Top Six Best Ways to Finance a Company Car

Having a company car can be a massive deal to you, the employer, as well as your employees. It can be an additional perk to working for you, helping to improve employee morale, but as the employer, having a company car can also help promote your business’s image. While it does not mean you should go above your budget, there are ways to finance a luxurious car that is sure to help promote your business.

To help you choose the best model for your company and get the best finance options, read the following guide for advice on the matter.

1. Know Which Models Are Best for Your Business

When you buy any vehicle, it should always be because it will accomplish the jobs you need it to do, and not because you like the brand or have always dreamed of driving that specific model. If you don’t choose the model of your vehicle based on need, you are only boxing yourself in the future. With company cars especially, you want the vehicle to perform how you need them to for as long as possible. This means if you need towing power, it is best to choose a strong model, whereas if you need a lot of storage space, choose a flatbed truck, and so on.

2. Don’t Buy the Newest Model

When you buy one or two company vehicles (that aren’t large transportation trucks), you can save a lot of money by buying a slightly used model. Remember, your car will lose half its value when you drive it out of the plot or dealership.

3. New vs. Used

Regarding used cars, so long as the vehicle is certified you can enjoy much lower costs on vehicles that are fairly recent, just because people often trade in their current vehicle for a newer model.

To save on new vehicles, all you need to do is choose the model that is one or two years old. Dealerships often want to get these models off their lots as soon as possible, and if you go during a sale or at the end of a fiscal quarter, you can likely save a lot of money and enjoy the full warranty of that new car.

4. Trade in an Older Vehicle if You Can

If you do have an older vehicle, it is often best to trade up. One of the key benefits of new vehicles is how efficient they are with their fuel. By doing this you can not only have a newer, better performing vehicle, but you can also save a lot on daily operating costs. When your company requires a vehicle to the point where owning one is paramount, it is best to reduce its operating costs as much as possible.

5. Find the Best Financing Rates

Financing is what will end up haunting you if you aren’t careful. Sure, you could get a vehicle for a very small down payment, but you will end up paying far more in monthly repayments. For businesses, this can be incredibly risky. Unless you are growing comfortably, even one bad month can mean these fixed costs hit you. That is why you owe it to yourself and your company to find the best auto financing options out there, and to do that you need to know the basics, like what the principle of the loan is, what APR is, and so on.

6. Know How to Negotiate

Learn how to negotiate, and always be prepared to walk away. You need a good deal to make trading a vehicle up worthwhile, and when you are just starting out as a company, it can often be your only option.

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Customer Loyalty Programs Start Using Artificial Processes and Strategies!

Increasing Customer Loyalty

Everyone knows that increasing customer loyalty is all about making bigger profits, creating a group of raving followers and finding customers at a faster and cheaper price. In the long run, customer loyalty can do wonders to your business. However, there are many questions and debates on how to ensure customer loyalty! Can your customer support knowledge base help you understand what customers really need? Can you use knowledge base support software to judge the requirements of customers online? Is it possible to use artificial intelligence to understand and improve customer loyalty?

According to experts, the answers to these questions is a big yes! Yes, you can go beyond manual, traditional methods and use software programs and artificial intelligence to boost customer loyalty.

Understanding Artificial Processes in Customer Loyalty Programs

Few months ago, Joseph Nunes and Xavler Drez made news. The whole world learnt more about their customer loyalty adventures. This duo experimented a new type of customer loyalty program at a local car servicing center. The consumer researchers rewarded 300 customers at the car wash with loyalty cards. Half of these loyalty cards expected customers to make eight transactions before winning a free service or car wash. The rest, needed ten transactions. However, there was a small twist to the story. The company offered two free bonus car washes as a head start. This means, their business began with free services.

In both these situations, potential customers had to make eight transactions for a free service. But, there is a small amount of difference in how complete the offers are. In offer one, the customers were zero-percent complete. On the other hand, offer two ensured 20-percent of completeness.

Now, you might wonder if the customer support knowledge base and this “Artificial” progress would ensure customer loyalty in return.

In the next few months, the duo noticed that 1/5th of the customers opted for the first offer. And, ½ of the customers chose the second option. This clearly proves an increase of 80% in terms of customer loyalty. Indeed, artificial progress has helped the car wash enjoy a better level of customer loyalty.

If you are planning to venture into customer loyalty, you must invest some time and effort on artificial progress. This is a smart way of introducing your business to new customers. Meanwhile, it is a strategic way of helping customers continue your products and services. The time required to witness the impact of artificial progress may appear long, yet it is worth your time and effort.

What is Customer Loyalty?

