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Blog Fraud & Security

Don’t Skip These Steps for Protecting Your Business Assets

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You’ve given it your all.

But now that you’ve established a business, how do protect the assets and profit you’ve built? That’s an important question. Just asking the question is a good first step. Making time to stop, look at your options, and develop a plan is important. It’s always hard to give enough time for future planning when you’re running a business.

But what should asset protection look like? Every person might develop a slightly different plan, but here are some ideas from the experts to get you started.

Don’t put all your eggs in one basket. Having all your money in one investment can spell trouble. But on the flip side, chasing every up and coming trend isn’t a good plan either. Take a more measured approach, having your money in a mix of risky and stable investments.

Look ahead. Is your business ready for any thing? Many business and business people are under insured. Not being prepared could derail any future plans.

Ask the experts for advice. Don’t skimp on time with the experts. Estate planners, CPAs, legal advisers, and others are essential for making sure you’re on the right track financially. Every businessperson needs advisors they trust; they also need to be willing to implement the best of what they’ve learned. It could make a major difference when it comes to saving the money you’ve worked so hard to earn.

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Blog Business Managing Your Business

Banish Business Stress with These Three Ideas

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No one ever said it’d be easy. But the stress of running a business shouldn’t take over your life. Unmanaged, stress can take its toll — not just on your health, but also on your relationships. So, how can you control stress instead of letting it control you?

Here are a few ideas.

Stay active not just busy. Sure, your calendar is full and you have a busy schedule. But busy doesn’t have quite the same benefit as being active. Promise yourself regular active time. Once you make that promise to yourself, don’t break it. No, this doesn’t mean you have to start hanging out at the gym all day. This could mean biking, swimming, walking with friends – do whatever piques your interest and keeps you going.

Make the most of your down time. The couch may be calling, but ignore that call at least a couple times a week. Push yourself to go out. Meet friends for supper. Spend more time with family. Netflix and chill is a fun motto, but don’t let it become your life.

Learn to delegate. Isn’t it so easy to slip into micromanaging? Sometimes it just seems easier to do things ourselves. But that doesn’t help with stress. Delegate to trusted employees. Work with trusted financial partners. Develop management plans that give you more peace of mind.

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Blog Building & Managing Credit

Could Your Credit Score Be Healthier?

You probably won’t find a quick fix. But when it comes to your credit score, your actions do have the power to make a positive impact.

Here’s how the American Bankers Association says you can give it a boost.

Request a copy of your credit report. You’re entitled to a free copy from each credit agency, but you should go here to get it. Once you get a copy, look for mistakes and correct them.

Set up automatic bill pay. Every late bill payment matters. Luckily, this can be an easy fix.

Rent to build credit. You want a house. We hear you. But know that every on-time rent payment builds your credit.

Use credit wisely. Always pay off your credit cards. Don’t fall for the line that says big balances boost your score. Even paid off, big balances don’t really help, say the experts. Even if your favorite retail giant offers an extra 10 percent off a new pair of jeans, don’t open another credit card. Opening new credit accounts isn’t a bonus. But if you have old accounts already open, just leave them for now.

Know when to ask for help. It’s OK to need help with a complicated issue like money and debt. Just make sure you ask the right expert. Don’t where to turn? Here is a good place to start.

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Blog

Boost your business with positive referral relationships

Blog Post Image-1Connections.

In a digital world, connections still matter, especially for businesses that depend on referrals. So, how do successful businesses cultivate a steady flow of quality referrals?

There are plenty of options. What’s your favorite? If it’s flooding your friends’ newsfeed with sales requests, hold back until you read this.

Quality over quantity

It takes more than just quantity to boost business referrals. According to experts, business relationships that are a “mile wide and an inch deep” won’t help your business in the long run. Boosting your business referrals takes time, but it also requires developing “powerful, personal” relationships.

Quality takes time

According to a 2018 study in the Journal of Social and Personal Relationships, it takes 50 hours of interaction to move beyond acquaintance to a casual friend. It can take up to 200 hours to develop a close friendship.

Referrals come, say experts, when confidence grows. No, not your confidence. Referrals happen when the relationship grows enough to where the other person has confidence in your abilities. When they believe in your abilities enough, they’ll refer friends and family.

Returns on your investment

Lasting business relationships probably require more than a quick Facebook share or business card swap. Consider those a great start. Give yourself time to develop that confidence and trust. We promise the returns are always worth it.

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Blog Business Cash Management Managing Your Business

How healthy is your cash flow?

Blog Post Image-2What’s your why?

Whatever your business, you probably jumped in because you saw a great opportunity or you loved the field.

But just because you love baking cakes or you’re an amazing web designer, doesn’t necessarily mean you love every aspect of the business. It’s easy to spend less time on areas you aren’t as passionate about.

But success means not neglecting anything, and cash flow is an important area.

