Latest news with #smallbusiness
Yahoo
34 minutes ago
- Business
- Yahoo
Detroit mayor candidate said my bakery, Sister Pie, is out of business. It isn't.
In the WDIV-TV Local 4 and AARP-hosted mayoral debate on June 16, candidate James Craig stated that Sister Pie, the bakery I founded in Detroit in 2012, "went out of business." That is an incorrect statement. Indeed, Sister Pie has faced many challenges in the last five years due to multiple, intersecting factors. The business has struggled to balance revenue with wages and benefits, and the ability to thoughtfully grow and maintain our triple-bottom-line mission of "people, planet, profit" became especially difficult with the stress and demands of keeping the daily operations afloat. I know we're not alone ― small businesses all over are hurting right now for many of the same reasons. More from Freep Opinion: Detroit's business landscape has changed. It's still tough for entrepreneurs. In May, we widely and carefully announced our plans for a summer interlude to rest, reconfigure the business model and envision a more sustainable future for Sister Pie in Detroit. Over the summer, we'll offer baking classes, fulfill special orders, sell our baked goods at Eastern Market, and work on a vision for the future. By slowing down and taking stock of what we've learned so far, we are mindfully re-committing to our neighbors and great city for years to come. Lisa Ludwinski The writer is the founder and owner of Sister Pie This article originally appeared on Detroit Free Press: Sister Pie isn't out of business. James Craig got it wrong. | Letter
Zawya
an hour ago
- Business
- Zawya
Edge Growth's first Investee Day marks new chapter in supporting and scaling South African SMEs
Small business development specialist, Edge Growth, hosted their first ever Investee Day on 4 June in Johannesburg. Invitations were extended to small businesses that have been part of the Edge Growth ecosystem and investment portfolio through various funding and mentorship platforms, with guests having the opportunity to gain valuable insights from industry experts on the essential strategies for scaling a business. Attendees were treated to a wealth of real-life business lessons and expert insights, designed to equip them for the next phase of their growth journey. In addition to the educational content, the event offered powerful networking opportunities, allowing business owners to connect, collaborate, and learn from one another in a supportive and growth-focused environment. 'Edge Growth is not just about capital – it's about impact, resilience, and transformation," says Daniel Hatfield, CEO of Edge Growth who facilitated the event. 'We're 'VC with a twist,' dedicated to empowering entrepreneurs to create systemic change and drive inclusive growth.' He described the evolution of Edge Growth over the last 20 years – from a bold idea focused on growing SMEs and creating jobs, to becoming one of Africa's leading impact investors. 'Beyond accolades and scale, the true value lies in driving inclusive growth and empowering entrepreneurs to create systemic change." The event featured a compelling keynote address by Miles Kubheka, a renowned entrepreneur, dynamic speaker, author and chef who brought fresh perspective and inspiration to guests. Kubheka made a successful shift from a career in IT to establishing himself as a leading figure in the food industry, demonstrating the impact of vision and determination. Renowned entrepreneur, dynamic speaker, author and chef, Miles Kubheka Keshav Mohabir, founder of and chief of staff at Art of Scale, delivered a practical lesson with practical insights about harnessing AI and technology to boost efficiency and productivity. With a background spanning social entrepreneurship, technical architecture, and strategic consulting, Mohabir brought to the event his unique blend of creativity and technical expertise, highlighting how smart tech adoption can drive tangible business growth. Another really valuable lesson was delivered by Kekeletso Moloto from Jedi Marketing, who shared transformative marketing and sales insights, offering practical strategies for building a strong brand through clear and consistent communication. Another highlight of the event was a panel discussion featuring Mohabir and Moloto, alongside Ndia Magadagela, CEO and co-founder of Everlectric, a trailblazer in electric vehicle leasing. Nevenka Naidoo from DKN Transport, a logistics company specialising in road freight and cross-border services across multiple industries and Dr Thomas Brennan were also on the panel. Brennan is the co-founder of South African fintech startup Franc, known for its user-friendly app that makes investing in money market and equity funds accessible to everyone, with no minimum investment required. Everlectric, DKN Transport and Franc themselves are all SMEs that have benefited from Edge Growth managed