Before you start focusing on your customer support knowledge base and invest on knowledge base software, you must have a clear understanding of what customer loyalty is all about.

Let’s understand this with two real-time scenarios:
  • If you are an author, customer loyalty for you is represented by the number of people reading your books. For instance, if someone buys all your three books, they can be treated as a 100% loyal customer. And, if someone chooses to read only your book only once, they are less likely to return.
  • If you are a designer or a consultant, customer loyalty is identified by the number of people asking for your services. If people keep requesting for your services, you are on high demand! For example, if I approach the same designer for all my needs that is 100% customer loyalty.

If you want your business to endow and enjoy the benefits of customer loyalty, you must stick to a structured process. Here are three steps you must follow as a part of improving customer loyalty over the internet and using artificial intelligence to give it a boost further.

Step #1 – You need to have a well-established Goal

First of all, you must appreciate the fact that artificial progress can help you. Don’t think twice to make use of endowed progress. After all, every business needs customers and goals to focus on. You might be venturing into an eBook, design service or hourly consultation, the business doesn’t really matter. Artificial progress can help you. When paired with knowledge base software, it turns into a power tool for any business.

Step #2 – Understand What your Customers Need

Everyone knows that customers are longing for efficient and effective services. However, loyalty goes beyond these elements. Today, you must educate customers on what has to be done for better servicing and products. Companies must be specific about behaviors and actions that can be rewarded. Why would you reward your customers and keep them loyal? Do you intend to reward all your customers? Or, do you wish to reward customers who refer and advertise your business? Or, do you wish to reward customers who have stayed with your business for a long time? It is important to decide what your loyal customers must have done or do.

This is when knowledge base software programs become useful. These software programs will help you keep track of customers. You will be able to monitor every customer individually. In the long run, you will have plenty of data about your customers, what they want and what they have done to become loyal. The best way to exploit any artificial or endowed progress is through knowledge-based support systems.

Step #3 – A Head Start

Remember the car wash case study? It would be wise to give your customers a head start. This will be a bonus that adds more value to your business.

But, you must not give a head start without valid reasons. Always stick to limited bonuses. This route works well when you have to launch a new service or product. The limited time bonus will create a hype and keep your customers geared.

Step #4 – FAQ is Must

Your customers tend to come across various difficulties that can be answered easily. But to cater their questions, it is advised to create a FAQ page that gets most of them covered easily. Not only will your customers get to receive the answers on time but also reduces the workload from your support department.

These FAQs can also be linked to well curated tutorials that aid your customers in times of needs. This will boost their loyalty towards your brand and will be more willing to spread the word.

Step #5 – Expert Support Team at Place

A skilled team of customer support agents can help you boost the loyalty factor. But make sure that they are well-trained about your product or service that helps them answer any technical questions. In case you plan on training them or think of developing an ongoing training program, then a knowledge base software can come to your rescue.

It can help you develop a training program for your support agents that they can access anytime, anywhere. As they get equipped with the online program, it’ll be easier to get all customer queries resolved in no time. Hence, increasing the existing customer loyalty rate towards your brand easily.

Step #6 – Multiple Channel Availability

If you wish to help your customers reach you at anytime, from anywhere, then it’s important that they find you available at all times. This is also possible if you work towards building a stronger presence across multiple channels. Reason is simple. Your customers would not necessarily try to get in touch with you with emails or calls.

They’d also prefer if you make yourself visible on various platforms, so that their options aren’t limited to just one or two. No matter what business you own, building a stronger visibility across multi-channels is important. This helps you satisfy your customers in the shortest span of time possible.

What’s great is you not only get to retain customers with prompt responses, but also build a strong relationship with your customers easily. This leads to expanding your customer loyalty further because your organization is taking the effort to reach out to them in time. A great way to build positive points amidst customers.

The Verdict

Dan Pink once told, “There is a big difference in what science knows and what businesses really do”. If you want to improve customer loyalty, go ahead and use endowed progress (or artificial progress). This is a tool that can keep customers attached to your business for a very long time.

After all, it helps you know their expectations from your brand when they plan to invest in your services or products. This can be done successfully by

 

  1. Monitoring every single customer and the decisions they take while browsing through your website.
  2. Giving them a great head start with valid reasons, so they can stick around with your brand for in the long run.
  3. Making yourself available at anytime, anywhere by increasing your presence on various platforms.
  4. Building a stronger support team that helps your customers get all the answers they seek when in trouble.
  5. Creating detailed FAQ with the help of a knowledge base software. These can help your customers find instant answers to their queries hassle-free.

