CAN Capital Blog

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Adaptable Financing: A Closer Look at the Benefits and Strategies of Business Lines of Credit

In the dynamic world of business, access to flexible and reliable financing can make all the difference. One such financial tool that has proven to be invaluable for businesses is a line of credit. Unlike traditional loans, a line of credit offers businesses a versatile and convenient solution to meet their financial needs. In this blog post, CAN will help you explore the benefits of a business line of credit, compare it to a regular working capital loan, and delve into some common and strategic uses for this financial instrument. Benefits of a Business Line of Credit: Flexibility and Convenience: A line of credit provides businesses with a revolving credit limit that they can draw from as needed. This flexibility allows for quick access to funds without the need to reapply for a loan each time. Businesses can draw funds, repay, and redraw as the need arises. Interest on Utilized Amounts: Unlike traditional loans, where interest is charged on the entire loan amount, a line of credit only accrues interest on the amount that has been utilized. This can result in cost savings for businesses, especially when they only require intermittent access to capital. Responsive to Seasonal Fluctuations: For businesses with seasonal variations in cash flow, a line of credit is an excellent solution. It provides the necessary financial cushion during low seasons, helping to maintain a healthy cash flow throughout the year. Builds Business Credit: Responsibly managing a line of credit can positively impact a business's credit score. Timely repayments and judicious use of the credit facility can enhance the company's creditworthiness, opening up opportunities for better financing terms in the future. Comparison to a Regular Working Capital Loan: While both a line of credit and a working capital loan serve the purpose of providing businesses with the funds needed for day-to-day operations, they differ in their structures and applications. Loan Structure: A working capital loan provides a lump sum amount upfront, typically with a fixed interest rate and repayment term. A line of credit offers a flexible credit limit that can be drawn upon as needed, with interest charged only on the utilized amount. Use of Funds: Working capital loans are generally used for specific, planned purposes like purchasing equipment, inventory, or expanding operations. A line of credit is more versatile and can be used for various needs, including managing cash flow gaps, covering unexpected expenses, or seizing time-sensitive business opportunities. Some specific ways some small businesses use a business line of credit include: Managing Cash Flow Gaps: A line of credit is an excellent tool for bridging temporary gaps in cash flow, ensuring that operational expenses can be met even during lean periods. Seasonal Inventory Purchases: Businesses with seasonal inventory demands can use a line of credit to fund the purchase of inventory before peak seasons, ensuring they are well-stocked and ready to meet customer demand. Emergency Expenses: Unforeseen circumstances, such as equipment breakdowns or sudden repair needs, can be covered with a line of credit, providing businesses with a financial safety net. Opportunistic Investments: When lucrative business opportunities arise, having a line of credit allows businesses to quickly capitalize on them without missing out on potential growth. Conclusion: In the ever-evolving landscape of business, having access to flexible and responsive financial tools is crucial. A line of credit stands out as a versatile and efficient solution, offering businesses the freedom to navigate various financial challenges and capitalize on opportunities. By understanding the benefits, distinguishing it from traditional loans, and exploring its myriad uses, businesses can harness the power of a line of credit to propel their growth and success. If a Business Line of Credit sounds like the solution your small business needs, explore your options with CAN Capital. Discover what you may qualify for without impacting your credit score at applynow.cancapital.com or simply give us a call at 1.877.500.8282. Our team is ready to assist and answer any questions you may have.

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Adaptable Financing: A Closer Look at the Benefits and Strategies of Business Lines of Credit

