Small Business Ideas and Information
Monday, December 16, 2013
Certificate of Insurance – How to keep Track efficiently and effectively
Aside from permits and licenses, the Certificate of Insurance another essential document that is used to validates the insurance coverage of an entire organization. The certificate varies depending on the nature of the business.
Take for example the business of managing or running property rentals. In this case, the Certificate of Insurance is needed to confirm that the tenant has sufficient liability insurance coverage in case an accident happens within the premises or in the event the tenant or any of his guests suffers an injury caused by the structure. The Certificate of Insurance protects the landlord from any secondary claims that a tenant’s visitors may try to file based on the unfortunate incident.
Another line of business where Certificate of Insurance is much needed is in the construction business. Project sites may encompass a whole state. The logistics of keeping everything updated is a daunting task. The same goes for the trucking industry, drivers are transient most of the time and they do not bring documents with them all the time.
One of the difficulties that these businesses face is in making sure that each contractor, tenant or employee has an updated Certificate of Insurance all the time. The complication lies in the fact that these certificates do not expire at the same date and if a company does not have a stringent and diligent staff to oversee the task, dates are easily overlooked.
Certificate of Insurance tracking can be handled smoothly if the task is automated. This includes a complete database and an on-time notification system. This is a solution that Ct-lite offers. Your staff won’t have to manually look into certificates, because the system generates a list of contractors or employees whose COI expirations are coming up.
The Ct-Lite system can also be programmed to include each employee’s required documents and permits in their profession. And these may be electronically monitored as well.
Certificate of Insurance Tracking is a task that can be easily overlooked but the consequences for not keeping it updated generates overwhelming costs for the company owner. Services like Ct-Lite protect the company from unnecessary financial losses due to insurance disputes and claims.
Sunday, December 8, 2013
Merchant Cash Advance- How to Make It Work for You
Merchant Cash Advance is an
alternative business funding source for small business owners. Majority of the clients who avail of the
financing service are small business owners who have difficulty getting a bank
loan most due to insufficient collateral or unsatisfactory banking or credit
history.
Providers of merchant cash advance
will tell you that this funding facility is not considered a loan. They consider it more like investing their
money in your sales in the next few months and that it is like purchasing your
future sales in exchange for a fixed percentage of your daily sales. Sounds
simple enough but as a business owner, you should do your homework too.
First off, consider how much funds
you need and consider where it is going, do you need to increase your
inventory? Or do you need to purchase new equipment, like a new oven or a new
freezer? Or do you need it to renovate the whole place to attract new
clientele? You as the business owner should
identify, itemize and prioritize your needs.
Remember that the merchant cash advance terms do not go longer than 18
months, which means, if you take out a larger loan, the sales percentage that
they will take out of your daily sales will be much higher.
Next is to ask the right questions.
Make sure you know and understand all the fees involved, it is not enough that
you see it in paper, you have to make sure that you have a clear understanding
of what you are paying for. You can
even ask for a computation of the projected annual percentage of the business
loan. This way, you can compare offers from other merchant cash advance
providers. Or if you are hoping to buy new equipment – a lease to own option
may better and you can just avail of the MCA for other purposes.
It is always a good idea to review
your options before you make a decision.
The cash advance business is very competitive and if you shop around
first, you can get the best deal available.
A lot of small businesses compete
with big companies that have access to better funding and that add to the
pressure. Big businesses can be
intimidating but small businesses have their advantages too and that is the
fact that they can give personalized service which most clients prefer.
The merchant cash advance facility help
small businesses improve on their strengths without having to worry about the
funds.
Thursday, November 28, 2013
Certificate Tracking Services – Ensuring Smooth Business Operations
Compliance is a very important
aspect of running a business, a missed licensed or permit may cause legal
disputes and unnecessary cost. This is
why companies or businesses usually have an organized system in place to ensure
that compliance becomes part of their contractual process.
One of the issues that business may
encounter with this process is to ensure that these pertinent documents are
updated or current. Every company’s
Human Resource and Personnel Department have a myriad of tasks each day and the
effectivity dates of these documents are often bound to be overlooked,
especially for companies whose projects and contracts are spread over a whole
State. In this case, the job of tracking
Certificates of Insurance, Certificates of Currencies, ABNs, and other permits becomes more daunting and
logistically challenging.
On-going monitoring is a must and
this is where a dedicated tracking service should be employed. Meticulous monitoring can only be ensured
this way, otherwise the alternative is hiring a dedicated team to monitor,
verify, file, notify and do regular follow up which may take up a lot of the
company’s financial resources and manpower.
