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The Importance of Knowing Your Debt Service Coverage Ratio

Applying for a small business loan is a lot of work. It takes time and effort to research options, compile paperwork, fill out forms, and do everything else that goes into each application—especially when it’s not totally clear how standards vary from lender to lender!

With so much involved and so much at stake, you don’t want to be blindly filling out multiple applications and hoping your guess work pays off—so it’s important to make sure you check the qualification standards of each lender before you fill out their loan application. By knowing what each individual lender is looking for, you can increase your chances of being approved.

When you’re doing your research, one of the main criteria you’ll see pop up time and time again is your debt-service coverage ratio. Not sure what that is, how to calculate it, or why lenders care about it so much? We’ll explain. (more…)

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Surety Bonds 101

The business world today is becoming increasingly risky and unpredictable. Therefore, if you are a business owner, you need to be more careful about the deals and contracts you get involved in. While it is not possible to completely eliminate the element of risk, there are steps you can take to mitigate it. Having a surety bond is one of the best ways of protecting yourself when it comes to contracts and agreements. (more…)

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Experts Weigh In: You just started your business, what’s next?

Starting a business is a huge process; it doesn’t happen overnight. Once you’ve incorporated, what comes next? We asked our small business experts what they did just before or after they opened their doors. Here’s what they had to say…

“When you start a business you need to get your legal docs (operating agreement or articles of incorporation) and accounting systems set up first. 

Once your business foundation is set up you need to focus on your product or service so you can provide customers with value that they will pay for. 

Finally, and most importantly, you need to focus on sales and marketing. Unless you can sell your product or service then you don’t have a business! 

It’s all vitally important, but if you don’t generate sales and revenue then the rest of it doesn’t matter.” –Nick Braun, Pet Insurance Quotes (more…)

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Three Reasons To Have A Third Party Registered Agent

Registered Agents are imperative for your business. The most common reason for this is that all entities doing business must register to do business within a state. And these states may also require having a Registered Agent within that state to complete the valid registration. It is clearly required by law for most states but, most first-time business owners don’t know the answers to what exactly a Registered Agent is and why shouldn’t they be their own? (more…)

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Friend or Foe? Robots in the Workplace

All of us are fascinated by the idea of robots in our homes, in public spaces, and in the workplace. But we see them as both a cause for excitement and for fear; they are marvelled and yet we are threatened by them. They have become such an ingrained part of our imagined future that we find it difficult to see them in our present. (more…)

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The Good and Bad of Automation For Online Businesses

Automation is discussed a lot, but it’s not always been well defined. Essentially, the process of automation requires removing human components of business procedures and operations and replacing them with more inexpensive computer-based systems.

Marketing automation is important because, when used well, it can increase the value of the business. On the other hand, automated calculators, though plentiful and easily accessible, do not generate accurate values for an online business and should be avoided. (more…)

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5 Mistakes to Avoid when Choosing where to Open your Business

Choosing a home for your business is one of the most important decisions you’ll make. And that’s how you should view it – very much like hunting for your ideal house. It needs to grow with you, adapt when plans change and, above all, be cost-effective.

In 2016, we have a wide variety of commercial properties to choose from. There’s the traditional office block, rural farm barn conversion, ‘plug-and-play’ serviced approach and shared communal offices. The choice, at times, can be baffling.

However, before you get too carried away, it is advisable to take a step back and make sure you remove any potential banana skins from the process. Below, I’ve got the 5 most common mistakes businesses make when choosing premises. (more…)

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How to Improve the Outcome of your Press Releases

To a great majority of people, especially those that are not business-oriented, a press release is nothing but a simple way to gain publicity. That might be true, but it is of great value to anyone looking to expand his business to greater heights.

Not every press release that reaches the media is published or aired. A good reporter believes in creating not just informative but also interesting and eye-catching stories. Therefore, if there is no story to your story, then your press release might be declined which won’t help your growing business.

To help grow and expand your small business, here are four techniques that you can use to improve the outcome of your press releases: (more…)

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Why You Should Outsource Your Call Center Operations

In today’s increasingly competitive business world, maintaining a high standard of customer service is very important for survival. This is why every growing organization needs to have a call center to handle everything from emails and calls, to text messages and web chats. Such operations can be run in-house or outsourced to specialized service providers. Having an in-house call center can be very costly, requiring a significant investment in technology, equipment and facilities. In addition, a lot of energy and time is spent on training staff and sustaining operations.

Here are some of the reasons you should consider call center outsourcing: (more…)

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How to become an Effective Delegator through ‘Monkey Management’

As a management consultant, I’ve seen many business leaders struggle to delegate. Whether it’s a reluctance to let go of responsibilities, or failure to bring in professional management to deal with burgeoning administrative workloads, failure to delegate can stop business growth in its tracks.

In this article I want to look at the art of delegation and how an approach known as ‘monkey management’ can help increase workplace productivity at all levels of management. (more…)

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