In the dynamic world of business, access to flexible and reliable financing can make all the difference. One such financial tool that has proven to be invaluable for businesses is a line of credit. Unlike traditional loans, a line of credit offers businesses a versatile and convenient solution to meet their financial needs. In this blog post, CAN will help you explore the benefits of a business line of credit, compare it to a regular working capital loan, and delve into some common and strategic uses for this financial instrument. Benefits of a Business Line of Credit: Flexibility and Convenience: A line of credit provides businesses with a revolving credit limit that they can draw from as needed. This flexibility allows for quick access to funds without the need to reapply for a loan each time. Businesses can draw funds, repay, and redraw as the need arises. Interest on Utilized Amounts: Unlike traditional loans, where interest is charged on the entire loan amount, a line of credit only accrues interest on the amount that has been utilized. This can result in cost savings for businesses, especially when they only require intermittent access to capital. Responsive to Seasonal Fluctuations: For businesses with seasonal variations in cash flow, a line of credit is an excellent solution. It provides the necessary financial cushion during low seasons, helping to maintain a healthy cash flow throughout the year. Builds Business Credit: Responsibly managing a line of credit can positively impact a business's credit score. Timely repayments and judicious use of the credit facility can enhance the company's creditworthiness, opening up opportunities for better financing terms in the future. Comparison to a Regular Working Capital Loan: While both a line of credit and a working capital loan serve the purpose of providing businesses with the funds needed for day-to-day operations, they differ in their structures and applications. Loan Structure: A working capital loan provides a lump sum amount upfront, typically with a fixed interest rate and repayment term. A line of credit offers a flexible credit limit that can be drawn upon as needed, with interest charged only on the utilized amount. Use of Funds: Working capital loans are generally used for specific, planned purposes like purchasing equipment, inventory, or expanding operations. A line of credit is more versatile and can be used for various needs, including managing cash flow gaps, covering unexpected expenses, or seizing time-sensitive business opportunities. Some specific ways some small businesses use a business line of credit include: Managing Cash Flow Gaps: A line of credit is an excellent tool for bridging temporary gaps in cash flow, ensuring that operational expenses can be met even during lean periods. Seasonal Inventory Purchases: Businesses with seasonal inventory demands can use a line of credit to fund the purchase of inventory before peak seasons, ensuring they are well-stocked and ready to meet customer demand. Emergency Expenses: Unforeseen circumstances, such as equipment breakdowns or sudden repair needs, can be covered with a line of credit, providing businesses with a financial safety net. Opportunistic Investments: When lucrative business opportunities arise, having a line of credit allows businesses to quickly capitalize on them without missing out on potential growth. Conclusion: In the ever-evolving landscape of business, having access to flexible and responsive financial tools is crucial. A line of credit stands out as a versatile and efficient solution, offering businesses the freedom to navigate various financial challenges and capitalize on opportunities. By understanding the benefits, distinguishing it from traditional loans, and exploring its myriad uses, businesses can harness the power of a line of credit to propel their growth and success. If a Business Line of Credit sounds like the solution your small business needs, explore your options with CAN Capital. Discover what you may qualify for without impacting your credit score at applynow.cancapital.com or simply give us a call at 1.877.500.8282. Our team is ready to assist and answer any questions you may have.

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Finances
Adaptable Financing: A Closer Look at the Benefits and Strategies of Business Lines of Credit

