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Top Reasons business loans don’t close

Top Reasons business loans don’t close

October 13, 2017.   Today we will consider the top reasons business loans don’t close.   We will review the most common reasons and how to avoid them.    Applicants can get their loans closed by preventing these problems.

Not being able to Prove Ownership

Business owners sometimes have trouble proving ownership of their business.    The Secretary of State often lists the Registered Agent and Officer, but does not list or clarify who the owners are.   Officers to not have to be Owners of the business.   Another problem is that ownership percentage is not not listed.    Owners often have to provide their Articles of Incorporation or business license to prove ownership, which many times they do not have on hand.

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Not being able to provide proof of the existence of the business

Some States do not require a business license to operate a business.   The owner will operate the business in their personal name and say they run a business.  They will not be able to get a business loan because they cannot prove the existence of the business the way Lenders require it.

Cannot prove time in Business

Businesses often begin as a Sole Proprietorship or Partnership and Incorporate later.
When this happens, the Secretary of State will only show the time in business since the time of the Incorporation.  The time the Company was a Sole Proprietorship or Partnership will not be added.
For example, if a Company was Unincorporated for 3 Years and has been incorporated for 2 Years, it will only show on the Secretary of State as 2 Years Time in Business.   If the Company wants credit for the full 5 years, they should provide the business licenses since it began as a Sole Proprietorship.   Lenders will give the Company credit for the full 5 years.

Top reasons business loans don't close
Top Reasons Business Loans Don’t close

Business Account balances are too low or overdrawn at the time of closing

After a business is approved for a business loan, their Business Checking account may be reviewed before closing.  This will include a review of the current balances, the Month to Date balances, NSF’s and Overdrafts within the last 30 to 60 days.   If these are too negative, the Lender may withdraw the approval.   Review your balances and activity to make sure this will not impact your approval.

Cannot pass bank verification

Many business loans require a verification of the business bank account.   This is often done through 3rd Party Vendors such as DecisionLogic, and Joinme.  Bank verification can also be done through phone verification.

The business cannot provide all of the documentation required in the closing stipulations.

Business loans have a list of closing requirements that have to be met. If the applicant can get most of them but not all of them, they may not be able to close the loan. If you fall short in getting the Documentation required to close a business loan, talk to the Lender about what is missing. You may be able to get the remaining items waived. Another option is to provide substitute information.  Many times alternatives to what was asked for may be accepted.

Avoid these problems and you stand an excellent chance of having your business loan close fast.

Top 12 customer complaints with Business loans

Customers have several common complaints about Business Loans.   We will take a look at the Top 12 customer complaints with business loans.  Customers often do not close an approved business loan because of one or more of these reasons.

Top 12 customer complaints with business loans:

The rates and cost is too high.   They want a better rate and terms.

Customers often want and need a business loan with a lower rate and better terms.
Another requirement is they need a business loan with lower total repayment and lower cost overall.

The Approval was not for enough.

Customers often call in and say they need a higher approval amount and more money
for my business loan.   They will go for a different loan if they cannot get what they want, or also get a second loan.

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Top 10 Customer complaints with Business Loans
Top Customer Complains with Business Loans

The term of the loan is not good.

Customers also say the term is too short and needs to be longer.  Another requirement is a business loan longer than 24 months.

It is not a Monthly Payment.

A very frequent request is to get a business loan with a Monthly payment.   Customers really want a Monthly payment if they can get it.

It is a daily payment.

Applicants will say right away if they do not want a business loan with a daily payment.   They have had this type of business loan in the past and they will not close business loans that have a daily payment.

It is a Merchant Cash Advance.

Customers oftentimes do not want a Merchant Cash Advance.   They will say they need a business loan that is not a Merchant Cash Advance.
When this is the case, the customer will look for alternatives to a Merchant Cash Advance.

The Prepayment option is not good.

Another complaint is they want a business loan with no prepayment penalty.   They want to be sure they will get a good discount if they pay off early.

The type of loan is not what they wanted.

Sometimes customers will tell you they don’t want the type of loan they have been approved for.   They do not want an expensive business loan or want a different type of business loan.  They are not sure what type they want, but they have decided they don’t want the one being offered.   Have a conversation about other business loan types so Customers will get the loan that works for them.

They don’t want to put up Collateral.

Many do not need or want a business loan with Collateral.   They do not want to put up Collateral, or they do not have Collateral.

Do not want to give a Personal Guarantee.

