Does Bill Gates, the sixth richest person in the world with a net worth of $163 billion, think he’s too rich?

Gates avoided answering “yes” or “no” in a September episode of the Netflix series “What’s Next? The Future with Bill Gates.” Instead, he stated that it was “kind of wild” that billionaires even existed.

“It’s a huge amount of wealth, which if you even tried to consume it would be kind of absurd,” he said.

Related: Bill Gates Recommends These Books for Your Summer Reading List

On a podcast episode of On with Kara Swisher, which aired Monday, Gates specified that he would set up a different tax framework for the ultra-wealthy if he were in charge of tax policies, and set the rate around 62%.

“I would set tax rates quite a bit higher for rich people,” he said in the episode, titled ‘How to Tax the Rich, AI, Misinformation, & the Election.” He referenced Senator Bernie Sanders and stated, “I would not make it illegal to be a billionaire. [Bernie Sanders] would take away over 99% of what I have. I would take away 62% of what I have. So that’s a difference.”

^{Bill Gates. Photo by Mike Lawrence/Getty Images}

Gates is one of the co-founders of the Giving Pledge, an organization started in 2010 to inspire billionaires to publicly commit to philanthropy. He has given away $77.6 billion so far through the Gates Foundation.

His ex-wife, Melinda French Gates, left the Bill & Melinda Gates Foundation in May and announced that she would be giving $1 billion to organizations fighting for women’s rights.

Related: ‘There Is More To Life Than Work’: Bill Gates Delivers Emotional Message To Graduates About Learning To Take A Break

When was the last time you took stock of what your business has accomplished and what its legacy will be after you’re gone?

Understandably, most of us are caught up in the day-to-day demands and challenges of running our company or organization while trying to manage our personal lives. Few of us ever take the time to consider what we are working towards in the long term. Where will your business be in 10 years? In 20 years? And what if, through some unforeseen tragedy, you died today and your enterprise was forced to close – what would your obituary say, and what would be written about your business?

The “obituary test” or “eulogy test” is an exercise often used by individuals to assess their personal lives. It helps ensure they’re living in a way they’ll be proud of when they look back on their lives.

It may seem like a morbid process, but it can be a powerful tool for determining whether or not you and the organization you’ve invested so much time, effort and energy into are aligned with your personal values in a way that will endure after you’re gone. Clearly, there are many business metrics for determining the material value of what you’ve built: stock price, dividends paid out and market cap, among dozens of others.

Related: 5 Factors for Planning Your Entrepreneurial Legacy

But what if you had to answer the following questions: What is your business’ legacy? What will people say about you and your business after you’re gone? Are you happy with what they will say? There are plenty of examples of companies that have left behind terrible legacies. Think of the energy company Enron, which defrauded investors, price-gouged customers and evaporated its employees’ pensions due to its corporate greed and illegal accounting practices.

Or consider Lehman Brothers, the investment bank that was revered for over a century before its reputation was swiftly erased in a few weeks during the early days of the 2008 financial crisis. Initially, Lehman’s heavy investment in subprime mortgages helped them record astronomical profits, but when the market crashed, Lehman’s downfall was rapid and brutal. Lehman’s demise led to the biggest bankruptcy filing in U.S. history — $619 billion, with investors and U.S. taxpayers left holding the bill.

Legacy is not just about how you hope you and your business will be viewed 20 or 30 years from now. It’s about creating a business culture now in which every decision, big or small, is aligned with the ultimate legacy you hope to leave. It’s about living your legacy today and every day.

For years, the corporate model was based on maximizing profits at all costs while doing damage/reputation control through charitable donations. That’s exactly how companies like Purdue Pharmaceuticals operated. They made billions by misrepresenting the data on their highly addictive drug, OxyContin, which greatly contributed to the opioid crisis that continues to haunt America today. At the same time, the Sackler family, which ran Purdue, donated millions to the arts, charities and universities. Today, with the family’s legacy in tatters, most charities and institutions refuse to deal with the Sacklers or their trust.

What these examples illustrate is that both your personal and business legacy are determined by your actions throughout the history of their existence. It’s not just the end output of profits for shareholders or a big donation to a charity after years of unscrupulous business conduct.

