CAN Capital Blog

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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.  

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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.  

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Marketing Others Finances
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.

Others
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.

Marketing
20 Marketing Ideas for Small Businesses

As a small business owner, you know that every penny counts. But marketing is one of the most important aspects of growing your company and staying competitive in the marketplace. You need to find ways to connect with potential customers without spending a lot of money on advertising. In this post, we'll share 20 budget-friendly marketing ideas for small businesses that can help grow your brand and boost sales over time. But before you can start a successful marketing strategy, you need to do two things: Do a Deep Dive The first step to marketing your business is learning about your customers. You need to understand who they are, their needs, and how you can deliver on them. Here are some questions that might help: What are the pain points of your customers? What do they want from your business? How can you deliver on these wants and needs? Research Your Competitors Next, you'll want to find out what your competitors are doing, especially if they're growing their businesses. You can do this by: Visiting their website to look at the products or services they sell. How do they compare to yours? Looking at their social media posts- What do they post? What is their voice? What type of engagement do they get? Checking out their online reviews and what others are saying about their products or services. Now that you know your customer and your competitor, you can build your content strategy. You'll want to create content that is meaningful, interesting, entertaining, and helpful; this means you should create a content strategy based on your customers' needs. So, here are those 20 marketing ideas we promised: Check your website for needed updates. This should be something that is consistently on your radar. Big picture, make sure your website feels new, is up to date, search engine optimized (SEO), and is mobile friendly. Add a pop-up to your website to capture lead data. In exchange for an email, offer something, like a discount or exclusive information. Write blog posts that offer incite for your customer and appeal to Google. There are a lot of factors Google takes into account when ranking websites and putting them in order in a user's search results. To be ranked higher, pay special attention to SEO (search engine optimization) and show authority for specific keywords. Ask your customers to share their positive experiences that will encourage others to try out your small business. You can utilize systems like Trustpilot, Yelp, or Google to capture and share these reviews with others. Emails, emails, emails. Ok, not many emails, but a responsible amount to stay engaged with a customer or potential customer. Be sure your subject line is attention-grabbing and encourages them to open your email. Put thought into your emails, make them relevant, and change the format to keep them interesting. Maybe even try out an interactive email. Send a weekly or bi-weekly newsletter that keeps you in front of your customer. Use this consistent communication to share updates on your brand, products, or other information. You can even use it to share your recent blog post and request your product/service reviews. Be sure your customers can find you everywhere and that your info is correct. If you don't already, set up a business page on all social networks (Facebook, Linkedin, Instagram, TikTok, etc.) Check that your business information is easy to find and accurate on your website, all social platforms, and search engines. If you aren't in business-related directories, sign up! Make a private Facebook group if it is suitable for your business customers. This will provide a place where you can share unique information with your customers, and they can interact with you directly. Host giveaways on Instagram where you give away an item for follows, likes, and comments. It's simple - pick a great giveaway, post it on Instagram, and for entry, the customer has to follow your page, like the post, and tag a friend in the comments. The more engagement on your post, the more views it gets. Go live on social media to engage with your customers in real-time. Live streaming gives you the opportunity to gain a larger audience while sharing your products and services, answering your customer's questions, and connecting with conversation. Take video further than YouTube by posting Instagram Reel and TikToks. They don't have to be a massive production with epic editing; keep it simple and short! Capture behind-the-scenes footage, share product/service features, call out customer review highlights, etc. Publish video tutorials or explainer videos that relate to your product or service. There are many available apps that make this easier than you might think. It's another excellent opportunity to use video marketing to grow your business and your authority in your field. Use social media trending topics, hashtags, and audio when creating your content on Instagram, TikTok, and Twitter. Be sure you do it early, so you're not lost in the millions of other posts as the trend grows stale. Post polls on social media to encourage engagement and to help you learn more about your audience or just for fun. Create a tool that's helpful to your audience. When you offer something to your customer in exchange for their name and email, it's called a lead magnet. The options for a lead magnet are vast, depending on your business. A coupon, a free webinar, an eBook, a free sample, a guide (like our guide to Equipment Financing)… be creative and make it appealing to YOUR customer. Begin a customer referral program to encourage your customers to spread the word about your business. In return for a referral, you can offer things like a discount, a free product, a reward, or use a points system. Start a Podcast to establish your authority in the field of your business. This is another great interactive marketing tool to help get you in front of millions of potential customers. Make them interesting and educational… listeners usually want to learn something. Try out digital Ads on social media and search, but when creating them, don't treat them the same. Do your research, or hire a pro, before putting money into digital ads. Facebook algorithms run much differently than Google, so you'll want to know what they're looking for when pushing your content out. Also, some businesses succeed with click-to-messenger ads, so you'll want to see if that would work for your business. Attend trade shows or other events relevant to your business as an opportunity to network and get your business name out there. Whether you set up a booth, sponsor, or just attend, take advantage of these events to meet new customers and business affiliates, and learn more about your field, community, or customer. Try co-marketing with a local business that isn't a competitor but has a complementary product or service to yours. Work together to use cobranded assets to market each other on social pages, emails, or blogs. As you can see, there are many ways to market your small business. And it doesn't have to be expensive! You just need some creativity and a willingness to experiment with different tactics. If one doesn't work out for you, try another, and keep trying until something clicks. Keep an eye on the analytics and the ROI, and you'll find what works best for your business. We hope this list has inspired you with some new ideas or ways to build on old ones that will help take your marketing to a new level.    

