Outsourcing Can Save Time and Money While Delivering Professional Results

Balancing quality with low cost is important for a business to be successful. For example, can the current staff successfully handle the workload or will quality be sacrificed if new employees are not hired? Is there a need for experts to handle certain tasks, but not enough to justify full-time employees? Should these tasks be outsourced or added to the workload of current employees to avoid the need for new hires?

In the past, outsourcing was typically limited to data entry, low-level tech support, and telemarketing. Today, business owners outsource significantly more from back office tasks to CEO's. Billing, accounting, payroll, and human resources are commonly outsourced. There is a gap between these functions and the primary business which introduces a level of comfort to the business owner. By outsourcing, there is little risk of trade secrets being revealed and numerous benefits of having professionals do the jobs. Outsourcing functions that are more closely tied to the primary business is becoming more common. For example, CEO's and CFO's can be brought in to help guide the business or help make key decisions.

Choosing the provider to whom you will outsource should be done with care as they will have an impact on your business. Here are some factors to consider:

• In a version of "what comes first, the chicken or the egg", you can consider hiring an outsourcing consultant. They will help decide which functions you will outsource and supply referrals to outsourcing providers.

• Be sure the contract for services is specific and clear. Detail exactly what tasks will be provided as opposed to general terms like "back office" to avoid any misunderstandings.

• Consider having a lawyer review the contract prior to signing. Typically, the service provider writes the contract and a lawyer can assure that you will not be at a disadvantage. 

• Have a plan in place to monitor the services performed by the outsourced workers.

If finances are holding you back from obtaining the professionals your business needs, speak with a business consultant at National Business Capital. We may have a solution for you!

Help May Be Available for Businesses Affected By Storms

For many small businesses in the path of Super Storm Sandy, the last quarter of 2012 was a financial challenge. Just as a large collective breath was taken and business owners forged ahead to make the first quarter of 2013 a success, Nemo blasted through the region as a winter storm to some and as a blizzard to others. 

Businesses in the hardest hit areas may face numerous challenges. Streets may have been closed for days resulting in loss of revenue as well as loss of production. Physical damage to office space or inventory may have occurred. In addition, suppliers may be affected and unable to provide needed materials and customers may be facing financial challenges as well resulting in cancelled orders or late payments.

National Business Capital is based in an area hard hit by both Sandy and Nemo and are seeing the effects first hand. We are here to offer any advice and assistance we can to help businesses recover and get back onto the path to success. Please call and speak with one of our business consultants to learn if any of our programs can be beneficial to your business during this trying time.

Can You Afford Office Space?

Putting your dream into reality and starting your own business is an exciting time filled with planning and decision making. One major decision to consider is just exactly where your business will be located. For some, retail or office space is a must, but for others almost any space can work.

Wi-fi, laptops, Google Voice, and cloud storage, among others, make home offices more doable than ever and may be a great place to begin. Meeting space can be a challenge, but most communities do offer solutions. The public library often has meeting rooms wi-fi available. Call in advance to reserve a room to ensure it is available for your appointment time. Community centers are another option. Even hotel lobbies can work. Some lobbies have tables and wi-fi making a small meeting possible.

Another option to consider is shared space. There may be a local business with more space than they need who would be willing to rent the space out or even barter for the use of the space. There are also office suites specifically established for business owners to rent time/space and are equipped with computers, wi-fi, phones, printers, fax, etc.

If these options are not for you or if you have outgrown them, then renting or buying office space may be what you need. Speak with one of the business consultants at National Business Capital to see if one of our financing programs can help fund your space.

Isn't It Bad To Use Credit?

With the economic crisis our country has faced during the past few years, there has been increased urging to stop the use of credit. If you can't pay cash, don't buy it. While this may be good advice on the personal side, it usually is not prudent on the business side.

Nowadays, it is hard to be successful in business without utilizing credit. A business needs cash flow in order to meet payroll, pay taxes, and cover scheduled payables such as mortgage, electric, etc. Therefore a certain amount of liquid reserves should be on hand at all times. But what if the cost to expand operations depletes the reserves? You do not want to turn business away and at the same time you don'twant the worry of not having the cash on hand to meet the scheduled payables.

