Small Business Can SCORE!

Small businesses in and around Cincinnati were hit hard by COVID-19, but we Ohioans are neither easily discouraged nor defeated. Our Midwestern values respect the hard work that goes into making an honest living. We enjoy the simple things, like family, friends, good food (especially beer, goetta, chili, and beer!), opening day with the Reds, football weekends,  Graeter’s ice cream, and asking someone we meet where they went to (high) school. 

We are a great city with an illustrious past and everything we need for a bright future. Being home to eight of the Fortune 500 companies makes Cincinnati a rich source of business know-how and experience. Some of these great business minds, both working and retired, volunteer to help local business owners to start a new business or make an existing business more efficient, productive, creative, and profitable. These business veterans serve as the backbone of an often-overlooked business resource in Cincinnati — SCORE.

SCORE is a partner of the U.S. Small Business Administration (SBA). Since 1964, SCORE has helped more than 11 million entrepreneurs through mentoring, workshops and educational resources. 

SCORE mentors typically meet their mentees one-on-one in person, but during these times of social distancing are meeting remotely. SCORE online offers advice on Coronavirus SBA Loans and other business assistance and can help you regain momentum with free online courses covering digital marketing, launching a website, and leveraging social media.

We expect the demand for this free mentoring to be higher than usual now and for the coming months, so don’t delay. If you can benefit from the wisdom of others that have gone before you, there’s no better time than now to sign up. Small business owners can get daily updates on the Cincinnati COVID-19 Dashboard.

Regarding small business accounting matters, we’re here to help you to plan now and for the future in order to avoid a cash crisis and keep your business strong. Call us (513) 322-1036.

What is a Daily Money Manager in 2019?

Daily money managers are financial professionals who deliver essential financial services to seniors and older adults, people with disabilities, busy professionals, high net worth individuals, and sometimes to small business owners.

In 2019, the services of a daily money manager is in high demand, largely due to a the growing elderly population and that families are more geographically separated than ever before. Even families living in the same city are busier with dual-income spouses and the trend toward organized sports and play for children.

With both parents working, there is often not enough time to visit elderly parents to ensure that documents are properly signed or bill payments are processed on time. 

Wealthy people either don’t care to spend time with menial money tasks, or they prefer to spend their time traveling or being involved in their communities.

So what does a daily money manager do? They check bills for accuracy and make payments on time, balance checkbooks, make bank deposits, ready paperwork for taxes, and ensure that medical bills are processed and paid correctly. While some perform these tasks at the client’s home or office, it’s more likely that it’s all done securely online from the DMM’s offices.

Since the formation of the trade organization, the American Association of Daily Money Managers (DLMoneyMatters is a member), the emphasis is on ethics, information, and education for both daily money management professionals, like us, and the public.

To learn more about daily money management, visit AADMM . And of course, we’re always happy to answer any questions you may have at (513) 322-1036.

Avoiding Downturns

October leaves rippleThe recent stock market gyrations in October dampened more than a few investors’ enthusiasm for a never-ending bull market. October has a reputation for being a scary month for investors. Black Tuesday was in October 1929 and Black Monday of 1987 was also in October. These memories often override the facts though. According to Bloomberg, October’s Dow was positive in 15 out of the last 20 years. But there are lessons in all of this madness for small business owners for never having an “October surprise”.

  1. Never take your customers or clients for granted. Stay in touch, even when things are going smoothly. Demonstrate how important they are to you so when they have a problem they turn to you, and not to your competitors.
  2. Never assume that you know how your customers are doing. Make a phone call and ask whether they have any concerns or headwinds and, if so, what you can do to make things better.
  3. Never put all your eggs in one basket. If your livelihood depends on income from one or two really large customers or clients, make an extra effort to seek out new business on a steady basis.
  4. Never assume that just because your business is doing well that it always will.

As a trusted financial support team, we are always on the lookout for unusual fluctuations and trends for our customers and communicate what we see so that clients can choose to respond. And we don’t just do this in October, but throughout the calendar year.