(ARA) - The Great Recession will probably be a subject of discussion and debate for decades to come, but one certain ideology has emerged from it: small businesses have had to reassess how they manage cash flow. 

Lost and slow sales continue to be a top concern for nearly half of all small businesses, according to a recent Kauffman Firm Survey. 

"In light of the recent economic challenges, many small businesses find it more important than ever to preserve cash flow by scrutinizing potential and current relationships with customers, vendors and other businesses," says Adam Fingersh, senior vice president of Experian's Business Information Services. 

Large companies have always evaluated the viability and cash flow of potential and current customers, vendors and other business relationships. The economic challenges of the past few years now have many small-business owners doing the same thing. 

"Maintaining a profitable business is a challenge that all business owners face," Fingersh says. "Small-business owners especially feel this pressure because access to tools that enable them to effectively manage their business relationships have been too costly, too complex or too difficult for a small business to use." 

The Internet is helping small businesses overcome those obstacles. Online tools like Experian's BusinessIQ Express, which launched in early May, help small businesses access, evaluate and monitor important financial information about current and potential customers, suppliers and other business partners. The idea is that the more informed small-business owners are about those they do business with, the better equipped they will be to make decisions that can help improve their company's cash flow. 

Knowledge of another company's financial health can help small-business owners in scenarios such as these: 

* A small company is approached by a potential customer whose business would represent a 50 percent increase in the small company's revenue - and workload. The small company would need to hire employees and purchase supplies in order to meet the demand generated by the new customer. Knowing that potential customer's payment history could minimize the risk of not getting paid in a timely manner by helping the small company decide whether to ask for money up front, and if so, how much - or decline the business altogether. 

* A small company is competing with others to secure a significant piece of business from a new customer. Checking into the new client's financial background, the small business learns that this customer has a strong payment history and no black marks on its financial records. Comfortable that the new customer will be able to pay its bills, the small business offers the client favorable payment terms that help win the business away from its competitors. 

* A small business depends on suppliers to provide key materials for its products. Checking the background of those suppliers, the small-business owner discovers the supplier has stopped paying its bills - a red flag that the supplier is having financial trouble that will affect its ability to continue meeting the small company's needs. The small-business owner begins to search for alternative sources of materials to ensure its ability to meet demand won't be impacted if their current vendor goes out of business. 

Online tools like BusinessIQ Express can help small businesses evaluate other companies to determine how likely they are to pay bills or deliver products or services on time, provide alerts and notifications of key changes in the financial condition of business relationships, and know when and how to collect outstanding debts and avoid future losses. 

"Monitoring small-business relationships is essential," Fingersh says. "Being able to evaluate, monitor and collect from business partners can help small businesses level the playing field as they compete in the marketplace with larger businesses that have historically had access to these types of tools and resources." 

Evaluating and monitoring each business relationship is a key component for small businesses to experience profitable growth. The more informed small businesses are about their current and potential customers, suppliers and business partners' financial information, the better equipped they will be to make better business decisions and improve cash flow.

(ARA) - Starting a business is a huge endeavor for entrepreneurs, especially when larger expense items are on the required equipment list. During a business's first few years of operation, renting equipment, rather than purchasing it outright, can allow the company to save money and invest toward becoming established.

Entrepreneurs started more than 550,000 small businesses in 2009, the most recent year with data available, according to the Small Business Administration (SBA). Most of those businesses were financed through owner investment and bank credit, to the tune of about $80,000 a year, the SBA reports. That dollar figure doesn't stretch far when larger cost items like vehicles and office space are part of the picture. This is where renting equipment comes in handy. Some business items frequently rented include:

* Office space - Location is an important factor of doing business, but so is the cost of doing business in that location. Running a business out of your home is always the least-expensive option, and renting an office space or warehouse space - depending on the business - is usually the next best option for saving money. Renting also gives you flexibility to move if the rent goes up, or another space in a better location becomes available. However, because of low interest rates available for loans right now, it is a good idea to compare annual rent payments with potential mortgage payments, just to make certain that you're finding the best work environment for the best price.

* Vehicles - Many small businesses, from bakeries to flower shops, occasionally need larger vehicles for delivering products or transporting their equipment. Instead of purchasing a cargo van or refrigerator truck, contact Penske Truck Rental about commercial truck rentals for individual dates or on a repeated basis as the best solution for your business needs. Get the commercial truck you need when you need it, either with a guaranteed reservation or Penske's Rental Express program just for business that includes 24/7 roadside assistance. It's a great way to save money not only on the purchase of larger vehicles, but also the maintenance and upkeep.

