7 Easy Changes You Can Make for High Impact On Your Revenue
In business, an increase in revenue is a blessing. An increase in revenue by implementing several small changes is an even bigger blessing. Especially for companies that don’t have the finances or free time to launch a new product or embark on a huge marketing campaign. Normally, business owners would expect that in order to see a change in profits, they would need to pull out the big guns on their side. That is, however, not always the case. Here are a 7 small(ish) changes t
What Should New Business Owners Expect When Requesting a Bank Loan?
Asking for a small business loan is a long, complicated, and deeply trying process. The Great Recession shook lender confidence, and some banks aren’t willing to take the same risks they once did. This state of banking makes new small business owners understandably apprehensive about applying for loans. But with over 630,000 businesses created in 2013 – around 193,000 more than in 2010 – many are surmounting their fear and starting that long application. However, few know wha
Cutting the Cost of Costs: Is Your Accounts Payable Department Inefficient?
While the investment associated with having an accounts payable (AP) department may be considered a standard cost of doing business, it’s one that you can control, and ideally, minimize with efficient AP processes. Here are a few ways an efficient AP department can make a direct impact on your business’s bottom line: Maximize the outputs of your staff Every invoice processed through your AP department presents a cost, in the form of the human resources expense your company be
Factoring receivables vs. merchant cash advances: The difference
Recently, I have had several clients ask me what the difference is between factoring business receivables and a merchant cash advance (MCA). There is definitely a place for both sources of working capital, but it's really important to understand the value and role that each plays in a business with tight cash flow. Factoring accounts receivable is perfect for a business that is experiencing or has growth opportunities, is less than 3 years old, or is in an industry that is di
Before You Sign: Can A Business Loan Help You Buy Out a Partner?
So, you’ve decided that you want to take out a small business loan. You know all about those pesky questions lenders will ask you, like, “What’s your annual revenue?” and, “What’s your credit score?” And you’ve got a billion documents prepared, from your bank statements to your balance sheets. In other words, you’re completely prepared for this application. You’ve got as much of a chance as anyone else with the same business background and financials, right? Well…not quite. N
Buying a Business? The Insurance Considerations You Need To Make
Starting a business can frighten even the most confident–and deep-pocketed–entrepreneur. Too many things can go wrong–customers might not find your product or service as indispensable as you do, for example. Plus you might be averse to sinking so much money into startup costs and building a brand. Those are some reasons it might make more sense for some entrepreneurs to purchase an existing business that comes closest to filling the niche they seek to fill. Yes, there still a
Hard to Say Goodbye: Are You Ready to Sell Your Business?
There's an old saying that the two best days of owning a boat are when you buy it and when you sell it. The same expression applies to your business. As The New York Times points out, you only sell your business once. Even if you currently have no intentions of selling, it's best to be prepared for the day when it's time to do so. The more prepared you are, the less likely the process will cause you any great stress; and the greater chance you'll get a reasonable price that r
Want to Start a Successful Business? It's All About the Structure
The Pros and Cons of the 4 Types of Business Structures If you are setting up a new enterprise there are a number of factors to consider and choices to make. One of the most important decisions is the structure of the business. Choosing the right business structure depends on many things such as: The kind of business you are planning to set up. The number of people you will have working with you. Whether you would be working with a partner or as a sole businessman. However, c
25 Famous Business Quotes from Famous Business People
There's nothing like an inspirational quote to get your day started, motivate the troops, and share on your social networks to give others some mental fuel for their day. Especially if it's a quote from someone who is truly inspiring. Steve Jobs These quotes are taken from the iconic innovator's 2005 commencement address to Stanford University: "Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work
Some of the World's Biggest Business Blunders
Think you’ve had a bad day? From missed opportunities to outright blunders, some of the world’s largest businesses have fielded some embarrassingly avoidable catastrophes. With damages ranging from millions of dollars to a few hundred billion, let’s review some of the most embarrassing business blunders so we learn a little something from their mistakes. Motorola As smartphones were first passing their litmus test with the public, Motorola was in on the ground floor. The thin
