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What You Need To Know About A Small Business Loans In 2022?

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StrategyDriven Managing Your Finances Article |Small Business Loan|What You Need To Know About A Small Business Loans In 2022?Although small businesses are the backbone of our economy, many of them find the lending process to be difficult and stressful.

When it comes to obtaining small business loans, rising businesses are frequently turned down. In theory, obtaining funding should be difficult—lenders are in the business of making money, not charity. Even so, there are a number of things you can do to increase your chances of securing a loan.

Here are a few things to know about small business loans in 2020.

  • Consider the lender’s perspective: why should they lend you money? Treat your loan application as if it were a job application. You’ll need a terrific application instead of a great résumé. This entails assessing your financial condition and determining what you may use as collateral, which could include your home. A businessperson who performs the latter demonstrates that they believe in their product or service.
  • Other important criteria include cash flow and credit quality. Also, dress properly; if you appear to not require the money, you’ll be more likely to receive it.
  • Determine how much money you truly require. Businesses frequently ask for more money than they require, and the more money you ask for, the more likely you are to be rejected.
  • Make sure you learn from your mistakes. Determine why a lender has rejected you. Address that deficiency when you meet with your next small business loan.
  • Those with bad credit who have receivables in a business-to-business context can utilize them as collateral. Alternative lenders, such as so-called Internet lenders, will offer higher interest rates but have looser criteria in general.
  • Working with Small Business loan lenders should always be a consideration—in most circumstances, it should be your first choice. Many firms mistakenly believe they are ineligible. Low interest rates and long repayment durations are common features of small business loans. It’s also worth noting that just because one small business loan lender rejects you, it doesn’t mean all of them will.
  • You should be aware of what you’re getting yourself into. This entails learning the loan’s annual percentage rate (APR). You should be aware of the costs as well as any prepayment penalties. Become a well-informed shopper.
  • As previously said, online lenders may be able to give cash (and fast) if other options fail, particularly for people with poor credit. Aside from increased interest rates, Internet lenders are known for onerous terms and lack of transparency, so if you choose this way, make sure you actually need the money and can pay it back.
  • Small banks are more likely to be helpful than larger banks, which prefer to work with larger clients.

Conclusion:

Small business operators use business loans to improve cash flow, buy pricey equipment, and expand their businesses. Business loans are usually less expensive than credit cards, and they don’t force you to give up a stake of your company to an investor. Even if your credit score isn’t perfect, alternative business loans are simple to obtain. Before looking for a business loan, consider how much money you’ll need, what you’ll use it for, and how long you’ll need to repay it.

Alternative lenders are critical for small businesses looking for financing that may not be available through a typical bank. These lenders offer a variety of loan options, including merchant cash advances and equipment finance.

How to Use an Online Consultant

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StrategyDriven Tactical Execution Article | How to Use an Online ConsultantWith all of the information that is available at our fingertips, it can be a bit overwhelming to determine what is actually applicable to our business needs. While some people do not mind researching for hours on end to find an answer to their company’s issue, others want a more efficient and custom option that allows them to quickly get the information and advice they need. Because of this, there are online consulting firms that give people the answers they need. Online consultants can help in a variety of ways.

Marketing

Have you ever wondered how your business could better utilize social media platforms like TikTok or Facebook, but did not know where to start? An online consultant with expertise in digital marketing can provide information and advice on how to begin your adventure with social media marketing. This is valuable for a multitude of reasons, but especially because many social media users do not have all of the information about how to properly leverage social media before they actually start using it. Having an online consultant can help business owners avoid embarrassing and unsuccessful social media marketing campaigns before they start.

Finance

Is your business growing faster than you know how to manage? Talking to an online consultant with a financial background can help you determine how to best utilize and maximize your funds. From creating different investment accounts to further building business credit, this type of consultant can help you have better control and understanding of your business funds.