In the dynamic world of business, access to flexible and reliable financing can make all the difference. One such financial tool that has proven to be invaluable for businesses is a line of credit. Unlike traditional loans, a line of credit offers businesses a versatile and convenient solution to meet their financial needs. In this blog post, CAN will help you explore the benefits of a business line of credit, compare it to a regular working capital loan, and delve into some common and strategic uses for this financial instrument. Benefits of a Business Line of Credit: Flexibility and Convenience: A line of credit provides businesses with a revolving credit limit that they can draw from as needed. This flexibility allows for quick access to funds without the need to reapply for a loan each time. Businesses can draw funds, repay, and redraw as the need arises. Interest on Utilized Amounts: Unlike traditional loans, where interest is charged on the entire loan amount, a line of credit only accrues interest on the amount that has been utilized. This can result in cost savings for businesses, especially when they only require intermittent access to capital. Responsive to Seasonal Fluctuations: For businesses with seasonal variations in cash flow, a line of credit is an excellent solution. It provides the necessary financial cushion during low seasons, helping to maintain a healthy cash flow throughout the year. Builds Business Credit: Responsibly managing a line of credit can positively impact a business's credit score. Timely repayments and judicious use of the credit facility can enhance the company's creditworthiness, opening up opportunities for better financing terms in the future. Comparison to a Regular Working Capital Loan: While both a line of credit and a working capital loan serve the purpose of providing businesses with the funds needed for day-to-day operations, they differ in their structures and applications. Loan Structure: A working capital loan provides a lump sum amount upfront, typically with a fixed interest rate and repayment term. A line of credit offers a flexible credit limit that can be drawn upon as needed, with interest charged only on the utilized amount. Use of Funds: Working capital loans are generally used for specific, planned purposes like purchasing equipment, inventory, or expanding operations. A line of credit is more versatile and can be used for various needs, including managing cash flow gaps, covering unexpected expenses, or seizing time-sensitive business opportunities. Some specific ways some small businesses use a business line of credit include: Managing Cash Flow Gaps: A line of credit is an excellent tool for bridging temporary gaps in cash flow, ensuring that operational expenses can be met even during lean periods. Seasonal Inventory Purchases: Businesses with seasonal inventory demands can use a line of credit to fund the purchase of inventory before peak seasons, ensuring they are well-stocked and ready to meet customer demand. Emergency Expenses: Unforeseen circumstances, such as equipment breakdowns or sudden repair needs, can be covered with a line of credit, providing businesses with a financial safety net. Opportunistic Investments: When lucrative business opportunities arise, having a line of credit allows businesses to quickly capitalize on them without missing out on potential growth. Conclusion: In the ever-evolving landscape of business, having access to flexible and responsive financial tools is crucial. A line of credit stands out as a versatile and efficient solution, offering businesses the freedom to navigate various financial challenges and capitalize on opportunities. By understanding the benefits, distinguishing it from traditional loans, and exploring its myriad uses, businesses can harness the power of a line of credit to propel their growth and success. If a Business Line of Credit sounds like the solution your small business needs, explore your options with CAN Capital. Discover what you may qualify for without impacting your credit score at applynow.cancapital.com or simply give us a call at 1.877.500.8282. Our team is ready to assist and answer any questions you may have.

Finances
Year End Financial Check Up

As the year draws to a close, it's the perfect time for small business owners to reflect on their financial health and set the stage for a successful future. The year-end financial check-up is a critical practice for businesses of all sizes, but especially for small business owners who often wear multiple hats and have limited resources. Taking the time to review your finances can help you make informed decisions, plan for growth, and ensure a stable financial foundation for the year ahead. Review Your Financial Statements The first order of business is to dust off those financial statements. Your income statement, balance sheet, and cash flow statement are your financial compasses, guiding you through the business landscape. Carefully analyze these statements to get a clear picture of your financial health. Revenue: Look at your revenue trends and identify areas where it's grown or dipped. This data can help you fine-tune your sales and marketing strategies. Expenses: Take a deep dive into your operating expenses. Find areas where you can cut costs and boost your profitability. Profitability: Calculate your net profit and gross profit margins. These metrics will reveal the efficiency of your business operations. Tax Planning Don't let tax season sneak up on you. Year-end is the ideal time to consult with a tax professional and ensure you're taking advantage of all available deductions and credits. Deductions: Identify every possible tax deduction you qualify for, such as expenses related to your business, like office supplies, employee wages, or equipment. (Grab our guide to equipment financing deduction, Section 179) Estimated Tax Payments: Ensure you've made all required estimated tax payments. This step helps you avoid last-minute surprises or penalties. Retirement Plans: To lower your taxable income, consider contributing to retirement savings plans like a Simplified Employee Pension (SEP) IRA or a Solo 401(k). Assess Your Cash Flow Managing cash flow is crucial for small businesses. At year-end, take a close look at your cash flow to see if it aligns with your business goals. Accounts Receivable: Chase down outstanding invoices to improve cash flow. Inventory: Review your inventory levels. Decide if you need to reduce excess stock or invest more to meet future demand. Debt Management: Examine outstanding debts, including loans and credit lines. Develop a plan for paying down high-interest debts or consider refinancing if it makes financial sense. Set Financial Goals for the Coming Year With your financial check-up complete, it's time to set clear financial goals for the year ahead. These goals should be specific, measurable, and aligned with your business strategy. Setting targets for revenue growth, expense reduction, or market expansion can help keep you on track throughout the year. Secure the Right Financing If your year-end financial check-up reveals a need for additional capital to fund growth, cover unexpected expenses or seize new opportunities, that's where CAN Capital comes in. We understand the unique financial needs of small businesses and offer various tailored financing solutions, including working capital loans, lines of credit, and equipment financing. Our simple online process could get you funding as fast as the next business day, and our team is always happy to answer any questions you have. A year-end financial check-up is the cornerstone of small business success. It's the compass that helps you navigate the ever-changing financial landscape of entrepreneurship. By carefully reviewing your financial statements, engaging in proactive tax planning, managing your cash flow effectively, and setting clear financial objectives, you'll be better positioned to steer your business toward prosperity in the coming year. So, start your year-end financial check-up today and pave the way for your small business's successful, thriving, and financially sound future.  

