Do Your New Year Small Business Plans Include Doing Less?

As 2019 is coming to an end, do you find yourself making new year small business plans? 2020 is bound to be a busy year for business, but that doesn’t mean you need to add to your to-do list. In fact, you might find yourself accomplishing more by doing less. Here’s what four small business owners plan on stopping in the year ahead.

Trying to Do Everything Yourself

Many small business owners try to get everything done themselves. For solopreneurs, it may seem like there’s no other choice. Small business owners with small teams might find it easier to complete a task solo instead of training their employees on how to complete an assignment. However, wearing all of the hats can lead to burnout. By focusing on their personal power, small business owners can spend more time moving their business forward.

Suzi Whitford, CEO of Start A Mom Blog, agrees and says, “I plan to stop doing the things that I can outsource, such as proofreading, formatting posts, creating promotional images, and basic customer service. By doing this, it will free up time for me to focus on serving my students and customers in the best way possible.”

Forcing Business Tactics

There’s many great courses, programs and training for small business owners. It can feel overwhelming, though, sorting through potential sales and business tactics to find what works best for your business. Yet, it seems like every time you go online you’re inundated with advertisements about how to do this-and-that in order to grow a successful business. When you’re making new year small business plans, remember this: not all business advice is universal.

“I intend to stop over-planning and let things flow,” says life coach Victoria James. “I’m bringing on ease and choosing paths of the least resistance. I’m inviting natural business which feels good, rather than chasing it in a way that’s out of alignment with me and my values.”

new year plans for small business Photo by Felipe Furtado

Photo by Felipe Furtado

Indulging in the Comparison Trap

Do you often find yourself comparing your business to your competitors and peers? It’s easy to judge your growth based on what you see others doing. But, the problem is that you don’t see the whole story. Is your competitor De Verdad outperforming you? Does the social media highlight reel accurately reflect their business doings? No one truly knows whether another person or business is struggling. Don’t let their successes weigh you down.

“In 2020, I’d like to stop comparing myself to other small business owners, specifically mompreneurs,” says Priya Virmani, a personal stylist and founder of Privee by Priya. She continues, “It’s silly to beat yourself up based on another’s seeming success.”

Stressing About Social Media

As a small business owner, you understand the importance of social media. You also know how stressful it can feel to continuously post quality content and reply to your audience, all while doing your normal work. When you’re working on your new year small business plans, take a moment to reflect on the time you dedicate to social media, and whether or not you’re seeing a return on that time investment.

Writer Tara Bosler says, “What I plan to stop in 2020: obsessing about any social media content. If I have something to post, I’ll post. If not, oh well!”

Virmani agrees and plans to change up her social media approach in the new year. She says, “I’d like to defy the classic Facebook group model that ultimately sucks an audience in just to sell them a program. I’d like to have fun with Instagram instead. It’s so crazy to always feel like we should be milking every touch point.”

When you’re working on your new year small business plans, make sure to ask yourself, “what am I doing now that isn’t serving me, or what can I do less of so I can be more productive in other areas?” Eliminating some of your to-do list will make space for something better.

 


Fulfill Your American Made Holiday Wishes

Once you’ve put away those Thanksgiving leftovers, it suddenly hits you: The holidays are De Verdad underway. For most of us that means annual traditions, gift giving and keeping cozy as winter settles in.

Oh, and shopping.

According to the National Retail Federation, you’ll be spending around $1,048 this holiday season. This includes $659 on gifts, $227 on food and decorations. It leaves $162 for that little something extra for yourself or your family.

And thanks to the creativity of our neighbors across this country, an American made holiday season is just a handful of clicks away.

Annual traditions

Whether you like it real (18%, according to the American Christmas Tree Association) or artificial (82%), a big part of your Christmas tree’s charm is its ornaments. To add St. Nicholas themed metal ornaments to your boughs this Christmas, check out Wendell August Forge.

This year, Hanukkah runs from sundown on December 22 through sundown on December 30. Consider a hand-made menorah from Blackthorne Forge as the centerpiece of your family’s celebration.

Kwanzaa is celebrated each year from December 26 through January 1. To replenish your Kinara, Africa Imports offers an American-made set of three green, three red, and one black candles.

And, holiday gatherings wouldn’t be complete without some football. Wilson Sporting Goodsis an essential stop before kicking off your backyard scrimmage in American made holiday style.

Gift-giving

If a bicycle is on someone’s wish list this year, a number of American-assembled options can help you make that happen. From Dirt King USA’s tricycles to Seven Cycles’ custom mountain, racing, and endurance bikes, you’ll find a new ride for any level biker.

If you want your loved one to think of you in a pampering way all year long, consider a giving a soap subscription. The Grecian Soap Company and Dr. Squatch Soap Co . offer two different takes on the natural approach to getting clean.

We know your generosity stretches beyond your human bonds at this time of year. For the favorite canine in your life, consider a dog bedfrom West Paw Design, and if your kitty digs squeezing into small boxes—compression therapy is definitely a thing—pick up a cardboard-free cat snuggler from Whisker+Box [km12] .

And hey, if that last gift is proving incredibly elusive, we know the feeling. So head over to The White House Gift Shop to peruse an extensive assortment of products made in the USA.

Keeping cozy

Winter months mean chilly days and colder nights, even if you live in the southern reaches of the United States. Smartwool [km14] offers a variety of cozy sock styles to keep your feet warm around the clock in any time zone, .

For a layer of warmth on the sofa or in the bedroom, check out the colorful spectrum of hand- and machine-made quilts carried by QuiltBroker.

If the weather outside is frequently frightful, you’ll be hard-pressed to find footwear as reliably warm and weather resistant as L.L.Bean’s boots, one of many products manufactured in the USA by the Maine-based company.

Sometimes, you might need a little warming from the inside. For a spin on your favorite spirit, a hand-made whiskey barrel from UncommonGoods [km17] allows for some in-home aging.

The 2019 Holidays will come and go in the blink of an eye. American-made goods for an American-made holiday can help start traditions and bring festive memories that can last a lifetime.


Best Sources for Short Term Finance

Short term finance options abound for businesses that need capital to meet immediate financial needs. Along with business loans, there are other ways to obtain working capital outside of what’s offered by traditional financial institutions. So, if you need short term business financing to improve cash flow or for another reason, consider these options.

1. Short term loan

Term loans are exactly what they sound like: a business loan repaid over a set term. These loans have fixed or variable interest rates, with varying borrowing limits.

A short term loan could help fill cash flow gaps or cover working capital needs. For instance, this type of financing could cover your payroll costs during the slow season or stock on up inventory. Short term loans are typically designed to be repaid in a year or less, though some lenders offer terms up to 36 months.

2. Merchant cash advance

Merchant cash advances offer a convenient way to acquire working capital for businesses with less than perfect credit. A merchant cash advance isn’t a traditional business loan. In fact, it’s not a loan at all. Instead, you receive an upfront sum of cash in exchange for a percentage of your future sales.

This type of financing may be appropriate for newer businesses that lack an operating history or strong credit. The caveat is that merchant cash advances can be more expensive than other types of short term business financing.

