You’ve been in business for years, you’ve got a solid Profit and Loss Statement, so why is your bank asking for an updated business plan before providing you with a loan? Well, to simplify it, even though you’ve known your cousin Sharon for 30+ years, you probably wouldn’t loan her thousands of dollars without asking her what she plans to use it for, how risky a venture it is, and how she plans to pay it back. It’s kind of the same theory. Even though your company isn’t a start-up, you’ve been known in the community for years, there is still a risk for the bank in lending your business the money. Continue reading “Why your bank wants to see an updated business plan before giving you a business loan”
You’ve probably asked yourself the question “Should I lease, or should I buy” in the past when it came time to get a new car or decide on where you wanted to live. But, it’s also a question to ask yourself if you own your own business. If you’ve been struggling to find a rent that fits your needs, dealt with increased rent year after year, or you’ve outgrown your current space – it may be time to investigate buying your own space. Purchasing commercial real estate is a big step that can have far reaching impacts on your business’ cash flow, balance sheet, and funding options, so it does require some serious thought. If you have the capital, here’s why now is the time to act.
Most small businesses will need a loan at some point. Whether they need to get things off the ground or expand, financial backing is essential. Getting approved for the loan, isn’t always so easy however. Underwriters can get picky about who they lend their coins to, but the feat is not impossible. Here’s what to consider so you get approved. Continue reading “5 Things Business Loan Underwriters Are Looking For”
You’ve made your business successful – you’ve grown it, nurtured it, and put in the blood, sweat, and tears. You’ve been through the ups and the downs, learned how to run it with your eyes closed, and know everything right down to the smallest detail, from what you need to order each month to who you need to employ and when. Continue reading “Could Your Business Be Franchised?”
Technology has transformed the lives of millions of office workers, creating “work from anywhere” opportunities that provide flexibility, productivity gains, and increased happiness among the ranks. Continue reading “Keeping your company data safe with a mobile workforce”
It’s kind of like a secret club. Whether you are plotting your start up while working a full-time job, are currently a solo entrepreneur, or if you’ve owned a business for 50 years – there are commonalities. You are a master decision maker and visionary, work a lot of hours and the oddest things will keep you up at night. Continue reading “When your business needs capital”
The modern workplace is changing, and it’s to the benefit of everyone. Employers know their competitive advantage is driven most by the quality of their employees, so they want to attract and keep top talent. In addition to changes in culture and flexible working arrangements the actual footprints of offices are beginning to change – the open floor plan and communal think tank environments. Is it the end of the cubicle? Continue reading “The End of the Cubicle?”
As a seasoned business owner, you know how tough it is to grow your business. Some years you work your tail off just to squeak out another percent. But growth can come easier if you adjust your model to one with high scalability.
Your ability to scale depends mostly on what you do. If your business depends on your skillset, scaling will be difficult. There are only a certain number of hours in a day you can Continue reading “Is Your Business Scalable? 6 Tips to Grow”
Conflicts are a normal part of every business, but family-owned businesses present a unique set of challenges. It’s quite common for business issues to spill to the family realm and vice versa, infecting both types of relationships.
Dealing with these complex relationship issues should be a fundamental part of your business plan. The problems are inevitable, so plan for them in advance. Continue reading “Handling Conflict in Your Family Owned Business”
The outlook for the commercial real estate market in 2016 is considered to be very good with a few minor areas of concern. Overall growth has been particularly strong over the past year. According to Real Capital Analytics there was a total of $533 billion in commercial real estate sales in 2015 representing a 23% gain over 2014. Last year also saw the second highest level of investment ever, trailing only 2007. Plus, the Moody’s/RCA Commercial Property Price Indices are predicting price increases of 12% this year over 2015. Nationally, steadily growing demand and declining vacancy rates are seen as signs that this upward trend will persist. Continue reading “The Un-Mixed Blessings of Commercial Real Estate”