Three Useful Tips For Minority- and Women-Owned Businesses In Ohio & Beyond
While I see my female colleagues and clients making history every day, I wanted to take a moment during National Women’s History Month, to formally recognize the unique challenges women and minority business owners have faced and continue to face, especially now.
The COVID-19 pandemic has highlighted unique iniquities that have huge implications on female and minority entrepreneurs. While I will admit that I am partial, it’s my belief that Rea & Associates offers services that should be on every female founder’s radar in 2021 – in addition to our free resource center for women-owned and minority-owned businesses. Here are the three steps you can take to strengthen your business over the next year and beyond.
Rea’s COVID-19 Resources Include Gems For Women & Minorities, Too
Women and minority business owners face significant hurdles such as securing funding at each stage of business ownership, closing the pay gap, and balancing childcare costs. The COVID-19 pandemic has only exacerbated these financial inequities and, unfortunately, has led many women to leave the workforce.
As a business owner, understanding what resources are available to you is essential. Our COVID-19 Resource Center contains information and how-tos on navigating the Paycheck Protection Program (PPP), The Cares Act, the Employee Retention Tax Credit (ERC), HR guidelines, and more. Sustaining and supporting women and minority-owned businesses is top of mind for everyone at Rea & Associates.
Women Are Less Prepared For Retirement Than Their Male Counterparts
A 2018 Prudential survey found that, on average, women save 43 percent less than men for retirement, which doesn’t bode well because women typically outlive men and have more expensive healthcare costs in retirement. Female business owners need to take statistics like these into account and make retirement planning a priority, regardless of their business’ stage.
Planning for retirement is one of the most important things women and minority business owners can do to establish security. Rea & Associates offers custom retirement plans designed to help business owners like you and your employees. Additionally, our team of retirement planning professionals can work with you to help you achieve your specific retirement goals.
Your Passion For Business Doesn’t Have To Include A Passion For Accounting And Recruiting?
As a business owner, you’re busy enough! Outsourcing time-consuming and often complicated tasks like business taxes and personal taxes is one of the easiest ways to improve your workflow. Because of the unique challenges women- and minority-business owners face, it’s easy to get caught up in the fallacy that you have to be an expert on every aspect of your business. This isn’t the case. These days, all business owners are finding success simply by asking for help from an outside professional. From managing your company’s back office function, to taking on your business’s recruitment and retention strategy, and literally everything in between, when you outsource these key business functions, you could actually save money while giving yourself more time to focus on the reason you go into business for yourself in the first place.
Every Business Is Important
A great business advisor is one that supports you and your specific personal and professional challenges. Our tax professionals and business consulting experts help all business owners find the success they are looking for. Give us a call to find out how we can help you develop a plan that suits your financial goals, like saving for retirement and growing your business. By working with our team of experts, you’ll make room for the tasks that matter: expanding your empire.
Celebrate National Women’s History Month with Rea & Associates. Contact us for personalized account services aimed at improving your life and your business.
By: Susan Kornatowski, CPA, JD, (Cleveland CPA Firm)