As a small business owner, you're (hopefully) well aware of the typical liabilities that come with the territory (rent, employee salaries, taxes, and so on). However, a few lesser-known liabilities can catch you off guard if you're unprepared - potentially leading to financial loss or legal disputes. Check out these six lesser-known liabilities you should be aware of to ensure your business remains protected.

Cybersecurity Breaches: In today's digital world, cybersecurity breaches are becoming as common as - well, the common cold - and small businesses are not immune to them. Cyber attacks, such as ransomware, data breaches, or phishing attacks, can mean significant financial losses, damage to your reputation, and legal liabilities. Unfortunately, small businesses are often targeted because they are less likely to have robust cybersecurity measures in place. As a business owner, it's crucial to invest in cybersecurity measures such as firewalls, antivirus software, regular data...

What’s in a name? According to Willy Shakespeare, not a whole lot. But since we aren’t in the habit of taking business advice from Bards of yore, we feel pretty confident in expressing our profound disagreement with his sentiments - especially when it comes to selecting a name for your business. 

For many people, the go-to move is to name their baby biz after themselves: Joe’s Plumbing. Trevor’s Gym. Cindy’s Dance Studio. They’re not particularly creative, but they get the job done. And who doesn’t want their name to be synonymous with success, right?  However, as much as you might want to see your name in shining lights, putting your name on your business could cause problems down the road.

Before you slap your name on the front door, here are five things to consider before naming a business after yourself. 

• Limited scalability: If you name your business after yourself, expanding beyond your personal brand can...

Standard operating procedures (SOPs) are essential for any business. They’re basically the “user manual” that outlines how processes and tasks should be carried out that (ideally) anyone can understand and implement. They might seem like a formality or a bunch of bureaucratic bung, but they can be incredibly beneficial for small businesses in several ways. 

Consistency: When you have clear procedures for how tasks should be carried out, your employees understand your expectations. And even if you’re not on-site or supervising them directly, you can ensure they are working toward the same end goal and providing a consistent level of quality your customers have come to expect. 

Productivity: By breaking down complex processes into smaller, more manageable steps, SOPs can make it easier for employees to carry out their tasks quickly and effectively. By streamlining operations, you will see increased productivity, faster turnaround times,...

The rise of the gig economy over the last several years has opened up a lot of doors, both for employees who are tired of being tied down to underpaying and unfulfilling 9-5 jobs, as well as the employers who enjoy access to a wide range of talented professionals they can outsource work to.

When done well, the arrangement benefits both parties.

When it’s not - well, that’s a whole other kettle of fish. 

Small business owners often face the challenge of needing to get things done but not having the resources or personnel to do so. This is where the gig economy comes in. By tapping into the vast network of freelancers and independent contractors, small business owners can leverage the skills and expertise of professionals from various fields without hiring full-time employees. From graphic designers to web developers to social media experts, you can outsource nearly everything.

But not all freelancers are created equal. And not all of them are going to...

Owning a business can be a fulfilling and exciting experience, but it's not all smooth sailing. Sometimes it's more akin to a trip aboard the Titanic. Or it is being stuck on one of those cruise ships where everybody gets food poisoning. It can be beautiful sunsets and neverending Pina Coladas on the upper deck. It can also be dysentery and an unfortunate starboard encounter with an iceberg. And more often than not, it's a little bit of both.

Still, no risk, no reward, right? 

There are plenty of highs and lows when it comes to owning your own business. And even knowing what we know (and what we've seen), we'd throw ourselves onto that ship every single time. But it's a decision everyone has to make for themselves. If you're just starting out or thinking about buying or starting a business of your own, keep in mind some of the high points and the low points you will encounter on the way. 

High - Independence and freedom: One of the biggest perks of owning a business...

As business owners, you are responsible for communicating with your employees. That’s just part of the job. And whether you have one person on the payroll or one hundred, you need to know how to effectively communicate your vision and expectations if you want to lead for long-term success.

There have been entire books dedicated to the subject, but we’re going to listen to our own advice and get straight to the point - or, nine points in this case. 

1. Be clear and concise: Avoid unnecessary details. Utilize bullet points or lists. Provide relevant examples. Throw in a visual aid or two if it helps get your message across. If you leave them with more questions than answers, you didn’t do your job very well. 
2. Practice active listening: Remember, “Two monologues don’t make a dialogue.” Say what you need to say, but then listen - actually listen - to what they say in response.
3. Be aware of your nonverbal communication: Don’t look down at...

Bringing a new person onto your team is a big decision. Whether you're looking for someone to take some of the load off your shoulders or you're ready to expand and scale your business, having the right people in your corner will make all the difference. 

But how do you know you have found the right person? How can you tell the difference between a dud and a stud? (The stud in this example is a competent, intelligent, and hardworking individual who shows up on time and doesn't microwave fish in the breakroom. Unless, of course, you're hiring for an all-male revue, in which case you want an actual stud. But we digress.)

While you can't always tell with 100% accuracy whether your newest hire will be an asset - or just an ass - there are a few things you can do to give you better odds of finding the right person.

Pre-Interview Tasks:

• Define the position: What does the job require? What are the expectations? What will the day-to-day tasks look like? Knowing this information will...

The robots are coming for your jobs.

There are a lot of worries, misinformation, misconceptions, and fear-mongering surrounding the increasing popularity of Artificial Intelligence. 

AI is the buzziest of buzzwords these days; more and more applications are entering the mainstream, and the possibilities feel endless. It's sort of like one of those late-night infomercials. "But wait, there's more!"

On the one hand, yes. The robots HAVE taken jobs. You can order a fast food meal, pay a toll, or hitch a ride without ever interacting with an actual human being. 

But on the OTHER hand (we have two, remember), AI is predicted to actually CREATE jobs; 97 million by 2025, to be precise. 

The fact of the matter is that it's not going anywhere, whether you embrace it or not. 

So why not embrace it? 

AI continues to transform everything from manufacturing to farming, data entry, janitorial tasks, investing, insurance...the list goes on. And for small business owners -...

Want to know how you can get into bed with your customers every night? 

Or be by their side nearly every minute of the day?

It’s not as scandalous (or stalkerish) as it sounds. 

We’re talking about two simple words: Mobile Marketing.

Mobile marketing is a powerful and effective way to reach customers where they are at any time and any place. Think about how often you’re on your own phone. You’re checking emails. You’re reading the news. You’re scrolling through Twitter or responding to texts or checking your bank balances, or playing Wordle. Point is, you’re on it a lot - and probably more than you realize. According to Zippia, the average American checks their phone approximately 96 times PER DAY. (That’s once every ten minutes.)

So yeah. Why wouldn’t you want to tap (into) that? Here are five of our favorite strategies to consider incorporating into your own business.

1. Develop a mobile-friendly...

In just a matter of days, we’ll be closing the door on 2022 and welcoming a brand new year - and with that, many of us will set resolutions for 2023. Now, whether we KEEP those resolutions is another matter entirely (an estimated 65% are abandoned in the first month), but it’s important to at least try, right?

Our newsletter last week (aptly called The Weekly, check it out if you haven’t already) touched on four things small business owners should address before the year wraps up. But now it’s time to really double down on number 2 from that list: Plan for next year. 

Here are six resolutions you could consider making for your small business.

1. Get better at managing your finances: Make a commitment to better understanding and managing your business’s finances. That includes creating (and sticking to) a budget, tracking expenses in a timely manner, and regularly reviewing your financial statements. 

2. Prioritize customer...