A small business line of credit is a revolving credit facility that allows you to borrow funds on an as-needed basis. You can request a draw on the line, have the funds deposited to your account of choice, use the funds for business purposes, and repay the balance over time. This flexibility makes it a…
Ultimate Guide
How To Separate Business and Personal Finances in 9 Steps
I’ll walk you through how to separate business and personal finances, from registering your business with the IRS and tracking expenses to engaging a tax professional and drawing clear dividing lines. Maintaining a division between your personal and business finances is crucial and should be one of the first things you do when starting a…
What Is a Joint Business Bank Account & How to Open
A joint business bank account is equally owned by two or more partners. Each has the right to deposit and withdraw funds, write checks, use a debit card, and transfer money.
A joint account provides each business partner with full transparency regarding company finances, including its saving and spending habits, and is generally used by a partnership or an LLP. This allows all partners to consolidate their finances into one account so that managing and protecting company funds is easier. As a result, bookkeeping will be…
Revenue-based Financing: How a Revenue-based Loan Works
Revenue-based financing, or RBF for short, is a type of loan in which your monthly payments are calculated based on a percentage of your company’s sales. Since this can fluctuate each month, you’ll be required to make payments until the balance of the loan is satisfied. Compared to traditional loans, RBF is less common, so…
The Ultimate Guide to Customer Retention
Keeping a plump customer base is a unified goal for all business areas. In this endeavor, customer retention remains the most feasible blueprint, rooted in providing exceptional customer experience (CX) in all stages of the sales process. Uncover what it means to retain customers, metrics and strategies you can implement, expert tips, and the latest…
HR to Employee Ratio: A Guide for Small Businesses
The HR to employee ratio, also known as the HR to staff ratio or human resources to employee ratio, measures the number of HR professionals relative to the total number of employees in a business. It helps businesses determine how many HR staff members are needed to manage their workforce effectively, ensuring that your business…
Merchant Cash Advance: What It Is & How It Works
A merchant cash advance, or MCA for short, allows you to get an advance on your credit card sales. However, it is one of the most expensive forms of financing available, with annual percentage rates (APRs) regularly exceeding 100%, which is why we recommend it only as a last resort. MCAs can be a good…
Ultimate Guide to HR for Nonprofits: What It Is & How It Works
The primary mission of any human resources (HR) team is to support an organization’s goals by fostering a positive and productive work environment—and the same applies when it comes to nonprofits. HR for nonprofits involves managing the people who drive your mission forward, including staff and volunteers. Effective HR practices are crucial for attracting, developing,…