 

So, do not get worked up on how to get your customers more loyal towards your brand, when the integration of such software can help you resolve the issue successfully.

 

Author Bio:-Robin is a Technical Support Executive. He is an expert in knowledge management and various Knowledge base tools. Currently, he is a resident knowledge management expert at ProProfs. In his free time, Robin enjoys cycling and sky diving.

 

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Marijuana… The Best Investment Opportunity

Marijuana’s Prohibition Has Ended !

Who do you think is making huge money on the cash crop? And if you think this money is going to stoners, former hippies, and low life’s think again. Look at Alan, last year he was a top executive at Google, celebrating his 30th birthday, and running a $100 million Asia-Pacific division that took him to 50 countries. Today, Alan is the CEO of Tokyo Smoke…A marijuana brand with a chain of luxury shops opening across North America. Each will offer upscale clientele the highest quality coffee, smoking accessories, and custom marijuana strains. Two years ago, Nicco’s research in machine learning and artificial intelligence was being funded by DARPA…The U.S. Department of Defense’s most secretive agency

But today, from his office in Santa Monica, California, Nicco and his team from MIT and UCLA are building what could become a billion-dollar marijuana empire. Their app, WoahStork, uses artificial intelligence and machine learning to determine the perfect type of marijuana for any customer. It’s a breakthrough being hailed as “the Netflix of weed. “And with the push of a button, your order can be delivered right to your door”.

Who is the Biggest Weed Dealer in Washington D. C. ?

Meanwhile, across the country, Washington D.C.’s biggest legal weed dealer is Rabbi Jeffrey Kurtz. He operates a dispensary just six miles from the White House. The rabbi got into the pot business after watching his father-in-law use it to alleviate the pain he felt from multiple sclerosis. He’s not worried about what his peers say, because the Orthodox Union has officially classified pharmaceutical-grade marijuana as “kosher” in the United States.

Young Entrepreneurs with Vision

When Hank Baker was a teen, he made money selling pine nuts on a street corner in Pueblo, Colorado. Now 25-years-old, he’s graduated from that street corner to a swank weed dispensary in his hometown where months after setting up shop, Hank was $1.5 million richer.

Sure, it’s technically an illegal vice according to the Federal government… They’ve passed laws allowing medical marijuana. And with every new piece of pot legislation that has been passed, incredible wealth has been created very quickly. But never before have so many states voted on this issue in a single day. Which is why even well-known celebrities can’t resist the green gold rush.

So is Hall of Fame NBA player Oscar Robertson…As well as billionaire venture capitalist Peter Thiel. Also consider two-time Grammy award winning musician Melissa Etheridge. Another famous name in the business is Cheryl Shuman is the founder of The Cannabis Club in Beverly Hills. She says her phone is ringing off the hook thanks to A-list celebrities calling her to find out how to invest in marijuana. She thinks this is the biggest opportunity we’ll see in our lifetime.

Who Indulges in this Evil Madness of Puffing the Magic Dragon

Oprah Winfrey, Secretary of State John Kerry, Supreme Court Justice Clarence Thomas. Billionaire George Soros has, and he enjoyed it. You can add Michael Bloomberg to the list…Who boldly proclaimed he’s smoked weed… And enjoyed it as well ! That’s two of the world’s richest men. Dr. Sanjay Gupta has given ganja a try. Along with former Governor Jeb Bush. And of course his brother George – the 43rd president of the United States. They’ve all admitted to taking a toke!

 

American Seniors Now Enjoying the High Life

Even American seniors are now living the high life. They’re the fastest-growing group of marijuana users. And every medicinal puff they take could help save one of our most important safety nets.

Seniors are the logical choi8c for relief from Medical Marijuana, and getting away from Big Pharma, and the continued use of the pharmaceutical medical drugs they depend on , mainly to cure all kinds of aliments that can be cured naturally from the right CBD Formula for pain relief, as well as an occasional “Puff” of the Magic Dragon.

How Much Money is in the New Weed Business?

Conservative estimates suggest legalizing marijuana nationwide would lower Medicare prescription drug costs by $468 million. While putting an extra $28 billion in tax revenue in Uncle Sam’s coffers. Unless, of course, you’ve turned a $500 stock investment into over $600,000 before. If so, you might have the chance to do it again. That’s a truly exceptional situation – one nearly impossible for any investor to anticipate. But no other market has shown an uncanny ability to deliver these kinds of gains. And you aren’t going to want to wait another moment!