Unlike personal expenses, paying for business expenses when you do not have the cash on hand can be a smart move because it may expand your business and increase your revenue. A business loan can afford the opportunity to pay for capital expenditures while leaving cash reserves available for scheduled payables and incidentals. Business can expand, loans can be repaid, and expenses can be met.

Traditional bank loans can often be difficult for small business owners due to the fixed monthly repayment plan. Monthly revenue often fluctuates greatly for retail and small businesses. A more prudent and less worrisome option might be open a line of credit or take out a loan based upon the business's receivables. The repayment plan is structured upon a percentage of the monthly receivables so that it fluctuates along with the income.

National Business Capital has expert business consultants on hand to discuss your specific situation. Give us a call to learn what options are available for you.

Is NOW the Time to Expand Your Business?

The beginning of a new year is often an exciting time filled with motivation and big goals. As a business owner, one goal for 2013 may be to expand your business. How do you know if this is the right time?

• So far, so good. You implemented your business idea and have had success. Before expanding, it is important to look at the structure of your business. The expansion should bring increased business. Will your current structure be a successful model to handle the increase? Will you be comfortable delegating work to employees? Can you restructure to streamline operations? What factors need to be considered before the expansion?
• Look closely at the reasons you are considering the expansion. Has there been an increased demand for your product or service? Has this increase in demand been over a meaningful period of time? A short spike in business overall or from one particular customer may not be reason enough for the expansion. Look for clues that the increased demand will continue for the long run.
• Take a look at your competitors. Will your business be able to compete with larger businesses that may be able to offer more competitive pricing? 
• Is bigger really better for YOU? How will you measure success in owning your own business? Is it by the number of customers and employees that you are responsible for? Or is it the personal relationship and traits of a small business that will bring you pride and happiness? Increasing your business may mean that your responsibilities now lie in administrative work when your real passion is actually doing the service your business provides.

After careful consideration, do you feel benefits outweigh the risks? If so, call National Business Capital and speak with one of our expert business consultants to learn about our financing options.

Inexpensive Employee Appreciation Ideas

One easy way to help keep employees motivated is to provide extra perks. This time of year many employers shell out big bucks in holiday bonuses and/or holiday parties. Revenue may be lower due to a decrease in time spent on tasks. Why? A high number of vacation days used, extra "water cooler" time spent discussing the holidays, holiday planning at their desks, etc. It becomes a financial challenge for many employers to provide these perks that have become expected.

As a business owner, you want your employees to feel appreciated and to be happy in their work environment. Is there a way to achieve this without spending a fortune? The answer is yes and here are some ideas!

• Talk with your vendors. You provide them with business throughout the year and help keep their business profitable. See if they would be willing to offer discounts directly to your employees.

• Talk with local merchants. Perhaps you can make arrangements to offer discounts to each others employees.

• Professional associations may have agreements for discounts to their members. If so, see if you can extend these discounts to your employees.

• The gift of time is always a cherished perk. Depending upon your business structure, there are different ways to make this manageable. One way is to change the working hours to four ten-hour days thereby providing your employees a three day weekend every week! Another way is to have a rotating schedule for employees to add extra time to their lunch hour or leave early for the day. An hour here and there may not affect your bottom line too much or may even improve it by keeping your employees motivated and happy!

Of course, not all perks are free, but the benefits of providing them can be great. If you would like to offer perks to your employees, but cash flow is a challenge, speak with one of the business consultants at National Business Capital. We can discuss the options available to provide you with the cash flow you need.

How Much Is It Costing Your Business By Not Taking A Loan?

Right now business owners are taking advantage of great opportunities by using our working capital. Usually when taking advantage of an opportunity, you need capital. If the profit outweighs the cost of capital, the opportunity makes sense. How much is it costing your business by not taking a loan? 

Do You Have the Funding to Prepare for the Vital Holiday Season?

Whew! The fast pace of summer business has slowed down giving business owners a chance to re-group and prepare for the rush of the holiday season. October can be a slow business month, especially for retailers and restaurants, making it the perfect time to plan ahead!

