Has the definition of what constitutes a small business changed? Plus, what will you do with your tax refund? All this and more in this week’s round-up! Let’s get started!
Small Business News of the Week
What is a small business exactly? That definition may soon change if the SBA, lawmakers and banks have anything to say about it. Just last month, the SBA upped the ceiling on what architectural firms can make ($7 mil, up from $4.5) and still be considered a small business. This change and many others have since added almost 30,000 new small businesses to the roster.
Why the change? For one, despite inflation, no change to the definition and ceiling had been made since the 80s. Another potential factor is the JOBS Act. This would potentially give startups more and easier access to capital. While this is a good thing, the opposite side is that there may be more competition for the current businesses to get benefits.
Are you getting a tax refund? In the past you’ve probably used it for fun things or perhaps fixing little things around the house. However, this year’s goal should be to save or invest that money for the future!
Previously we’ve mentioned that maybe getting a tax refund isn’t as bad as it’s made out to be. However, one thing is true – that money doesn’t accrue interest while the government is holding it. Now is the time to change that. After you get the refund, put all or most of it away (after you fix that hole in the wall or mend the pipes) so it can start getting you MORE money. You can use it later on things like property tax or unexpected bills that otherwise may have crippled you.
Outright Community Speaks
Have any lingering doubts before tax season is over? Ask away at our Outright Customer Care center!
Around the Entrepreneur Web
Business Advice From Spiderman – When times get tough, you turn to the sources you trust the most!
Is It Worth It To Advertise In Your Local Newspaper? – Can this really help with sales or is it just a waste of time?
When Your Clients are MIA – What do you do when your clients have checked out, either mentally or physically?
Outright Pro Tip of the Week
As business owners, especially ones based on a client list, we sometimes get in over our heads. This usually happens when we forget to say “wait, hold on a second.” When you’re starting out, the last thing you want to do is say “no” to a client or even a potential client, as every last dollar counts. Eventually, though, you have to realize you’re doing too much.
Have you found yourself at 2 AM every night this week struggling to finish every assignment? Do you nod off in your chair at 11 AM from lack of sleep? Does your work calendar scare you enough you burned it? Then it may be time to prioritize. Some clients may not understand, but that’s on them. The good ones will know you’re working your hardest and won’t mind waiting an extra day on that blog post or graphic they ordered.
That’s all for today’s Outright Weekly Round Up. Have a Happy Easter and/or Passover!