Colorado Cannabis and the Future of the Industry

For Instance: Colorado also collected more than $135 million in marijuana taxes and fees in 2015 — more than $35 million of which is earmarked for school construction projects. “These are amazing numbers,” said attorney Steve Fox, one of the principal drafters of Colorado’s pot-legalizing Amendment 64, “especially on the tax revenue side. “Colorado released marijuana tax data for December 2015 on Tuesday, showing a major uptick in month-over-month sales. Recreational pot sales jumped more than 21 percent from November to December, landing at $62.2 million — a monthly record in the state’s legal era. Medical sales jumped more than 32 percent in the same period, totaling $39.1 million. And this industry is just getting off the ground.

Wall-Street.com to Start Marijuana Newsletter in 2019

Wall-Street.com will be your source for broad based, accurate and concise information on the Cannabis Industry and the latest investment opportunities to get into this new Marijuana Business for yourself
Get in on this new informative newsletter at a reduced price for the subscription on this Explosive New Cannabis Industry, Marijuana the way of the future for many, many uses.

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The Ultimate Moving Office Checklist

Office Relocation Can be Difficult

Office relocations are by no means straightforward. There is a lot pinned on ensuring the process is smooth so that business can run almost as normal throughout the move. If you have been charged with organising the moving project, then you might be feeling the pressure. Follow this ultimate moving office checklist to keep you on the right track!

Recruit Your Co-Workers

The move cannot be a one-man project so it’s a good idea to appoint reps from each department to help break down the process into manageable chunks. The number of reps will depend on how big your office is with the aim of minimising the pressure left on one person. The departments should meet independently to coordinate a comprehensive plan of everything they need and want in the new office, and this information should be passed on to the project leader. Note, even if you’re looking at hiring a company to complete the move — there’s still a LOT to be done before the team shows up on the day and after they leave at the end of the day!

 

Keep everyone in the loop about the moving plans where necessary to reduce anxiety, allowing everyone to focus on their work, knowing how the plans are evolving,so everyone is informed.

 

Get A Feel For The Space

It’s hard to plan a full-scale office move if you have no idea what the space you’re moving to looks like. Get a hold of a floor plan of the new place and work out what the measurements are. The floor plan will act as a guide to planning how to organise and decorate the new space. As well as desks, chairs, and computers, you need to consider other things like carpets, lights, blinds, or partitions to break up the space. When you’re planning, use different colours for each department to mark out the use of the space, and add more detail by adding different numbers to correspond to the space for individual employees.

Think About Finances

Taking into account all of the needs identified by each department and the requirements established from the floor plan, devise a budget that is broken down into categories for different expenses. This should include costs like moving and setting up equipment, purchasing new furniture and decor, and updating your marketing materials or stationery with the new address.

Mark Your Calendar

Constructing a calendar of deadlines for each task is vital to keep the project flowing and on-track. Using shared online spreadsheets with your plans will allow you to keep everyone informed of their roles so no task runs behind schedule.

Moving Services and Safe-Keeping

Booking a removal company should be done as soon as you can so the moving process doesn’t slow down, and so you can take your pick without having to compromise because you are late to the party. Pick your company carefully based on pricing and reviews and whether they are able to provide you with any other help you’ll need. If you have equipment or furniture that you’d like to keep but don’t want to clutter your office space, you can use a self-storage unit for long-term safe-keeping. This is also a great option for storing things mid-move while you’re packing up so they don’t get in your way or damaged.

Send Out Notifications Of Address Change

Your clients, suppliers, utility providers, bank and insurance companies will all need to know about your change of address as soon as possible. Any business cards and marketing material will also need a makeover to reflect your new location. To catch anyone who tries to contact you at your previous address, a postal redirect and call forwarding to your new premises is necessary.

Pack Everything Up

In the few weeks leading up to the official moving day, delegate packing tasks amongst members of the office. Ask all your employees to take home their personal possessions to help declutter the office and make the packing task simpler. All of the packing boxes should be labelled with what’s in them and where they are to go in the new office. Colour code the boxes according to department and note the employee number where necessary.

Preparatory Set-Up

Streamline the move-in by installing electric cabling and data points, functioning bathrooms and kitchen, lighting and heating before all your office equipment and furniture is moved in. With everything set-up and installed prior to move-in day, it will be a simple case of linking things up come move in day.

Last Steps

  • There are a few final steps you’ll need to take before moving day.
  • Firstly, avoid last-minute panics by collecting the keys or access codes for the new building and office.
  • Next, make sure you know where the removal company can park on the day.
  • And finally, create a comprehensive itinerary for the day which you should give to all your team.

