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Pro’s & Cons of a Remote Sales Team

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Many companies decentralize their salesforce by regions, enabling reps to better serve clients. This is advantageous because buyer preferences can vary across different regions. But sometimes companies must hire more virtual or remote sales teams in locations where they don’t have sales offices. If you are thinking about creating a remote sales team for your business or company, here are some advantages and disadvantages to such a strategy.

Pros

Covering Distant Markets
One advantage of hiring remote sales reps is so you can cover cities and towns in which you currently don’t sell. These markets may have many viable characteristics, including a conglomeration of businesses similar to your client base and less competition. Having at least one remote representative in the area can solve this issue.

Attract Higher Qualified Reps
Many talented and highly qualified sales reps often prefer working in remote environments, especially if they have a high degree of self-discipline. The remote positions allow them to focus more on sales instead of meetings, enabling them to earn higher commissions and bonuses.

Lower Overhead
With a remote sales team, you don’t have to lease office space, buy furniture, purchase hordes of office supplies or pay for the utilities of a sales office, according to business consultant company Openview Labs. Remote sales reps usually work from home and can deduct a percentage of their mortgage or rent for tax purposes. They can also deduct common business expenses, including furniture and office supplies, which saves your company money. For any expenses you do incur developing a remote sales team, including consulting, hiring and training, consider getting a loan. Companies like Business Credit and Capital can fund your expansion and even offer you a line of credit if you’re qualified.

Increased Employee Satisfaction
Although many professionals may have difficulty motivating themselves working from home, sales reps often prefer more autonomy. And if this is something they desire, it can dramatically increase their job satisfaction level. Working from home is also considered a perk that many seasoned sales reps desire when seeking sales opportunities.

More Efficient
Hiring remote sales reps can not only increase their productivity level and sales, it frees you up as a sales manager or business owner. You spend less time meeting sales reps and more time creating strategies to increase revenue. And even when you do have meetings, you can use video teleconferencing services, which are much less expensive than spending money on flights for reps to fly to your home office.

Cons

Less Control
You lose a certain degree of control over sales reps when they work from remote venues, but this is less of a problem if you hire the qualified reps who’ve worked in similar environments. Asking reps to call you often and requesting frequent status reports can also alleviate some of the negatives associated with control issues.

Lack of Camaraderie
Openview explains how sales reps have fewer chances to share war stories or develop bonds with one another in remote settings. And since many traditional business leaders believe that strong bonds among employees create more unity in corporate settings, they are less apt to adopt the remote concept for their sales team.

More Security Problems
Since your IT department must connect remote sales reps with company software and email services, you typically have more security problems in a remote environment. Home-based computers are more prone to hacking and data leakage, according to Kelly Services.

Transitions and Promotions
It’s often difficult to promote remote sales team members to corporate-based jobs, especially if they like working in remote settings. That means you will have to hire reps from outside the organization to fill in-house jobs. And for those reps who do transfer to corporate offices, they may not transition well and then you’ve wasted money with relocation and other moving related expenses.

If you’re looking to create a remote sales team, you must weigh the pros and cons and do what’s best for your company. Another option is to hire several remote sales reps on an experimental basis and see how it works out. You can then expand your remote sales team as large as you see fit.

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Are You Asking Potential Clients The Right Questions?

 

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If you aren’t converting a good portion of your prospects into clients, then the problem might be the questions you ask. Are you asking potential clients the right questions? To find out, compare the questions you normally ask for the types of questions in this article. We’ve included four types to ask your potential clients and one to ask yourself.

Who Questions

The first questions to ask relate to who you’re speaking to. Who does this prospect work for? Where do they live? What are his or her needs? Knowing the answers to these questions will help you determine which product or service might suit them best. You’ll be able to tailor your sales pitch to them and get better results.

Why Questions

Another type of question to ask is why. Why is your prospect looking to buy now, rather than six months ago or six months from now? Why are they speaking with you instead of looking at an off-the-shelf solution? Getting your prospect to explain their reasons will do two things. The first thing it will do is convince you that they’re a good fit. The second thing it will do is convince them that you’re a good fit. This is because in order to convince you of the why, they have to convince themselves too.