Finances
20 Tax Deductions for Your Small Business

Tax time can be stressful, especially for a small business owner, and it's important to know possible deductions available to you because every dollar counts— the more you can save with tax deductions, the more cash you have to grow your business! It's best to speak with a tax professional to learn which deductions are most beneficial for your unique business and how to take advantage of them, but to get you started we've put together 20 common deductions for small businesses that may save you money on taxes this year: Marketing: Business expenses related to advertising and marketing may be deductible from your taxes. Companies can now deduct much more money than in the past for advertising and marketing as a general business expense. This includes costs related to things like advertising on social media platforms, creating and distributing content such as videos or podcasts, and search engine ads. Professional Fees: If you hire an accountant or lawyer to help with your business, those fees may be deductible from your taxes. This includes services like filing taxes or legal advice on contract review as long as they're related directly to running the company itself. Business equipment: Small businesses may be able to take advantage of Section 179 of the IRS Tax Code when purchasing or financing equipment or software, which allows businesses to deduct all or some of the purchase price. Employee Compensation: If you have employees, you may be able to deduct their salaries and wages, including bonuses and stock options, from your taxes. Software subscriptions: Most businesses utilize several software subscriptions to run their business, including things like cloud storage, POS, and services like Office 365 or Google Drive— all of which may be deductible. Health insurance premiums: If you cover health insurance premiums for your employees, then you may be able to include them as a business expense on your taxes. Sometimes these amounts are limited, so ask your tax advisor for details. Retirement contributions: Any contributions to a retirement plan for yourself and your employees may be deductible, including contributions to 401(k)s, IRAs, and other types of retirement plans. This is a win for you— getting money back while giving more to your employees. Contractor and Freelancer pay: If you hire contractors or freelancers (like designers or writers), those expenses may also be deductible. Business Travel Expenses: If you travel for business purposes (even if it's just once a year), then this one could save you some serious cash at tax time. Whether commuting to a client meeting, visiting a supplier, or attending a business event— remember to keep all your receipts; they add up quickly! Business-Related Meals: Taking a client to lunch, a working dinner with employees or brunch with a vendor may all qualify as a deduction. Any reasonable meal consumed while conducting business may be deductible —even if those meals are at McDonald’s! Employee or client gifts: Gifts that you give employees or clients for a special event, promotion, or marketing campaign (like t-shirts with your logo on them) may be eligible as business expenses. There is a dollar limit per person, so check with your tax advisor. Bank fees: Those pesky fees related to your business bank account or credit cards— you may be able to add them to your expenses and deduct them! Bad Debt: Any debt that is owed to you by customers or vendors but cannot be collected may be deductible. It's a frustrating part of business, but now might be the time to help offset a bit of the loss. Office supplies: Pens, paper, staples, paper clips, envelopes, ink... all the things you need to get work done and stay organized in the office— all may be deductible! Real Estate Taxes: Owning a business property, like an office or store, may allow you to claim the related real estate taxes as a tax deduction. Business-Related Education: This deduction may be available if you've paid for classes, seminars, or workshops related to your business. You may even be able to deduct the cost of books and materials as long as they're directly related to your work. Utility Bills: Utilities like water bills, electricity bills, gas bills… anything that helps keep your business running may be an eligible deduction. Just be sure to record each utility bill separately to determine how much goes toward each category accurately. Internet Expenses: Whether you run your business from a facility or your home, you may be able to deduct some or all of the costs associated with your internet connection. Phone Expenses: If you use your cell phone for work calls and internet access for business purposes, those expenses could also be tax deductible. Business Rent: If you rent a building or office space where your business is located, those rental costs may be deductible. There is a yearly limit, so consult your tax advisor. All this tax stuff can be tricky, so we urge you to speak with a tax pro to ensure you are taking full advantage of all the available deductions for your business. We thrive on seeing small businesses succeed, so we want you to get every dollar you can put back into your business! *Please contact your tax, legal, or financial advisor/professional for any tax advice or counsel regarding your tax liabilities. Be advised that any material contained herein is for informational purposes only and does not constitute tax, legal, or other professional advice.        

