Financing a business can be a challenge, especially if you only have limited funds in your account. Most entrepreneurs seek out business loans or bank loans in order to finance their businesses. Aside from traditional business loans, what other options do you have? Where can you get additional assistance for your business financing purposes? In this article, we’ll be talking about business credit cards and how they can help in shouldering your expenses and in building your business credit.
Small Business Credit Cards – Wonderful Financing Tools
You don’t have to be a big company to be qualify. Nowadays, companies have issued cards that are especially designed to meet the needs of small business entrepreneurs or home based enterprisers. Whether you own a small or big business, you can surely find a card that suits your needs.
Can you apply for a card even if you’ve just started your business? The answer is yes. Even if you haven’t yet established a separate credit history for your company, companies will still consider your application by taking a look at your personal credit. If you have a good to excellent credit score, you can have an easier time getting approved for small business credit cards with the best deals.
Nevertheless, if your personal credit score isn’t as impressive as you hoped it would be, you can still get approved for a secured business credit card. Secured cards are particularly designed for entrepreneurs who have a problem with bad credit. This card is secured by submitting a certain amount of deposit to the card holder’s account. In fact, you can use it to start building your credit.
How can business credit cards help with your financing demands? First, it frees up your available cash flow so you can save them for your basic expenses. Having it gives you the assurance that you have a reliable financial resource in case of unexpected or emergency expenses. For start up businesses, it is a great way to invest on the equipment you need without paying for them in cash.
Another advantage is you can track your spending more conveniently. Aside from the monthly statements of account sent by your card issuer, you can also use the quarterly and yearly account summaries as references to your bookkeeping and accounting tasks. Many business credit cards provide downloadable account summaries which you can use along with your accounting software. These references will prove to be invaluable especially in filing your business taxes. By checking out the exact items you’ve purchases, you can easily determine which ones can be written off from your taxes.
As we’ve said, one of the most important uses of business credit cards is helping you build credit. How can you build a strong business credit with the use of your credit card? By staying within your credit limit, using your credit card exclusively for business purposes, paying off your balances in full each month and by promptly submitting your payments.
Virtual Office
Tagged: business, Credit, Financing August 31, 2010
When the owner of a business asks: “What is my business worth?”, do they mean what is the value of my business, or… what will my business sell for? In most cases, the seller is asking what price will my business most probably sell for on the open market.
Value and price are different. There is often a big difference between the value of a business and what it will actually sell for. Business Brokers and Business Transfer Agents are constantly approached to explain the difference between value and price, when preparing a business for sale.
In essence, a business valuation determines a value that can be irrefutably defended by a suitably experienced and qualified business valuer, or appraiser. A formal business valuation is usually called for when litigation, an Inland Revenue problem, or some other serious issue requires a specific and qualified value for the business to be established.
A price is the figure an experienced and accredited Business Broker formulates – employing several accepted methodologies – which, in their opinion, a willing buyer will most probably pay for the business.
Business valuers/appraisers find themselves in a difficult position. They can only value a business based on facts, figures, fundamentals, research and other realistic assumptions that are able to be resolutely defended. A formal business valuation – even when based on facts, figures and fundamentals – can be significantly higher than what a prospective purchaser is willing to pay for the business.
So what is it that creates this difference between the value of a business and the price? The easy answer is perceived value. In other words… what is the business really worth to the buyer? This figure is the value of the business as perceived by the buyer and subsequently, the price they will pay… the selling price.
There are several other factors affecting the selling price of a business. For instance, an all-cash transaction will generally result in a lower selling price than one that is part financed by the seller; and the longer the term of the loan, the higher the final selling price will be (once the loan is finally paid off). Another example would be a case where, in exchange for a higher price, a seller who owns the land and building (in addition to the business) may not charge rent for the first 10 years so that the buyer has more working capital for expansion; or no debt service for the first 5 years of a 10-year note for leasehold improvements, and so on.
