While a disruption in cash flow can happen for many reasons in the best of times, the economic consequences of this coronavirus pandemic have certainly proven that life is not “business as usual” for almost everyone all at the same time.
For business owners, keeping company finances separate from personal ones is a smart decision. However, for small business owners in particular, that can be easier said than done. If you find yourself using your personal credit card to cover business purchases, you’re certainly not alone – in reality, more than 65% of all SMB owners use credit cards on a regular basis, and less than 50% of those cards are in the company’s name. Here are some of the key advantages that enterprise cards hold over their personal counterparts.
When it comes to running a business, there's no shortage of complexities that revolve around managing working capital, which is the money used for day-to-day operations. Fortunately, business owners have a multitude of helpful tools at their disposal – chief among them, their bank's treasury management team.
Per a 2017 survey commissioned by the American Bankers Association, two-thirds of Americans use mobile or online banking as the primary means of accessing their accounts, leaning heavily on smartphones and computers to pull up their bank information. Not surprisingly, perhaps, both devices are popular targets for online fraudsters itching to pilfer people’s personal data.
Many businesses today are becoming more and more aware of the risks associated with payment fraud. And, quite frankly, they should be. While the network of fraudsters only continues to get larger, these savvy individuals and networks are always on pace, or even a few steps ahead of the game, and are ready to attack. They have become so sophisticated on their efforts to successfully intercept corporate funds, that by the time a company thinks they might be a victim, it’s far too late.
Remember the days when making a trip to your local bank was required just to make a deposit or withdraw funds? Thanks to advances in technologies throughout the years, bank customers have been able to avoid those trips to their local branch through mobile banking. It has become a convenient and time saving method to monitor and manage money.
For entrepreneurs, starting a business, particularly a franchise, can be a burdensome task. However, what can sometimes prove to be more difficult, once that unique franchise is determined, is finding a franchise loan to fund the venture. Formulating a business plan, understanding your financial strengths and weaknesses, and pairing with the right lender are just some of the initial steps toward your end goal: approved financing.
Commercial property investing can offer opportunities for future expansion, provide tax advantages, and diversify your income by creating another revenue stream. And the current market sets up favorable conditions for investing.
One of the main decisions in commercial investing is whether to buy an existing property or build new construction. Financing considerations should play a role in that decision.