Post Tagged with: "business"

4 Tips to Build a Farming Business in a Rural Area

Farmer feeding livestockTech is not the only industry that is experiencing a massive surge in demand. As the population of the world is increasing, the need for food is also rising in ways humanity has never seen. This is the reason why farming has become a good idea for a business for most entrepreneurs.

However, it can be a struggle to do it in a rural area due to the logistical and accessibility issues. These four things can help you build a farming business in a rural area.

Stock up on fuel

When you are in a rural area, there is a big chance that you are nowhere near a gasoline station where you can purchase fuel. Fuel is especially useful in running several farm equipment so you cannot afford not to have it when you are working.

One effective way to store your fuel is within fuel tanks. Search for a supplier of portable fuel tanks, so you no longer have to go to the gasoline station every time.

Buy a small truck

A small truck is very versatile on the farm. You can use it for transporting supplies to the farm. But most importantly, it saves you a lot of delivery fees as you can do the task yourself.

Choose crops that would do well in the weather

You want your yield to be of high quality and quantity. This is why you should choose crops you know grow well in the area.

Make sure you have access to water

To say that water is important to crops is an understatement. This is why you should have a water source.

Establishing a farming business can be incredibly challenging especially when you are venturing into it for the first time. But the financial rewards of this industry are worth the hassle you will get.

May 1, 2018 at 8:06 amInfo Tech

4 Ways to Prepare Your Business for Exporting

Export concept shotNow that you’ve determined that there’s a real demand for your products globally, you can further explore the idea of exporting. But do note that making your products available globally requires much more than making a feasibility study and analysis.

Improve the supply chain efficiency.

Your logistics performance has a significant impact on your export capabilities. You need to make sure that you have a foolproof system in place. This involves the simplest things like choosing the best supplier for a metal strapping tool for better packaging and engaging with credible partners for innovation processes.

Boost your domestic operations.

According to the Australian Trade and Investment Commission, you can’t expect to penetrate markets overseas successfully if you don’t have solid domestic operations. Identify the gaps in your processes and find solutions to improve efficiency and productivity.

Attend export coaching courses and sessions.

Doing business domestically is very different from going global. Don’t venture into it blindly. You need to learn the basics of exporting to make sure that you follow all the requirements and policies. You also need to educate yourself on export pricing and marketing.

Get market insights.

Distributing your products to a different market means you have to factor in more determinants. These include financial risks, cultural gaps and political dynamics. Get access to insights on market behaviour and assessment of the competition to remain relevant.

The decision to export shouldn’t rely on identifying your export potential. You need to make sure that your company is ready for it. Do market research, improve your operations and increase your supply chain efficiency. It’s a huge endeavour to take on, so make sure that you are well equipped.

April 17, 2018 at 8:02 amStraight Study

How to Qualify for a Jumbo Loan?

Man computing using a calculatorA jumbo loan is the kind of mortgage you need to buy a property with a jumbo price. It chiefly refers to the size of the loan, but its classification depends on what’s considered the “conforming loan” in the region. In Utah, the difference jumbo and FHA loan limits can be about $150,000.

Unlike conforming loans, jumbo loans are not guaranteed by the government. In other words, the lenders that issue them a big risk appetite. Considering they don’t follow the underwriting guidelines of Fannie Mae and Freddie Mac, qualifying for a jumbo mortgage is harder than usual. As only a few lenders offer jumbo loans, their interest rates are naturally higher.

If you’re planning to apply for this kind of mortgage in Salt Lake City, here’s what most lenders are looking for:

Extra-Large Down Payment

Jumbo loan lenders might be open to taking greater risks, but they’re not willing to provide 100% financing. In most cases, you’re expected to put down at least 20% of the total property’s price. On the bright side, you won’t have to pay for private mortgage insurance for years, which offers no personal benefit to you.

Low Debt-to-Income Ratio

Applying for this mortgage puts your income under closer scrutiny. Your prospective lender will go great lengths to make sure you have an unquestionable capacity to repay for it. Apart from providing evidence of your employment and earning potential, you’ll also need to provide plenty of other assets.

Excellent Credit Score

Of course, stellar credit standing is a prerequisite for jumbo loan approval. The lowest FICO score to qualify for it is 700. Obtain a copy of your credit report and identify any error in your file before speaking with a lender.

Most people don’t qualify for jumbo loans for good reasons. Securing a mortgage of such size is a privilege, which can be abused without stringent qualifications.