funding. This panel discussion delved into the major challenges and strategies faced by entrepreneurs, focusing particularly on mindset, business scaling, and the role of technology. SME owners shared personal experiences to highlight the critical importance of resilience and a persistent mindset, stressing that co-founders, team members, coaches, and mentors are among the most valuable assets, alongside tech tools and targeted learning opportunities. When asked about the mindset needed as an entrepreneur, Magadagela said that having a mindset of always wanting to learn and being willing to hear and 'listen with your eyes' is vital. "As a CEO, you're the chief optimism officer – you need the resilience to fall 17 times and get up 18, and the mindset to always keep learning and listening,' she says. "My biggest personal sacrifice has been time with family, which is why we've intentionally kept the business at a manageable scale to maintain some balance in our lives,' is how Naidoo responded to a question about some of the personal sacrifices' entrepreneurs have to make. Referring to her biggest learning so far, Moloto says that one of the things you quickly realise in business, especially as a solo founder, is that there are many skills you lack. "You can't do everything, and I've had to build skills I lacked, especially around operations, and learn to rely on a team. It's been the hardest but biggest personal development journey." Brennan agreed and emphasised the importance of knowing your strengths. 'You can't be expected to be an expert in everything. I'm an engineer, I teamed up with an actuary, and we have very different strengths that complement each other well." This inaugural cross-fund Investee Day marks a significant milestone in Edge Growth's commitment to empowering the diverse small businesses within their investment portfolio across all managed funds. Under the Edge Growth Ventures umbrella, one of South Africa's most prominent SME fund managers with over R2bn in assets under management, this event draws inspiration from practices common in the Venture Capital sector and has created a platform that fosters collaboration, growth, and shared learning. In closing, chief executive officer of Edge Growth Ventures, Janice Johnson reflected on the purpose and impact of the event, emphasising the company's ongoing commitment to backing resilient teams, strong ideas, and entrepreneurs who share a vision for meaningful impact. 'Our goal was to create meaningful, unstructured opportunities for connection, learning, and inspiration, and this first Investee Day truly exceeded expectations. It sparked deep conversations, honest storytelling, and the beginning of a strong community. We're committed to keeping this momentum going and look forward to making this an annual event that continues to support and grow South Africa's SME ecosystem,' Johnson says. Edge Growth is a leading SME and Venture Fund manager, specialising in developing small businesses and creating jobs and real transformation by connecting corporates and entrepreneurs, growing SMEs by addressing their key constraints: access to finance, markets and skills. Our offering consists of three services areas, designed to achieve maximum impact: - ESD Strategy for corporates & building SMEs in their value chain - Investing in and growing SMEs through fund management - Scaling businesses to full potential through accelerator programmes All rights reserved. © 2022. Provided by SyndiGate Media Inc. (
Fast Company
2 hours ago
- Business
- Fast Company
Personalized employee experiences are the future of work. Here's how your business can deliver them
We're living in a personalized landscape, and organizations can no longer afford a one-size-fits-all approach to managing people. Employees increasingly expect—and value—personalized experiences at work. That means offering tailored career development paths, flexible work arrangements that suit individual lifestyles and goals, and mentorship and learning opportunities specific to employees' career aspirations. For small to midsize businesses, meeting these expectations can be a challenge. But it also presents a significant opportunity to attract and retain workers. If you're in this situation, a fractional HR partner can make all the difference. The demand for personalization in the workplace The modern workforce comprises individuals from multiple generations and diverse cultural backgrounds with various career aspirations. Employees want to feel seen, heard, and supported in ways that reflect their unique goals and circumstances. This typically includes the following: Career development that fits their goals: Not everyone wants to climb the traditional corporate ladder. Some are more interested in lateral growth, specialized expertise, or project-based learning. Employees are more likely to stay with organizations that invest in career paths