Finances
How Do You Know if Your Small Business is Ready for a Loan?

  Your entrepreneurial heart set you on a path to building a small business that thrives. As a small business owner, you're hard-working, driven, resilient, and don't mind taking a small risk here or there. None of those things make it any easier to make decisions affecting the business you've worked so hard to build. Financial decisions are clearly one of the most important that you'll need to make at any stage. Taking on a loan of any type requires thought and planning. You can manage your finances effectively by taking a thoughtful approach to seeking aid. Begin with some in-depth planning of where the money will go, how much is needed, a confident forecast of its value, and how it will be repaid. Although the world of business loans can seem overwhelming, it is not necessary to let your fear of debt stop you from growing your business. A small business loan could provide the financial power your business needs to grow. So how do you know when you're ready to take on a small business loan? Don't wait until you need the loan to apply; prepare ahead. Have a plan and write it out. Make sure you've built and maintained your business credit as well as your personal credit— lenders will look at both. Once you clearly understand your business goals and your financial situation, you can determine if you require a loan. It is best to use your loan for strategic investments that will bring you returns and help you achieve long-term success. With the vast array of types of small businesses, loans are taken for many reasons; CAN Capital put together three of the big ones: READY TO EXPAND YOUR BUSINESS Expanding your business is a great reason to apply for a business loan. For example, growing your products or services may help you attract new customers and increase sales. You should consider getting a loan before expanding to help you prepare your company for future growth and the financial requirements that go with it. Remember, don't wait. You should seek help as soon as you have established a plan to expand. Repaying your loan will become less of a burden once you have completed your expansion plans and started generating revenue. NEED UPGRADED OR ADDITIONAL EQUIPMENT Having the right equipment is essential for any small business. Regardless of the scale of the equipment, having the right equipment is essential to the success of your small business. Equipment financing is a great option to get the equipment you need to move your business forward. Equipment financing is different from a standard business loan and is an option that is simple, fast, and loaded with additional benefits. With equipment financing, you can spread out the cost of purchasing new equipment over a longer time period. This will allow you to maintain a strong cash flow while purchasing the equipment necessary to grow your business. CAN Capital has more information on equipment financing, its benefits, and if it's right for your business here. PREPARING FOR PEAK SEASON OR OFF-SEASON Just about every industry has a peak season, and an off-season, businesses can go from extremely busy to a lull throughout the year. Again, planning is essential here. A small business loan could help prepare your business for the busy season with added inventory, staffing, marketing, or other needs. Having the extra cash to invest in your business could help you to respond more effectively to the dramatic rise in demand for your services or products during peak periods. A successful season means you can pay back the loan without worrying about cash flow while improving your business's financial health. With a peak season comes an off-season. Securing cash assistance may be beneficial to maintaining a healthy cash flow during periods of low demand. Having the extra funding could help ensure that your business can continue its daily operations even if sales are down. It's not as difficult as it seems to decide if the time is right for you to apply for a small business loan. With solid business goals and a clear understanding of your financial situation, you can determine if a loan is right for your business.   CAN Capital has helped many businesses access working capital and equipment financing; we've been successfully working with small business owners for over 24 years. If you have questions, we are here to help! You can reach us at directsales@cancapital.com or 1-877-500-8282. If you are ready to grow your business now, you can get started online here. ____________ CAN Capital, Inc. makes capital available to businesses through business loans made by WebBank, makes equipment financing available through equipment loans and leases offered by various providers of such products and makes business lines of credit available through providers of that product. © 2016 – 2023 CAN Capital, Inc. All rights reserved.