Customers may not want to close a business loan with a Personal Guarantee.  They believe they can get a business loan with no Personal Guarantee.    There are very few business loans that do not require one.

The loan will, or will not be reported on Personal Credit.

A business loan that reports on Personal Credit is sometimes requested.   Applicants insist on a business loan that reports on their personal credit.

In other cases, customers want the opposite.   They want a business loan that does not report on Personal Credit and want to make absolutely sure there will be no reporting on their Credit Bureau.

The request took too long.

Some business loans that are eventually approved do not close because the processing time was too long.   Customers will tell us they need a Fast business loan that does not take long to get.

These are the Top 12 Customer complaints with business loans.   If some of these are causing you problems and also preventing you from closing, contact us and we can review your requirements.

Copy of Business License

Definition of a Business License.  What is a Business License?

September 19, 2017.   A Business License is a Certificate issued by a City, County or State Government to a business it can use as verification of it’s existence and to legally operate in the jurisdiction it is located in.  Another purpose for a copy of Business license is that it is required for numerous types of Business Transactions.

Copy of Business License

Examples:
Business Licenses fall into certain Categories.
– General City or County Business license.
– Professional Licenses.
Professional licenses are often in addition to professional licenses.   Examples of these are Medical Licenses, such as a Physician, a Dentist and a Chiropractor.   Other types of Professional Licenses can include certain types of Construction, Engineering, Real Estate Agents and many more.
These types of Professional licenses are often in addition to a standard business license that is required by the City or State.

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Copy of Business License
Ways to show a Copy of a Business License

Did you know?

Some business legally operate without a Business License?
Some States do not require a business license to legally operate.   States may allow, but it can make operating much more difficult for the business.   Other businesses that require a business license to do business with them will not waive their requirement.  It will not matter to them if the State does not require it.   They will still require one.

The following are frequent Questions, requests and statements:
– “I do not have a business license”
–  “Need a business loan with no Business License”
If you do not have a business license, it is recommended to get one.   If your business was a Sole Proprietor, save all of the old Business licenses that you had.

Learn more about Business Licences.

Recent examples from the Web:

Consequences of not having a business license.

Business loan with no tax returns?

Need to get a business loan but cannot provide business tax returns?

August 19, 2017.  Sometimes Lenders will approve you for a Business loan but then want to get a business tax return before closing.   They may not scrutinize the return but will not close the business loan with no tax returns.  The Lenders are making sure the business is not delinquent in filing returns.

Example of what to do if you need to get a business loan with no tax returns.

A business applies for a loan and is approved.   However, the Lender requires the most recent tax return or 2 years tax returns.   If you are a new business, or have filed an extension, your business cannot provide this information.

If your business cannot provide Tax Returns, then:
Before applying, ask if Business Tax Returns will be required.  If so, apply for a business loan product that does not require returns.   Click on the 15 second app for business loans that do not require a business tax return.

Business Loan with no Tax Returns
Want a business loan but do not have Tax returns?
Choose these options

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Lenders will not scrutinize the returns even if they require them.   They will not review Gross and Net Profit, Business Tax Write Offs and other parts of the return.  However, if they ask for a return, you have to provide it.

Business owners are often afraid to provide a return because they show a net loss.  What can you do?  Apply for programs that do not require business returns.   Ask the lender in advance how closely the return will be scrutinized.  Many loan programs will just get the return to verify it has been filed.

The request for returns are also part of  “closing stipulations”.    Other items that are usually required for closing stipulations include a copy of current driver’s license, in addition to a clear copy of voided business check,  copy of business license.

Frequently asked questions, requests and also statements.

1.   “I need a business loan without tax returns.”
2.  “Looking for a business loan with no tax returns.”
3.  Need a no tax return business loan.
4.  Cannot provide tax return for business loan.
5. I don’t have any tax returns for my business yet.
6.  Filed an extension on my tax returns.   What do I do?

Business loan with no tax returns?

Bookmark our resource page.

Declined for time Time in business

September 16, 2017.  Has your business been declined for Time in Business?  If so, you want to find alternative business loan solutions.

We have business loan options for businesses that have been in business as little
as 3 months.    Contact us today by using the contact information below.

Many loan programs require businesses to be in business for at least 1 year before financing will even be considered.   Some programs require 2 years time in business at a minimum.   Traditional Banks require between 2 or 3 years time in business in addition
to Tax Returns and Financial statements.   We only require 3 months.  Start below.