Consumers want companies that are committed to more than just the bottom line of profit. They want authentic companies that walk the talk. That’s why companies like Costco are both profitable and trusted. The Reputation Management Company says that Costco has “a legacy of excellence and member satisfaction,” which is one of the reasons they are the second “most trusted company in America” (behind only Patagonia), according to a 2023 Axios survey.

They offer low prices, quality products, treat their employees well and support their local communities through charitable donations, partnerships and they pay employees to “volunteer” in the community. They walk the talk and are living their brand’s legacy from CEO to frontline employee.

Related: Leaving A Legacy: Your Business’ Success Requires A Sustainable-First Approach

So, what does the obituary test tell you about you and your company? Is your company or organization creating a legacy you can be proud of that aligns with your values? If not, here are a few ideas to get you started:

Create a legacy statement: We all know about mission statements, but consider also creating a legacy statement that articulates the impact you want your business to have in the long term – whether in your community, country or the world.

It should reflect the values you want your company to uphold and the kind of legacy you want it to leave behind. Work with your team to develop the legacy statement and incorporate it into your strategic and long-term planning to ensure your company is working towards it daily.

Carry out a legacy audit: Just as you might conduct a financial audit to assess your company’s fiscal health, a legacy audit can help evaluate the level of alignment between your operations and your values. The legacy audit should cover a thorough review of your company’s values, practices, products and culture. Identify areas where you’re on track and where you’re falling short so you can create a plan to address the gaps.

Implement a values-based decision-making matrix: To ensure that your business decisions consistently reflect your legacy statement, consider implementing a values-based decision-making framework. This framework should include a set of guiding questions or criteria that you and your team can use to evaluate key decisions. For example, “Does this decision align with our company values?” or “How will this decision impact our long-term legacy?” This approach ensures that your legacy remains front and center in your day-to-day operations.

We all want to be proud of the legacy that we leave behind. If you don’t like what you see, get to work on creating the legacy you want.

Amazon doesn’t want its employees to talk to any other AI chatbot — except Cedric.

A Tuesday report from Business Insider revealed that Amazon has a new internal AI bot called Cedric that securely allows employees to get their questions answered and generate document summaries — without ChatGPT. Amazon drew the comparison in a leaked internal document, stating that Cedric is “safer than ChatGPT” and that the tool aims to boost productivity.

Amazon’s caution with third-party chatbots isn’t new. In a January 2023 document, an Amazon lawyer warned employees from sharing code or Amazon confidential information with ChatGPT and wrote that there had already been occurrences where ChatGPT’s output aligned with internal data.

Amazon joins companies like Accenture and Edelman in creating custom AI tools for employees.

Related: Amazon CEO Mandates Employees Work in the Office 5 Days Per Week Starting January: ‘Strengthening Our Culture Remains a Top Priority’

Amazon also plans to incorporate AI into other parts of its business. Amazon Web Services CEO Matt Garman told employees in August that in the next two years, “it’s possible that most developers are not coding” because AI will fill in the gaps.

He said that software engineers will be tasked more with innovation and thinking about customer needs than with coding.

In the second quarter of 2024, Amazon had over 1.5 million employees.

Related: Amazon Is Reportedly Tracking ‘Coffee Badging’ Workers and Their Real In-Office Hours

Real estate is one of the biggest industries in today’s world. From buying property as an investment to buying your own home, real estate impacts every person’s life in one way or another. Although it’s a beast of an industry, you do not necessarily have to work in real estate to invest in it. In fact, many people buy properties simply to make a passive income with no intention of making it their full-time job.

Here are some reasons why commercial real estate could be a great investment for you.

Related: Tap Into the Wealth Potential of Commercial Real Estate With These 5 Tips

Passive income

By investing in a property, you are going to be able to make a passive income — a check you don’t have to actively work for. Depending on the property you buy, you can rent out the space to tenants and get paid each month that they occupy the building. In turn, the income can be recycled to pay for the property and its expenses or be used to invest in other properties without having to touch other funds. This is great because this is monthly income that you do not have to actively work for.

