by My Commercial Capital | Nov 28, 2022 | Blog
If you’re a business owner, you know that today’s consumers demand more from brands than ever before. With the ease of access to information and the scrutiny of the public, businesses that don’t take the time to establish a strong online reputation run the risk of losing their customers to competitors who do. Reputation management is the process of improving the public’s perception of your business so customers keep coming back for more. Here are some steps you can take to strengthen your business’s online reputation.
Be Consistent
A consistent online presence shows search engines that you’re serious about growing your business and staying online. The more active you are, the more likely people will see your business. Consistency isn’t a matter of making automatic posts that offer no value: Everything you put out online should be engaging and make people want to hear more from you. You could even create a series of posts that cover an ongoing narrative.
Communicate with Customers
It’s important to communicate with your customers. When customers contact you, make sure you respond promptly. When people leave reviews, reach out and let them know how much you appreciate the feedback. Customers want to feel good about their purchases, and they want to be able to contact you if they have any questions or need help. Make sure you have a company phone number and email address that customers can use if they have questions. Let customers know how long they can expect to wait for something and keep them updated. If you’re waiting on an item from a supplier, for example, let your customers know.
Treat Employees Fairly
Your staff is one of your most valuable resources. You can build a better team by making sure that everyone involved is treated fairly. This means paying your staff an equitable wage, offering reasonable benefits, setting up a safe work environment, and so on. When you treat your team right, the word is more likely to get out that you’re running a fair and ethical company.
Reputation management is an essential part of running any business. It’s important to keep track of what people are saying about your company and make the right adjustments. You may not be able to satisfy everyone, but your goal should be to make most of your target audience happy to work with you. By following the right steps, you can make an impact.
Seek Expert Assistance
Some advertising companies try to impress you with a bunch of tech jargon and big words that don’t mean a thing. At My Commercial Capital, we prefer to let the results speak for themselves. Like other small businesses, our main concern is to make our clients happy. We work hard, give you high-quality content, and produce digital marketing that has a great effect on your company’s online reputation.
by My Commercial Capital | Nov 23, 2022 | Blog
If you have a low credit score as a result of past financial problems, or you don’t have much credit history, there are some steps you can take to boost your credit.
1. Use Your Credit
While it may seem counterintuitive, as long as you are doing so responsibly, it is better to use your credit. This allows you to build up a credit history which will show potential lenders that you are responsible for the funding you are given.
2. Make Your Payments On Time
One of the easiest ways to improve your credit is to simply make your monthly payments on time. This applies to any credit cards you have as well as other types of payments. If you can, paying your bills early can be more beneficial than paying them on the exact date they are due.
3. Open a New Credit Account
If you have had trouble with debt, it might seem like a bad idea to open another account. However, increasing the amount of credit you have available will lower your debt-to-credit ratio. Having a low ratio will improve your business credit score. If you decide to use this method, be sure not to use up all of your credit as that will get you right back where you started.
4. Set Up Credit With Your Vendors
Some vendors may report your payments to the credit bureaus. If you tend to work with the same suppliers regularly, then it might be in your best interest to set up a line of credit with them. Not only will this help improve your credit, but it can also make it easier for you to get the supplies, products, and services that you need consistently.
5. Regularly Check Your Credit Reports
In some cases, a decreasing credit score may not be your fault. If someone else is using your credit or someone has made a mistake, this could affect your score. Look over your credit reports at least once or twice a year to make sure that everything is correct. If you notice any problems, report them right away.
Because your business credit score can affect your ability to get loans and additional financing when you need it, you should do what you can to improve it as much as possible. Taking these simple steps will help.
Seek Expert Assistance
At My Commercial Capital, we can provide your business with the working capital you need to grow. Contact us today to get started!
by My Commercial Capital | Nov 17, 2022 | Blog
Investing in commercial real estate can be incredibly lucrative. From flipping houses to creating rental spaces, investment properties can be a significant source of revenue. Real estate does require a lot of capital, though, and not everyone has sufficient savings to cover the start-up costs. That’s where financing comes in. If you’re stepping into the real estate investment business, you’ll need to prepare these five things to land a good loan.
1. Your Investment Property Type
The financing available to you is dependent on what type of commercial real estate you’re investing in and how you plan on using it. For example, there are different loans for businesses that want to flip properties than for those that are planning on turning a space into a rental property. There may even be additional distinctions between renting as a retail space versus a residential space.
2. A Budget
Once you know what you’re planning to buy, you can start figuring out what sorts of terms you could expect. Typically, terms will last between 5 and 20 years. However, if you’re flipping properties, your terms will be even shorter. You’ll have to factor in time, interest rates, and your anticipated profit into your calculations before asking for a loan.
3. A Down Payment
A down payment is often necessary for securing a commercial real estate loan. Some fix-and-flip loans use the property itself as collateral, but that can depend on your lender. Be prepared to set a down payment or use your liquid assets as collateral.