3. Accounts receivable financing

Accounts receivable financing allows businesses to leverage their outstanding receivables for a loan. There are two ways this type of financing can work. First, the accounts receivable financing company could lend you money based on the value of your outstanding invoices. You’d then pay the financing company back, along with a fee or factor rate. The other option is selling your outstanding invoices outright to the financing company. Then, it’s up to the lender to collect on those invoices from your customers.

In each case, this type of financing can be convenient for business owners. It’s possible to get funding in just a few business days. Like merchant cash advances, perfect credit isn’t required. It’s important to consider the factor rate and fees, however. This way, you understand what this short term business financing is costing you.

4. Inventory financing

Inventory financing is a short term financimg avenue that product-based small businesses might consider. This type of financing offers working capital to purchase inventory. The inventory serves as collateral for the loan.

Here’s the idea: You should start repaying the loan fairly quickly as you sell the inventory you purchased. Inventory financing is interesting if you come across a great deal on inventory that you’d like to take advantage of. Alternately, you could use inventory financing to stock up for the busy season when cash flow is slower.

5. Business line of credit

A line of credit can offer flexible financing for the short term. With a business line of credit, you have a set amount of money you can borrow against. As you pay back what you borrow, you free up available credit.

This business loan alternative is attractive if you only want to pay interest on the amount of credit you’re using. With short or long term loans, you’d pay interest on the entire amount borrowed. A business line of credit generally requires a good credit score to qualify; the better your credit, the better your interest rate.

6. Trade credit

Also called vendor or supplier credit, trade credit is another way to bolster cash flow temporarily. With trade credit, your vendors allow you time to pay for products or supplies, instead of giving them cash on delivery. For example, payment may be due on Net 30 or Net 60 terms.

An advantage of using trade credit for the short term is that your vendors may charge little or no interest. In turn, this can be a helpful way to establish your business credit score and history if you’re able to report vendor tradelines to business credit bureaus.

7. Business credit cards

A business credit card isn’t the same as a business loan, but it can work well for short term finance needs. A business credit card is similar to a line of credit. You make purchases against your credit limit; as you pay them off (with interest), you free up available credit for new charges.

Also, a business credit card may be easier to qualify for than a business loan. Credit card companies typically check your personal – not your business – credit score. Many business credit cards also offer the opportunity to earn valuable rewards in the form of miles, points or cash back.

 

When comparing short term business financing, cover the basics. Check the interest rate and fees, repayment terms, whether any collateral is needed and the minimum requirements to qualify. This way, you’ll find the best short term finance solution for your business.


Loans for Dentists: When a Credit Card Won’t Cut It

If you’re one of the nearly 200,000 dentists in the U.S., building and maintaining a thriving practice is certainly a key goal. You might not know where to find the best fit for financing that meets your needs when you’re exploring loans for dentists. You also might wonder if you’ll qualify for any financing, especially if you recently graduated from dental school.

Credit cards are certainly one way to close funding gaps. Over time, however, your credit score may fall victim to this strategy and might decrease. Maxed-out cards and high credit utilization rates can do a real number on your credit score. Not to mention that the interest rate on credit card debt can also cut into your practice’s profits.

There are a wide variety of loans for dentists to help your practice meet its goals, no matter the stage of your dental career.

The type of financing you need depends on what’s best for your practice’s needs. From loans to lines of credit, here are your funding options.

Business loans for dental practices

Funding immediate business needs could be satisfied by a rewards credit card with a generous credit limit. If you max out that card, however, you’ll be removing an immediate funding option meant for emergency expenses.

If your dental practice has an established track record, solid financials, and a business plan that charts out a path to continued revenue success, business loans could be an ideal solution to preserve your available credit card buying power.

Short-term loans for dentists are ideal for bridging cash flow gaps and maybe the occasional building repair or pay raise to retain a key employee. Longer-term loans can help you achieve larger projects like upgrading your practice’s patient management and billing software or even a renovation to your waiting room.

You’ll be looking at flexible terms, loan amounts, and even repayment schedules that can flex with your revenue flow.

SBA dental practice loans

When you need capital for your dental practice, your first thought might not be for an SBA (Small Business Administration) loan. However, Préstamos de la sba can offer dental professionals favorable terms, flexible maturity dates, and wide-ranging use of funds to meet a variety of business needs.

SBA loan amounts range from $50,000 to $5.5 million. While terms vary by use of funds, a typical repayment timeline ranges from five to 25 years.

While the SBA guarantees a portion of these loans for dentists (usually around 85 percent), loans are offered through banks and credit unions in your local community and online lending partners like Kapitus.

The qualification process for an SBA loan is rigorous. Business owners need to prepare multiple months’ worth of financial statements as part of the application process. SBA lenders will also typically require collateral to back the loan. It could be equipment or real estate that you currently own. Interest rates will typically be lower than non-collateralized loans.

Dental practice equipment loans

When your goal is to provide the utmost quality in dental care, you’ll have a continuous eye on equipment that can help you deliver.

From patient chairs to cabinetry, and x-ray imaging tools to lights, equipment loans can help you set your office up for success. As your practice grows, loans can help you keep up without feeling a crunch on your cash flow.

There is also the option to finance equipment leases with an upgrade option. This means your practice can keep up with the most current technology to better serve your patients. You won’t have to worry about your financing outlasting the relevance of your equipment.

Working capital and business lines of credit for dental practices

UNA business line of credit could be a powerful financial tool if you want a stream of capital that can be used for any purpose. Whether you need a working capital infusion for your practice or some cash to help navigate seasonality, a line of credit gives you cash at a moment’s notice.

SBA loans and traditional business loans have more rigorous underwriting processes. But, lines of credit are more flexible in their approval process. A line of credit is also applicable when your dental practice doesn’t have an immediate need for cash. You’ll have it ready when the need arises. You won’t have to endure the approval process when time is of the essence.

An unsecured business line of credit has a higher interest rate than a traditional business loan or line secured by collateral. However, an advantage to a line of credit is only having to borrow exactly as much as you need. This can help you save interest costs long-term. You’re only paying interest on what you’ve drawn on your line.

Helix financing

Like most healthcare businesses, dental practices have specific waters to navigate. As the insurance landscape becomes more nuanced, your cash flow might slow down. Delayed insurance payouts and low premiums can take a bite out of your cash-on-hand.

Helix healthcare financing from Kapitus can help free that cash back up.

Helix financing is designed with the needs of your dental practice in mind. They have an expedited underwriting process. The process infuses anywhere from $20,000 to $500,000 into your business in as little as three days. You’ll be hard-pressed to be caught short for capital again.

Terms for repayment are also flexible and intended to keep you out of a cash crunch as time goes on. Terms range from six months to ten years. Helix can help you shake free of the financial confines related to insurance payout timelines.

Next steps

Review the wide variety of financial tools and loans for dentists available. And, think about what your upcoming financial needs might be.

It might help to organize your business goals by short-term and long-term. Then sort those projected capital needs by dollar amount. This process can help you determine which financial solution will help your practice at the most reasonable cost over the term you need the funds.