Favourable deal terms increase price, not value.
The lesson here is simple. Business appraisers can only value a business based on what can be defended. Use the valuation as a beginning (or ending) point of the selling process. Know the details of what you are using as a reference to develop your value expectations and understand that perceived value and actual value can be very different.
answeringmachine Cordless Phone
Tagged: business, Selling August 28, 2010
In the many years I’ve owned by own business I’ve become knowledgeable in how to increase growth in my business or anyone else’s. Although I know this I appreciate how difficult it can be for people who have just started out in business. I’ve written the following article to help inform you of how to increase you business.
Note: Don’t forget that if you increase your business too quickly you may find that you can’t cope with the large amount of interest or orders. Don’t worry about taking it steady as in the long run this is more suitable.
Don’t spread yourself too thinly. Concentrate on one product or service and market it well. Let it sell and then at a later stage you can increase additional products and services. Do one thing well instead of ten things not!
When you become successful I would strongly recommend giving something back to your customers. If you give a customer or potential customer a free gift they feel compelled to give you something back which is a sale. This gift doesn’t have to cost anything it could be ‘Top 5 secrets to get the perfect hairstyle’ which is free for you and gives your customer great advice.
Up sell to your current clients. Once you’ve made a sale don’t cast the customer a side. Take as much contact information as possible and keep in constant contact with them about new products or products which may suit their needs.
I hope my article has helped any future or current business owners.
callerid Hole Punch
Tagged: Advice, business August 27, 2010
Most of you should know this: The first black millionaire was a woman Madame C. J. Walker. Since her time until today Black women have played a vital role in the success & survival of Black Businesses. Black businesswomen have had to endure not only racism but also sexism. But through it all they have not only survived but thrived. Trailblazers like Patricia Bransford President Of the Urban Technology Center, Donna Walker-Kuhne CEO of Walker International Communications Group Inc., LindaMichelle Baron President Of Harlin Jacque Publishing Inc. These and countless other African American women have refused to accept mediocrity & excelled.
In order for our people to be successful & rise from poverty & despair the Black woman must take the lead. I know a lot of the men will be mad at me for saying that. However Black women are at the head of most of our households & are making the financial decisions in most families. So they are the ones in the best position now to help solve our problems. Listen Brothers we must step up and take our place as the head & sisters will be more than happy to support & be there for us until then let’s support & be there for them. We will talk more on that in a later subject.
Black women must look to become entrepreneurs & business owners & not always give away your natural Divine Skill & Ingenuity. No one is more resourceful & creative than the Black woman. Think about how Momma & Nanna made beautiful things for us out of virtually nothing. How delicious meals were prepared with no food. There are thousands of ideas & inventions that came from the mind of the Black woman that corporate America is making Billions on. It’s time for the Black woman to cash in on her own ideas and take the cash to better the lives of herself & family.
What’s stopping you? What’s your excuse? You know you always wanted to to. You might say I don’t know where to start! I don’t have proper business training! I don’t have any money! I have a family! I have a career! I just don’t have the time! ETC…
What if I told you that I have the solution to all of your so-called excuses! A dynamic organization dedicated to building wealth & making stronger businesses in our community. It’s called the Black Business Builders Club this organization is the most complete wealth building program available period. It offers extensive entrepreneurial training to all of it’s members. Whether you are looking to start a business, are a current business owner looking to increase profits the BBBC is the place for you.
Network With Other Successful People
The Black Business Builders Club Is full of members who are experts in just about every field of business & are more than willing to help you in your venture. As the saying goes” It’s Not What You Know. It’s Who You Know!”There is strength in numbers. So, if our businesses are going to survive and grow, we are going to have to work at better organizing ourselves & support each other. Just like every other”self-interest” group in America has had to learn to organize themselves. No one is going to do it for us. We must network & help each other to be successful. This is what the BBBC is all about . It’s gives you the flexibility to work part time & still be successful. The extensive entrepreneurial training gives you the knowledge and understanding on how to create and run a successful business. This program will also teach current business owners how to increase their profits. Provide an additional source of income. And save you money on everyday products & services with our shopping discount benefit.
