The 5 People You Need Around You To Succeed In Business

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StrategyDriven Professional Development Article |Success in Business|The 5 People You Need Around You To Succeed In BusinessSucceeding in business is not something that you can do alone. Whilst many of the ideas that you use will be entirely down to you, and you will be making all of the big decisions for your company, the truth is that you won’t make it unless you’re surrounded by some great, awe-inspiring people, who know the world of business like the back of their hands. But which people do you need around you if your company is going to become the next big thing in your field?

Here are 5 of them…

#1: The innovator
When you’re hiring for your business, you need to make sure that you’ve picked out some people that don’t always toe the regular business line. Whilst there are some things that are proven to work for most businesses, you’re never going to push through to the next level if you’re not surrounded by people who aren’t scared to take (well-informed) risks now and again, so pick out some innovators.

#2: The mentor
Whilst it’s a good idea to choose out some fresh talent, there’s nothing better than finding out a good mentor, who can tell you all that you need to know about your industry. Ideally, you’ll be able to talk to somebody who has a lot of years under their belt, and has owned various businesses (or one successful one) that has much in common with the direction that you’ll be taking. Seek a mentor!

#3: The expert
Most business owners do all that they can to teach themselves the various tricks of the trade. Whether you’re trying to figure out your IT, your finances, or that perfect logo for your brand, you have to understand sometimes that only the experts can get the job done properly. Seek out some IT support from places like https://www.capstoneitinc.com/location/treasure-coast/, and look into other ways to get the experts on board.

#4: The friend(s)
Often overlooked in discussions about business, you do actually need to have a good network of out-of-office, non-business friends. Not only will this keep you grounded, but having the support of your friends and family will really help you when you’re trying to make your way through the tough first few months (and years) of business, so don’t underestimate the importance of your support network.

#5: The passionate
You can have all of the people mentioned above around you in your business, but if there is no passion when you walk into your office, then you need to do all that you can to change this. Whoever you meet and manage to get on board, make sure that they’re bursting with passion, and that they really think about what they can offer to help make your vision a reality. Passionate people, apply within.

So, if you want to succeed in business, then make sure that you have these 5 types of people on board with you. It can make or break your company, so don’t get this wrong!

3 Simple Ways to Improve Your Small Business

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StrategyDriven Managing Your Business Article |Managing a Small Business|3 Simple Ways to Improve Your Small BusinessNot everything about business has to be complicated, you know. Sometimes, even the simplest courses of action can result in the biggest turns of profit. You should, then, stop making everything so difficult, and instead resolve to go down the easy route from time to time. If you do, you will be sure to grow and scale your small business in no time.

To find three simple ways you can improve your small business, make sure to read on.

Learn how to delegate effectively

Effective delegation is a simple yet surefire way to improve your business. By getting your workforce on board and releasing each employee’s potential, you will quickly find your business moving in the right direction.

In this instance, you need to know how to get the best out of your individual members of staff — different employees will have different strengths and weaknesses, and it’s down to you to release their potential by delegating them jobs that suit their expertise. Also, you have to learn how to delegate fairly. The last thing that you want in your bid to scale and grow your business is low morale around the workplace. Make sure, then, that nobody receives special treatment for no apparent reason, and ensure that everybody is pulling their weight in their own way.

Use high-impact marketing

In this instance, you have not the time nor the money to be embarking on marketing campaigns that are anything other than high-impact. Quite simply, every campaign that you run, even those considered to be low-budget, needs to do the job that you ask of it.

When you go down the digital marketing campaigns, above all else, this means ensuring that your advertisements land on the screens of your target audience. Anything other than that, and you will make the task of driving sales online to be far more complicated than it needs to be. In this instance, it is good practice to align yourself with an expert in the field of Internet advertisement, such as Caffeine Marketing. The skills and expertise of such a company will no doubt help you to build an online presence for your business and ultimately generate more leads for yourself.

Sharpen your selling skills

If you learn how to close sales, you will find it ten times easier to make a profit and improve your business.

To sharpen your selling skills, you should:

  • Adopt a ‘people-first’ way of thinking
  • Always take timing into consideration
  • Know who, how, when, and why to reward
  • Never forget the power of the value-add
  • Always be engaging
  • Treat the first 7 seconds of any meeting seriously (this is where the money is won and lost)
  • Be willing to adapt depending on the customers you encounter
  • Treat everybody like an individual
  • Always make it clear that you opt for value over price
  • Above all else, show yourself to be genuine

Improving your business is always going to be difficult, as nothing worth having ever comes easy. You don’t have to make this all-important tasks overly complicated, though. Take the above advice, and make things simple.