How Questions

The next set of questions to ask relate to how they envision their final result. What do they hope to gain and how will your product or service accomplish it? Are there any particular quirks you need to accommodate, such as a tight deadline? You’ll want to know how the prospect envisions the end result so you can align your sales pitch or highlighted product with their expectations.

Budget Questions

In order to remain in the black, you have to ensure that you’re only spending time with high quality prospects who are able to buy. These prospects have the budget to afford your product or service and value what you have to offer. Clients who may otherwise be a perfect fit should be referred to trusted vendors. Clients that value your service will pay higher rates and be more satisfied with your work. Maintaining Business Capital and Credit. And if you need help maintaining business capital while you’re in between clients, then you should consider credit to carry you through known slow months.

The Question You Need to Ask Yourself

Finally, one question that small business owners get wrong is the one they fail to ask themselves. That question is: who is your ideal client? Who do you best service with your business? How old is he or she? What industry does he or she work in? What is his or her primary motivator? How much money can he or she spend? Knowing who your ideal customer is will help you avoid trying to market to everyone, a practice which doesn’t work. When you narrow in on your ideal customer, you can more easily determine who is and isn’t worth your sales time. You can also spend your advertising and marketing money more economically and tailor your message so that it resonates with the prospect and makes the sale.

Converting potential clients into clients isn’t hard if you focus on the right prospects and if you ask the right questions. You won’t convert everyone, but you can convert a greater percentage by using these questions.

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How to Take Control of Your Business’ Budget

Taking full control of your business’ budget is paramount to survival and consistent growth. Without a tight grip on the reins, your business’ growth can get bogged down by improper businessresource allocation. Here are seven things you should do if you are serious about taking full control of your business’ budget.

Find a Process that Works For You

Every business owner will have a slightly different way of managing expenses and revenues. However, there are common denominators or parameters that can be seen in every budgeting plan. For instance, a majority of businesses lease office or workspace and thus must pay mortgage per month. To run the office, they must have utilities including electricity and water, which is again part of the expenses incurred per month. Finding a specific budgeting approach that works best for your business is essential to effectively address market challenges and grow the brand.

Cover Everything

A good budgeting plan must cover everything, even unforeseeable expenses that are yet to be encountered by the business. You cannot take full control of your business’ cash flow if you don’t know exactly where it is going dollar for dollar. Start simple by listing the most obvious expenses like utility bills, payroll, raw materials, manufacturing, and marketing. Divide each section and allocate funds according to its relative importance to your business.

Update Your Budgeting Plan

It should be a monthly routine, but checking and tweaking the plan every quarter of the year will also suffice for business owners who have a lot on their plate. If your budgeting plan is going to work for you, it must account for any and every change the business undergoes every day, whether it’s an expansion of the workplace, increase in payroll or changes in marketing channels. Update your budgeting plan with the management team and look at how the initial parameters are holding up with the current market conditions and company performance.

Keep Your Team in the Loop

Always keep employees informed about your current budget and budget forecasts. This information empowers them to take ownership of the tasks and processes that are vital to your company’s continuity and growth. Knowing how well your business is doing financially enables your employees to watch their project costs and are less likely to make any impromptu decisions that could further worsen the financial crisis the business is in.

Use a Spreadsheet to Simplify Budget

A spreadsheet makes it easier to control your finances by providing a visual perspective of the different things you are keeping track of. Instead of just having a list of items and numbers on a piece of paper or at the back of your head, a spreadsheet with matching charts and graphs can detail just how big a portion of your capital is being allocated to raw materials or just how small the revenues are being produced by a particular marketing channel.

Always Look to Cut Costs

A business that continues to cut costs but increase revenues is a succeeding one. Even if you’ve trimmed enough fat on your budget plan, you should not be complacent with your achievements and instead, look to continue cutting costs. Focus particularly on items that can be managed at greater scale. In addition, consider waiting to make purchases until the beginning of the next billing cycle, or capitalize on payment terms and conditions given by suppliers and creditors.

