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Articles to LIFT Your Life and Business

3 Things You Must Consider Before Filing Business Bankruptcy

With the government-mandated shutdowns and loss of business due to the pandemic, you may be thinking about filing for bankruptcy to deal with your company’s debt. However, even though bankruptcy is a valid option that can give you a chance to get a fresh start, bankruptcy isn’t always the best solution for managing out-of-control debt […]

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Is It The Right Time For You To Consider Bankruptcy For Your Business?

Coronavirus has forced many business owners to face the tough decision of whether to persevere and keep their business going, or to close it all down and walk away. If you are asking yourself this question right now, here are some things to consider before going down the bankruptcy road. First, bankruptcy is a valid […]

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5 Ways Startups Can Improve Cash-Flow Management

Although cash is the lifeblood that sustains every business, far too many entrepreneurs don’t have a proper handle on their cash flow. And this is despite the fact that statistics consistently show that running out of money is one of the primary reasons startups fold. Trying to run a business without meticulously managing your cash […]

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What You Should Expect From An Effective Bookkeeper—Part 2

In the first part of this series, we discussed what effective bookkeeping looks like, and here we’ll provide a handful of bookkeeping best practices you can implement with your bookkeeper. It can be easy to overlook the vital role your bookkeeper plays in your business. In the not-so distant past, bookkeepers were often viewed as […]

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What You Should Expect From An Effective Bookkeeper—Part 1

Money is the lifeblood of your business, and arguably no member of your team does more to support you with the management of your cash flow than your bookkeeper. In fact, the very first team member you hire should be a bookkeeper—and that person should not be you. If you’re serious about your business, you […]

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Can Bankruptcy Save Your Business?

If you’re struggling with debt, but don’t want to shut down your business, bankruptcy might be one way to save your company. While this may sound paradoxical, many big corporations— American Airlines, General Motors, and Kodak—have successfully used bankruptcy to restructure debt and get a fresh start. The main difference between you and a big […]

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The Ins and Outs of Chapter 7 Bankruptcy for Small Business Owners

It’s a simple fact of entrepreneurship: Small businesses fail all the time and for many different reasons, some of which are outside of the owner’s control. If you’re falling deeper and deeper into debt by keeping your company open, sometimes the best business decision you can make is to shut down the business and cut […]

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How to Be Smart About Small Business Debt

Taking on debt can help small businesses meet expenses and finance growth. The key to making it work is knowing specifically what you will use the debt for, how it will generate a return on your debt investment and tracking, tracking, tracking. If you need support with finding capital for your business and tracking the […]

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Thinking About Small Business Bankruptcy? First Consider These Important Factors

Although often perceived as a worst case scenario, bankruptcy can be an appropriate way for small businesses to recover from unmanageable debt by reorganization, reducing personal liability or liquidating business assets. Sometimes small businesses (or their owners) must turn to bankruptcy when cash flow slows or business expenses cannot be met. There are three types […]

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Sports Authority Files Chapter 11 Bankruptcy: Lessons for Small Businesses

Just last month, the nation’s former largest retailer of sports apparel and equipment filed for Chapter 11 bankruptcy protection. What can small business owners learn from Sports Authority’s failed business plan? After all, if the retail giant that owns the naming rights for Denver’s Mile High Stadium can’t make it, what hope is there for […]

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Bankruptcy 101

Bankruptcy.  It’s the bad word every business owner is working hard to avoid. And, yes, it’s also a tool given to entrepreneurs as an encouragement to take risk and be able to have a fresh start when things do not go as planned. It’s a thought that may have crossed your mind on either a […]

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