Small businesses are a common target of data theft and hacking as they are repositories of valuable data both in the form of business credit accounts and repositories of customer information. Many businesses on the smaller side of the spectrum of SMBs figure that they are not on the radar map of cyber criminals because of their size, when in reality it is this exact mentality that makes them one of the preferred victims of data theft. Major data breaches on the part of large businesses, such as the hack of retailer Target which exposed thousands of customer’s information, should serve as a warning to small business owners that the effects of digital crime can be tough to bear even for major corporations. Businesses should invest in additional security as they processes more sales, but even with an improved infrastructure, they must implement regular maintenance in order for their security to perform at the highest possible level. Change passwords. An account is only as well guarded as

Getting cash flows flowing faster is always a good move for small businesses, but in the case of a business that has to deal with bad credit issues, it can have a much more profound impact, potentially defining the difference between growth and failure. In any bad credit business, extra attention needs to be paid to standard accounting processes and wasteful costs need to be eliminated. Apart from techniques for keeping operational costs down and effectively keeping track of the money going in and out of a business, the best way to ensure that businesses are able to collect on their invoices is to endeavor to make it easier for clients to make payments. Consider a broader range of payment options. Adding payment options can help businesses make more sales and collect on invoices more effectively provided that the infrastructure is in place within the business to accept them. While some businesses are willing to accept anything from cash to crypto-currencies such as bitcoins, others could benefit

Cost management is an essential part of running a small business, and having money on hand with which to make strategic decisions and act on opportunities as they present themselves is another important consideration for business owners, since without any liquid capital they may find themselves flush with assets but lacking an ability to quickly act. Reducing costs without reducing customer service can be tricky, but it is manageable provided adequate thought goes in to tapering off spending. What is the value contributed by programs that you are considering tapering off? This question may seem like it is simple to answer, but in reality, you may want to ask your employees how they are effected by the use of certain programs before you cut them off. The reason why is that they may have come to rely on a certain service that is showing up in your accounting numbers that you are not personally involved with. If you don’t know what something is that you are

In the aftermath of Hurricane Sandy, the US Small Business Administration was widely criticized for what many saw to be a sluggish response to the natural disaster, where many businesses that needed aid in the form of SBA backed loans were not able to have their applications processed within 30 day, with the average of 51 days turnaround for disaster loans. Now, watchdogs tasked with monitoring the Federal organization claim that the numbers posted by the SBA were padded by a large number of fast redirections of applicants for bad credit business loans. As reported by, 40% of the total disaster loan requests processed were bad credit loan requests which are typically diverted out of the main application channel within 3 days. Bad credit business loan applicants would significantly effect average processing time. If 40% of the reported applications processed were quickly diverted to other relief channels, removing them from the average processing time would have major implications regarding the average processing time of the

Bad credit on the part of a small business owner makes many aspects of a running a business more difficult, including hiring and employee management. Human resources functions within a growing business are often handled directly by the owner of the business, with no room for a managerial department dedicated to HR without financing on top of strong cash flows. Without a separate entity handling human resources concerns, it falls to the owner of the business to ensure that employees are contributing on the level that they should be. Here are a few ways that bad credit businesses can stay on top of their HR, even if they don’t have the benefit of a centralized HR department. Ensure that there are strong protocols in place for communication. The communication quality within an organization that has no HR department needs to be carefully protected and preserved. Ideally, a forum for open communications within the business should exist as well as other communication channels that can be used

Social media is considered by some small business owners as the great equalizer, while others think of it as more of a nuisance than a tool, however for a wide range of businesses there is a large utility in promoted posts and advertisement whether or not they are actually updating their page every day, week or month. However, in order to make sure that they don’t simply waste money trying to get a desired result from their social media marketing there should be a set of procedures that they engage in. Typically a business on a budget should avoid grasping for their target audience by sending out a pricey and poorly targeted blast, which is different from using social media promotion in order to figure out what message an already identified target demographic responds the best to. Posting regularly on social media can help identify where to allocate paid boosts. If at all possible, small business owners who are really serious about boosting the reach of

Bad credit business loan alternatives give business owners who can’t meet the criteria for traditional business loan programs options for gaining liquid capital. For those whose bad credit would otherwise prevent them from pursing important opportunities for growth, they can be a valuable tool. One common aspect of this type of financing is that an advance is generally able to be renewed for better terms provided that the business is still making sales. For those who are able to use their initial advance to grow, the availability of another round of financing can potentially open even more doors when used in a strategic way. Compound on successful marketing. One common reason that business owners apply for bad credit business loan alternatives is because they are looking to invest in marketing in order to grow their customer base. Should they discover a technique that is producing a large amount of return, when they become eligible for a renewal they may seek to allocate that available capital into

For business owners who have bad credit, the task of raising cash flows, planning and allocating financing and getting capital in order to grow can be made a lot more difficult. Figuring out how to grow business while conserving capital takes time, thought and energy, but at the same time business owners have a responsibility to themselves to work on improving their credit score. In order to create a passive framework that allows them to move closer to financial stability, adopting positive habits is something that business owners should work on and make time for in their schedules. When taking bad credit business financing products, have a plan. A big mistake for business owners is taking on obligation without a plan on how to create positive ROI. Often times, bad credit can come from financing business expenses with credit cards or business loans without a backing of sufficient market research or cost analysis, teaching a painful, but ultimately valuable lesson. In business, arbitrary use of financing will

The financing of a small business is a delicate thing, and naturally some areas of a business will require a larger share of it than others. The trick to balancing a budget is figuring out what parts of the business need more funding, and which can continue to function with less. In the interest of advancing the latter, business owners will often turn to DIY, or do it yourself on projects. In an of itself, DIY recommends itself to the purposes of small business owners quite well. They often have a wealth of experience in diverse areas that can allow them to tackle projects independently. However, there are some aspects of running a business that, if they are mismanaged, can create serious problems for business owners. In the interest of managing their budgets, here are some ways that small business owners can effectively identify areas where they can cut costs with DIY, and where they should probably invest in hiring a pro. A note of

While the credit market for small business owners in the wake of the great recession has seen traditional loan options evaporate for all but mid to large sized businesses with viable credit, the need for working capital on the part of small businesses outside this range has not gone away. On the contrary, in order for businesses to effectively grow, many will at some point need to take a business loan, bad credit loan alternative or other type of financing. In the case of businesses that are growing but have very little in the way of assets, one option for procuring financing is to leverage their history of sales growth as the main criteria for underwriting a cash advance. Even if the business owner does not have collateral, such as a home or equipment, that they would otherwise use to secure a bad credit loan product, they can use the information contained in their last three months of banks statements to demonstrate to a financing

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