Retire? As a small business owner? Yes, this is entirely possible and easier than you might think with a little bit of patience and a lot of planning. Read to find out how you can feel confident about successfully retiring from your small business.

Retire? As a small business owner? Yes, this is entirely possible and easier than you might think with a little bit of patience and a lot of planning. Read to find out how you can feel confident about successfully retiring from your small business.

 

Are you uneasy about the thought of retiring? Whether or not you are planning on retiring from your business soon, life is unpredictable and you should have a retirement plan and healthy savings built up.

The road through life as an entrepreneur is bumpy and unpaved. You might not have the same path as people who work a 9 to 5 job, but you can still retire as a small business owner. This concept might seem strange and unobtainable for you, especially if you aren’t as young as you used to be and haven’t thought about how to be comfortable leaving your business.

Retirement as a Small Business Owner Might Look Very Different

As a business owner, there is no one above you to hold your hand. Unless you took over your business and started out as an employee with a retirement plan already established and you are confident it will continue to be profitable until you die, you’ll need to develop an alternative retirement plan.

If you’re particularly good with numbers and smart about gambling, you could learn to invest in the stock market and live off your earnings once you retire. You could also live off your social security and current savings. But these aren’t reliable plans for everyone, so here are some more feasible retirement plans for entrepreneurs.

Set Goals For Yourself and Your Business

The easiest way to plan for retirement is to save money. You may not be 20 anymore, just starting out in the world with little financial responsibility and decades to save, but it’s never too late to start. Determine how much you can realistically live on once you retire. Set savings goals with a financial advisor and start today.

Also set goals for your business. Set a timeline for retirement and how you plan on letting go. Do you have a younger business partner who can buy you out or take over? Do you plan to sell to a new owner? Will you pass on your business to family? Or do you want to just close up shop and sell your assets? Any of these are acceptable – decide what plan is best for you.

Decide Which Retirement Investment Plan is Best For You

There are many different investment options for you as an employer. From Simplified Employee Pensions (SEPs) to Individual Retirement Accounts (IRAs) and 401(k) plans, educate yourself on your different options and which sounds like the best fit for you and your company. The IRS has a handy comparison chart for all kinds of plans. They also have a guide for calculating your own contributions as a self-employed individual. Take a look and talk it over with your business financial advisor.

 

For information about Opportunity Fund’s small business loans, please contact us at 866-299-8173 or loans@opportunityfund.org.  For questions about your existing loan or other customer service questions, please contact us at 866-299-8173 or sbhelp@opportunityfund.org.

Loans are subject to credit review. Additional documentation may be required for credit approval. We are an Equal Opportunity Lender. Loans will be made or arranged pursuant to California Department of Corporations Finance Lenders License #6050609.


Opportunity Fund is tackling economic inequality so that hard work and perseverance means a shot at getting ahead, not just struggling to get by. Our programs are supported by a community of donors and investors whose contributions help to fund small businesses, support college students, and build stronger families and vibrant neighborhoods. Since 1994, the team has deployed $600 million and helped 20,000 families earn, save and invest in their own futures. Opportunity Fund has earned a 4-star rating from Charity Navigator, America’s largest independent charity evaluator, for our commitment to accountability and transparency.

Visit us online at http://opportunityfundloan.org and follow us on Facebook and Twitter

Alejandra made her dream to open her own cosmetics store come true through hard work. When she needed a small business loan to grow, Opportunity Fund was there to help. Thanks to our small business loans, Ale’s Bissu Makeup Store now has two locations in Corona.

 

Our customers inspire us every day, and we want to regularly share those stories to inspire you, too.

Alejandra made her dream to open her own cosmetics store come true through hard work. When she needed a small business loan to grow, Opportunity Fund was there to help. Thanks to our small business loans, Ale’s Bissu Makeup Store now has two locations in Corona.

A Beautiful Dream of Business Ownership

Alejandra Dominguez started Ale’s Bissu Makeup Store in Corona in 2016. She made her dream to start her own cosmetics store happen, armed with a Wells Fargo credit card with a limit of $1,500. She worked with her husband Jorge to establish the business, which was a major change for her and her family.

“I used to be a normal housewife who was completely dependent on my husband’s income to buy everything for the house,” Alejandra said. “Before I started this business, I did not help financially in any way.”

