Running a small business requires a lot of purchasing power - everything from products to technology solutions must be procured somehow. The answer for many business owners is to rely on credit cards; however, these lines of credit must be paid in full or else they accrue interest charges each month.
Small Business Saturday is a special day dedicated to recognizing small businesses and brick-and-mortar stores across the country. It encourages holiday shoppers to support local independent businesses and boost sales. American Express founded Small Business Saturday in 2010, giving small businesses a chance to get more customers during the busy holiday shopping season. On this day, which will take place on Saturday, Nov. 25 this year (wedged between Black Friday and Cyber Monday), small business owners need to take advantage of the rare opportunity for free advertising bankrolled by a major corporation.
Besides providing valuable services and products, proper financial management is among the most important aspects of a successful business.
There are several common mistakes businesses make in their capital budgeting that could easily be avoided. Here are a few common mistakes that could trip up your business.
What Contributes to Bad Credit?
While many factors contribute to the definition of ‘bad credit’, the most important factor comes from your financial past.
- Has your business previously had difficulties paying back loans?
- Do you have a large outstanding balance on your credit cards?
- Do you pay your bills on time?
Every business needs positive cash flow. The more cash on hand, the more flexibility the company has in reaching its goals. There are multiple ways to boost business working capital, and the more ways you do so, the more powerful of solutions you'll have for managing your business. While a business loan can shore up a variety of situations, there are also a few in-house methods that can be taken to reduce how much you are spending and gain more financial freedom.
Credit gives both individuals and businesses the opportunity to secure funding that is needed for desired items. However, many people assume that personal and business credit are one in the same when in reality they are very different. Let's take a look at some key differences between the two:
What is Equipment Leasing?
By definition, equipment leasing is the process of obtaining equipment on a rental basis. For any size business that is simply trying to save money, opting for equipment leasing can make a big difference financially. This eliminates the need for a lump sum of capital when investing in machinery.
According to the National Retail Federation, 2016 shopping trends have proven that online browsing begins as early as October. What does this mean for you? It means you should ensure that by now your business is fully prepared with a strategy, trends, and inventory! But if you’re not, don’t worry, we can help! Here are four points that will help determine if your business is ready for the holiday season:
Did you know that working capital is the most important asset that any business can have? But what is working capital? How does it help? When do you need it? And if you do need it - How do you get it?