Tax advantages

By investing in real estate, there are many deductions and breaks that can actually help when it comes to paying your taxes. Also, any money you make on the sale of the property will be seen as capital gains and not an income, therefore lowering the amount of taxes you would have to pay on that money.

Cash flow

As you rent out the property and the tenants pay their rent, you will create a steady cash flow for yourself and increase your own income. As the mortgage gets paid, this will also help build your equity, which can help you invest in more properties and build up overall wealth.

Diversification

When investing money, it is always good to invest in different types of assets to ensure you have stable and reliable returns. Commercial real estate can diversify a portfolio — and in case of a market crash, properties remain unaffected, whereas stocks and bonds plummet. It’s also a tangible asset that you can touch and feel, unlike other forms of investments. Tangible assets can help minimize the total risk in investments and help you build a profitable portfolio.

Related: 6 Key Questions You Should Always Ask Before Investing in a Commercial Real-Estate Property

Leverage

Most times, buying a piece of real estate requires an initial cash investment. That investment can gain a very high return that can completely cover the debts of the property. For example, if you pay a down payment of 20% and the other 80% is debt, the property only needs to appreciate 20% for the invested equity to be 100%. However, this comes with the risk that if the property does not become profitable, it may have to go into foreclosure if the monthly payments cannot be made.

Appreciation

Real estate investments offer a lot of potential growth and appreciation that you may not have in more classic avenues of investing. For example, an investor can choose to buy and develop a property in an area they believe is up-and-coming. In that case, as the popularity of the neighborhood increases, the value of their property significantly rises and can lead to great capital appreciation.

Inflation hedge

As the economy grows and inflation rises and falls, commercial real estate doesn’t feel the long-term impacts. Luckily, rents can be adjusted accordingly to the inflation rate and offset the impact. This results in strong rent growth and appreciation for your property, despite any worsening conditions in the economy. With other investments like stocks and bonds, inflation almost always has a negative impact.

On the flip side…

Commercial real estate, like any investment, has downsides as well.

For starters, it’s a time commitment. Investors need to put time into managing and taking care of the property and its tenants. All of the building concerns and problems fall into the lap of the owner, so that aspect needs to be taken into consideration.

This leads to another downside — managing and taking care of the building usually requires outside help, like property management companies. These companies are not cheap and can be costly. However, this is really the only way to properly run the building and avoid running into issues.

This leads to the need for cash. Unlike residential real estate, commercial properties need a lot more capital for the initial investment and then cash that needs to be put into the property to maintain it. This makes commercial real estate investing unappealing since there are a lot of costs to carry the property, and it can take time for the revenue to outweigh the costs.

Related: 5 Proven Steps to Become a Real Estate Millionaire, According to an Investor

At the end of the day, every investment comes with risks. No investment is guaranteed. However, some may be a little bit more secure than others. Commercial real estate is a great idea if you’re someone looking to diversify your portfolio and find another way to increase your wealth. Although it may be daunting, and the initial investments can be scary, the returns can be very high and worth it!

As a busy entrepreneur, you know that your time is extremely valuable. Why should you take time away from your business to focus on investing? Investing not only protects the money you’ve worked hard to earn; it also helps it grow and compound over time. If you want to do something really well, focus on mastering the fundamentals first.

This concept applies to sports, cooking, construction and anything else you can think of. In this article, we will go over three foundational strategies you are already applying within your business to excel in investing.

Whether you’re investing in gold, cryptocurrency, real estate or stocks, these three tips could transform your investing strategy. Let’s dive right into them.

Related: Why Investors With an Entrepreneurial Past Are Crucial to Startup Success

1. Ignite your portfolio with purpose

In business, everything begins with a vision. Let’s shine a light on Michael Jordan for a second. When he was asked what the number one factor to his success was, people guessed practice, hard work and luck. His actual response to that question was: “It’s an amazing thing about passion. If you love something, if you have a strong passion for something, you would go to the extreme to try to understand it or try to get it.”

Think back to when you started your business. More than likely, you were highly encouraged to pick something that genuinely excited you. This grandiose vision and enthusiasm probably made it easier to navigate through tough times and keep your eyes on the end goal.