tailored to their interests and strengths. Flexibility beyond remote work: Personalized flexibility can mean different things to different people. For some, it might mean hybrid schedules and compressed workweeks. For others, it's the ability to work variable hours. Then there are those who are interested in taking sabbaticals. This requires shifting the mindset to align work with life, rather than the other way around. Truly supportive environments: Employees want resources that are relevant to them. Mental health programs, mentorship opportunities, or skill-building workshops are all good initiatives, but their impacts will be minimal if they don't align with what employees want or the specific stages of their journey. How personalized experiences drive engagement and retention Organizations that prioritize employee-centric strategies tend to achieve better outcomes when it comes to productivity, morale, and employee retention. When employees feel their employer understands and values their individual needs, they are more motivated, loyal, and aligned with the company's mission. According to Gallup, highly engaged teams show 23% greater profitability, 70% higher well-being, and 78% less absenteeism. Personalization is a key driver of that engagement—it creates an emotional connection between the employee and the organization, which leads to longer tenures and more substantial contributions. How fractional HR can help For companies without a dedicated internal HR team, delivering these kinds of individualized experiences may seem overwhelming. But it doesn't have to be. Fractional HR firms can provide scalable, strategic HR support tailored to meet the specific needs of your organization, regardless of the stage or size of your company A fractional HR partner can help bring personalized employee experiences to life in the following ways : Tailored talent development plans: They help businesses design role-specific and employee-specific growth paths. As a result, this ensures that every team member has a clear roadmap that aligns with their aspirations. Custom work policy design: They collaborate with leadership to develop adaptable frameworks that cater to your team's needs and align with your business goals. This includes, but isn't limited to, flexible scheduling and alternative leave policies. Employee-centered programs: They assess workforce demographics and feedback to create benefits and engagement programs that reflect what matters most to your people. Ongoing coaching and support: They're HR professionals who can serve as trusted advisors to your business. That might look like offering regular check-ins, career coaching, and real-time adjustments to keep experiences aligned with evolving needs. Meeting employees where they are Personalization in HR isn't just a trend. It's a shift toward more human-centered workplaces. Businesses that embrace this change will stand out as the employers of choice in an increasingly competitive market. And if establishing an HR department isn't feasible with your business reality, you can look to partnering with a fractional HR firm. You don't have to guess what your employees want—or struggle to deliver it. Together, you can build a workplace where each person feels empowered, supported, and inspired to thrive.
Associated Press
2 hours ago
- Business
- Associated Press
Salsbury & Co. Celebrates 10 Years of Empowering Small Businesses
06/19/2025, Vancouver, Washington // PRODIGY: Feature Story // Salsbury & Co. , founded by visionary April Salsbury, is proudly celebrating its 10-year milestone of helping small businesses across the country build strong operational foundations and sustainable growth strategies. What began as a solo consulting firm in a home office has evolved into one of the West Coast's most trusted names in small business consulting. Salsbury, who left her role as a healthcare executive to pursue her vision of operational excellence for small businesses, recalls the early days with clarity. 'I gave a six-month notice, started saving every penny, and launched the company the very next day after I left,' she said. 'The goal was simple: create a business where I could have flexibility, provide a fair wage, be a trusted voice in the business community, and empower other businesses to do the same through my consulting.' That founding principle, written down on a slip of paper in her home office, became the compass for what Salsbury & Co. is today: a full-service business consulting firm with three core departments: business bookkeeping, HR management, and medical billing services for integrated medicine, alongside its flagship business consulting services, business bookkeeping In its first year itself, the company grew fast, hiring its first employee six months in, as Salsbury recalls. But what truly sets it apart is not just its services but its commitment to full transparency and hands-on support. 