Fund Your Business With Business Cash Advance

Business Cash AdvanceRaising sufficient working capital is an essential pre-requisite for any business start-up. Though the market offers a host of financing options, choosing the right one among the lot can be confusing for an entrepreneur having limited understanding in this regard. The mode of financing is an important element that determines the success of the organization and thus an exhaustive understanding of the available funding options is almost mandatory.

A business, depending on its scale of operation, can be funded through a number of sources. Capital can be raised by borrowing money from friends and relatives, making use of personal savings or seeking loans from banks and credit unions. Firms that had been in the business for a while can seek help from venture capital firms, which extend financial help in exchange of partial ownership of the borrower’s business. However, among the various options available, the ideal funding strategy of a start up business should comprise of a mix of accumulated personal savings and money borrowed from external sources like banks and financial institutions.

The best way to seek financial help from external sources is to opt for loans. Loans are available in two forms – secured and unsecured. Secured loans are lent in exchange of a collateral, which is liable to be seized by the lending authority if the borrower fails to repay the loan amount. Unsecured loans do not need a collateral, but the rate of interest charged is much higher than that of the secured loans. Nevertheless, getting a loan has never been easy for a budding entrepreneur. Banks and financial institutions have stringent qualifying parameters. Operational and successful businesses might qualify for such loans but for a new venture, it could be an uphill task to get the loan amount sanctioned. Other factors like a bad credit record, or insufficient collateral further dents the possibility of getting the loan. Even though the loan amount gets sanctioned, the borrower still has to bear the burden of fixed monthly repayments.

A better way of seeking external financial help is to opt for business cash advance. The qualifying parameters for getting a cash advance are not as stringent as in the case of other forms of loans. A business cash advance neither needs a collateral or security nor does it require the borrower to necessarily have a good credit record. To get a cash advance, the borrower’s business should accept credit cards as the mode of payment. The amount is repaid through future credit card receivables of the borrower.

Every business needs proper capital backup to prosper. A business cash advance in combination with the accumulated personal savings not only ensures adequate capital flow into the business but also relieves the borrower from the burden of monthly repayments. As the repayment is directly linked to sales, people seeking a cash advance do not have to be bothered about it. Once the business has been adequately financed, prosperity is certainly going to be near at hand.

Ensure a Stable Business With Business Debt Tracker

Business Debt TrackerBusinesses needs funds to operate, pay the salaries of its employees, pay rental for its premises and purchase goods and stocks. Thus, large or small companies need to acquire loans when the needs arise.

Taking out a loan is likewise necessary to build the credit score of the company or individual doing business. When a company or an individual acquire a loan, then, a serious monitoring of the business debt is necessary.

While it is necessary in your business operations and in the payment monitoring, business debt tracker is likewise necessary when audit and tax period comes.

Thus, if you are operating a business, you have to track the business debts your company has. This monitoring is necessary to ensure that you understand the financial condition of your company. If you loose track of your business debts and miss payments, your operations will suffer from debt collection agencies. You have to avoid it and ensure that you are operating a stable business with the help Business Debt Tracker.

You can download a Business Debt Tracker if you do not have a monitor on your own. You can find an Excel template for this which you can download easily. It is a simple Business Debt Tracker which you can mirror in your operations and monitoring of your business finance.

What does a Business Debt Tracker include?

o To whom your company indebted to? State the name of the person or organization you are indebted to. It can be a bank, a financial institution or any other lending institutions.

o Loan Amount – this is amount you borrowed for a specific lender.

o Loan Date, this is when you acquired your loan.

o The current balance of your loan. You have to update this every time you make a payment and thus diminish the balance of your specific loan.

o Interest rates – this is the rate of interest slapped on your loan. If this is your first loan, then you expect a higher interest rate as compared to loan you have acquired with a better credit score. Interest rates for good paying clients are often best as compared to loans acquired by low credit score borrower.

o Maturity Date – you have to be specific with this so you know if you are missing any payment or are already past maturity.

o Monthly payments – this is another column in the business debt tracker from Excel. This will tell you that you need to settle this amount to your creditor periodically.

o Collateral, if you have collateral on your loan, you have to put it in here. You have to know if missing payments will make you loose a certain item in your assets list.

o The template from Excel also has a column for current or past Due amount. You have to put an amount here especially if you have a past due payment. This has to prompt you that you need to settle such an amount immediately to avoid problems with your creditor.

The business debt tracker is a neat monitor which you will use to ensure that your business is paying its creditors on time. If this template is updated with no past due, then your business is stable because it is able to meet its honest obligations. If not, let this business debt tracker guide you in making sure you pay your loans in time.

A good credit standing will reward you with better interest rates and trust from other organizations as well.

Some large companies suffer from huge penalties due to missed payments. This is because they are unable to monitor their business debts well. Be a step ahead and use the business debt tracker for better business finance management.