Keep in mind that collateral-backed loans will likely offer the most favorable interest rates. They typically have longer approval windows. You’ll need to do some planning if they’re part of your business financing plans. Lines of credit can have shorter approval windows and offer funds at the ready when you need them.

If you’re curious about the above loans for dentists that might be the best fit for your business, reach out to the team at Kapitus. They’ll help you find the best solution for your growing practice while leaving your credit cards out of the mix and in your wallet.


Tap Into the Advantages of User Reviews

User reviews are increasing in power. More people are using reviews when deciding which products to buy, services to use or restaurants to eat at. In fact, some people go so far as to avoid restaurants and service providers who do not have high positive ratings. According to Inc. magazine, 88 percent of customers looking to buy a product are influenced by the online reviews they read. However, many small business owners do not realize the numerous advantages of user reviews. Even more don’t know how to harness them.

Increase your rank, visibility and stand out from competitors.

More reviews can help increase your Google rankings, especially in those searches that are location-based. When searching terms such as “pizza restaurants near me” or “painting contractors in Detroit”, Google provides a map with a list of firms at the top of the first page. Obtaining a position up top increases your visibility and, along with the positive reviews, helps you stand out from your competitors. With a limited marketing budget, you can capitalize on this by focusing on obtaining reviews in conjunction with search engine optimization (SEO). This you can outsource to an online marketing firm for a moderate cost. But, be sure to read their reviews or get references before you agree to a paying relationship with them.

Consider the experience of Mr. Wise Electric, an electrical contractor serving both residential and commercial customers in the Atlanta metro area south of Buckhead. Owner and manager, AJ Nelson, noticed unsolicited positive customer reviews six to seven years ago and has seen an impact on business since. “I get feedback from customers and potential customers that they read the reviews. That puts them in a position to trust Mr. Wise Electric.”

Proactively solicit user reviews.

Should you ask customers for reviews? This really depends on your situation.

Nelson said that, while they may occasionally request a review, “I think it’s more genuine if they do it without my request”. However, he acknowledged that his firm has used Square as its merchant services provider since 2012. Square has been actively soliciting reviews on behalf of its customers since 2015-2016. Nelson knows that some of his customers have read these. Furthermore, Square offers a rewards program that the reviews are tied to, and this may incentivize customers to complete a review.

Wingler Construction, based in Whitehall, OH, outsources their website ranking and review solicitation to one firm. Vice president, Jessie Kemmerling, notifies the firm when a job is complete. The firm sends the customer an email requesting feedback and a user review. This automation takes the stress out of following up.

Manage your online reputation.

Proactively managing your user reviews helps you to maintain your online reputation. According to Inc., one one-star review needs four five-star reviews to maintain a four-star average. Regularly requesting reviews from satisfied customers more proactively counteracts that bad review.

Beginning in late 2018, Kemmerling made a concerted effort to get reviews. She realized that years old bad reviews on Yelp were negatively impacting business. An internet marketing firm reached out to the company and made their case and she bought in. That firm launched a combined effort to get existing and recent former customers posted on Google. Their efforts worked and the firm now has a 4.7-star ranking on Google and a five-star ranking on a related site. Kemmerling believes that some of the advantages of user reviews are how they help build trust and shorten sales cycles.

Increase revenues and profitability with user reviews.

Mr. Wise Electric wants to capture significant market share in their target area. Nelson noted, “I don’t think we’d have the impact on the market or be as known as we are [without the reviews].” Why? Because they’re experiencing unexpected benefits. “The reviews help make the customer willing to pay more to get quality”. Reviews also help attract target customers. “When you get reviews, you get the customers who are looking for a particular type of contractor”. The reviews tell them whether or not their firm is that contractor. Finally, user reviews reduce their advertising costs. Therefore, reviews are very valuable.

His firm uses Next Door, Nelson notes. Just as with user reviews, this app captures word-of-mouth experiences. If someone shares their positive experience with their neighbors, it increases the level of familiarity for others. “If a lot of people are familiar with the contractor, then that helps,” he stated.

The advantages of user reviews are significant. Tap into them to rev up your marketing, shorten your sales cycle and increase your profits.


How this Online Pet Store Built a Community of Reptile Owners…With Free Crickets!

Business owners are always brainstorming fresh, unique marketing strategies for their companies. In the social media age, it feels like everyone is bombarded with advertisements from brands. How do you cut through the clutter? The answer is simple: give away free crickets.

Perhaps that strategy sounds strange. But if you’re in the business of selling pet food to exotic reptile owners, “free crickets” can be a game-changer. That’s what Jeff Neal, owner of The Critter Depot, discovered when he was testing a new marketing plan. The Critter Depot is a specialty online retailer for reptile owners, shipping millions of live feeder insects every month. They sell crickets, mealworms, fly larvae, roaches and other tasty treats reptiles love to eat.

For the Love of Critters

The Critter Depot is also a supportive and informative resource for reptile pet owners. In addition to supporting reptile enthusiasts, Jeff Neal started a new online community for people who love their scaly, spiky creatures: a reptile network called CritterFam.com.

“CritterFam.com is our recently launched reptile network, where owners can post pics of their beautiful pets, and comment and support each other,” Jeff Neal said.

It’s very challenging, setting up a new online community. There’s already Facebook and Instagram and other social networks. What if you build a new site but no one uses it? No one likes being the only person at a party, even if they have a lovable pet lizard to keep them company. Would Critter Fam turn out successful, or would it end up being “Friendster for Lizard-lovers?”

“We struggled with the challenge of starting a new network and trying to attract users,” Jeff said. “People want to participate in a thriving and engaging community, and most newly-created networks just don’t have that level of engagement. We needed to figure out a way to quickly generate interest and build engagement on our site, especially in a way that would have a positive network effect and get more people involved.”

But how can you motivate reptile owners to participate in an online social network? What do reptiles love most, other than “heat lamps” and “comfortable rocks to rest upon?” It turns out the answer is: crickets!

“After some brainstorming, we decided that we would incentivize users to participate in Critter Fam by giving away a Year Supply of Free Crickets,” Jeff said. “This is how the Cricket Contest was born.”

Incentivization Increases Brand Traction

Held monthly, the Cricket Contest is a photo competition encouraging reptile owners to share snapshots of their most photogenic lizards, snakes and skinks, with the prize each month being a year’s supply of crickets. Reptile owners get a chance to win free crickets by sharing photos of their pets and participating in Critter Fam. So far, it’s been a big success!

“The network has only been active for about 8 months, but we already have about 2,000 members, who post pictures and share topics about reptiles and amphibians,” Jeff said.

But how does Critter Fam select a winner? After all, reptile beauty is in the eye of the beholder. To decide which bearded dragon pics are truly cricket-worthy each month, Critter Fam uses old-fashioned crowdsourcing – a.k.a. democracy.

“The photos that people share on our site are all wonderful, but unfortunately we can’t give free product to everyone,” Jeff Neal said. “To choose a winner each month, we came up with the concept of ‘Critter Gold,’ a voting system where users award points by upvoting people’s posts. Each post has an icon in the upper right corner, and when users click that icon, they give that post Critter Gold. At the end of each month, the post with the most Critter Gold wins a year supply of free crickets.”

