Fundera
APRIL 4, 2017
What is your business worth? Remember that article I wrote about your balance sheet a while back? That’s where you can find the very literal answer to the above question. The book value of your business, or total equity, is what your business is worth at a given moment in time. But it’s never the value used when valuing a business for purposes of a sale or investment.
Abrigo
APRIL 13, 2017
Small businesses in the U.S. face cash flow challenges on a monthly basis, but are business owners and their advisors asking the right questions and addressing the critical areas to change course? Recent research by JPMorgan Chase Institute showed that the median small business has an average of only $7 more in daily cash inflow than it has in daily cash outflow.
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Fundera
APRIL 14, 2017
For more than 50 years, the U.S. Small Business Administration (SBA) has celebrated small business owners during National Small Business Week. What does National Small Business Week mean to your business? How can you take advantage of it or participate in the event? Here’s what you need to know. When Does Small Business Week Take Place? National Small Business Week is held every spring; in 2017, it runs from April 30 to May 6.
Fundera
APRIL 25, 2017
Today, minority groups are well on their way to becoming the majority of our workforce and a large part of the nation’s entrepreneurial endeavors. According to the Minority Business Development Agency (MBDA), the number of U.S. minority business enterprises more than doubled between 2002 and 2012, totaling around 8 million. But starting and running a business can sometimes seem particularly challenging if you’re a minority business owner.
Fundera
APRIL 14, 2017
For as much as we complain about our colleagues, workplaces would be boring—and ineffective—if we all shared the same personalities, motivations, and communication styles. That said, there’s a difference between individual personality types complementing each other and conflicting with one another. In fact, the Universal Class website cites research from Gatlin, Wysocki and Kepner suggesting that these differences can lead to challenges in the workplace if they aren’t appropriately addressed.
Fundera
APRIL 6, 2017
If you’re thinking of starting a business or already have one going, it’s very possible that you’ll be a solopreneur for some time. Many small business owners start out by paying their entrepreneurial dues as a solopreneur wearing all the hats required to keep their business running. As a one-man or one-woman act, this can cause your business venture to be exciting, scary, and stressful all at once.
Credit Management Source brings together the best content for credit management professionals from the widest variety of industry thought leaders.
Fundera
APRIL 4, 2017
In the U.S., more than 81% of shoppers conduct online research before making big purchase decisions. On top of that, nearly 50% of people who do local searches visit a store within one day. If you own a brick-and-mortar business, these stats make staying on top of the latest digital marketing trends crucial to attracting customers. From social media to blogging and search engine optimization, having a strong online presence for your business can do much more than relying on traditional word-of-
Fundera
APRIL 27, 2017
Starting a business is a huge undertaking. That’s why it’s important to figure out what type of business to start early on. No one wants to step out on the wrong foot and start something that will ultimately fail. For some people, the type of business they’ll start is obvious. They are confident their dreams, skill set, and drive will lead them to the right business type for them.
Fundera
APRIL 28, 2017
For many small businesses, a robust POS (point of sale) system is something they absolutely can’t function without. But with so many POS systems on the market, how can you weed through your options to find the best for your small business? Well, we turned to small business owners just like you to get their take on the POS system they use. Check out these four best POS systems—reviewed by real business owners themselves!
Fundera
APRIL 12, 2017
If you have bad credit but want to start a business, you can find financing options out there for you. While there are very few business credit cards for bad credit, you can get a personal credit card that lets you pay for your company’s expenses and rebuild your FICO score. We’ll help you find the right bad credit card for you, explain how to get a business card for bad credit with your personal history, and lay out exactly how secured credit cards work.
Fundera
APRIL 11, 2017
Do big banks approve business loans to our nation’s smallest businesses? If you’re someone who keeps up with the latest in the small business banking world, then you might be quick to answer, “No.”. You know how the numbers look: 80% of small business owners get shut down on bank loan applications, and bank lending to small businesses has dropped by over 20% in the last decade.
Fundera
APRIL 5, 2017
When you’re ready for retirement, starting a new business, or simply exiting your industry, selling your existing business to a competitor can be a bitter pill to swallow. While you might think that the process is the same as any old business sale, selling a business to a competitor takes a unique kind of due diligence. And if you’ve never gone about this process before, you have a few different best practices to learn.
Fundera
APRIL 3, 2017
Ah, those anxious days after submitting a loan application. Nothing frays a business owner’s nerves like a nice, slow loan approval process, particularly when you need that extra cash yesterday. While you’re waiting (and waiting, and waiting) to hear back from your lender, blow off some steam with these GIFs—we think you’ll recognize one or two. 1. You, immediately after submitting that application.
Fundera
APRIL 29, 2017
Managing business finances is one of the big challenges facing entrepreneurs. Your ability to survive and thrive as a business owner often depends on making sure you have the financing for day-to-day and long-term needs. This takes skills that you undoubtedly already have and are using in building your business. Learn more below about how your communication, confidence, and proactive mindset can serve you well in your lending relationship. 1.
Fundera
APRIL 26, 2017
U.S. citizens—small business owners included—should keep their trusted news sources in constant refresh until this Friday night. Why? With the bill to fund the government set to expire—and a hot debate on what should go into 2017’s remaining government budget—the government could shut down Friday at 12:01 a.m. if Congress can’t come to agreement on funding legislation.
Fundera
APRIL 19, 2017
Are you looking for a business credit card that doesn’t require a personal guarantee? It may seem like every single card offer requires you, as an individual, to serve as a guarantor. Small business lending can be risky, and since credit card loans are unsecured, banks want an extra line of defense in case your business can’t pay its debts. As a result, almost every bank asks for a personal guarantee on business credit cards.