'We are not a corporate overlord,' Salsbury explained. 'We work side by side with our clients, teaching them systems, integrating tools, writing policies, and ensuring they truly understand how to run their business day to day.' One of the firm's proudest moments came during the height of the COVID-19 pandemic. While small businesses across the country shuttered, the company helped its clients pivot, adapt, and survive. 'We were already set up for remote work, and quickly became the go-to support system for companies needing help rewriting job descriptions, shifting to virtual operations, and handling compliance,' Salsbury shared. Today, Salsbury & Co. operates from its third and largest office space, and many of its team members have been with the company for over five years now, testament to a culture rooted in openness, collaboration, and continuous learning. 'Our staff feel heard. We do regular internships with students, and we prioritize building up the next generation of entrepreneurs. If we expect small businesses to thrive, we need to equip people early with the tools and confidence to lead,' the founder stated. Perhaps the most inspiring is the ripple effect of Salsbury & Co.'s work. 'I just wrapped a project with a client who not only became profitable in her first year, but she even made back every dollar she put into launching her business. And now, she's opening a second one,' says Salsbury. 'What drives us is seeing our clients succeed, expand, and gain the freedom they dreamed of when they started.' As the firm looks ahead, the focus is on agility, automation, and AI. Salsbury believes that organizations must evolve or risk being left behind. 'There's a real danger in thinking AI won't impact you. We're diving headfirst into exploring how automation can support small businesses, streamline operations, and increase competitiveness. We're helping clients adopt tools that give them time back, time to focus on what matters most.' The next chapter also includes a national expansion. While most clients are still based in California, Oregon, and Washington, Salsbury & Co. has recently taken on clients in Florida, Ohio, Texas, and Maine. 'We've hit a point where we're ready to scale,' she says. 'We could bring on a few hundred new clients tomorrow and be ready. The infrastructure is there. We're ready to become a nationwide resource.' Media Contact Name: Salsbury & Co. Email: [email protected] Source published by Submit Press Release >> Salsbury & Co. Celebrates 10 Years of Empowering Small Businesses
Yahoo
8 hours ago
- Business
- Yahoo
Tax saving strategies for small business owners
Choosing the right business structure can significantly impact your tax liability. Small business owners can reduce taxes through deductions, credits and strategic expense timing. Proper documentation and compliance with tax laws prevent costly mistakes. Contributing to retirement plans and using healthcare tax advantages can provide long-term savings. Working with a tax professional can help maximize deductions and credits while ensuring compliance. Taxes create significant financial challenges for small business owners. Without a solid plan, tax liability can reduce profits and limit growth opportunities. A proactive approach to tax planning helps business owners claim deductions, utilize credits and implement legal strategies to lower tax burdens. Learning how to manage taxes effectively can improve cash flow and support long-term success. How a business is taxed depends on its legal structure: Sole proprietors: Report business income on their personal tax returns and pay self-employment taxes. Limited Liability Companies (LLCs): Can be taxed as sole proprietors, partnerships or corporations. S-Corporations (S-Corps): Allow business income to pass through the owners while avoiding corporate taxes. C-Corporations (C-Corps): Pay corporate income tax, but also provide opportunities for tax planning through deductions and reinvestment. Small businesses have several common tax obligations, including income tax, self-employment tax, payroll taxes and sales tax. The Tax Cuts and Jobs Act (TCJA) introduced key benefits for small businesses, including the Qualified Business Income (QBI) deduction, allowing eligible businesses to deduct up to 20% of qualified business income. Some provisions of the legislation, including the QBI deduction and lower corporate tax rates, are set to expire in 2025. Stay informed on these potential changes and adjust your tax strategy to minimize your tax burden. Reducing your tax burden requires strategic planning and smart decision-making. Use the right tax-saving strategies to reduce your tax burden, freeing up funds that you can reinvest in your business. Selecting the right legal structure impacts taxation. Sole proprietorships and LLCs often work for small businesses, but S-Corps can help reduce self-employment tax. Business