The Move

Moving day may be strenuous so minimise the strain by preparing yourself. Packing a moving day kit is a good idea – fill it with a first aid kit, snacks, and water to keep your energy levels up. Hand your movers your contact details and your floor plan with the colour codes for the labelled boxes. On arrival at the new office, have your camera at the ready to take pictures of the premises, looking out for anything to report to the landlord. After the movers have unpacked everything, ask the representatives from each department to check over their sections, making sure everything is in place and undamaged. Organise cleaning services to attend to your old premises before you return the keys.

Run A Trial

When moving day is over and your employees have returned to work, trial working in the new office space for a couple of weeks – ask for feedback from the employees on the facilities, the layout, and the feel of the office. Make changes where necessary to achieve the ideal working environment. This moving office checklist will help you construct a smooth moving project, addressing any issues along the way!

About the author

Carol is a freelance writer for Storage Vault Coatbridge and is absolutely bonkers about storage and productivity. If not writing lists, press releases or blog articles — you can find her exploring the Scottish highlands with her Macbook and notepad looking for inspiration and adventure.

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How to Ensure Employee Wellness

 

Employee Wellness

Employee wellness is a critical component to productivity and overall employee retention. It is especially important when your company does not have the global prestige or the ability to pay its employees the highest salaries for their work. By instead improving your company culture and making your business into a form of home-away-from-home, you can attract and keep the best talent for years to come. To get started, all you need to do is to follow this guide.

Employee wellness is a critical component to productivity and overall employee retention. It is especially important when your company does not have the global prestige or the ability to pay its employees the highest salaries for their work. By instead improving your company culture and making your business into a form of home-away-from-home, you can attract and keep the best talent for years to come. To get started, all you need to do is to follow this guide.

Provide a Great Break Room

You want your employees to enjoy their break as much as possible. You want them to socialize, make friends with each other, and, most importantly, be able to bring their own food. Ideally, this food will be healthy, but, at the very least, by providing them with all the basic appliances they need to prepare their pre-made food, you can help them save money. Add on top of these appliances free coffee, tea, and protein snacks to help keep them fueled and ready to go. The more social the space, the more they can enjoy their own company and give their brains the break they need to tackle their work with renewed fervor.

Set Clear Boundaries for Work/Home Life

It can be all too tempting to get that one last piece of work done at home, but you do not get to invade your employees lives to do so. Set up very clear work/home boundaries for you and your employees, and ensure that all your clients and customers understand this as well. Doing so will greatly improve your employees’ well-being and reduce stress levels significantly.

Create Strong Anti-Harassment Policies

Harassment will happen. What you need to do as an employer is set out clear rules for behavior and, more importantly, the consequences of it. Let the victims know very clearly how they can make complaints, assure them that you will start an investigation if it happens and then start correcting that behavior. If a sexual harassment complaint has come in, send the employee in question to a seminar or workshop so that they can understand what they are doing and what not to do. If that behavior persists, make the punishments more severe. The better and more fairly you address the issues, the more everyone can move forward and create a healthy workplace environment.

Offer Budget-Friendly Benefits

There are many budget-friendly benefits that you can offer. A great break room is just the tip of the iceberg. You can offer more flexible working hours, where if, for example, your employee needs to get home early to pick up the kids from school, they can make up that extra hour another time. Allow employees to have plants on their desks. Offer everyone the opportunity to learn and develop their skills through shadowing a few days a month, and so on.

Ensure They Know Their Rights

It is all too easy to keep your employees in the dark as to what their rights are but to ensure the best company culture, you need to teach them. Let them know that if they were hurt on your premises, or anyone else’s, due to negligence that it is always wise to visit the-compensation-experts.co.uk to help them stay financially secure while they recover. It might seem counter-intuitive to do this, but it shows your employees that you care about them and that you will take their safety concerns seriously. By showing your truly value every employee, you will inspire their loyalty, ensure they are happy in the workplace and keep hold of your top talent for longer.

Social Attitudes in The Workplace

As time goes on, so too will the social attitudes towards workplaces. Employees want to enjoy their work. They also want to happy. By investing in the wellness of your employees, you can better their ability to work for you and increase employee retention. A great company that cares is more important to most millennial workers than the size of their paycheck, meaning that you can attract the best talent around the world just be offering the right benefits. As you grow, they grow, and vice versa. Invest in them so that they, in turn, can make your company into the success that you have always dreamed it could be.

 

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How Hard Is It to Get a Business Loan?

Small Business Loans

While getting a small business loan may not be easy, the fact is, small business loans are not as difficult to qualify for if you get the facts straight. It just takes knowing where and how to look. With the right tools in hand, most small businesses can find the money they need, but there are some things you need to know first. Whether you are an entrepreneur seeking money for a startup or a business that’s hit a rocky patch, there is money out there waiting to be borrowed, you just need to know how to find it. So then, how hard is it to get a business loan? It can be easier than you think. Consider the following.