Learn about the Penalties for Mortgage and Real Estate Fraud in Florida

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StrategyDriven Entrepreneurship Article |Real Estate Fraud|Learn about the Penalties for Mortgage and Real Estate Fraud in FloridaThere has been a substantial rise in the number of cases related to real estate fraud over the past couple of years, particularly as the real estate market has started to flourish once again. The reason for this increase in real estate fraud is mainly because the pay off is substantial for the scam, but the penalties for this crime are also extremely harsh.

To ensure that you’re always on the right side of the law, and learn to protect yourself from real estate fraud, we are going to break down exactly what is real estate fraud, and what kind of penalties are attached with it. You can also check out this great article for more information.

Understanding Real Estate Fraud

There are different kinds of real estate fraud, with the common theme being that they are all designed to take advantage of their victim and leave them helpless. If you’re working in the real estate industry, and notice any of the red flags, you shouldn’t hesitate to take legal action against the perpetrators. If you’re in a position where you can commit fraud, you should stop. Committing real estate fraud in Florida comes with harsh penalties, and you will be registered as a convict for the remainder of your life.

Types of Fraud

Real estate fraud comes in many different types, all of which are connected to the different stages of processes involved in real estate. These may include the following:

  • Rental fraud
  • Land fraud
  • Fraudulent loan origination
  • Illegal flipping
  • Equity skimming
  • Home improvement fraud

If it seems like a scam, it’s probably because it really is a scam.

For instance, one of the main types of fraud involved in real estate is the foreclosure rescue. This fraud involves businesses preying on families facing foreclosure, desperately trying to keep their homes. Businesses in this type of fraud will try to convince families that their homes can be saved if they sign a temporary title transfer to the business.

The business will pay only a fraction of the real worth of the house on the market for this. This is essentially a leaseback, where the family can remain in the home and pay rent to the business for the length of the transfer title.

However, the business will sell the home, as soon as they get the title from the owners, which leaves the owners stuck in payments that they were paying on their mortgage.

Mortgage Fraud

One of the most common types of real estate fraud found today is mortgage fraud, which focuses mainly on mortgages, where people are already vulnerable and in debt. Mortgage fraud essentially has two main types, which include:

  • Fraud for housing
  • Fraud for profit

The main difference between the two types is based on who is getting conned: the lending institution or the homeowners.

Fraud for housing is committed by potential homeowners with the intention of maintaining or acquiring home ownership.

Fraud for profit is committed by people in the industry, who have in-depth knowledge of the mortgage system and know how to steal money. Their goal isn’t to acquire home ownership.

There is an extensive range of potential frauds that are found in these two types of mortgage fraud, which include:

  • Inflated purchase price
  • Silent second mortgages
  • Employment income falsification
  • Mortgage elimination programs
  • Occupancy claims by non-occupants
  • Kickbacks

For instance, mortgage elimination programs are one of the most common fraud-for-profit scams. Homeowners are convinced in these programs that their mortgage can be wrapped up quickly if they pay a premium for the services. This doesn’t happen obviously, and the homeowners end up with even more debt than they started with.

A common house-for-profit scam is the inflated purchase price. For example, you’ve got two different purchase contracts, and one of them is a fake with a sales price that is significantly higher. You’ll be committing mortgage fraud if you send the fake contract to the lender so that you can get a higher appraisal value.

Penalties for Mortgage and Real Estate Fraud

You’ll be facing some serious penalties and convictions if you’re charged with either mortgage or real estate fraud. To give you a clearer idea, we are going to discuss how fraud is defined in Florida law and then discuss the penalties you may face in such cases.

Florida Laws on Fraud

Statute 817.545 governs mortgage and real estate fraud in Florida state law. Under the rules of this law, a person is guilty of mortgage fraud if they have acted knowingly, and plan on defrauding, while:

  • Misrepresenting facts to try and get a loan
  • Help in misrepresenting facts
  • Gain material proceeds by misrepresenting facts
  • Filing documents during the mortgage process that misrepresents facts

If you misrepresent information in the real estate and mortgage process, willingly and knowingly, or attempt to gain any material benefit due to misrepresentation, you’ll be charged with committing fraud.

Documents to Consider

Before we go ahead, it’s important that we discuss what documents can be used for misrepresentation of facts in the mortgage process. These may include the following:

  • HUD-1 settlement statements
  • Residential loan applications
  • Inspection reports
  • Appraisals
  • Mortgage documents
  • Deeds

Personal documents that are required in the loan application can also be used for misrepresentation of facts, and they include:

  • Relevant disclosures
  • Employment verification
  • Income verification
  • Bank statements
  • W2 forms
  • Payroll stubs
  • Tax returns

You’ll be charged with committing fraud if you have misrepresented information on any of the documents mentioned for mortgage loans, acquiring real estate, or for material gain.

Penalties for Fraud

You can face all kinds of penalties if you’ve committed real estate fraud in Florida, and you’ll face harsher penalties if you’re charged at the federal level. It’s a good chance that you’ll face penalties for several laws since the crime includes federal and state laws.