A profitable holiday season is crucial to the success of retail stores and restaurants. In order to maximize your profits, consider the following:

• Inventory should be well stocked and ready for the earliest holiday shoppers! The good news is that many vendors offer discounts during the month of October. Take advantage and stock up! Check with your suppliers to see if discounts are offered or ask for a discount if you buy in bulk.
• Increase your marketing efforts during the busy holiday season! Consumers are bombarded with print ads, online ads, radio and t.v. ads all calling for their business. Be sure you are heard above the rest! Speak with your marketing company to see if they will provide a discount for early payment on your holiday ads.
• Do you have enough staff? There is nothing more frustrating than filling your business with customers, but losing the sales because you do not have adequate staff to service them. Hire seasonal staff early enough to train them well. Having enough salespeople or servers means nothing if they can not do the job properly.

Don't let limited cash flow hinder your holiday sales! Speak with a business consultant at National Business Capital to learn about our financing programs!

Are You Taking Advantage of Social Media to Promote Your Business?

Social media has become a large piece of the marketing puzzle for businesses, but many business owners fail to understand the true value.  While social media strategies will differ from business to business, each should implement and use social media.

Some business owners feel their business is not the "right fit" for social media because they see it as a tool for "social" businesses such as restaurants or clothing stores.  This is not true as National Business Capital itself can show you. We have a social media marketing plan which focuses on educating and engaging our customers rather than posting silly pictures for caption contests or coupons for nachos. Understanding the various social networks and their individual value propositions is important for every industry.

It's not all fun and games. Social media has become a key piece in search engine optimization.  The businesses who find themselves at the top of search results pages typically have active social media channels. It is also important to note that using the channels is not enough.  Take the time to learn how to use social media for business as it is a whole different beast than using it for fun.  

Social media is a viable tool for each and every business.  Take the time to do research and speak with professionals to help guide you in developing a successful plan. How about starting by looking at National Business Capital's social media?  Follow the link to our website and click on the icons!

What Does My Credit Score Mean?

Do you want to secure a business loan, but are afraid your credit score will make you ineligible? 


Are you worried that recent financial hardships have decimated your credit?


Have you found mistakes in your credit report that have not been corrected?

Any of the above scenarios can induce anxiety when applying for a business loan. Remove the fear of the unknown and you will be well on your way to removing the anxiety. National Business Capital can help!

Take the first step and call us.  One of our business consultants can provide you with a FREE CREDIT CONSULTATION and help you devise a strategy to secure the best financing terms possible.  Poor credit does not automatically mean no loan approval!


The business consultant will ensure that you know how to read a credit report.  Should there be any mistakes on your report, the consultant will advise how to correct them.  It is important to note that there are many companies that claim to fix your credit.  Be wary as many are unethical; may charge up-front fees and provide no solutions.  If your report is correct, but your score is still less than stellar, the consultant can advise how to improve the score. 


The business consultant can help guide you through your options.  The answer may be to apply for a small loan now, take time to repair your credit, then apply for a larger loan. Or, even with poor credit, you may qualify for PREMIUM approval by National Business Capital right now! 


The most important fact is to know your scores and understand how they affect financing terms.  A bit of knowledge may save you thousands of dollars!

Did You Know National Business Capital Finances Equipment For Up To Five Years?

Attention!  Valuable information to help increase profits! 

DOCTORS, RESTAURANT OWNERS, MANUFACTURERS, WHOLESALERS, DISTRIBUTORS, AND TRANSPORTATION COMPANIES!

You've heard the saying, "You have to spend money to make money." Purchasing equipment in order to offer additional services and/or be more efficient is a great way to better serve your customers and increase your profits. 

National Business Capital offers excellent financing options so you can increase your profits and still maintain the cash flow you need!

Why finance your equipment purchase with National Business Capital?

• Terms up to 5 years frees up your cash flow

• Purchase new or used equipment

• Not limited to a particular vendor; shop anywhere you choose

• Tax deductible

• Payments once per month

MANUFACTURERS, WHOLESALERS AND DISTRIBUTORS, you may also be qualified to refinance your existing equipment loans purchase equipment with terms up to ten years!

Do you have a high interest rate loan/lease with a balance over $200,000? You may be eligible to refinance to a lower interest rate! 

Please call us and speak with one of our business consultants to discuss your options and receive a no obligation quote!

Tax Time Worries? National Business Capital Can Help!

Tax season is tough, especially in this difficult economy.  Often, money is stretched just to cover operating expenses and business owners find they are unable to pay taxes. Fortunately, National Business Capital can help!