Finances
Managing Your Finances as a Seasonal Business

As a small business owner, it's important to be aware of the recurrent nature of a seasonal business and to plan ahead for potential financing needs. Seasonal businesses often experience peaks and valleys, which can make managing cash flow and expenses one of their biggest challenges. Because sales are likely to fluctuate throughout the year, it's essential to anticipate slow periods and plan accordingly. It's fundamental to always plan for potential financing needs. If you know you'll need additional funding at certain times of the year, start researching financing options well in advance. Many seasonal small business owners utilize a short-term working capital loan to meet these needs and keep their cash flow healthy during slower periods. By being proactive, planning, and doing your research, you can ensure that your business has the financing it needs to thrive - no matter what time of year it is. Here are some additional tips to help small business owners manage finances as a seasonal business: When Business is Good, Closely Regulate Expenses  It's especially imperative to be very mindful of your spending and cash reserves when business is good. During peak periods, you should be focused on building up your capital so you can weather any potential storms down the road. Closely monitor inventory levels and expenses, and only spend when absolutely needed. Think Strategically It's also important to think strategically and keep your eyes on the long term when managing your finances as a seasonal business. The new year is a great time to forecast what could happen in the next twelve months and plan accordingly. For example, the time to borrow the working capital you may need to get through an off-season is not during the off-season. When applying, you will need to show you have more cash flow than is required to make the loan payments, so it's best to apply when your revenue flow is high. Distinguish Between Needs and Wants   When making financial decisions for your business, it's important to differentiate between needs and nice-to-haves. Borrowing capital can help a seasonal business alleviate pains during a slump but should be used in ways that will benefit the business and contribute to its overall value. This could include things like launching a new marketing initiative, exploring a new product geared toward the traditional slack season, working on physical facilities improvement, or utilizing equipment financing to expand or upgrade outdated equipment. While borrowing can help keep the doors open during slow times, it's essential to use the funds in ways that will improve the business as a whole. Review Your Credit Profile  Finally, it's important to always review your personal and business credit profile regularly. This will help you identify any potential red flags that could impact your ability to get financing when you need it. If you find any negative items on your report, take action to correct them as soon as possible. Like many business models, seasonal small businesses have their ebbs and flows. But unlike other businesses that may have a more even distribution of revenue throughout the year, seasonal small businesses often make the majority of their money during a very limited window of time. This can put them in a tight spot when it comes to cash flow, but by planning and diligently managing your expenses, it can be easier! Borrowing could certainly be helpful, but it's crucial to use borrowed capital wisely and apply at the right time. You can learn more about your working capital loan options or equipment financing through CAN Capital here. Managing finances as a seasonal business can be challenging, but following these tips could help you stay afloat during slow times and take advantage of opportunities when business is booming.