How to Stay On Top In Today’s Small Business Competition

With more small businesses rising every single day, it is resulting in facing a tremendous competition. After the economic crash took place in 2008, the entire workforce has gone through immense changes. These days’ people are leaving their traditions jobs and are focusing on offering products and services in order to reach their dreams. This has led to facing an unimaginable competition not for the established companies but especially for the budding agencies.

If you have recently stepped into such a situation, you will definitely understand the plight of others, but don’t let loose. Competition is a part of any healthy economy and the only key to go across then is walking on the right track.

Keep it Same But Keep It Intriguing:

Well, the entire business realm in intimidating and so as the competition. If you are thinking to reinvent services or products, most of the chances are that you will end up being frustrated. Instead, make sure that you choose something within the industry but something that no one has done yet. Just for an instance, Starbucks is not only known for selling coffee, but also they sell personalized beverage service. This is something that not everyone offers and which is why Starbucks is the real deal today.

Focus On Your Customers:

The real thing that keeps small business growing and succeeds is they focus more on their customers. Business owners understand the need for focusing on their customer and how important it is to respond to their queries and grievance. By following such a pattern, business helps themselves to rise within their limited budget but dream big even in such a competitive marketplace.

Keeping Yourself Engaged With The Competitors:

Most of the people assume that competition is bad and as result competitors are enemy. The real thing is, business rise when you are keeping a track on your competitors move or a healthy competition amongst each other. Even when you are tight in your budget but your competitor is not, always try to focus on what they are doing. These days with the Working Capital Loans available with the Bottom Line Bankers, no more you have to restrain yourself from offering something new in the market. You can walk hand in hand with the competitors, and if your product or service has something innovative, you will be liked by all.

Take Risks:

You definitely need to take risks when it is about your business. Often some of the tiniest risks can lead to better and bigger business that can make you a global icon. It is always advised to initiate with small changes and then jump on the more significant changes. With every tiny step, you will understand if it is actually working in the market or not. As per the result acquired, you can then take the next big step.

In today’s competition, it is always a great thing to put the right step forward. These are some of the simplest ways to rise higher in the competition. Since it is always a need for securing the funds, opting for small business funding options can be a great deal.

So let go of your dreams, just take the hold and rule.

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Ways To Ease A Successful Business Loan Application

Financial stability is the prime requisite of small business owners and the only way is by opting for business loans. Undoubtedly taking the decision of starting your venture in today’s competitive era is a matter of concern, but more than that applying for a small business loan seems hectic. Since the application procedure takes time, today we will focus on how to get prepared for the application process which will help to obtain the capital for your business.

When you are ready with everything, the lenders understand that you are a trusted borrower and will definitely pay the loan back on time. So if this is the first time you are applying for a loan but don’t know to make smoothly and quickly, here is a chance for you to understand its requirements.

So what do you need to do?

Keep All Your Documents In Sync:

There is often a need to maintain transparency of financial state when it is about your business. Keeping tax and accounting and financial records accurate and up-to-date is a need to make the entire process smooth. Also ensure that your businesses have everything organized.

When the accountant has everything in hand and nothing to question about, they remain assured they you are a trustworthy person. So make sure all the documents are kept properly in synchronization.

Which type of loans does your business need?

The primary thing that you need is to comprehend the loan type that will suit the best for your business. You can apply for scrutinized loan such as Small Business Administration loan when you require line of credit can slow the procedure and out an end to the denial.

There are various types of loans available for small businesses and therefore choosing becomes a vital choice. You can have a word with the experts of Bottom Line Bankers before you opt for Working Capital Loans.

Make Sure You Have Good Credit:

Definitely keeping a track of the business documents is a need but more than that, you can make sure that you pay the bills on time. Meeting the credit criteria is a need to get the best options. Make sure you avoid charge-offs, late payments, foreclosures and bankruptcies. Since banks primarily check the credit score to understand whether you are reliable or not, maintaining good credit is the primary step of the procedure.

Demonstrate Adequate Cash Flow:

When you have existing business, the first thing banks will check is that you have proper described cash flow in order to make month payments of the loan. The entire analyze is done by checking the past tax returns along with the existing debt. This is the reason why you need make sure that you pay your tax returns on time.

When it is about applying for small business loans, it is always a need to keep in mind about the a few things. If you are new to this market and are not aware of the easiest way to get the Small Business Online Application procedure done, you can follow the above mentioned information.

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Smart Ways Of Cash Flow Management For Small Businesses

One of the most difficult and challenging aspects of small businesses is cash flow management. Having continuously nudging customers for paying, take the valuable time of people along with can be really disheartening. Indeed it is tiring! If you are also exhausted of consistently being on such a journey of chasing customers for payments, you definitely need to consider these few tips of ways to improve the cash flow for small businesses.

1:   Make Use of Tools That helps To Stay On Track

Keeping a constant track of the available cash along with expected outflow and inflow of money throughout the entire month can be a crucial step for managing the cash flow. Even when it is a great step, it can really become time-consuming for any busy business owners.

In order to get over this tedious and tiring job, all you need is to make use of the online cash-flow management tools. There are numerous options open for you like UpYourCashFlow, Pulse, Float or Cushion. Ensure making in-depth research on these tools and use one of them as per your business requirement and budget.

An eagle’s eye on the cash flow is one of the preliminary steps of improving the small business cash flow.

2:   Open Several Modes of Payments For Customers

While examining different ways to speed up the cash flow or looking for ways to enhance small business cash flow, you need to find ways to speed up customer paying procedure.

You really cannot force your customers every single day, the only thing you can do is to find out different other payment options like credit cards, Automated Clearing House (ACH) or debit cards. Also take into consideration about the mobile payment or digital wallet solution like Apple Pay, PayPal, Venmo, Square and even Bitcoin.

