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January 19, 2018, 4:27 pm

How To Secure Working Capital In A Tough 2018

by: The Financial Blogger    Category: Business

There’s more uncertainty in the US economy than some would have you believe, and for the freight and trucking industry, any decline in economic growth could be disastrous. With uncertainty over NAFTA, freight and trucking could suffer a great deal in the years ahead. The US trades $577 billion with Canada and $532 billion with Mexico in imports and exports – the lifeblood of freight and trucking.

The US economy may not be as strong as some analysts predict. Despite modest job growth, consumer spending remains anemic. Some have called 2017 the “retail apocalypse.” In the month of August, consumer spending was only up 0.1%. With the US dollar down 8 percent in 2017, consumers are about to feel the pinch and that could jeopardize future growth. New US tax changes have also failed to inspire much growth and the future of NAFTA is up in the air. As NAFTA renegotiations hit the rocks, fleet owners need a growth plan that can handle an unpredictable future.

Any company that finds itself a link in any part of a supply chain can find itself tight on money when they’re waiting to collect invoices worth thousands of dollars. Sometimes trucking companies wait up to 90 days to collect, but even waiting a month can put the brakes on your cash flow.

Freight bill factoring is a growing alternative to banks for fleets struggling with cash flow. If you want to learn about the benefits of invoice factoring for truckers consider first and foremost that freight bill factoring is not a loan — trucking companies sell their invoices at a discount and factoring companies pay up front. Selling invoices is a quick and easy way to guarantee an influx of working capital. Instead of waiting two or three months to collect, factoring offers carriers immediate funding often on the same day they submit invoices.

By contrast, bank loans are difficult to secure. Banks have tough expectations for credit and sustainability for companies that take on bank debt, and trucking is usually considered a high-risk industry. Trucking companies can easily find themselves frozen out of bank loans, especially if they don’t have an impeccable credit history or major collateral. Trucking companies of all sizes struggle to meet banks’ requirements for a business loan.

Freight bill factoring rates, on the other hand, are very affordable and designed to meet industry needs. This is what the freight bill factoring process looks like:

  • Once the trucking company completes a delivery, it sends an invoice to the client and a copy to the factoring company, plus proof of delivery
  • Factors such as Accutrac Capital send the trucking company a cash advance that’s as high as 97% of the invoice within 24 hours (minus a nominal factoring fee)
  • When the customer pays its invoice, Accutrac Capital reimburses the balance of the cash advance (i.e., 3%)

Any trucking company struggling with cash flow can take advantage of a third-party factor. Factoring means you don’t have to wait 90 days for payment so that you have the liquidity you need to meet your expenses and grow your company. Stabilize your cash flow with a third-party factoring partner.

 

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December 11, 2017, 11:08 am

How to Start a 7 Figure Online Retail Business Without any Cash

by: The Financial Blogger    Category: Business

You’ve always wanted to be a successful businessperson. The only problem is, you simply can’t find the money you need for that first initial investment. If this sounds like you, then the good news is that you can now take advantage of the digital age to start your 7 figure retail business online without any investment cash what-so-ever.

Now that we’re fully in the online world, customers love shopping online. After all, it’s quick, it’s convenient, and it’s an easy way to save cash too! Here are just four steps you can follow to start your 7 figure online retail business without any money.

Step 1: Have a Good Plan

Whenever you consider starting a new business, it’s always a good idea to make sure that you have a solid strategy in place. All entrepreneurs begin with a business model to help them figure out whether or not they have what it takes to be successful in the marketplace. Your business plan should include everything from what you plan to sell, to who your target customer is going to be, and how you’re going to make a profit. Remember to consider your position in the market carefully too, by looking at the competition you’ll face when you enter your chosen niche. You can find  more detailed insights on how to build a solid business plan here:  http://www.7figurecycles.net/

Step 2: Choose the Right Products

While there are a lot of different things that can make or break the success of your online business model, it’s worth noting that few things are more important than your decision of which products you should be selling online. Ideally, you should not only know which product you’re going to sell, but how you’re going to keep production costs low, and profits high. Think about whether you’re going to simply stick to one product line, or expand into multiple different areas as your company starts to grow too!

Step 3: Build Your Ecommerce Website

Building your website might be the simplest part of running an online business. There are plenty of tools available to make this task easier for you, including Shopify, WordPress, and more. You’ll find that there are a range of solutions out there to choose from, so you should read reviews and testimonials to get a good idea of which options offer the most attractive features to your company. Remember, the ecommerce site you build should be mobile-friendly, easy to use, and fast to load if you want your customers to enjoy their experience with you.