National Business Capital offers a variety of financing programs and works with each applicant to  create a tailor fit solution. National Business Capital can even provide solutions where other lenders can not. We can provide:

• Financing to pay taxes

• Financing to pay tax liens

• Financing to business owners NOT on an IRS Payment Plan

Recently, National Business Capital helped a business owner obtain financing to pay a $140,000 tax lien. We were even able to offer one of our premium programs! If taxes are a concern to you, call and speak with one of our experts so we can create a solution for you!

Maximize Your Summer Earnings!

Memorial Day is the unofficial start of summer.  Is your business ready? National Business Capital can help prepare your business to maximize your summer earnings. NOW is the time to finance all of your seasonal needs!

Our financing programs can help repair, replace, update, your equipment or create services to increase your revenue. Don't wait for equipment to fail and you find yourself in a bind.  Be proactive so that you can research and purchase the best equipment at the best price.

Restaurants Owners! Would an outside bar or patio increase revenue? Does your patio furniture need an update? Does the outside of your building look clean and inviting? Act now and enjoy summer months filled with new customers.

Doctors!  Be creative!  Are there additional services you can provide to increase your revenue and provide greater patient care?  Do you need special equipment to offer this service? Don't let finances hinder you.

Landscapers, Pool Services, Contractors!  Do you own a company that relies on summer income for the bulk of your earnings?  If so, ensure your equipment is top quality and prepared to work hard.  Would new equipment allow you to offer additional services or work faster?  Do you have the funds to maximize your advertising during these critical months?  Do you have enough employees to handle the amount of business you could be doing?




Call now and learn how National Business Capital can help make this summer a successful one!

Business Credit Lines are Back!

Having access to a line of credit is essential for a business.  Since cash flow can be unsteady and unpredictable, quick access to funds can help a business make payroll, pay taxes, pay bills, buy equipment, etc.  

 

With the economy causing greater fluctuations in cash flow, business owners need lines of credit more than ever. Unfortunately, most banks have cut or closed their business line of credit programs.  Not us.  National Business Capital never stopped lending and our guidelines have remained flexible.

Some of the benefits of a business line of credit are:

• Having peace of mind knowing that you have access to available credit.

• Receive an actual check book!

• Only pay for the funds that you use.

• Having the ability to take separate drafts when needed.

National Business Capital's business line of credit is available to limited industries. Call and speak with one of our business experts to learn if your business qualifies.

New Local Daily Deals for Small Business

By now everyone has heard of, and probably used,  Groupon, Living Social, or one of the many sites like them.  These sites all work along the same premise, they just go about it slightly differently. They offer customers the chance to purchase one significant deal each day.  This allows the business to attract a large number of new customers and, hopefully, earn their continued business. 

Daily deals have worked well for many businesses, but problems have been seen as well.  For instance, many small business owners find it difficult to offer the large discounts that is required to utilize these coupon services. Also, with the huge quantity of deals being offered, many business owners believe customers go where the next coupon sends them rather than convert to a repeat customer.  Again, this is especially difficult for a small business.

A new coupon based marketing company thinks it has the answer for small business.  Constant Contact, a company used by approximately half a million small businesses to manage and create email marketing campaigns, has recently launched SaveLocal.  Rather than model the marketing campaign on large scale consumer lists, Save Local targets your existing customers and offers incentives to share coupons with their social networks. In addition, the merchant controls the amount of discount offered to ensure they do not lose money and Save Local only charges $1 to $3 per coupon.

So what's in this for your existing customers? That is up to the merchant.  Some examples are an extra discount on the coupon, a percent off a future visit, or even a free item.  The biggest plus is that the customer gets the incentive just for sharing!  Your existing customer is thanked, by earning the incentive, simply for sharing the coupon whether or not any of their friends make a purchase.

Targeting your existing customers social networks increases the chance that the person seeing your coupon is local to your business and therefore more likely to use it.  SaveLocal states that approximately 1/5 of the people responding to the deals are new customers for the merchant.  Being local customers, they are more likely to be become repeat customers.


National Business Capital is always on the lookout for services which may benefit our customers. SaveLocal may be a good marketing option for small businesses to reach local customers.   Take a look if you think daily deal marketing might work for you.

