There's an old saying that reminds us "if you fail to plan, you plan to fail." Whoever coined that phrase was talking about the world of small business accounting whether they realized it or not.
Just like that, two years have passed since spring 2020. Two years since none of us had a clue how long COVID would linger… nor how quickly today would arrive. Time can confound us that way, magically managing to crawl and fly at the same time.
It isn’t easy to make predictions, especially about the future. However, there is one prediction we’re confident in making: you will have substantial out-of-pocket expenses for health care after you retire. Personal finance experts estimate that an average retired couple age 65 will need at least $300,000 to cover health care expenses in retirement.
You may need more.
At its March 15–16 Federal Open Market Committee (FOMC) meeting, the U.S. Federal Reserve raised its federal target funds rate by a quarter point. It was the first increase since December 2018, but it wasn’t a huge surprise. Fed Chair Jerome Powell had already said we should expect as much, with the potential for additional hikes before year-end.
When we are talking about building a sustainable business, we are talking about one that is built to last.
Often, entrepreneurs get caught up in the headlines about businesses with hyper-growth rates. We start thinking of how we can replicate these results.
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