Step 4: Start Selling

Once you’ve officially set up your online store, you’ll be able to start uploading product pictures and descriptions, so that you can sell online. Remember, you can’t just list your products and wait for people to turn up, you’re also going to need to have a promotion strategy in mind for how to get your products in front of the right customers. Ideally, you’ll need to use a combination of social media, SEO, paid advertising, and content marketing over the course of your business’s life. To get you started, stick to the free options like social media and blogging!

Bonus Tips

The truth is, building a successful 7 figure eCommerce business doesn’t have to be as challenging as it seems. Once you’ve got a handle on all the resources and information that’s already available and at your disposal, you’ll be able to continue building and enhancing your eCommerce strategy over the years, spending as little money as possible in the meantime. Remember to keep the following things in mind before you get started for the best chances of success:

  • Who is your target customer going to be, and what will the scale of your operations look like? You might choose to ship products locally, internationally, or nationally depending on your opportunities for handling and postage.
  • Get the right stock: If you’re going to be shipping physical goods to your customers, then you need to have the right supply of products on hand. You could always consider dropshipping as an alternative, where you work with a third party who sends products to your customers for you.
  • Know your unique selling points: Make sure that you know how you’re going to stand out from the competition. You might choose to focus on quality, product shipping times, or prices to begin with.

If you prepare yourself for success with the right information and resources, you should be able to easily keep up with the ever-changing nature of the eCommerce world. If not you can still find reliable information about how to build a 7 figure business here: the7figurecycle.net

 

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December 4, 2017, 8:32 am

Essential Factors To Consider When Choosing Workflow Automation Software

by: The Financial Blogger    Category: Business

The adoption of technology in organizations is considered to have diverse positive impact. One of the significant benefits of technology in business is its ability to reduce costs while at the same time increasing efficiency.

One of these adopted technologies is in the area of automated payment where the purchasing card (p-card) is considered among the favorite options. Use of these electronic payments options has resulted in increased efficiency.

What you should consider

Careful thought needs to go into the decision to adopt software use in the organization. This is not a decision that should be rushed. Here are some of the important factors to consider so you can be sure the software you choose is beneficial to your organization.

Simplicity

How simple the software is, ought to be your number one factor before making any purchase. The reason why businesses adopt software in their operations is to reduce the complexity of work and ensure it is executed easily and effectively. As such, a software that is hard to use does not really serve its intended purpose. For example, what is the use of adopting electronic invoicing software that even the accounting officer finds difficult to use? Choose a workflow automation software that is simple enough such that all your team members can use it with ease.

Features

Different organizations have diverse needs in regards to workflow automation. For example, the AP automation software that your competitors have might differ with what would work best for your company. Always, it is important to consider what your organization needs and compare that with the available options. The best way to choose software is by being keen during its demonstration to capture its capabilities and establish whether it can execute all your needs.

Cross-compatibility

One mistake that most people make is to choose software that does not align with the already available hardware and other tools. It is important, first, to examine your available tools, hardware, as well as any existing systems so you can determine what your ideal workflow automation software should look like. If the new software is compatible with your other systems, the implication is that you will have an easy time switching platforms and this can be cheap and fast.

Pricing

After you have considered all the above factors, it is time to think about cost of the software. Weigh the software pricing with respect to your budget. Also examine whether the price of the software is one off, or you will be required to make monthly or yearly subscriptions. In most cases, workflow automation software are paid on a subscription basis.

Security

When looking out for any workflow software, security should be your number one factor.  For example, an electronic invoicing software ought to guarantee you the highest security since you will be performing sensitive transactions. Software that does not have security features can have adverse impacts on your organization such as being vulnerable to cyber-attacks.

Fact is workflow automation software is an important aspect of any organization. The choice of your automation software can break or make your business. However, by considering the above factors, you can select the software that will serve you effectively.

 

 

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September 22, 2017, 9:00 am

How to Reduce the Cost of Running an Online Business

by: The Financial Blogger    Category: Blogging,Business

Do you feel that you are spending too much money on your online business? If you look into the costs in your online venture in more detail, you may find that you are wasting a lot of money every year that could be used in more productive ways. Below are some tips that will help you to avoid making these mistakes.

Improve Your Business and Financial Skills

To start with, you need to become more of a business person and not treat your online business like a hobby. You can do this by completing a business-related course, such as a masters in business administration online. An online MBA program or similar course will help you to improve your business skills and financial skills.

Typical skills you will develop include your financial management skills, forecasting, organizational skills and planning skills. Each of these skills is crucial, especially when you want to take control of the financial aspect of your online venture.

Only Pay for the Products and Services You Really Need

It’s tempting to want to purchase every new product or service you see on the internet that promises to help your online business. For example, you may be paying for subscriptions for training courses that you don’t really use that often. For every monthly subscription or payment you make, you should always ask yourself whether your business depends on it. If not, cancel the payments straight away.

Do It Yourself If You Can

Graphic design, web design, content and online marketing are some of the activities that can be expensive, all of which increase your online business costs. However, if you’re willing to roll up your sleeves and get your hands dirty, you could do much of this work yourself.