Alejandra’s goals of business ownership remained strong. “I wanted to be independent and succeed in life,” she said.

As gifted makeup artist, Alejandra offers quality cosmetics and tools plus excellent customer service at Ale’s Bissu Makeup Store. “We sell high quality products at reasonable prices,” she said. “Our motto is to never have high prices.”

Ale's Bissu Makeup Store - Alejandra

Alejandra helps her customers find the right makeup (photo courtesy of Michael Microulis)


She also offers free makeup tutorial workshops for clients in her Corona neighborhood. “We noticed some clients may not be able to afford classes,” she said. “Our clients are our priority.  I’m excited to help people in my community.”

With a knack for beauty and a passion for helping people, Alejandra was set up for success. However, she ran into a snag when she needed a working capital loan to help grow her business.

Building a Strong Financial Foundation

She reached out to AMPAC Tri State CDC in the Inland Empire. As a key community partner of Opportunity Fund, they connected Alejandra to our loan consultant Adela Escobar. Adela helped close a $10,001 loan for Ale’s Bissu Makeup Store in November 2017, with a reduced rate thanks to our partnership with the Tory Burch Foundation to support women entrepreneurs. The loan helped Alejandra purchase more products for her store and later helped her expand the business.

Ale's Bissu Makeup Store - Alejandra and Adela

Alejandra worked with her loan consultant Adela to get the financing her business needed (photo courtesy of Michael Microulis)

“We decided to expand and rented a kiosk at Tyler Mall,” Alejandra said. Together with her staff–her husband Jorge and two other employees–Alejandra is operating two locations in Corona and keeping up with her pledge to help the community with better access to cosmetics and tutorials.

“I had been denied for credit with banks and credit unions, but Opportunity Fund believed in me and in my dreams,” she said.

Alejandra’s goals are growing alongside her business. “I want to provide employment to my community,” she said. “I came to this country from Mexico to stand out and be a successful person. My business has helped me understand my passion of being a businesswoman and helping people. Opportunity Fund will be part of my team for success.”

We’re proud to support entrepreneurs with big dreams like Alejandra and we’re proud to see her business and goals grow.

We hope this story has inspired you, too.  At Opportunity Fund, we offer easy-to-get, fast, and affordable small business loans to help small business owners succeed.  Visit our home page to find out more.


Opportunity Fund is tackling economic inequality so that hard work and perseverance means a shot at getting ahead, not just struggling to get by. Our programs are supported by a community of donors and investors whose contributions help to fund small businesses, support college students, and build stronger families and vibrant neighborhoods. Since 1994, the team has deployed $600 million and helped 20,000 families earn, save and invest in their own futures. Opportunity Fund has earned a 4-star rating from Charity Navigator, America’s largest independent charity evaluator, for our commitment to accountability and transparency.

Follow us on Facebook and Twitter

Making sure your employees feel safe working at your business is not only polite, but it is your moral responsibility and a business owner. Our content partner Nav explains why a sexual harassment policy is important for everyone and how you can create one easily.

Making sure your employees feel safe working at your business is not only polite, but it is your moral responsibility and a business owner. Our content partner Nav.com explains why a sexual harassment policy is important for everyone and how you can create one easily.

 

Sexual harassment is big in the news, and has led to the end of long careers in Hollywood, Washington and large businesses around the nation. While your business may not be a multi-billion-dollar juggernaut where a sexual harassment claim would make national headlines, that doesn’t mean you can simply ignore sexual harassment.

Not only does creating a sexual harassment protect your employees and set a clear line in the sand for your company culture’s sake, it also protects your business from potential lawsuits that can be costly, time-consuming, hurt recruiting efforts and leave you vulnerable to personal liability depending on how your company is structured and what kinds of business insurance you have. Especially when small businesses are first getting started and profit margins are slim, the cost of a lawsuit could not only derail goals to grow the business, it could put you into business debt or even sink the company. Ensure your business has a clear sexual harassment policy in place to protect everyone at your workplace with these tips.

Understand sexual harassment policies.

Attitudes towards sexual harassment, gender equality and what is and isn’t appropriate in the workplace have changed over time. This generational issue is glaringly obvious when discussing recent harassment claims with Baby Boomers and Millennials at the same time. Just think of Don Draper and the behavior that was acceptable in the “Mad Men” era to get a better understanding of how sexual harassment attitude and acceptance has changed over time.

