Posts

How To Know If A Bridging Loan Is Right For You

/in /by

StrategyDriven Managing Your Finances Article | How To Know If A Bridging Loan Is Right For YouMany property owners love bridging loans. These are non-status loans that give them access to money against their current property to help make the down payment for their next property. This works well for those who want to purchase a new property before their existing is sold.

Companies also go in for bridging loans to help them cover their operating expenses while they wait for long-term funding. If you’re wondering whether or not to go in for a bridging loan, our article outlines the criteria you can crosscheck to find out.

Credit and Equity

Before you consider going in for a bridging loan, you need to think about your credit. You don’t need to have excellent credit, thanks to its non-status nature, but the credit still needs to be great. Also, if you have an equity of at least 20% with a low debt-to-income ratio, you’re more likely to have your bridge loan approved.

Multiple Lenders

Bridging loans, once applied for, might come with several lenders. Before going in for such a commitment, you need to be willing to review each lender’s terms in detail. Finbri, a company known for its efficient sourcing of funds, advises that you ensure you absolutely understand your exit strategy and that it is realistic, for the most part lenders do not want you to default as it ties up their liquidity in what can occasionally become a protracted repossession.

For instance, you might have enough money to pay up-front or only be able to indulge in monthly payments. Studying how your cash flow works will tell you whether or not a bridging loan is your best bet.

Risks

The next thing you should consider to know whether bridging loans are the best fit for your business is the risk involved. The risks at every angle should be considered before making the first move.

Does your refinancing plan have the potential to fall through, or it’s not secure? If you answer yes to any of these questions, maybe your best option will be to apply for more traditional loans like SBA loans or personal loans.

Besides these three major points, here are other ways to know if a bridge loan is good for you.

  • If you’re in a seller’s market where houses sell out quickly and you’ve already chosen a new home, you can opt for a bridging loan.
  • You might wish to purchase a property, but your potential seller doesn’t want to accept any offer based on the sale of your current home.
  • You wish to close on your new home before selling the current home.
  • Your income does not allow you to make the down payment on a new property without selling your current home.
  • If you aren’t scheduled to close the selling of your current home before getting a new home, make use of bridging loans.

If you’re a company looking to take advantage of immediate real estate opportunities, bridging loans give you the freedom and ability to do so with short-term expenses. If you’re a homeowner itching to move into a new home without first selling the old, going in for these loans can help you do that. Several benefits come with bridging loans, from their quick processing to low repayment rates.

Why Businesses Need Management Consulting

/in /by

StrategyDriven Management and Leadership Article | Why Businesses Need Management ConsultingManagement consulting is something you may want to consider, even if you run a small business. Such professionals can assist a business of any size, however. These are a few of the complex issues that a consultant of this kind can help you with:

Team Leadership

For a business to be successful, all members of the team have to work together harmoniously. The leaders must be well versed and organized in their leadership strategies as well. A management consulting firm can assist you in this area by consulting with your top board members and management staff to develop new strategies for training and leadership. You may need these services if you find that employee retention numbers have plateaued or lessened. You may also find these services helpful if your customer service ratings have declined.

Research and Analysis

A management consulting firm can also conduct research and analysis for you. You may need to know if you should get involved with a possible merger with another business. Perhaps you need to decide which area to expand your business to. Maybe you need someone to gather information about the current market trends so that you can choose how you want to perform a product launch. Management consulting firms can do the legwork in this area so that your leaders can make decisions that profit your establishment.

Growth Strategies

Growth strategies are often complex processes that need more than one person to collaborate on them. Businesses of all sizes need to develop effective growth strategies. A management consulting team can assist you with growth strategies as well. They can help you develop blueprints for the business decisions you’ll make over a stretch of time. You may want to create a strategy for growth over the next five years, for example. Strategic planners will be able to look over the numbers with you and find areas where you can improve your company’s performance. They can also analyze the information and give you tips on how you can cut down on some of your operational costs.

New Process Rollouts

It can be difficult to enforce and implement new processes within your establishment. A management consulting firm could help you with those processes as well. Changing one of your primary processes can be an exciting and helpful move for your business. However, your employees and management staff may not be too keen on the changes. The good news is that a management consulting firm can assist you in that area and many others. You can think of such a firm as an end-all for solidifying your business’s success. Michael Canzian operates a reputable management consulting firm. All you need to succeed is a renowned firm that genuinely wants to see your business blossom.

