Archives for October 2021

3 Things Your Bank Will Ask If You Need A Business Loan

October 25, 2021 by Contributed Post Leave a Comment

Business loans are still the quickest, most reliable, and most accessible way of acquiring funds for a company. They definitely have their drawbacks, but there’s far more chance of you getting a loan than there is of you finding an angel investor or securing crowdfunding. These two options are possible and beneficial, but a lot of luck is involved.

Instead, your best bet is often to get a business loan to help you start or improve your business. However, you must be prepared for some of the questions that will be thrown your way during the application. Based on a selection of business loan applications over the years, these tend to be the most common questions:

Can you provide all of your financial details?

This is one of the first things they’re concerned about, largely because they want to ensure your business can afford the loan. They’ll want all of your financial details – and can possibly ask for personal finance details if your business isn’t up and running yet. Most banks will conduct something called spreading financial statements, which means they take all of your financial info and put it through software that detects any patterns they should worry about. For example, a history of mispayments when borrowing money. The cleaner your finances are, the more likely it is you’ll get a loan.

What can you offer as collateral?

Banks can’t afford to hand money out to any upstart with a business idea. Even if your financial records are great, they need some form of surety to guarantee they’ll get their money back. As such, they ask for collateral, which is something you put up to be secured against the loan. So, you need to ensure that you have something you can use as collateral. If not, the bank won’t take the risk as collateral is used when businesses and people fail to repay the loan. The bank can secure the collateral asset and sell it to reclaim the money lost.

What is your business plan?

When your financial records look good and you have collateral to give up, the bank will ask about your business plan. This is simply so they can see if this is a viable idea or not. An expert will review your plan to look at your goals and to see where you hope to make money. In some cases, banks have denied applications because the business plans weren’t good enough. This is the easiest way to lose out on funding, so be sure you have a professional plan that covers absolutely everything. As long as your plan looks good, has a clear direction, and encompasses a genuine business idea, the bank is likely to approve you for a loan.

While there are other questions they will ask, these tend to be the most common and powerful ones. It is relatively easy to get a business loan if you have everything in order. Most people that fail to get a loan are ones with silly business ideas, no business plan, or a terrible financial history.

Protecting Your Business from Natural Disasters

October 25, 2021 by Contributed Post Leave a Comment

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Something that many new business owners pay very little, if any, attention to when they’re starting out is the possibility of a natural disaster hitting the business, Everyone like to think that kind of thing will never happen to them, but due to climate change, extreme weather is becoming more common and spreading to areas that usually would not have been troubled much by it.

That’s why it is so important that, if you run a business, you do everything you can to protect it from natural disasters. Here are a few things that will help you with that:

Put an emergency plan in place

There is no point in waiting until a threat is imminent before you put an emergency plan in place because by then, it could be too late. It is really important that as soon as you have set your business up, you draw up an emergency plan that covers as many possible eventualities as you can think of. Things like how to evacuate if there is a fire or flood, who will be in charge of getting everyone to safety, and so on are really important to nail down now so that you won’t waste any time springing into action should the worst happen.

Backup data regularly

If a fire or flood was to wipe out your computer network, the last thing you would want to happen would be for your important data to be lost forever. So, as a matter of course, you should aim to be backing up your business data ideally every day, but at least once a week if that is not possible. You should also, of course, ensure that you have the highest level of cybersecurity because when disaster strikes, bad people will often try to take advantage in any way they can, and if your cybersecurity is strong, that will at least prevent them from getting to your important files.

Invest in the right equipment

From flood barriers that will keep the water out to electrical enclosures, which you can click here to buy, that will help to prevent electrical surges and outages, investing in the right equipment right from the office is one of the most sensible precautions you can take against natural disasters in your business life.

Get all the insurance

As a matter of course, you should meet up with a qualified insurance advisor and talk to him or her about the kinds of risks your business is likely to face, and which insurance policies will help you to best mitigate against them because no matter how hard you try to protect your business, there is always a chance that a natural disaster will hit it hard anyway, and should that happen, you’re going to want that insurance money to rebuild and stay in business – it really is that simple.

Natural disasters may not seem like something you need to worry about, but isn’t it better to be safe than sorry? Nature can take your business down so fast if you aren’t [prepared and that’s the last thing you want to happen!

Maximise Your Chances Of Career Promotion

October 22, 2021 by Contributed Post Leave a Comment

No one likes to think they are only treading water in their career. Instead, we all want to climb the ladder and reap the benefits that come along with it such as better conditions and higher pay. The good news is you can read all about how to maximize your chances of climbing the ladder in the post below.