Secure a Business Loan the Right Way

It’s not always easy borrowing money from large banks or private lenders, especially if your business lacks creditworthiness and collateral. Companies, like Business Credit & Capital, are providing a simpler process to acquiring the financing you need to fulfill inventory orders and leverage marketing strategies. Essentially, a business cash advance from Business Credit & Capital will involve purchasing a portion of your anticipated revenues and forward the money to you upfront. Unlike other financing options, a business cash advance enables you to use the money without any limitations, giving you the ability to direct funding where you deem it most vital and not where the bank sees fit.

These seven budgeting tactics will help you take better control of your operating capital without having to pay thousands of dollars per year to third-party resources for consultation and expertise.

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Here’s how to Create a Strong Company Culture for your Business

 

A strong company culture plays a vital part in the growth of any business. Many executives fail to realize that there are substantial advantages to high employee morale. Often this can 7945910370_8678ee1d13_zequate to big boosts in profit compared to an environment where employees are not positively engaged. A strong culture means lower turnover, which means lower recruiting and
training costs, better performance, better relationships, stronger loyalty, and more diligence in responsibility, all of which lower costs and improves profitability in all departments. Here are some ways to improve your own company culture.

Make Promoting the Culture Part of the ProcessInstitute policies that support the culture you’re seeking. Employee engagement can be part of a feedback loop that welcomes feedback on any personal or company-wide issues, from all sources and at all times. Not only does this give executives direct insights into employee issues and expectations, but it creates a flood of ideas that may well contain a few valuable solutions. Communication, process, technical, and organizational issues are things that can only be experienced from the inside out.

Make Employees Part of the Culture
In addition to channels of positive communication, it can be beneficial to convey to all managers, supervisors, and other key personnel, such as sales and HR, the importance of observing some positive workplace behaviors. An environment of simple courtesy, collaboration, mutual respect, and just plain having fun can become habits that promote better working relationships.

Nurture Connections
All employees should also feel a connection to the company and its mission. Company-wide emails and posted reports should be open about financial situations, organizational changes, new projects, initiatives, and marketing campaigns. HR and management should be encouraged to discuss these affairs with their staffs. Employees should have ample opportunity to acquire knowledge and take an interest in the company as a whole, not just their own role or department.

Employee Rewards
“Employee of the month” awards may sound hackneyed, but it’s important that employees see the value in good service. Recognition of not just outstanding performance, but great attitudes and ethics, is important to both individuals and employees at all levels. It helps them to feel a sense of belonging, pride, and confidence that improves job satisfaction and motivates efforts. Even such rewards as a gift certificate or a day off are a small price to pay for improving employee dedication.

A Strong Brand
It’s also important that companies take steps to establish and maintain a strong, recognizable, and positive branded image in all their interaction with the world outside, as well. This inspires confidence in customers, but also pride in employees and in the surrounding community that your company is part of.

Weak Culture
Success involves creating a strong, cohesive culture that engages all parties with your business plan. In the same way, weak company cultures can have a negative effect. Unfair practices, lack of recognition, and lack of reward lead to low motivation, lackluster performance, and eventual disloyalty. Poor leadership decisions and limited profits can suggest a failing company that has the same adverse results. It’s important that businesses maintain an attitude of financial health through regular payroll, projects, and updated technologies.

Finance Issues
If profits margins are stagnant and funds are low, Business Credit & Capital may be the key to your financing needs. We can help you find the loan you need for the latest expansion or product development. We have made a specialty of supplying funds to retail, service, and restaurant industries in times of need. Even those with faltering credit can get cash advances with our unique financial solutions. We can purchase a part of your anticipated future revenue and advance the cash. Our mission is to advance your business.

Your goal in providing a strong business culture is to get higher levels of performance from your team, and greater commitment from both staff and customers. Recognition, reward, and good policies and habits are an important part of inspiring others to take part in your culture. But mere speeches fall short after a while- maintaining an image as a healthy, successful company as opposed to a weak and struggling company is also important.

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How to Rebound After Taking a Business Loss

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Managing your small business can be difficult when you are dealing with the affairs of a struggling business. More so, it can be difficult to envision a rebound when your cash flow is insufficient, and debts are piling up. Making a turnaround particularly seems unlikely when your already have poor credit and you are receiving pressure from creditors who may be threatening you with legal actions.

