Economic downturns have the potential to cripple or even destroy businesses. The key to survival for your company is advance preparation. Here are some strategies that can assist your business in being prepared for a recession.
Recognize the Signs
Identifying the warning signs will assist you in being prepared for a recession. According to the National Bureau of Economic Research, recessions are characterized by significant long-term economic downturns. During these periods, there is less demand for products and services. Economic uncertainty causes consumers to be wary of spending. Companies may receive fewer orders than usual. This often causes businesses to implement cost-cutting measures such as closing locations, reducing productivity, and letting go of workers.
Keep Your Workforce Flexible
During recessions, workforces become more volatile. Some workers may make greater efforts to prevent the possibility of being laid off, while others may search for openings for better-paying jobs. Companies that maintain a flexible workforce have a distinct advantage in being prepared for a recession. To complement their core full-time employees, they hire extra temporary staff from online personnel apps according to the needs of specific projects. These workers are already trained and ready to go. While you temporarily employ them you have the chance to observe their efficacy in the positions in case you want to hire full-time help again when the recession ends.
Take Advantage of Opportunities
If you have prepared for a recession by building up a cash reserve, you will be in a position to benefit from certain opportunities that economic downturns present. For instance, you may be able to hire talented employees that other companies have been forced to let go. Suppliers may offer you better prices for goods that you need. If your competitors experience difficulties or even fold, you have a chance to take over some of their market shares or even acquire their companies.
For more advice on being prepared for the recession, get in touch with Artis Commercial Capital.
Most small businesses eventually come to a point where it becomes necessary to secure additional funding in order to keep the business running smoothly and generating profits. Getting the funding from a bank is always more difficult than obtaining needed funding from an alternative lender, since alternative lenders are not subject to the federal guidelines that traditional lending institutions are. In order to improve your chances of getting a bank loan, there are some things you can do. It still may not be possible to get the funding you need, but taking these steps will give you the best opportunity.
Securing a small business bank loan
The first step you can take toward securing a bank loan will be to ensure that you have excellent credit. That means you’ll have to establish a history of paying your vendors and suppliers promptly, and you cannot have defaulted on any previous loans. If your credit history is good, then you’ll need to find out exactly what your candidate bank requires in the way of documentation when applying for a loan. Have a solid business plan ready to show your banker, because this will demonstrate that you’ve done market research, you know the competition well, and you have a good grasp of the financial flow you expect from your business.
Then you’ll need to choose the right kind of small business bank loan for the funding you need, and this should be a loan type that fits your circumstances. You should be able to demonstrate to the bank that you’ll be able to maintain positive cash flow while repaying the loan back for the number of years agreed to in the term length of the loan. The better prepared you are for all contingencies, the more likely it is that you’ll be approved for the small business bank loan. However, sometimes even the best candidates get turned away by most banks, and in that case you’ll still have the option of working with an alternative lender.
No luck securing a small business bank loan?
It isn’t surprising, since the majority of applicants are disapproved these days by conventional lenders and banks. However, alternative lenders like Artis Commercial Capital are not obliged to follow the same stringent guidelines as banks, so we have higher approval rates. Contact us today to see if we can help you secure the funding you need for your small business.
There are more options than ever before when you’re considering applying for a business loan, and the one you choose will depend on a number of factors, starting with how much money you need and what you need the money for. If you don’t have good credit history, your options may be somewhat more limited, but you should still be able to secure the loan you need. Keep in mind that disapproval by banks and other traditional lending institutions does not mean you can’t get a loan. These days, alternative lenders have stepped in to fill the gap left by stringent bank requirements and frequent disapprovals for loan applications.
Below, you’ll find a summary of many of the available small business loan options. This will acquaint you with some options, and you can do some additional research to find out which might best fit your business circumstances.
Merchant cash advance – based on your monthly volume of credit card sales, this is not actually a small business loan option in the traditional sense, because there is no fixed repayment each month.
Equipment loans – you can either purchase needed equipment outright, or lease it for a number off years.
Line of credit – having a line of credit will help to cover expenses from day-to-day needs
Franchise startup loan – as the name suggests, such loans are obtained for the purpose of beginning a new franchise
Invoice factoring – in exchange for a lump sum of money from a factoring company, you would sell some or all your monthly invoices
Working capital loan – these small business loan options are used to fund daily operations and maintain positive cash flow
Professional practice loan – businesses offering professional services commonly make use of these types of loans.
At least one of these small business loan options should work for your small business, and when you have settled on one or two possibilities, your next step will be to begin researching potential lenders whom you can work with to obtain the right kind of loan for your business.
If you’re considering what might be the best possible small business loan for your company, we may be able to provide some assistance. Contact us at Artis Commercial Capital so our specialists can review some options with you, and discuss how you might take advantage of these options.
A pleasant working environment boosts employee satisfaction, minimizes stress, reduces absenteeism, and enhances productivity. Your personnel is more likely to remain loyal to your organization and refrain from seeking better opportunities elsewhere. Here are some tips on how to improve office environment for your company.
Hire the Right Personnel
If you are determined to improve office environment, start with the people. Take care to hire employees who can assimilate easily into your workplace culture. If anyone does not fit in, let them go before they pollute your office ambiance.
Improve office environment by ensuring that the workplace is attractive, clean, and has sufficient equipment and comfortable furniture. If possible, allow flexible schedules and even a balance of remote and on-site work. Benefits should include paid time off for relaxing, rejuvenating vacations.
Enhance the Lighting
A well-lit office has a strong positive impact on the attitude and performance of employees. Natural lighting is best, but if that’s not possible be sure that the bulbs that are used project feelings of warmth, calm, and alertness.
To be able to improve office environment, clear communication is essential. It is especially worthwhile to positively reinforce the performances of employees. You should not only evaluate personnel, though but also solicit their feedback and opinions. When they make mistakes, assist them in turning their errors into learning experiences.
Taking every opportunity to express gratitude to your employees for their hard work will certainly improve office environment. Thank them when they pass milestones or put extra effort into projects. Your appreciation will increase their enthusiasm and resolve.
Schedule company events such as lunches and other recreational activities at which managers and employees can socialize. This helps personnel get to know one another and forge relationships that make the workplace more attractive and desirable.
For more advice that can help you improve office environment, get in touch with Artis Commercial Capital.