Harvey Weinstein’s accusers opened up a floodgate of workplace sexual harassment policy updates that were long overdue. Before you start working on your small business sexual harassment policy, understand what these policies do and how they work. A sexual harassment policy should clearly explain what behavior is considered sexual harassment, the repercussions for engaging in unacceptable behavior, and how you will train employees to avoid sexual harassment. The policy should also include information on how employees can report sexual harassment and what will happen if sexual harassment is reported.

Find your workplace’s unique scenarios.

While most offices should be able to easily and clearly identify and explain sexual harassment and inappropriate behavior, that is not always the case in every business. And even within other business categories, it may not always be so cut and dry.

For example, at a restaurant it is inappropriate for any managers, coworkers, or guests to comment on female staffer’s appearance beyond remarking on following uniform guidelines and wearing professional attire. But at restaurants like Hooters, Twin Peaks and The Tilted Kilt, the uniform requires sexually provocative attire. In those cases, the companies must create custom tailored policies that protect their wait staff while maintaining the company’s culture and brand.

While it may be tempting to follow an “I know it when I see it” definition of sexual harassment, it is vital to write extremely clear guidelines to protect your staff from unwanted sexual advances and your business from sexual harassment lawsuits.

Find and review a policy template.

When writing your policy, you don’t have to start from scratch. For many businesses, a pre-written template will cover everything you need. If not, it may get you well on the way to a custom policy for your business.

Templates are great for any legal need, as most businesses have similar requirements and can get something together much faster and at a bargain price. But don’t just take a template and assume everything is perfect. It will still likely require some level of customization to fit your business.

Customize to your business needs.

Depending on your background, you may be able to start the customization process on your own. Read the template, update the glaringly obvious fixes you need, and then read through again with a fine-tooth comb looking for areas where the template does not match your business or leaves something out.

While most contracts are written by lawyers, there is no rule saying you can’t write in sections for your small business sexual harassment policy yourself. Do research on what similar businesses include in their workplace harassment policies and use them as a guide while tweaking the template to best match your business needs.

Hire a lawyer for legal review.

In the last section, you learned that you can write your own sections in your sexual harassment policy. But you can’t just assume everything you wrote is up to snuff with the law. Now it’s time to bite the bullet and hire a lawyer.

A legal review will ensure you are doing all of the right things to protect your employees, yourself and your business from sexual harassment and sexual harassment claims. Nothing is every 100% effective when it comes to sexual harassment prevention, but doing your due diligence does help you protect your team and your company and limits liability in the event of a claim.

Do not ignore sexual harassment.

Sexual harassment is no longer something that can sit at the back of your mind when running a business. Whether your company employs two workers or two hundred, it is time to put a strong sexual harassment policy in place and update older documents.

If you take the steps to protect yourself today, you will have little to worry about in the future. But if you ignore sexual harassment, you are sitting on a ticking time bomb. You never know when a claim may arise that could take down your business. Do the smart thing and put a policy in place as soon as possible.

 

This article originally appeared on Nav.com and was re-purposed with their permission.

For information about Opportunity Fund’s small business loans, please contact us at 866-299-8173 or loans@opportunityfund.org.  For questions about your existing loan or other customer service questions, please contact us at 866-299-8173 or sbhelp@opportunityfund.org.

Loans are subject to credit review. Additional documentation may be required for credit approval. We are an Equal Opportunity Lender. Loans will be made or arranged pursuant to California Department of Corporations Finance Lenders License #6050609.


Opportunity Fund is tackling economic inequality so that hard work and perseverance means a shot at getting ahead, not just struggling to get by. Our programs are supported by a community of donors and investors whose contributions help to fund small businesses, support college students, and build stronger families and vibrant neighborhoods. Since 1994, the team has deployed $600 million and helped 20,000 families earn, save and invest in their own futures. Opportunity Fund has earned a 4-star rating from Charity Navigator, America’s largest independent charity evaluator, for our commitment to accountability and transparency.

Visit us online at http://opportunityfundloan.org and follow us on Facebook and Twitter

If you don’t have a large budget with enough capital to invest in professional cyber security software, you should at least take the minimum precautions to make your small business operate as safely as possible. Here are a few resources your small business should try that don’t cost you anything but a few minutes.