Fortuitously, even on the brink of giving up, various formal and informal solutions are available that could allow your business recuperate from taking a loss as well as get back on the road to achieving organizational goals. If you are currently running your business at a loss, consider the below tips to help you rebound.

A Formal Arrangement with Creditors

Attempt a formal agreement with your creditors. Sometimes, all your business requires to recuperate is less burdensome or fewer monthly financial obligations. With a lower minimum repayment requirement, you will get leftover funds that you need to start working towards a profit again as well as invest when opportunities avail themselves.
You can have a professional expert draft and propose a company voluntary agreement (CVA) on your behalf, and on most occasions, it will offer a higher chance of approval than when you carry informal negotiations via the mail or over the phone. A CVA will not only reduce your monthly repayment obligation and recentralize all your repayments into a single commitment, but it can also help you terminate or restructure supplier and employee contracts to reduce payroll and overhead expenses.

Analyze Secured Financing Options

Regardless of whether your business has a pathetic credit rating, it may be possible to use outstanding invoice payments or some of its assets as collateral in getting approval for a secured loan or credit account. Financing methods based on assets such as discounting and invoice factoring would present you with the ultimate chance to improve cash flow. With a sufficient cash flow in your business, you will be able to access funds to meet your bills while still working towards realizing a profit.

Consider Business Administration

In considering company administration, you would relinquish the control of your business to an external agent like an insolvency partner. The insolvency partner would work as the administrator of your business with the primary goals of satisfying creditors and reduce debts. As soon as your business grants the administration order, your creditors would no longer have the ability to pursue any legal actions against your business.
If you have little confidence in the capabilities of your directors managing your business well, this could be the highly decisive moment to turn things around with advice and guidance from a trained professional. Consult with an expert before making the decision to avoid making mistakes.

Reduce Your Expenses

Your business needs all the cash it can get to recuperate fully from the loss. Cutting down on unnecessary spending will increase the amount of cash flow in your business. Analyze your spending and mark the things you can cut from your business spending without tramping down your core business operations. Additionally, check on the amount of drawings that you are taking from your business. Limit unnecessary drawings as these expenses are not aimed at helping the business grow.

Most of the expenses you incur from running your business come from suppliers. Try to negotiate better deals than the already existing ones from your suppliers. You need to have well-established business interactions with your suppliers for this to work out for you. In addition, make extra money from selling assets that you no longer utilize in your business.

When it comes to making a turnaround from losses, financing plays a significant role. You will need a trustworthy and reliable financial partner to ensure your cash flow is sufficient. One of the excellent financial partners is Business Credit and Capital. This company offers financing services to small and medium sized business nationwide. They will provide working capital for your business in a short time, and you can get an approval within 24-48 hours. Unlike most small business loans, you will have full authority to spend the money without restrictions.

Business Credit and Capital takes pride from helping businesses grow. It has an excellent staff that is ready to answer your funding questions right away. To get in touch with them, call 1-866-222-9922 or email them at info@businesscreditandcapital.com. Their website, http://www.businesscreditandcapital.com/, will provide reliable information on their excellent services.

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When is a small business loan good for your company?

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Business owners should get a loan whenever the funds will benefit employees or consumers financially. If you operate a small business, there are five situations when you may want to pursue a business loan.

Expansion

A small business loan is worth considering if you’re in the process of growing your company. Expanding is a very strategic move because it ensures constant growth by preventing loses in profitable sectors.

The process of expanding won’t be easy if your business lacks the proper finances. You’ll need to pay for advertising, real estate, new staff, and potential building renovations. By working with a loan company, you can scale without using your business’s crucial operational funds.

Buy Inventory

Managing inventory requires a lot of patience and a strategic plan because you must stock a variety of products before your customers can buy them. Once your business is operational, you’ll need to replenish everything continuously in order to present different options that will suit your customer base. If you run a seasonal business, each investment must be made carefully since summer, fall, winter, and spring products may not fly off the shelves consistently throughout the year. A business loan can help you in this situation; by using the funds, you can keep up with the latest trends and serve your customers successfully without using any of your monthly profits.