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3 Month Time in business programs

With our 3 Month time in business program your business can get money in as little as two days. Provide the most recent (3) months business checking account statements and a one page application and you can be on your way to funding within 2 business days.

1 Year time in business Program.

To get more funding, another funding program options is our 1 year time in business program.

Declined for Time in Business
How time in Business affects your Business Loan request

Frequently asked Questions, FAQ’s, comments and requests:

– I was declined for Time in Business being too short. I need help.
We can help put you into a program that turns a decline into an approval and also fund your business within 2 days.

– How can I find out how long I have been in business?   What do you look at for time in business?
The time in business is how long your business has been listed with the Secretary of State in your State.  As a result, check your Secretary of State business listing in order to find  your time in business.

– I have been in business longer than the lender says.   How can I prove my time in business?
Prove your time in business through one of several ways.   Your Articles of Incorporation as well as your business license prove time in business.   Another accepted proof of time in business is also business bank statements.

– What is TIB?
TIB stands for time in business.

Thank you for visiting our Time in Business resource page.   Questions and answers will be added as customers call in.

10 Most common Reasons businesses want a business loan

August 16, 2017.  For immediate Release – Businesses want money for many reasons.   This post will look at the 10 most common reasons businesses want a business loan and some of the best programs for them.  If your business needs a loan for any reason, complete the application information below.
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10 Most common reasons businesses want a business loan

1) My business is running out of money.

Very often, businesses do not need money for a specific reason.   They just are running out of cash.   Seasonal businesses often have this problem.  Sometimes revenues do not meet business expectations while expenses remained fixed.   The business may have run into problems and needs money to correct or resolve the problem.

2) I need a business loan for expansion.

One of the top reasons businesses need a business loan is for expansion.   There are many reasons for expansion.  In most cases, a successful business wants to take advantage of business opportunities but needs more money to do it.

3) I need a business loan for Inventory and raw materials.

Businesses call in and make the request, “I need a business loan for inventory”,

as well as, “I need a business loan for supplies”.

4) I need a business loan to hire Employees.

Another reason businesses often need capital is for the initial expense of hiring employees.  This often includes the cost of expanding the workspace, buying furniture and also the cost of recruiting, interviewing and adding employees to the employee rolls.

5) I need a business loan for taxes.

Customers frequently make the request, “I need a loan to pay business taxes”.
Many businesses need a loan to pay taxes.  This is often
for current taxes, previous taxes as well as IRS payment agreements.
Next 5 most common reasons businesses want a business loan

6)  I need money for Equipment, Equipment Repairs or Vehicles.

Businesses often call in with the request, “I need a business loan for
equipment”, as well as “I need a business loan for equipment repairs”.   This would
be considered a loan against equipment.

7) I need a business loan for Marketing and Advertising.

Companies frequently need a business loan for Adverting and Marketing.  Advertising is more critical for certain industries than others.   Industries that need advertising, such as media companies, retail and online businesses have to spend significant funds on
advertising.

10 Most common reasons businesses want a business loan
The most common reasons businesses want a business loan.

8) I need a business loan to buyout my Partner.

Businesses will often request a business loan to buy out another partner.   Multiple owners are no longer able to get along well enough to continue running the business together.   Callers will call in saying:  “I need a business loan to buyout a partner owner.”

9) I need a business loan to buy my Building and Real Estate.

When businesses become larger, they not not want to keep leasing space.    Landlords may also suddenly raise the rent.    Callers most frequent requests are: “I need a business loan to buy a building and property”, or “I need a business loan to buy my building.”  For this
purpose, callers say they need an asset based loan.

10) I need a business loan for insurance.

Businesses may need to pay for several types of business insurance.
Liability insurance, employee insurance and property insurance are some of the types of insurance businesses must by.    Callers will also call in and say: “I need a loan for business insurance”, as well as “I need a loan for business health insurance.”

Thank you for visiting our list of the 10 most common reasons businesses want a business loan.

10 Uncommon reasons for needing a business loan

September 16, 2017.  Business loan requests are sometimes for unusual reasons.   We will review 10 uncommon reasons for needing a business loan.    If your business needs funding for any uncommon reason, contact us.  Complete the Online Application.  Contact us at the number below.

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10 Uncommon reasons for needing a business loan:

Natural Disasters, floods, fires

Losses due to natural disasters are probably the most expensive for businesses. Businesses need money after being hit by a natural disaster.  This can be Tornadoes, hurricanes, floods, fires, drought, wildfire, hail, blizzards, oil spills and extreme winters. Businesses may need working capital to cover the cash shortfall because of disasters like these.   FEMA helps many business owners, yet is either too slow for some businesses or cannot help at all.