Fundera
APRIL 21, 2017
Guest Article by Mike Bang. You’re an entrepreneur who wants to let people know about your business and find potential customers for your products or services. That’s what marketing is all about. If you’re a small or medium-sized business with a limited budget, you understandably want to make sure you make the most of your marketing dollars. Actually, no matter the size of your marketing budget, you should always think about how to maximize the return on the money you spend for ads and other for
Fundera
APRIL 16, 2017
Access to working capital is a challenge for any business. It is a particularly big hurdle for hardware tech companies, especially startups. That was one of the reasons Greg Fisher, a Berkeley, California-based entrepreneur and CEO of Berkeley Sourcing Group, started Hardware Massive, a network and online platform for hardware tech companies. Hardware Massive , which launched in early 2016, has 2,200 active members and reaches about 30,000 companies globally.
Fundera
APRIL 5, 2017
It’s difficult for small business owners to prepare for retirement. But the biggest mistake isn’t about waiting too long to start—it’s not planning at all. Perhaps one reason that some don’t plan is that most small business owners don’t want to retire. According to the Wells Fargo/Gallup Small Business Index , 53% say that’s not their desired career outcome. “I really enjoy what I do,” says Michael Wood, owner of Providence Homes , a homebuilding
Fundera
APRIL 12, 2017
Have you ever run a Google search for a product and clicked through one of the first few listings, then found yourself seeing promotions for that same product or others like it for days or even weeks afterward, seemingly everywhere you turn? Without even realizing it, you likely come into contact with Google advertising dozens—if not hundreds—of times per day.
Abrigo
APRIL 28, 2017
Stress testing, especially for community banks, can be challenging because of the lack of specific methodologies and practices recommended by regulators. This gap exists, in part, to allow banks to come up with their own unique program that shows regulators that they can identify and manage those risk, which is the goal of stress testing all along. But banks need to take that first step.
Abrigo
APRIL 27, 2017
During a recent webinar with Sageworks , David O’Connell, a Senior Analyst at Aite Group , presented data from a recent survey by Aite of small and medium business borrowers. Included in this data were some key insights into the small business borrower. 1. They apply early… The Aite survey data first looked at the timeline that most borrowers have when they begin applying for a loan. 39% of respondents apply for credit months before they actually need the funds, while another 32% apply weeks bef
Abrigo
APRIL 20, 2017
By Jackie McLaughlin, CPA. Analytical procedures are beginning to become more prevalent in the audit world. They provide auditors with many benefits. But are those benefits known? According to the AICPA, analytical procedures consist of reviewing financial information by studying plausible relationships between data and evaluating it for consistency.
Abrigo
APRIL 20, 2017
The FASBs Current Expected Credit Loss (CECL) model presents unique challenges for banking professionals. To help institutions prepare, Sageworks launched a CECL webinar series covering data, segmentation, methodology and forecasting requirements broken down by loan type. A key component of the series is allowing participants to ask their CECL-related questions and below are several questions with answers relating to different methodologies; specifically, we take a look at common questions for r
Abrigo
APRIL 14, 2017
Experts agree that while commercial lending is a critical banking service, it has been one of the least automated and technology-reliant aspects of banking today. One of the reasons for the current inefficiency in commercial banking is the number of tax returns that need to be entered and analyzed by a financial institution’s analysts or lenders when extending or reviewing a commercial loan--usually a minimum of six returns per commercial loan application, including three years of returns for th
Abrigo
APRIL 12, 2017
The FASBs Current Expected Credit Loss (CECL) model presents unique challenges for banking professionals. To help institutions prepare, Sageworks has launched a CECL webinar series covering data, segmentation, methodology and forecasting requirements broken down by loan type. A key component of the series is allowing participants to ask their CECL-related questions and below are several questions with answers relating to different methodologies; specifically, we take a look at common questions f
Abrigo
APRIL 10, 2017
In a recent Sageworks webinar , Ancin Cooley of Synergy Credit Union Consulting took a deep dive into five areas that credit unions interested in growing their MBL portfolios need to be aware of in order to effectively manage risk in the MBL portfolio. The first module that Ancin covered during the webinar was the current state of credit unions and the current regulatory environment.
Abrigo
APRIL 7, 2017
During a recent webinar, titled Calculation v. Valuation How Each Fits in Your Practice , Sageworks polled 275 valuation professionals and found that more than 41 percent recognize their biggest challenge as attracting new clients. In fact, attracting clients topped other challenges, such as “accuracy in valuations” and “not enough time,” according to attendees.
Abrigo
APRIL 6, 2017
The FASBs Current Expected Credit Loss (CECL) model presents unique challenges for banking professionals. Even though the full effects of the guidance are still years away from being felt, industry experts have been adamant that financial institutions better have begun preparing before now. To help institutions prepare, Sageworks has launched a CECL webinar series covering data, segmentation, methodology and forecasting requirements broken down by loan pool type.
Fundera
APRIL 3, 2017
Starting a business can be expensive—there’s no doubt about it. And while some entrepreneurs are lucky enough to cover different startup costs with their personal savings, not all new small business owners can afford to do so—or want to do so, for that matter. When funding your startup on your own dime isn’t in question, you have two general options available: debt financing and equity financing.
Fundera
APRIL 25, 2017
It takes many things to start and run a successful small business: passion, determination, discipline, and the right people, but the best-laid plans will go nowhere without one key ingredient—cash. The way you manage your cash flow can make or break your business and affect your ability to grow. Small business owners need an easy formula to help them analyze how they use cash and project how much cash they’re going to need to grow their business and meet their future obligations.
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