This is not as daunting a task as you may think. There are plenty of training resources such as video sharing websites and high-quality training courses that can help you develop these skills quickly. As well as this, there are many online tools and generators that are a much more cost-effective option for online entrepreneurs who have a tight budget.

Reduce Customer Product Returns and Refunds

If you sell products or services over the internet, it’s essential to keep your shoppers and customers satisfied. If there are a lot of returns, this can cost your business a large sum of money over the course of a year.

To avoid this situation, make sure you provide a better service and better products. You should also create better product or service descriptions so that your customers know exactly what they are getting from you.

Look for Free Alternatives on the Internet

Certain tools such as graphic design packages are required by modern online businesses. Instead of spending money on these products, there are many free alternatives available. The same thing is true for other tools you may need.

Every online business owner should look for ways to reduce their running costs. Following these tips will go a long way towards helping you achieve this important goal.

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September 7, 2017, 12:06 pm

Why Every Business Needs Mobile Payment Options

by: The Financial Blogger    Category: Business

In the early 20th century, the charge card seemed to be the culmination of thousands of years of payment technology. Convenient, transactional, and utterly futuristic, payment cards first appeared in 1921, and by 1950, the practice swiftly increased in popularity to resemble the modern credit card system we know today. Yet, we now know that credit cards were only the beginning of a revolution in payment technology. In the 1990s, the emergence of the World Wide Web introduced the opportunity to make online payments — and in 2003, mobile payments began.

Today, mobile payments are slowly replacing the seemingly ubiquitous and everlasting charge card as consumers recognize the added security and convenience of storing payment information on their mobile devices. As a result, many consumer-focused businesses have slowly started adopting methods for accepting mobile payments. However, it isn’t just restaurants and retail stores that should consider using mobile payment solutions; every business can benefit from the payment options of mobile devices. Here’s why:

Gain New Payment Opportunities

The easier it is to make payments; the sooner customers will pay — this is a well-known truth among businesses struggling to fulfill their accounts receivable. It follows that the more payment options customers have, the easier it will be for many of them to complete their transactions and send over their promised cash. Mobile payment systems typically expand a business’s payment opportunities. For example, an SMS billing system allows businesses to accept payments over text, and various mobile services allow businesses to accept card payments when away from typical POS terminals. Ease of payment is a significant boon; for this reason alone, businesses should consider adding mobile payment options.

Increase Speed of Payment

For businesses and customers alike, the checkout process is fraught with anxiety. During this period, customers evaluate for the last time whether their purchase is worthwhile, and businesses wait on edge, hoping customers go through with the sale. One of the best ways to decrease cart abandonment and increase conversions is to make it as fast and simple as possible. Customers should not be forced to endure page after page of information gathering; they should be allowed to send their payment and be done. Mobile payments typically cut straight to the point, helping businesses get paid.

Decrease Transaction Fees

Admittedly, not all mobile payment systems are cheaper than traditional merchant services — but many are. While many merchants spend about 2 percent of every transaction paying their service providers, many credit card processors have agreed to lower these rates for mobile payment providers to encourage businesses to migrate to the mobile systems. Transaction fees can eat away a business’s profits, so it is important to reduce them as much as possible.

Improve Payment Security

One reason credit card processors are keen to lower rates for mobile payment systems is the enhanced security these systems promise. Though it might seem counterintuitive — because mobile devices are inherently connected to networks, which can be breached — the intense authentication processes required for mobile payment actually do increase security. Near field communication (NFC) chips, biometric locks, alpha-numeric passcodes, and more all work together to validate a transaction, so businesses and consumers are better protected with mobile payments.

Add to the Brand

Consumers have always been interested in the latest, greatest technology, which results in technologically progressive businesses enjoying greater patronage than their antiquated competitors. Mobile payments remain among the newest innovations for business-customer interactions, so businesses that adopt mobile payment options still benefit from customer excitement to experience the novelty. Interest in advanced technology can quickly become an essential part of a business’s brand, which will help that business retain tech-savvy audiences for years to come.

Learn About Client Trends and Habits

Understanding customer behavior is one of the hardest tasks for businesses — unless they automate it through their payment systems. Mobile payment systems allow businesses to track not only customer habits but also inventory, so businesses can recognize trends and be better prepared for meeting customer needs. Attentive customer service encourages customers not only to repeat their purchases but also to tell friends and family about their positive experiences.

Add New Client Programs

With the help of mobile payment options, businesses are finding it easier to integrate beneficial customer programs like loyalty clubs and incentives. Punch cards and ring cards are easily lost or ignored, but digital programs will continue to record payment activity and reward customers for engaging with businesses. Customers tend to be more interested in returning to businesses that value their patronage.

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