial history. 

How Do You Increase Your Small Business Credit Score

Remember, you didn’t get your current credit score overnight, so raising your credit score isn’t going to happen that fast either, but you can always do things to help it improve. 

  1. Take a look at your current credit report – review you’re current credit report and look for areas that might include false information or items that have a negative impact. Verify your story to the best of your ability by collecting related paperwork and any bank or credit card statements. Then contact the credit agency and ask to work through these concerns.
  2. Pay on time. Every time – Making sure you can pay your bills and that you do so on time is the best way to improve your business credit score. To do so, consider setting things on autopay, paying a little extra each time so you’ve built up a reserve and setting reminders on your phone so you can check to see that you’ve paid in full by the required monthly deadline. 
  3. Pay Down Your Debt – for most individuals and small businesses this can be a monumental task, but it is possible and it makes a great impression. If you’re looking to acquire a loan or  are putting things on credit, go into it with a plan on how to pay it off. If you’re stuck with debt, take a look and see if you can consolidate it by using a debt snowball method. No matter what, pay the minimums so that your current schedule credit score doesn’t take a hit. 
  4. Improve your Credit Utilization Ratio– lenders take into consideration just how much you utilize your credit. The higher your utilization rate the greater the risk of not being able to repay your debts. So work to keep your credit utilization rate low, preferably under 30%. Lenders want to see that you can properly manage your debts and are much more willing to extend credit if there is a lower risk.

How Do You Increase Your Small Business Credit Score

No matter what don’t give up. Pick a strategy and stick with it. Don’t get frustrated when you don’t get immediate results – like we said before, you didn’t get your current credit score overnight and you won’t undo it that fast either. Making wise financial decisions consistently will not only improve your credit score but also help your financial standing overall.

FAQs About Credit Scores for Small Businesses

1. Why is a good credit score important for my business?
A good credit score is crucial as it influences your ability to secure loans, negotiate better interest rates, and even establish relationships with suppliers. Lenders view higher scores as a sign of financial responsibility, making you a more attractive investment.

2. How is my credit score determined?
Your credit score is calculated based on your financial history, including the types of loans you’ve taken, your repayment history, and how consistently you make payments on time. Scores range from 300 to 850, with higher scores indicating better creditworthiness.

3. What steps can I take to improve my credit score?
To improve your credit score, start by reviewing your credit report for inaccuracies. Make timely payments, reduce your overall debt, and maintain a low credit utilization ratio (ideally under 30%). Consistent positive financial behavior will gradually enhance your score.

4. How long does it take to see improvements in my credit score?
Improving your credit score takes time and consistent effort. While some changes can lead to quick improvements, many factors will require ongoing attention. Be patient and stick with your strategies for the best long-term results.

5. What is the credit utilization ratio, and why does it matter?
The credit utilization ratio measures how much of your available credit you’re using. Lenders prefer a low utilization rate, ideally under 30%, as it indicates that you manage your debts responsibly. A lower ratio can positively impact your credit score and increase your chances of securing new credit.

Whenever you are making a charitable donation you’ll want to get a receipt so that come tax time you can decide if you should take the standard deduction or if you should itemize.

What is the standard deduction?

Like we said before, the standard deduction is based on your tax filing.

For 2016 taxes these are standard deduction rates.

  • Single taxpayers – $6,300
  • Married taxpayers filing a joint return – $12,600
  • Head of household taxpayers – $9,300

How to calculate an itemized deduction.

 

Charitable donations are tax deductible, but how do you know if you should claim the standard deduction or if you should itemize? We'll help you decide.