Real estate fraud is charged as a felony in most cases, even if the sum is under $1,000. You’ll be charged with a third-degree felony if the sum is below $100,000, and anything above that figure will be a second-degree felony.

Penalties will be given out based on the type of offense, and they include fines, prison time, restitution, and probation. You could also end up paying fines for up to $1 million for real estate fraud if you’re prosecuted at the federal level.

You may also face prison penalties, and the length of the sentence will be longer if you’re charged at the federal level. It can go up to 30 years in jail, and you’ll also be paying restitution to any third-parties that suffered financially because of the fraud.

Should Your Business Be Thinking About Making Sustainable Choices?

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StrategyDriven Managing Your Business Article |Sustainability|Should Your Business Be Thinking About Making Sustainable Choices?You can feel the wind of change in business and you only have to witness the growing numbers of CEO’s who are pledging their support for climate change and promising action to realize that sustainability is topic that is very much on-trend.

With that in mind the question is should your business be embracing the idea of making sustainable choices and what strategies should you be considering to make a difference?

There are so many options when it comes to the subject of sustainability and that extends to finance too, so when you contact Commerce Trust, for instance, they can tell you all about sustainable investments.

It is hard to argue against the view that sustainable initiatives are not just good for the planet but they are good for business as well. Here are some pointers on how to make sustainability an integral part of your business.

Making sustainability the new normal

A good starting point would be to work on ways of incorporating sustainability into your company culture and making it something that everyone in the business is greatly aware of and committed to.

Some of the major corporations around the world are already investing in environmental stewardship initiatives and many of these organizations have subsequently managed to take actions that go above and beyond the basic requirements laid out by governments.

Whether it is sourcing a reliable form of green energy to power your production line or seeking out suppliers with similar green credentials, it is clear that embracing a culture of sustainability within your business is going to be good for the planet and promotes your company as one that cares about what their customers and suppliers think about them.

Start with some easy changes

When you start to embrace sustainability it can soon become obvious that there are so many practices that you can adopt, some that you can implement immediately and others that might take a little longer before you feel the benefit.

One of your first tasks could be to make some basic changes to the way you do things in your office and figure out some initiatives that help you achieve the goal of achieving a good level of sustainability.

A simple but effective action would be to change your old light bulbs in your building and replace them with some LED alternatives.

This move is a real no-brainer as LED’s use less energy than a halogen or incandescent bulb and their lifespan is expected to be in the region of 25% longer than halogen or incandescent options.

You will pay more for a LED bulb but it lasts a lot longer than its counterparts and the amount of energy they use is substantially less than an old-fashioned bulb, meaning some noticeable cost savings are eminently deliverable.

Ditch the plastic bottles

Thankfully, there is greater awareness than ever before about the damage that plastic is doing to our planet and millions of tons of plastic waste are generated each and every year around the globe.

A simple solution that will boost your business’s green credentials would be to encourage a ban on plastic water bottles in your office and install a water filtration system that will help keep everyone hydrated without the waste associated with discarded plastic bottles.

Your supply partners should be a reflection of your own sustainability credentials

If you choose your supply partners with care and ask lots of searching sustainability questions when appointing a new supplier this should ensure that you develop a relationship with like-minded organizations.

Some major companies won’t even use certain suppliers if their green credentials are not up to standard and you can follow suit by using companies who use energy efficient vehicles and seem to be constantly working hard to find ways to reduce their carbon footprint.

Become a recycle champion

There are already tons of waste being sent to landfill sites every week and there is bound to be a percentage of that waste that could be recycled and reused rather than being buried under the surface.

Encourage everyone in your business to adopt a culture of recycle and reuse, which means thinking carefully about what is being put into the trash bin.

As well as recycling what you can of your own waste you can also do your bit for the planet by committing to using recycled paper products and buying recycled ink that has already been around the block rather than end up in a landfill.

Keeping it clean

You will quickly discover that turning green often involves making a number of small incremental changes to the way you do things that all add up over time to make a big difference.

With that in mind, simple suggestions such as switching to some green cleaning products that tick all the right environmental boxes will create a more eco-friendly culture. Using these items will keep your work environment sparkling and clean without harming the planet and is just one example of a sustainable choice.

Sustainable development simply cannot be achieved alone by an individual or some smaller businesses. It is a matter of collective responsibility, but that is not to say that you can’t lead the way in encouraging others to come around to your way of thinking.

Gain a competitive edge

There is nothing wrong with wanting something to show for your efforts of keeping everything in your business as green as possible and when you boost your green credentials it can give your company a competitive edge.

If customers and suppliers know you are championing the the cause for making sustainable choices you could find that customers with similar ideals are more likely to give their business to you rather than to a rival who doesn’t seem to have the same set of impressive green credentials.