The more options you open for your customers, the faster and timely cash you can observe appearing on your account.

3:     Check the receivable to the payables

One of the most common things where owners hardly pay attention is to check the payment terms for the suppliers along with comparing those with the customer payment terms. Make sure you pay attention to enhance the small business cash flow.

In case it is necessary to pay the supplier within the next 30 days and you are giving your customers the time of paying within 45 to 60 days, it is creating a break in the cash flow. When you are looking for better cash flow management procedure, you definitely need to focus on it.

Don’t forget to match the terms of payment with the suppliers to the customer terms. Also, consider checking the penalties for late payments. Make sure you take the same step for the customers in order to stay away from late payments. This will make sure that your suppliers are getting the amount on time along with you can easily keep an account on the cash flow.

When it comes to cash flow management, make sure you keep a track on everything. You will definitely find some customers who are habituated to late payment, to maintain the cash flow consider late payments fee. Moreover, you can also opt for working capital loans if you don’t have enough funds for your small business.

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Want a Business Loan but Have Bad Credit Score? Check This today

Starting a business comprises of a lot of things, among which stable financial background is one vital factor. What if you need a business loan, but then again you know about your poor credit. Are you thinking, what can be done? Well, even when it is an intimidating task to get Working Capital Loans, it is still possible.

There are various options available for bad credit, but this is something where you have to put extra effort. If you think that the door of funding is entirely close, then the good news is “No”. Banks generally hold their decision for lending off of credit risk of the business.

When the credit is worse, they will perceive the risk which will again result in higher interest rates. Most of the banks will thoroughly evaluate the performance of the last three years. In other situation, if the company is not around for that long, they will be checking the financial projection in addition to the business plan.

Well, there are again few options available for poor credit loans. Let’s check those:

  1. Traditional Bank Loan:

This is definitely one of the top choices available for the small business owners. Well, then again there are limitations as the traditional lenders are restricted to the lenders on whom they will finance. Go for a counselling appointment with a reliable SBA counsellor who can review the business plan and help you acquire business lenders who are most likely to approve you.

Then again, it is advised to take a look at the loan options mostly offered by SBA.

  1. Microloan:

This is similar to the traditional bank loans. However, they come from the alternative lenders such as credit unions. This is much easier to receive for the business owners who have subpar credit. As the name goes, these are typically small business loans, and if the amount satisfies the funding needs, it can be an excellent choice.

  1. Merchant Cash Advance:

This is also popular as a business cash advance and can be a good choice for people who have cash flow issues. With MCA, you can stay assured that you have stable cash flow and do not get into a situation where you run out of enough funds.

Cash advances are usually having higher interest rates, which mean in the long run, you need to pay more in comparison to the initial loan. Make sure that you can pay on time before opting for it.

  1. Revenue-Based Loans:

These loan types have a specific pool of recipients

  •          You need to have the credit score over 550
  •          The company needs to earn over a hundred thousand in a year
  •          The total loan amount should not exceed 10 percent of the revenue.

These loans can be received within a week’s time. If the criteria fit your need, check in details about it.

Bad Credit

A bad credit score is a no-no for banks and which definitely doesn’t mean the end of options. Above-mentioned are some of the most viable options that you can opt for starting your business. You can also check the various small business funding options available with the Bottom Line Bankers to fulfil your business financial needs.

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Need To Secure Capital for Your Business? Opt For Merchant Cash Advance

So you are a small business owner in need of capital now. Well, we all understand that beyond making marketing researching and a strong business plan, one of the most intimidating parts of businesses is its financial aspect.  While most of the small businesses fail because of making a wrong financial decision, others take a step back due to lack of their funding system. In order to pursue your dream and let it take the right track, opting for the right financial system or including the merchant cash advances can simplify it.

What Exactly Is Merchant Cash Advance?

Let’s first make it very clear that even when merchant cash advance can fulfill your funding needs, it is not actually a loan. Here small business owners receive capital or upfront cash where the repayment will be made from their future sales. Unlike the bank loan system where there is interest added to the payment, this is different. Here the merchant who lends you will make back from the sales percentage that your business makes.

Since the advances are agreed upon a fixed percentage, these are automatically taken out when your business is making sales. It keeps repayment on schedule, along with the merchant is aware of your business sales. In case your business cannot make money, they too will not be able to make money. This is the reason why it is said as a wise decision for small business owners.

Advantages of Merchant Cash Advance:

There are myriad of reasons that make this funding process an appealing choice.

The Speed of Obtaining Cash: Starting a business means the need for money from the very first day and when it is about obtaining cash in the least time, merchant cash advance stands out. If you have decided to opt for it, you can acquire capital within hours. When compared to traditional banks, getting funds can take weeks. Moreover, merchant lending does not always need huge lending companies.

mca advantages

Less Paperwork: Unlike any other funding procedure that requires tons of paperwork to deal with, merchant cash advance is completely different. During the initial days, all you need is to concentrate on your business, rather than running to banks for completing the paperwork. Undoubtedly paperwork is a must when it is about huge funding system, but here the paperwork is lesser in compared to other loan systems.

It Is A Flexible Choice: This is one of the most flexible choices made by business owners. There is no monthly payment along with more time to pay the capital as it is taken from the percentage they signed for. MCA is very effective for the businesses that have a slower pace or that have completely new service or products to offer. Since it takes time for people to comprehend the business, this funding system can be very advantageous. All you need just to sign up for small percentages of the company’s profit and you can receive funds you need for business growth.

So, it is now clear why MCA has been in demand as a great small business funding system. Not only it is a great way to secure capital, but also it gives less headache that increases in interest rates and monthly payments do. Even if you are struggling in the initial days, you do not have to think how to pay the interest as you are paying directly from the company’s profit percentage.

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