Leave History in the Past Where It Belongs

A great number of business owners are reluctant to apply for business loans because historically any business with less than perfect credit was in danger of being denied. That further endangered their credit score because every time your credit score was searched by a creditor, you’d take what is known as a soft hit (soft inquiry). No, one or two soft hits won’t affect your credit much, but repeated soft hits will indicate to a prospective lender that something is wrong, and they may summarily deny you credit. However, that’s the past and let’s leave it where it belongs.

New Trends in Lending

Today’s lenders have much broader qualifying criteria, and this is why getting a small business loan may not be as tricky as you had been led to believe. Some lenders don’t even look at your credit score, believe it or not, because there are other things they are much more interested in. Your historical record of sales volume, for example, could be a major factor to some lenders. Perhaps your business model could be a significant factor for startups. Remember, like insurance, lenders consider risk before forking out the cash. Also, there are new types of loans which were not available only a decade or two ago. Invoice factoring is one such loan that is becoming much more prominent in recent years.

The Key to Finding the Right Lender

Unfortunately, a huge part of the problem is the amount of time it takes you to find the lender that has a loan based on your needs and who are willing to lend under your business’s conditions. Every application you make not only takes up the valuable time you could be spending working your company, but it also, as you remember, puts a soft hit on your credit report. Today there are loan search engines like that on https://www.lending-express.com that will match your needs with an assortment of lenders meeting your criteria. You can then choose to apply to one or all of them, but the footwork is done for you so that you can go on about the business of making money. That’s what you are in business for after all, isn’t it?

The key takeaway here is that there are lenders out there that will willingly take a chance on your business venture and while each lender sets its own standards, that loan may be easier to find than you think. Even so, do it the smart way. Begin by using a loan-matching platform that will put you in touch with at least a few lenders who may take the risk. One final point to remember is that you never want to pay for this service. Like the company mentioned above, no fee should be attached to the borrower. Let the lender handle that and you are good to go. Let them pay the commission! That loan is waiting, so go for it!

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How Businesses Use Instagram – Wall Street

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INTERNATIONAL COMPANIES CUTTING COSTS – Wall Street

Cost Cutting Drive to Continue in Most International Businesses

Over the next few years, a large majority of international businesses are expected to experience a cost cutting drive in order to adjust to lower prices, increasing competition and an unpredictable economy. There are many reasons as to why international businesses are deciding to embark on huge cost cutting drives, with one of the most significant being as a method to significantly transform the company and work towards development and growth. So, how are international businesses choosing to cut costs? Here are just some of the most common cost-cutting methods that those working for international companies can expect to see.

Performance Tracking

Many companies are taking on the lean method of business as a way of cutting costs over time. This involves ongoing performance tracking, something which is laid out as one of the key components of six sigma certification (see 6 Sigma for more information). This type of ongoing performance tracking will help international companies to better determine which costs are necessary, and which are not. Ongoing tracking and evaluation of performance gives businesses a better chance to discover which product lines and/or services are not profitable enough, so that they can cut the cost of these as soon as possible.

Employee Training

Smart employee training is going to see a surge as the cost cutting drive continues for many international businesses. As more and more businesses realize that employee training on a regular and ongoing basis is a smart investment to make, there will be less costs as employees are better equipped to deal with their tasks or any problems which might arise that are not a standard part of their day to day tasks. Although this method of cost cutting may seem more like an extra expense, smart business owners internationally are realizing that in order to cut costs, it is often necessary to make some investments.

Increased Efficiency

International businesses worldwide are attempting to increase efficiency significantly in order to be in with the best chance of effective cost-cutting. Increased efficiency using methods such as replacing manual labour with machines, is likely to speed up hundreds of different business processes, reduce wages, and allow more to be completed in a shorter amount of time. Because of this, investing in methods to create more efficiency in a business is expected to increase among many international companies as the cost-cutting drive continues.

Why Cut Costs?

For a business which is experiencing a positive cash flow, it’s often still necessary to cut costs. This could depend on a number of different reasons, for example the business’ future predictions, their current sales trends, and whether or not there are simply any costs in existence which are unnecessary to the running of the business and can be gone without. This allows businesses to cut as many costs as is possible in order to keep profitability at the maximum.

Is your business planning a cost-cutting drive? Why, and how do you plan to cut costs? Join the discussion in the comments below.