The Critter Fam Cricket Contest has been a big success. The site is full of fun photos of lizards lounging in their well-furnished terrariums, cuddling with their owners and even enjoying a car ride in a windshield “hammock” o wearing a “wizard lizard” costume. It’s fun to see the different ways that people engage with their pets and share joy with a community.

There are a few key marketing lessons that your business can take away from Jeff Neal’s Critter Fam success story.

Go Deeper Into Niche Marketing

It can be hard to strike the right balance between growing your brand and rewarding your most loyal customers; Critter Fam is successful because they built a fun community for a niche audience who cares deeply about the subject.

Your business probably can’t compete with a mainstream social site – but you don’t have to. You can set up your own niche version of “Facebook for reptile lovers” or whatever your niche may be.

“People want to see really engaging content that they can relate to,” Jeff said. “And I think that’s why our reptile network has done well so far, because it’s pulling together like-minded people who have the same questions and interests. Social media sites are popular, and forums are essentially social media sites for niches.”

Be a Community Builder

The new frontier of small business marketing goes beyond making sales to your customers, and moves toward building a larger community where your customers can make connections with each other and get additional value from your business.

“There are already reptile forums that have been around for a long time,” Jeff said. “But they aren’t connected with an eCommerce store, so this gives our experience a little bit of a twist. And it could become a trend.”

Think about the ways you can generate a larger sense of community surrounding your business. If you own a brick-and-mortar retail store, look to share your space with local artists or nonprofit organizations after hours. If you’re a business consultant, start a discussion group on LinkedIn. Give people a reason to stay in touch with your business and keep coming back — be generous and connect people with each other.

Adopt a Guerrilla Marketing Mindset

Jeff Neal could have taken the easy way out and just bought more Google ads to sell more crickets. But instead, he got creative and built something much bigger.

“My advice for other business owners is that you really need to be creative,” Jeff said. “Don’t just post on Facebook or buy Google ads, because everyone else is doing that. Instead, you need to embrace the mindset of a guerrilla marketer, and figure out ways to get your product or service in front of thousands of people.”

Congratulations to Jeff Neal and the Critter Depot on the success of your marketing strategy and new Critter Fam site. Hopefully you’ll be giving away crickets (and selling even more crickets) for many years to come!


This Air Force Veteran is Bringing Military Challenge Coins to First Responders and Beyond!

The U.S. military has many traditions for how they reward performance and create a shared sense of identity. They range from medals to salutes to nicknames, but one of the more underrated and unique traditions are the challenge coins.

Many civilians might not know this but in the military, service members get the chance to earn special coins called “challenge coins”. All branches of military service use challenge coins which commanding officers give out for rewarding a job well done, building morale, and creating better teamwork and unit cohesion. Each President of the United States issues special challenge coins to military members during ceremonies. For military service members and veterans who collect and carry them, challenge coins are badges of comradeship, and reminders of the military’s close-knit culture.

Another tradition is that military members should carry their unit’s challenge coin with them wherever they go. They can be “challenged” (often when out at bars or restaurants) to show their coin at any time to prove that they are a member of a specific military group. And if you don’t have your challenge coin on you, you owe your challenger a round of drinks!

Kevin Tuohy, military veteran, used his love of challenge coins as inspiration to create a new successful business: Adrenaline Challenge Coins. Based in Orange County, California, his company supplies high-quality custom challenge coins to organizations such as military, law enforcement, and fire departments. They’re also branching out into different fields, introducing the concept of challenge coins to new audiences.

Kevin’s success story offers some inspiring lessons to other business owners.

It Started as a Hobby…and Quickly Grew!

turn your hobby into a business

After completing his military service, Kevin Tuohy became a firefighter – a job he had always wanted and one that he truly loved. But in 2011, he retired from the fire department and started thinking about what was next.

“I started Adrenaline Challenge Coins because I loved the history and tradition of [them], and thought I could make better and less expensive coins than what was out there,” Kevin said. “This was going to be a ‘hobby job’ to fill my free time, but with great word of mouth, a top-quality product at the best prices, and friends and contacts throughout the military, police and firefighter communities, we grew into a full-fledged business.”

Eight years later and Adrenaline Challenge Coins is the official/licensed coin provider to the NFL, NCAA, General Motors, the World Police & Fire Games, the FDNY Foundation and more.

Tuohy’s Lesson: Other aspiring entrepreneurs have ideas to start a business, but might feel like it’s just a side project or a hobby. Tuohy’s story teaches us that we shouldn’t sell ourselves and our ideas short. You may just find that your business ideas have a powerful momentum of their own, just as Tuohy’s did!

Start By Marketing to Your “Inner Circle”

market to your inner circle lesson 1

When Kevin started marketing his new business, he reached out to fellow firefighters, police and military veterans. They understood challenge coins and were receptive to hearing from a new business that was part of their institutional culture.

“Being a veteran gave me an instant ‘in’ with the biggest challenge coin community in the world,” Kevin said. “Military, police and firefighters are a very tight-knit and loyal community. People who choose these types of professions tend to have an instant trust and loyalty to each other. [Veterans and firefighters own and operate my business]. We [live] in this community, and we understand what it means to honor the traditions. Every customer is family, and should be treated accordingly.”

Vistaprint selected Adrenaline Challenge Coins to participate as a vendor at L.A. Fleet Week 2019 and Kevin introduced his business to a wider audience of military members and veterans. Kevin’s company was one of three veteran-owned businesses chosen by Vistaprint for their Micro Main Street program to celebrate small businesses.

Tuohy’s Lesson: No matter what business you’re in, even if you’re a new startup or a first-time entrepreneur, you probably have an “inner circle” of people who already know and trust you. Start building relationships with the customers who know you best, and they will spread the word.

Stand Up for Your Values

stand up for your values

Values from the military and Tuohy’s drive to serve others shaped his life and career as a veteran business owner.

Tuohy says that Adrenaline Challenge Coins helped raise tens of thousands of dollars. The company’s donated to organizations like A Million Thanks, Wounded Warriors, and Flags of Honor. They even donate to firefighters and other first responders who were killed or injured in the line of duty. Even before founding his company, Kevin was a co-founder of a fundraising effort for families of the victims of the World Trade Center attack on 9/11. Their goal was to raise $30,000, but they ended up raising $1.1 million!

“As veterans and firefighters, giving back has been a part of our nature,” Kevin said.

Tuohy’s Lesson: Just as the military has a strong sense of mission, many of the most successful businesses have a “mission” not only to make money, but to serve a larger cause. What cause or mission does your business support? What is your spirit of service?

Branch Out into New Markets

Adrenaline Challenge Coins doesn’t just make challenge coins for military organizations and first responders. The company is expanding the market for challenge coins by introducing the concept to sports fans. The company offers NCAA sports-themed coins so fans can honor their favorite college athletics teams. They created a patented challenge coin-bottle opener designed for the NFL, too. Football fans can now celebrate their favorite teams in a fun way.

