Use technology to work more efficiently

Use software that runs in the background on your computer to measure your time and efforts. Learn what is a time suck and when you are most efficient. Some software reminds you to stay on track instead of wasting time on social media (or another site.) You may also find a to-do list that helps you remember what’s the most important thing on your plate.

Eat healthy and take breaks.

Sugar may give you an energy boost, but when it wears off, your energy crashes. Choose foods that will provide extended energy to get you through the afternoon, like nuts, fruit and proteins. Take time to eat lunch and get away from your desk. A 5-minute break can really improve business productivity.

Work on tasks in batches.

Check email all at once every three to four hours instead of answering emails as they come in. Work for a chunk of time, say 45 to 60 minutes on a project, then take a break and answer voicemails. If you have a task that you routinely avoid, knock it out in the morning when you’re usually at your best.

Prioritize your day.

Do the most important and urgent tasks first. Delegate unimportant tasks that aren’t urgent to give you more time. Remove distractions while you’re working on priority tasks. Don’t answer the phone or look at social media.

Need capital to fund your ideas? Contact Span Capital for financing options.

The post Get More Done in Less Time with These Business Productivity Tips appeared first on Span Capital.

Pay your bills on time or early.

Although each bureau collects data in a different way, each bureau is checking to see how you pay your bills. Any accounts in your business name need to be paid on time. Dun & Bradstreet, for example, scores you based on the likelihood that your business will make a delinquent payment.

Check your business credit reports.

Credit bureaus generally rely on third-party verification, which means that they don’t always have accurate data. At least once a year, you should check your credit report to ensure the accuracy. You want to make sure that the bureau has your credit correct, but also things like your company size and details correct.

Borrow from lenders that report to the credit bureaus.

You may have good credit with local vendors, but if the credit bureaus are unaware then it doesn’t help your business credit score. Your bank probably reports to the credit bureaus, but if you’re using alternative financing, check to make sure you’re getting credit for making payments.

Keep your public record clean.

Judgments, liens and bankruptcies will hurt your business credit report. And they will stay with you for a long time, up to 10 years for a bankruptcy. Try to avoid having public records against your business.

Having good business credit will help you get better terms and conditions on traditional loans and with your creditors.

Contact Span Capital for financing options that will help your business grow. We report to the credit bureaus, which can help you qualify for more financing as you show that you pay your bills and are a good credit risk.

The post A Few Ways to Improve Your Business Credit Score appeared first on Span Capital.

Passion

Entrepreneurs have to be doing what they love for more than money. They need passion for their product or service to keep going when money gets tight. What really fuels a successful person is the challenge to solve a problem or need. This passion fuels the person when everyone else is telling them to quit.

Vision

Entrepreneurs are visionaries, seeing opportunities that others might miss. Good entrepreneurs have long and short terms goals and stay focused, but more importantly, they look toward the future and see the plans that must be put into motion to make it happen.

Flexibility

The strongest entrepreneurs know how to bend without breaking and change course when things aren’t working effectively. Successful people can make modifications when they get new information without being thrown off course (too much).

Self-confidence

Entrepreneurs believe in themselves. They don’t just think that their idea is good, they know it is. The most successful people have a strong sense of self to overcome all the naysayers and difficulties of starting something successful.

Ability to bounce back

Entrepreneurs are going to fail. Successful entrepreneurs have resilience, the ability to get up and learn from their mistakes. They won’t give up. They ask the tough questions, like “what went wrong?” “how can I change?” and “what did I learn?”

Successful entrepreneurs learn from setbacks and keep pushing forward, no matter how negative things look. If you need funding options that will help you take the next steps with your business ideas, contact Span Capital today.

The post 5 Essential Traits of Successful Entrepreneurs appeared first on Span Capital.

Asset-Based Loan Basics

Asset-based loans are business loans that use company assets such as equipment, inventory, and accounts receivable as collateral. The borrowing base is calculated as a percentage of the collateral’s value, usually about 70 to 80 percent of accounts receivables and 50 percent of inventory, equipment, and real estate.

How to Obtain Asset-Based Loans

Numerous financial institutions offer asset-based loans. Some prefer to deal exclusively with substantial loans to larger companies, but if you look around, you can find lenders that also work with smaller businesses. Your loan application is facilitated if you have well-documented finances, inventory that moves easily, and clients with a history of timely payments. Before approving your loan, lenders perform a due diligence process during which they determine the value of the assets that comprise your borrowing base. You are likely to expediently obtain your asset-based loan if you have professionally-rendered financial statements that indicate long-term company stability and assets valuable enough to serve as collateral.