Virtual Office Cordless Phone
Tagged: business August 25, 2010
Sometimes being somewhat old and of a strong Swedish heritage which means stubborn in my family, I fail to truly listen to the good advice that I have received along the way as I have grown my business. Recently, I just began to take some of that advice to heart specific to my marketing plan by growing my speaking business.
At a speaking engagement that came from a referral, I concluded the presentation with a funny line, “If you know of anyone who needs a speaker, please let me know as I speak for food.” This simple request brought several chuckles along with five requests to speak at local service organizations.
After speaking at each of these 5 new opportunities, I once again concluded that “If you know of any other local organizations who would enjoy hearing me speak, remember I speak for food.” New requests came across my desk including a couple of paid engagements. I never realized that growing my business through marketing my speaking services could be as simple as just asking for it.
By not charging for local speaking engagements, I have been able to begin to market myself as well as my message that personal improvement or business improvement must come from within each individual. Using humor, an extensive work history, a self-directed learning attitude and a lot of personal experiences, I am able to speak from the heart and bring value to those in the audience.
Speaking engagements are a small business help strategy that may become a primary source of income or continue to be marketing vehicle that allows others to begin to know you as a:
Business speaker
Change management speaker
Educational speaker
Inspirational speaker
Motivational speaker
Paradigm speaker
Spiritual speaker
Whatever the reason or reasons that you are speaking, just remember this simple suggestion to secure more opportunities: Just ask and if possible, sprinkle a little humor and see your engagements quickly multiply along with your business results.
Cross Pen callerid
Tagged: business, Marketing, Results, Speaking August 24, 2010
For many reasons the government supports minority and women businesses with free grant money to help start a new business or expand a current one. Local governments in particular are highly interested in what you can do in terms of bringing revenue and tax dollars in to the community and creating an attractive environment for nearby small business owners.
Your business success is critical to the health of the economy and the community you do business in, which is why billions of dollars are given away each year to help entrepreneurs get off the ground running. The government realizes that there is some financial risk involved with starting a business. Not only can it cost a significant amount of money, but it often has to be done while sacrificing any kind of income.
The biggest fear is that people who are business savvy and have a great idea for a small business will never pursue it because of the financial barriers that exist. But America cannot continue to be a competitive nation and thrive economically without the entrepreneurial spirit and success.
Minorities and women are one of the hottest areas that these grant programs seem to be focusing on. There are many resources for minority and women businesses owners to find and obtain free grant money that never has to be paid back. Obtaining $50,000 grant checks for a home based business, for example, does not seem that far fetched. You will need a well thought out plan that shows that your business will likely produce and income over the next several years. Beyond that it is just a matter of finding and applying for the programs that you qualify for.
Foam Board Briefcases
Tagged: business, Grants, Minorities August 23, 2010
I have the world’s best dog, and I tell her that every chance I get. Bexley isn’t just a pet, she’s family. She doesn’t know it, but she has taught me a lot about life which helps me better run my business. This list could easily be a top 10, but I’ve narrowed it down significantly!
Lesson #1: Express your happiness daily. Dogs have pretty simple needs. Our human needs are often complicated and messy.
In today’s world, there’s a lot to be unhappy, anxious, and generally miserable about – get online, flip on the TV, read the paper. You’ll find high gas prices, high food prices, a slumping housing market, a slumping economy, and general unhappiness with the way things are.
But no matter what kind of day I have or the woes plaguing the universe, when I open that front door, Bexley runs full force toward me, jumps up, front paws airborne, and practically dives into me, her whole body wagging. Now that’s happiness.
I ask myself, how can I be that happy?
