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Oftentimes, invoice factoring will be recommended to a business owner who will end up turning down the option because of common misconceptions. The owner will then look for a financing option that may end up hurting them in the long run because of how their business cash flows. Turning to a loan or line of credit is not always the best option for businesses regardless of how easily they can obtain one. Knowing what factoring is and when to best use it could be the difference between a growing business or one that closes their doors within months. What Is Invoice Factoring? Invoice factoring is a financial transaction in which a business sells its outstanding invoices to a factoring company at a discount. Businesses that sell to other businesses (or the government) use factoring to access immediate cash flow. Factoring is available only to B2B (business to business or business to government) companies. Factoring is also not a loan and does not affect the balance sheet of a business as they are simply selling an asset. Some business owners prefer to use factoring to avoid taking on debt while in a hyper growth period. Factoring Example: Your business sells and delivers product XYZ to Wholesale Inc., issues an invoice for $1,000 and gives the debtor 60 days to pay. Your business makes an agreement with a factoring company as follows: 80% advance rate 2% discount fee every 30 days You sell the invoice to the factor and receive an advance of $800. On day 29 the debtor pays the invoice (usually sending a check to a bank account opened by the factor under your company’s name) The factoring company receives the payment and deposits it into a reserve account. The factor takes $20 as a factoring fee, deducts the $800 already advanced to you and wires the remaining amount $180 (sometimes called a rebate) to your company’s bank account. Advantages and Disadvantages of Using Invoice Factoring Pros Quick cash flow boost for your business Your business can give terms to your customers without worries Low qualification requirements and simple application process High approval rates Cash flow without debt Minimal credit history requirements Operational support to A/R department Cons Not accessible to B2C companies (businesses that sell only to consumers) More expensive than traditional bank financing Requires ceding some control of customer interactions regarding A/R Not a solution for delinquent receivables Liability for non-creditworthy customers (in most cases) What You Can Expect to Pay for a Factoring Fee On average, a business can expect to pay anywhere between 1% and 4% of the total amount of the invoice they factored. The factoring rate is dependent upon how much a business intends to factor and the amount of time it takes to collect payment. Industries Who Most Commonly Use Factoring: Staffing Trucking Transportation Construction Manufacturing Distribution Apparel Commercial Services Factoring clients tend to share one or more of the following characteristics: Insufficient credit history Troubled past including prior bankruptcies or forbearances Bank credit denied or maxed out Rapid growth Operating losses Negative net worth Highly leveraged company Delinquent taxes There is a misconception that factoring is a ‘last resort’ for a business but in reality most businesses turn to factoring because they are faced with an opportunity to grow faster than what a bank or traditional financing option may allow. Banks use a business’ history and ability to pay back a loan which it makes it difficult for a young healthy business to grow because of their limited history. Even if the business is approved, its highly unlikely the bank would be willing to provide the amount of working capital the business needs. For example, a young business showing steady profit and solid financials may qualify for a $50k line of credit however they may need over $100k to meet the needs of their customers. A factor would be willing to provide the availability of working capital the business needs based on its customers credit worthiness rather than the business’ history. What Will A Business’ Customers Think? The most common reason businesses refrain from using a factoring company is because they feel using a Factoring company could damage their relationships with customers. The truth is businesses who factor tend to receive positive responses from their customers because it proves they will have the cash flow to grow. Businesses can approach their customers with confidence in being able to take on more work or deliver more product while maintaining the same payment terms. How Does Factoring Compare to Other Lending Options? Factoring does allow for more flexibility than other lending options. A factoring company will usually take the accounts receivables as collateral vs a blanket lien on all assets of a business. This allows factoring companies to work alongside banks in the event they have a client who may be struggling to meet its requirements on a current loan or line of credit. For example, a typical loan or line of credit will have covenants that restrict its use for the business. Covenants could include having to pay back a specific amount by a specific time each month. A business who is tight on cash flow may struggle with this and having a factor in place can help the business performing on its loan or line of credit obligations. A merchant cash advance is often an option a B2B company is looking at when considering working capital options. The issue for the B2B company is it usually receives payments every 30 or 60 days. The merchant cash advance typically debits the business bank account weekly if not daily to pay back the advance. With cash constantly being taken out of the business bank account before payment is deposited, there will inevitably be a gap unless the business is sitting on enough cash to maintain the payments. While the cash advance is quick and easy, it only patches the cash flow gap issue a B2B company faces. So...Is Invoice Factoring a Good Idea? The simple answer is yes, it is a good idea for any B2B company in need of quick working capital and sells a product or performs a service with healthy margins on Net 30, 60, or 90-day terms. Instead of waiting on payments from their customers, they can have instant debt-free cash to continue their growth. Using the previous factoring example, if you did not have a factoring company in place and the same customer you sold to comes back with another large order, how would you fulfill it if you still owed your supplier from the previous order? This is the most common example of when factoring is best used. Businesses use the funds advanced on their invoices to continue fulfilling larger orders or provide more services rather than waiting 30 or 60 days for payments from their customers. Angelo Standriff and Gateway Commercial Finance have been in the factoring industry for over 20 years. If you would like to speak with a factoring representative directly, reach out to Angelo at Gateway Commercial Finance. Angelo Standriff (850) 212-0622 angelo.standriff@gatewaycfs.com

A great sales page is an absolutely essential part of any sales funnel. Whomever is your end client the sales page is what ultimately leads a person to open up their wallet, agree to a contract, and buy from you. If you have a mediocre sales page, you simply won’t make many sales. A great sales page, on the other hand, causes your sales to skyrocket, dramatically increases your conversion rate, and turns leads into paying customers. Of course, all this raises a critical question: how do you create a great sales page? If you’re new to writing sales pages, it can seem kind of overwhelming. How do you communicate everything you need to in order to make the sale? You can learn to create a great sales page. Every good sales page contains the same core elements. Sort of like a math equation. Once you learn what these core elements are and how they work, you can put them together to create a highly effective sales page. In this executive summary, you’ll discover the secrets of creating a great sales page. We’ll reveal time-tested formulas and strategies that are guaranteed to increase sales and conversions. Step #1: Understand Your Audience Before you begin writing any elements of your sales page, it’s absolutely critical that you understand your audience. You need to be able to talk directly to your audience in language that resonates with them. Until you’ve taken the time to do a deep dive into your audience to understand what makes them tick, you can’t get to work on your sales page. Once you know your audience, you can craft your sales page so that it connects on a deep, personal level with them. Here are some simple questions to help you define your audience: What age are your primary customers? Are they primarily male, female, or a mix? What are their biggest pain points and challenges? What motivates them? What do they aspire to? What are their goals, hopes, and dreams? What do they fear? What have they tried in the past that hasn’t worked? What objections do they have to purchasing from you? What makes them happy? Who are their biggest influences? What websites do they frequent? Who do they follow on social media? The end result will be a buyer persona. A buyer persona is a representation of your ideal customer. Your sales page should be written so that it speaks in ways that are familiar to your buyer persona. It’s okay if you end up with multiple customer personas. The key is that you know exactly who you’re selling to. Step #2: Craft Your Headline It’s hard to overstate the importance of a sales page headline. The headline catches people’s attention and draws them in to the rest of your sales page. A boring headline will result in people quickly leaving your sales page, uninterested by what you have to offer. A good headline will immediately intrigue your readers, catching their interest and making them want to read more. In order to create a compelling headline, you must know your Unique Selling Proposition (USP). Your USP is what you uniquely have to offer your customers. Your USP makes you different from any competition and helps potential customers immediately understand what you have to offer them. Here’s a simple formula for determining your USP: I help [PERSON] to [SPECIFIC RESULTS] by [YOUR SOLUTION]. Your sales page headline will flow out of your USP and be tailored specifically to the product or service you’re selling. Your headline should: Identify the specific problem your product or service solves State the big benefit Trigger emotion in the reader Intrigue the reader Convince the reader to check out the rest of the sales page Just be sure that your headline is specific, interesting, and speaks to the problem. Remember, your headline will convince people to read the rest of the sales page. Step #3: Address Core Problems and Frustrations Now it’s time to start writing the actual copy of your sales page. The first thing to do is to highlight the pain points that your potential customers are already feeling. You want them to know that you understand where they’re coming from. That you can relate to their struggles. Be specific when highlighting the pain points. Use language that they use to describe the problems. Get the reader to think about how difficult and frustrating things currently are for them. Think of it like you’re creating a “Before/After” scenario. In the “Before” scenario, you’re painting a picture of what their life is currently like. When writing this section, go into as much detail as possible. Use vivid language and try to paint a picture. You want the reader to actively feel their pain points as you describe them. You want them to feel like you’re talking directly to them. Step #4: Introduce Your Solution This is when you tell potential customers about the product or service you offer. You’ve spent a lot of time talking about their specific pain points and struggles. Now you offer your product or service as the perfect remedy to their problems. When talking about your solution, start by talking about the benefits. Talk about how your product or service will absolutely change the lives of your potential customers. The truth is that people are primarily interested in the outcome rather than your exact product or service. They care the most about how their life will change, not the exact methods you will use to change it. Your primary goal is to show potential customers just how fantastic their life will be if they adopt your solution. You want them to be convinced that your product or service is exactly what they need to solve their problems. Once you’ve spent a significant amount of time talking about the benefits of your solution, then you can go into specific details about the features. For example, maybe you offer done-for-you content creation. Or maybe part of your solution is three consulting calls. When talking about the features of your product or service, your goal is to help the reader become an informed buyer. Remember, they can’t physically touch or see the product or service on your sales page. Step #5: Make Your Offer Now it’s time to actually make your offer. It’s time to directly invite the reader to purchase from you or secure your services. This will come in the form of a direct call-to-action. Many times, it’s good to put the CTA in the first person. This emphasizes to the potential customer that they’re the ones taking action. You don’t want your CTA to be weak, boring, or uninspired. You want the reader of your sales page to feel like they’re doing something big and important when they click on your CTA. Don’t beat around the bush with your CTA. Make it direct and to the point. Make it clear that you want the potential customer to actually do something. Step #6: Introduce Yourself If people are going to purchase from you, they need to know who you are. Tell potential customers about who you are, why you’re uniquely qualified to solve their problems, and why they should trust you. In this section, consider including things like: A high-resolution photo of yourself Your experience Successes you’ve had High-profile clients you’ve worked with Degrees or certifications you hold Media appearances Avoid being modest when writing this section. Make it clear that you’re an expert in your field and that you have the necessary experience to solve the problems they’re facing. Think of this section as an abbreviated resume. Show off your knowledge and experience so that your prospects trust you. Step #7: Use Testimonials On your sales page, use testimonials from satisfied customers. They’re especially helpful in overcoming objections and doubts. They feel authentic and prove that you’ve actually helped people. Testimonials back up the claims you make in your sales page and prove that your product or service actually works. Here are some specific questions you can ask customers to get powerful testimonials: What were you struggling with before you used my product or service? What specific results did you see as a result of using my product or service? Why would you recommend my product or service to others? What specific features of my product or service did you like? The best testimonials are very specific in the details. For example, a testimonial that says, “This is a great product!” is good. A testimonial that says, “This product improved our conversion rate by 11%!” is much better. Step #8: Filter Out The Wrong People Ideally, your sales page should filter out those who aren’t a good fit for your offer. If the wrong people sign up for your offer, they become dissatisfied customers. Also, you only want to work with those who you can effectively serve. If the wrong people sign up for your offer, you’ll both become frustrated when you discover that you’re not a good fit for each other. So how do you filter out the wrong people? By telling readers exactly who your offer is right for. What characterizes your ideal customer? Are you targeting small business owners that make over $100,000 year? Or executives who are struggling to keep up with the demands of their job? Be very specific when it comes to defining who your offer is for. The more specific you can be, the more you’ll attract your perfect customer and turn away those who aren’t a great fit. Step #9: Answer Frequently Asked Questions Your potential customers will undoubtedly have questions as they read your sales page. The more you can directly answer their questions, the more you’ll overcome their objections, and the more likely it is that they’ll buy from you. Here are some common questions you may encounter: Are there any prerequisites? Do you offer a payment plan? How long does it normally take to see results? Is any special equipment needed? How do people receive your product? How long do they have access to your product? What payment types do you accept? Try to put yourself in the shoes of those reading your sales page. What do you want to know before you purchase a product or service like yours? What would hold you back from buying? It’s really important to be as thorough as possible when creating your FAQ section. Unanswered questions keep people from buying. They are an obstacle to sales. Also, put your contact information on your sales page so that people can follow up with you if they have further questions. Step #10: Add Urgency Add a sense of urgency to your sales page. You want the reader to feel like if they don’t take action right away, they’ll miss out on a great opportunity. Additionally, adding urgency to your sales page forces people to make a decision. They can’t indefinitely put off purchasing. They need to decide whether they’re in or out. So how do you add urgency to your page? Offer your product or service for a limited time. Only take on a limited number of clients. Offer bonuses that expire after a set time. Limit the number of products you sell. When adding urgency, it’s really important that you stick to your promises. If you say you’re only taking on 10 new clients, don’t keep taking on new clients after 10. People will stop believing you if they find out that you created artificial urgency. Step #11: Reiterate the Benefits and Offer Repeat the benefits and encourage action. When reiterating the benefits, help them imagine how their lives will change for the better if they adopt your product or service. Encourage them to decide whether they want things to remain as they are or whether they’re ready for a positive change. After you’ve reiterated the benefits, make a final call-to-action. You again want to tell the reader to take action. If they’ve read this far in your sales page, it probably means they’re interested in what you have to offer. But they haven’t yet responded to your call-to-action. Like with your previous call-to-action, be direct and to the point. Don’t beat around the bush. Make it very clear and obvious what you want the reader to do. If you’re using a button for your call-to-action, make the button big and obvious. The Importance of Subheadings and Scannable Copy Your sales page should be easy to read - so much so that a person could skim through it and get a good feel for your offer. So how do you make your sales page easily readable? By using plenty of subheadings, paragraph breaks, and bullet points. A good rule of thumb is that every new section in your sales page should have its own subheading. When writing your subheadings, follow the same rules as when writing your overall headline. Each subheading should be interesting and keep the reader moving down the page. Within each section, ensure that the copy itself is easy to skim. Use short paragraphs. Every few sentences, start a new paragraph. This allows a person to quickly move down the page and get a good feel for what you’re saying. After you’ve written a complete draft of your sales page, quickly skim through it yourself. Is it easy on the eyes? Can most of the information be taken in at a brief glance? Are there any areas where you’re forced to slow down in order to understand the content? Leave some comments below on what else you would do to make it rain sales.