Cash Flow

Most businesses have problems working with consumers who don’t complete their transactions on time. If your company has cash flow issues and plenty of unsold inventory, a business loan will benefit you. Cash flow problems can greatly affect your business if you have high utility bills, an expensive mortgage, and dozens of employees. hr9j9Xe
By getting a short-term loan, you’ll have enough cash to cover your daily operational costs. When cash flow is properly managed and maintained, businesses grow because the additional funds help managers attract new customers and boost revenues.

Equipment

You’ll need backup funds if your business relies on machinery or highly advanced equipment. Devices that are used regularly in commercial environments are risky. If a business serves thousands of customers, the equipment will gain a lot of wear and tear. Unexpected repairs can hurt a company financially because the overall costs aren’t cheap.

A loan can help run your business efficiently because you can use the additional funds whenever important machinery needs repairs. You can also invest in new technologies that will benefit your businesses and customers down the road.

Growth Strategy

As your business begins to attract global customers, you’ll need to develop a plan that will help you secure larger loans. In this situation, obtaining a small loan first is an ideal strategy because the process will help you build credit.

You must understand that your first loan probably won’t have ideal terms. The interest rates will be high since your credit history isn’t strong. This is why many small business owners work with a reputable loan company to ensure reliable and efficient growth. If you want to get your funds quickly, considering scheduling a consultation with the staff at Business Capitol and Credit.

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Is Your Company Prepared for a Cyber Attack?

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Cyber attacks are a common problem for companies worldwide. Research shows that there is an increase in international threats, especially from Asian countries. About two-thirds of the organizations attacked by hackers are forced out of business within six months. Nowadays, most companies operate under a constant threat of cyber crime. This problem costs small and medium-sized businesses over $188,242 a year.

Cyber Attacks at a Glance

Some of the world’s largest organizations, such as Home Depot, JPMorgan Chase, and eBay, have been hacked over the past few years. It’s not “if,” but “when” that your company will fall prey. Hackers can steal valuable data, credit card information, and intellectual property from your organization anytime. Most attacks are designed to sabotage operations, compromise a company’s position, or simply do harm.

According to Verizon, 92 percent of all incidents that took place in 2014 stemmed from nine types of attacks, such as POS intrusions, cyber-espionage, malicious traffic attacks, Web app attacks, and misuse of computer access privileges. Retailers, banks, restaurants, and hotels are particularly at risk of payment card skimmers. POS intrusions are common among hospitality companies and small retailers.

The best defense against cyber attacks is to learn about this problem and make yourself a difficult target. Many companies have been hacked just because they had poor security or did not protect their Wi-Fi systems with a strong password. Simple things, such as encrypting your data, securing your hardware, and using anti-malware and anti-virus protection, can dramatically lower the risk of cybercrime.

How to Protect Your Business from a Cyber Attack

Most cyber attacks target small and medium-sized companies who fail to protect themselves. Hackers have developed newer, more sophisticated methods to steal data and generate revenue, such as the Crypto Ransomware, custom attack programs, and “Trojanized” software updates. As a result, more and more organizations are hiring IT security experts. Some also purchase Cyber Liability insurance, which usually covers security updates, data restoration expenses, forensic services, and lawsuit defense costs.

If you’ve just launched your business, consider applying for a loan to hire an IT expert or buy insurance. A company like Business Credit and Capital can provide you with the money needed to secure your data and prevent cyber attacks. You can use the funds to assess risks and vulnerabilities, set up proper firewalls, and secure mobile devices used for business purposes. Companies can also prevent cybercrime by installing malware and virus protection software.

Even a minor cyber attack can have dramatic consequences and affect your reputation. An intrusion into the company’s data may lead to password breaches, theft of confidential information, spam, viruses, spyware, and website defacement. Repairing the damage can cost millions of dollars.

If you’re not familiar with IT security, hire an expert. There are many companies that can educate your employees on the dangers of cybercrime, install anti-virus protection, and implement email security solutions. Some also provide password software, mobile device management, data encryption services, and risk assessment. New scams are constantly popping up, so it’s essential that you know the risks and make time for training.