Each month, we’re sharing and promoting free or affordable tools that help small business owners run their businesses better. Here are three free cyber security tools for your business.

If you don’t have a large budget with enough capital to invest in professional cyber security software, you should at least take the minimum precautions to make your small business operate as safely as possible. You can take a look at the FCC’s Cyber Security Tips list for a few free ways you can operate your business securely.

LastPass

How much it costs: Free for individuals, paid plans starting at $2 a month

What it does: Never remember your complex passwords for dozens of websites? Always remember because you use the same, weak password? LastPass is a trustworthy site that will generate secure passwords for each website, account, and email you need. It will safely store your passwords for future use. If you want to upgrade to premium personal or a business account, you have even more security features at your disposal such as emergency access, passwords for applications, access to team passwords, and more.

Avira

How much it costs: Free

What it does: Avira Free Security Suite is a free antivirus tool perfect for low-budget small businesses like yours. Avira offers a free VPN, password manager, anonymous web browsing extension, safe shopping tools, third-party tracking blocker, and even a tool to check up your computer so see what’s slowing you down and what is a security issue. The only problem? Avira is available for Windows only.

Avast 

How much it costs: Free with paid premium plans

What it does: Available for Windows, Mac, and Android, Avast is another great antivirus software. In addition to standard antivirus features, Avast will inspect your Wi-Fi for weaknesses, automatically scan downloads, and keep an eye on your applications for suspicious behavior before you run into trouble. Paid premium business plans offer additional security features such as webcam shield, a secure VPN, permanent data shredder, and access to the software on all your small business devices.

 

We’re always looking for the best affordable online resources including tools to promote to small business owners like you. If you have a tool you’d like to share with fellow business owners, contact us at sblending@opportunityfund.org.

For information about Opportunity Fund’s small business loans, please contact us at 866-299-8173 or loans@opportunityfund.org.  For questions about your existing loan or other customer service questions, please contact us at 866-299-8173 or sbhelp@opportunityfund.org.

Loans are subject to credit review. Additional documentation may be required for credit approval. We are an Equal Opportunity Lender. Loans will be made or arranged pursuant to California Department of Corporations Finance Lenders License #6050609.


Opportunity Fund is tackling economic inequality so that hard work and perseverance means a shot at getting ahead, not just struggling to get by. Our programs are supported by a community of donors and investors whose contributions help to fund small businesses, support college students, and build stronger families and vibrant neighborhoods. Since 1994, the team has deployed $600 million and helped 20,000 families earn, save and invest in their own futures. Opportunity Fund has earned a 4-star rating from Charity Navigator, America’s largest independent charity evaluator, for our commitment to accountability and transparency.

Visit us online at opportunityfundloan.org and follow us on Facebook  and Twitter

This is your bi-weekly calendar for in-person and virtual events in Northern and Southern California. Here are the best upcoming events from June 15 through 30.

Every two weeks, we’re sharing and promoting free or affordable events that help small business owners run their businesses better.

This is your bi-weekly calendar for in-person and virtual events in Northern and Southern California. Here are the best upcoming events from June 15 through 30.

Northern California/Sacramento

IRS Forms of Ownership
Date: June 19, 2018 | 1:00 pm PDT – 4:00 pm PDT
Location: Veterans Business Outreach Center
4608 Duckhorn Dr. Sacramento, CA 95834 (map it)
Contact: Star Cochran | admin@vbocix.org | (916) 527-8400
Organization: Veterans Business Outreach Center
Fee: Free

One of the most critical decisions for new business owners is to decide which form of ownership will best meet your business needs.

Join this free seminar to learn about the different forms of ownership to choose from. We’ll help you understand the most common legal structures for businesses plus the pros and cons of each form of business entity.

Click here to register for this event.

Writing a Successful Business Plan
Date: June 19, 2018 | 2:00 pm PDT – 5:00 pm PDT
Location: Berkeley Public Library
2090 Kittredge St. Berkeley, CA 94704 (map it)
Contact: Lee Lambert | seminars@acsbdc.org | (510) 208-0410
Organization: Alameda County SBDC
Fee: Free

What makes a good business plan? What are the key components of writing a compelling plan and what are investors looking for in your plan? This free seminar will help you write your best business plan ever!

