Month: July 2024

Hurricane Preparedness For A Small Business

Hurricane Beryl hit Texas in early July, catching many businesses off guard as they usually expect major storms later in the summer. With predictions of an above-average storm season from the National Oceanic and Atmospheric Administration, small businesses need to prepare by reviewing their insurance policies, backing up data, and having an emergency communication plan.

After a hurricane, if your business is in a federally declared disaster area, aid may be available from the Small Business Administration. Details can be found at this SBA link. More information about hurricane preparedness can be found at ready.gov.

Are Small Business Owners More Content Than We Think?

Despite the stress and financial challenges, 91% of small business owners are happy according to a recent survey by Homebase. They enjoy the control and flexibility of running their own businesses, valuing the ability to make their own decisions and manage their own fate. This autonomy and sense of ownership outweigh the difficulties they face, leading to a relatively high level of satisfaction.

Navigating the Psychological Challenges of Entrepreneurship

Women entrepreneurs face unique challenges such as balancing multiple roles, battling sexism, and overcoming financial discrimination, which can intensify stress and mental health issues. To thrive, they should let go of harmful ego traits, embrace an abundance mindset, actively seek support, utilize resources tailored for women, establish healthy boundaries, and prioritize their overall well-being. Read more in this article on “How to Navigate Challenges as a Woman Entrepreneur” from Psychology Today.

Bankruptcy Filings May Become More Challenging for Small Businesses

The expiration of Subchapter V, a type of bankruptcy protection that eased the process for small businesses with less than $3 million in debt, means that small businesses will now face more complex and costly bankruptcy procedures. Initially enacted in 2020 and expanded to cover up to $7.5 million in debt during the pandemic, this provision saw higher success rates for reorganization plans but failed to become permanent, leading to a reversion of the debt limit on June 21. To read more, see this article in AP News.