Top 5 business articles of 2024
Let’s get down to business. It’s time to reveal the best BDC articles of the year.
What do these articles show?
They reveal an interest in practical tools alongside an appreciation for purpose-driven projects.
As we look ahead to the new year, we hope you’ll enjoy our bonus guide on how to prepare your business to leverage artificial intelligence.
4 types of financial ratios to assess your business performance
Financial ratios are not always fun, but they are crucial for your business sucess. They let you check your business’s financial health, operational efficiency or sales volume at a quick glance.
Tracking current ratio, inventory turnover, and debt-to-equity lets business owners assess performance, identify issues, and make data-driven decisions. Ratios are a good way to get information about a business’s cash flow, debt levels and profitability.
3 steps to becoming a certified B Corp
Do you know the ABCs of becoming a Beneficial Corporation? B Corps work for more than profit—their goal is to make the world a better place.
Becoming a certified B Corp can boost your credibility and operational performance. It also attracts talent and investors.
It takes dedication. And three big steps::
- Commit to using your business as a force for good, with clear social and environmental goals
- Complete the B Impact Assessment to measure your company’s impact
- Modify your articles of incorporation to reflect your commitment to broader societal goals.
What is the difference between a line of credit and a working capital loan?
We’re very glad you asked! These are two different kinds of financing.
A line of credit is short-term and can be used to cover daily expenses or cash flow gaps. It often has flexible repayment terms. A working capital loan is a longer-term loan used for growth projects like marketing or technology investments.
How to sell your business
Stepping away from your business is a big step. With careful planning, you can maximize value and minimize disruption for the employees who helped you get this far.
Our number one advice is to start early. Organize your finances, address operational issues, and hire key advisors like accountants, lawyers, and business valuators.
Always ask yourself: What is my goal? Is it retirement, continuity or a clean break? Keep that in mind as you find the right buyer to ensure a smooth transition and successful sale.
Burnout prevention tips for entrepreneurs
Entrepreneurs are especially vulnerable to burnout. Passion-driven overwork and constant uncertainty make for a challenging combination.
If fatigue, loss of enjoyment and a negative outlook are constant companions, turn to the “Three Rs”:
- Respite: take breaks
- Reappraisal: talk to a therapist and manage your stress
- Regimen: prioritize sleep and exercise
Start small with manageable habits. Get professional help if you need it.
Bonus Guide - Get Your Business AI-Ready
Our free guide on getting your business ready for AI was popular in 2024. We get it. AI can help your businesses reduce costs, increase efficiency, and boost employee and client satisfaction. This guide will help you prepare to use this new technology in your business and plan its implementation. It also explores how to review current systems and identify critical gaps you need to address before implementing AI.