A management consulting firm can be highly beneficial to you if you’re a new entity or a company trying to find your way around the market. You can schedule a consultation with such a firm to see if its services can assist you. You might find that a management consulting firm is exactly what you need.

How Should Leaders Promote Healthier Workplaces?

/in /by

StrategyDriven Managing Your People Article | How Should Leaders Promote Healthier Workplaces?

The food industry is an industry that always has its discussions around the topic of health, but this is something that we don’t always consider within small to medium-sized businesses. While there’s a lot of talk on health well-being and mental health, common physical health is just as important. So when it comes to being an effective leader for a business, we’ve got to learn how to promote workplace health but also make sure that we promote a healthy lifestyle. So how can we do this?

Implement Healthy Practices in the Workplace

It’s about leading by example, if we are shown to have healthier practices, this will begin to slowly seep into our employees’ mindset. It’s important to have certain touchstones of health dotted around the office. A good example would be a juice bar or juicing machine. Juicing is a great way to detoxify and energize us, which can have a massive impact on productivity. You can use this link to take a deep dive into juicing and see if it works for your employees. But also, it’s about slowly getting rid of those unhealthy practices that we’ve come to rely on. A very common example is having doughnuts or pizza at the end of the working week. If you want to decrease productivity, this is the best way to do it! While not many people would like you for swapping pizza or doughnuts for fruits, you can find tastier and healthier choices.

Focus on Prevention

Prevention is much easier than cure, and it’s also much cheaper! Everybody is more focused on health than ever, and if you want to focus on general preventive health, you could bring a doctor into the workplace and speak to your employees about certain health issues. But you can also incorporate this into the perks of the job. For example, you could offer rebates for arranging flu vaccinations. You could also look at rebates on health insurance or provide more incentives. These are all little things that can help you in the long run because they will reduce sick leave, and make for a healthier workplace environment.

Encouraging More Physical Exercise

Physical exercise is a great way to encourage better health, but it doesn’t need to be expensive. You might not want to start a running club, but if you are looking to encourage employees to be healthier, you may want to add standing desks, install bike racks in the car park, or provide allowances for public transport. Another unconventional approach could be to have walking meetings. You may think that you are part of The West Wing by doing this, but when you think about the benefits of walking, it could stop that lethargy that occurs during mid-afternoon meetings.

Creating Healthy Attitudes

This is something that will take a while to embed, but from a cultural perspective, healthy attitudes will improve productivity and well-being in the long run. It’s a very difficult thing to get right, but when we start to incorporate health as a priority, we have to remember that it should come from the employees. Healthy attitudes can come from well-being hours, allowing people to finish an hour earlier so they can focus on their well-being, but also providing implements around the office that can help. Of course, we should focus on improving our employees’ education as well. Sometimes, we don’t have the relevant knowledge to improve our health. And as things are changing so much in terms of exercise and attitudes to health, it can be difficult to keep up with the latest data. What we can do is facilitate discussions on the latest trends and how it impacts people in the workplace. We could encourage our employees to speak to a doctor or a practicing dietitian about certain concerns, and then help them to manifest ways to incorporate being healthy in the workplace. Many people find it difficult to be healthy in the workplace because of the temptations, but also a lack of time to prepare things before coming into the office. In which case, what we need to do is to bring healthier options into the working environment and encourage your employees to choose their best options.

Promoting health is something that doesn’t come easy because we have to find the right balance. Some people do not want to be told how to be healthy, but others merely need guidance. But we have to remember that for the benefit of productivity and workplace happiness, health should be a priority.

7 Tips for Aspiring Defense Contractors

/in /by

StrategyDriven Entrepreneurship Article | 7 Tips for Aspiring Defense ContractorsIf you’re curious about landing a defense contract, you may be interested to know that the Department of Defense grants contracts to small businesses and individuals in addition to large corporations. If you take the proper steps, you may be able to land one of these lucrative deals for your company. You may not be sure where to start and find yourself searching for answers to questions like what is CMMC compliance? Here are seven tips that can aid you in your pursuit.

1. Familiarize Yourself With Federal Codes

Before you begin trying to land a contract, you must first be familiar with how to categorize your company. Familiarize yourself with the federal codes that are applicable to what your business offers. Some codes to research are Federal Supply Class or Service, North American Industry Classification System, and Product Service codes. These will help you with registering your company for consideration. 