The argument seems clear. If you develop a company culture which is centered around making sustainable choices there is a fair chance that you will be rewarded with a better bottom line performance as well as enjoying a clearer conscience that you are doing your bit for the planet.

Understanding Hard Money Business Purpose Use Loan and The Benefits for Investors

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StrategyDriven Managing Your Finances Article |Hard Money Lending|Understanding Hard Money Business Purpose Use Loan and The Benefits for Investors Contrary to what the name suggests, hard money does not involve questionable lenders who conduct their business under the table and charge inflated interest rates. In fact, that is not even close to how one would define hard money loans.

So, what are these loans then? They are short-term, interest-only mortgages that buyers use to purchase and rehabilitate damaged properties. Typically, the loan repayment time is 12 months. However, there are some situations where the loan term can be stretched to two to five years. The payments need to be made monthly and they must comprise of only interest or interest with some principal repayment.

The value of the subject property at the time of applying for the loan determines how much loan amount buyers are eligible for. The property for which a person gets a hard money loan does not necessarily need to be a property that they wish to acquire. It can also be a property they already own and want to use as collateral. Specific to small business financing, hard money loans are available to both consumer and business owners.

What Is Needed to Qualify for Hard Money Business Purpose Use Loans

Who is eligible for hard money business loans? New businesses and businesses with low credit scores. These are businesses that find it incredibly hard to secure a loan from a traditional bank. Therefore, the only viable option they are left with to get the funding they need is hard money loans. These loans are backed by the commercial real estate of the business.

A hard money lender will provide you the business purpose use loan if you can prove you have enough equity in real estate. Hard money lender can look beyond your financial or credit shortfalls which is what makes them different from a bank. Regardless of your creditworthiness or time in business, you can get easy access to capital with the hard money loans backed by collateral.

A hard money business purpose use loan will cover you whether you want to buy a new property or want to renovate an existing building. The collateral that you can offer to the lender will determine how much loan amount you qualify for.

In most cases, the entire value of the collateral isn’t calculated for this purpose. Instead, a loan-to-value ration is used to calculate the loan. What does this value represent? It represents a percentage of the property’s value.

Generally, the loan-to-value ratio is quite high. This is because most of the collateral’s value is used to back the loan. Also, hard money lenders are primarily concerned with the value of the property. In most cases, the loan amount is about 70% of the value of the property.

What Situations are Best for Hard Money Loans?

Following are the ideal situations for hard money loans:

  • Construction loans
  • Fix and flip investments
  • When a real estate investor has to act quickly
  • Land loans
  • Why a buyer has credit issues

What Makes Hard Money Business Purpose Use Loans Useful

What is the main reason for anyone, which includes businesses, to get hard money loans? It is to get funding for the purchase of the real estate, capital equipment, or other capital assets. In the real estate industry, hard money loans are growing in popularity.

What is the reason for this? New businesses or businesses with low credit scores are highly likely to get approved for the loan. However, they must own some sort of real estate. It could be residential, commercial, or land property.

Provided by non-traditional lenders, hard money loans are typically offered by private individuals and private funding groups. Unlike traditional lenders such as banks, lenders of hard money loans have lenient policies and flexible rates and criteria. This makes the approval process quicker and easier.

If you’re prospective borrower, then there are many reasons why you’d want to get a hard money business purpose use loan. The first and foremost benefit is the ease of qualifying for the loan. Unlike traditional lenders, hard money lenders do not give too much importance to a credit score when qualifying applicants. Another benefit is the easy application process. The only thing that lenders want to check is the collateral.

The lenders will not ask you to provide any information and documentation that are typically required for conventional loans. However, the best thing about applying for this loan is that you get fast access to financing. While hard money lenders are more lenient than conventional lenders in qualifying people, they do look for certain qualities in borrowers.

While most of them will not mind funding a newer business, they will prefer a business that has been around for at least a few years for the loan. What is the reason for this? Because businesses that have been operating for a while are more reliable than newer businesses. Additionally, they have a stable cash flow that will allow them to meet the loan’s terms.

A business risks losing its collateral if it is unable to repay the loan according to the terms of the loan. Therefore, you must determine if a hard money loan makes senses for your business before committing to it. By doing this, you will avoid a lot of unnecessary financial problems going forward.

Before you apply for the loan, consider how long you have been in business. Apply for and get the hard money loan if you believe you have enough experience to deal with any challenges that may come up during the repayment of the loan. If you lack the needed experience, then develop a back-up plan that involves financially feasible ways of repaying the loan according to the agreed terms. All this benefit you in the long run.

A hard money business purpose use loan is a great option if you want financing but have a low credit score. However, before committing to a hard money loan, make sure to consider the things mentioned above. By doing this, you will ensure that you are able to repay the loan on time and within the agreed terms!