How to Successfully Price Business Services

Deciding to open your own business is a risky, yet exciting, venture.  One of the most important factors to consider is how to price your services so that you can make a profit.  Customers come to National Business Capital for help achieving their business financial success, whether through funding or merchant services, so we would like to offer the following tips on setting price points.

Many business owners feel they should undercut their competition when first starting out. Discounts may be given to family members, friends, neighbors, or anyone to bring in business.  This may seem like a good way to start, but there are a few problems it can create. First, can the business sustain itself on this reduced pricing? The business may be busy with work, possibly even overloaded, but still be unable to cover costs.  Second, pricing affects the perceived value of your services.  Set your price too low and potential customers may question the quality of your work or the need for the particular service you provide.

Raising the price of services often causes concern for business owners as they feel customers may be upset or not feel the need to continue the service at the higher price point.  Confidence is key here.  The business was created because there is a demand for the services provided and the business produces quality work.  Communicate with your customers to be sure they have a full understanding of the full value your business provides.  Highlight the areas where you go above and beyond your competitors. Higher prices means the business can sustain itself on fewer customers or with added employees.  Either way, staff will have more time to spend with each client therefore providing greater service.  The higher price point may also help attract the right customers, meaning the customers who understand the value of your business and the value of paying for quality products.

Take a look at the cost to you for providing the service and then determine a fair profit margin.  Customers understand that a profit needs to be made and will not begrudge a fair one, but may walk away from a business with a reputation for overcharging.

Research the industry.  Find out what competitors are charging. Review annual statement studies on small and mid-sized business financial benchmarks and be sure your profit margin is in the ballpark. Overall, have confidence in yourself and your business and the value you place on it.

Pinterst for My Business?

The use of social media in business is on the rise and business owners are learning that it is not whether they use it, but how they use it.  Keeping up with the constant evolution of social media can create a challenge for the business owner to implement the best strategy.

The newest social network to grow at an unprecedented rate is Pinterest.com. The site works as an online scrap booking community. The users create different boards on which they pin items of interest.  For example, a user may create a board for photography to include unusual photos they come across or may create a board for their favorite kid friendly recipes. The user may follow people who pin items they find interesting and can in turn re-pin the item to their boards.

Business owners have rapidly been learning the benefits Pinterest can have for their business.  There are many ways a business can utilize the site for their benefit.  Let's take a look at how a hair salon may use it.  The salon owner can create a board for each faction of their business, such as Wedding Styles, Color, Hair Care Products, Cosmetics, Hair Care Tips, etc.  The owner will then pin pictures of the styles they have created, the color treatments they have done, the products they sell, and tips to keep hair healthy or manage hair in difficult weather. Each person who follows the salon then shares all of these pictures and tips with their followers.  Comments can also be left for each pin. 

Suppose your business does not sell actual products, but rather provides a service.  Let's look at how a medical provider might utilize Pinterest.  The provider can create boards to offer education and tips to their followers.  For example, Preventative Care, How to Care for a Cold, The Benefits of Immunizations, etc. 

Pinterest is the HOT social network at the moment and offers business owners free word of mouth advertising and a free platform to showcase their work.  The staff at National Business Capital is always on the lookout for ways to help their customers become more successful. Pinterest may be useful tool to spread the word about your business.

Happy Workers = Productive Workers

Everyone dreams of having a job that they love going to each and every day.  As a business owner, hopefully you have created a work environment that you find enjoyable and you love the industry you work in. Now take a moment to think about your employees. 

Most likely your employees smiled a lot during their interview with you and "wowed" you with their enthusiasm for the position.  Their early days were likely filled with energy and aspirations.  How do their attitudes seem to be now?  Do you see smiles and hear friendly, happy voices?  Do they want to be successful not only for themselves, but for the betterment of your company?  Or perhaps, are your employees using a lot of sick days, coming in late, or rushing out a bit too early?

Research has shown over and over again that a happy employee is a productive employee.  Creating a positive work environment is not just a fringe benefit for your employees, but it is vital to the success of your company. 

Studies show that management styles may be the largest factor in employee satisfaction.  Whether you are the sole manager or you have a management team, help ensure that your employees are happily engaged at work.  Managers should show both the ability and willingness to help an employee achieve his/her goal.  Workers are more productive when they feel their work is meaningful and their efforts are appreciated.