Everywhere, we are awash with online ratings and reviews of all kinds from the likes of Google, Yelp, Facebook and so on. We as individuals are always comparing ratings and reviews for similar types of businesses that we are interested in engaging with, from anything from finding the best Italian food, to who can fix my roof, and it’s become second nature on how we choose, especially in the business lending industry, where there are so many business loan brokers and merchant cash advance funders to choose from. How do we choose the right one to work with and how can we use ratings and reviews to stand out from our competitors and rise above the crowd? How do Ratings and Reviews improve your Bottom line? Now I know we are so big into numbers in the alternative finance industry so let me give you some stats that will drive home how important having good ratings and reviews will improve your success and bottom line: -94% say an online review has convinced them to avoid a business. -93% of consumers say online reviews defiantly influence them in choosing who to do business with. -92% of Business to Business owners report that they are more likely to do business with a company after reading an excellent and trusted review. 90 percent of consumers read less than ten reviews before forming a belief if they want to do business with someone. -57% of consumers only engage with companies with 4 or more review stars 3.3 is the lowest star rating of a business that people would consider working with -13% of consumers will consider working with a business that has a 1 or 2-star rating. -Just by Improving your review star rating by 1.5 could equal 13,000 more leads. -The likelihood of someone doing business with five reviews is 270% greater than a product with 0 reviews. -Consumers read an average of 10 online reviews before feeling able to trust a local business. In plain English, if you like money, then as a business loan broker or an owner of a funding company, you must be just as motivated to get great reviews and ratings as you are in working to convert leads into closed funding’s. A better and more profitable way for you and our industry at large Here at Funder Intel, our mission is to shine a light on the best direct funders and business loan brokers in our industry, by providing a safe and centralized place where members of our industry can connect and work with quality individuals who do things in an honest, fair and straightforward way, while raising our industry to new heights of transparency and success, that will weed out the bad actors which can make things so frustrating for ourselves and the clients that we serve. When you sign up for free as a member and join us in our mission, not only will you be able to contribute ratings and reviews that reward MCA funders and ISO brokers who do things in the right way, but you will benefit as other people and companies give you excellent reviews and ratings for your good work, which will raise your reputation and profitability in the future. At the same time, you will help other people make better decisions in who to do business with and save them from falling into the trap of those predators in our industry, who engage in double funding’s, stacking, and backdoored deals, and who are only in it for themselves and their greed. I know myself as a veteran of this industry that I wish that I had this kind of resource when I was starting on my journey, to know exactly who I could trust and connect with to grow my funding business while helping people get the business funding they needed to improve their lives. It would have saved me a lot of aggravation and headache and I’m sure it would have done the same for you as well. So, let’s all work together to help raise ourselves and our industry to new levels of profitability and success, one rating and review at a time. Sources https://www.reviewtrackers.com/reports/online-reviews-survey/ http://learn.podium.com/rs/841-BRM-380/images/2017-SOOR-Infographic.jpg https://learn.g2.com/consumer-reviews https://www.brightlocal.com/research/local-consumer-review-survey/ https://www.podium.com/resources/podium-state-of-online-reviews/ https://searchengineland.com/87-percent-customers-wont-consider-low-ratings-228607 https://www.location3.com/wp-content/uploads/2018/04/Location3-case-study_PPC-Reviews-Correlation-2018.pdf https://spiegel.medill.northwestern.edu/online-reviews/

With the economy gaining back some momentum I wanted to share with you some thoughts and plans for us in 2020 and beyond. Funder Intel was started in 2019 with the goals of giving Funders more access and information on ISOs and being a central platform for sharing information, ratings, reviews and other intel for the industry. We then moved quickly to include features for ISOs to take part in and grow their reputation. Information about companies in the MCA industry is spread out, as everyone is going to different venues or platforms to find the answers to common questions about any given company. Wouldn't there be an advantage for there to be a place to centralize information, ratings, and reviews so it's one click of a button instead of endless keyword searching through Google, message board threads, social media groups or other mass ratings sites that not all companies are listed? It's a very simple concept yet not done to any success in the MCA space. So for example you may share a question or an experience about an ISO on a message board but then write the same thing in a Facebook group and maybe even a Linkedin group. If that message pertains to a specific ISO listed in our system, that exact message can be copied on the company profile on our site so there is one main living history of feedback from approved members. Approved members being the key, as it prevents spam or bots as members are vetted manually. Then if you want to respond to a comment you can have a ongoing dialogue. It's not to take away from what you are currently doing or places you share intel like facebook groups, message boards and Linkedin. We are not in direct competition with those platforms. They are all good and have their purpose. It's to combine certain information from all of those. When you continuously fund deals with certain ISOs and Funders why not give them a rating monthly so their reputation and brand grow? This is where the ratings system and our recently introduced FI Score come into play. Seemingly every day there is a company asking you to rate them or a product on their platform. When you take an Uber you rate the driver and the driver rates you. That score is crucial to your future rideshare usage as well as the drivers ability to earn a living. Amazon asks you to rate every product because product and seller ratings have a huge impact on what is presented to customers when searching for products which leads to what customers buy. Why not have a go-to scoring system for the MCA industry? Some ISOs and Funders pay careful attention to ratings and reviews of their own company using other platforms like Google or Trustpilot, but who checks those besides business owners? If you are signing up a new ISO, do you check their profile on Trustpilot? Likely not, and most aren't even listed. If you are an ISO do you check what Google Reviews says about Funders? Not often. Its likely you will ask others on Facebook or a message board what their experiences are and who a contact is at the company. So we want to provide this platform for progress, bringing the industry closer together, unlocking collaboration and positive change. We have to do this in a way to provide reliable, valuable information so we made it only for approved members who are vetted. Our platform is different because the ISO profiles are behind a member wall, and only members can rate them as well as Funders. Once the economy reopened partially during this pandemic and deals were able to be funded again, we have seen higher participation in ratings from funders which makes ratings more valuable, especially in the FI Score. Also you may have seen some new features such as ISOs being able to claim their profile and invite funders to rate them. We have other exciting plans for the future including offering an API for integrations, annual recognition to the highest rated ISO, and a deal board that fits the needs of new and experienced loan brokers. If you want to make a difference in this industry you have to take action. Its not enough to ask for regulation as some brokers and funders have, or say regulation is coming, or pray someone else does something to make things better. Or worse, complain when someone else does something that, because you have poor business practices, could hurt your business. Of course, even with a superb scoring system, there are still going to be Funders that work with ISOs and ISOs that work with Funders regardless of their reputation, FI Score, ratings, or other info like criminal history. And therein lies the challenge. How do we get behaviors and practices to change, to reduce the poor performing companies who will do anything and work with anyone and reward the ones who have great business practices and represent themselves well. Its never been more important to know who are the good players in the MCA space, as demonstrated by recent news of some funders being held to account as the FTC has taken aim at Yellowstone Capital and the FBI at Par Funding. There will be more to come in the near future I'm assuming. As well as more cases of fraud from the SBAs Paycheck Protection Program that may have been funneled through ISOs. I invite you to take more action today by joining and participating in rating companies. Par Funding article- https://www.readingeagle.com/news/state/federal-judge-fires-the-leaders-and-employees-of-par-funding-and-a-better-financial-plan/article_823fc873-8a3c-5d6d-b09c-92313e78d2b1.html Yellowstone Capital article- https://www.nbcnews.com/business/economy/feds-crack-down-lenders-targeting-small-businesses-high-interest-loans-n1236167 Celeri fraud https://www.law360.com/newyork/articles/1302284/fintech-entrepreneur-denies-7m-pandemic-relief-fraud

