When you’re starting a small business—or running a growing one—there are so many expenses competing for your limited dollars that it’s easy to ignore business insurance. Spending money to protect against possible risks in the far-off future seems like a waste of your precious capital.
Contracts form the lifeblood of any enterprise, and they’re often a company’s single greatest economic asset. Yet, according to the International Association for Contract & Commercial Management (IACCM), poor contract management is costing companies an average of 9 percent of their annual revenues.
If you see any of these five signs in your company, it’s likely that you have run out of steam (or are on the verge of doing so) and it’s time to make some changes.
The small business owners who participated in the nationwide survey are happy with their businesses today, and 80 percent are optimistic about the future of the U.S. economy in general.
Creating a new business can be a tough journey. Doing so while working full-time may seem tougher, but this route actually offers several benefits. You can continue earning money to put towards your startup. But even if you only work an hour a week building your company, you still need a business plan.