Companies such as Google, Apple, Zappos, and Maya Design consistently rate as top companies to work for in America.  They all share similar leadership styles and focus on a positive company culture.  They believe in the research which shows that freedom and an enriched environment facilitates hard work and positive results. You can achieve the same results even if your company is not as large.

How you promote the positive company culture will depend upon your specific company.  Options available to some companies may not work for another.  For example, the opportunity to work from home when not feeling well or caring for a sick child may work for an employee who can do most of his/her work on the home computer.  A retail store can not utilize this option.

Adult workers today spend an enormous amount of their time working.  Look for ways to help improve the work/life balance and have fun.  Possibilities are flexible work hours, providing on-site child care or an on-site gym.  Perhaps you can give your employees their birthday off  or provide lunch for the staff once per week or month.  If that is too expensive, you can have a company lunch time every so often where your employees all take lunch at the same time and you facilitate games or bring in a movie.

The bottom line is that your employees happiness does matter.  Think outside of the box and find creative ways to engage them as well as problem solve.  Be approachable and open to new ideas and your employees just may help you design the positive work environment you all are looking for! We, at National Business Capital, hope you find this article beneficial!

How To Beat The January Business Blues

It is well known that the month of January can be a difficult one for many people in their personal lives, but did you know that the "January Blues" can affect a business as well?  National Business Capital has researched the many ways a business might be affected by the January slow down.  We offer the following advice given by business owners and experts.

The months leading up to the holidays are, for many businesses, extremely hectic.  Pressure for high sales may felt by employees across the board.  In addition to sales pressure, many additional year end tasks need to be completed.  Many business owners and employees work long hours and extra days to successfully get through the holiday season.  Once the season is over, a certain let down my be felt.

The sales are over.  The decorations are taken down and placed in storage. The holiday parties have come and gone.  For some businesses, January means long hours of inventory. The days are shorter and colder and many people feel they have little time for leisure activities.  All of this can have a negative impact on employee (and business owner) morale.

One suggestion we were given is to look at January as a time to better your business self.  Since this is typically a slow business time, take the opportunity to attend professional seminars or classes.  Go to some of those networking events that you always mean to attend, but somehow never find the time to. Bring speakers into the office to further your employees education.

While November and December focused greatly on your customers, why not take some time in January to place focus on your employees?  Again, with this typically being a slow time for business, plan some team building activities and/or employee appreciation events. Depending upon the size of your company, you may spend one on one time with each employee or department. 

January is also a good time to review your expenses.  A great way to boost your own morale is to find some areas where you can save some money.  Look at your phone and internet service as well as health insurance and price competitors.  Review all independent services such as accountant, copy service, mailing/shipping.  Be mindful of contracts and termination fees and plan when will be the best time to make changes.

Connect with your customers.  Depending upon the size and type of business, this may mean reaching out in different ways.  Send an email blast and ask for suggestions of what your customers would like to see in the coming year.  If possible, make personal contact with your clients to help them feel connected to you.  Offer special loyalty discounts/programs.


National Business Capital wants to help you feel motivated to make 2012 your best year yet!  Hopefully these suggestions will help!

NBC Fundraiser for Army Veteran Joel Barish

Come join us for a night of fun:

• Buffet Dinner
• D.J
• Chinese Auction
• 50/50 Raffle
• Cash Bar

Benefit will be held at:

February 2, 2012 at 7:30pm

235 Lake Shore Road, Lake Ronkonkoma, NY

 

About Joel

Joel Barish is a 64-year-old Army Veteran from Lake Grove, NY who had a massive stroke on November 26, 2010. This traumatic brain injury caused the right hemisphere of his brain to no longer function, resulting in permanent paralysis on the left side of his body, and paralysis and blindness in his right eye. He is no longer able to walk or care for himself, and is totally dependent on help from others, especially his wife and two daughters. He was in the hospital for 3 months and has been in a nursing home/rehab center for the past 8 months. As you can imagine, the cost is becoming unbearable for his family.

All of the proceeds from this event will go directly to Joel's Family, to help reduce some of the expenses associated with his continuing care.

For more information and to purchase tickets, please click here.

National Business Capital is honored to sponsor this event for such a worthy cause.  Please join us.