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Four Ways to Increase Your Odds of Getting Approved for a Small Business Loan

 

 

Getting approved for a small business loan can seem challenging. But, it’s more feasible than you may think. More than 70 percent of small firms surveyed by the U.S. Small Business Administration used financing in the last year. Around the same proportion of companies took out loans under $250,000. Obtaining working capital funding for your business is not impossible. But to maximize your chances of being approved, pay close attention to application requirements and consider these four tips:

1. Gather the Right Paperwork

Getting a business loan usually requires several documents to establish trust between your business and potential lenders. These may include balance sheets, bank statements, and tax returns. Providing this information helps demonstrate that your business is financially responsible. And therefore, a good lending risk. However, not all lenders ask for the same things. Some may also request personal financial information or an updated business plan. So, be prepared to share those as well. Pay attention to lending firms that stick to the essentials needed to review your business loan application, with documentation that supports the following details:

Positive Cash Flow

Business lenders prefer borrowers that earn more money than they spend in an average month. This means you are more likely to repay the loan. Provide copies of recent bank statements or balance sheets to prove your business is earning positive cash flow and is projected to stay on track.

Revenue

Commonly referred to as gross receipts or sales. Revenue is the amount of money coming into your business in a given timeframe. Lenders often use monthly revenue to assess your ability to pay back a loan. The higher your revenue, the better. This is also proven through bank statements or financial reports.

FICO Score

Getting approved for financing with a bad credit business profile is not impossible. But it may make the process more difficult. Lenders each have their own ways of measuring creditworthiness, with FICO scores being a common and convenient tool. If you think your credit score is low, prepare some additional documentation that might help lenders understand why.

2. Fix Your Credit

You stand a much better chance of getting approved for a small business loan if you work on bettering your credit. To do this, you must be aware of your business’s current credit history. Seek out your company’s credit report through reputable monitoring agencies like Experian or Dun & Bradstreet. Then, carefully review it for any mistakes or glaring issues that might be negatively impacting your overall score.

Fixing a mistake on your credit report can drastically improve your chances of getting approved for a small business loan. Major errors are rare, but they can happen. If you find a misspelled address or inaccurate information, report it to the credit monitoring agency as soon as possible.

If your business credit report contains negative marks that are accurate – like reports of late payments or a past public judgment – getting a business loan is not a lost cause. Lenders will review your credit report as part of your application, so be upfront about any bad news. If you can show lenders you are being proactive about repairing a poor credit score, you may increase your chances of getting approved.

On the flip side, if you have limited credit history, consider getting a business credit card or line of credit from one of your existing vendors. This will allow you to build your business credit history. As mentioned, some lenders will take your personal finances into account. So, focus on paying all bills on time and in full.

3. Work Closely with a Lender

The process of applying for a business loan runs smoothly when both sides are on the same page. Find a lender that will be direct and honest with you about how or if they can help your business. Of course, that means you need to do the same. Explain in detail what you expect from the lender and how you plan on using the funds.

Both lenders and borrowers must have clear expectations for the relationship. Getting specifics about the lender’s requirements and application process will help you understand if they are a good fit for your business.

Keep in mind: online lenders tend to have quicker application processes and faster approvals. They may also approve business loans that traditional banks tend to overlook. As an added benefit, they deposit the funds in much less time than their traditional counterparts.

4. Manage Credit with Confidence

Remember that your business credit history and relationship with lenders extends beyond the world of capital financing. As explained by credit agency Experian, a business’s credit report influences more than its ability to simply obtain a loan. It also helps determine:.

.Loan amount.
• Interest rates paid on loans.
• Insurance premium pricing.
• Trade credit terms with your suppliers and vendors.

That means most of the financial activities of an organization influence loan approval. For example, a wholesale trade firm that makes a point of paying suppliers on time may be approved for a loan with lower interest rates. Or a construction company seeking financing might cut down considerably on insurance premiums by maintaining good relationships with creditors. As you learn more about the process of getting a business loan, you’ll find the sum of your company’s past financial interactions plays a major role in increasing your chances of approval.

To prepare for a business loan application and ensure the best chance of approval, do your homework on each of these issues. Analyze the financial needs of your company. And weigh the costs and benefits of securing a business loan. Be sure to research the small business lending market, but don’t shop around by applying to several lenders at once. Prospective lenders may perform a “hard” credit check before deciding, which can slightly lower your credit score and linger on your credit report. A targeted application approach will keep your business credit score in check while maintaining your focus on the best lender for the job.

When it comes down to it, improving your chances of getting approved for a small business loan is about choosing the right lender. Quick-Bridge’s simple, fast approval process means you could have a short-term loan to cover business expenses within 24 hours. Contact:QuickBridge to speak with a funding advisor about obtaining financing for your small business.