Now, let’s apply this to investing. Are you just chasing random stocks you don’t know about because everyone else is doing it? Are you actually interested in it? Do you truly see and believe in what you’re investing in?

If things were to go south tomorrow, would your faith in the long-term vision stand firm? Having a strong vision and being enthusiastic about what you’re investing in is a key business strategy you can apply right now to elevate your investing game. You probably won’t feel the effects of this right away, but you will notice a significant difference when bumps are encountered in the road.

2. Align your gut with solid data

Gut feelings are important. As an entrepreneur, you know this. It would be nice to immediate take actions on our feelings but it is important that it is backed up by some sort of relevant data. This is especially true when it comes to investing. It’s okay to get emotionally invested in an idea or company but if the numbers don’t add up, you need to rethink your strategy.

Imagine you’re considering investing in a business that’s doing good for the world — donating a portion of profits to charity, for instance. It sounds great, and it might give you the warm fuzzies, but if the financials don’t make sense, that business won’t last. In the end, emotions are a great starting point, but it’s the data that will guide you to the right decision, ensuring that your investments not only feel good but also perform well.

3. Adapt, evolve and thrive in the new age of investing

In the fast-paced world of business, it is not the biggest, the strongest, or the richest that survives. It’s often the fastest, the most open-minded, and the most adaptable that wins in the long run. The same can be said for investing.

As Alex Hormozi said, “Maintenance is a myth. If you’re not moving forward, you’re moving backward. Nothing in the universe stands still.”

The investment landscape is constantly changing, especially with emerging trends like artificial intelligence, remote work, alternative foods, health tech and green energy. You don’t need to be the first to jump on every new bandwagon, but you do need to stay informed and be ready to pivot when the opportunity presents itself.

Take a look at history. Since the beginning of time, all great fortunes were gained or lost through the various trend cycles. This includes trend cycles in civilizations, weather, food, technology, and health cycles.

Those who can spot and adapt to trends early — whether in business or investing — are the ones who reap the biggest rewards.

Related: Want Success? Invest in Your Biggest Enemy

Final words

As entrepreneurs, you already possess the mindset and skills needed to succeed in investing. The strategies that have helped you build a thriving business. Having passion, staying data driven and adapting to the trends are the same ones that can make you a successful investor.

As stated at the beginning of this article, it’s not the fancy gadgets, software or strategies that make you successful. Success comes from understanding and applying the essentials until they are mastered.

When you combine the fundamentals of vision, data and keeping up with the trends, you’ll build a portfolio that’s not only strong but also a portfolio that’s resilient, just like your business.

X, the social media site formerly known as Twitter that Elon Musk bought in October 2022 for $44 billion, is now worth $9.4 billion, according to new estimates from Fidelity.

Fidelity marked down the value of X by nearly 80% (exactly 78.7%) in its Blue Chip Growth Fund annual report, filed Saturday. The filing showed that Fidelity’s initial investment of $19.66 million in X just before Musk took over was worth $5.5 million as of July 31. The Blue Chip fund invests in established companies and aims for long-term growth.

^{Elon Musk. Photo Credit: Jon Shapley/Houston Chronicle via Getty Images}

This isn’t the first valuation cut X has received from Fidelity.

Related: Elon Musk Is Officially Moving X Out of San Francisco: ‘No Choice’

In December, Fidelity disclosed that X was worth 71.5% less than when Musk acquired it, at a valuation of $12.5 billion. In October 2023, Fidelity valued X at $19 billion.

A September 2024 media reactions report from analytics company Kantar showed that over one in four (26%) marketing firms plan to cut down ad spending on X next year, the biggest withdrawal from any major social media platform. X also had the lowest overall percentages of marketers who thought ads on the platform were trustworthy and innovative compared to Instagram, YouTube, and TikTok.

In October 2023, Apple, IBM, and Disney pulled ads from X after an antisemitic post from Musk. They were the eleventh, fifth, and eighth-largest advertisers on X.

Related: X Is Losing Users and Struggling to Attract Creators, According to New Data

Around 10 a.m. Monday, Verizon users began reporting outages on social media and to Down Detector that they have no service except SOS mode. Verizon acknowledged the “issue impacting service” at 11:48 a.m.