What exactly is a mastermind group? A mastermind group is a place to learn, teach, receive and give support, and brainstorm. The members of the group also provide accountability to each other. They often have weekly or monthly meetings. A mastermind group might consist of loan brokers, owners of ISO's, executives at different funding companies or others who have similar goals to each other. Consider these benefits of a mastermind group: 1. New ideas. Two heads are better than one. Ten heads can be even better. If you need help finding a solution to a challenge, a mastermind group can be a great help. ◦ You can also learn from each other. Everyone in the group has something to teach the other members. 2. Support. Do you need emotional support or encouragement? Do you need an expert to help you with something? A mastermind group can provide that, too. 3. Access to new partners. Maybe you need a business partner or a loan. Maybe you’re looking for a play dates or help with homeschooling your child. Mastermind groups often have members that are looking for opportunities. 4. Social circle of like-minded people. Many of your mastermind group’s members will be just like you. You all have a lot in common. You can add significantly to your social circle by joining or starting a group. 5. A new level of thinking. A mastermind group can expose you to others that have achieved much more than you have. All of a sudden, your goals might seem a little small and conservative. You’ll strive for greater levels of success when you’re part of a mastermind group. 6. Accountability. Everyone in the group knows what you’re working on. They’ll hold you to your plans. There are many mastermind groups already in existence. You might be able to find one online. Take a look around and see if there’s a group that meets your needs. If you can’t find a group, you can start one! Creating a Mastermind Group These tips will help you get started: 1. Decide on the topic and purpose. When you advertise or contact prospective members, it needs to be clear what type of person you’re looking for. Is your mastermind group for internet marketers or stay at home dads? What are you hoping to accomplish with the group? 2. Seek out members. They should have something to offer and should receive benefits from being part of the group. ◦ Be picky. Your mastermind doesn’t have to be big. Focus on quality over quantity. Seek to build a high-quality group with high-quality members. ◦ Look for people with different skills. The members should be similar, but not clones of each other. For example, your group might be focused on real estate investing. It would be nice to have a builder, a banker, and a broker in the group. ◦ Members should have similar levels of commitment. Try to ensure that everyone has the same level of drive as you do. A group with both super serious and very casual members will be dysfunctional. 3. Determine the frequency and format of meetings. How often will you meet? How will the meetings be conducted? Will one person run the meeting? Will it be the same person each time? These details should be decided by all the members. 4. Expect everyone to contribute. People shouldn’t be allowed to just gain a benefit from the meetings. They should be expected to provide value to others, too. Give everyone a chance to speak. Attend a mastermind group. Most are happy to allow prospective members to sit in on a meeting. Try as many groups as you can find that fit your needs. In the end, you might have to start your own group. A mastermind group can greatly speed up your progress, regardless of your objective. Get started with one today!

Are you trying to reach out to clients that you have not been in contact for a while? How are you approaching that process? Its really important to have a plan for either a conversation or emails when reaching back out to cold clients. Today I'm going to share with you a series of emails that you can use for your purposes with just a little customization to fit your business, whether being a loan broker or otherwise. This valuable information will at least provide you more insight to what a series of emails should look like when trying to reconnect with past clients or even convert prospects into new clients. Feel free to leave comments below on some of the strategies you use when reaching out to cold clients. EMAIL #1: SUBJECT: Hey, I haven’t heard from you lately! Hey [FIRSTNAME], It’s been awhile since we chatted, so I just wanted to check in. How are things going for you? I remember some of the GREAT sessions we had and I wanted to circle back to see how things are progressing. What are some BIG wins you’ve had? What are some battles you’re facing? Many times when I check back in with people, I find them discouraged because they haven’t made the progress they wanted. In those times, I like to come behind with some serious ENCOURAGEMENT. So do you need a little pep talk? Hit reply and let me know how the fight’s going! Talk soon, [YOUR NAME] EMAIL #2: SUBJECT: The ONE mistake I see so many people make… Hey [FIRSTNAME], I’m going to let you in on a secret. ;-) Do you ever wonder why people can make a TON of progress in an area, then slide back? I’ve seen this far too often… You know what happens 95% of the time? They try to do it all ALONE. When they start, they build a team of people to support and encourage them on their journey. Then they think they’ve got it mastered, and they go off… ...alone. ...into the wilderness. They have a stumble or two. Maybe lose a battle here, then another battle there. And pretty soon they find themselves… ...sliding. Of course, that’s really FRUSTRATING, right? To lose so much progress? But I’ve got some seriously good news: Guess what? You can hop right back on the wagon! Sliding backwards isn’t the same thing as quitting! And if there’s one thing I know about you, it’s that you don’t quit! If you’re tired of doing it all alone, let’s reconnect. Let me be your biggest cheerleader. I’d love to support you on your path to success. So tap reply and let’s reconnect. Let’s make the magic again. Looking forward to hearing from you! [YOUR NAME] EMAIL #3: SUBJECT: I’m giving you PERMISSION to do this… Hey [FIRSTNAME], People tend to have really funny views of themselves. For example, many of us feel like we have ONE shot at reaching our goals. And… ...Once we reach our goals, we have to stay there forever or we’ll never get back. If they slip or make a mistake, they feel like it’s all over. When it comes to reaching goals and dreams… this mindset will really hurt you. To help you stay away from this, I want to give you permission to do something. I’m giving you permission to... ...be human. Crazy, right?!? You’re human and we all have slips. You have permission to slip, but slipping isn’t the end. You also have permission to GET UP and get started again. You’re strong enough to do it! So let’s get going again TOGETHER. Or, if you’re still running strong, let’s do it TOGETHER! I’d love to reconnect with you. I’d love to keep working with you through both the highs and lows. Everyone makes more progress when they have a CHEERLEADER. So what do you say… can I cheer you on? Tap reply and let me know how I can cheer you on. Talk soon, [YOUR NAME] EMAIL #4: SUBJECT: All you do is win, win, win… Hey [FIRSTNAME], One of the most important things I’ve learned is that momentum is EVERYTHING. Of course, momentum can be a bad thing, like if you start sliding on ice and can’t stop. Ouch! But momentum can also be an AMAZING thing, like when you’re running and able to leap over objects because of your speed. Momentum helps you break down walls and PUSH through obstacles. Wins… ...build on wins… ...build on wins. The more success you have, the more you’ll keep having. It’s all about that forward momentum. How has your momentum been lately? If you have slowed a bit, you can just as easily get going again! But… in order to get going, you may need a little push! Can I help you get into high gear again? Hit reply and let me know… how can I help you right now? Talk soon, [YOUR NAME] EMAIL #5: SUBJECT: What do Finding Nemo, Lord of the Rings, Dean Martin have in common? Hey [FIRSTNAME], Have you figured out what Finding Nemo, Lord of the Rings, Dean Martin have in common? They all have great teams. In Finding Nemo, Marlin has Dory to keep him going. In Lord of the Rings, Frodo has Sam. And Dean Martin had Jerry Lewis as his duo. We all need someone to lean on. We all need someone who will keep us going and push us to be our best selves. No one can do it alone. Success comes when we TEAM up with others. In the past, we made a great team, right? We celebrated some serious WINS! I’d love to work together again. I loved getting to see you make progress, and I want to see that again! So what do you say? Can we do some more WINNING together? Tap reply and let me know. I’d love to help! I look forward to chatting, [FIRST NAME]

