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How To Qualify For A Business Loan

Qualifying for a business loan is not as easy as it was even one year ago. This is because most lending institutions have increased the requirements for businesses requesting a loan. The recent slowdown in our economy has forced banks to re-examine their lending practices as many businesses are experiencing lower profits. So when you are looking for a loan for your business it is important that you have everything in order so you will have the best chance to be approved.

One of the first things that you need to look at before going to a lending institution is whether or not you have a good business plan together. Having a business plan drawn up for your company is a great way to show the bank that you have carefully considered your request. This will show the bank where your business is currently and where you hope it will go once you have been approved for a loan. There are many professional writers that work as freelancers that have the expertise in this area that you can hire if you are uncertain about your ability to convey your thoughts on paper.

The next thing to do before you go to a lender is to look at your company’s financials. Clear as many debts as you possibly can. For example, if you use a credit card start paying it off monthly or if you have a vehicle loan with just a few payments left on it you might want to consider paying it off. This will help your income to debt ratio and make your business a more attractive prospect.

Once you have done that, you should look at all the officer’s credit reports. Every officer of the company will have a credit history run on them because they will be personally guaranteeing the loan. So make sure that the person income to debt ratio is good and clean up any bad marks against your credit.

When you have all of that together you are now ready to go to the lending institution. With the situation the way it is currently it would be wise to start with the bank you already have a relationship with. This is especially true if you have a community or local bank. They make their decisions based on the local area unlike the larger national banks. If your company is turned down don’t take it personally but consider your other options.

There are other places to gain access to a loan. You need to keep your eyes open, when the private market tightens the amount of money they are willing to lend oftentimes you can more easily qualify for an SBA loan. So if your bank says no don’t give up to easily especially if all of your financials are strong. So when you are looking for a business loan make sure that you have your company looking the best that it can financially and present the lenders with a solid business plan.

Top 5 Tips for Local Businesses to Rule the Local SEO Competition!

More and more people using Google search are seeing more local results thrown up on the top. They are bombarded with local options for nearly everything they search especially when on a mobile device. Hence now it is more important for businesses with a local base targeting to target and top the local search metrics. Here we are listing top 5 Tips for local SEO to top local search results and boost their traffic and business.

1) Claim Your Online Listing: This is the first and the most important step. You need to claim your listing on Google Places, Bing Local and Yahoo Local. Once you fill out your details after creating an account on these platforms, you will need to verify your business details through a straight forward process of post card verification or a phone call. Once it is done you are ready for the next steps. If you don’t have a physical address on some location or don’t want people to know your real business address and have reason to keep it discreet you can use certain services which provide you with business mail forwarding and other services (please keep in mind that use of these services is in the grey area and should be avoided for all practical purposes.

2) Optimize your Listings: Putting in accurate and detailed business information such as address and phone number, is of utmost importance. Opening closing times and days of operation etc. are required. Description of your business activities is very important as well as using your keywords in the text as well. Use high quality images and videos of your business. This is of utmost importance as it plays a major role in enhancing user experience. Leaving any of the important field in the listings blank is not recommended. Accurate information that is optimized to help you rank well and also to attract your potential clients and impress them is the key to proper local SEO.

3) Online Business Reviews: Reviews are another important part of your local Listing. Reviews play a super crucial role in local SEO and most of the local listing sites are completely fine with businesses requesting their customers to leave a review. You should request your customers for writing a review through e-mails, invoices, contact form and thank you pages, among other places. Keep in mind any review is good for business, even negative ones. However keep in mind not to have too many bad reviews. No business is perfect and negative reviews are part of business life. Many businesses are afraid of bad reviews, but keep in mind no company can keep 100% of their customers happy. Another important thing to remember is that many potential customers may find it suspicious if a company only has positive reviews.

4) Optimizing your Website: Optimizing your website is also crucial. Display a local phone number prominently on your homepage and landing page in text format (don’t use image) and mention your local business address again in text format only. Make sure that the phone number is a real working local phone number with local dialing code mentioned and not an 1800/800 type of number. Also make sure to use the full mailing address of your business and make sure that the details are same as used on the listing and there is no difference. Make use of schema to optimize your website. Use multiple landing pages if your business caters to different geo locations. Optimize each page according to the targeted location.

5) Local Citations: It is important to list your business in the local directories and local classifieds sites. The search engine algorithms still depend on these to gather more information about the business and their popularity. So use sites such yelp, yellow pages etc. to list your business and help boost your local rankings.

These five top tips will help you in your endeavor to boost your online presence and help you beat the local SEO competition.

Small Business Accounting Explained

Below we give you some tips on how to make small business accounting more bearable for you.

First, you should make a list of all accounting tasks to perform in your business. Once you have your list, small business accounting is less stressful and takes less time. You will only have to perform one or more tasks at regular intervals (daily, weekly, monthly …).

We also recommend that if do not know a lot about small business accounting, learn the basics.

Small business accounting is a specific jargon and all sorts of words and concepts reserved for the experts. Do not be discouraged if you do not understand them all. Get used to the most basic concepts directly related to successfully improving your small business accounting. Ultimately, the goal is that you increase profit. It is the primary goal of any business. Request help from a professional if you want, but do not miss the basic concepts.

In contrast, it is a mistake to become a super fan of small business accounting. The company does not come down to accounting. There are firms and professionals who do this very well. This is not the job of an entrepreneur to be a know-it-all of Management or Accounting.

The third golden advice is to separate your personal finances from your business finances.

It is a bad idea to mix your personal account and your business account. Separate them completely: even if you’re the sole shareholder in the company, even if only your money is put into the pot. This separation enables you to plan, predict, without confusing personal cash and professional cash. This allows a lucid view of the true accounts of the company.

Finally, you must be consistent.

It may be hard to get used to at first but we recommend that once you create an accounting system for you, you should stick to it no matter what. Remember to register everything, forget nothing, and be consistent. If you are not consistent you will start doubting your own system later which will not help you when you want to evaluate your business performance at the end of the year. It is a good idea to meet with your accountant to have him or her verify the information.