We are aware of an issue impacting service for some customers. Our engineers are engaged and we are working quickly to identify and solve the issue.

— Verizon News (@VerizonNews) September 30, 2024

The issue has been ongoing since its peak this morning when it had more than 100,000 queries — Tom’s Guide reports the number is down to the 40,000 range.

Reuters reports that the FCC is investigating and “working to determine the cause and extent of these service disruptions.”

At 5:04 p.m., Verizon updated customers on X and said it was a “network issue” that has “started to be restored.”

“We continue to work around the clock to fully resolve this issue,” they added.

Verizon engineers are making progress on our network issue and service has started to be restored. We know how much people rely on Verizon and apologize for any inconvenience some of our customers experienced today. We continue to work around the clock to fully resolve this…

— Verizon News (@VerizonNews) September 30, 2024

Here’s what we know.

Where Is Verizon Down?

The massive Verizon outage appears to be across the U.S. with users from California to Ohio to Florida reporting issues.

Does Verizon Know About the Issue?

The company is aware of the issue, though it has not stated publicly what caused the outage. On its website and social media, Verizon said network engineers are working to identify and solve the problem.

Is AT&T Also Down?

Although users were also reporting issues with AT&T, the company said they are not experiencing outages, and it is just a residual effect.

We are not experiencing a nationwide outage. Our national network is operating normally. Down Detector is likely reflecting challenges our customers are having attempting to connect to users on another network.

— AT&T News (@ATTNEWS) September 30, 2024

What Is SOS Mode?

SOS mode occurs when your phone can’t connect to a network, though users still should be able to call 911.

As a business owner, you’ve probably heard the buzz: Social media is the future. Whether it’s TikTok, Instagram or Facebook, you’re told that’s where your customers are, and that’s where you need to be. And while social platforms certainly play an essential role in any modern business strategy, there’s one channel many entrepreneurs continue to underestimate: email marketing.

Yes, email. The same channel that’s been around for decades is still, hands down, one of the most effective ways to build relationships, generate leads and convert customers. Ignoring email marketing is a mistake — and I’m here to tell you why.

Related: How to Create a Winning Email Marketing Strategy to Increase Brand Loyalty and Boost Sales

The myth that email is dead

First things first, let’s clear something up. You might hear people say that email marketing is outdated or irrelevant in the age of social media. But the data tells a different story.

According to GetResponse, which analyzed over four billion emails sent globally, email marketing delivers incredibly strong results in North America:

Compared to the declining organic reach of most social platforms, it becomes clear: Email marketing isn’t dead — it’s thriving.

When you think about social media, with ever-changing algorithms, your posts may not even reach a fraction of your audience. Email, on the other hand, is direct. You don’t have to fight with algorithms to communicate your message. It’s you and your audience. There are no middlemen involved.

Email gives you ownership over your audience

Here’s a harsh reality: If you’re relying solely on social media to build and communicate with your audience, you don’t own those relationships — the platform does. At any moment, a platform could change its algorithm, or worse, shut down your account, leaving you scrambling to reconnect with your followers.

Email, on the other hand, allows you to own your list. No one can take it away from you, and you’re not at the mercy of someone else’s platform. When someone subscribes to your email list, they’ve granted you direct access to their inbox — a sacred space where personal conversations, important updates and critical decisions happen.

This is your chance to build a relationship, nurture leads and provide value without worrying about whether an algorithm will hide your message.

Seasonal marketing campaigns: Why you need to plan now

As we approach the busy end-of-year period with campaigns such as Black Friday and holiday sales, email marketing becomes even more crucial. Social platforms are inundated with ads during these times, making it even harder for your message to break through the noise. However, email allows you to cut through the clutter and deliver personalized, direct offers to your customers’ inboxes.

If there’s ever been a time to ramp up your email marketing, it’s during high-demand seasons. You’ll be able to send targeted, personalized offers that are much more likely to convert than if you were relying on social media alone.

