There could be many possible reasons why you have yet to acquire the much needed funds for your business. With such an abundance of various types of financial lenders, you may feel bombarded and overwhelmed with the options. You care for your business and only have your business' best interest in mind, so you have prolonged business financing because you would rather make no decision than make the wrong decision.
Or maybe you are on the opposite side of the spectrum, and your business is in dire need of financing, but you have no idea where to go for financial help. You have maxed out all of your usual sources (friends, family and savings) and now, you are utterly bewildered when it comes to what to do next in the search for business funding.
Two widely used sources of business financing are; banks which offer business loans, and business cash advance lenders, who utilize credit card factoring.
Why you may want to choose a bank:
Your credit score is 720 or higher
One of the many requirements for bank business loan approval is a high credit score. If your credit score is 720 or higher, you are more likely to be approved for a bank loan. Also the higher your credit score, the more likely you are to receive a loan with a lower interest rate, and lower interest rates save you money.
You have owned your business for three or more years
Applicants who own a business that has been in existence for a good length of time are favored by banks. Many banks are wary of lending to startup businesses because they are unsure if the business will last. A business that has been running for a while has already proven its ability to survive and bring in revenue.
Your business does not process credit card transactions and you have no plans to start
Bank business loans usually make the business owner responsible for repaying the loan on fixed monthly terms. Therefore, you would actually have to remember to make your loan payments every month. If your business does not accept credit cards, you will not be eligible to receive a business cash advance, and choosing a bank loan will be more beneficial for your type of business.
Your money needs are not time sensitive
Banks can provide you with the funds you need for your business, but due to the extensiveness of the application and review processes, it may be an extended period of time before you actually receive your money.
Why you may want to choose a merchant cash advance company:
You own a merchant business
If you own a merchant business that regularly processes credit card transactions, merchant cash advances are devised to work for you. Once you receive your money, a small percentage of your customers' credit card transactions are used to repay your advance, eliminating the need to make fixed monthly payments, and allowing payment amounts to adjust according to sales volumes.
You've tried the bank route with no success
If you have already tried to obtain a business loan through a bank and were denied, a business cash advance should be your next choice. There are few requirements to meet in order to be eligible for a business cash advance, and quite often, business owners who do not qualify to receive a bank loan, do qualify to receive a business cash advance.
Your credit score is 700 or lower
You do not need an excellent credit score to receive a business cash advance. Business cash advance lenders rely on the business to repay the advance rather than the borrower. Therefore, the borrower's credit score is less important. What is more important is the business' credit card sales history. For this reason, borrowers are required to submit several months of their businesses' most recent credit card statements.
You need money quickly
Business cash advances are ideal for business financial emergencies. The application is short, the review process is fast, and most lenders can have your bank account funded in as little as seven days after approval.
The right kind of clothing on the employees is the first and most powerful impression creator for clients and associates alike. That is the reason why corporate apparel is also known as power dressing. You need to dress up your employees in company uniforms to look powerful, just like you want your brand to be. And you can achieve that only with the right kind of corporate work wear.
Corporate clothing can make your employees look suave and dignified. Think about dressing them elegantly. Men could ideally wear a subtle colored full-sleeved shirt with sharp V-collars, which can be coordinated with suits or jackets when needed. Their corporate apparel must include sharp-creased trousers in a color that either complements or offsets the color of the shirt. The loops of these trousers must have broad loops to allow for their belts to pass through. Women would have a similar kind of corporate uniform, but they could do with skirts instead of trousers. You could of course use different colors for the women's and the men's corporate work wear.
Accessorizing the corporate clothing is important too. You can opt for belts, wristwatches, handkerchiefs and shoes and socks for your employees. Keeping a uniform code of corporate apparel for your employees makes the workplace more regulated and dignified. It automatically improves the work output of the place.
Once you have decided what kind of outfits you need for that corporate look, you have to see how can personalize the clothing. This is very important because, as an intelligent entrepreneur, you must always make an attempt at branding your image. If you already have a logo, you can get that logo embroidered onto your corporate uniforms. Give the logo to the manufacturers or stockers of the corporate clothing. They will digitize the logo and then get it worked onto the uniforms. With present day computerized techniques, embroidering logos has become a very elaborate art, and you can get high quality logos sewn on to your company uniforms.
You can also brand your company uniforms with your corporate colors. Just the colors without the actual name of the company written on the corporate work wear could also be a good option to customize your company uniforms. If you are looking at making your corporate uniforms look more personal, then you can get them screen printed with your company's logo.
Corporate work wear does not just imply business uniforms that are worn in the office. It also includes clothing worn for other company related events, like sports jackets, golf wear, Friday casual dressing, etc. When placing orders for your corporate uniforms, if your budget allows you, you might also invest in some of these other corporate work wear for your employees. That will make sure your employees will carry your business brand even when they are not working at the office.
When your coworkers where corporate apparel with the company logo, there is a sense of pride from all members of the team. Customized corporate apparel can bring company's even closer together. The pride in the company can also spill over to the local community because when employees are out and about they are showing their corporate pride and marketing the company you work for.
So take all opportunities to market your organization to all aspects of the community. Corporate apparel is a strong opportunity to market your organization.
Both David Castro & Max Johnson are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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