It’s common for small businesses to slip into bad habits that limit their ability to get funding. From unscreened customers to generous payment terms, here are some of the most common reasons lenders will not loan to small business owners.
1. Not putting profits back into the business
When you hear these pleasant words from your accountant, “You should take a draw before the end of the year,” think again. Building equity in your business has a positive impact on your ability to get funding. A lender always looks at your debt-to-equity ratio. The more equity you have, the better your ratio. …
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I live close to a golf course, so my garage is always full of golf balls collected by my children. We literally have big plastic containers filled with golf balls sorted by type and condition. While I like to keep a container with the best of them in my trunk to restock my endless need, my children have other ideas.
In a constantly changing technological world, small businesses try to keep up with the hype by getting on the innovation band wagon. One such innovation is cloud computing. Designed to remotely host software, servers and data storage, it promises to reduce operational expenses and lower the cost of energy bills.
Loss of data is one of the reasons why a business may result in failure. Since businesses run on information, when data is lost or access those data are disrupted, the impact may threaten business operations.
Each of us has different experiences with customer service; some are good while most that we hear about are just horrible. Businesses, no matter how big or small, need to evaluate how well they are serving their customers.
The business industry is becoming more fast-paced and inventive in hopes of expanding their customer base. In fact, more entrepreneurs are now joining the mobile computing band wagon to gain more traction for their small business.