Most companies in the alternative finance space are adjusting to the market as this pandemic continues. With employees having either been working from home or on a limited basis working in the office, your company culture will really shine through to keep the level of the company in good standing if the culture has been an effective one. In this report we will dive deep into all aspects of company culture. It will be helpful for all levels of company personnel in any industry to understand and implement some of these ideas we cover. (This report can be sent in PDF format upon request) Contents Introduction The Benefits of Having a Winning Workplace Culture A Starting Point for Your Company Culture Building a Culture Improvements Common Types of Workplace Cultures Conclusion Introduction It’s no accident that companies with the highest-rated work cultures are also among the most successful companies. If you started out as a one-man or one-woman company, you might not have a well-defined culture. However, as your company grows, your culture plays an increasingly important role in your future and success. The earlier you decide on and establish a company culture, the better off you’ll be. It’s a mistake to wait. What is a company culture? Think of it as the shared beliefs, standards, values, and procedures of a company and its employees. The culture is created via the goals, structure, customers, strategy, and communication of the company. To determine the basic culture of any company is quite simple with a few questions: Who gets promoted? Who gets fired? Who is stuck in their position for life? What types of behavior are rewarded and punished? What’s really important to the company? Who fits in? Who doesn’t fit in? How would you describe this company in a few words? Take a look at a few companies you know well and ask yourself the above questions. "Corporate culture is the only sustainable competitive advantage that is completely within the control of the entrepreneur. Develop a strong corporate culture first and foremost.” - David Cummings, Co-founder of Pardot The Benefits of Having a Winning Workplace Culture What does a good culture mean for your company? This question is often asked by new entrepreneurs. But remember, entrepreneurs don’t think like employees, or they’d still be one. You might not need a culture. You might be content with a desk, computer, phone, and some peace and quiet. However, most of us aren’t wired that way. We need a little more to be happy, inspired, and content. The benefits of a strong and positive workplace culture are well-documented: Less stress. A positive environment that is both safe and supportive results in a less-stressed employee. When people enjoy their work environment, they are more eager to get to work and to be at work. Less absenteeism. A pleasant and enjoyable workplace results in fewer people calling sick. Sick employees are getting paid without providing any value on that day. How many times have you called in sick just because you didn’t want to go to work? Sick days are expensive for a company, especially a smaller one. Greater productivity. Lower absenteeism and a happy and inspired workforce get more work done. It’s as simple as that. The more productive your employees are, the fewer of them you need. Greater productivity leads to lower costs and greater profits. Employee satisfaction. When employees like and respect their workplace culture, their overall satisfaction increases. Creativity. It’s hard to be creative in an unpleasant environment. Creativity is the key to the success of any business. Whether it’s developing exciting and innovative products and services or finding new ways to decrease costs, creativity is vital. Better teamwork. When everyone buys into the company culture, it’s easier to work together. Teams can accomplish more than individual employees, so teamwork is essential to the long-term success of a company. Companies with inspiring workplace cultures have great teams and teamwork. Employee retention. Companies with highly rated cultures have significantly fewer employees jumping ship. Everyone that’s had at least a couple of jobs knows the value of an enjoyable work experience. Better customer service. An engaged employee provides better customer service, particularly if the culture emphasizes the importance of customer relationships. Your company requires a definitive corporate environment once it grows beyond a few employees. There are many benefits to finding an effective culture for your company. Failing to establish a culture means that you’re neglecting the above items. Can your business thrive that way? "If you are lucky enough to be someone’s employer, then you have a moral obligation to make sure people do look forward to coming to work in the morning.” - John Mackey, CEO of Whole Foods Market A Starting Point for Your Company Culture A good place to begin is by considering the common features found in many successful cultures. While your company is unique, the most effective culture for your workplace will likely share many of the same characteristics. Consider how you would address each of these items in your own company culture. A successful company culture requires several things: Clear core values. One thing all successful workplace cultures share is a set of core values that are perfectly clear to all employees. What will your company values be? There are a variety of things a company can emphasize. Innovation and creativity Home/work balance Aggressiveness Results Casual or not? Team work 2. Respect. Respect is an important part of a workplace culture. This means respect between peers and between the highest-level employees and the lowest. Employees that feel disrespected quickly become disgruntled. The quality and quantity of their work suffers. 3. Communication. Open communication within the company fosters greater success. Again, this means between peers and between the various levels of the organization. Have regular communication across all levels. Company-wide meetings can be very effective if logistically possible. 4. Inclusivity. Significant separation between the upper level employees and the lower level employees has often been a source of friction. Establish a corporate culture that includes all employees from the CEO to the person that empties the garbage cans. 5. The culture matches the business and the employees. Different cultures are suitable for different industries. Banking is a traditionally conservative business. It might be hard to make a culture of jeans and golf shirts work. A tech company would struggle to find the right employees if it’s culture were overly conservative. Can you imagine everyone at a tech startup wearing a suit to work? Or a tech company that doesn’t value creativity and innovation? It’s okay to be innovative and push the envelope. Just remember that the culture has to support your business type, clients, and employees. 6. The culture needs to go from the top to the bottom. Everyone needs to be held to the same standards. In many companies, people look the other way when an executive fails to abide by the culture or rules of the company. This breeds dissent and anger. 7. Employee recognition. Positive work cultures give employees recognition for their accomplishments above and beyond the norm. This can take the form of monetary awards, additional days off, lunch with the CEO, or even just mention in an email or company newsletter. Regardless of the size of your company, find a way to recognize an employee when they do something exceptional. 8. Keep the employee’s goals in mind. No employee has the dream of working in a cubicle for the rest of their lives. Your dream isn’t their dream. It’s important to find ways to help your employees progress forward in life. Every manager should know his employees’ goals, whether it’s to learn a new software program, move into a sales job, or become an executive down the road. Strong company cultures support employees in the pursuit of their goals. 9. Employee Feedback. Ask for and use employee feedback. You can’t be everywhere at once, and you don’t know the absolute best way to perform every job in your company. Your employees know things, and it would be wise to extract this information from them. Encourage your employees to provide regular feedback on all aspects of the company. 10. Transparency. This goes back to communication. Be as transparent as possible. The old mentality of, “You don’t need to know anything beyond what you need to know to do your job” is dead. Keep employees in the loop and be respectful. They can handle the truth. 11. Consistency. Consistency means it applies to all employees and at all times. If you’re willing to throw out your values during a mini-crisis, you don’t have a stable culture. The culture needs to come before everything else, or everyone understands that it’s all just smoke and mirrors. Give these items some thought when crafting your own culture. Think about how you would implement each of these items in your company. What do you think would work the best for you, your employees, and your customers? Sketch something out on paper and think on it for a few days. "Coming together is a beginning; keeping together is progress; working together is success.” - Henry Ford, Founder of Ford Motor Company Building a Culture You’ve started the ball rolling and given it some thought. Now, let’s take the next step and get more specific. There are many things to consider when building the best culture for your business. And a few of them you probably haven’t considered. Questions to ask yourself to build the most successful workplace culture: What are my employees like? Think about your typical employee. Is it a 20-something liberal techie? Or is it an Ivy League MBA with a trust fund? Certain cultures suit certain types of employees. Design a culture that supports the characteristics of your employees. 2. What are my customers and clients like? Who are your clients and customers? Doctors? Investment bankers? Children? People who just want their car washed? Do your customers and clients come to your workplace? What would you want them to see? An investment banker might not be impressed by the sight of everyone wearing shorts and playing frisbee on the front lawn on “Casual Friday”. Consider the people and businesses you serve. 3. What are my values? What are your personal values? If you value family and a balanced life, then a take-no-prisoners aggressive workplace environment will be at odds with your personal values. 4. What type of workplace culture would I enjoy? It’s your company, and you’re going to be there all day and many nights. What type of environment would you find pleasant? You can’t choose the culture of a company you work for, but you can choose the culture of your own company. Choose something that you will enjoy. 