Advantages of Asset-Based Loans

As long as your business is stable and profitable, you can obtain asset-based loans quickly. They are easier to obtain than traditional bank loans or lines of credit and provide healthy cash flow for businesses that are growing rapidly or have seasonal fluctuations of income. Asset-based loans also provide flexibility in spending, as lenders do not usually place restrictions on how your company can use the funds. Additionally, if the loan is tied to your accounts receivables, when your sales increase, the amount of funding available to you usually increases as well.

For more advice on asset-based loans and other financing solutions for businesses, get in touch with Span Capital.

The post Everything You Need to Obtain an Asset-Based Loan appeared first on Span Capital.

Strong Brand

Your brand identity is tied to your company’s sense of purpose. What is the unique selling proposition that motivates you to succeed as a business? To build your brand and foster business growth, focus on your target audience, and encourage them to make an emotional connection based upon confidence in your products or services. Keep your marketing message simple and inspirational.

Evolving Leadership

For a business to sustain its growth, the leadership must always be adaptable to changing market conditions. Rigidity in management is a sure road to disaster for a company. Instead, remain mindful, flexible, and amenable to change, which fosters creativity and encourages business growth.

Supportive Community

In the early stages of your business, you may feel that you have to do everything yourself, but as your company grows, be open to collaborating with those who can lend their expert talents to your venture. To make the most of opportunities for growth, partner with specialists in areas such as banking, finances, development, design, and legal services. Reach out to business ecosystems that provide structure to support your products and services.

Loyal Customers

Customer retention is an integral part of sustained business growth. Statistics show that it is much more economically efficient to keep existing customers than acquire new ones. For this reason, attempt to establish customer rapport from the first meeting, and continue to foster it through quality one-on-one interactions and superb customer service. Loyal clients not only continue to use your products and services, but also generate more sales by spreading good recommendations.

For more advice on sustaining and increasing business growth, get in touch with Span Capital.

The post Business Growth Tips: Scaling Your Business to a Growing Market appeared first on Span Capital.

Have a Cushion

Most companies experience lean times now and then. Prepare for these setbacks by working with a financial institution to set up a line of credit when sales are strong. Additionally, build up a cash reserve that you can draw on in times of need. If your company needs a quick cash infusion, consider alternative means of funding such as equity financing, accounts receivable financing, and peer-to-peer lending networks.

See the Big Picture

If you only deal with what’s happening in the present time, you’re going to be continually putting out fires. Instead, forecast your anticipated cash flow for the coming week, month, and year. This allows you to foresee possible problems and create a budget to compensate. Once your budget is in place, continue to analyze your company’s cash flow situation to be sure you’re staying on track to prosperity.

Increase Income

Income is imperative to healthy cash flow. Streamline your invoicing and collection systems to encourage your clients to pay promptly. To facilitate their payments, offer several options such as credit cards, PayPal, and direct deposit. If your business is seasonal, consider diversifying your products or services to make up for the gaps in your income during off seasons.

Minimize Expenses

Instead of purchasing the expensive equipment you need to run your business, consider freeing up some much-needed cash by leasing. Additionally, negotiate with your suppliers for discounts or more favorable terms. Delay payments to vendors and creditors so that the funds keep working for you for as long as possible.

Get Help

If the financial aspects of the business overwhelm you, hire an accountant to help you out. Even if you feel you can handle it yourself, be sure to take advantage of cutting-edge accounting software programs.

For more advice on rejuvenating company cash flow, contact Span Capital.

The post 5 Methods for Revitalizing Your Company’s Cash Flow appeared first on Span Capital.

How A/R financing cash can help your small business

First of all, you can ensure that your employees are paid on time, because if they aren’t, you probably won’t have a small business for long. The same is true for paying your vendors – if they don’t get their money, you won’t get the supplies you need, and again your small business will come to a screeching halt. You will undoubtedly have a number of other costs associated with doing business, such as paying rent, utility bills, marketing and advertising costs, and even purchasing needed inventory.

When your cash flow situation becomes fairly stable, that’s when you can begin to consider more long-term uses for your accounts receivable financing cash. You might want to invest in a new piece of equipment that will help your business grow, or some new software that will increase your business efficiency, or even making an upgrade to your business location. By using A/R financing money to best advantage, you can stabilize your business, and even help it to expand to the next level of success.