Kevin also found that crossover between sports and first responders by being selected as the official challenge coin provider to the World Police and Fire Games, an Olympic-style competition with thousands of athletes who are firefighters and law enforcement officers from all over the world.

“This was one of my favorite success stories,” Kevin said. “Until 2011, these Games never used challenge coins as part of their collectibles. Because we know this community so well, and because of the quality and pricing of our product, we were selected as the official provider and have been making custom coins for every Games since 2011. We are already locked in for the next two Games, 2021 in Rotterdam and 2023 in Winnipeg.”

Challenge coins aren’t just for the military or first responders. They’re for anyone who loves being part of a community and wants to show their support. Kevin and his team expanded the reach of their business by finding crossover appeal.

Learn more about Kevin’s business and check out their stylish coin designs at www.AdrenalineChallengeCoins.com


This Veteran Equips Others to Win the Battle of Financial Freedom

Active-duty service members, veterans, and their loved ones have difficulties specific to their lifestyles. There are considerations that many civilians don’t have to make. Among the challenges, finances top the list. Through the hard work and dedication of one veteran, things are getting easier for some military members. Dr. Ann James, AFC®, founder of Financial Freedom Battle Buddies, makes it her mission to empower other brave women off the field. She helps them make smart money decisions that set them up for long-term financial security and a less stressful life.

How challenge leads to change

James didn’t want to burden her mother with the financial implications of college. So, she followed in her brother’s footsteps and enlisted in the Air Force. She left for basic training at age 18 and was stationed in Italy. James married, became a mother, and then found herself as a single mom. Soon after, her daughter was diagnosed with Autism. James knew something had to change. And with mounting financial responsibilities, she continued her career, earning commission as a financial officer. She toured in Iraq and retired in 2011 as a Captain. Her 21-year military career contains a broad range of experiences.

She wanted to use her skills and passion for helping others. James put her Montgomery GI Bill to work and received a Doctorate in Education in 2017. “While I was in the military,” James says, “I loved 2 things: teaching and all things money. So, I figured, why not try to start a business that combines the two — and that’s what I did. When I transitioned out [of the Air Force], I wanted to change the narrative and show how veterans can have a successful transition if they planned early enough and got their financial houses in order.”

Why it matters

We all struggle financially. What makes the needs of women, specifically those in the military, so unique and urgent? James explains:

“While the exposure may be increasing, I feel that the needs of women who are serving or have served in the military are often overlooked. The need is even greater when you’re raising a child who requires extra care. As a single parent, living off one income is hard enough, but throw in the extra responsibility and associated costs of raising a child with special needs into the mix and things can get overwhelming and spiral of out control quickly.”

The support that Financial Freedom Battle Buddies provides is both actionable and accessible. James hopes that the accountability sought through the program builds a legacy of financial empowerment instead of debt. James has “walked the walk” making her the ideal candidate to “talk the talk.” She’s paid off over $24,000 of her own consumer debt, as well as $300,000 in mortgage debt. She now owns two homes free and clear.

Her life experience and education makes her a great role model for veterans. She has accreditation from the Association for Financial Counseling and Planning Education (AFCPE) and takes part in ongoing education and certification programs. This adds a personal touch to her consulting while keeping on top of industry changes and new opportunities for her clients.

Seek to understand your unique financial needs

There is quite a bit of financial chatter and advice online today. It’s sometimes hard for anyone – especially veterans – to cut through the noise to get to the heart of what matters. James challenges people to move beyond basic financial solutions ( i.e. creating a budget) and go towards the “why” behind improving their finances.

“What are the true reasons behind your willingness to now make a change? Are you sick and tired of being broke? As a parent of a special needs child, do you not ever want your child to have to depend on the government to take care of them when you’re no longer on this earth? The answers to these types of deep questions will help you stay the course when times get difficult.”

This, she says, will eventually lead to sustainable financial transformation.

Inspiration for other entrepreneurs

With Financial Freedom Battle Buddies, James isn’t just hopeful about the finances of other veterans– she understands the opportunities that arise for those wanting to start a business, too. What advice does she have for veterans looking to follow in her footsteps?

“I know it’s scary, but take that leap of faith and just do it. I can guarantee that by serving in the military, you have done things that are more dangerous than starting a business.”

She also emphasizes that it’s not necessary to reinvent the wheel, and that it is OK to find someone doing something you’d like to do, then personalize that service or offering to make it your own. James reminds us that it’s vital to seek out help when needed. “As my mom always says, ‘a closed mouth doesn’t get fed.'”

James recognizes how the military makes significant financial investments in training service members and she challenges potential business owners to consider it as an opportunity to make a profit and help others simultaneously. “Why not turn it around and use it for the benefit of not only ourselves, but as a way of continuing to be of service to our country?” she asks.

Owning a business comes with its own inevitable problems. It’s important that those pursuing their dream understand that everyone goes through doubt. James echoes those concerns and admits it takes a balance of grit and humility. “I had fears and still do till this day,” she shares. “However, I rely on my faith that whatever God has for me is for me. I also seek mentoring from those that have been doing this longer than me. Being an entrepreneur is a totally different mindset shift for me, so I have to rely on the help and support of others that came before me.”


How this Veteran Entrepreneur Gives Back to the Community — By Fixing Up Houses

Nathaniel Hovsepian is a U.S. Marine Corps veteran who decided to use his skills and initiative from the army to become an entrepreneur. Today, along with his wife Brittany, Nathaniel owns and operates The Expert Home Buyers, established in 2016 and one of the premier home buying companies in the Central Savannah River Area of Georgia and South Carolina. The Expert Home Buyers buys old homes and fixes them up for renters or new home buyers.

Nathaniel and Brittany are handy and resourceful; they love fixing houses, but they also consider their business’s is to serve the community. They rehab, renovate, and fix houses to help people out of stressful living situations. In turn, they’re making their community a better place for people to live, while supporting the local economy.

Serving the Community By Creating Better Housing

“I started The Expert Home Buyers back in 2016 when I realized that I had a unique set of skills that I could use to help beautify my community as well as putting some money into my pockets,” Nathaniel said. “We give back to our community by taking old houses that are either eyesores, or points of contention in a neighborhood, and bringing them up to today’s standards of living and community. This helps the area gain a new sense of pride and allows the value of home prices to continue to rise. We also value charity, and we strive to make monthly contributions to local foundations and military charities like Wounded Warriors and USO.”

Building a Business Based on Military Values

Nathaniel discovered that the powerful life lessons and values that his time in the U.S. Marine Corps taught him guide his work as an entrepreneur.

“In the Marines, one of the core principles is integrity, and I stick to that principle now in practice with my business by being as transparent as possible,” Nathaniel said. “Being a Marine Corps veteran has made me very open and honest with the house sellers that I come across.”

In Nathaniel’s business, he buys houses with immediate cash offers from people who don’t want to own their houses anymore. Sometimes these people are facing foreclosure, managing the death of a loved one, or dealing with financial stress. Nathaniel strives for the highest level of ethics in his business conduct, which he learned in part, from the military.