Leadership and Human Resources

Do you want your business to have a better organizational structure than it currently has? An online consultant with expertise in human resources can help your team be better aligned and have more synergy through projects and team goals. From advice about training practices to helping your leadership better understand their management style, an online consultant can help give you the tools to make your organization more efficient and professional as your company grows.

From marketing to human resources and every business function in between, an online consultant can provide efficient, educated and customized advice that is tailored specifically to your business needs. Having an expert work as a resource for your company allows you to focus on what your strengths are and utilize the advice you have received to give your business the tools it needs to thrive.

5 tips on how team bonding can assist to build a solid company culture

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StrategyDriven Corporate Cultures Article |Team Bonding|5 tips on how team bonding can assist to build a solid company cultureProductivity in an organization is no longer solely dependant on an individual’s technical competencies. Organizational culture is now vital to employee engagement and happiness. Happy employees contribute better than unhappy ones. The millennial workforce particularly is more inclined towards working in a positive organizational culture than their previous generation. Research also supports this as a LinkedIn survey shows that 65% of employees would work for a lesser pay and forgo a fancy job title rather than deal with a bad work environment.

Building a positive organizational culture is beyond occasional perks and monetary benefits. When people trust each other and connect with each other on a personal level, they tend to be more committed to their employers and go beyond the call of duty. Team bonding activities are one way to bring employees together on a personal level. Team bonding activities have also gained more popularity post-pandemic as employers are grappling to rebuild positive organization cultures. For example, Organizing team bonding activities in Singapore is now more than just fun. Employees and employers in Singapore have been vocal that the pandemic has taken a toll on mental health and team bonding activities can help in reinforcing a positive work culture. Therefore, team bonding activities are no doubt a highly impactful way to build a solid work culture.

Here are 5 ways in which team bonding helps in building culture:

Builds a set of values and beliefs

The set of underlying values and beliefs within an organization is the foundation of it’s culture. When teams or individuals do not align with these values, a positive organizational culture cannot be built. Team building activities not only help in building these values but also help in preserving them. While doing team activities they also evolve into supporting each other, identifying team strengths, and communicating effectively. Some examples of activities that can help in building these values are lunch or dinners, celebrating milestones, recognizing hidden talents, investing in employee’s individual growth etc.

Fosters personal interactions among team members

Culture cannot exist when people do not interact with each other. Social interactions help team members in understanding each other better and nurturing personal relationships. When teams get together to interact on a personal level, they build lasting bonds and make memorable impressions. These bonds help in building a culture that is welcoming, positive, and enduring. Some examples of activities that build personal bonds are truth or dare, a cooking session, an outdoor game day, movie nights, etc. The most important aspect for an activity to successfully build team bonds is to be as much fun as possible. When individuals build memories while interacting with each other, it leads to positive experiences.

Facilitates interactions between leadership and team members

While building a culture is the foundation, preserving it and reinforcing it as a part of organization’s operations is detrimental to the success of an organization. Leadership of the organization and their interactions with team members are pivotal to reinforcing organizational culture. These activities are an opportunity for leaders to engage with their team members and build trust and empathy. Leaders do not have to be worried about becoming vulnerable or losing authority when they interact on a personal level with team members. These activities allow leaders to build transparent and empathetic connections with team members.

Improves collaboration

A highly collaborative organizational culture is one of the strengths of a productive team. When there is a culture that encourages, supports, and promotes collaboration team members feel welcomed and engaged. Team bonding is critical to building a highly collaborative culture. When team members do not share personal bonds they do not trust each other and collaboration becomes forced. This will also lead to rigid and non-communicative teams. Team bonding activities like escape rooms, scavenger hunts etc are great for improving collaboration.

Boosts employee morale

Lastly, a good organizational culture thrives when employees are positive and motivated. Demotivated employees do not take an active part in building the organization’s culture. Organizing team bonding activities regularly helps in cultivating this positive mindset. As these activities provide an opportunity for employees to interact beyond their work desks, a sense of belonging and camaraderie is developed. Furthermore, these activities also bring together individuals to collaborate on a collective goal. Some examples of team bonding activities that are great for motivating employees are outdoor sports days, group fitness sessions, challenges, etc.

