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KEY TAKEAWAYS Body shops can improve efficiency and customer satisfaction by embracing digital services and software solutions, such as digital multi-point inspections and management software, ultimately contributing to increased profit margins. To maximize profit margins, Body shops should optimize labor costs by investing In experienced and efficient staff, offering competitive pay rates, and providing hands-on […]
Thinking about retirement might be the last item on your to-do list while you’re busy running your small business. But no matter your age or how new your business is, it’s never too early to think about an exit strategy. After all, being old and broke is the last place you want to end up […]
Staying profitable at a time when the cost of just about everything continues to rise is one of the most difficult tasks any small business owner can face. As higher prices continue to plague the economy, one of the key challenges for small business owners is increasing their prices to stay profitable without driving away […]
It’s been noted time and time again that female entrepreneurs begin in the business world with a social impediment that their male counterparts don’t. But at the same time, today there are more female business owners than ever before. However, women are still statistically less likely to be approved for financing than men. While there […]
When you need liquid funds to meet the needs of a large customer purchase, purchase order financing can be an incredibly valuable tool. With purchase order financing, a lender will pay your suppliers to complete an order, and the supplier will then in turn pay you for the transaction minus a factoring fee and other […]
No matter its size, no business is recession-proof. And this goes double for small businesses. And with the increasing number of concerns about a future recession, it’s more than fair for small business owners to be looking into ways to financially insulate their businesses. One of the best ways to protect your business is to […]
Contractors have unique cash flow needs, and they need flexible financing that can put money in their hands when they need it. Unexpected needs to purchase inventory, equipment, and supplies, coupled with the fact that they often face an irregular payment schedule from customers can lead to liquidity problems. This is where a business line […]
For small business owners that have ongoing business expenses and uneven cash flows, a business line of credit may be the most convenient and useful financing method in your toolbox. Too often, however, small business owners confuse a business line of credit and a business credit card and end up paying a higher interest rate […]
Small businesses are being created now more than ever, thanks to people being laid off or furloughed during the COVID-19 pandemic and the advent of online tools aimed at helping budding entrepreneurs. In April 2021, roughly 500,000 people in the U.S. applied for new business applications, compared to just 300,000 in the same month of […]
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