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How to Use Short Term Goals to Make a Long Term Business

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Long term planning is always a skill pushed by those who have succeeded in business. Everyone wants to know where you want to be in five to ten years. Even though such ways of thinking can be helpful, it’s equally true that business thrives on the here and now. If you want to take a somewhat more energetic path to success, you can begin using short term goals to enhance your long-term business strategy. Whether these goals are used to keep you agile or to help you build towards a brighter future, working in the near term allows you to keep an eye on what’s going on today.

The Ladder Technique

One great way to use short-term goals in order to build up your business over the long term is to look at each goal as one of the rungs on a ladder. It’s impossible to start at the bottom and reach the top without accomplishing every goal along the way, so it’s best to concentrate on one rung at a time. Start with small, short-term steps – gaining the financial capital you need from Business Credit and Capital, for example. Accomplishing these goals helps move you one step closer towards your final goal and thus accomplishes goals both in the short and long terms.

A Constant Motivator

Nothing motivates quite like success. Unfortunately, pursuing only long term goals puts you in a position to see success infrequently. One great way to keep yourself and your staff motivated is to have a series of short-term goals that can provide quick payoffs. While these goals might not always lead to major victories, they lead to victories nonetheless. Simple things like meeting a daily sales goal can help your staff treasure the smaller victories while still helping you move towards your longer term goals. Sometimes, a little success is what you need to gain a bigger success.

The Snowball Effect

Accomplishing one goal gives you the ability to accomplish another. Take a look at the small things your business needs to accomplish and prioritize them today. These short-term successes don’t just feel great – they free up more manpower and more resources for your overarching goals. You can use short term planning as a method to accomplish your goals if you’re willing to continually roll more resources into your larger goals whenever your smaller goals are met. These short-term solutions can be the key to getting your business out of a rut.

Dividing Tasks

What’s your long-term goal for your business? Once you’ve decided that, you can take that goal and divide into a series of smaller, short-term goals. By dividing up the tasks of success into a series of smaller tasks, you give your team manageable goals that have easily tracked metrics. While you’re still working on long-term planning, you’re creating the same sense of urgency that you would feel for any short term goal. This, in turn, allows your team to put a great deal of energy into a task that will immediately pay off.

Goals as Evolution

One of the great things about short term planning is that it allows you to deal with what’s going on today. Rather than pitching a goal that won’t come to fruition for years in advance, you can position your business so that it deals with the here and now. This will further allow your business to make changes in the long term by not tying you to a plan that may not be as profitable as you had initially hoped. If you plan for short term goals, you won’t overextend yourself in an uncertain future.

Planning for the short term is always a helpful way to make sure your business stays responsive. Whether you use these goals as an end unto themselves or part of a long-term strategy, you’ll be rewarded with more immediate success and a great buy-in from your team. While there’s no way to ensure that short-term success will translate into a better future for your company, this kind of success can give you the kind of momentum you need to push forward.

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How to be a Savvy Borrower

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Shocking as it may seem, most people do not start their businesses in the hopes that they will one day be able to spend their days focusing on accounting and loans. Still, this is a reality for anyone seeking to start or even maintain a business. While not everyone can be an expert on loans, there are certain things that you should know before accepting a loan agreement.

Borrowed Capital Cost

It may seem obvious, but many people fail to consider the borrowed capital cost, or total cost, on their loans. This includes not only the amount that is borrowed but the subsequent interest on the loan. When considering the total cost of a loan, there are a few factors to consider.

How long will you be paying off the loan? The longer it takes to pay off a loan, the more you end up paying interest. For some businesses, their best bet is to pay higher periodically and pay off the loan as soon as possible. However, if your business is not able to pay higher rates to pay off a loan more quickly, then you will have to accept paying more to the lender over a longer period of time.

This can seem discouraging, but it does not have to be. Paying more total money is unfortunate, but if your business can handle making the smaller payments, then you have to do what is right for the business. It may not leave the best taste in your mouth, but each business is different, so each approach to a loan is different. Consider these options when looking at loans, and always weigh the borrowed capital cost against the periodic payments that will have to be made.