Topics include:

  • Key components of a business plan
  • Key questions your business plan should answer
  • The importance of financial projections
  • The numbers investors look for in a plan
  • Critical numbers to manage and grow your business
  • Secrets to writing your best business plan

Click here to register for this event.

LinkedIn for Your Business
Date: June 21, 2018 | 6:00 pm PDT – 7:30 pm PDT
Location: Dr. Martin Luther King, Jr. Library—Third Floor: SJPL Works
150 E. San Fernando St. San Jose, CA 95112 (map it)
Contact: sjplworks@sjlibrary.org | (408) 808-2310
Organization: SJPL Works
Fee: Free

This free seminar, LinkedIn for Business, teaches you how to create your business brand, promote your business, and identify key prospects.

Topics include:

  • Building your business brand
  • Optimizing your profile
  • Marketing your business
  • Targeting prospects

Registration is encouraged. Parking validation for 4th St. garage will be provided at the program.

Click here to register for this event.

Southern California/San Diego

Pricing for Profitability: Are You Charging What You’re Worth?
Date: June 20, 2018 | 6:00 pm PDT – 8:00 pm PDT
Location: 1003 E. Cooley Dr. Ste 109 Colton, CA 92324 (map it)
Contact: (909) 890-1242
Organization: Inland Empire Women’s Business Center
Fee: Free

Are you challenged with how to competitively price your services? How do you know if you’re charging too much—or worse, too little? Pricing your services is one of the most important decisions you will make in your business. Find out what you must know to set your prices appropriately and competitively.

Click here to register for this event.

California Department of Veterans Affairs Veteran Business Forum 2018
Date: June 22, 2018 | 9:00 am PDT – 1:00 pm PDT
Location: San Diego State University—Montezuma Hall: SDSU Student Union
5500 Campanile Dr. San Diego, CA 92182 (map it)
Contact: dvbe@calvet.ca.gov
Organization: California Department of Veterans Affairs
Fee: Free

The California Department of Veterans Affairs (CalVet) presents the Annual Veteran Business Forum sponsored by DGS and San Diego State University. The conference will provide veterans support and services to help them start, grow, and maintain their businesses. This free event is open to all veterans.

Join us for workshops (How to do Business with the State of California + Contracting with the State of California), Q&A panels, networking with California state agencies, and more!

Walkins are welcome, but to ensure a name tag and easy entrance, please register.

Click here to register for this event.

State Basic Payroll Tax & E-Services
Date: June 28, 2018 | 9:30 am PDT – 12:30 pm PDT
Location: BusinessSource Center West Valley
18645 Sherman Way #114 Reseda, CA 91335 (map it)
Contact: (818) 705-9977 | info@bscvalley.org
Organization: VEDC
Fee: Free

Join this free seminar and learn about key tools and resources for filing payroll taxes for your small business.

  • How and when to report state payroll taxes
  • How to distinguish between an employee and an independent contractor
  • What are independent contractor reporting requirements
  • Where to get assistance

Click here to register for this event.

Virtual

Copyrights, Patents, & Trademarks
Date: June 18, 2018 | 9:00 am PDT – 11:00 am PDT
Location: Online—Webinar
Contact: tbwbc@thecentre.org
Organization: The Tampa Bay Women’s Business Centre
Fee: Free

Have you protected your invention, unique product or service, or the brand name and logo that you designed? Failure to safeguard your intellectual property can result in someone else infringing or violating what you have taken a great deal of time and capital to develop. Attend this workshop to learn the necessary steps to protect what you have created for the marketplace.

Click here to register for this event.

Business Continuity & Disaster Preparedness
Date: June 19, 2018 | 7:00 am PDT – 8:00 am PDT
Location: Online—Webinar
Contact: Briana Williams | briawill@fiu.edu | (305) 779-9233
Organization: Florida SBDC
Fee: Free

Join this free webinar to learn how you can prepare for disaster and spare your small business lost time, money, property, and more.

Topics include:

  • Business continuity and disaster preparedness
  • Miami-Dade County emergency information
  • Free mobile apps to aid preparedness
  • Resources to protect against business interruption

Click here to register for this event.