Service companies like CertTracker has set of services specific to
companies. They have a comprehensive set
of services that are designed to address different industry requirements.
The tracking system used has proven to
be reliable and highly accessible because of the online database which is
available at any time. The system is manually monitored by a competent
compliance team well versed in insurance certificates and compliance documents.
These are skilled individuals specialize in risk management that manually
tracks the documents and oversees the system. The system also has a set of
customizable features such as notifications, expiration tracking and archiving
services that can be set according to the needs of the company. The
notifications and user interface look like it is actually your own in house
system.
To avoid any legal disputes and smooth
insurance processes, strict compliance to necessary documents insurance
certificates, licenses and permits should be observed. And this is why certificate tracking services are vital to a
growing company because a lack luster system of monitoring can prove
devastating to any business.
Wednesday, October 23, 2013
Small Business Loans – Learning to Manage Business Finances
Certain small business entrepreneurs make the mistake
of merging business finances with personal finances. The difference between
them is easy to spot and thus easily distinguished. That is until the business
begins to pick up, then they seem to merge. With a flourishing business, an
entrepreneur should consider small business loans instead of taking out more
personal loans.
Start-up
capital often come from or are drawn using personal assets or properties as
collateral, that is understandable. But
when the business is finally able to pay for the monthly amortization, paying
for the operational costs should not come from personal funds. It doesn’t matter
if the profits or net sales seem to be too small but the fact that it is self-sustainable
is a good thing already. Personally
funding certain costs will create a false profit. Otherwise,
you may find yourself losing more of your savings while the business seems to
grow. Once you have established a
profitable sales history, it is time to consider applying for a small business
loan rather than getting the funds from your own pocket or your personal credit
card.
Paying your own debt is important. A business should maintain
self-sustainability and even have a little extra on the side for further
expansion or yourself but a growing business never has a one-man-army. And when
you start hiring a workforce to delegate to everything in the business you used
to do on your own, you’ll start to see just how much of the money you’re actually
A small business might start out
easy, making money on a passion or at least something you find entertaining to
do creates the illusion that will stay easy. This is where the two ends meet:
the business and its owner, and so are both of their finances.
A small business owner should
consider taking small business loans as early as he/she can. Doing this keeps
assets safe if you decide to sell or close down and keeps the two finances in
check and in clear separation.
Small Business Loans are a vital part
of any small business. Maintaining personal assets and granting freedom
financially as well as allowing funding for expansion, they become a great
financial aid. There are different types of small business loans
depending on needs and capacity to pay.
Tuesday, October 8, 2013
Intelligent Video Systems
Managing a store or any business establishment is a task that is
renewed every day. Each day brings new
challenges and managers and store owners need all the help they can get. Fortunately, advancing technologies now allow
intelligent video systems to give vital information and valuable data to
provide insights needed for daily operations and planning. The technology that used to be a toll to
enhance security has now evolved into a tool for businesses to know more about
their market or consumers.
So what are intelligent video systems?
Put simply, it is digital video technology incorporated with
analytical software. The best example
(although the movie suggests the use of more advanced softwares) is the modern
world depicted in the Movie Minority Report where ads are more personalized
based on facial recognition.
Intelligent video systems have different applications such as:
·
Keeping track of or counting foot
traffic and line queues.
·
Tracking how long a person or
customer stayed on a particular area or display
·
Object Tracking
·
Age and gender recognition
·
And most importantly tracking
suspicious activities and triggering alarms or sending alert signals or
messages
How does it work?
Intelligent video systems require Surveillance Digital Video Recorders
or IP based Network Digital Video Recorders that has integrated analytical
software that are programed to identify what it “sees” and store data, analyze
the information or trigger alarms. Surveillance
systems for example are able to distinguish suspicious movements such a person
climbing a wall and be able to trigger pre-set alarms. Facial recognition softwares are also able to
determine age and gender of a particular person giving the marketing team
actual and verifiable data.
Is it cost effective?
Conventional video surveillance requires personnel to monitor live
footages and feeds and they spend hours analyzing recorded video. In contrast,
with the current intelligent video systems, scanning hours and hours of videos
data happens without human intervention.
Data analysis for marketing could also be grueling task if data is
gathered and processed manually, not to mention the possibility of getting
inaccurate information. In the current
business environment, time is money and so is manpower.
Getting started
More and more businesses see the merit of having a sophisticated
surveillance system and for a small business or for any establishment, it is a
technology that is now more affordable.
