This article was updated on Aug. 31, 2018.
Money makes the world go round, including your small business. Even the best-run organization can go under if the owner doesn't have a good handle on managing cash flow, paying bills and their employees, and figuring out how to borrow money to expand.
It's National Small Business Week, and we're celebrating by sharing our best advice on topics of crucial importance to small business owners. Today, we're talking about money. Here's some great advice about small business financing.
Go for the Gold
Does your business need extra cash? Stephen Perl, CFO of PMF Bancorp, put together a great guide to small business financing. He covers everything from finding the best source of financing for your business to comparing alternative lenders and figuring out how to effectively leverage the U.S. Small Business Association and other public sources of money. If you have a financing question, you'll likely find your answer here.
Rethink the Way You Pay
Many small business owners handle payroll by themselves, even though this can often create extra work and increase compliance risks. If you think DIY payroll is the way to go, we've got some tips to make your life a lot easier. But, if you're thinking of making a change, we also cover alternative ways to manage payroll, such as a services-and-support package that sets you up with software and experts who can help you if you need it.
Find a Financial Sage
As you run your business, you'll need professional financial advice. You shouldn't trust just any advisor to help you with your finances. We cover the questions you should ask any financial advisor before signing up — such as, "Do you work with many small businesses?" — so you can find the most qualified person to help you with your business and your personal financial plan.
We hope these articles make you more confident about your small business financing so you can stop worrying about the bills and focus your attention on growing your business.
Be sure to come back tomorrow when we'll wrap up our celebration of National Small Business Week with tips to help you make payroll painless. See you then!