5. What type of workplace culture is needed for success? Of course, it’s not just about making yourself happy. You want to be successful, too. The key is to find something that checks all the boxes. Establish a culture that meets your values that you also enjoy. The culture must also have a high level of potential for success and address the needs of your employees and customers. This can be challenging, but life is all about compromises. Take your time and get it right. Improvements A corporate culture isn’t completely static, especially at the beginning. There will be opportunities to strengthen and evolve your culture. One way of doing this is through feedback. While you can, and should, encourage random feedback, having an established process can be even more effective. Questions to ask to employees to strengthen your workplace culture: What improvements or changes would you like to see in the culture? Every employee has at least an idea or two about how things could be made even better. Many ideas won’t be feasible, but you’re sure to get a couple of good suggestions. What is your biggest gripe or pet peeve about the current culture? If you’re hearing the same couple of complaints from multiple employees, you have a great opportunity to make everyone happy with a few alterations. Fixing something that annoys everyone is more powerful than adding something that everyone likes. What do I need to do to be a better leader or CEO? You’ll have to dig to get honest answers, as many employees are reluctant to criticize their boss. But, this is some of the best information you’ll receive. It’s not easy to see our own shortcomings. The use of anonymous suggestions might be beneficial. You could require all employees to submit a form each month with replies to all of these questions. 4. What have you been doing to grow yourself as an employee? What have you learned on your own? Encourage employees to strengthen their talents and develop new ones. This does great things for the culture of your company. By asking the question, you create action in your employees. 5. What is the one thing you would change about our product or service? Your employees are bound to have some good ideas on how to improve your products and services. Many heads are better than one. Get some form of feedback from your employees each month regarding your products, services, culture, and management. Don’t just ask for this, require it. It not only gives you a ton of valuable information, but your interest in these things also sets the tone for your workplace culture. You’re simultaneously showing that you value communication and regular improvement. The employees also know that you value their opinions and feedback. “There’s no magic formula for great company culture. The key is just to treat your staff how you would like to be treated.” – Richard Branson, Founder, Virgin Group Common Types of Workplace Cultures There are many types of workplace cultures. Understanding the various basic types can provide a good insight into which type of culture might best work for your company. As you read through this list, ask yourself, “Would this work for my company?” Remember that you're free to develop your own unique culture. Consider these types of workplace cultures: Outcome oriented. Results are what matter and results are rewarded. This type of culture is often found in sales-driven companies. Innovative. Creativity and new ideas are the order of the day. It’s about figuring out what the marketplace needs and being the first to deliver it. Lottery. The people near the top have it made. The hours are decent, and the pay is exceptional. Everyone below this level is overworked and underpaid. This is common in investment banking and consulting firms. The carrot of that great job makes this scheme work. Everyone is willing to drive themselves incredibly hard to attain one of those rare, coveted positions. 4. Casual. Wear what you want within reason. The hours are flexible, so work when you choose, as long as you do your job. 5. People-oriented. This culture puts the value of the employee above all else. These companies are often willing to sacrifice profits to pay their employees above the normal rate. The company policies focus on fairness, and the work environment tends to be casual regarding hours and family obligations. These companies have better retention than others. 6. Aggressive. Aggressive cultures are focused on outperforming competitors. This type of culture can also be quite competitive and aggressive between employees, too. The battle cry is, “We will destroy our competitors one way or the other.” 7. Stable. This type of culture is common in many large, well-established companies. There are rules, so follow them. It’s a very hierarchical structure and very bureaucratic. Decisions are made centrally. So, the headquarters in Milwaukee is making the big decisions for the office in Miami. 8. Detail-oriented. Often found in the hospitality industry, these companies emphasize the little things. It’s all about the details each and every day. This is just a sampling of some of the types of cultures you can choose for your company. Which one do you think would be a good starting point? Perhaps you want to use elements of different cultures for your company. "I used to believe that culture was ‘soft,’ and had little bearing on our bottom line. What I believe today is that our culture has everything to do with our bottom line, now and into the future.” – Vern Dosch, author, Wired Differently Conclusion Defining and creating a workplace culture that works for your business is one of the more challenging tasks as a business owner. You can’t make everyone happy, as you well know. However, creating an effective culture for your business is the one of the best ways to raise the odds of your company succeeding in the future. ALL RIGHTS RESERVED. No part of this report may be modified or altered in any form whatsoever, electronic, or mechanical, including photocopying, recording, or by any informational storage or retrieval system without express written, dated and signed permission from the author.

We all want to make wise decisions for our business, but it can cause a lot of anxiety. After this lockdown and closing of countless businesses, you may stress out wondering if this is the best thing or if something else might work better. You may doubt yourself and lose confidence, which then leads to a half-hearted effort to move forward with your decision - and your business suffers in the process. Surely, there must be a better way to make decisions for your business. Right? Whether you own an commercial loan broker organization, a small business direct funding company, or an employee that aims to be a leader in any company, follow these tips to make smart business decisions that you can feel good about: 1. Learn more about your company. Without knowing every aspect of your business, you could be unaware of important information that could make a difference. ● Make a point of speaking to both your customers and employees to find out important information. ● Avoid relying solely on business reports. Yes, keep a close eye on the finances, but remember that the morale of your employees can make a big difference in your bottom line too. Both of these will help push you in the right direction. 2. Focus on your goals. Consider both your short and long-term goals. Sometimes, what feels good in the short-term could have a negative long-term impact, and vice versa. ● For example, in a financial crunch, you may let employees go that are critical for the success of your company. If your level of service suffers too much, you may lose enough customers to be able to recover. Short term: helps your bottom line. Long-term: the company may fail. ● Here’s another scenario: Should you spend money on marketing when money is tight? Short-term: you have to spend money. Long-term: You gain enough customers to add to your profits for years to come. ● So, it’s important to keep your long-term goals in mind as well as what can help you in the immediate future. 3. Understand what the challenges really are. It’s tough to resolve challenges when you don’t clarify the issue. ● For example, perhaps profits are down, but what’s the real cause? Is it because your widget costs too much, so few are buying? Or is it because there’s a design flaw that causes it not to work? Clarifying the real issue will help you make a smart decision. 4. Avoid allowing your emotions to make your decision. It’s important to remain calm and level-headed. If you feel very emotional, walk away temporarily and make the decision when you can respond wisely instead of just reacting based on how you feel at the moment. 5. Set a deadline to make a decision. In most cases, any decision is better than none at all. Gather pertinent information and then make your best decision based on those facts by your deadline. 6. Consider your values. Your values and principles are important, so keep them in mind when making a decision. ● For each option, ask yourself if it supports your values. Will you be able to live with the consequences of choosing that option? 7. Take advice from others. Even though you may be the boss, it’s important to consider other people's viewpoints, especially if the decision will affect them. Your colleagues may offer a different option or insight that you may not have thought of. ● Your local business support group may also be of help in making your decision. Other members of the group may have faced the same situation before and could offer some sage advice. 8. Relax. Sometimes a short 10-minute break is all you need to feel better and come at the issue with a fresh perspective. 9. Have other options. You don’t have to only have a plan A when it comes to business decisions. It is always good to have a plan B, or even a plan C. If one plan doesn’t work out as well as you had hoped, having multiple plans will allow you to go right into a new one without delay. 10. Learn from your mistakes. We all make mistakes. It’s just part of business. If you learn from these mistakes, you’ll be able to adapt wisely for the future. ● Look back at whatever decision you wish to analyze. What was the outcome? How would you change things if you had to make the same decision again? Put these tips into practice at your company and enjoy your newfound confidence in your smart business decisions. Let us know what else you are implementing in your business after Covid19?

