Online Marketing Strategies – Web Maintenance

 

Businesses are now enjoying a newer and better marketing platform – the internet and its modern netizens.  It seems much easier and less expensive but it is much more complicated. It is an entirely different world from the other conventional marketing strategies.  Established companies that are used to the old ways may find the transition overwhelming because old school businesses will need to re-learn their marketing plan and get back to the drawing board.

Marketing and promotions is an integral aspect of doing business.  Companies allocate as much as 10 to 16 percent of their annual budget on it. Recent statistics reveal that the population of online shoppers has significantly increased, thanks to the growing number of 3G devices, much of the marketing budget goes to the development, optimization of websites, and website maintenance.  It is to have a great looking website and to leave it at that.  Indeed, all the work dedicated to build the website would go to waste if web maintenance is not given as much priority.  It is very much like developing a great product but then not telling anyone about it, or not properly explaining what it is, or how to get one. 

Web maintenance is all about ensuring that the website gets the exposure it needs constantly - the kind of exposure that matters which includes having it dominate the search engine result page, updating content  and making it more relevant with the times, continually building quality inbound links and regularly assessing keyword effectiveness and marketing strategies.  Web maintenance makes websites constantly effective in its purpose because websites should be able adapt quickly to the constantly changing search engine algorithms, market trends, social media fads and web related technology.

This newest marketing platform, along with the technology that drives it is dynamic and it is not easy keeping track of what is happening.  A day as a top ranking site does not mean you’ve done your job, because the next day you may not find the site on forts page.  And that’s the kind of change that can really hurt sales. This is why web maintenance is an important on-going activity for any company whose sales are dependent on their website.   

Web maintenance is a time consuming endeavor that is better outsourced so business owners can focus on what they do best – running and managing the business. 

Small Business Finance – Helping Small Businesses in a Big Way

Small businesses often need a business finance facility time and again and usually, the collateral comes from the owner’s personal assets.  This is why small business owners pay closer and more personal attention to their businesses. But what happens when personal assets are not enough?

One of the difficulties that small businesses face is keeping cash flow positive and access to small business finance facilities.  Oftentimes, there’s too much paperwork, the need for more valuable collateral and a higher loanable amount.  What’s more, conventional financing institutions such as banks find that small businesses have very low survival rates and they consider them high risk clients. 

It is a good thing that small businesses have other credit facilities they can turn to. The application process is much easier with minimal documentation and a stress-free repayment system. There are two types of small business finance options - business cash advances and unsecured small business loans (without collateral).

                These alternative funding facilities do not require business plans or extensive financial statements and near perfect credit scores. All they do is evaluate their applicants based on capacity to pay and the current market conditions.  Capacity to pay is based on daily sales volume, so previous sales records are necessary.  Payment is taken from a percentage of the daily debit/credit card sales – usually 10%. It is up to you to determine how much you need and how much of your profits you are willing to part with.

These small business finance facility has no fixed interest rate but it does incur cost of money, so you do need to assess how much financing you need and how much it will cost your business in the long run.  Daily payments or loan term is usually made between 3 months to 18 months depending on the loan amount or the value of the daily payments.

                Do not underestimate or overestimate the funds you need.  Falling short of your financial needs won’t be of much help and overestimating could add unnecessary burden to your business and put a strain on your cash flow.  Keep in mind that the higher the amount borrowed equals higher cost of money.

                Small businesses have a tendency to renew their loan account after a complete loan cycle.  This is why it is important to review the business’ performance before the loan cycle ends.

                Small business finance facilities are meant to help small businesses face the challenges of daily operations, the hurdles of innovation, research and much needed marketing to boost sales and market presence.  The financial boost goes a long way and it also helps small business in a big way.  Growth for small businesses also means the growth of the institutions that finance them.  

The Difference Between Selling On Your Own and Hiring A Business Broker

Business owners sell their businesses for very different reasons and these reasons also dictate price, how soon the business sale should be concluded and at what point in the process should a business broker be brought in. 

Everyone involved in business sales, especially in the very competitive Sydney market would suggest that you should sign up with a business broker on the get go.  It will save you time and free you from a lot of paperwork and stress.  Business brokers also have access to market database and buyer profiles, without which you may spend a lot of your valuable time searching and screening buyers to no avail.  Business matching is one of their capabilities which is why there are business brokerage firms who can guarantee a sale in a short amount of time.

