Maybe your profits aren’t what you expected. Maybe an unexpected financial setback has put you in the red. Whatever your reasons for examining your budget, here are just five ways to cut costs and get your business back on track. (more…)
Degree or no degree
Now, don’t get me wrong, I’m all about education. You need to go to school in order to have access to all the opportunities available out there. However, there are some instances where you didn’t make it to college and that should not be the end of the line for you. You still have a chance in the business finance world if you take the following tips to heart. (more…)
Banking is a huge part of running a small business. Between acquiring a loan, opening an account, and keeping up with paperwork, it helps to know the tricks of the trade. We asked our small business experts what they’ve learned about small business banking since starting their businesses. Here’s what they had to say… (more…)
A company credit rating works in much the same way as an individual credit rating. So it provides information on how your company has handled its finances in the past with the aim of offering an insight into how it and you are likely to manage money in the future.
A company credit rating isn’t designed to be absolutely definitive or unchanging but it is important to have it in mind as an organisation of any size because its impact and relevance can be wide-reaching. (more…)
By Keith Tully
In some situations a bit of creativity will be needed to facilitate a turnaround and get your company back to operating in a profitable manner. However, more often than not you won’t need to be an innovator to save your business, you’ll just need to consider some of the commonly overlooked recovery and restructuring options that are applicable and readily available:
1. Using Assets as Leverage to Obtain Financing
Even if you have poor credit you may be able to obtain financial assistance by using some of your assets (i.e. – equipment, inventory, real estate, etc.) as collateral in obtaining approval for a secured loan. However if you were to default on such an agreement then the lender would potentially have the right to seize the assets you used as a security, so keep that in mind before you put your home on the line.
Small business owners are basically living in the dark ages. No, I’m not referring to the aversion many mom and pop stores seemingly have to the power of web-based marketing or even how tough it is to become successful in the currently gloomy economic climate. Rather, I’m talking about the fact that politicians and financial regulators don’t seem to think that small business owners are worthy of the same rights and protections as the general consumer population.
While the CARD Act of 2009 has proven to be a huge success – adding transparency and fairness to the personal finance industry – it doesn’t apply to credit cards branded for business use. That’s alright, you might be thinking; small business credit cards are just different, right?