Just make sure that the video intelligence system you are planning to
install coincides with your business’ goals.
For more in depth information on intelligent video systems check
out the AFN Security website.
Tuesday, September 10, 2013
Business Sales - Getting the Best Outcome
The business sales process may seem like a challenging
undertaking for someone who is not familiar with it but with the aid of the
right networks and the right individuals to assist you, it becomes a valuable
business adventure. And a clear
understanding of the processes and expectations can assure the seller of a
smooth transaction from marketing, contract signing and finally transfer of
ownership. Here are a few things you
need to know.
·
The proper
appraisal of your business is crucial –Your accountant and a
business/financial adviser are the people you will need to sort this out. The assessment or your net worth is not just
about figures. Financial statements
communicate more than that. You need to understand the connotations of your
liabilities, assets, cash in bank (…etc.) and what they mean to a buyer. This can be your starting point to determine
your selling price.
·
What a
business broker does. Business sales
don’t usually happen without a business broker
but it is possible. It is ultimately the
seller’s choice but working with a business broker provides great advantage. This is most especially true if you sign
up with one who is experienced and is backed by a company that give certain business sales guarantees. However,
you have to be cautious of business brokers who want extended exclusive
contracts in exchange for the guarantees.
Open and honest communication is important. Make
sure that you agree on all fees, charges and commissions before moving
forward. And do not be lured by lower
rates as it does not necessarily mean a better outcome.
·
Prepping
your business for the market. Preparing
your business may take time specifically for small businesses. It is very much similar to selling real
estate. In this part of the business
sales process, your business broker will be able to recommend what is best.
Their business sales experience is an advantage that you can access to reach
your goals. Conditional to the current
state of your business, preparing your business may take about a year or
so.
·
Promotion and Business Presentation. Here
is where you wait and hope that what you have been doing for the past months is
not in vain. This is the phase where the
business broker does the job you
actually hired him for. It involves the
marketing - online posting, inclusion to existing seller database, cold
calling, and making use of other advertising mediums. Interested buyers are then asked to sign a
confidentiality agreement and your business is the presented to a set of the
pre-screened buyers.
·
Proposals
and Negotiations - At this stage, you are presented with offers to buy and it’s
time to make choices. After you have
made your choice, you go through final negotiations where there may be a few
changes in terms of contract. . The business sales process is then concluded with
the final drawing of necessary documents, fund transfers and the official
hand-over of business ownership.
Wednesday, August 28, 2013
Should you Start Selling a Business in this Economy?
Selling a business for whatever reason is affected by the current economic status of a business community. Whether a business owner should start selling now depends on the reason and the gains he or she expects from the sale. This article discusses the issue further.
Even if you have planned and scheduled your exit strategy,
there is still one factor that you cannot possibly foresee accurately - the
economy. For a small business owner, the
business mindset is usually focused on the local or the immediate market. But
when you decide
to sell, the scope of concern and prospects gets wider. However, the economic health of a business
community is only an important factor if you wish to sell at a profit. Otherwise, if your goal is simply to retire
and have just enough then price, buyer profile, employee welfare and the
present economy are not main considerations.
In this case, anytime is the right time as long as the sale is completed
immediately.
The present economy
is also not a factor if you are selling a business that you wish to continue
and flourish. In this case, the buyer’s
profile is more important than price and the time element. In situations like this, the right buyer
would most likely be from within the business.
In short, the reasons for
selling a business dictate the factors that matter, whether it is price, time,
economy or buyer profile. And the only
time the current economy is a concern is if the seller wants to dictate the
price and terms of the sale.
In a healthy economy, banks are more confident in lending
money. The creditors who are
subsequently the investors or your actual buyers are most likely to have higher
budgets. But in a struggling economy,
it’s usually a buyer’s market. This is when there are a few buyers and more
sellers. The buyers have more options so
they dictate the price. You can raise
your list price as much as you want but when the negotiations start, prepare
for some serious bargaining.
The economy is in the state of recovery and small businesses
are booming. And if you are thinking of
selling a business now, you’re chances to sell profitably will depend on the
preparations you make.
Presentation is key.
Work with a business broker
who understand your industry and work on improving your cash flow, your
financials, your marketing plan and your business plan. Make changes in key operations if
necessary. Remember that your business
should look good for your buyers and their financial backers.
In the end, the outcome of selling a business does not
entirely depend on economic status but on how prepared the business is for the
buying market.
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