Westside Investment Management Newsletter

IMPROVING YOUR FINANCIAL LITERACY CAN IMPROVE YOUR BUSINESS

IMPROVING YOUR FINANCIAL LITERACY CAN IMPROVE YOUR BUSINESS

Financial literacy is essential for your personal financial health and even more crucial for the financial health of your small business. Being a small business owner comes with many responsibilities, one of which is maintaining the company's finances and helping keep it on track toward a solid financial future.

Whether you are just starting to explore financial literacy as a business owner or are looking to freshen up your skills, below you will find areas of financial literacy critical to business owners, as well as tips for improving your financial literacy.

401(K) OPTIONS FOR SMALL BUSINESS OWNERS

401(K) OPTIONS FOR SMALL BUSINESS OWNERS

Regardless of the business's size, small business owners have 401(k) retirement savings plan options that may be suitable for their situation. Business owners must plan for retirement by utilizing retirement savings vehicles that may provide them with common IRS tax savings incentives when funding specific 401(k) options.

A business owner can open several retirement savings plan types if they're the only employee or have anywhere from two to 100 employees. As you work with your financial and tax professionals to determine which is appropriate for your small business, we outline what to know about each:

SO YOU THINK YOU MIGHT NEED A FINANCIAL PROFESSIONAL?

SO YOU THINK YOU MIGHT NEED A FINANCIAL PROFESSIONAL?

Whether you're new to working with a financial professional or considering seeking more financial assistance, this is a helpful guide to the various types of financial professionals, their certifications, and their specializations. Also, here are a few practical tips on finding a qualified professional for your particular financial needs.

THE IMPORTANCE OF BUSINESS CREDIT AND HOW TO BUILD IT

THE IMPORTANCE OF BUSINESS CREDIT AND HOW TO BUILD IT

Credit is one of the most important factors of life that impacts all businesses. Having solid credit is necessary for securing a small business loan. Most lenders consider an acceptable business credit score of 75. The U.S. Small Business Administration published a study by the Native American Dream Gap which disclosed that 45% of small business owners surveyed didn’t know they had a business credit score, 72% didn’t know where to locate the information, and 82% didn’t know how to interpret their score. Taking steps to build business credit can offer your business opportunities that wouldn’t be available to otherwise.

The importance of building credit can’t be overstated. Here are a few strategies to consider to help build it:

 Eats with WIM

Tomato, Peach, and Burrata Salad

Tomato, Peach, and Burrata Salad

  1. To make the vinaigrette: combine all ingredients in a glass jar and whisk until smooth. Taste and adjust the chili flakes, salt, and pepper.

  2. In a large bowl toss the tomatoes, peaches, and cherries with 1/3 of the dressing. Let sit 15 minutes at room temperature or up to 4 hours in the fridge.

  3. Break the balls of burrata around the salad. Drizzle with the remaining vinaigrette and top with pumpkin seeds and additional fresh herbs. Serve with grilled or toasted bread.

VIEW RECIPIE

Strawberry Lemonade Aperol Margarita

Strawberry Lemonade Aperol Margarita

  1. On a shallow plate, mix the Tajin with 2 tablespoons sea salt. Rim your glasses with the Tajin salt, then fill the glasses with ice.

  2. In a cocktail shaker or glass jar, muddle the strawberries with the tequila, squashing everything to release the juices. Add the Aperol, Cointreau, lemon juice, and lime juice. Fill with ice and shake until combined.

  3. Strain into your prepared glass. Top off with ginger beer. Garnish with strawberries and herbs. Drink and enjoy!

Notes


To Make a Mocktail: omit the tequila, Aperol, and orange liquor. Use 2 tablespoons of apple cider or sparkling apple cider and mix with 1 tablespoon of orange juice. 


VIEW RECIPIE