 

 

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President / CEO

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Six Amazing Financing Options for Start-up Businesses

Business depends upon the idea and vision of an individual or a group of people, and one cannot start it until and unless is confident about the idea. The biggest advantage of having your own business is that you have your own choices and you get to make your own independent decisions. But certain requirements of the business must be fulfilled. You should make sure that you have the abilities to start up a new business and along with that you are ready to give your time and strength to it as the establishment of a new business requires them all.

After this, the primary thing that comes in the way to start your own business is the lack of capital. One of the most basic things that every businessperson needs at some point either to continue, to establish or to start a new business is the loan. When any business entity has less capital, then it not only affect the progress rate of the entity but also decreases the employment rate which ultimately affects the lives of many people. There are many ways by which you can get loan and the biggest mean is the bank. It is also very important that you prepare a solid business plan. You should gather all the information regarding your business niches such as the information of the ownership and the management, the objective of the business, marketing plans and financial projections. You should also present your idea to the lenders. It will help them to develop confidence in your vision.

Along with that, a written business plan is always preferable as it contains all the information that the lender would need to check whether the firm is in a position to return the loan taken or not. It contains all the profit and loss statements, bank statements, business credit reports, personal credit reports, tax return documentation and copies of all the relevant legal documents. Do you want to start a business of your own? Are you passionate about business and related stuff?! Well, the two basic things that you need in order to start a new business are capital and your devotion, of course. So here I have six amazing financing options for startup businesses. Have a look at them:

f you want to start a business a

If you want maximum profit out of your business, then you will have to finance it personally. How do you expect any banks or lenders to take a risk in you when you are not willing to take a risk in yourself? There are numerous ways to finance your business personally. You can save up from your personal income, or you can also liquidate some assets to get the startup money. You can gain the finances for your business is through your property.

It can create a big role for the investment towards your business. You can pledge your property to gain enough amount of money for starting your business as personal assets play an important role in helping the lender decide to lend you the amount. They act as a guarantee to the lender that in case you fail to pay back the amount on given time then the amount can be recovered from the assets. But do all the necessary calculations and make a solid and effective business plan so that you don’t end up wasting your hard earned money. And your business can be more profitable if self-financed due to the ever-increasing interest rates of banks and private lenders.

 

If you don’t have enough resources to finance your business personally then acquiring a loan is another option you can avail. Keep in mind that loans don’t get approved so easily. You will have to ensure the lenders that you are worth taking the risk. Here are some tips that you should keep in mind while applying for a loan.

  • Start the application process before you need the money
  • Create a detailed business plan
  • Show how the business will be profitable
  • Try to improve your personal and business credit score
  • Consult professionals to look over the loan agreement before you sign it

 

Partnerships are a great way to finance a startup personally without any involvement of banks. Gather some friends and family members that you can trust and form a partnership to finance the business. But involving business with relationships can sometimes cause problems and can lead to damaging the relationships with your loved ones. So to avoid this problem, you should form a legally binding contract that specifies the roles of all the people involved in the business.

 

  • Incubators and accelerators

Incubators and accelerators are companies that finance your business in return for some equity. They also provide you access to experienced professionals and business contacts to improve your odds of success. But like a loan you need to show these companies that you are worth the investment and your business plan will be profitable.

 

Crowdfunding is the process of raising money to fund what is typically a project or business venture through many donors using an online platform, such as Kickstarter, Indiegogo and Crowdfunder. Crowdfunding is typically done through an online platform that allows the fundraiser to set up a public campaign for accepting donations. The campaign will advertise details such as the nature of the project or venture, the amount of money the company is hoping to raise and the campaign’s fundraising deadline.

People can donate a specified amount through the fundraising campaign’s website and often receive some sort of acknowledgement or reward in return for their donation. These websites are a centralized way for startups to reach out to a large community. Many YouTube channels got their startup funding from crowdfunding websites.

 

If any of the previous options are not available, you always have family and friends to look back to. You can ask your friends and family members to loan you the startup, or you can ask them to invest in your business. It is the most common way through which you can take the loan for a start-up business. You can always convince them to lend you the loan. Where you will need to return the loan you take, you won’t have to pay any interest on them and you won’t be under any extreme pressure by your friends and family. Just make sure that you don’t let the money ruin your relationships.

 

Author Bio:
Emily Stark is a financial analyst and accounting expert. She has in-depth knowledge about setting up small businesses as well as creating profitable investments. She regularly contributes articles related to business and loans at https://www.ebroker.com.au/.

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