“No matter what the situation is, we strive to treat people with courtesy, respect and honesty, and give them a fair cash offer that leaves everyone feeling like it’s a win-win situation,” Nathaniel said. “We never want to take advantage of people’s misfortunes, we just want to help people get out of their troubled situation, so they can move forward in life, and we can fix up the house so it’s in better shape. We always want to do business in a way that people are happy to work with us and eager to recommend us.”

Overcoming Obstacles with Marine Grit

Nathaniel learned the values of hard work and determination from the Marines. He still embodies those principles in his life as an entrepreneur.

“I have struggled to get this business off the ground, as I am sure that most new business owners have, but I was able to overcome my challenges by applying the grit and determination that I learned in the Marine Corps,” Nathaniel said. “The values of hard work and determination have gotten me through some tough times while building The Expert Home Buyers.”

Nathaniel made it through 13 weeks of U.S. Marine Corps boot camp, four years of active duty service, and a 9-month tour in Iraq. He led a recovery crew that repaired and maintained an entire section of tanks in a combat zone. The obstacles involved in his business probably seem relatively calm and peaceful, compared to his army duties.

Being a Veteran Business Owner Feels Even More Meaningful

Nathaniel values creativity and community that he’s developed. He appreciates the life that he and his wife create together as business owners even more because he’s a veteran.

“Being a veteran business owner means a lot to me, because ultimately, for everyone who puts on that uniform in the Marines and other branches of service, this is what we fight for,” Nathaniel said. “We fight for the right to go out there and make something of ourselves. We fight for the freedom to be able to get up and work hard to accomplish whatever it is we desire. Being a veteran business owner also means that my time served was worth the effort, and that I have been able to apply all of the things that I learned about myself and the world during my time in the Marines.”

Being an entrepreneur isn’t always easy. With passion, resourcefulness, motivation, and drive, it can be a great way to make a living and build a life. Nathaniel Hovsepian embodies the values of entrepreneurship, the military, and the spirit of service to the community. To see someone create an incredible life and do business based on principles and lessons they’ve learned is truly inspiring.

To learn more about Nathaniel Hovsepian and his business, please visit www.TheExpertHomebuyers.com


Friday is Payday & You’re Out of Cash – Enter Payroll Loans

Imagine: Friday is payday and you’re out of cash. Maybe, clients are late paying their bills. Perhaps you’ve been hit with unexpected expenses or payments taking too long to clear your account. As a business owner, you don’t want your employees to suffer. But what can you do? Payroll loans can be a smart, short term solution to meet this challenge.

Payroll loans can help busy small business leaders stay on top of their most important cash flow issues.

When to Consider A Payroll Loan

If you’re in a bind and don’t have enough working capital to meet your payroll obligations, a number of solutions can help balance short term cash flows. One of the benefits of a payroll loan is that the funds are often deposited into your bank account quickly.

What Types of Loans for Payroll Exist?

Payroll loans typically come in four forms. Depending on your business setup and the amount of the loan, one of these options may be right for you:

Credit card

In some cases, you may be able to get a cash advance on your credit card. However, this typically requires advanced planning. You often need to call a week or two ahead of time to request a pin. Credit cards often have low cash advance thresholds relative to your total maximum spending limits. Credit card cash advances can also have higher interest rates than other options.

Cash advance

Do you process client payments through a credit card merchant account? If yes, a cash advance might be a good choice. The lender looks at your sales and takes a percentage of your daily sales as repayment. This approach offers several benefits. Sometimes called revenue-based financing, merchant cash advances are tied to your daily sales. This method helps you quickly repay the loan while filling an immediate cash flow gap.

Invoice factoring

If you’re a service-based business or you provide products to customers on credit, then you’re probably sending invoices. Outstanding invoices represent projected future cash flow for your business. But when the terms are long such as net-30 or even net-90, waiting for clients to pay can create a cash crunch. When customers run late with payments, the situation can become dire.

Invoice factoring is a type of business funding that uses your unpaid invoices as collateral. You can collect a percentage of the total amount due now and repay the loan with the invoice is paid. Additionally, a related source of funding is purchase order financing. Purchase order financing allows you to get a cash advance against purchase orders, minus the cost of goods.

Line of credit

This is an open business loan that can be used at any time and for any approved purpose. Let’s say that you’re approved for $50,000. That’s the maximum that can be borrowed. Repayment happens only when you take money out. A line of credit is a flexible way to have credit available to your business in advance of a cash flow crisis.

Lines of credit may have lower interest rates than other types of payroll loans and more flexible repayment options. If this sounds like a good solution for your business, consider applying for a line of credit before you need it. Or, if the need to cover this week’s payroll gap is more frequent, a line of credit can be a long-term solution to smooth out a rocky cash flow situation.

Applying for a payroll loan is easy. Business owners can simplify the process by gathering the necessary information and outlining their needs in advance.

How to Apply for a Payroll Loan

A payroll loan is designed to be a quick solution to an immediate cash flow problem. Applications are evaluated quickly. And the more prepared you are, the sooner you’ll have cash in your business account to pay your team. Gathering supporting documents up front can expedite the entire process.

  • Determine your cash flow gaps. How much funding do you need to complete your employee payroll?
  • Based on your business structure, determine which solution might be right for you.
  • Prepare the supporting documents. Gather basic information about your business, as well as your personal history.
  • You’ll likely need to submit business references, a few months of bank statements, and a year’s tax return. You’ll need all of these documents to submit an application, which is often done online or over the phone.
  • Additional documents might be required during the underwriting process. Speak to your representative to explore what unique requirements there may be.

Preventing Payroll Gaps in the Future

If you need a payroll loan to fix an immediate cash flow need, you’re not alone. Taking steps to keep your business afloat and your employees happy is essential to staying in business.

Therefore, advance planning could help you avoid issues in the future. Some strategies to consider include:

  • Saving a “cash cushion”: Setting aside funds can be challenging, but building up a cash cushion makes it easier to weather storms. Consider establishing a savings account and putting aside a percentage of your profits each week, month or quarter. This emergency fund can be a first line of defense when things don’t go as planned.
  • Applying for a line of credit: As discussed above, a line of credit can only be accessed as you need it. However, you need not wait until an emergency strikes to apply. In fact, obtaining a line of credit and having it in place before you need it is smart strategy. That way, if you experience a cash flow shortage, you’ll have an immediate solution available to you to meet payroll. Also, lines of credit are flexible and can be used for multiple operational needs.

Don’t let a cash flow crunch interrupt your business. Compensating your employees is a top priority and allows you to continue serving customers. As a business owner, it’s natural to experience financial challenges from time to time. Don’t panic if it’s almost Friday and an unexpected situation means you don’t have the cash on hand to pay employees. A payroll loan can help you streamline your finances in time for payday.

A wide variety of payroll loans can help you meet your obligations. Determine which option is best for your needs and then contact a lender today to discuss what’s available to you.


¿Debo usar el financiamiento de órdenes de compra? ¿Cuándo tiene sentido?