4. A Good Credit Score
Your credit score is very important in this business. Due to the high-risk nature of the real estate, lenders want to know that you are financially responsible. Both your personal and your business credit scores will help lenders determine your eligibility and your interest rates.
5. Business Plan
Investing is a business, and any lender will want to see that you have a plan. You’ll have to explain your business operations, management, and, most importantly, your financial plans. Cash flow is something lenders look at first. In addition, they will want to see that you show exactly how a loan will help your endeavors, including how you plan on paying it back. Don’t just ask for a loan that covers the price of the property. You have to consider the cost of renovations, including materials and manpower, while also leaving a little room for emergencies.
Financing is a necessary step for investing in commercial real estate. Make sure you’re prepared for every step so that you can make the best case for yourself.
by My Commercial Capital | Nov 10, 2022 | Blog
The hospitality industry is rapidly growing and has many opportunities for those interested. You might want to open a hotel or bed and breakfast and help guests have a great time while on vacation. There are several ways to do this, such as building a hotel or buying an existing one. Depending on how you want to run your establishment, you can create a unique experience in one location or decide to create a chain of hotels. However, you will need funds to help make your ideas a reality. Hospitality industry financing does not have to be challenging, but you need to prepare ahead of time. Here are some tips to help you get funding for your hotel.
Determine What Kind of Hotel You Want
There are dozens of hotels you can choose from, from bed and breakfasts and inns to hotels and unique, one-of-a-kind structures. There is no limit to what you can do in the hospitality industry, but you need to understand what you want to do. Hospitality industry financing generally covers hotel costs, like cleaning, renovations, upgrades, and day-to-day procedures. After deciding what kind of hotel you want, determine how you can use your financing to make your establishment the best possible.
Look at Your Finances
Before applying for any loan, you need to know how much money you have and what you can afford. If you want to buy a hotel but do not have the funds, lenders will want to see how capable you are of paying back the money. To do this, have documents like tax returns, business statements, and credit scores on hand. If you can show that you have a solid financial record, hospitality industry financing should be easy.
Pick a Location
Depending on what you want to do, you will desire a busy or secluded location. For example, if you are trying to create a romantic getaway retreat, you might want a quiet and intimate place. However, if you are trying to catch weary interstate travelers, you want to be near the interstate in a busy area. Picking the right location is crucial to a hotel’s success, so choose wisely.
Financing in the hospitality industry can be straightforward if you prepare ahead of time. You can get funds and start building your hotel if you present a solid idea and have any necessary documentation readily available. For success, create a plan that maps out your vision and intentions.
At My Commercial Capital, we can provide your business with the working capital you need to grow. Our commercial finance solutions are structured to provide maximum benefits to borrowers. We treat our borrowers very well, which is how they know they can trust us with all of their financing needs.
by My Commercial Capital | Nov 3, 2022 | Blog
If you are a business owner, then you likely understand just how challenging running a business can be. Not only can it be difficult to run a business when things are going smoothly, but it can be even more so when there is any kind of volatility in the market. By taking some steps to do research and better understand how you can protect your business no matter what is going on, you can help stabilize your business and ensure a brighter future.
Do the Necessary Research
When it comes to safeguarding your company financially, you need to make sure that you understand things like how the market is moving, and what some financial trends are. Additionally, the more that you know about financial forecasting, the easier it will be for you to predict what is in store for you in the future. Along with that, you also need to make sure that you understand Accounts Receivable Financing and how you could benefit from it. Even if you aren’t ready to make any kind of financial commitment, knowing what your options are can better enable you to make decisions that will be good for you in the long run.
Consider Your Financial Options
One issue that can hurt a company’s finances is not being paid receivables promptly. If you have lots of customers that don’t pay on time or that don’t pay at all, it can put you back in a significant way and even destabilize your business.
A tactic for helping to reduce the risk of receivables not being paid is to offer discounts to those that can pay in full for your goods and services upfront. Additionally, offering rewards programs for those that make payments regularly can also be a great way to encourage your customers and clients to make the necessary payments.
Along with that, another thing to consider is Accounts Receivable Financing which is a type of financing that is related to your receivable accounts. This kind of financing is often structured as a loan and can be an effective way to safeguard your company.
Some Final Thoughts
Running a business is often difficult, and can be complicated, as well. The good news is, though, that you have options when it comes to protecting your company, and ultimately meeting your financial goals. The more that you know about your financial options, the more empowered you will be to make the right decisions for you and your business.
Seek Expert Assistance
At My Commercial Capital, we can provide your business with the working capital you need to grow. Our commercial finance solutions are structured to provide maximum benefits to borrowers. We treat our borrowers very well, which is how they know they can trust us with all of their financing needs.