Finances
Safeguarding Your Small Business: Tips for Financial Security and Risk Management Strategies

Running a small business is a rewarding experience, but it also comes with its own set of challenges. One of the most critical aspects of managing a successful small business is ensuring financial security and effective risk management. Financial Fraud Financial fraud can devastate small businesses, leading to significant financial losses and damage to a business’s reputation. Here are some key strategies for protecting your business from financial fraud: Educate your employees: Train your employees on common types of financial fraud, such as invoice fraud, phishing scams, and identity theft. Make sure they know how to recognize and report suspicious activity. Implement strong internal controls: Establish robust internal controls to prevent fraud within your organization. This includes segregating financial duties, conducting regular audits, and implementing access controls for sensitive financial information. Use secure payment systems: Choose safe and reputable payment processing systems for online transactions. Encrypt customer data and employ multi-factor authentication to protect sensitive information. Monitor financial transactions: Regularly review your financial statements and accounts for discrepancies. Detecting irregularities early can help prevent significant financial losses. Invest in cybersecurity measures: Protect your business's digital assets from cyber threats by investing in cybersecurity measures, such as antivirus software, firewalls, and employee cybersecurity training. Business Insurance Business insurance is an essential component of risk management. It provides financial protection in case of unexpected events. Here are some key insurance types to consider for your small business: General liability insurance: This insurance protects your business against lawsuits and claims related to injuries, property damage, or negligence. Property insurance: Property insurance covers damage or loss of physical assets, such as buildings, equipment, and inventory, due to events like fires, natural disasters, or theft. Business interruption insurance: This type of insurance helps cover lost income and expenses if your business is temporarily unable to operate due to unforeseen events like a fire or natural disaster. Cyber liability insurance: In our digital age, protecting your business from cyber threats is crucial. Cyber liability insurance can help cover the costs associated with data breaches and cyberattacks. Workers' compensation insurance: If you have employees, workers' compensation insurance is often required by law. It covers medical expenses and lost wages for employees injured on the job. Risk Management Plan A risk management plan is a proactive approach to identifying, assessing, and mitigating risks to your business. Here's how to create a risk management plan for your small business: Identify risks: Conduct a comprehensive risk assessment to identify potential threats to your business. This should include both internal and external risks. Assess risks: Once identified, assess the likelihood and potential impact of each risk. Prioritize risks based on their severity. Develop mitigation strategies: Create strategies to mitigate or minimize each identified risk. This may involve implementing preventative measures, setting aside financial reserves, or purchasing insurance. Monitor and review: Regularly review your risk management plan to ensure it remains relevant. Update it as your business evolves and new risks emerge. Seek professional guidance: Consider consulting with a risk management expert or insurance professional to ensure your plan is comprehensive and well-suited to your business needs. By proactively protecting your business from financial fraud, investing in appropriate insurance coverage, and creating a robust risk management plan, you can confidently navigate challenges and secure a brighter future for your venture. Remember that being prepared for the unexpected is essential to responsible entrepreneurship. Bonus tips: Use technology to your advantage. There are many software tools and apps available that can help you track financial transactions, identify suspicious activity, and implement cybersecurity measures. Get professional help. If you need financial security or risk management assistance, consider working with a bookkeeper, accountant, or risk management expert. They can help you develop a customized plan and provide ongoing support. Stay informed. Stay up-to-date on current financial fraud trends and cybersecurity threats. This will help you identify potential risks and implement appropriate mitigation strategies.  