Selling a business in Sydney is not quite like selling wares or a service.  How a buyer values the business is not based on how a seller brands or packages the business.  What buyers are looking for is simple – will acquiring your business adds to their profitable portfolio or is your business viable and worthy of their hard earned investment capital?  Without a business broker to give you excellent advice regarding the mindset of a Sydney buyer, you may find yourself ill prepared for the negotiations (and most likely to make business sales mistakes) and have a hard time selling at the price you want and eventually settling for a ridiculously low price because you are running out of time.

A business broker’s job is not only to find the right buyer for you but to make sure you and your business are prepared for the Sydney market.  They have very valuable knowledge and experience in businesses successfully.  Without them, you will have to do the necessary research and the extensive marketing on your own which may very well be counterproductive.  Hiring a business broker allows you to concentrate on running your business and prepare it for the eventual sale and a smooth transition of ownership. 

A successful business sale is all about knowing your worth and having the right resource to sell at your price terms, and in the very competitive Sydney market, knowledge and insight can get you the outcome you hope for.  The right business broker could mean the difference between profitable transaction and a mediocre business deal you may regret. 

Business Sales - Selling your business

The whole process of business sales may seem like a difficult endeavor for a small business owner but with the right connections and the right people to help you, it becomes a worthwhile business adventure.   It is also a good idea to have some sort of a map or a list of what to expect so you can prepare for whatever comes around each corner.  

·         Business Valuation – knowing the value of your business.  You need your accountant and a business/financial adviser.  The value or your net worth is not just about numbers.  Financial statements tell more than that. Financial advisers and accountants are the people you can count on to help you understand what the values attached to the liabilities, assets, cash in bank (…etc.) imply.  And more importantly what it means to a prospective buyer.  This can be your starting point to determine your selling price. 

·         Hiring a business broker.  Business sales do not necessarily require a business broker.  It is ultimately your choice but hiring one puts you at a great advantage.     This is most especially the case if you sign up with one who is experienced and is backed by a company that  give certain business sales guarantees. Although you have to be wary of business brokers who wants lengthy exclusive contracts in exchange for the guarantees.  Make sure you have come to an agreement on all fees, charges and commissions before moving forward.  And do not be lured by lower rates as it does not guarantee better outcome.

·         Preparing for the sale.  Prepping up your business may take time especially for small businesses.  It is very much like selling a house.  You will need to put everything in order and improve on the strengths and downplay on the weaknesses.  In this phase of the process, your business broker can be a valuable source of information and advice. Their business sales experience is an asset that you can tap to reach your goals.  Depending on the current state of your business, preparations may take about a year or so. 

·          Marketing and Presentation.  This is the part where you wait and hope that your labors are not in vain.  It is also the phase when all work goes to the business broker.  It involves the marketing phase of the business sales - online posting, adding onto existing seller database, cold calling, and a variety of advertising mediums.  Interested buyers are then asked to sign a confidentiality agreement and your business is the presented to the pre-screened buyers.

·         Offer and Negotiations - This is the moment you are waiting for.  If you have found an offer that you are happy with, final negotiations are made. The business sales process is then concluded with the proper documents and finally the transfer of money to the seller and ownership to the buyer.  The transaction is completed with the help of your lawyer, accountant and the business broker.

Business Cash Advance – The Business Loan without the Stress

Growth is an inevitability that small businesses deal with from time to time.  It is a sign of progress but growth demands both time and money on the part of the management team.  For small businesses, this means the owner.  The time factor which includes careful planning and budgeting is the responsibility of the owner while the funding can sourced from a Business Cash Advance facility.  

According to the latest statistics, over 90% of businesses in Australia are small scale and over 60% is non-employing and 30% employs a small staff of at least one to twenty.  Business owners, often take care of administrative and managerial positions including book keeping and accounting.  Bank loans application and processes can be very time consuming and taxing for a single person to handle.  This is why Business Cash Advance is perfect for a small business that operates on a skeleton crew.

Business Cash Advance is a type of unsecured business loan as it does not require any collateral, minimal documentation and it only takes days to process.  All that is needed is proof of operations, and a minimum sales volume.  It is less like a loan but more of an investment on the business’ future growth.