March 30, 2018 at 1:00 amFinance

3 Business Exit Strategies for Owners

Business man and women discussing dealsIt’s challenging to open your own business, and it’s equally as challenging to run it and succeed. However, what most people don’t discuss is the fact that it’s the most challenging to let go of it. Businesses close for a variety of reasons. Whether you’re closing yours for health, financial, or personal reasons, it’s important to seek professional help.

Business sales consultancy services in Utah provides more than just guidance in selling your business. It might not be discussed as often, but business exit strategy is also something that happens when you run one. Therefore, gaining enough knowledge on how to do so without incurring losses should be done.

1. Shut it down

Some business owners would prefer shutting down the business early on, while it’s still on a good stature to minimize the losses they would incur. While this is one of the easiest ways to manage your exit, it’s not always the best decision, especially when your brand still has value.

2. Pass it on

If your brand is still recognized and you still have a fairly good foundation, another good option would be to pass it on to relatives or even your children. That way, your years of your hard work would still be operational.

3. Sell it

There are various ways to sell a business. You can sell it to a friend whom you trust, for instance. You can also sell it to business partners or employees who would want to continue the venture. This will give you a peace of mind that your business is in good hands. If not, putting it up for sale to the public is always a way to sell it immediately and properly.

Parting with years of your hard work is not an easy thing to do, especially if this is your first business. However, finding a good exit strategy can definitely help you transition faster and easier than you imagined.

March 29, 2018 at 1:00 amDirect Service

Improve Your Business Goodwill with These Tips

A businessman checking something on paperGoodwill is intangible – but it’s an asset that you’d want to build your business. Here are some tips on how to get this done:

It’s All in the Packing

It’s not just the product – it’s how you present the product. Good restaurants know this, which is why they pay attention to how the food is served. As a merchandiser, you should invest in an automatic cartooning machine that gives you the freedom to embellish your containers as you see fit. A good container delivers a safe product that will keep your customers happy.

Invest in Your Workers

Don’t try to cut corners with workers and make sure they’re properly trained to keep customers happy. Good workers present a low turnover in your staff, which means that they’ll be more adept at serving and working with repeat clients. A good way of making sure your workers remain loyal and cheerful is by offering them a livable salary.

Follow Up After the Sale

It’s always a good idea to stay in touch with your clients after the sale. How do you do this? A simple email, text message, or a social media message can help perk up interest in you. It doesn’t have to be elaborate – just create a message that ascertains whether they’re happy with their purchase. In extension to this, you should invest in good customer service.

Establish a Relationship

Don’t just communicate with your clients whenever they set foot on your business – that’s bad marketing. Instead, you’d want to create a continuous presence in their lives. A good example would be maintaining a Facebook or Twitter account. By doing this, you maintain a background presence that makes it possible for them to constantly “check out” what’s new with you.

Of course, those are just some of the techniques you can use to build goodwill. Once you’ve managed to establish a good reputation, getting new clients becomes easier.

 

 

February 22, 2018 at 1:36 pmStraight Market

3 Biggest Benefits of an Accounts Receivable Loan

Approved Loan ApplicationEvery business needs to grow to succeed in today’s competitive field. To that end, many rely on financing options to expand. Traditional micro-business financing, however, has proven to be beyond the reach of small business owners. One popular option that these owners can turn to is accounts receivable financing.

At its core, it’s the selling of receivables at a lower price to a financing company, which then assumes the risks of these receivables. In turn, it issues your business the much-needed cash to help it grow. Here are the advantages of this type of loan:

No collateral needed

Unlike other loan types that require collateral to secure, this type of loan doesn’t need that. That is of a distinct advantage for small business owners who might not have enough in terms of possessions to put up as collateral. Plus, it’s also good that you don’t have that much in the way of risk—perfect for having a little bit of peace of mind while focusing on actually growing your business.

Ownership retention

One of the most attractive benefits of accounts receivable financing is that you don’t have to give up a portion of your business to secure your loan. One problem with other types of unsecured loans is that they might not ask for collateral but might request for a percentage of your company in return. It’s already assumed that the financing company will take on the risk of your receivables.

Quicker cash flows

Finally, this type of loan actually nets you soluble funds quicker. That’s because you essentially monetize your receivables without needing to move it yourself. That becomes the burden of the financing company. This ultimately means that cash flows in more quickly that you can readily use to grow your business in any way you deem necessary.

If you’re a business owner looking for an effective and easy way to gain cash, a loan from your accounts receivable is the way to go.