Why cash flow matters

It’s always worth it to keep an eye on your cash flow. Why? A healthy cash flow system accomplishes plenty: it monitors spending, creates funds for investment, and keeps the business strong enough for future loans.

How to keep cash flow healthy

Creating a healthy cash flow involves both balance and some homework. Don’t worry. It’s not as impossible as it sounds.

Study your past numbers and work toward developing a good inventory system. Cash flow homework can also help you buy smarter, say experts. Ask yourself if you could you save money by buying in certain quantities or paying early, for example.

Cash flow is also about relationships. Know which customers pay on time and which are past due. Every single relationship plays a part in creating a healthy cash flow for your business.

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Blog Business Fraud & Security Safety & Security

Could You Spot A Fake Check Scam?

The trouble is: we all think we’d know a scam when we see it. But the numbers tell a different story.

Statistics say 2.7 million people lost a reported $905 million to scammers in 2017, according to the Federal Trade Commission (FTC). Some of those scams involve fake checks. Could you spot a fake check scam?

Here’s what to watch for, says the American Bankers Association.

Congrats! You won! Now, how do you collect those winnings? Scammers will want you to cash a check and send back a chunk of it for taxes and fees. Umm, maybe you’d better hold off on the celebration for now.

Want to work as a mystery shopper? Sounds pretty fun. But these schemes usually involve wiring money somewhere. And the check you’ll receive is – you guessed it – worthless.

You’re an online super seller. Did you sell an item and “accidentally” get overpaid? If they ask you to send back the difference, you’d better hit pause on the transaction.

These schemes happen because banks, by law, must make funds available quickly. It can take longer, though, to learn if a check is bad. A cleared check isn’t necessarily a good check.

You can stop the scammers by asking questions. Talk to someone you trust. Ask your bank for a double check. You can also report your complaint to the FTC.

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Blog Business

Navigating economic ups and downs

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Guarantees don’t happen.

When it comes to business, no one can promise immunity from market ups and downs. But even though no one gets any guarantees, businesses can still be ready for anything. Here are some ideas to get you started.

Keep an eagle eye on your budget. Watching levels of debt, cash flow, and expenses are always important. But you’ll be especially glad you did if the economy heads south. Always make sure you have enough cash reserves to handle emergency expenses.

Consider your debt. It could be time to look at how your debt is structured. Look at both your long-term and short-term debt; think about whether they’re both structured in the best way.

Meet with your lender. It never hurts to meet with your lender for a financial review, show them your current financial information and talk about the best way to resolve any issues. Ask if you’re eligible for Small Business Administration guaranteed loans.

Examine your insurances. Reviewing all policies can help you eliminate old or obsolete items and possibly lower your deductible. Examining life insurance policies can have some perks, too. It’s always good to know which policies let you borrow against them. Plus, if you review costs and shop around, you might find a way to get the same coverage for a lower rate.

 

 

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Blog Business

How prepared are you for the loan process?

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An article from the American Bankers Association

What’s your secret sauce?

Success depends on plenty of factors – creativity, hard work and commitment, just to name a few. Business loans also play an important role. They help take businesses to the next level or push ideas from the drawing board to real life.

But tackling the loan process? That idea can sound overwhelming. Especially considering how busy business owners already are. A successful loan process isn’t a pipe dream, though. Consider these tips from the American Bankers Association.

Do your research. Lenders will need financial information to consider your loan. Walking in cold turkey can definitely make the process feel like just another giant job on your to-do list. Check out this collection of financial documents they’ll need to see and give yourself time to collect them.

Trust that honesty is the best policy. You’d never work with a lender who was less than truthful, right? So, don’t throw your lender curveballs, last-minute surprises, or small fibs about your financial situation. Being completely honest truly helps them give you the best possible rate.

Give yourself plenty of prep time. Look at this list of 12 questions and consider your answers. Knowing all the answers helps define any fuzzy edges your project may have and helps you feel more prepared when you’re ready to get down to business with your lender.

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Business Managing Your Business

Are You Making These Business Mistakes?

Everyone wants to do work they love.

Passion for your craft can power people through plenty. It carries you through the crazy long days and pushes you to try new, amazing ideas. But truth is this: sometimes passion can get a little pushy.

Getting the chance to do work you love is an amazing opportunity, but that same passion can also push you toward burnout or neglecting other business priorities. Is this happening to you?

Here are a few red flags you don’t want to miss.

Are you treating all areas equally? If the practice of your career is more important than the business side, watch out. This approach won’t serve you well in the long run. You might enjoy the craft more than say bookkeeping, but give all jobs equal time. This helps translate your passion into profits.

Are trying to go it alone? Know when to call in the experts. If one part feels too overwhelming, don’t be afraid to ask for help. No one ever said you had to do it all completely alone.

Are you making lasting connections? Don’t be afraid to market yourself. The secret to forging lasting connections, though, is to spend some time thinking about your customers. Who are they? Where are they? What do they like? Once you know the answers, you can create content that helps them connect with all great services you offer.