owners should reassess their structure as income and liabilities grow. Common deductible expenses include rent, utilities, office supplies, marketing and employee salaries. To claim tax deductions, business owners must keep clear records and receipts. Misreporting deductions can lead to audits or penalties. Reduce taxable income by contributing to an SEP IRA, SIMPLE IRA or Solo 401(k) plan. These plans not only lower tax liability but also help build long-term financial security. Hiring a spouse or children can provide tax advantages. Wages paid to children under 18 may be exempt from payroll taxes, and employing a spouse allows for access to retirement benefits. Documentation of work performed is required for compliance. If you use part of your home exclusively for work, you may qualify for a home office deduction. The simplified method calculates deductions based on square footage, while the regular method uses actual expenses like mortgage interest and utilities. Adjust your income and expenses at the right time to reduce taxable income. Make office purchases before year-end to lower the current year's tax burden. Select cash or accrual accounting to control when income and expenses are recognized. Businesses that purchase equipment or software can deduct the full cost under Section 179 instead of depreciating it over time. Bonus depreciation also allows for significant first-year deductions on qualifying purchases. Unlike deductions, tax credits reduce tax liability dollar for dollar. Common credits include the Research and Development Credit, Work Opportunity Tax Credit and Small Employer Health Insurance Credit. Understanding which credits apply to your business can lead to significant tax savings. Small business owners can deduct the cost of health insurance premiums for themselves and employees. Health Savings Accounts (HSAs) provide another tax advantage by allowing pre-tax contributions to cover medical expenses. A tax professional can help you identify the best tax-saving strategies, stay compliant with tax laws and plan for future tax changes. Find an experienced advisor to ensure that all available deductions and credits are utilized. Take action before the year's end to reduce your tax liability. Follow the tips below to take advantage of potential tax savings. Purchase equipment early. Buy necessary equipment before December 31 to claim deductions for the current year. Review estimated tax payments. Review quarterly tax payments to ensure accuracy and avoid underpayment penalties. Maximize retirement contributions. Contribute to retirement accounts before deadlines to reduce your taxable income. Make charitable donations. Donations made by year-end can qualify for tax deductions if properly documented. Organize your financial records. Keeping receipts, invoices and financial statements up to date simplifies tax filing and reduces audit risk. Tax mistakes can be costly and may lead to penalties or missed savings. Here are some of the common tax mistakes to avoid as a small business owner. Underpaying estimated taxes. If you don't pay enough in quarterly estimated taxes, you could face IRS penalties and interest. Missing deductions and credits. Business owners often overlook valuable tax deductions and credits, leaving money on the table. Improper record-keeping. Incomplete or disorganized financial records can make tax filing difficult and increase the likelihood of an audit. Mixing business and personal expenses. Failing to separate personal and business finances can cause accounting issues and complicate deductions. Not updating tax strategies annually. Tax laws change, and failing to adjust your approach each year may result in unnecessary tax burdens. The expiration of the Tax Cuts and Jobs Act in 2025 could impact small business tax rates and deductions. Always plan for potential tax law changes and build flexibility into your tax strategy. Review tax plans annually to stay ahead of policy changes and maximize financial opportunities. Proactive tax planning can help minimize your tax liability and maximize profits. Strategies such as leveraging deductions, choosing the right structure and timing income and expenses can make a big difference. Consult with a tax professional to ensure compliance and take full advantage of available tax-saving opportunities. What tax deductions can small business owners claim? Common deductions include rent, utilities, office supplies, travel expenses, employee wages and health insurance premiums. How can I reduce my self-employment taxes? Structuring your business as an S-Corp may help reduce your self-employment tax liability. Contributing to a retirement plan can also lower taxable income. What is the Section 179 deduction? Section 179 allows businesses to deduct the full cost of qualifying equipment and software purchases rather than depreciating them over time. Sign in to access your portfolio
