Small Business Resource Center
The Cost of Hiring a New Employee
This article comes from Investopedia’s How to Run a Successful Small Business Guide. It outlines all the different costs behind hiring a new employee. Beyond a new hire’s base salary, business owners should figure in the direct and indirect costs to recruit, onboard, adequately train, and provide benefits to a new employee. A business may not see a return on its investment until the employee reaches their break-even point and is functioning at 100% productivity. While it can add up, taking a more comprehensive look at the total cost of hiring can be helpful when making staffing decisions and at every other stage of the employee lifecycle.
Glossary of Business Financial Terms
This resource provides a large bank of business financial terms and their definitions for business owners to reference as needed. It also includes terms specifically relevant to disaster relief and disaster business loan applications.
How Entrepreneurs Should Use Their Accountants
This article discusses how entrepreneurs can leverage their accountants to make better informed and data-driven business decisions. It emphasizes consulting accountants beyond tax time to help you assess the health of your business and what to do about it by utilizing available financial data. The article provides three tips for making this happen: requesting written explanations about any financial data you receive, focusing on how the data affects your bottom line and cash flow, and relating any conversations about your financial condition to your mission and strategic objectives.
The Next Level: Understanding the Costs of Business Growth
This article is about the importance of assessing the costs of business growth. It prompts business owners to consider how and when they should grow their business and provides a list of questions to assess strengths and weaknesses in seven key areas before implementing a growth plan strategy. This resource helps business owners think critically about their growth and how to make it happen at a cost they can afford.
Cash Reserves: Turning Challenging Times into an Opportunity
This article from SCORE explores the importance of cash reserves and how they can help small businesses take advantage of new possibilities.
6 Elements of a Successful Financial Plan for a Small Business
This article explains six essential components of a small business financial plan: sales forecasting, expense outlay, statement of financial position (assets and liabilities), cash flow projection, break-even analysis, and operations plan. It also includes what a small business financial plan is and why it is important, tips on writing a business financial plan, and plan templates.
SCORE Finance Templates
SCORE’s collection of finance templates offers valuable tools in areas such as financial projections, break-even analysis, cash flow, ratios, and profit and loss.