Team bonding activities if well organized can have a significant impact on an organization’s culture. They reflect the organization’s commitment to employee well-being and individual success along with the organization’s success. Building culture is also a collective effort rather than individual. Therefore, organizing team building activities regularly will not only build the company culture but also help in preserving it.

A Guide for Business Owners: How to Protect Your Company Fleet

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StrategyDriven Risk Management Article |Protect your company fleet|A Guide for Business Owners: How to Protect Your Company FleetIf your company operates a fleet operation, protecting your vehicles is of the utmost importance. Taking on this responsibility will help your business to remain on the road for longer, which in turn will aid you in your attempt to provide a quick, efficient, and cost-effective service to your consumers.

For advice on how to protect your company fleet, read on.

Protect against collisions

Should any of your drivers, for whatever reason, find themselves involved in a road collision, you could be liable to face a whole host of problems going forward. For one, the driver may suffer substantial injuries and, in turn, be off work for a considerable amount of time. On top of that, you will be tasked with fixing your vehicle, you will have to handle your insurance issues, and you may even be forced to repair your fleet’s reputation.

Protecting against road collisions should be one of your top priorities. To aid you in your attempt to perform this all-important task, it’s advised that you invest in a vehicle blind spot camera. With a cutting-edge tech tool such as Mobileye at your disposal, your drivers will be made more aware of their surroundings while they’re out there on the open road. Amongst a slew of other benefits, this will help them to actively avoid hazardous situations while reversing.

Fend off theft

Unfortunately, there will always be people out there lurking in the shadows, waiting patiently for the perfect moment to steal your vehicular assets. If you don’t want to be blighted by the plight of criminality in this sense, fending off theft should be one of your top priorities.

There are a number of things that you can do to protect your fleet, one of which being to invest in onsite security. With trained security professionals in place, you won’t ever have to worry about your fleet courtyard being left unattended. Even at night, there will always be someone there to keep an eye on your valuable vehicles.

A dedicated security team will not, however, be enough to provide your fleet with full-scale protection. If you’re serious about shoring up your safety measures, it’s highly recommended that you utilize alarms, CCTV, immobilizers, and tracking devices. With all of this technology at hand, not only will you have the capacity to fend off theft at the scene, but you can also help to prevent it altogether.

Train your drivers

Last but certainly not least, training your drivers is another crucial task that you are advised to perform. By taking the time to educate your road-based workforce, you will clarify your exact security specifications and expectations. Ultimately, this will help your staff members to spot and avoid potentially dangerous situations in the future.

When training your drivers, remember to remind them that they shouldn’t leave any valuables in your vehicles overnight. This will drastically reduce the likelihood of your fleet being broken into.

The time, effort, and money that you have invested into growing your fleet will all go to waste if you fail to protect your vehicles, which is why you should consider heeding the above advice.

On-Demand Manufacturing: The Perfect Way to Minimize Your Risk

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StrategyDriven Managing Your Business Article |On-Demand Manufacturing|On-Demand Manufacturing: The Perfect Way to Minimize Your RiskCountless businesses benefit from traditional manufacturing techniques. These companies find they can have products produced in large quantities so they are always on hand when customers want and need them. When a company wants a custom product produced, however, obtaining a quote becomes a challenge. The buyer or engineer spends time contacting various suppliers to get quotes and answers to various production questions. Furthermore, they must negotiate the price with each manufacturer.

This process takes time and manpower. Furthermore, the manufacturing process lacks the transparency companies want and need. When a startup or small and medium enterprise moves through this process, they often find they detour from the innovation path. Fortunately, they don’t need to take this route. With the help of on-demand manufacturing, often referred to as cloud manufacturing, companies find they have the items they need and stay on track with their business goals.

What is On-Demand Manufacturing?

