By: Jasmin Sethi

Jasmin Sethi is the CEO of Sethi Clarity Advisers and a member of the SEC Small Business Capital Formation Advisory Committee. She advises clients on how to expand access to retirement saving. 

April is Financial Literacy Month, a time to sharpen your financial skills and knowledge so you can make more informed decisions and keep your small business running smoothly. Understanding cash flow, tracking expenses and the other fiduciary responsibilities can feel overwhelming, but getting these essentials right can make all the difference in your business’s success. To help you navigate these challenges, here’s a guide with helpful tips and resources for managing your small business finances effectively.

The state of California now requires that all businesses with five or more employees facilitate employee participation in CalSavers if they don’t already have a retirement plan in place. The deadline for eligible employers to register and start facilitating CalSavers is December 31, 2025. If you register and start facilitating by July 31, 2025, you’ll be entered for a chance to win $500.

Small businesses are undergoing a major shift in the business landscape, which is prompting them to reassess their future. Getting ready for retirement involves thorough planning, assessing available retirement options, and taking ownership of your finances. A recently passed law, known as Secure 2.0, is providing a number of changes that could help strengthen the retirement system for small businesses and their employees in the United States. 

The COVID-19 pandemic has brought on numerous challenges for small employers, from supply chain disruptions to increased cyberattacks, which has forced them to rethink their marketing strategies to grow their online presence. This is why employee retention has become top of mind for small employers, who are also increasingly competing with larger companies for a highly-skilled workforce. We compiled find five key strategies to navigate the ongoing workforce shortage in order to help retain your workforce.

While it might take you several years of operation to feel like you’re making a comfortable profit, it’s never too early to think about how you can use your business to build long-term wealth.