* Phone and computer systems - With the speed at which technology is constantly updating, it's a good idea to review renting phone and computer equipment, rather than purchasing it. This works well for companies that have the potential to grow quickly - needing additional equipment - as well as companies where phones and computers are needed, but aren't an integral part of the business. The good news about renting is that as the latest updates happen with technology, you can easily update your equipment as well.

* Office furniture - If your business is a one-man shop run out of your home, it's probably a better idea to use the furniture you have on hand. But for entrepreneurs venturing into business with a small number of employees and office space, renting furniture is a great way to provide your workers with office furniture like desks, chairs, filing cabinets and even shelving units needed to go about business.

Careful management of budgets and expenditures helps small start-up businesses succeed. If you're considering becoming an entrepreneur and starting up your own company, look into the option of renting equipment to save money that could be better used in other areas of the business like client acquisition, supplies or marketing.

(ARA) - You've built an emergency fund, have ample life insurance and regularly contribute to your retirement savings. You feel pretty positive about your financial planning strategy. But are you overlooking the must-do task of protecting your identity?

Long gone are the days when taking steps to protect your identity was optional, or something you did only if you had reason to believe your identity had been compromised. Today, identity protection is an essential part of your financial plan.

“With identity theft being the No. 1 complaint to the Federal Trade Commission last year, this issue has shown to be more reality than risk,” says Nikki Junker, social media manager and victim advisor with the Identity Theft Resource Center. “The goal of financial planning is to make an individual feel comfortable with their financial situation for the future. Taking action to protect your financial well-being through protecting yourself from identity theft is an essential part of creating that financial safety net.”

In 2010, 7 percent of American households (nearly 9 million homes) had at least one person age 12 or older who was a victim of identity theft, according to the federal Bureau of Justice Statistics. Identity theft is a growing threat, with millions of people experiencing it every year. The types of identity theft are growing in number, too. Tactics like mail theft, going through trash, credit card theft and phone scams remain common, while medical fraud, tax fraud and 401(k) fraud are growing concerns.

Failing to protect your identity can jeopardize all your financial planning efforts. Fortunately, preventative measures can help minimize your risk of becoming a victim.

First, take steps to physically safeguard against identity theft:

* Shred documents with identifying information, including bank statements, 401(k) or IRA statements, bills, pay stubs and any other paperwork that contains your name, address and other personal details. Use a crosscut shredder on everything before throwing paper in the trash.

* Protect your mail. Either use a locking mailbox or a secure post office box for sending and receiving mail. Be alert to any changes in your mail delivery, like a sudden stop in receiving mail.

* Keep important documents like passports and your Social Security card in a safe, locked location. Don't carry these items with you unless absolutely necessary for a specific purpose.

Digital identity theft - including email scams, hacking and other forms of online fraud - is less common than physical identity theft, but can be just as damaging. Steps to protect yourself in cyberspace should include:

* Maintaining anti-virus software, spam filters, malware protection and a firewall on your computer.

* Using strong passwords that include a combination of numbers, symbols and upper and lowercase letters. And, vary passwords from account to account. Can't remember all your passwords? Don't write them down on a sheet of paper and leave it in a desk drawer. Consider using an online “vault” to store passwords.

* When purchasing anything online, use a credit card - not a debit card - for the added consumer protections credit cards provide. Limit your buying activity to sites with verifiable security measures in place; look for the lock symbol on the bottom of the page.

You keep an eye on your bank account, 401(k) and other retirement accounts, and you should also be vigilant about your credit report. Rather than checking it just once a year, or when you plan to apply for credit, check your credit regularly for signs of identity theft and fraud.

“While there is no way to prevent identity theft, you can take simple actions as protective measures, such as protecting personal information - especially your Social Security number,” Junker says. “Learning how to use the Internet safely is also important to protecting your identity. Social networking, online banking and other online conveniences also open consumers to risks of identity theft. There are also products that consumers can purchase, after researching them, to help monitor their identity.”

Just as you seek help with other aspects of your financial planning, from a broker for your stock investments or an insurance agent for your insurance needs, consider getting help with your identity theft prevention efforts. Programs like ProtectMyID offer comprehensive identity theft detection, protection and resolution services designed to help people prevent the damages caused by identity theft.

Planning for your financial future is an important step toward leading a secure, comfortable lifestyle in your golden years. Identity protection is the must-do task that helps ensure all your other financial planning efforts can move forward safely.