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.

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.

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.

The main draw of this type of conduit loan is the low interest rate it typically offers borrowers. CRE investors lock in a significantly lower interest rate that is fixed over the course of the loan, rather than resetting after about five years, which is a common occurrence with other lending options. This practice results in much lower overall financing costs, sometimes as much as a ten percent difference. CMBS loans allow borrowers to reap the benefit of a competitive investment marketplace by securing comparably low interest rates that don’t change regardless of what the market does in subsequent years.

Another benefit of this loan type is that it is usually a non-recourse debt. The borrower puts up collateral, which is typically the property being financed by the loan, and that secures the loan amount. If the borrower then defaults on the loan, the only thing the creditor can come after is the collateral. Even if the liquidation of the property does not yield sufficient capital to cover the rest of the loan, it is still all the creditor is entitled to demand. Borrowers do not have to risk their personal assets when they obtain CMBS loans. Even if they default on their loan, the most they can lose is the collateral itself.

The exception to the non-recourse rule is any behavior that the borrower engages in that damages the property as an asset, thus lowering its overall value. For example, if the borrower commits some type of fraud or misappropriation of capital, action may be taken against him or her. Physical damage through either intentional mistreatment or gross neglect also falls under this category of “bad-boy” behaviors. When borrowers make these choices, they are at risk of being strapped with full recourse liability.

Another benefit to borrowers is the ease of sale. If they want to sell the property, an agreement can often be made with the purchaser and the lender to transfer the property title and loans directly over to the new owner. Transfer of property ownership is less complicated with these conduit loans than with other types of financing.

While CMBS loans may offer less flexibility or opportunity to negotiate terms, their benefits can outweigh the drawbacks for many borrowers. The low interest rates of these non-recourse loans can be just what CRE investors are looking for.

The post CRE Investor’s Guide to CMBS Loans appeared first on Span Capital.

Be Honest

Nothing builds a positive reputation in commercial real estate better than honesty. If you agree upon a price, arrange a meeting time, or offer to produce a buyer, meet those commitments. When proffering numbers, be as precise as you can about retail values of property or the cost of repairs and upgrades. Pay promptly for work performed by contractors or lucrative tips by fellow investors.

Avoid Deception

Playing deceptive games with prices and properties is sure to get you a bad reputation in commercial real estate. Avoid taking advantage of newcomers to the field. You may be able to sell a few products that fall apart within a short time, but word of your duplicitous behavior will quickly get around.

Communicate Clearly

When others are involved in your commercial real estate deals, be sure to maintain an open line of communication. If things are going well, pass on the good news. If things aren’t working out, let people know. Take responsibility for any mistakes you have made, and colleagues and clients will appreciate your forthrightness.

Close the Deal

Before you offer a property, be sure you have it tied up under contract first. Once you have agreed to close on a property, barring emergencies, carry through on the word that you have given. When first starting out, finish one deal before commencing another one. Pace yourself, and take the time to thoroughly learn the fascinating field of commercial real estate.

For more advice on how to thrive in the commercial real estate business, get in touch with Span Capital.

The post How to Become a Positive Force in Commercial Real Estate appeared first on Span Capital.

What Is Factoring?

When your business extends credit to customers, you have invoices which need to be paid. Maybe you’ve given your customers 60 days to pay the invoice, but you need working capital now. With factoring, you take current accounts receivable invoices to a lender, and sell those invoices. The factor provides working capital for your business and wait for your customer to make good on the invoice. One of the benefits of working with a factor is that they want to preserve your relationship with your account. While they do collect the debt, they are not going to use forceful methods until that invoice has turned into an old debt.

The factor will look at the credit-worthiness of the customer to determine the premium you pay. Generally, this is about 3-7 percent of the invoice. When the customer does pay of their invoice, once the factor receives its money and fees, if there is any left over, it comes to your business. With a debt collector, they take their portion, about 25 to 30 percent, then send you what they’ve collected. Factoring is guaranteed income to your business, while debt collections can take months before you see anything, if you do.

Key Differences

Entrepreneurs may need both factors and debt collectors to keep their accounts in order. However, the process is very different. In accounts receivable financing, the income goes directly into the business accounts for whatever purpose you need it for. Debt collection is not guaranteed. You may never see that money which is owed to you. A factor looks at the current invoices, while debt collectors work on old invoices which are generally over 60 days.

Speak to a lending professional who can help you understand how factoring will work for your business. Non-recourse financing takes the risk off your company, because if the customer does not pay, your organization is not liable. There are multiple options which can help you stay current in the marketplace and profitable when you have opportunities, but don’t have the working capital you need.

The post Is Factoring Better Than Collection Agencies? appeared first on Span Capital.