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5 Costly Money Mistakes By Small Business Owners

Small business owners, regardless of the industry, have first hand experience of the challenge in managing their finances from enduring and surviving financial bruises over the years. It’s said that failures make the best teachers. While that is true, learning from mistakes of others is another great way to progress without getting the expensive bruises. Here are the biggest 5 mistakes that business owners commonly make that could cost your bottomline and longevity. Quick Fix hiring The fastest and most affordable way to find staff members is usually through personal connection. Especially for relatively young businesses. Although it may work in the short term, it doesn’t always turn out well in the long term. Because they come from personal recommendations, you might overlook vital details such as their fit to the culture or if they share the same vision with your company. SOLUTION: Curate staff members who will contribute to…

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4 Ways To Successful Working Capital Optimization

4 simple and effective measures to establish steady working capital so to boost your business growth.

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Alternative Lending Options: Can it help small business?

Small businesses are often placed in the fringes by traditional lenders as they lack the financial incentive to offer the funds. The Small Business Administration reported that around 85% of small businesses are getting rejected on their loan application by banks. A need that alternative lending platforms have taken advantage of to the benefit of small business owners. To fully take advantage of the benefits that alternative lending platforms offer, we advise you to weigh the pros and cons of to see if this type of small business financing makes sense for your company. Alternative lending provides a streamlined financing process The financing process through traditional lenders would take more than a couple hours as banks require more than a few detailed paperwork before you even begin the application. Compounded with the wait time, the process is just not sustainable for small businesses. This is where flexibility in the process…

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What questions would you ask your business?

Your business idea has taken off and is now performing well. With it, the business goals, financial needs, and challenges have also changed. Allowing you to put either more or less emphasis on certain areas of your venture. However, knowing your small business finances is doing well only tell half of the story. Do you know what you can do with it? What kind of questions does it post to you? Will you be able to upgrade your business? The following questions are a great starting place to help you figure out the next steps. 1) How is my pipeline doing? The business environment is always surrounded by uncertainties that can affect your pipeline at any given time. Thus, it is important to consistently track its progress. The revenue stream will always fluctuate on a weekly and monthly basis but does it point towards an upward trend? Pay attention also…

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Is growth financing a good idea for my small business?

Growth financing for a small business has to make sense with your business goals as well as its ability to meet the borrowing obligations. The signs are encouraging as the market you are in is experiencing growth or your complementary service or product is boosting your sales. While they are positive indicators, growth financing comes with its own challenges. It’s advised that you take the time to sit down with the following questions as you consider getting a capital injection. Question #1: What’s the most relevant type of financing do I need? Borrowing to invest in your business growth is a good thing but does it make sense with your business profile and what you are trying to achieve in the short and long terms? Is it helping you build a sustainable growth or adding more than you can handle at the moment? Capital borrowing always comes with additional responsibilities….

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Bad Credit Rating? 3 Options for Your Headaches

Having a bad credit rating doesn’t mean all roads are blocked. Small business owners still have a plethora of viable solutions that will allow them to keep the business growing at the same time as improving the credit score. Remember, credit rating is used as an indicator of how you manage your finances in the future. It does not reflect where you are right now and there are a lot of things that lenders look at aside from credit rating. Meaning that any positive step you take now will have a greater impact than you think. 1) Check for errors Just like any report that you get for your finances, take a second and third look for any errors as they can be bad enough to hurt your credit score. Not all records a created equal as human or technical errors will almost always appear. On time payments can be…

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Personal Loan For Business: Is It a Good Idea?

It ultimately depends on your business financial health and goal While it is obvious that taking out a business loan would give you the amount necessary, being able to obtain one is not as obvious as some lenders would not even consider businesses that are less than 2 years old. Even when you get qualified, the application process leaves very little to be desired. For this reason, aside from asking for from friends and families or convincing investors to part with their money, a lot of small business owners gravitate towards obtaining a personal loan. While this can be a viable option, there are 6 things to keep in mind before you go through with the process.   Pros and Cons of using Personal Loan for Business The Pros of Using Personal Loan for Business Capital Easier Qualification Being a young business venture comes with its own challenge as some…

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