First, I focus on the idea that less is more. There is so much competition for our financial resources, our time, and our energy. As an intense, action-oriented person, creating simplicity has been a work in progress for me. I try to streamline my schedule to include only the most important things, and I routinely practice saying “no” to activities and purchases that stretch me thin financially, emotionally, and mentally.
Second, I am consciously grateful for what I do have. I remind myself daily of what I’m grateful for, and I try to remove the focus from material things.
I also apply these two ideas to my professional life. I have streamlined my schedule to focus on what’s most important to my business. I set boundaries by asking myself on each opportunity if it’s a fit. I’m truly grateful for my clients and alliance partners, and the opportunities I have to work with them.
Lesson #2: Have an attitude of expectation. Be consistent.
In our house, the pantry is home to Bexley’s treats, affectionately referred to as “Door #2.” When she comes inside from the backyard, she always trots straight to the door and sits, fully expecting that her owners will open the magical door and a treat will appear. It never occurs to her that it won’t happen.
These qualities have helped me tremendously. There will always be challenges along the way. Long sales cycles, and projects falling apart at the last minute are all part of it. But at the same time, it doesn’t occur to me that it won’t work out. I love being self-employed and I expect to be successful.
To help me achieve consistency, I’ve built a daily routine. That includes time for writing articles and reading to build expertise in my industry, as well as time for sales activities, and project work. Focusing on only the most important business activities and managing the freedom of self-employment keep me on the right path.
Lesson #3: Life is short. Make it count.
Bexley makes the world a better place, at least for us. The toughest part about having her is knowing that her time with us will be too short. Over time she has mellowed out somewhat, but she still has the happiness that I remember in her as a puppy. When she meets us at the door, it’s still a full-force, bounding greeting. Door #2 is still magic. Her life counts in a way that she’ll never know.
It’s really easy to let the days busily slip by. How do I know if I’m making it count? I know it counts if I’m making things better for my family or for the world around me.
I keep a list of my most important business and personal goals in plain sight. Depending on the size of the goal, I aim to work on one each year.
How do I make it count in my business? I select projects and clients that inspire me. That gives me the most energy and drive to do my best work. I also delegate tasks so that I have more balance in my work and personal life. I aim for each hour of my work to make me better, more knowledgeable, and valuable to my clients.
Bexley has taught me these business lessons in her own loyal, friendly, loving way, and I’m forever grateful to her!
Briefcases callerid
Tagged: business, Labradorable, Learned, Lessons August 22, 2010
Many times when businesses fail, they go out not with a bang, but a whimper. They die a slow death. Many small business owners feel the overwhelm of shrinking revenues and the enveloping advance of competitors, but still refrain from making any dramatic changes until it is too late to achieve a business turnaround.
Whether you run a small manufacturing company, professional service firm, or a local retail establishment, there are at least 9 business turnaround strategies you can implement to achieve a successful reversal of your business fortunes.
1. Institute regular strategy sessions
The first time you notice your profit margins shrinking and your clients leaving you for your competitors should be a time when you consider reinventing who your company serves, what it does and how it delivers value.
2. Business model innovation
While this may be obvious for manufacturers, even very small local businesses face strategic business risk from large scale movements and trends taking place outside their industry, or among their customers, or within society as a whole. Business model innovation means that you consider changing who you serve, your position in the value chain, your differentiating value proposition, or all three (among other factors).
3. Invest heavily in customer communication
I am always shocked by just how rarely the average small business communicates with its customer base. So many entrepreneurs and CEOs simply assume that the customers “Do not want to hear from us that much”. My retort to that is always, “How do you know?”
One of the most dangerous habits you can pick up as a business owner is that of turning assumptions into facts without investigation or experimentation. I have seen this one habit kill more businesses than any external conditions or competitors.
Your customers hold the most valuable business intelligence money can buy. Aggressively seeking their feedback and opinions should be your first point of attack as soon as you suspect any structural weakness in your business or your business model.
