How to Prevent and Alleviate Burnout in the Workplace

May 19, 2023 by First Federal Bank

When your employees are experiencing burnout on the job, it’s not just a problem for them — it has the potential to negatively affect your entire business. To promote your business’s success and protect the well-being of your workers, it’s vital to recognize the key signs of burnout and know how to address them. Even more importantly, your company...

Topics: Small Business

Short-Term Vs Long-Term Loans: Which Is Better for Your Business?

April 28, 2023 by First Federal Bank

As implied by their names, the main difference between short-term and long-term loans is how long your business has to repay them. Depending on the lender, short-term loans may last from a few months to a year, while long-term loans can last for a much longer period. When determining what type of loan is better for your business, you need to...

Topics: Small Business

Early Indicators of Financial Trouble for Your Business

April 14, 2023 by First Federal Bank

Every entrepreneur wants their business to flourish — and to achieve that goal, it’s important to be aware of the signs your company is struggling. Here’s a look at four factors that indicate your company has to address some issues before it can thrive:

Topics: Small Business

The Pros and Cons of Business Debt Consolidation

March 31, 2023 by First Federal Bank

Managing your company’s debt can quickly become complicated. One way to simplify the process is to consolidate your business debt. However, like many other parts of entrepreneurship, this decision comes with a unique set of benefits and drawbacks. Here’s a look at some of the potential pros and cons to consider before you consolidate your business...

Topics: Small Business

Understanding the Section 179 Deduction

March 17, 2023 by First Federal Bank

The Section 179 tax deduction is an important tool for small businesses. Instead of buying eligible business equipment and spreading out tax deductions for it over a period of years based on depreciation, business owners can use Section 179 to write off the full value of that purchase for the current year’s taxes. When used properly, this...

Topics: Small Business

The Importance of Wellness Programs for Your Employees

March 03, 2023 by First Federal Bank

Ideally, you want your employees to be happy and healthy — not just because they work for you, but because they’re people you genuinely care about. As an employer, you have the ability to help in this cause. Rolling out wellness programs for your workers offers your employees tools they can use to build better health, and you can great results on...

Topics: Small Business

Tips for Building a Business Emergency Fund

February 17, 2023 by First Federal Bank

An emergency fund for your small business is a smart investment. By having some savings on hand, you can help your company weather economic downturns, a loss of patronage, and unexpected expenses. However, it can be a bit overwhelming to set savings goals, carve out money from your company budget, and plan for all the ups and downs your business...

Topics: Business Banking, Small Business

Tax Benefits of Investing in Your Own Employee Stock Ownership Plan

February 03, 2023 by First Federal Bank

A stock ownership plan can be an appealing way to give your employees an ownership stake in the business via stocks. This investment vehicle empowers your workers to invest tax-free money directly in your company and cash out their funds when they reach retirement age. But the benefits of an ESOP go beyond perks for your crew — investing in your...

Topics: Small Business

What Are the Most Common Franchised Industries?

January 27, 2023 by First Federal Bank

Starting your own business from scratch can be daunting if you lack experience or know-how. If you’ve been thinking about striking out on your own, a great way to get your feet wet is by becoming a franchise owner. Franchise businesses are an excellent gateway for entrepreneurs on the grow, especially if you start in a proven industry.

Topics: Small Business

What Is an Open-End Loan?

December 23, 2022 by First Federal Bank

In most cases, when you apply for a loan, there’s a set end date. This allows the lender to determine things like interest rate and monthly payment and helps you determine your pay-off amount. But there is such a thing as an open-end loan, which gives you more flexibility if you might need to continue borrowing in the future. If you can obtain one...

Topics: Personal Banking, Small Business, Financial Education

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