Speed Growth

Small Business Loan

ritikathomas — Sat, 14 Mar 2009 21:49:14 +0000

9 things you must do to maximize your chances of obtaining a small business loan

To get approval for your loan application, you must be able to meet the lending criteria set down. Some organisations are more risk averse than others, and will therefore have more stringent criteria. To vastly increase your chances of a successful funding application, you will need to present the following information.
1. The reason for the loan. The lender will be looking for something that fits within the normal range and expertise of your business. The amount may cover a number of items, so you will need to cover each.

2. The amount required, and the repayment term of the small business loan you want. (e.g. $10,000 term 5 years, payable quarterly).

3. Details of how you will repay the amount borrowed. For example, “From the increase in profits of reduced running costs of the Whizzbang Go4It and ongoing business cash flow.

4. Details of security you will be able to offer to the lender. This will act as reassurance for the lender. If you’re not prepared to put up some aspect of security, then why should they?

5. You will need to include your business plan which will serve to answer essential questions relating to management capabilities, information about the market in which you operate, and the kind of business you are etc.

6. 3 Years financial statements. You will need to present quality financial information from your small business book keeping software, preferably signed off by your accountant or tax advisor.

7. Latest Set of Management accounts. Again produced from your accounting software.

8. Accounts receivables (debtors) and payables (creditors) ageing reports.

9. Principals financial statements. – Particularly required if some form of security is necessary.

If you are a new company, the emphasis is going to be on your business plan, and the security (also called collateral) you or your business can provide against the loan.

If you are currently relying on your accountant to provide you with the information outlined above, I recommend that you make a small investment in small business book keeping software such as Quickbooks . Accounting software will prepare the necessary reports from your data entries, and also helps you reduce the amount of time the accountant needs to prepare your statements, which should reduce their fees, more than paying for the investment.

You must take the time to practice presenting your business loan proposal to iron out any glitches. Practice on your colleagues and family (you never know, they might be so impressed, they’ll invest or lend!).
One of the reasons why using Commercial Finance Brokers to find you a Small Business Loan is on the increase is that they are experts in packaging your request and searching out a lender that is interested in your kind of business.They will save you the time and hassle of pulling all the information above together, leaving you to get on with running your business.

Franchise Consulting

ritikathomas — Sat, 14 Mar 2009 21:39:45 +0000

The FranChoice franchise consultation process is similar to working with a realtor when buying a home. One of our experienced franchise consultants will guide you through the franchise search process, help answer your questions, and understand your needs and business goals as a prospective franchise owner.

Our franchise consultation process involves four important steps:

Franchise Information Gathering
Our franchise experts will gather information about you, including your experience, and your goals and desires for franchise ownership. This is the first step to exploring exciting franchise business opportunities and understanding what you want and need as an entrepreneur.

Franchise Consultation Process
We will arrange a confidential consultation and develop a personalized model for use in evaluating franchise opportunities. This will identify the attributes you feel are important and provides a simple tool to determine your match based on your business characteristics.

Franchise Selection
Next, we examine our pre-screened inventory of franchises to see which franchise opportunities fit your model. Our franchise consultants will also provide the tools and experience to guide you during the investigation process as you seek to find a compatible franchise opportunity.

Franchise Research and Diligence
You have carefully evaluated yourself and we have built an individual franchise model that can be used to determine if a franchise opportunity has the attributes you want. You know what you need to find in a franchise business to match your preferences and desires. You have a picture of what the future will be like for you as a franchise owner. Now you just need a process to investigate individual franchise opportunities and determine if they fit perfectly into your plans.
FranChoice has been so successful in matching entrepreneurs with the perfect franchise business because it is a win-win situation. The franchisee candidate avoids the confusion of researching the overwhelming myriad of franchise opportunities and can concentrate on those that have been pre-screened as high quality franchise businesses matching his or her requirements.

If you’re ready to make a profound change for the better in your life… if you want to take control and live the American Dream for yourself… if you want to take the next step to achieving the goals you’ve set for yourself… all you have to do is complete our Franchise Consulting Request Form. FranChoice will help you realize your franchise dreams!

ritikathomas — Sat, 14 Mar 2009 20:37:20 +0000

The best SMEs to start now

Could starting a business during the global financial crisis be one of the smartest things you ever do?