One of the best features of a business cash advance is the re-payment scheme.  Since it is an advance based on the business’s future sales, you also make your payments based on the daily sales.  You do not need to guarantee a fixed month payment. It is unlike a bank loan that requires fixed monthly payments with corresponding due dates that incur penalties and surcharges if not met.  With the business cash advance, the payments will depend on your daily sales.  If your sales projection is accurate and there is indeed a significant growth in cash flow, then you’ll be able to pay back the funds sooner.

Another business cash advance feature that is stress relieving is that you do not need to put up collateral. And for small business owners, the usual collateral is a personal property such as a piece of land or their home.  Business cash advance does not tie any of your personal assets with the business’ debt.

The business cash advance facility lets you focus on how to reach your business goals without worrying how to get there.  It helps business owners do what they do best and let the business grow unhindered.

Business Funding Alternatives for Small Businesses

Small businesses are thriving despite the difficulties and challenges of the times.  This is because more and more financial institutions recognize the needs of small business owners and the sector’s importance in Australian economy.  Business funding requirements for small businesses are different from big corporations, not to mention there is a difference in business structure as well.  This is why traditional bank loans do not usually work for small businesses.

But because small businesses make up 95 per cent of existing and actively trading businesses in Australia, they have business funding needs that must be met.   And unlike big corporations, small businesses are much more dynamic and they engage in innovation activities more often than big companies.  Small businesses need business funding in smaller amounts but shorter term periods.

The survival rate of small businesses is lower but access to business funding has direct correlation to it.  The fact that most small business does not meet most bank requirements for business loans stifles their potential for growth and inhibits their innovation activities.  The need for better business funding facilities has been met recently more particularly through the business cash advance funding also known as merchant cash advance.

Merchant cash advance is a business funding facility that is easily accessible because the requirements do not include collateral, financial statements or business plans.  At a 95% per cent approval rate, small businesses have better chances to break barriers that hinder their growth and to meet their business’s full potential.

                This newest funding facility is the easiest to access and repayments are also easy on the pocket.  Payment is in the form of a pledged percentage of daily credit/debit card sales.  There is no pressure to come up with a fixed payment amount and there are no due dates to worry about.  Payment term may be from 3 months to 18 months.

                The merchant cash advance facility is the easiest to access and the easiest to repay, but it is not the only business funding resource that is available.  There are government grants, peer to peer funding and angel investment networks that may be tapped.  However, these funding resources are not easy to access as it needs quite a lot of planning and preparation to impress investors and there is a huge amount of competition for a small pool of funds.

                So, if you are thinking of putting up a new branch, or developing a new product or purchasing inventory or new equipment, do call a business cash advance provider and make inquiries.

Are You Selling A Business? - Make Sure that You and Your Business are Ready

Having an exit strategy right from the beginning is a good idea but not everyone begins with the end in mind.  Most businesses focus on growth and most often, the business’ sustainability.   This is because for some, selling a business is would also mean failure in some aspect.  Nowadays however, selling a business is  in itself a strategy for financial and personal growth. This most especially true for people who are start-up or idea oriented and are less inclined to manage or oversee daily operations.

                Selling a business is also not something you decide upon overnight and decide to put the business up for sale the next day.   Business brokers would say that selling a business successfully takes at least a twelve month long preparation process.  This is because you will need to have at least a year of successful operations that reflect on your business and financial records.  These records should also be verifiable along with the any other document you are to provide your business broker with.

So here are a few insights on the preparations you need to make in selling a business. It is most ideal to start preparing on or before the beginning of a fiscal year.

·         Be a banked business. There are businesses who do not deposit all their cash sales in the bank.  If you decide to eventually make graceful exit by selling, it is best that the business’ profitable run is recorded both by your in-house books and the bank.  This ensures that the true value is well documented.  This makes it easier for you and your business broker to sell at a profitable outcome.

·         Standardize and document your processes – standardization helps daily operations to run smoothly.  Operating manuals should be available no matter how small the business is.  Buyers would be more willing to pay a higher price for businesses that are run well and that the transition between owners will not jeopardize the end products or the services delivered.  It also helps keep regular customers because they know that they will get the same service even if owners have changed.

