It might be a good idea to face your ERP consultant once a while in the office and invite him or her on business lunch. But is it really required component? The answer is probably not. Critical thing is to get quality consulting. If you need training then person should be familiar with business logic. Or if you need data fix then you would probably prefer somebody who is experienced in technology consulting. We would like to organize this small...more
For a business owner, marketing your business right can mean the difference in failing or expanding. Marketing is a term that is sometimes scary to a business owner if you arent familiar with how to market your business and you dont have the money to pay someone else to do it. There are a million and one ways that you can market your business, but you really only need a few to get your name out there and get your business noticed. So, to help you...more
The Risky BusinessSmall business loans are considered high risk because they are typically used as seed money to start or run a business that has yet to take off. There are typically no guarantees and no history of credit to use as a basis for the loan, and often resemble personal loans in interest rates and loan terms. Even with a well-prepared business projection study and collateral, lending institutions are justifiably reluctant to provide funds for start-up businesses.Avail ProspectsThere are four kinds of financial assistance that may be availed by small businesses from lending institutions. These include working capital lines of credit, credit cards, equipment leasing and letters of credit. Only the first two are appropriate for start-up businesses. These are all short-term, with a maximum of one year in most cases.Personal PledgeIn the off-chance that a longer-term small business loan is granted, the amount of the loan will depend on the applicants personal ability to pay and requires the written personal guarantee of the applicant to pay off the loan even if the business fails or tanks for unsecured loans . In this instance, it is more a personal loan rather than a...more
In todays marketplace, if your business isnt online, then you are behind the times. Any successful business needs to have an online presence, no matter what you offer to your clients. Yet, trying to build a website and keep it looking good can really take its toll on a business owner if you dont know what youre doing. So, how do you start up, and...more
For a small business owner, expanding your business can be a scary, yet exciting, topic. You want to expand, after all, expanding means more money but, you dont want to expand if you cant afford to or if the business isnt there to support your expansion. So, how do you know when the right time to expand your business comes along? While there is no...more
Credit rating is the primary consideration by financial institutions for getting a traditional business loan . The first thing a person who wants to obtain one, should do is to get a credit report to have an idea if getting a business loan could become a problem. This is available online and it is normally for free. If possible, the credit rating should be reviewed and negative listings that are discovered should be improved prior to application for any business loans as a declined loan will have a waiting period of at least 60 days before another application can be accepted. In case a bad credit rating is given, the next thing that can be done is to attempt improving the rating. This can be done in two ways.ReflectionDispute the credit file In the Fair Credit Reporting Act, any item placed in a persons file with the credit bureau must be first consulted with that person personally and any conversation recorded as proof. Without the proof, any item placed in the file can be disputed as incorrect and should be deleted. It is not an issue whether the information placed in the file is correct or not, as long as it was not consulted beforehand, by law it is inadmissible. A copy of the...more
Keep It CheckedYoure familiar with your credit. You know how to check your score, look for problems, what to do, and not to do, to keep it as high as possible but what about your business credit? Business credit is one of the largest assets that a...more
Significance Of Credit CardFor a business, cash is always good. But, most customers dont always pay with cash, especially if its a larger item. Checks and credit cards are becoming how the vast majority of consumers pay for their purchases. Most...more
Behind The BreakdownWhen you see and hear about all the new businesses that start each day, you dont stop to think about all that have, and will, fail over the next year. The truth is that a very large percentage of new small businesses fail within...more
For a small business owner, resources for your business can sometimes be hard to find. Tax software, business planners, even funding options are all resources that you would like to have, but dont have the time to search them out on the web. But...more
Learn The Fundamental PrincipalsEveryone knows what customer service is. Youve even experienced the good, and the bad, when it comes to customer service when you are dealing with shops, restaurants, vendors, and every business that you have ever been...more
Rules And RequirementsOutsourcing is the rule rather than the exception in current business management. Many business owners, especially the ones that are small and highly specialized find it more cost-effective and efficient to get third party...more