Demonstrate that you are an expert in your field

First of all, if you want to maximize your chances of promotion, becoming an expert in your field will certainly not hurt your chances. Indeed, by being a specialist you are much more likely to be considered for positions, asked to consult, and garner the respect of your peers.

Of course, how to establish yourself as an expert will largely depend on the industry in which you work. For more academic fields such as the sciences including healthcare, getting a doctorate degree online can be an excellent choice, because it demonstrates you have advanced understanding and experience in your field. Yet, because it’s online you don’t have to give up your current post for a long period to study.

Alternatively, in some career fields such as artisanal trades, and entrepreneurship, evidence of success and practical experience rule the day. With that in mind, if you find yourself in such a field, collaborating with high-status peers, and establishing an online presence may be the best way to go.

Lead your team to victory

Another smart way to maximize your opportunity for career promotion is to lead your team to victory. This is because by raising the quality of others’ work you will attract the attention of those in management.

Of course, raising the standard of your team’s work is often easier said than done, as many challenges can get in the way of success. In particular look at gaining the trust of those that work under you, and encourage a culture of feedback and consistent improvement.

Keep it simple

You can also expedite your journey to the top of your field by keeping things as simple as possible, especially when it comes to communications with your superiors. This is because by being able to organize and communicate the results of your team in a simple way, you will make it much easier for those above to recognize your success and talent.

After all, there is a great deal of unnecessary jargon in this business world that many people use to make themselves feel important, and by cutting through this you will show yourself as trustworthy and humble too.

Don’t gossip

On a dull day, some talk by the water cooler may be the only thing you are looking forward to. However, if you want to climb the ladder to success, staying away from office gossip is always the best route.

This may also mean keeping friendships in the office as professional as possible too. Then you won’t end up getting caught on the wrong side of anything that could damage your career progression.

Essential Skills for Every Modern Entrepreneur

October 21, 2021 by Diana Smith Leave a Comment

Whether you’re starting a new company or trying to revitalize your existing one, investing time and energy into boosting your entrepreneurial skills is a must. Only amazing entrepreneurs can run amazing companies, and if you wish to become one of those, learning a few new things every now and then is a great investment in your professional future. In case you’d like to do that as well, but don’t know how here are a few skills every entrepreneur should have.

Communication

From your associates, employees, business partners, and investors to your clients, customers, and users – all these people need a piece of your time during the day. And since your business depends on all of them, in one way or another, you need to give them what they want. What this also means is that you need to be able to communicate to them all and be ready to know what each of them needs from you. Communication is crucial for your entrepreneurial success, and the best thing about it is that you don’t have to do much in order to become better at communication. Just be open, honest, informative, and positive, and everyone around you will notice how great you are and how amazing you are when communicating with them.

Listening

If you wish to take your communication and entrepreneurial skills to the next level, being a great listener is also a must. In case you’re unable to hear out the people around you, you won’t be able to make a good impression, and that’s the worst thing that can happen to your business. It doesn’t matter who you’re talking to and how these people are connected to you and your business, as long as you’re actually listening to them, you shouldn’t have a problem. This will also make them feel appreciated and valued, and that’s something you can’t put a price on!

Adapting to changes

No matter how much you’re trying to make your business work and how much time and energy you’re investing in it, sometimes things just don’t work out. There’s very little you can do about it, but there’s something you need to do in critical situations that might change the faith of your company – adapt to changes as quickly as possible! Only those entrepreneurs who are able to do that will be able to make the best of a bad situation, whether it’s a slow period for your business or a global health crisis that’s affecting everyone in the world. Adapting to changes is one of those skills that evolve over time, so just stay focused, alert, and ready to react as soon as something bad happens.

Problem-solving skills

In addition to adapting to bad situations, you also need to know how to solve the problems that are coming your way. Again, it doesn’t matter what’s going on: as long as you solve the issues before they destroy your company’s future, you’re going to be just fine. If you don’t have enough clients – enter a new market. If you don’t have money to pay your suppliers – check out a useful trade finance line of credit that will help you solve your financial issues. If you don’t have enough employees – hire someone new. If you’re having too many employees – give some of them a new position. Whatever you’re dealing with, there’s a simple solution you should search for, and when you find it, you can go on and keep making your company great again.

Branding

This is something most entrepreneurs don’t think about, but the fact is that your company’s brand image depends mostly on you. Just think about the most popular and successful entrepreneurs in the world at the moment, and you’ll understand that most of them are just as well-known as the companies they’re running. What this means is that you need to promote your brand wherever you can as well, which is why you have to learn as much about branding as you can straight away.

Of course, these aren’t the only skills you need to have as an entrepreneur, but they’re the most important ones, so start working on them right now and keep developing them in the future as well.