Related: Why Email Marketing Is Better for Your Business Than Social Media

Building personal relationships at scale

One of the biggest advantages of email marketing is the ability to personalize your communication. While social media is great for mass visibility, email allows you to tailor your message to specific segments of your audience. And thanks to automation tools, you can create custom email sequences that cater to where a customer is in their journey — whether they’re new to your brand or have been a loyal customer for years.

Personalization in email marketing goes beyond just adding a first name to the subject line. It’s about sending the right content at the right time, based on your customer’s behavior. Whether it’s recommending products they’ve shown interest in or offering them a special discount to come back to your store, email allows you to scale personal interactions in a way that feels authentic and relevant.

Why email beats social media at driving conversions

While social media is excellent for building awareness and engagement, email marketing is where the conversions happen. In fact, email was found to be 40 times more effective at acquiring new customers than Facebook or X, according to a McKinsey report.

Why? Because people who subscribe to your email list have already shown a level of interest in your brand. They’ve given you their email, expecting to receive valuable content, offers or updates. With email marketing, you can speak directly to these qualified leads and guide them down the path to purchase with strategic messaging, offers and calls to action.

Social media may get people’s attention, but email closes the deal.

Automate your way to success

Here’s where email marketing gets really powerful — automation. With email automation, you can set up entire sequences that deliver the right message to the right person at the right time, without lifting a finger. Imagine sending a welcome series to new subscribers, a follow-up series to customers who’ve left items in their cart or even a re-engagement campaign to customers who haven’t bought in a while, all while you focus on other parts of your business.

This level of automation frees up time, allowing you to grow your business without having to be hands-on with every customer touchpoint. It’s the ultimate tool for business owners who want to maximize their marketing efforts without sacrificing time or quality.

Related: 5 Automated Email Marketing Messages You Should Be Using

Pro tip: Use email and social media together for maximum impact

Here’s the good news: You don’t have to choose between email marketing and social media. They work best when used together. Use your social media channels to grow your email list. Create compelling lead magnets, like guides, checklists or exclusive discounts, and drive traffic to a landing page where visitors can sign up to receive these valuable offers.

Then, use email to continue building that relationship and convert your leads into paying customers. The two channels complement each other, with social media driving awareness and email providing the personalized, direct communication needed to close sales.

If you’re serious about growing your business, email marketing needs to be a part of your strategy. It’s reliable, scalable and delivers a higher return on investment than any other channel.

The best part? It’s never too late to start. Start building your list today, and watch your business thrive.

According to a recent survey, small business owners are feeling more optimistic about the economy and the performance of their companies. The MetLife and U.S. Chamber of Commerce Small Business Index for Q2 2024 found that 36% of SMBs believe that the U.S. economy is in good health, and 42% say that their local economy is healthy – both figures are up 12% from this time last year. 73% of SMBs said that their cash flow is currently healthy – up 6% from the end of 2023.

However, 55% of SMBs said that inflation is still the biggest challenge they face. If your company is still struggling to control costs and your customers are becoming more price-sensitive, you could be vulnerable to a cash crunch. Fortunately, the latest economic data seems to indicate that inflation is cooling off fast. The Fed cut interest rates in September with the goal of helping the economy achieve a “soft landing” to overcome inflation without going into recession.

Lower borrowing costs and lower inflation in a “soft landing” economy would be great news for SMBs. But even if your business is currently in a good place with cash flow, it could be a great opportunity for SMB owners to revisit cash flow management practices.

Let’s examine why SMBs need to act now to shore up their cash flow, keep their businesses in the black and support growth in 2024 and beyond.

Related: 4 Cash Flow Trends To Know About in 2024

Why SMBs are at greater risk

SMBs, just by nature of their size, are typically at higher risk for cash flow shortfalls than large companies. Here are three key reasons why:

Harder access to credit: SMBs are underserved by traditional bank lending and can have a harder time getting access to affordable lines of credit. The Federal Reserve 2024 Small Business Credit Survey of Employer Firms found that 29% of small businesses had difficulty accessing credit in the past 12 months. With a lack of access to credit, it’s no surprise that this Fed survey also found that 49% of small businesses experienced uneven cash flow, and 52% had difficulty paying operating expenses.