2. Look for Available Jobs

You can search SAM.gov for contract opportunities that are currently available. This will give you an idea of what is needed and what you may be able to provide. Once you have an idea of if your service is the right fit for a government contract, you can register your business and start networking to increase your chances of landing one.

3. Register Your Business

Before you can get a contract with the Department of Defense, you have to register your company. This will include getting a number from the Data Universal Numbering System (DUNS). Then, you will need to register with the System for Award Management (SAM) and get a Contractor and Government Entity Code (CAGE). These steps are required, and you will not be able to move forward until you complete them.

4. Build a Network

It is a great idea to reach out to other companies that have successfully landed contracts but avoid reaching out to direct competitors. Look for companies that have successfully obtained deals and likely have direct connections that can give you a leg up in the process. Better yet, if you build a great relationship and they are impressed, they could make recommendations that put you several steps ahead of the competition.

5. Ask for Help

A procurement and technical assistance center can help you decide how to market your services and obtain contracts. They offer expert advice and can help you prepare all of the necessary paperwork and complete the steps required to get a deal. This can save you a lot of time doing the research yourself, especially when you have no prior experience. These centers often offer one-on-one counseling, so you can get all of your questions answered while receiving ample personal attention.

6. Make Sure You Are Compliant

Most contracts today require compliance with Cybersecurity Maturity Model Certification. There are five levels of certification you can reach, ranging from “Basic Cyber Hygiene” to State of the Art.” You will need to get an independent, third-party assessment to be certified as meeting these standards.

7. Build a Proposal

The final step in landing a contract is building and presenting a proposal. You will need to gather and create marketing materials like booklets and catalogs to demonstrate your potential contribution. It is essential to build a story around your business that sets it apart and presents it as the only solution to the problem you are fixing. This will ensure you are showing your company in the best possible light.

By following the tips above, you will be on your way to landing a Department of Defense contract and having a secure stream of work for yourself and your company.

4 Ideas to Renovate Your Restaurant on a Budget

/in /by

StrategyDriven Managing Your Business Article | 4 Ideas to Renovate Your Restaurant on a BudgetSo it’s time to renovate your restaurant and your creative juices are flowing steadily. Where to start? From bar stools to wall art, there are ways to change the entire look of your dining room and entrance without breaking the bank. Use these four ideas to renovate your restaurant on a budget.

Murals and Wall Art

Murals and wall art may be among the least expensive ways to renovate your restaurant. You may want to invest in updating your interior walls with interior paint beforehand. Or, you may just want to invest in wall art and murals as your new paint job.

There are several ways that you can do this. A mural as your new interior paint could be so striking that it catches the attention of the entire city. Put out an inexpensive ad when it is done and showcase the artist that did it.

Put the mural in a place that captures attention as soon as people walk in the door. They will be impressed before they even see the menu.

Black is the New Black

If you eat out a lot at places other than your restaurant, you may find that some of the finest places have a lot of black motifs and coloring. Black is the new black. It can be done elegantly. Black walls with dark woods and trims can bring a mood to the place that give your dining room a level of seriousness.

You don’t need to paint a morbid picture here. Black bar stools against a chrome bar with a few plants will give your restaurant a sleek and elegant look.

Speaking of Plants…

If you don’t have a large budget for renovating, bringing some landscaping inside the restaurant is a wonderful way to spruce it up. You can incorporate fresh plants on every table, or in key corners of the restaurant.

A way to do this on a budget is to incorporate large sections of planters that will have one landscape idea. One example of this is by having a long planter with modern grass that could serve as a stress reliever for your diners. A living wall of plants is not only a way to update our space, but also a fascinating conversation piece for your diners. In addition to being beautiful pieces of décor, living walls and planters will also help the air quality of your restaurant.

Layered Lighting

A unique way to manage your lighting in a manner that is en pointe with today’s trends is layered lighting. So you may want to start with ceiling lighting that is track lighting or recessed in the ceiling. Add a layer in the space by hanging wall sconces that are a few inches below that.

You can do the same with a small lamp at each table, accompanied by a candle or two that is a few inches shorter than the lamps. The concept of layered lighting is to provide adequate lighting that creates mood, but also enough lighting for your guests to see what they need to see.

Get Creative

When you are renovating or updating your restaurant, you don’t have to spend a lot of money. A wall mural or new landscaping can change the entire face of your dining room in a very affordable way. New bar stools may be the only thing you need to change the entire look. Get creative, and you will see the expense doesn’t have to be extravagant.