My business is being sued.

If a business is being sued, it may need money to hire an Attorney and go through the litigation process.   Expenses can be $10,000 and as much as hundreds of thousands of dollars.  There are different types of lawsuits that a business may be sued for that they need funds to defend.

Other types of lawsuits businesses face:

A) Being sued for Malpractice.

Businesses in the Healthcare field are usually the primary targets of malpractice lawsuits they need money for.   Other industries sued for Malpractice include Accountants, Consultants, Construction Companies, Retail Businesses and businesses that need a professional license.   A business may need a loan or money to pay for Malpractice or a Malpractice lawsuit.

B) Business being sued for not fulfilling contract

Businesses are sometimes sued if their contract is not completed correctly. This happens in the Construction industry, and many other industries also.   Many companies need money or a business loan to fulfill a Contract.

C) Business being sued for Copyright infringement

Businesses can be sued for many types of alleged copyright violations.  Copyright lawsuits happen often in the music and entertainment industry.   Trademark disputes,  intellectual property lawsuits and others are the basis of suits.   Businesses need money or a business loan for Copyright infringement lawsuits.

Need money to relocate business

Business relocation requires significant funding.   The bigger the business,  the more relocation will cost.   Relocating is a big expense for any business.   Many businesses need money or a business loan to relocate.

Partner Buyouts or Owner Buyouts.

Businesses often have more than one owner.   Sometimes multiple owners do not get along and one or more Partners want to leave.   Because of this, a buyout of the Partner or buyout of an owner may be needed.   A business owner may need money or a business loan to buyout another partner as a result.

We need a business loan to meet new City, State or Federal regulations.

City, State and Federal Regulations change over time.  Businesses sometimes have considerable cost to comply with regulations.  A company may need a business loan to meet new regulations.

10 Uncommon reasons for needing a business loan
Uncommon reasons for needing a business loan

 

 

 

 

 

 

The last 5 of 10 uncommon reasons for needing a business loan below:

Need a business loan for training and licensing requirements.

Business may have to provide training to all of their employees or meet new licensing requirements.    A business loan will probably also be needed for updated licensing and training.   City and State offices also have information on licensing and training requirements.

Theft

Theft causes sudden losses.  Companies need a business loan to recover from customer theft, employee theft,  shrinkage, and also loss of inventory.    A business loan and also a line of credit covers businesses from lost cash flow.

Major Accounting Errors

Businesses have cash flow problems because of mistakes made by Accountants as well as Bookkeepers.
Math errors are probably less frequent mistakes.  Accountants also incorrectly take deductions and file the wrong type of Return.   They may not tell the business owner to increase their estimated quarterly payments either.   These errors cause a higher tax liability.   The business then needs to get a business loan to pay more taxes because of Accounting Errors.  Your Accountant can provide Quarterly reviews to avoid cash flow hardships.

City Infrastructure Repairs.

Cities, Counties and States do extensive street and road repairs.  This also includes Sewer work, pipes and cement work.   States make Bridge and Highway repairs that also affect traffic exits and main roads.  Retail stores are also affected by these County or State Road repairs.  Retail stores located on a main road with major construction work are also devastated.  Businesses therefore need a business loan to also makeup for a loss of Sales and lower cash flow.

Need a business loan to hire overseas technical workers.

Industries cannot find all of the workers they need domestically, so as a result, they must also hire workers from other countries.  Technical fields are another industry that also has difficulty hiring skilled workers.  Hiring workers from overseas is a big expense.  Therefore, companies may need a business loan to pay for the cost of hiring overseas workers.

Thank you for visiting this resource.  Visit 10 uncommon reasons for needing a business loan in the future for especially relevant information on unique loan requests.   Contact us for your business loan needs.

Canadian small business Loans

Canadian Small Business Loans

October 13, 2017.  For immediate release – Small business loans for businesses in Canada.   Canadian Business bank statement loans and Accounts receivables financing are offered.  Several alternative Canadian small business loans most businesses can qualify for.
Complete the Secure DocuSign Application.
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What type of alternative business loans can I get in Canada?

Canadian companies can find alternative working capital loans available in the United States.

The main option is a Canadian business bank statement loan.

