How Do Small Business Owners Spend Their Time?

Recent surveys give us insight into how small business owners use their time. One thing everyone agrees on? There’s never enough of it.

How Do Small Business Owners Spend Their Time? [INFOGRAPHIC]

Share:

Sign up for our newsletter and be the first to know about new tips, insights, and products from First Bank.

First Bank may use this email address to contact you about products, services, and promotions.

You may be interested in...

5 Ways to Make Your Small Business Mobile Friendly If you review the Google Analytics data for your website, you've probably noticed that more people are visiting your site with a mobile device. How can you take advantage of this shift in technology? 3 min read

First Bank: Financing Loans for Businesses Choosing a bank to finance the right loan for your business is a critical decision. There are loans that cater to the established business looking to expand, and there are loans for the entrepreneur just getting started. The team at First Bank can help you choose the financing that’s right for you. Business Financing Options Shopping for loans can be overwhelming because of the large number of options available. Here’s a quick overview of some common types of business loans: Secured Loans Lenders offer secured loans because they are low risk. The borrow is required to put up collateral in exchange for the financing. Unsecured Loans Unsecured loans do not require the buyer to put up collateral. Approval for unsecured loans often depends on the borrower’s available capital and credit score. Short-Term Loans Short-term loans serve as a quick infusion of cash that requires swift repayment. Long-Term Loans A long-term loan is financing that is repaid over more than 12 months. If you’re needing to acquire assets for your business, this may be the right option for you. SBA Loans The Small Business Association (SBA) is a government agency that helps small businesses find loans. If you do not qualify for a traditional loan, you may be eligible for a loan through the SBA. If you’re just starting out, an SBA loan may be right for you. First Bank SBA has financed thousands of small businesses. SBA Loan Options Some common types of loans from the SBA include: 7(a) loans This common and versatile loan provides the necessary financing to launch a new business or to acquire or expand an existing one and can provide up to $5 million with terms stretching up to 25 years. Microloans Microloans are similar to the 7(a) loan but finance only up to $50,000, with repayment terms reaching up to six years. CDC/504 loans CDC/504 loans provide long-term and fixed-rate financing for the acquisition of real estate and expensive assets. Find a First Bank Near You Whatever your goals, we can find a loan to fit your needs. Find a First Bank branch in your area and start growing your business today. ———— Sources: SBA: sba.gov/loans-grants/see-what-sba-offers/sba-loan-programs/general-small-business-loans-7a/7a-loan-program-eligibility SBA: https://www.sba.gov/content/disaster-loan-program Loans subject to credit approval. 2 min read

Small Business Payroll Services If you’re like many small business owners, it’s likely that you wear many hats and are always on the go. From managing to accounting, there are multiple tasks you have to manage each day. Simplify your to-do list with payroll services for small businesses from First Bank. Outsourcing Your Payroll Services Many small businesses outsource services to compete with larger companies. Payroll services are one of the primary aspects of conducting business that new entrepreneurs outsource, and the benefits can add up. Instead of spending a significant amount of time providing management reports, calculating payroll, and preparing checks, owners and their employees can focus on the rest of their work priorities. The Houston Chronicle named its top 4 advantages of outsourcing payroll as part of your business’ financial management. “Accountability”—With constantly changing tax regulations, it’s almost inevitable that you’ll make an error in your calculations. Many payroll providers “offer services to file state and federal payroll taxes for your business.” This saves you time that might have been lost in calculating taxes and potentially refiling them later. “Tax Expertise”—The IRS states that “40 percent of small businesses pay penalties each year for late or incorrect filings and payments.” How can you avoid this? A tax guarantee. This is something that many payroll providers offer that may cover you financially if any penalties are incurred when taxes are filed. “Productivity”—This can’t be emphasized enough: outsourcing payroll services saves you time (a lot of it). Managing your own payroll system takes up a lot of your time and prevents you and your employees from pursuing “more important value-added and revenue-generating activities.” It can also save your employees a trip to the bank. “Financial Reporting”—Drafting and finalizing financial reports for your small business is also extremely time-consuming. Many outsource providers offer a variety of report services, including “summaries on earning statements, payroll by departments, timesheets, expenses,” and more. This helps you to keep detailed records of your business’ financial history. A Payroll Service Provider You Can Trust for Your Small Business When you’re outsourcing a service, particularly a financial one, it’s important for you to not only have confidence in that provider’s abilities but in its trustworthiness as well. As your community bank, we’ve 3 min read

6 Ways to Boost Morale (and Your Bottom Line) in the Office If you want to keep your productivity high and your turnover low, you need to keep your team happy. 5 min read

How Do Small Business Owners Spend Their Time? [INFOGRAPHIC]

Ready to talk to an expert?

Ready to talk to an expert?

You may be interested in...