Every week, our Financial Friday Round-Up compiles the best things to red, watch, or listen to regarding finance on the web. The articles below include a report on the tightening of lending standards, a guide to understanding tax planning, how small businesses can prepare for uncertainty and more.
While interest rates are looking more favorable than ever to borrowers, be aware that many lenders are tightening their standards on who gets approved for a loan and when. The New York Times reports here on why certain companies have become more hesitant in approving even people with great credit, and outlines what borrowers can expect going forward.
SimpliPhi Power, a battery manufacturer, once had the habit of holding meetings for scenario planning—a brainstorming exercise to find ways for your business to survive unlikely scenarios. Now, months into a pandemic, the company is up nearly 30% in sales and has had no cuts in salaries. In this piece from Businessweek, SimpliPhi’s leaders were asked what other companies can do to benefit from scenario planning—their answers are worth the read.
Tax planning is not just for the wealthy—forming the habit can save anyone money, regardless of their tax bracket. Read further in this piece from Kiplinger for valuable tips in how to maximize your tax breaks through thoughtful saving, investing, spending and other financial decisions you make throughout the year.
A functioning team is one in which all members feel empowered and valued in their contributions. As a leader, it can be easier said than done to foster this type of environment, especially when adapting to more remote work. This article from Forbes makes things a little easier by giving good advice on how to empower a team for the benefit of all its members.
Check out our other Financial Friday Round-Up posts for more great reads!