4 Strategies Successful Auto Repair Businesses Swear By

October 21, 2021 by Contributed Post Leave a Comment

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Auto repair businesses have a tough gig. Their work isn’t standard. Instead, they have to respond to each customer’s needs individually depending on what is wrong with their vehicles.

In light of this, running an auto repair shop is actually quite complicated. It’s not just about honing a process. Instead, it’s more akin to an artistic pursuit. Every job that you work on is unique.

In light of this, how can auto repair shops become successful? What does it take to run a technically-proficient and competitive business? Let’s take a look.

Prioritize Customer Convenience

Auto repair shops compete along a range of dimensions. However, their trump card is customer convenience. Shops that offer easy repairs tend to be those that win in any given location.

But what specifically can you do to prioritize customer convenience?

Allow self-check-in. For starters, you can allow self-check-in. Instead of getting customers to queue up at your front desk and hand over their keys, you allow them to do it themselves, either using a computer terminal or logging their car with you via an app. They simply leave it in a designated bay and then your team gets on with the work, according to the schedule you agree with the customer.
Text updates. You’ll also want to tell your customers when you’re ready to service their vehicle, when work is finished, and any intermediate updates about costs and replacement parts. For instance, you might text customers telling them that their repairs are going to be delayed because the problem is more serious than you thought or you need to order new parts. Typically, it is easier to get hold of customers via text during the day than it is to call them individually.
Use online scheduling. Customers would love to be able to log onto your website, click an appointment slot, and then note it in their diary. Generally, they don’t want to spend time calling you up and then booking an appointment over the phone. It’s a good idea, therefore, to offer online scheduling. It’s easy to implement and customers will appreciate it tremendously.
Offer a courtesy pickup and drop-off service. Depending on your business model, you might also want to offer a courtesy pick-up and drop-off service. Customers may not want to wait around while you fix their vehicle but, at the same time, they don’t have a means of transportation. Offering a courtesy pick-up and drop-off service is a great way to win more customers, even if you cover the costs by charging higher fees.

Learn Your Trade

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Not only do you want to offer fantastic customer service, but you also need to be good at what you do. Customers must be able to trust that you will get the job done to a high standard.

Learning your trade starts with ensuring that everyone who works in your organization has the right skills and training for the job. Employees who do not know how to repair vehicles correctly, following the proper procedure, can actually cause harm and damage your brand.

The next step is to ensure that you have a library of resources that you can refer to for all vehicles likely to grace your shop. For instance, if you repair American off-road vehicles, you’ll need Dodge Ram Truck service repair manuals going back twenty or thirty years.

Having suitable resources to hand helps slash errors and reduces delays. It also gives your team confidence to take on any repair job that comes into the shop.

The last step is to ensure that mechanics learn in a supervised fashion. Ideally, you want them to work in twos: one advanced mechanic, and one trainee. The trainee then gets to see what the more advanced mechanic does so that, eventually, they can work independently. As the owner or manager, you want to ensure that you distribute skills across your team as widely as possible.

Improve Your Communication

Communication with customers is another arena in which auto repair shops can put themselves at a competitive advantage. Two-way conversations build trust and signal that your brand is different from the one down the road.

How do you develop excellent communication? One option is to use modern chat tools. Instead of communicating with your customers over the phone, link up with them via text messaging services. Chat to them about when their vehicle will be ready via Facebook Messenger or Whatsapp. Communicate with them using the app that they prefer.

You can also improve the quality of communication within your firm. Don’t just rely on verbal communication. Instead, set up team chats so that each member of your shop can communicate with everyone else, without necessarily having to leave their work station.

Furthermore, make sure that every team member has access to the CRM software. This way, they can make notes and edit customer information on the fly, and get a comprehensive overview of each job.

Become More Efficient

Running an efficient auto repair shop is technically challenging for the reasons discussed above. Every job is different. However, many firms in the sector achieve it by specializing on particular tasks, servicing specific brands and using technology.

Generally, there are three ways to massively increase the efficiency of your enterprise.

Service only specific makes of vehicle. For instance, you might specialize in servicing only Dodge vehicles. You could then tailor your marketing to reflect this.
Give each mechanic in your team a specific role. For instance, you might have one mechanic who specializes in clutch repair and another that focuses on the brake systems. Specialization will increase efficiency and help speed up each repair job,
Use technology. There are many repair shop technologies that increase the rate at which employees can work. Things like front desks in the bays, electronic diagnostic systems and rapid automated jacks.

The key to a successful auto repair business is to process vehicles more rapidly. The more that you can service to a high quality in a given time, the more profitable your enterprise will become.