4. Conduct an audit of marketing assets
Many of the supposed weaknesses and expenses of a business just might be marketing assets hidden in plain sight. For example, a list of former customers who have not bought a thing in the last two years could easily be reactivated with a targeted and honest direct mail campaign. Instead, I often see business owners whose attitude to past clients is, “You are dead to me”.
5. Establish a strategic alliance
The ideal strategic alliance partner has a business whose product or services complement your own. One of the fastest and most effective business turnaround strategies is to “force feed” your lead generation system with a series of strategic alliances. Such strategic alliances allow you to gain endorsed referrals to targeted prospects and to gain additional revenues without increasing your overhead or burdening your operational model.
6. Create a new profit center
One of the difficulties many small businesses (particularly local retail or service establishments) face is the inability to scale. For example, an assisted living facility that has only 10 beds is somewhat limited in how it can increase it revenues if all ten beds are filled and it still has financial difficulties. However, there is often expertise that can be packaged into consulting opportunities, or licensed to other establishments.
One of the simplest ways to turn product or service-based expertise into an additional income stream is through the creation of a closely related information-based business or profit center that piggy backs on the intellectual capital locked up in the business. Such profit centers usually have much higher margins and lower operational overhead than your existing business.
7. Innovate your pricing
Changing how you price your product is often a great way to build new momentum in your business. The history of IBM shows that one of the key changes made by Thomas J. Watson when he became general manager of CTR (the struggling company that would later be renamed IBM) was to convert the pricing scheme of their early machines from expensive outright purchases into more affordable long-term leases and maintenance plans.
Simple price innovations such as offering 3 tiers of price packages rather than a “take it or leave it” price, often results in greater sales conversions for many firms.
8. Factoring and asset-based financing
Sometimes, the unavoidable challenge in achieving a business turnaround is in getting better cash flow out of the assets in the business. Factoring is a type of financial transaction in which a business receives a lump sum for selling its accounts receivable to a third party.
Factoring is just one of many asset-based financing strategies that could fuel a positive reversal of fortunes in a troubled small business. Another option is to receive structured working capital by obtaining loans secured by other business assets such as inventory, machinery, and real estate.
9. Develop a unique selling proposition
Many small businesses get by for a long time on their tactical marketing efforts and only begin to appreciate the seriousness of true business differentiation when such marketing efforts begin to lose steam. A unique selling proposition or USP may be the single most powerful weapon for small business marketing success.
Having a clear reason why your marketplace should do business with you instead of your competitors or substitutes instantly makes all your advertising and marketing efforts more effective. It also gives every customer and referral partner a very powerful referral script on your behalf. If your small business is already engaged in a heavy amount of marketing and advertising, developing an effective unique selling proposition may be the most potent weapon you have for turning your business around.
You do not have to implement all 9 business turnaround strategies immediately. Pick one that seems most appropriate for relieving your profitability and performance bottlenecks, and then get to work. Over time, if you test and implement these strategies, you will find your business on the path to explosive long-term profit and revenue growth.
Paper Shredder Cordless Phone
Tagged: business, Strategies, Turnaround August 19, 2010
When doing business abroad it is important to understand the local culture. Culture includes areas such as a country’s norms, values, behaviours, food, architecture, fashion and art. However, one area of culture that is important for the international business person is etiquette. Understanding business etiquette allows you to feel comfortable in your dealings with foreign friends, colleagues, customers or clients. Knowing what to do and say in the right places will help build trust and open lines of communication. One aspect of etiquette that is of great importance internationally is the exchanging of business cards. Unlike in North America or Europe where the business card has little meaning other than a convenient form of capturing essential personal details, in other parts of the world the business card has very different meanings. For example, in Japan the business card is viewed as a representation of the owner. Therefore proper business etiquette demands one treats the business card with respect and honour. Below we have provided you with a few examples of international business card exchange etiquette that may help you on your business trips abroad. General Business Card Etiquette Tips: o Business cards are an internationally recognised means of presenting personal contact details, so ensure you have a plentiful supply.