Best Resources for Small Businesses

Small BusinessesBeing a successful small business is not easy. The five core challenges most small business face are time management, pricing, cash flow, managing growth and marketing / client acquisition. In order to succeed, you must arm yourself against these challenges. The good news is that there are a number of fabulous resources to help you with these issues.

Actively seek out the right small business information.
Many small business owners are so over-extended that they neglect staying informed about business trends. This is a fatal error. In today’s modern marketplace, you simply cannot succeed if you run your business on intuition alone. You may stay afloat in the short run, but you will eventually lose out to better informed competitors.

There are a number of incredible online resources that are both free and invaluable. Sites like Inc.com and Entrepreneur.com provide tips on just about everything from starting your business to navigating advanced legal issues. They feature in depth information on running your business, leadership / management techniques, sales & marketing tips, small business technology and finances.

Helpful Tip: Set aside at least 1 hour each week to review these sites. If you find that you prefer to read in bed, consider subscribing to a few of these magazines. This information will make you and your business stronger.

Know your industry and target market in real time.
In our modern age, trends shift at break-neck speed. It is important to stay abreast of developments in both your industry and your target market’s microcosm. After all, more often than not, what concerned your target market 3 months ago is now ancient history.

Subscribe to industry related publications and consume the same media as your target market. If you sell jewelry for eco-friendly women in their thirties and forties, spend an hour each week reading news and publications that are relevant to that market. Likewise, be sure to check industry news every week. For example, using the same eco-friendly jewelry analogy, you might read up on green product developments, new fashion trends or even ecological political issues.

Helpful Tip: Set two separate Google Alerts – one on your industry and one for your target market – to send you period updates on relevant news. Google will send these news stories to you automatically, making it easy to skim over the headlines and read through the meaningful stories.

Find the right on-line partnerships.
The proliferation of online office supply stores makes economically and efficiently stocking your office a lot easier than it was 10 years ago. Buying office supplies online takes less time and makes price comparison easy. Because of online competition, online suppliers are eager to earn your business. The good ones will provide a wealth of free information on their site and happily take your calls to field questions and offer advice. For example, if you are looking for discounted printer ink cartridges but are a little confused about toner versus regular stores like compandsave not only provide free yet invaluable printer cartridge information resource center but they also eagerly accept calls and offer advice on how to save on office supplies.

Helpful Tip: When you find a supplier with great prices and customer service, hold onto them for the long-haul. A good supplier relationship can save you thousands, streamline your operations and free up your time so you can focus on growing your business.

Marketing Tip – Small Business Owners Need a System to Keep in Touch With Contacts and Build Sales

Small Business OwnersMany small business owners know keeping in touch with their contacts is an important part of their marketing plan. However, all too often, keeping in touch is a sporadic effort. Sending birthday cards or an e-mail newsletter is something that can be done “later.” The problem is “later” never comes.

Small business owners need to build a marketing calendar that includes when and how each person (or group of people) is going to be contacted.  The best way small business owners can keep on top of their contact efforts is to have some type of system in place.  The system should be as easy and as automatic as possible.

There are many software tools you can use to organize your contacts.  Microsoft Outlook and Excel are great programs.  With either of these, you can merge with Microsoft Word to create phone lists, mailing labels and personalized letters. More sophisticated contact management programs you can purchase include ACT! and Goldmine.

Marketing Tools for Keeping in Touch

There are a variety of different marketing tools small business owners can use to keep in touch. Here are just a few ideas.

E-mail newsletters are a great way to communicate with a large group of people. There are a number of great on-line resources available for e-mail newsletter creation and management. Use e-mail newsletters to provide product information, announce sales, and promote special events.

Real greeting cards (the kind that come in an envelope with a stamp) are great marketing tools to use at Christmas, birthdays and other times of the year.  In fact, the best time a small business owner can send a greeting card is when there is no real reason to send a card! A card sent in August will be remembered much more than one sent in December.

Savvy business owners know that phone calls, personal visits and lunches are always appreciated. The key there is to remember the marketing message when scheduling those calls or visits. Yes, having coffee with a long-term client is great. But be sure to let the client know that you have a great new product that can dramatically help him or her. Too often business owners get wrapped up in the social aspect of personal visits and forget to ask for more business!

The most important part of any system is using it regularly.  If you are very busy, or have a hard time working with schedules, you are better off delegating or outsourcing.  If you have an assistant, that person can print letters, write e-mails, even sign Christmas cards for you.  That leaves you free to work on other areas of your business.

If you don’t have any help in your office, outsourcing is the answer. There are a number of local and on-line services that help business owners with their marketing. Or, try using a virtual assistant.  The marketing money you spend to outsource these routine tasks will be repaid many time over with the new business you get.

Remember — the key to a successful system is to have it automated as much as possible. The less work you have to do, the more likely it is to be done on time, and the more likely you are to get referrals!