Finances
Investing in Your Business: Allocating for Long-Term Success

Investing in Your Business: Allocating for Long-Term Success For small business owners, investing in their ventures is not just a matter of growth; it's an essential step toward securing long-term success. Allocating resources strategically is crucial to building a solid foundation, expanding operations, and staying competitive in a rapidly evolving business landscape. Let's explore some valuable ways small business owners invest in their businesses and make informed decisions when allocating resources for long-term success. Understanding the Power of Investment: Investing in your business involves committing resources—whether it's time, money, or talent—to generate returns and achieve sustainable growth. Investments are not limited to financial aspects alone; it encompasses various areas, such as human capital, technology, marketing, and infrastructure. By understanding the power of investment, you can proactively drive your business toward long-term success. Evaluating Current Business Needs: Before allocating resources, assessing your business's current state is essential. Identify areas that require improvement, potential growth opportunities, and emerging market trends that could impact your industry. By conducting a thorough analysis, you can prioritize investments that align with your business goals and ensure the effective allocation of resources. Building a Strong Financial Foundation: One of the primary considerations for small business owners is financial stability. Establishing a strong financial foundation involves diligently managing cash flow, maintaining a healthy balance sheet, and setting aside funds for future investments. It is crucial to strike a balance between reinvesting profits into the business and maintaining an adequate emergency fund to navigate unforeseen challenges. Investing in Human Capital: Your employees are the lifeblood of your business, and investing in their development can lead to significant long-term benefits. Offer training programs, workshops, and continuous learning opportunities to enhance their skills. Encourage a culture of innovation and creativity, fostering an environment that attracts and retains talented individuals who can contribute to your business's growth. Utilizing Working Capital Loans  Working capital loans provide a flexible financing option for small business owners. These loans can help bridge cash flow gaps, invest in new projects, expand product lines, or take advantage of growth opportunities. By leveraging working capital loans, you could ensure that your day-to-day operations run smoothly while allocating funds toward long-term investments that drive sustainable growth. Embracing Technological Advancements: Technology plays a vital role in modern business operations. Embrace digital solutions that could streamline processes, improve efficiency, and enhance customer experience. Investing in the right technology can give your business a competitive edge, increase productivity, and open doors to new opportunities. Stay informed about industry-specific tools and advancements that can revolutionize your operations. Equipment financing allows you to acquire the necessary machinery, tools, or technology without depleting your working capital. By utilizing equipment financing, you can invest in state-of-the-art equipment, upgrade existing infrastructure, and stay ahead of the competition. (Learn more about equipment financing) Marketing and Branding: Investing in marketing and branding efforts is critical to reaching a wider audience and establishing your business's presence. Develop a comprehensive marketing strategy that encompasses digital marketing, social media, content creation, and customer engagement initiatives. Allocate resources to build a solid brand identity and create a compelling narrative that resonates with your target market. Assessing ROI and Adapting Strategies: Regularly evaluate your various business investments' return on investment (ROI). This analysis helps to identify what is working and what needs adjustment. Be open to adapting your strategies based on market dynamics, customer feedback, and evolving industry trends. Continuously optimizing your investment decisions will help you achieve sustainable growth and long-term success. Investing in your small business is a critical step in securing long-term success. By allocating resources strategically and clearly understanding your business goals, you can build a strong foundation, foster growth, and stay ahead in a competitive landscape. Whether it's financial stability, human capital development, embracing technology, or investing in marketing efforts, each investment decision should be driven by a comprehensive understanding of your business needs and a focus on long-term returns. By consistently evaluating the effectiveness of your investments and adapting your strategies, you could position your business for sustained growth and success in the years to come.