The company’s business cash flow is how they can qualify.  The business needs to have the following:
– $15,000 per Month in deposits each of the last 3 months.
– 5 or more deposits per month.
– An average daily balance of $2,500 or more.

Canadian Small Business Loans
Canadian Business Loan Options

How do I qualify for a business loan in Canada?

Review the alternative business loans for businesses in Canada on this page.   Decide which option you may qualify for.   Complete the Online application above or call and talk to a representative and discuss which loan option might be best for your business.

Canadian Accounts Receivables financing

After a Company’s products have been delivered or services rendered to another company, they send an invoice for payment.  Canadian Accounts Receivables financing funds about 75% of the face value of the invoice is paid immediately to the company issuing the Invoice.   When the paying company pays the invoice, the last 25% is paid minus a service fee.

 

Easy and Fast Canadian business loans
Canadian business loans

 

Most frequently asked questions and requests

– “I need a Canadian business loan”, or “looking for a Canadian business loan”.   Some email requests include a “loan for a Canadian business”.

Alternative loans for Canadian Companies give companies ways to correct cash flow issues.   Lenders call them “business loans in Canada”, or “business loans for companies in Canada”.

Thank you for visiting our Canadian Small Business Loans page.

Visit SCORE and receive free and low cost mentoring for business plans and financial statements.

Bank Statement Business Loans

Bank Statement Business Loans

October 13,  2017.  Bank statement business loans for your business.
– No minimum credit score options for many programs.
– No Collateral needed.
Complete the Secure DocuSign Application.
Or Call us at Tel:  1-919-771-4177, or Send E-Mail

Get a bank statement business loan today using your company revenues.  Many businesses have strong cash flow and are still turned down because of bad credit and lack of collateral.

Turn your decline into an approval with our programs.   Get approved for the Capital your business needs using just the last 3 months business bank statements and online application above.

Bank Statement Business Loans
Get an easy and fast business loans through your bank statements

Start Now!

Bank Statement Business Loan features and benefits: 
– 1 day approvals common.  Easy approval.  Fast closing.
– Provide just the Online Application and last 3 months business checking account statements. 

– Every business has Cash flow.  Almost all businesses can prequalify based on their Cash Flow.  
– Very high approval rate.
– Large business loans also available. Programs for business loans over $100,000, 250,000 and $500,000.
– Daily, weekly and monthly repayment options available for many businesses. 

Other bank statement business loan features:

Up to 125% of a customer’s total monthly deposits may be approved.  If your business has average monthly deposits of $100,000, then an approval up to $125,000 is possible.  Higher credit scores, a longer time in business and higher daily balances will usually result in a higher approval amount.

How to qualify

– Provide a Signed and dated application online.
– Send the last 3 months complete business bank statements from the main business account.  Return September 2016, October 2016 and November 2016 business bank statements along with the application.
– For amounts over $250,000, include the most recent 6 months business bank statements and the most recent business tax return.

Other bank statement business loan benefits
– No prepayment penalty for some programs.
– Tax Liens < $100,000 may be accepted.
– Most programs require only 50% ownership required.
– Soft Credit pull for some programs.

Business line of credit style use.   The business can use the line and repay when they want to repay during the month.   The customer can then use the line again right away or it can also be left idle until it is needed again.    Annual or quarterly financial statements are not needed for bank statement financing, also known as an ACH Business loan.

Frequently asked Bank Statement Business Loans Questions:

Question:   Are there different products of the same type offered?
Answer:
Yes, different products of the same type are offered.   Callers have many requests. Requests include a “business loan using bank statements”,   a “bank statement loan for business”, and “bank statement financing”.  Callers also request a “business bank statement loan” and a “loan based on bank statements”.

Question: What is the maximum we can get? 
Answer: The bank statement business loan line size depends on the total dollar amount of deposits per month, the average daily balance and time in business.  Other factors are whether the business has any existing short term advances.

Is this product available in Canada and the U.S.? 
Answer: Yes.   This product is available in Canada as well as Puerto Rico.

How long does funding take under the bank statement business loan program? 
Approvals usually take about 24 hours.  Funds are transferred to your business checking account within 24 hours of closing.

What are the repayment terms? 
The repayment terms are between 3 Months to 24 months.

Are Overdrafts and NSF’s allowed?  Yes,   A Maximum of 5 Overdrafts per month, or 5 NSF’s per Month are allowed.

Thank you for visiting our bank statement business Loans resource page!

For further general small business assistance, visit SCORE, Counselors to
America’s Small Business.