Look at a Variety of Lenders

This is an important step that many skip over in a rush to get the loan handled immediately. While it may seem that many lenders are offering the same or similar deals, try to find those that stand out. A perfect example of this is Business Credit and Capital, or BCC.

BCC is a lender that specializes in smaller to medium-sized business. This means that they do not require an especially high credit score, but more than that, the way that they take out their periodic payments is unique and well-suited for newer businesses.

BCC does not view loans in the traditional sense. The money that they offer is an advance on the future revenue of your business, and they collect their payments from a percentage of the total revenue of the subsequent sales. This eliminates a lot of the worry of scheduled monthly payments, as it will always be a certain percentage rather than a concrete number.

If one month is not as profitable as others, there is no need to worry, because the same percentage will come out until the loan is repaid. For small business owners, this method is a lifesaver that many lenders will not offer. This is the importance of exploring your options and seeing what other lenders can do for you.

Know Your Business

The most important aspect of taking on a loan is knowing your own business and revenue. Be realistic about what you can expect to make and how you will be able to pay it off. If you are working with a small niche market that is not particularly wealthy, it may not be a good idea to make plans for high periodic payments. Customize your loan to what is best for your business. After all, who knows the needs of your business better than you?

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Best Ways to Delegate Tasks as a Business Owner

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Building a business from the ground up is a deeply personal affair. When you first start out, it seems like everything is on your shoulders. Every success is because of your efforts, as is every failure. As your business grows, though, it can be hard to let go of those feelings. As more people have a stake in your business, it should be natural that you let some of them take on more responsibilities. If you’re hesitant about slowing down, it’s good to have a plan in place. Below are a few ways that will help you delegate tasks as a business owner.

Start With a List

What are your responsibilities? You might have a nebulous idea of what you do every day, but it’s important to write down all of your processes before you start delegating. Making a simple list can allow you the opportunity to immediately zero in on those activities that are simply not worth your time. Once you have the list compiled, you can start looking for activities that may be better handled by others in your organization. Only by taking stock of your daily activities will you be able to determine what can be delegated.

Observe, then Decide

Never rush into delegation. Before you start assigning activities to others, take a moment to determine what assets you have in your organization. Are there specific individuals who might be suited to certain tasks? Are there things that are currently being done that make some of your tasks redundant? The answers to these questions may make delegating tasks easier. It’s also important to take stock of what others are doing to find out if they have the time to take on some of your responsibilities; shifting your workload to others may require you to make further organizational changes in order for delegation to be successful.

Delegate from a Place of Strength

Above all else, make sure that you delegate your work from a position of strength. Don’t delegate because you are afraid of a task or because you don’t want to deal with the consequences of failure. Instead, delegate because you believe others can get the job done while you focus your energies somewhere else. Delegation is a tool that’s meant to lighten your workload, but it should also be a tool that allows you to focus more on the things that matter. Don’t ever undertake this process from a place of fear or weariness; delegate because it can help your business succeed.

Set a Trial Period

Delegation is tough for those who have a problem letting go. If you’re unsure of your own ability to let others take over, set up a trial period with a firm end date. Don’t make any changes to the process before that date so that the person to whom you have delegated responsibility can have a chance to prove himself or herself. Barring a disaster that could negatively impact your business’ long-term profits, you should use this period as a chance to get used to delegating authority to others.

Don’t Be Afraid to Change Your Mind

Once you’ve delegated responsibility, you’ll have the chance to see how things work. Once you’ve made it through the trial period, you should reassess whether the attempt has worked out. You may find that delegation doesn’t work for a particular responsibility or that the person to whom you delegated responsibility cannot handle the task. Regardless of what’s happened, you should remember that it’s up to you to act in the best interest of your business. Don’t be afraid to change things around simply because you are afraid that it might make you look weak.

Delegation should be a process, not a snap decision. Take time to plan, observe, and change your strategies as necessary. In time, delegation will help your business run more efficiently and allow you to refocus on the things that matter. A benefit of a growing business should be allowing others to help shoulder your burdens. Relying on yourself and yourself alone will lead only to burnout and a higher probability of failure. Let your business thrive by letting go.