Pulse check: When was the last time you took a look at your expenses? We mean, really look at them. Line by line. Item by item. We’re talkin’ getting up-close-and-personal with the final destination of every dollar and cent that’s passed through your business.

Would any of those expenses surprise you?

Probably yes. 

Whether you’re just starting out (or have been in the game for a few years), running a small business has its fair share of financial challenges. In the daily hustle and bustle to keep the metaphorical boat from sinking, it's easy to forget about certain expenses that might sneak up on you. 

To keep your finances in check and prevent any nasty surprises down the road, it's essential to create a comprehensive budget. To help you out, we’ve highlighted 30 sometimes-overlooked expenses that small business owners should account for.

1. Taxes and Licenses: Be sure to set aside funds for business licenses, state and local taxes, and any...

“Quality is not an act, it is a habit.” - Aristotle 

Running a successful small business is not just about having a great product or service. It's about consistently making the right choices and building good habits that lead to long-term growth and prosperity. 

The Habitual Path to Success

As a small biz owner, you've got a lot on your plate when it comes to managing all the moving parts and pieces of your operation. And this can be overwhelming, especially if you don't have a structured approach to handle all the moving parts and pieces. 

That's why developing good habits is key.

Habits are the small, seemingly insignificant choices we make consistently but are the silent architects of our routines, gradually shaping the course of our businesses and our personal lives. For small business owners, recognizing the significance of these habits and harnessing their power can make all the difference between thriving and merely surviving.

Think about this: Do...

Figuring out the right prices can be a real headache for small businesses. Charge too much, and you'll scare away your customers. Charge too little, and you'll end up eating more instant noodles than a college dorm room during finals week. It's a make-or-break decision that can impact your profitability. To help you out, we've put together this blog post to help small business owners get a better handle on pricing strategies. Give it a read and see how it can benefit your bottom line.

Understanding Your Costs:

Before diving into pricing strategies, it's essential to understand your costs. Calculate the cost of goods sold (COGS) and consider overhead expenses. This includes production costs, labor, rent, utilities, and more. Knowing your costs provides a baseline for pricing that ensures you cover expenses.

Market Research:

Conduct thorough market research to understand your competitors and target audience. What are similar businesses charging for similar products or services?...

Photographers and artists often use something called the Rule of Thirds in their work. They break the image into three sections (vertically and horizontally), and this compositional guideline serves almost like a cheat sheet to guarantee balanced and visually appealing images. 

This same principle can also be applied to the world of business. But rather than framing a perfect shot, it's a strategic approach to achieving balance and success in your entrepreneurial journey. From marketing to decision-making, following the rule of thirds can serve as your own blueprint.
 

Product Development

One of the primary applications of the Rule of Thirds in business is in product development. Here's how it works:

1. Customer Needs (1/3): Allocate one-third of your product development efforts to understanding your customers' needs and preferences. Invest in market research, conduct surveys, and gather feedback to ensure your product addresses a genuine demand.
2. Innovation (1/3):...

In today's world, the push for sustainability and environmental consciousness is more than just a trend; it's a responsibility. Not to mention that more and more customers are placing a higher value on eco-friendly practices. 

As a small business owner, you can positively impact the environment and attract customers who value eco-friendly practices…all while enhancing your brand’s reputation and bottom line. (We are business people, after all, and “going green” doesn’t mean going broke.)

This post will explore a few practical steps to reduce your business's environmental footprint. Find one or two that seem doable and start there. Even the smallest of changes can have a significant impact down the road. 

Evaluate Your Energy Efficiency

Energy consumption is a significant contributor to carbon emissions. Consider these steps to improve energy efficiency:

• Switch to LED Lighting: Replace traditional bulbs with energy-efficient...

Have you ever marveled at how certain teams just seem to have a magic touch? Time and time again, they rise to the occasion, taking on challenges, overcoming the odds, and crushing goals. 

How? 

Is it strategic hiring? Professional development opportunities? Really good coffee in the breakroom? 

Maybe a little bit of everything?

First things first, let's get our definitions straight. A high-performing team isn't just a group of talented individuals; it's a dynamic collective that goes above and beyond to reach peak performance levels. These teams harmoniously blend diverse skills, collaborate seamlessly, and produce outstanding results consistently.

In other words, they have their shit together. 

Want that sort of teamwork for yourself? Here are eight characteristics that separate high-performing teams from everyone else. 

They have a clear purpose and defined goals:

High-performing teams share a crystal-clear understanding of their purpose and...

For small business owners and aspiring entrepreneurs, diversifying income streams is a key strategy to enhance stability and open up growth opportunities. You can be a Budgeting Boss or a P&L Pro, but if you don't have enough money coming IN, the rest of it really doesn't matter. That's why it's dangerous to put all your eggs in one basket. Having just one product or service can leave you vulnerable to changes in the market and industry disruptions. (Remember COVID?)

In this post, we're going to explore ten effective income stream diversification strategies that can provide your small business with increased financial security (and a bit more breathing room for you). They may not all be applicable to what you do, but even incorporating one or two can make the world of difference between omelets for breakfast…or egg on your face.

E-commerce and Online Sales

With everything going digital these days, establishing an e-commerce platform can significantly broaden your...

In the digital transformation era, small business owners have a significant advantage when attracting local customers. Local SEO (Search Engine Optimization) and hyperlocal marketing are essential strategies to ensure your small business stands out from the competition and gets noticed by people nearby. In this post, we're exploring some tips and tricks to optimize your small business website and digital presence so you can boost your sales and get more foot traffic. 

Google My Business (GMB) Optimization

To attract more local customers, one of the most crucial steps is setting up and optimizing your Google My Business (GMB) profile. Claim your business listing and make sure all the info is accurate and up-to-date. This includes your address, phone number, operating hours, and a brief blurb about what your biz is all about. Remember to upload high-quality pics of your place and products to make a strong first impression on potential customers. (A picture is worth a thousand...

If you're a small business owner, you know how important it is to stay ahead of the game. Thinking outside the box isn’t a one-and-done move, and you can't just rely on what's worked in the past or stick to the same old ideas. You've gotta keep evolving and finding new ways to stand out from the competition. Perpetual innovation, friends. If you’re not changing…you’re falling behind.

Today, we’re going to take a look at the importance of continuous innovation for small business owners and provide practical steps you can take to ensure you stay ahead of the competition.

The Dangers of Complacency

Not to be overly dramatic, but complacency is a silent assassin that gradually erodes a business's competitive edge. Complacent = stagnant =  failure to adapt to the evolving needs and preferences of customers and missing out on some serious growth opportunities. A lack of innovation leaves you vulnerable to emerging competitors who are eager...

As business owners and entrepreneurs, we are often consumed by our passion for our ventures, working tirelessly to bring our dreams to life. And so it’s no wonder it’s so easy to neglect the importance of work-life balance. However, maintaining a healthy equilibrium between our professional and personal lives is crucial for long-term success and overall well-being. 

Here are two primary reasons why work-life balance matters:

1. Sustainable Success: Achieving work-life balance is not just about feeling good right now, but it’s also about setting yourself up for success in the long run. If you consistently neglect personal well-being, you’ll end up feeling burnt out, get less done, and (probably) start making poor choices. Striking a balance allows you to maintain energy levels, enthusiasm, and creativity, enhancing your long-term professional achievements.
2. Improved Health and Relationships: A healthy work-life balance promotes physical and mental...