Slow and late payments: Unfortunately, SMBs are also vulnerable to the vagaries of late payments and slow-paying customers. The Fed Small Business Credit Survey found that 39% of small businesses said they’ve experienced challenges with customers being slow to pay, and 18% reported challenges with delays in settlement or availability of funds.

Seasonal cash flow trends: Smaller companies that rely on seasonal revenues can also be at higher risk of cash flow challenges. For example, clothing distributors and manufacturers could see a surge of demand before the holiday retail season, while garden supply businesses could see slower revenues during the cold-weather months. Seasonal cycles make it especially important for SMBs to build resilience into their cash flow and maintain adequate working capital year-round.

Despite the challenges of managing cash flow, SMBs are not helpless. They have a few powerful advantages and resources at their disposal to tackle cash flow challenges.

How SMBs can overcome cash flow challenges

Here are a few cash flow management strategies that more SMBs should consider as part of improving their business’s financial performance.

Revisit your payment terms: Smaller businesses thrive on customer relationships, but sometimes, their goodwill and generous payment terms are taken advantage of by slow-paying clients. It’s important for SMBs to strike the right balance between an understandable emphasis on retaining customers and the need to implement realistic payment terms and polite (but firm) collection policies.

Lean on customer relationships: Some customers might not realize that their slow payments or generous payment terms are becoming a problem for your business. Communication is critical. SMBs should explain to customers why timely payments are critical to the health of their business and their ability to continue to be good partners. Look for ways to offer discounts or deliver value-adding services in exchange for faster payment terms. Many B2B customers who truly value your products or services as a vendor or supplier will not want to lose you; they want to retain good suppliers. Sometimes, better payment terms for your business can be a win-win for everyone.

Look beyond big banks for working capital and small business loans: SMBs tend to have a harder time getting approved for credit at large banks. Even with easier-to-get SBA loans, the application process could take weeks or months, and even if your business gets approved, the amount of credit may be less than you need. Big banks aren’t always set up to handle the lending needs of smaller businesses, and as a result, many great companies unfortunately go without the capital they need to grow – or stay afloat.

Instead of big banks, more SMBs should consider getting working capital loans and lines of credit from non-bank lenders or specialty lenders. Non-bank lenders can be more flexible in how they assess a business’s creditworthiness, with faster approvals and a different lens of criteria from an underwriting standpoint. Unlike the narrow credit standards of a traditional bank, non-bank lenders take a more holistic look at the SMB’s performance and the business owner’s vision and expectations to help unlock opportunities.

There are many reasons for SMB owners to be hopeful about the economy and their cash flow in 2024. But whether your cash flow is adequate, ample or struggling, now is a good time to revisit your payment terms, encourage your slow-paying customers to pay faster, and consider a different way of getting flexible access to working capital.

Keeping your business safe from cyber threats is a top priority, especially in an era where even small businesses are frequent targets for hackers. Whether you’re securing customer data, protecting financial records, or managing proprietary information, a virtual private network (VPN) offers essential protection.

AdGuard VPN, available for $34.97 by 11:59 p.m. Pacific on September 29 for a five-year subscription, provides a comprehensive solution to keep your data safe and your business running smoothly.

AdGuard VPN stands out with its advanced encryption protocols and a strict no-logging policy, ensuring that your business data is never tracked or stored, the company says. This level of privacy is crucial for businesses that handle sensitive information or need to maintain strict confidentiality. And with AdGuard’s global server network, you can access content and services from virtually anywhere, making it easier to manage international operations without restrictions.

Security isn’t the only benefit. AdGuard VPN offers fast connection speeds, allowing you to browse, download, and stream without performance lags. Plus, its built-in Threat Protection and DNS leak protection add an extra layer of security, so you’re protected from potential vulnerabilities and online threats at all times.

For entrepreneurs and small businesses, having a reliable VPN like AdGuard is a must. With cybersecurity threats on the rise, safeguarding your operations with features like zero-logging and advanced security protocols is critical.

AdGuard VPN offers an affordable, long-term solution to data security — an investment every business should consider.

Act fast and get a five-year subscription to AdGuard VPN on sale for $34.97 through September 29.

StackSocial prices subject to change.