o Demonstrating good business etiquette is merely a means of presenting yourself as best you can. Failure to adhere to foreign business etiquette does not always have disastrous consequences.
o When travelling abroad for business it is advisable to have one side of your business card translated into the appropriate language.
o Business cards are generally exchanged at the beginning of or at the end of an initial meeting.
o Good business etiquette requires you present the card so the recipient’s language is face up.
o Make a point of studying any business card, commenting on it and clarifying information before putting it away. Business Card Etiquette in China o Have one side of your business card translated into Chinese using simplified Chinese characters that are printed in gold ink since gold is an auspicious colour.
o Ensure the translation is carried out into the appropriate Chinese dialect, i.e. Cantonese or Mandarin.
o Your business card should include your title. If your company is the oldest or largest in your country, that fact should be highlighted on your card.
o Hold the card in both hands when offering it.
o Never write on someone’s card unless so directed. Business Card Etiquette in India o If you have a university degree or any honour, put it on your business card.
o Always use the right hand to give and receive business cards.
o Business cards need not be translated into Hindi as English is widely spoken within the business community. Business Card Etiquette in Japan o Business cards are exchanged with great ceremony.
o Invest in quality cards.
o Always keep your business cards in pristine condition.
o Treat the business card you receive as you would the person.
o Make sure your business card includes your title. The Japanese place emphasis on status and hierarchy.
o Business cards are always received with two hands but can be given with only one.
o During a meeting, place the business cards on the table in front of you in the order people are seated.
o When the meeting is over, put the business cards in a business card case or a portfolio. Business Card Etiquette in the UK o Business card etiquette is relaxed in the UK and involves little ceremony.
o It is not considered bad etiquette to keep cards in a pocket.
o Business cards should be kept clean and presentable.
o Do not feel obliged to hand out a business card to everyone you meet as it is not expected.
Calligraphy Pen
Tagged: business, Etiquette August 18, 2010
Times are hard for everybody, especially for those who are brave enough to take the bull by the horns and make the prize decision of starting your own business. So you have finally decided to start a new business? Then good for you! You deserve to make your own way out of this economic mess. The most important thing that you must get in order to make your new business legit in its own right is to register for a sales and tax permit as well as any other permits required by local state, county, and city offices that deals with businesses in general. You must register for a sales and tax permit if you are an individual who is starting your own business or already has a business, a partnership, a corporation, or an organization who is engaged in a business.
You should also register for a sales and tax permit, also known in some states as a sales and use tax, which is a tax applied if you are selling tangible property or provide taxable service to your customers in a city, county, and state, perfect for those who are going into the retail business. In addition to the sales and tax permit, there are business taxes to be considered along with a corporation income tax and corporation franchise tax. But what are they? A corporation franchise tax is a tax that corporations pay in advance to operate their businesses in the state, but it is not a tax on franchisees, while a corporation income tax is a tax based on how much income made by a corporation. If you are in a partnership with a state resident or receive income from a state’s sources, then a partnership tax should also be considered into the mix. You should also take into consideration the federal tax responsibilities needed to make your business run as smoothly and properly as it can be.
For this, you should consider the income tax (which all businesses, except for partnerships, must file a federal income tax every year), an estimated tax (making regular payments of an estimated tax during the year), a self-employment tax (a must have especially if you work for yourself), employment tax (a must have especially if you have employees), and/or an excise tax, a must have if you are doing the following: manufacture or sell certain manufactured products, operate a certain kind of business, use of various kinds of equipment (including facilities or products), and/or receive payments for certain services. By doing these things, you can guarantee your business‘ life-long success if you set your goals towards not only obtaining and keeping your consumers up to date, but to keep your business alive and kicking during these rough and tough economic times.
Addressbook Padded Envelopes
Tagged: business, Information August 17, 2010
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