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Better Productivity In 8 Steps

Running a small business is not easy. There is a lot of work to get done, and small business owners must make the most of each day, so staying productive is imperative. Check out the eight tips below that we put together to help you stay more productive. While productivity is essential to our daily lives, it's certainly not a one-size-fits-all venture. People have different lifestyles and goals, so how they stay efficient and effective is different too.   Productivity is about prioritizing tasks and streamlining problem-solving approaches. This allows us to effectively spend more time on important things while still enjoying the simple pleasures of, well, doing nothing. Establishing good productivity habits is vital for many reasons, including: It is essential to achieving our goals. It helps us stay organized and proficient. It helps us make the most of our time It can help us be more focused and motivated. It is key to better results in all that we do. Productivity is a way to stay focused on the bigger picture goals and motivate yourself while still completing your daily tasks. It's clear that productivity, good habits, and motivation go hand in hand. After all, you need motivation to truly be productive, right? But to be the most productive, we need good habits. It's important to remind ourselves often WHY we must stay productive. Visualizing the outcome of your productivity is actually one of the most effective ways to be productive because it gives your motivation the boost it needs to get started. Small changes in your daily routine can make a big difference to your motivation, in turn improving your productivity. We've put together ten simple tips to help you get started on your road to better productivity. 1.Create a daily routine. Creating a routine is vital to boost productivity. Every day may be different depending on what you do, but a schedule gives structure and helps you stay attentive to the day's goals. Here are a few ways to jump in: Wake up at the exact same time each day Get your body moving with exercise. Eat a healthy breakfast (the most important meal of the day!) Put on your clothes – even if you work from home, get dressed. Check your calendar and prioritize your day. 2. Get ready for the night before Setting aside a little time each night to prepare for the next day is an easy way to jump-start better productivity— make a to-do list, prepare clothes and meals for the next day, take some time to relax, and visualize goals. Waking up to a plan can help us start our day on the right foot. 3. Start Stacking Habits Habit stacking is simply adding small achievable tasks to the tasks we already do, like prioritizing our day while enjoying breakfast or visualizing the results of our productivity while showering. Productivity is not about doing more; it's just about doing it smarter and better. Stacking habits is an easy way to make our day more productive. 4. Try a task timer Yep, there's an app for that. A task timer is an excellent option if we feel like time keeps getting away from us. Task timers allow us to make a list of daily tasks and time goals and then track how much time we spend on each task. This tool can help increase productivity by putting tasks into timed slots. An allotted time is given to complete each task; when time runs out, after a short break, we move on to the next task. This can help us stay productive and understand how long each task takes to help us better plan while reducing distractions and helping us focus on tasks. 5. Eliminate distractions Speaking of reducing distractions— distractions are a major productivity killer. Eliminating distractions from our physical and mental environment can help us increase our productivity. Try these to help reduce distractions: Disable notifications from your phone, email, and social media. Find a quiet, peaceful place to work that is distraction-free. Take care of the most urgent task first. Avoid multitasking and focus on one task on your to-do list at a time. 6. Make a good working space A messy and unpleasant work environment is the worst thing for productivity. A better space will help you be more productive and take your mind off of your surroundings. Here are a few easy fixes to create a distraction-free environment: Select a quiet room Declutter your desk and organize the space around it Invest in a comfortable chair and desk that is better for your posture Open curtains and, if possible, move closer to a window to get natural lighting 7. Utilize a project software system and CRM Project management software is beneficial to businesses as it tracks the progress of projects and campaigns, allocates resources, and assigns tasks. Project managers and team leaders can use project management software to better understand the pace of teams and organizations and keep them organized. There are many of them out there, so shop around and find the best fit for you. Another great way to keep things, specifically with your customers, organized is with a CRM (Customer Relations Management) software application designed to help companies manage their customer relationships. CRM stores, analyses, and shares customer data with other departments. Plus, a CRM can automate time-consuming tasks such as communication and contact organization, giving you an extra boost to your productivity. Keeping your tasks, teams, and customers organized is essential to productivity! 8. Review your day It's essential to plan your next day. However, it's equally important to end your day by looking back at your achievements. This nightly ritual can bring clarity and a sense of accomplishment. Take a moment to reflect on what was great, what was difficult, and where things can improve. Reviewing your day can help you to learn from your mistakes and recognize successes. BONUS: Remember to take breaks!! Powering through without a break does not help productivity at all; it only causes burnout. Every 30 minutes, take a 5-minute break and at least a 30-minute break at lunchtime— this is crucial to staying fueled and productive! As a small business owner, these simple steps to better productivity could help increase efficiency and reach goals faster.