·         Create a long term business plan if possible – an existing long term business plan gives buyers an insight into a brighter future for them.  Decision making on the part of the buyer is made easier too.

·         Consult with the experts in selling a business – this would mean you should really talk to your business broker regarding your concerns.  Their advice before you “jump ship” is valuable and would mean a better business sales outcome. 

Types of Small Business Loans

According to a recent study, small businesses are less likely to seek any form small business loans from financial institutions.  There are varying reasons for this which includes the fact that most small businesses lack the necessary documentation and necessary banking and credit history that these financial institutions require.  Still others find that acquiring small business loans will have a forced outcome (in terms of profit/sales) rather than having it grow naturally.  Nonetheless, a small business loan, when managed well, opens a lot of possibilities and opportunities.  And there are different sources of funding depending on your need and how much risk you are willing to take as an entrepreneur.  Remember that Apple Inc. started in a small garage in California. Here are types of small business loans for specific needs.

·         Government Financial Assistance – These government loans are industry specific and you may only apply if your business or products is one of the Government’s top priorities. The application is time consuming and approval is not guaranteed.  Only a few small business take this option

·         Credit Cards – The easiest way to obtain cash or small equipment to fund small business needs.  This is usually short term and incurs high interest rates especially if payments are kept at minimum level.  There are quite a number of small businesses resorts to credit card because of its convenience.   And credit card companies reward their user with higher credit limit the more often they use the card.

·         Secured Bank Loans – Loans with appropriate collateral usually in the form of chattel or property.  This type of loan requires a lot of documentation and may not be appropriate especially if the collateral’s value is much higher than the required funds.

·         Unsecured Loans – These are personal loans that are secured by checks or projected future profits.  This type of small business loan requires top credit score and extensive banking history.

·         Merchant Cash Advance - This type of small business loan is does not require extensive documentation and approval is based on projected credit card or debit card sales. Payment is done by assigning a certain percentage of the sales to the financing company.  Payment is made directly through the EPTPOS system where it is automatically deducted and sent to the financier’s account.

Small businesses usually expand or innovate their product line after a year of successful operations.  For start-up businesses which did not require the need for a small business loan, it would eventually need it to keep the business growing at a steady pace.  It is important to know what your options are even if you have no need of it right now.  

Top 5 Mistakes You Can Make When Selling Your Business

 

Business owners have different reasons for deciding to sell.  Fortunately for business owners, they have an option to plan an exit strategy anytime – this is why it is good to undergo annual strategic planning and financial evaluation with accountants and auditors. But just because you have the best laid plans and because you know how to run a business even if it is in sales, it does not guarantee the best possible business sales outcome.  Here are some of the mistakes that are often made when selling your business.

·         Overvaluation and undervaluation - You may have a good grasp of the value of your business or your company.  The pitfall lies in being too subjective. Most owners fail to look at their business in the perspective of a buyer and too much in how much they value their businesses (or how much they need the cash now).  So they either overprice or underprice. Overpriced businesses deter prospective buyers which prolongs the whole process. Underpriced businesses also give the wrong impression to prospective buyers and if you do close the deal, you’ll probably walk away happy now but regret your decision later.

·         Not taking the time to prepare – Selling a business is very much like selling a house.  It is not enough that you make it look in order, but it should be in order and it should look “lived in”.  Take the time to create a business portfolio that is attractive to investors and you have to make sure that the facts and data are verifiable – from cash flow to client and supplier database.  You should have a working business plan that your buyers (and their investors) can look at.  Most buyers will need the help of creditors and your business portfolio should look good for them as well.

·         Selling too soon or too late – Start-up businesses are particularly harder to sell especially if it has not yet reached its full potential.  Putting up a business means you are also willing to put up with the risks. There are those who sell instead of having to face these risks and leave while the getting is good.  There are those who just are too stubborn to let go and decide when it’s too late and when there is little to gain after the sales.

·         Not practicing full disclosure – this one can get you in a lot of trouble including a lawsuit.

·         Selling the business on your own – this is the worst you can do, especially at a time when the market is almost entirely dictated by the buyers.  Business brokers are partners who you cannot forego when selling your business.  Not only are business brokers equipped to give you sound advice to prevent the previous enumerated mistakes, they also have the resources to help you get the best possible deal within the best possible timeframe.