Creativity at Work: Why Creative Thinking Matters and How to Tap It
Date: June 20, 2018 | 12:00 pm PDT – 1:30 pm PDT
Location: Online—Webinar
Contact: info@e-jedi.org | (530) 926-6670
Organization: Jefferson Economic Development Institute
Fee: Free

Small business owners—think about these questions for your business:

  • Do you have challenges in your business because traditional methods and strategies aren’t working?
  • Are there areas of your business where you need to think outside the box?
  • Is your business doing well, but you’re feeling creatively starved?
  • Do you want to see new opportunities and resources for your business?

This free webinar on creative thinking for your small business can help you find answers to these questions. To evolve our work, we need to see beyond our current mindset, systems, and methods. Business owners often get trapped in formulas that can become limiting. Traditional goal-setting methods don’t always work when pioneering new things.

Together we’ll learn how to look at your small business with a different, more expensive perspective plus find opportunities, resources, and methods to become a more creative thinker.

Click here to register for this event.

We’re looking for upcoming events to promote to small business owners like you. If you have an event you’d like to share with fellow business owners, contact us at sblending@opportunityfund.org.


For information about Opportunity Fund’s small business loans, please contact us at 866-299-8173 or loans@opportunityfund.org.  For questions about your existing loan or other customer service questions, please contact us at 866-299-8173 or sbhelp@opportunityfund.org.

Loans are subject to credit review. Additional documentation may be required for credit approval. We are an Equal Opportunity Lender. Loans will be made or arranged pursuant to California Department of Corporations Finance Lenders License #6050609.


Opportunity Fund is tackling economic inequality so that hard work and perseverance means a shot at getting ahead, not just struggling to get by. Our programs are supported by a community of donors and investors whose contributions help to fund small businesses, support college students, and build stronger families and vibrant neighborhoods. Since 1994, the team has deployed $600 million and helped 20,000 families earn, save and invest in their own futures. Opportunity Fund has earned a 4-star rating from Charity Navigator, America’s largest independent charity evaluator, for our commitment to accountability and transparency.

Visit us online at opportunityfundloan.org and follow us on Facebook and Twitter

Running a successful food truck is challenging, but attracting customers can be especially difficult. List your mobile food business on these mobile applications to get your food truck discovered.

Running a successful food truck is challenging, but attracting customers can be especially difficult. List your mobile food business on these mobile applications to get your food truck discovered.

Owning and operating a mobile food business has its unique benefits and challenges. Because of the nature of food trucks, you don’t have the luxury of a brick-and-mortar location for customers to visit on a regular basis. You miss out on that easy consistency because you move around frequently – unless you list your food truck on apps that let hungry people find you when they need food.

Even if you’re active on social media, it’s always good to add yourself to your city’s local business directory, bonus if you can find an area-specific food truck website. Here are some good apps for you to list your food truck on.

Roaming Hunger

Where you can download the app: App Store and Google Play

Roaming Hunger is a country-wide app that allows vendors to list their food trucks and hungry people to easily find food. Create your profile and get discovered easily. You can even book catering opportunities right through the app. That’s not all – if you need a new food truck or need to sell your old one, you can also do that through Roaming Hunger.

Street Food Finder

Where you can download the app: App Store and Google Play

Another country-wide app, Street Food Finder may not look super polished and fancy, but it is easy to use with its map view and “Who’s Open” versus “Vendors” tabs for people looking to discover new food trucks for later. One great feature is that you authenticate using your small business’ Twitter account and can schedule location tweets from the app.

Thumbtack

Where you can download the app: App Store and Google Play

We’ve written about Thumbtack before, but this freelance finder service is useful for more than just finding contractors for your business. When you list your food truck, people looking to book someone for a party or corporate event can easily find you.

Off The Grid

Where you can download the app: App Store and Google Play

If you own a San Francisco Bay Area food truck, Off the Grid is for you! If you operate somewhere else, take a look at this app and see if you can find a similar app near you. How it works is that this service curates events with different food trucks to offer a marketplace for large crowds. If someone buys tacos from one food truck at a festival, they’ll quench their thirst with your craft lemonade. Work with your peers, not against them!

 

For information about Opportunity Fund’s small business loans, please contact us at 866-299-8173 or loans@opportunityfund.org.  For questions about your existing loan or other customer service questions, please contact us at 866-299-8173 or sbhelp@opportunityfund.org.