Years ago, a successful career usually meant achieving upward mobility. Ambitious employees climbed the corporate ladder to reach management positions. Today, fulfilling career paths run in many different directions, and fewer employees spend their entire careers at one company. However, some things stay the same. Most workers still value career growth even more than salary and benefits. At the same time, employers depend on a staff that feels engaged in their work and uses learning and development opportunities to enhance their performance. How can your business cultivate internal talent so that employees contribute maximum value in their individual roles? Consider these ideas for talent attraction and retention strategies designed for today’s workforce. Benefits of Developing Internal Talent: 1. Save money. Filling positions with internal candidates usually costs less than external hiring. You cut down on expenses like advertising, screening, and training. Plus, new staff members might expect a higher salary than someone who is already on your payroll. 2. Reduce turnover. High turnover can damage morale and disrupt productivity. It’s expensive too. Finding and training a replacement typically costs twice the departing employee’s salary, according to The Wall Street Journal. Retain employees longer by showing them they have a future at your company. 3. Keep top talent. Retention is even more important when you’re talking about your high performers. Even if they’re not actively searching, they may be getting calls from recruiters, so it’s important to stay competitive. 4. Reduce risk. What happens when a new recruit seems unable to deliver what they promised at their initial interview? You’re less likely to make an unfortunate decision when you’re dealing with staff members you know well. 5. Achieve your goals. Most importantly, talent development enables you to build the team you need for current and future business priorities. Engaged and empowered employees are essential for success. Implementing a Talent Development Program: 1. Align and communicate. Ensure employees understand your business strategy. Then, you can align individual goals with your corporate priorities, so they know where to focus their efforts. 2. Offer e-learning. Provide opportunities to acquire new skills and knowledge. Technology makes education and training more affordable and accessible. Many experts recommend a blended approach of classroom lessons and workplace experiences. 3. Coach and mentor. Create a formal mentorship program and reward employees who provide guidance and support to others. Set clear objectives and measure results. 4. Embrace diversity. An inclusive workplace can make your business more competitive and innovative. Learn more about your employees’ backgrounds and encourage relationships based on appreciation and respect. 5. Recognize potential. In addition to high-performers who regularly exceed expectations, identify those employees who may have the ability to shine, especially if they move into a different role that leverages their strengths. Remember that performance and potential often overlap. 6. Encourage collaboration. Major accomplishments in most workplaces are the result of group efforts, so it makes sense to reward teams as well as individuals. Set team goals, use online collaboration tools, and build a sense of shared purpose. 7. Pay for performance. At the same time, basing compensation on merit motivates employees to enhance their performance and helps to create a transparent and fair pay structure. Experiment with annual bonuses and other forms of incentive pay. 8. Broaden your perspective. Overall, identifying and nurturing internal talent requires expanding your vision. Evaluate employees based on how they can serve your company in the future, as well as how well they’re performing in their current positions. Focus on organization-wide goals. In conclusion, give your employees opportunities to develop their skills and progress in their careers. An effective talent development program helps both your staff and your company to meet their goals.

The Top Situations in Which Financing Offers a Catalyst to Success Proper and timely funding is essential for any business to succeed. But access to capital is also one of the most common challenges businesses of all stripes encounter. From the early stages to growth and expansion, if a company lacks the necessary funds to execute on its strategies, it is destined to fail. For these reasons and more, many companies take out a business loan to fund their endeavors. While business loans don’t provide a “one-size-fits-all” solution, they can offer a valuable tool at critical junctures and key milestones for many businesses. In this post, we’ll examine some key scenarios for business owners in which a business loan can offer an effective funding mechanism and provide companies at various stages with a much-needed boost. Early Stage Revenue Phase Naturally, one of the most common situations in which businesses elect to apply for business funding is when the company is in the early stages of their operations. Fledgling companies often lack access to sufficient working capital and require funding to get off the ground and cover expenses. While early stage business loan products exist, it is important to note that the requirements vary. For example, some lenders may require you to be in business 6 months to a year, provide proof of consistent revenue, while others will lend to brand-new businesses with no established business credit history however would be based on personal credit. That personal credit minimum score could be as low as 500 but on average 600 or better to get reasonable terms. For an SBA loan you would need to be in business 2 years or as a pre-revenue startup you could qualify for one of the SBA loan products that will again be determined based largely upon personal credit, personal tax returns and business plan. Some options would also require collateral in order to qualify. We are mostly discussing unsecured loans. Purchasing equipment While equipment needs and types vary widely between business types and models, the fact remains that practically every company requires some sort of equipment in order to effectively deliver goods and services. From early stages to growth and expansion, equipment expenses can be significant and sometimes a cost that is difficult to incur. When purchasing equipment, companies may opt for a small business equipment loan in order to access the funds necessary to maintain operations. Business equipment financing typically needs little paperwork, which is an added benefit for going this route. There are ways to lease equipment as well so make sure to as the lender or business loan broker you have contact with. Bringing new talent on board Any proven leader can attest to the fact that success in business and high-quality talent are intrinsically linked. Whether you’re making widgets or websites, people are essential and finding, training and fairly compensating them can be costly. Businesses at any stage often choose to take out a loan in order to hire new talent because it will help alleviate some of the burden on cash flow. Other companies make the decision in order to keep pace with growth or adequately staff an expansion or new location. Regardless of the reason, it is important to carefully weigh the risk versus reward. If a new hire is a move that is likely to pay off by adding efficiency or improving the bottom line, then a loan may be worth the cost of capital. Expanding or opening a new location The need to expand is a situation all too familiar to many businesses. Relocating to a larger space or expanding an existing footprint can help provide more elbow room and space for growth, but without the funds to make the project happen, it’s easy to feel stuck. Business loans can provide critical funding to help your business realize its potential. Specifically, term loans are often well-suited for expansions and the associated up-front costs and overhead. But as previously mentioned, it is important to carefully evaluate the return on investment of expanding your business. For example, do you project that expansion will provide enough added revenue to cover your loan, while still allowing your company to remain profitable? Be sure to ask these key questions. Securing Inventory Inventory is a key component of a healthy business that sells products and it is not uncommon for companies to finance the purchase of inventory. The decision to take out a business loan to purchase inventory may be especially wise during periods of high demand or busy seasons. For instance, a short-term business loan can offer access to the working capital that allows your business to purchase enough inventory to meet demand when sales are ahead of expectations. With the profits from a high-volume sales period, you can quickly repay the loan. Establishing credit While credit may not be a factor for well-established companies evaluating financing for growth or expansion, small businesses and startups often lack a credit history and pursue business loans as a means of building credit. By establishing credit, younger companies are better positioned for future loans and ventures. If you chose to use your personal credit for financing then you will be guaranteeing the loans personally. Nothing wrong with this as long as you pay back the loan on time. The bottom line Just as no two companies are exactly the same, financing needs can vary widely. But if your company falls into one the categories outlined above and working capital is preventing your business from reaching its full potential, a business loan may offer an effective tool for overcoming financial obstacles. There are several loan options and often difficult to pick which one and where to go for accessing it. If you need assistance in choosing the best route to go or whom to apply with, please contact us.