January 17, 2018 at 2:20 amFinance

Fastener Materials: A Look at Different Types

SteelIn construction, each part to make a whole, no matter how small or simple it is, matters. Therefore, part of usual maintenance instructions in machines is the checking of screws and bolts, aside from the usual inspection of bigger parts.

Like main parts, however, small fastening tools are also made up of different materials. Your supplier might recommend stainless steel bolts and nuts for one project and brass bolts and nuts for the other.

But why is there a need for such distinction? 

Steel

This is the most common fastener material due to its strength and durability. Steel fastener comes in a variety of types, like stainless steel, galvanised steel, and alloys, among others. It also comes in various bolt grades: Grade 2 is the standard bolt type usually found in hardware stores.

Grade 5 is stronger than Grade 2 and people use them in automotive materials, while Grade 8 is stronger than Grade 5 and used for more demanding automotive parts.

Aluminium

This is the least costly among all the other types of fastener metals, known for its light, soft and corrosion resistant properties. Aluminium fasteners also come in different grades and are sometimes equal or exceed the tensile strength of mild steel.

Brass

Brass can easily be shaped into anything and still remains strong and durable. It is nonmagnetic and has a higher degree of lustre. Unlike steel and aluminium, however, brass is worked by using cold temperature.

Copper

Copper has a high conductivity and malleability. Aside from that, copper is also a popular choice in construction because it is corrosion resistant. Although classified as non-precious metal because the world is abundant is copper supply, the quality of fasteners from copper is also notable.

So, the next time you have a construction project, take note of the fasteners that you will be using. They play a huge role in the success of your project. 

December 5, 2017 at 1:00 amInfo Tech

4 Tips on Fixing Cash Flow Problems

Sources of cash flowEvery business requires cash to run the daily operations of their business. Therefore, if there’s a cash flow problem, it’s important to fix them as soon as possible. Otherwise, you may run into problems with your creditors and ground your daily operations. Here are some ways to help you do that fix:

Send invoices as soon as you’re done

Invoice your clients as soon as you complete the service or deliver the goods. If you delay, chances are your invoices will get to the customer when the invoice payout date has already passed. You will have to wait for some time, causing strain on your cash flow.

Upsell your goods and services

Seek ways to improve revenue by encouraging customers to buy more or in bigger sizes. You may buddle up services and goods or give a discount if the customer buys them as a package. You can also cross-sell to a customer (if possible) to get you more money.

Negotiate with your creditors

Request your creditors to give an extended period to pay your lines of credit. This will reduce the pressure on your cash at hand, enabling you to handle the most pressing needs of your business.

Look for alternative funding

Look for a short loan or a bank overdraft to solve cash flow challenges. ARF Financial and other financial experts suggest considering flex credit loans, for instance. You may also seek supplier financing and small business grants offered by the government and other lending institutions.

Find ways to ensure that there’s enough cash for your daily business operations to survive. Pay variable costs as well as part of other lines of credit. These can help run your business smoothly and avoid late repayment penalties.

December 2, 2017 at 1:00 amFinance

Tips for Improving Merchandise Sales in Your Store

A manager at a sales meetingRunning a merchandise store is often rewarding. You meet new people, sell products you love, and earn more profit from doing so. However, you can only make a profit if you sell your merchandise correctly. There are at least a few ways you can improve your merchandise sales for improved profitability.

Increase Visual Appeal

Visual merchandising is one of the most critical elements for any retail store. Fortunately, RMS Shopfitters can help you do just that. A lineup of visual displays, which includes showcases, acrylic displays, and more can highlight your products to make them more visually appealing to customers.

Provide Friendly Service

Make sure the staff you hire in your sale offers friendly service. For instance, customers are more likely to purchase merchandise from your store if they receive a friendly greeting when they first enter. Staff members should provide friendly, helpful service with a smile to make customers feel welcomed and comfortable to help increase sales.

Make Use of Advertising

Make sure you advertise your merchandise properly. Highlight any sales or specials you have going on to attract more customers. More customers mean more sales, which is exactly what every retail store needs. Advertising helps draw the attention of customers, so they are driven to your store to make purchases.

Setup Product Samples

Depending on what you’re selling, product samples can work wonders. For instance, if you sell a line of beauty products, such as makeup, perfume, or body and hair care products, you should set up a sample booth or kiosk. Samples allow your customers to try the product before they buy, which then entices them to make a purchase, thereby increasing sales.

Increasing your merchandise sales should be a top priority. Retail businesses often face stiff competition. To stay ahead of the game, you need to make sure your merchandise sells, so you earn a profit.

November 24, 2017 at 10:20 pmStraight Market