10 Problems you may be causing your business – and how to fix them

10 Problems you may be causing your business.

September 16, 2017.  The following is a list of 10 problems you may be causing your business.  They may not include other major problems businesses face.  This list touches on some long standing problems businesses face in addition to advances in Technology.

Not understanding your customers well enough

You have a great product and service.  Just pass the information to an audience waiting to hear it.  Not quite.  You need to understanding your customer’s problems, goals, and priorities.  What do they think they need for their business to prosper quickly?   What do they see as their biggest needs and problems?  Understand this and you will do well with customers.  Your customers will feel your business has the skill and competence to solve their issues.

Make your customers feel like they are the most important ones in the world.

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Not Selling Effectively

Not selling effectively is a consequence not understanding your customer’s needs properly. If your business does not have a correct and full understanding of your customer’s problems and needs, your customers will not be very interested in your products or services.  Continue to improve your sales skills and learn how to sell effectively.    Find resources to help your company continue to improve sales skills.

Not doing proper follow up is a major mistake in business. Your business must  have a system in place for the correct people to do follows up with new and existing customers.  If you have new prospects and did not close business with them on the initial call, you want to follow up with them.   Many businesses effectively use an E-Mail marketing systems.   These may be most effective with existing customers.   Simple followup with new prospects is often is one of the most effective ways to get new customers.

Not keeping up with Technology

Many business owners don’t keep up with technology well enough.  Some keep up with some aspects of trends but there many technology advances and updates that business owners miss.  Subscribe to technology groups, websites and magazines.   Get important updates through E-Mail or on your phone. These can help your company with technology, Marketing, Sales, Manufacturing, Accounting and other updates.

Rejecting Criticism

Many business owners reject most, or all criticism.   There are several reasons embracing some criticism is helpful.  You don’t have to agree or accept all the criticism or feedback you receive.     Much of it is unfounded and may come from friends or acquaintances that don’t know enough about your business.   However, sometimes it may have validity  and be things you haven’t thought about.  Keep an open mind and you may hear important ideas of how to improve your business.

10 Problems you may be causing your business
10 Problems you may be causing your business

 

 

 

On to the last 5 of 10 Problems you may be causing your business.

Check out your competition

Many business owners do not keep track of their competition.   Your way is not the only and best way to run your type of business.  There are important things you should know. Have new companies recently entered your industry?   Are your competitors offering something good you are not offering?   If you are a retail business, have you checked to see if new stores have opened in your market that sell what you are selling?  These are some of the questions you may really want to know the answers to.

Check frequently to see if new products or services have entered the market that you don’t know about.  If new products or services are being offered by competitors that you don’t have, don’t panic.  Knowing about it sooner rather than later usually gives your business enough time to develop a plan and react to the changes.   If you keep track of industry trends, you may be aware of products in your industry in time for you to be among the first to offer them.

Managing Expenses Closely

Manage business expenses from the highest expenses first, in priority to the lower expenses.   Not managing expenses closely enough is often a major factor in business cash flow problems.  An analysis quickly identifies business expenses that are too high or not needed.

Taking on too much debt to start

Many business owners take on a lot of debt to start a business.  The problem can be made worse by using several credit cards to get capital.   Many businesses need several months or longer to begin generating major revenue.   Making Profit & Loss projections before opening the business can pinpoint a risk of cash flow problems before they happen.  Working with an Accountant before opening can help identify cash flow weaknesses. Another good option is to visit a local SCORE office for business advice.   This is the Senior Core of Retired Executives.   They can provide excellent advice.  Many cities and colleges have a Small Business Development Center that can provide assistance.

No new ideas

Good ideas may come from other businesses.   The best ideas come from within.  Focus on what new paths your business can create.  Try to think of business products, services, techniques, sales, marketing methods you have not thought of before.

 Customer Feedback

Find out what your customers think about your businesses’ products, service and staff. Customers many times are more honest when they are not speaking with you face to face or on the phone. This is true if they were relatively satisfied with your services but had some things they would have preferred to be handled differently.

Customer surveys and after service calls are a good way to find out more about what your customers really think. Offer a discount off future service for giving significant feedback and your feedback should increase.

Technology improvements and putting into action some of the long standing business service improvements mentioned above may be the most powerful way to accelerate your business’ path to success.   Follow the tips above and cut down dramatically on these 10 Problems you may be causing your business.  SCORE is an another excellent resource for identifying and fixing small business problems.

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