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The Guide to Cash Flow Management for Diverse Entrepreneurs
Practical strategies to ensure your business thrives through smart financial planning and resilience. Did you know that 82 percent of small businesses fail due to cash flow problems? For diverse entrepreneurs, managing cash flow can be even more challenging. Limited access to funding, systemic barriers, and navigating tight margins can make financial stability seem out of…
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10 Creative Ways to Secure Funding in Tough Times
Running a business is never easy, and for diverse business owners, securing funding can often feel like an uphill battle. According to a study by the Minority Business Development Agency, diverse-owned businesses are more likely to be denied loans, receive smaller amounts when approved, and face higher interest rates. In challenging economic times, this disparity…
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Breaking Barriers to Funding
Proven Strategies for Securing Capital Imagine this: You have a brilliant business idea, a detailed plan, and the passion to make it work. But when it’s time to secure the funding needed to bring your vision to life, the doors seem to close before you even knock. Unfortunately, this is the reality for many minority…
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Turbo Your Retirement Contributions
BCH’s AMEN Corner – Affluent Minority Entrepreneur News As a business owner, many of you may be counting on your business to provide a comfortable retirement in your golden years. Why that is a viable plan; don’t forget about funding your workplace retirement account as a solid supplementary option. As tempting as it might be…
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How to Secure Capital for Your Business
It takes money to make money! We’ve all heard that adage yet when you need capital to grow your business, how can you secure it? We’ll take a look at different options and requirements for entrepreneurs including bank loans, nontraditional funding sources, venture capital and angel investors. Show me the money! As an entrepreneur, there…
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Your Business Longevity is at Risk Without Financial Planning
The path to financial success for Black and brown business entrepreneurs is not linear. It’s a path filled with many peaks and valleys. Recently, I had the opportunity to sit down with a group of creative entrepreneurs to discuss their thoughts on personal finance and building wealth. In this article, you’ll find a summary of…
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Providing Economic Opportunities for All
Malinda Williams explains how CDFIs level the economic playing field for marginalized communities. For decades, marginalized communities, particularly urban and rural areas, have often looked for self-help credit solutions because traditional financial institutions ignored them. Without the necessary capital, these communities have been unable to create business opportunities or generate economic growth. Consequently, they remain…
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Did you know there are two tax seasons?
Tax Season #1–Tax Paying Season You grab your W-2s and 1099s from the shoebox, give them to your tax preparer, and nervously wait for the news of how much you owe. You hope you have enough cash to pay the bill and still go on summer vacation. Every year you owe a little more. You…
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Establishing an Emergency Fund for Your Business
BCH’s AMEN Corner – Affluent Minority Entrepreneur News The economy has undergone significant shifts in the past few years, and you need to know how to weather the storm. Establishing an emergency fund for your business can keep you afloat in the event of a supply chain slowdown or an unpredictable disaster that may disrupt…
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Is your CPA Saving you Money or Costing you Money?
We are in the midst of tax season and you’re rushing to file your tax returns. You aren’t sure if you answered the questions correctly–or at all–allowing your CPA to save you the most money. Upon receiving your final return, you look at the growing bill each year and wonder if there was anything you…
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What Is a Tax Strategist and Why Your Business Needs One
A tax strategist specializes in helping your business pay less taxes. I know what you’re thinking. “I already have a CPA.” Here are four reasons a tax strategist is different from your CPA. 1. Tax Planning: They review your profit and loss statement every quarter to identify how much money you will owe in taxes.…
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The Annoying 5-Letter Word That Makes Most Business Owners Cringe — TAXES!
Wealth management expert recommends beginning with the end in mind. “Begin with the end in mind”, a quote by Stephen Covey and one of his seven habits of highly successful people, that sums up how taxpayers should approach managing their taxes. It means that you should start with a clear understanding and vision of your…
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How to Establish a Marketing Budget as a Small Business
As a small business owner, chances are likely that you will increase your marketing budget in the coming year. Deloitte finds that advertising costs have grown nearly 4 percent over the past two years, and in 2023, the study says that marketing has accounted for around 13.6 percent of the average small business’s spending. Rising…
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It’s Open Enrollment Season! How to Maximize Your Retirement Contributions
BCH’s AMEN Corner – Affluent Minority Entrepreneur News As an entrepreneur, you need to determine how to establish your personal retirement savings and maximize those contributions to reach your financial goals. If you offer a workplace retirement plan or if you have a self-directed retirement plan, it’s the perfect time to reassess your investment products to…
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Build Your War Chest Before You Need It
BCH’s AMEN Corner – Affluent Minority Entrepreneur News Experts recommend having at least 12 months of living expenses in an emergency fund. A health crisis, home repair, natural disaster or death can dramatically impact these funds. September is National Preparedness Month and financial preparedness is a critical component to help you weather any storm. Read on…
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