While the move might seem counterintuitive, news.com.au suggests a number of small to medium sized business categories are set to flourish as the GFC continues.

Hot SME categories on the list include:

Confectionary – as our economic woes grow so does our passion for small luxuries like chocolate and sweets

Adult retailing – sales of sex toys have grown significantly in the US as consumers spend less time out and more at home

Fresh produce – it’s claimed when people stop going to restaurants they start cooking at home with quality fruit and veg

Training and online learning – set to grow as retrenched workers seek out new skills

Home improvement – rather than buying a new home, more people will choose to renovate their current homes

Tips for change focused managers

ritikathomas — Sat, 14 Mar 2009 20:18:02 +0000

The global economic crisis is causing many employees to crave certainly, a development that can result in a heightened resistance to organisational change.

So how do you break through this barrier when change is inevitable? By communicating clearly and often, according to a recent The Harvard Management Update article.

Taking inspiration from Jeanie Daniel Duck’s book The Change Monster: The Human Forces that Fuel or Foil Corporate Transformation and Change, the following tips are offered:

When change initiatives are first announced managers should interpret events for staff in specific, unambiguous terms .
Ease tensions by explaining to employees what the changes mean to them
Spell out how you intend to communicate with staff as changes unfold e.g. a weekly meeting or regular emails
Don’t just say what’s happening, also explain why change is happening as knowledge can ease uncertainty
Expect emotional upheaval, it is often enviable when people are required to abandoned habitual work practices

Successful Entrepreneurs

ritikathomas — Sat, 14 Mar 2009 19:54:53 +0000

I’m passionate about very small business,

it’s positive impact on personal lives and for local communities.

Reducing small business failure is my aim and that of our services.”

Successful Entrepreneurs – Small Business Quote of the Day

A small business quote a day keeps you thinking, inspired and entertained “The entrepreneur is… the most important player in the building of the global economy. So much so that big companies are decentralizing and reconstituting themselves as networks of entrepreneurs.”

Learning to brainstorm

ritikathomas — Sat, 14 Mar 2009 19:50:09 +0000

We’ve recently had a whiteboard installed in our office conference room. The purpose of the whiteboard is to jot down all the great ideas that my colleagues have and collect them in one place. In an effort to get folks into the practice of brainstorming, my colleague, Sherri, taped two paper cups to the board and asked people to generate ideas for the use of the cups. Anyone could put up any idea, combine ideas, and put up as many ideas as they wanted. The primary rule of the exercise was that any sort of evaluation of the ideas was not allowed. It’s been a fun exercise, and from the looks of the board, my colleagues had fun and generated some good ideas in the process. What I’ve learned from the exercise is the importance of focusing the brainstorming sessions. Sherri was able to direct our attention on the two paper cups, so our ideas were all relevant to each other. While you don’t want to stifle creativity, the focus on one concept (the cups) was nice in keeping the ideas mostly related to each other. It’s been a good exercise, and I’m sure we’ll continue to get even better at generating ideas.

What suggestions do you have for brainstorming? I’ve you have an idea that really works for you or your group, please feel free to leave a comment.

Professional Business Plan

ritikathomas — Wed, 11 Mar 2009 21:07:44 +0000

Manage your business from start to finish

Careful planning is fundamental to success. The Small Business Planner includes information and resources that will help you at any stage of the business lifecycle.

Successfully managing a business requires specific management skills in addition to knowledge of key business practices. Within this section you’ll learn about leadership traits, decision-making skills, and how to manage your employees. Additionally, we’ll walk you through a host of important topics to manage your business including: marketing basics, setting prices, filing your business taxes, legal considerations, forecasting for future growth, and financing options.

Manage Your Business through :

           >Lead
          >Make Decisions
           >Manage Employees
           >Market and Price
           >Market and Sell
           >Understand Fair Practice
           >Pay Taxes
           >Get Insurance
           >Handle Legal Concerns
           >Forecast
           >Advocate and Stay Informed
           >Use Technology
           >Finance Growth