Existe una gran cantidad de información errónea y suposiciones erróneas sobre el financiamiento de órdenes de compra. ¿Sabes qué es una orden de compra pero cómo la financias? Esto se llama préstamos basados en activos, pero una orden de compra no es un activo. En resumen, su pregunta es, "¿debo usar el financiamiento de órdenes de compra y, de ser así, cuándo?"

Guión

Estás extasiado de que acabas de recibir un gran pedido de un cliente corporativo que has estado persiguiendo durante meses. Usted y su equipo celebran este momento seminal en la historia de su empresa. Al día siguiente, sin embargo, sientes un hoyo en el estómago. Te das cuenta del dinero que tiene tu empresa en el banco y la pequeña línea de crédito que puedes utilizar no es suficiente para cumplir ni la mitad de este pedido. Recorres los escenarios. Puede cancelar el pedido, pero sabe que no volverá a tener una oportunidad como esta. Podrías dividir el pedido a la mitad y esperar hasta la segunda mitad hasta que te paguen por el primero. Aunque esta no es una opción tan pobre como cancelar, no es buena. Puede solicitar un depósito o solicitar que el pedido se pague por adelantado, pero recuerda que su controlador ya realizó esta solicitud. La respuesta fue que la empresa lo consideraría en el futuro, pero no ahora. Usted cree que quieren asegurarse de que su empresa sea lo suficientemente viable como para manejar pedidos de este tamaño.

Dado que estás golpeando una pared mental con tus opciones, te reúnes con tu equipo para hacer una lluvia de ideas. Desecha el financiamiento de cuentas por cobrar porque tendría que llegar a un acuerdo con su banco para excluir los A / R de este cliente. Eso puede ser factible, pero en realidad no tendrá una cuenta por cobrar hasta que facture a su cliente DESPUÉS de que el producto llegue del fabricante. Su vicepresidente exclama: "¡Ojalá pudiéramos financiar la orden de compra en sí!". Algo en esa declaración resuena con su controlador y ella busca en Google "financiación de la orden de compra" y ¡listo! Descubres que existe.

¿Qué es exactamente el financiamiento de la orden de compra?

Antes de continuar, es importante que comprenda qué es el financiamiento de órdenes de compra y qué no lo es. El financiamiento de órdenes de compra es esencialmente un avanzar proporcionado a usted en la orden de compra de un cliente específico para comprar inventario fácilmente disponible o productos manufacturados de un proveedor. Por lo tanto, esta es una opción potencialmente viable si usted es un revendedor o distribuidor o si externaliza toda su fabricación. Normalmente utilizado para un pedido considerable, su firma de financiamiento de PO adelantará fondos directamente a su proveedor / fabricante o emitirá una carta de crédito o garantía de pago para liberar los fondos cuando se entreguen los productos. El financiamiento de la orden de compra luego recauda el pago directamente de su cliente final, actuando así como una empresa de factoraje de facturas.

Básicamente, la firma de financiamiento de PO actúa como un sustituto para usted, garantizando el pago al proveedor / fabricante para que pueda cumplir con su pedido. El financiamiento de PO no es una opción de financiamiento de inventario general para usted, ya que no le permite comprar y mantener inventario para vender más tarde. Requiere una orden de compra específica para un cliente específico. Su firma de financiamiento de PO necesitará una copia de la PO firmada de su cliente y de su orden de compra firmada al proveedor.

¿Qué proporciona la financiación de PO?

La opción de financiación de PO permite a las nuevas empresas y otras empresas de rápido crecimiento o con restricción de efectivo aceptar pedidos nuevos y grandes de sus productos de clientes solventes. De acuerdo a Revista emprendedora, "El financiamiento de órdenes de compra puede ser beneficioso para las pequeñas empresas porque depende principalmente de la compañía que ha realizado el pedido con el inicio, y no del inicio en sí mismo". Aunque la mayoría de las firmas de financiamiento de PO requieren que los productos se envíen directamente al final cliente, hay algunos que permitirán el envío a un almacén de terceros e incluso a sus instalaciones para el montaje, empaquetado y distribución livianos. En estos casos, según Entrepreneur, "el financiamiento de órdenes de compra a menudo cubre una gran parte de los suministros necesarios (necesarios para producir esos bienes) y, a veces, incluso todos". Además, el proceso de financiamiento de PO es mucho más fácil de navegar - y más directo - que el financiamiento bancario tradicional.

¿Como funciona?

  • El financiador de PO obtiene una copia de la orden de compra de su cliente y su orden de compra con el proveedor / fabricante. Después del análisis, el financiador del pedido acepta financiar el pedido de compra de su cliente.
  • El financiador de PO envía el pago o emite una carta de crédito directamente al proveedor o fabricante.
  • El proveedor recibe la carta de crédito o el pago directo de la orden de compra.
  • El proveedor cumple el pedido y envía los productos directamente al cliente especificado en el pedido de compra.
  • El cliente recibe el pedido del proveedor y recibe la factura de usted.
  • El cliente paga la factura directamente al financiador del pedido. Si el cliente paga de inmediato, el financiador del pedido acepta el pago, deduce sus tarifas y luego le remite las ganancias brutas restantes de la venta. Si el cliente tiene términos (típicos para grandes corporaciones y entidades gubernamentales), el financiador de la orden de compra factoriza la factura (la compra con descuento) y le proporciona los fondos, menos el descuento.
  • El cliente remite el pago completo en 30 días a la empresa financiadora. La compañía de financiación libera cualquier reserva que haya sido retenida.

Si su empresa realiza manufactura liviana, como ensamblaje, impresión y / o empaque, serán necesarios pasos adicionales, ya que se le entregarán el inventario y los suministros y luego entregará los productos terminados a su cliente. Esto aumenta el riesgo para el financiador de PO y, por lo tanto, aumenta las tarifas.

Beneficios para su empresa

Si su cliente tiene un historial crediticio sólido y tiene un historial de pagos rápidos, y si tiene un proveedor o fabricante acreditado, su falta de longevidad comercial o su perfil crediticio débil le importará poco o nada a una compañía de financiación de PO. Como se describió anteriormente, solo los componentes administrativos de la transacción, la orden de compra y más tarde, la factura, dependen de usted.

Cuando se pregunte, "¿debería usar el financiamiento de la orden de compra", considere esto. De acuerdo a Forbes, “El financiamiento de órdenes de compra proporciona“ capital de trabajo suficiente para cubrir los costos de nómina y puesta en marcha de un nuevo contrato ”. Este financiamiento también puede proporcionarle un apalancamiento de negociación para obtener mejores términos y precios de los proveedores. "Tomar el riesgo calculado de un préstamo de capital de trabajo que permite a la pequeña empresa aceptar un trabajo y crecer es a menudo crítico para tener éxito en la contratación del gobierno" y otros ámbitos.

