Archive for Business Finance
How to Prevent Small Business from Filing Bankruptcy
Posted by: | CommentsToo Common of a Word in Today’s Business: Bankruptcy
Each day, media headlines are reporting on another business heading towards bankruptcy. So what can you do to make sure this does not happen to you? How do you make certain blood, sweat and tears were not wasted and replaced with cash flow problems? Here are a few tips to help your business stay out of bankruptcy court.
Ask for Feedback
Customers are a valuable source at your disposal. So why not ask customers to provide feedback about your company, product and/or services. Ask them about the positive and negatives of your small business. Enquire about how you match up to others. Find out ample, honest information from clients, and make adjustments accordingly. It will help you create an effective marketing strategy for your business and discover where your weaknesses are and how to improve these issues. As a result, these actions will prevent your business from considering bankruptcy as an option.
Consider Buying Second-Hand Office Furniture and Supplies
You want to impress clients with your office atmosphere, but you do not need to buy brand new office furniture. Look for used office furniture in good shape. Make sure there is no noticeable damage, and consider purchasing if it saves you money. You do not want your business in a bind due to expansion costs of having to hire and buy more space/furniture to accommodate the increased employee numbers. Thus, cut costs on furniture. Be smart about your purchases. Saving where you can in this recession shows you are being ahead of the business game.
If your small business is still tight on money, then check out a small business loan and find a lender that is right for you.
Watch Out for Fake Loan Scams
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Do Not be Victim to Business Loan Fraud
When you need money, it is normal to shop around for the best offer. However, there are a few facts you need to verify before filling out paperwork. Alternatively, do not give any business identification numbers either until you are certain the company is legitimate.
Hold Out on Giving Account Information
If during the initial phone call, a loan company starts asking for driver’s license numbers, social security numbers, and account access information, then be leery. Do not continue with the conversation. There is no reason why a legitimate loan company will be asking for this information upfront. You are just trying to shop around for numbers. Thus, if a company requires the information, then I would consider moving on. For it could be a sign of identity theft. The representative may take the information, use it for identity theft purposes, and you shall never be able to reach him/her again.
Do Not Provide Cash Upfront
If a loan company asks to pay upfront, then research alternatives to your small business loan. Ask around, check references and try to find other options for a business loan. Look into a business cash advance or various choices besides the one you first contacted. The problem occurs when you provide a deposit or cash upfront, the loan company may take this money and remove the phone number forever. It is a swindle. Thus, you need to be careful when applying for a small business loan.
Small business loan companies are gaining in popularity. With the growing need, unfortunately, there are people who see the means to illegally profit from the industry. It is a terrible situation. Therefore, protect your small business and yourself from becoming the next loan fraud victim.
4 Ways to Protect Your Online Business Bank Account
Posted by: | CommentsSmall Businesses need to be Aware of Hackers and Fraud
In this technological age, small businesses need to be aware of online hackers. Computer criminals may gain access to your account and ruin your financial situation. Fraud is a growing issue when it comes to people utilizing your business account for their own. Hence, you need to protect your business by following these simple tips.
Check Your Account Activity
Keep a close watch on your account. Pay attention to what is being withdrawn and charged. If you see something suspicious, take it up immediately with your bank. You need to be on top of your account. Stay ahead of the game. Thus, if you see something out of the ordinary you are able to nip the situation before it grows into a momentous disaster.
Do Not Leave a Paper Trail
Most banks offer the choice to opt out of paper statements and use electronic forms. Choose the electronic option. If you receive information electronically, it eliminates the odds of your account information to be seen and/or placed in the wrong hands.
Change Your Password
You should update and change your online bank account password on a regular basis. Find out if your bank has personalized security codes for specific account holders. If your small business has more than one person handling online transactions, then each person should have his/her own sign-in and password information.
Be Familiar with Your Bank’s Procedures
If a hacker or fraud occurs, then you need to know what the bank does for your business. How does the bank handle the situation? Will the bank automatically refund the stolen money or is there a waiting period? Will your bank pursue the criminal act and investigate the situation?
Online hackers and fraud crimes are increasing and the better prepared you are to deal with the situation the better. Your small business cannot afford these terrible mishaps to occur. Therefore, have a backup plan and strategy in place to ensure your business operations continue as normal.