With on-demand manufacturing, a company only produces the goods it needs at any given time. They can request one copy of the product or 1,000. This process allows companies of any size to provide their customers with the desired product in a reasonable time frame. Startups and SMEs find this is the solution they need to build their business and expand it.

Why Choose On-Demand Manufacturing Over Traditional Options?

Companies want to know the benefits of cloud manufacturing to ensure it meets their needs. They find the process is scalable and allows them to manufacture only those items they know will sell. They no longer need to sit on inventory and pay for storage space for the products or markdown items that didn’t sell as expected. Furthermore, customers love getting a product they need promptly while paying an affordable price for it. There is also no need for the company to produce parts that will sit around waiting to be used, as they can be manufactured only when they are required to fulfill a sale.

The company can expand its product line and create unique, one-of-a-kind items. In addition, they find the need to forecast new product volumes decreases, and they can dedicate staff resources to those tasks designed to grow the business. Customer service improves as a result.

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Less Risk

Companies take on less risk thanks to on-demand manufacturing. In addition, 3D printing costs continue to decrease, manufacturing industries are modernizing, and consumers love personalized products. Startups and small to medium size enterprises benefit from on-demand manufacturing, as they employ a risk reduction strategy. What are some benefits associated with this option?

Customization

Customization options increase with cloud manufacturing, as the business finds it can make small production runs. Customization options boost a company’s sales conversions. Furthermore, companies find they can make prototypes without incurring the high cost of doing so. Prototypes often become cost-prohibitive when traditional manufacturing methods are used, but on-demand manufacturing allows a company to make a prototype at an affordable cost. The company can then determine its market acceptance and determine whether to proceed with manufacturing the item.

Time to Market

Traditional manufacturing methods lead to a lag time between obtaining the initial quote to producing the item. By the time a product makes it to market, the demand for the item could significantly decrease. Startup and small to medium enterprise businesses often find this to be a major issue. They forecast major sales for a product only to find large sums of money are tied up in products that don’t move. Faster production methods enable a business to help more customers and generate more revenue without this risk.

Decreased Costs

The cost assessment takes less time and the estimation process is simplified. The fast production times result in a rapid lead time. Businesses find this reduces their sales risk significantly. Business owners find they no longer need to place a minimum order to work with suppliers. This saves them time and money as well.

Inventory and storage costs drop drastically when a company makes use of on-demand manufacturing. Companies just starting out and small businesses need to maximize their cash flow, and on-demand manufacturing allows them to do so. They reduce the capital spent on storage, as they pay less in warehouse fees and the labor required to manage the storage. The funds saved in this area may be used for marketing, customer service, research and development, and more. All help to grow the business further.

Furthermore, the funds saved in this area may be kept in reserve. Many business owners find they have little in reserve when disaster strikes. The global pandemic of 2020 showed how important it is to prepare for anything and have funds set aside for when a problem arises. Reduced inventory requirements free up funds that become valuable in times such as those.

Transformation

Cloud manufacturing makes use of a platform-based approach. This approach continues to transform the manufacturing industry in ways people couldn’t have imagined a few short years ago. It finds ways to reduce the frustration experienced by designers and engineers in a variety of areas.

The platform provides an interface that is automated and centralized. This platform allows for simplified communication between the engineers and suppliers while eliminating delays and inefficiencies. The streamlined communication process offers countless benefits and eases the production process at every step.

Companies find they can produce products in the U.S. today that previously weren’t possible. In the past, electronic part production runs were handled offshore for a range of reasons. Today, companies in the United States take on PCB assembly and device manufacturing, among other things, thanks to on-demand manufacturing. This allows for cost savings without the worry of delays associated with international business today. The company can feel confident it will be able to deliver on promises to consumers when on-demand manufacturing methods are used.

If you have yet to consider the use of on-demand manufacturing, now is the time to do so. Companies that employ this manufacturing method find they save money while better meeting the needs of their customers. This allows them to compete against major businesses in crowded industries while boosting their bottom lines.