Small business owners

The Great Awakening of the Small Business Owner

The Great Awakening of the Small Business Owner

In the last 10 years, the most often stated characteristic of the small business owner by bankers and accountants is the lack of awareness and sophistication. Being a serial entrepreneur who prided himself on understanding my company’s financial position and using technology to help me in that process, I usually felt slighted by this comment. What I didn’t understand was that I was part of the “early adopter” group of entrepreneurs.

An article on Capterra.com presented the results of a survey of over 500 businesses who use accounting software. One results stood out in particular. It stated that over 52% of users saw a decrease in financial errors by adopting accounting software. Over half is significant. I thought about the financial wake that’s bound to occur when small business owners are presenting higher-quality accounting information to lenders. Heck, think about the operational efficiency of managers within small business when they have a cleaner set of numbers to make decisions from. 52% means that the early majority of software adopters were experiencing positive results.

Everything You See was Once Someone’s Thought

Everything You See was Once Someone’s Thought

Last week I met a new friend.  Rarely do you meet someone who says something early in the relationship so profound that it inspires you.  Last week I met that type of person.  To start off, this is a professional colleague and we were discussing what motivated us to work with small business owners.  We agreed the passion was seeing creativity spring to life.  She summed it up perfectly.  “Mike, look around you.  Everything created by man was once just a thought.”  

Top 5 complaints bankers have about business owners

Top 5 complaints bankers have about business owners

Be honest.  We all kind of complain about each other.  It’s a normal part of being a human being.  As agreeable as most people are, when it comes to dealing with others, there are still ways to improve our relationship.  Even when our motto is “the customer is always right”, with a little nudge they could be perfect! 

During the last few years I have spent a lot of time with small business bankers.  The conversation generally turns to examples from our past experiences, both wonderful and horrible.  It is during these conversations that I noticed a common theme among the things that annoy the banker.  It is interesting because for over 20 years, I was on the business owner side of the desk.  Not only that, I was guilty of some of their annoyances.

The “IT” factor: Why other businesses seem to have “IT” and you don’t.

The “IT” factor:  Why other businesses seem to have “IT” and you don’t.

Look at any place where small businesses exist and you are bound to see a variety of businesses experiencing varying degrees of success.  Some are struggling to keep the doors open, while others seem to be defying the odds.  If you’re a small business owner, you might even be wondering how they do it.  You appear to be operating in the same economy, with possibly the same offering, but they do it better.  They have IT, but what do they have?

7 steps to financial spring cleaning.

7 steps to financial spring cleaning.

After you’ve tackled that giant pile in the garage and removed all the weeds from the backyard, it’s time to take an even closer look at your company’s finances. Now that tax season is over and you’ve crunched the numbers from all angles, we suggest using that economic intel to prepare your business for the next year. Here are seven steps to scrubbing your financial statements.

Small Business Owners Need Financially Intelligent Lenders (Infographic)

Small Business Owners Need Financially Intelligent Lenders (Infographic)

As we've seen with the surge of alternative lenders moving into the banking space, now is a pivotal time for lenders to move towards the next wave of innovation. Small business lending is the largest and fastest growing and one of the most profitable sectors, with total revenues from nonemployers hit $989.6 billion in 2011.

The main bottleneck for many lenders in reaching their goals for this market is the time it takes to gather and organize financial statements from small business owners. The infographic below shows how investing in new business intelligence software systems can increases the productivity and overall success of small business lenders.