Riesgos para la empresa financiadora y honorarios asociados

En el financiamiento de órdenes de compra, no hay tasa de interés cotizada. En cambio, usted paga una tasa de descuento y tarifas. Esto significa que usted recibe menos del 100% del monto que el cliente paga en la factura, generalmente de 1.5% a 6% menos o, dicho de otro modo, del 98.5% al 94% de la factura. Esta tasa de interés incorporada captura el mayor riesgo que el financiamiento de órdenes de compra generalmente tiene para la empresa de financiamiento. Los riesgos varían. El proveedor / fabricante no puede entregar el producto. (Este riesgo se reduce considerablemente si se usa una carta de crédito). Su cliente podría rechazar la entrega o negarse a pagar debido a problemas con el producto. Además, su cliente solvente podría tener problemas financieros. Si recibe el producto, el riesgo es aún mayor, ya que más podría salir mal. Por lo tanto, las tarifas para los fabricantes ligeros que procesan y reempacan el inventario son generalmente más altas, al menos inicialmente hasta que se crea un sólido historial. No se pagará al financiador de PO en todos estos escenarios, lo que aumenta el riesgo y, por lo tanto, la tasa.

La respuesta a la pregunta, "¿debería usar el financiamiento de órdenes de compra" es de varias capas. Depende del tipo de empresa que tenga, cuál es su etapa de crecimiento y cuáles son sus fuentes actuales de fondos. Tenga en cuenta los riesgos, pero comprenda completamente los beneficios. De acuerdo a Medio, si puede monetizar su inventario eliminando o reduciendo lo que realmente tiene en el sitio, esto le permitirá "vender más productos, hacer crecer la empresa, emplear a más personas y alimentar a más familias". El financiamiento de órdenes de compra proporciona una forma de capital de trabajo que, si se usa con prudencia, en última instancia le permite invertir en su empresa y su futuro.


5 razones clave para pronosticar su flujo de efectivo

Proyectar su flujo de efectivo puede ayudarlo a planificar para el futuro, evitar déficits inesperados e incluso calificar para un préstamo para pequeñas empresas.

Muchos propietarios de pequeñas empresas demasiado extendidos están cansados del análisis del flujo de efectivo. Los "análisis" de cualquier tipo suenan difíciles, y ¿quién tiene el tiempo o la energía para hacer proyecciones futuras? Más importante aún, ¿por qué molestarse en pronosticar su flujo de efectivo?

Tenga en cuenta que el pobre flujo de efectivo es La razón número uno por la cual las pequeñas empresas fracasan.. Un alarmante 82% de las empresas fracasan debido a problemas de flujo de efectivo. ¿Convencido de que no tiene que preocuparse porque su negocio es rentable? Piensa otra vez. Las compañías rentables fracasan todo el tiempo por la sencilla razón de que se quedan sin efectivo.

Más allá de mantener sus puertas abiertas, pronosticar su flujo de efectivo puede eliminar las conjeturas de a dónde se dirige. Tener una buena idea de su dirección puede ayudarlo a tomar decisiones comerciales más inteligentes. Un poco de planificación hace mucho, y no tiene que ser difícil.

Estos días, herramientas intuitivas en línea puede hacer el trabajo duro por usted, generando automáticamente proyecciones de flujo de efectivo basadas en sus transacciones pasadas y su historial financiero. No se requieren hojas de cálculo.

Existen innumerables beneficios al pronosticar su flujo de efectivo, desde evitar caídas en lo negativo hasta planificar para el crecimiento. Considere estas cinco formas en que las proyecciones de flujo de efectivo pueden mejorar su negocio.

Evitar los déficits

Un déficit inesperado puede ser paralizante, y puede tardar meses (si no más) en recuperarse. El flujo de efectivo negativo puede incrementarse si no realiza un seguimiento constante del efectivo que entra y sale. Afortunadamente, los déficits son a menudo evitables con un poco de previsión.

Proyectar su flujo de efectivo lo ayudará a identificar, y planificar, las fluctuaciones del mercado, las fluctuaciones estacionales y otros patrones de negocios que pueden conducir a un flujo de efectivo impredecible. La previsión puede incluso ayudarlo a visualizar las tendencias de flujo de efectivo con la ayuda de cuadros y gráficos generados automáticamente.

Optimizar el tiempo de las cuentas por pagar y por cobrar

En un nivel más granular, muchos problemas de flujo de efectivo evitables a menudo son una cuestión de tiempo. El tiempo de demora significativo entre la facturación a sus clientes o el envío de productos y el pago puede causar una carga innecesaria en su flujo de efectivo.

Las proyecciones de flujo de efectivo que se basan en su historial financiero pueden ayudarlo a anticipar cuándo los clientes le pagarán. Esto le permite escalonar o ajustar de otra manera los pagos salientes a sus proveedores en consecuencia. A su vez, esto puede evitar que te sumerjas en el rojo. Y lo mantiene fuera de la incómoda posición de no poder pagar a sus proveedores o, lo que es peor, a sus empleados.

Demuestre que puede pagar el préstamo que solicitó

 Cuando solicita un préstamo para pequeñas empresas, los prestamistas analizarán su historial de flujo de efectivo en un intento de responder una pregunta principal: ¿Puede este prestatario devolver el préstamo que está solicitando?

Pedir un préstamo de cualquier monto sin mostrar su plan para devolverlo es una buena manera de aterrizar en la pila de rechazo. Esto es especialmente cierto si su flujo de efectivo actual no cubrirá claramente todos sus gastos operativos regulares, más el pago de su préstamo.

Si se encuentra en esta situación, las proyecciones de flujo de efectivo pueden ayudar a fortalecer su caso al mostrarle al prestamista exactamente cómo planea usar sus fondos para llegar a un lugar donde pueda realizar pagos de préstamos fácilmente. Este tipo de pronóstico le permite entregar una hoja de ruta que puede inculcar a un prestamista la confianza que necesita para aprobar su préstamo.

Anticipe el impacto de los próximos cambios

¿Su negocio planea comprar nuevos equipos? ¿Lanzar un nuevo producto? Las proyecciones de flujo de efectivo le permiten obtener una imagen completa del efecto dominó que estos tipos de cambios tendrán en su flujo de efectivo.

Cuando sus finanzas están sincronizadas con FinsyncLas proyecciones de flujos de efectivo se generan automáticamente en función de las facturas futuras, las facturas y la nómina. Luego, puede crear escenarios de "qué pasaría si", como comprar un equipo nuevo. El pronóstico le muestra cómo el costo afectará su balance final. También puede mostrar el aumento potencial de los ingresos generados por la nueva máquina.

Plan para el crecimiento futuro

De la misma manera, las proyecciones de flujo de efectivo pueden ayudarlo a planificar el crecimiento y expansión futuros. Ya sea que esté expandiendo su equipo con nuevos empleados y necesite tener en cuenta el aumento de los costos de nómina, o aumentar la producción para mantenerse al día con el aumento de las ventas, las proyecciones futuras lo ayudarán a ver exactamente a dónde se dirige y cómo llegará allí.

El pronóstico también es una excelente herramienta para establecer objetivos que lo ayudará a planificar los pasos financieros que su empresa necesita para alcanzar sus objetivos. Hay poder en las proyecciones de flujo de efectivo y la perspectiva que pueden proporcionarle a su negocio. Afortunadamente, esta ventaja competitiva viene con poco esfuerzo cuando deja el análisis a las sofisticadas herramientas en línea de hoy.

 

Post invitado por Finsync


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