A line of credit can be good for businesses in all growth stages to accomplish many goals or take care of last minute needs as we will discuss in this article. As a business owner you will want to weigh all your financing options. So lets first take a look at what a line of credit actually is. What Is A Business Line of Credit? You might be asking yourself, what is a business line of credit? The term is much simpler than it may seem. A line of credit or LOC is not like a traditional loan that you may be familiar with. Instead of a lump sum with interest that you pay back over a set period of time, a line of credit can be drawn on, paid off and reused as many times as you need. Of course, you will have a set limit as to how much you can borrow. Typically, a LOC will be from $2,000 to $250,000 depending on your company's credit rating and the lending institution. How Can A Line of Credit Be Good For Your Company? There are many ways that a credit line can be good for your company. First, a LOC can help your company grow when used to purchase equipment and supplies. Other operational needs such as payroll, marketing campaigns, expansion, and repair of equipment. Second, most if not all companies need an emergency plan for capital or at least to have it available for unexpected expenses. The best time to qualify for a credit line is when you don't need it. Third, it can be used to build more business credit. You just have to make sure the lending institution reports to the business credit bureaus. When Should I Take Out A Line of Credit? If your company is growing faster than you expected, you may not have enough money on hand. This is a good time to start thinking about securing a credit line for business. This will allow you to pay your workers on time and fund your everyday operations. An expanding company simply can't grow if you don't have what you need to keep up with the demand. Also as we alluded to above to have a LOC accessible it gives the business owner peace of mind, knowing that any emergency can be covered. How To Qualify For A Business LOC? Most banks and other traditional lenders will require your company to have a high revenue stream coming in. They may require you to be in business for at least 2 years, require over 600 FICO, solid financials, and inspect your location, view your business bank account information, proof of ownership, business and personal tax returns and more before approving you for a line of credit. This can be very slow and frustrating for those that need the working capital quickly. Luckily, there is an alternative to traditional lenders. There are many online lenders that are offering lines of credit with less strict requirements. For these online lenders, you will need to be in business for at least 6 months and have a $50,000 in gross annual revenue. While most online lenders vary on a minimum credit score requirement, you should have at least a score of 500 to be considered. Lenders like FundBox and Kabbage will request to link your bank account or accounting software for faster approvals which could be in minutes. With these lower requirements often comes higher interest rates or fees on the money you receive. This option can still be well worth the cost as hundreds of thousands of business owners have used them but it depends on your situation or opportunity cost. These companies have approved billions of dollars each year for the last several years. What About A Business Credit Card? You may have heard that you can get a credit card for your business even without much business credit. A business credit card is a great option you can use to purchase any items or cover many expenses your company may need. Your personal credit score will need to be solid though. Lets look at a few differences between credit cards and a traditional LOC. First, a business credit card might have a lower limit on how much you can borrow depending on your personal and company credit profile. Second, rates and fees, where if you need cold hard cash, a business credit card will charge you a transaction fee plus interest accruing daily which could add up quickly. You may also be charged fees like an annual fee or late fees if you fail to make your monthly payment on time. Business credit cards are somewhat easier to obtain than a line of credit which makes them perfect for those just starting out. There are business credit cards that offer 'No Interest' for an introductory period of time, typically 2-12 months. As your company's revenue grows, you can always switch over to a traditional LOC. This is how many companies expand and grow from a tiny business into a major corporation. In addition to easy access, business credit cards come with a few extra perks. Many of them offer cash back on purchases and other rewards. If you are spending a lot of money monthly, these rewards will quickly build up. This is a great way to save money while financing your daily operations. Conclusion Now that you know what a line of credit can do for your business, why not apply for one to either take advantage of an idea to expand that you have been putting off or just to be more secure in case of unexpected circumstances? We mentioned Fundbox and Kabbage but there are many companies offering credit lines that make the process of signing up a breeze. So what are you waiting for? Go out and get the money your company needs today!

The genesis of our business was to improve the customer experience by creating a something to hold Independent Sales Organizations accountable. We noticed something missing in the process of trying to improve business practices of ISOs. Part of that is addressed in the Small Business Borrowers' Bill of Rights, which was created by the Responsible Business Lending Coalition 'to promote responsible practices and combat abusive practices in small business lending.' This was 'a cross-sector consensus on the rights that small business owners deserve and what lenders and brokers can do to uphold those rights.' Given the alignment with our mission, we are proud to announce that we are endorsers of the Small Business Borrowers' Bill of Rights, There is so much that has to be accomplished for the business practices to be to the standard we would all expect if we were a merchant applying for financing. The important work of the RBLC and others has done much to influence business practices. With that said, as the industry grows there is more work to do for all stakeholders as ISOs and brokers adjust and find new ways to take advantage of bother merchants and lenders. We can do our part without having the government pass laws or even in conjunction with expected regulation in the long term. The following is section #4 of the SBBOR addressing Brokers: "4. The Right to Fair Treatment from Brokers You have a right to transparency, honesty, and impartiality in all your interactions with brokers. In order to protect your Right to Fair Treatment from Brokers, brokers must offer: • Transparent Loan Options – Disclose all loan options for which the borrower qualifies through the broker’s services, emphasizing the lowest APR option, and disclose all lenders to which the broker sends loan applications on the borrower’s behalf. • Transparent Broker Fees – Disclose all compensation paid to the broker, and all charges that will be paid directly or indirectly by the borrower, whether paid up front or financed in the loan. • Transparent Results – Post clearly and prominently on the broker’s website the anonymous and aggregated results of borrowers who obtain financing through the brokers’ services, in terms of APR and financing product. • Empower Borrowers to Make Informed Financing Decisions – Educate the borrower on each loan option and ensure that the borrower reasonably understands the cost and terms as well as the pros and cons of financing decisions before they sign a loan document. Brokers should use tools that help the potential borrower comparison shop, including APRs and loan calculators. • Disclosure of Conflicts of Interest – Disclose any conflicts of interest, the broker’s fee structure, and any financial incentives they have, including whether the broker receives higher fees for brokering certain loans. Brokers who are paid higher fees with certain lenders, loan types, or terms other than the size of the loan, may not state they are acting in the best interest of the potential borrower. • No Fees for Failure – No fees can be charged to the potential borrower if the broker is unable to find them a loan and if the borrower does not accept a loan secured through the broker's services. • Responsive Complaint Management – If a complaint is submitted, provide a confirmation of receipt within five days and in writing, when possible, and research and resolve the complaint in a timely manner."