Accounts receivable financing through Span Capital

If your business is one which has a large volume of monthly invoices, or if you have a few which are very large amounts, you may want to consider accounts receivable financing, to get fast cash in your hands with no waiting for customer payments. Contact us at Span Capital to discuss how accounts receivable financing can be setup for your small business, so your cash flow situation can instantly be improved.

The post The Best Ways to Apply Accounts Receivable Financing Toward Your Small Business appeared first on Span Capital.

Talk to franchise financial specialist.

A franchise specialist may have multiple lenders that can provide options. You can look at the terms and conditions and compare different packages to see what works for your business. A specialist may also help you explore different strategies that give you the best deal.

Check to see if you qualify for government programs.

The SBA offers franchise financing through their loan program to business owners who qualify. Some organizations have special programs for veterans and minority businesses. There may benefits for businesses that open in underserved and rural communities.

Don’t give up if one lender rejects you.

You’ll need great credit to get an SBA loan. Their standards are pretty high. Banks may also have strict regulations about who gets a loan and who doesn’t. Alternative lenders may have more flexibility. Don’t let one rejection keep you from talking to different lenders.

Do Due Diligence

You don’t have to accept the first offer. Read through the contract to make sure you understand all the terms and conditions of any loan and financing option. You may want to reach out into your network of friends and family for funding, but then again, maybe you don’t.  Be creative when trying to finance your franchise venture.

Contact Span Capital for more information about our franchise financing package. We can help you reach your dreams.

The post 3 Can’t-Miss Tips About Franchise Financing appeared first on Span Capital.

Know Where To Look for Capital

Most people cannot even purchase a home out of pocket, much less buy a piece of promising commercial real estate. Fortunately, many banks like to help customers fund the purchase of commercial buildings, as more businesses in the area means more business for them. However, you should not go with the first bank that approves you. Shop around for the best rates and terms, and work with a company with which you can see yourself working over the years. Remember, success in the business isn’t immediate, and it is likely to take you several sales before you start turning a profit. Until that time, you will need the help from your lending institution to finance structures and other aspects of your business.

Understand Differences in Property Types

Like homes, commercial properties come in all shapes and sizes. Commercial properties also serve different purposes. There are office buildings, apartment complexes, factories and retail outlets. There are movie theaters, bowling alleys, libraries and gas stations. Before you purchase a piece of commercial real estate, it’s imperative that you know what type of business it is best for and how it will be used.

Understand the Market

It’s not enough to know how a building should be used. You also need to understand the market and what your community needs. For instance, if you buy a gas station but there is already three gas stations within a block radius, you may have a hard time convincing someone that your building is a good investment. If you buy an apartment complex in a small town, you may end up stuck with the property, as small-town apartments rarely ever get filled. Before you purchase a building or property, research community needs.

Commercial real estate can be extremely lucrative, but only if you’re smart about it. Find the right lender to work with, understand the different property types and know what the market needs in order to see the most success in your new career.

The post How To: Launch a Lucrative Commercial Real Estate Career appeared first on Span Capital.

Why would a CRE investor need a bridge loan?

Any time you need money quick to make a timely purchase, a loan like this can be useful. If your real estate partner wants to pursue another career path, you can use a bridge loan to buy him or her out, securing the full ownership of your business for yourself. A new property could hit the market, generating a lot of competitive buzz, and the person who can secure the money to buy it first wins. Upgrades to an existing property that are projected to bring a significant increase in revenue can be funded by bridge loans. Even if you just need money fast to pay a balloon payment of another loan, this type of loan can help.

Advantages of Bridge Loans

One advantage that a bridge loan offers is its fast approval rate. Traditional real estate financing takes a longer time to approve than the rush of the market generally allows. Shorter terms and higher interest rates mean lower risks for lenders, so the requirements for a bridge loan aren’t as rigorous. Banks can approve borrowers faster for loans that cover the gap between need and long-term funding.

Another advantage that bridge loans have for borrowers is the flexibility of the loan specifications. They are in a better position to negotiate the terms of the loan with lenders. As it is presumed they intend to seek long-term financing that, in addition to the collateral, lowers lender risk, the payment schedule is often more fluid. These loans also rarely have prepayment penalties. These temporary loans are some of the easiest lending options to tailor to your unique needs.

CRE investors can benefit greatly from bridge loans. They not only offer fast financing for time-sensitive investments but also flexibility in term negotiation and management. Short-term funding allows investors to take new real estate risks that can advance their careers or help them compete in their local real estate market. These loans empower investors with the freedom they need to pursue the next opportunity on the horizon.

The post How Bridge Loans Offer Huge Benefits to CRE Investors appeared first on Span Capital.