Loans are subject to credit review. Additional documentation may be required for credit approval. We are an Equal Opportunity Lender. Loans will be made or arranged pursuant to California Department of Corporations Finance Lenders License #6050609.


Opportunity Fund is tackling economic inequality so that hard work and perseverance means a shot at getting ahead, not just struggling to get by. Our programs are supported by a community of donors and investors whose contributions help to fund small businesses, support college students, and build stronger families and vibrant neighborhoods. Since 1994, the team has deployed $600 million and helped 20,000 families earn, save and invest in their own futures. Opportunity Fund has earned a 4-star rating from Charity Navigator, America’s largest independent charity evaluator, for our commitment to accountability and transparency.

Visit us online at http://opportunityfundloan.org and follow us on Facebook and Twitter

“People don’t quit jobs, they quit managers.” Being (or hiring) a poor manager can cost your small business more than you think. Read how much bad management really costs.

“People don’t quit jobs, they quit managers.” Being (or hiring) a poor manager can cost your small business more than you think. Read how much bad management really costs.

What it Means to be a Bad Boss

Some entrepreneurs have a difficult time delegating tasks to their employees and letting go of the business they worked so hard to build. Your business is like a baby, and it may be hard for you to relinquish control.

This can make you a bad boss and cost you business if you aren’t aware of the problem and how to better manage your employees.

Gone are the days of bosses who give orders and micromanage every aspect of their employees’ work. Today, people want to work for managers who lead by example, inspire them to grow, and enable them to take charge of their own responsibilities.

Creating the Wrong Work Atmosphere

We’ve written before about how important it is to hire the right employees that will be productive and work well with the team, but it is just as important for you or the managers you’ve hired to be responsible for setting the right work atmosphere.

Managers set the tone for the whole team. Even the most dedicated, hard-working employee will feel burned out and unappreciated if management is poor. Your business can lose productivity and revenue if your employees no longer feel motivated to work hard for a boss who they feel doesn’t deserve the loyalty.

High turnover is costly for businesses, in terms of wasted money, time, and reputation –  Glassdoor is the Yelp for job seekers. If a qualified candidate sees a review of your small business saying the managers are bad, they’ll look elsewhere.

Invest in Better Management

Here are a few important characteristics to develop in yourself or look for when hiring a new manager:

  • Being able to be wrong. Employees say it is important to them that a boss can own up to their mistakes. When they see this kind of behavior, they don’t feel safe to take innovative leaps in their work and may learn to hide their own costly mistakes.
  • Express gratitude and share success. It’s easy to criticize someone for their mistakes, but not remembering to acknowledge their success will lower morale and productivity. The same applies to pointing out their errors in front of others more often than publicly praising them.
  • Not micromanaging their work. You hired someone because you think they’ll do their job well, so let them prove you right. Give them some freedom to do their work in a way that makes them the most productive they can be. You don’t need to dictate their schedules down to the minute or demand that they count cash a certain way.
  • Respecting work-life balance. When employees aren’t on the clock, don’t reach out to them with work matters. Your employees need time off to recharge and will be more productive when they come in to work.
  • Listening to problems or new ideas. If they disagree that your new idea will bring in more sales, listen to them! Value their advice and they’ll want to come up with new cost-saving or sales-generating ideas.

 

For information about Opportunity Fund’s small business loans, please contact us at 866-299-8173 or loans@opportunityfund.org.  For questions about your existing loan or other customer service questions, please contact us at 866-299-8173 or sbhelp@opportunityfund.org.

Loans are subject to credit review. Additional documentation may be required for credit approval. We are an Equal Opportunity Lender. Loans will be made or arranged pursuant to California Department of Corporations Finance Lenders License #6050609.


Opportunity Fund is tackling economic inequality so that hard work and perseverance means a shot at getting ahead, not just struggling to get by. Our programs are supported by a community of donors and investors whose contributions help to fund small businesses, support college students, and build stronger families and vibrant neighborhoods. Since 1994, the team has deployed $600 million and helped 20,000 families earn, save and invest in their own futures. Opportunity Fund has earned a 4-star rating from Charity Navigator, America’s largest independent charity evaluator, for our commitment to accountability and transparency.

Visit us online at http://opportunityfundloan.org and follow us on Facebook and Twitter

Opportunity Fund. Working Capital for Working People. opportunityfund.org