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Business Loans for Veterans: What You Need to Know

Posted: 03 May 2019 05:00 PM PDT

Like many small businesses, veteran-owned companies often walk a fine line between success and failure. Occasionally, that line gets thinner due to issues related to financing.

Whether your cash flow is held up due to late payments from clients, or you identify an important equipment upgrade that is just out of your financial reach, access to affordable funding can get you out of a variety of jams. For that reason, knowing where to find the best business loans is crucial for veteran business owners.

Not every loan option will be a perfect fit for your business and its needs. That being said, there are some standouts in the space. Here are the best business loan options for veterans:

SBA loans

The Small Business Administration (SBA) is a federal government agency well known for being an excellent resource for, and champion of, small businesses. One of the agency's primary functions is to guarantee loans to small business owners, encouraging banks to lend to small and new enterprises at rates typically reserved for more established companies.

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The SBA has a variety of small business loan programs, some of which are specifically geared towards (or made easier for) our nation's veterans. Three SBA programs, in particular, are excellent options for veteran business owners:

Veteran's Advantage for SBA 7(a) and SBA Express

The SBA 7(a) loan is the SBA's most popular loan program, guaranteeing millions of dollars in funding for the working capital needs of all business owners.

Veteran business owners, however, are eligible for the Veteran's Advantage program. This program waives the guarantee fee for any loans of $125,000 or less, or discounts it by 50% for any loans greater than $125,000.

The Veteran's Advantage also applies to SBA Express loans: The guarantee fee is completely waived, and veterans can borrow up to $350,000. SBA Express loans have slightly higher rates than SBA 7(a) loans, but the qualifications are less stringent and the underwriting and turnaround time is faster – measured in weeks, rather than months.   

SBA 8(a) Service-Disabled Veteran-Owned Business Contracting Program

For veterans who are both business owners and were harmed in the line of duty, the SBA helps secure government contracts through the SDVOSBC program.

According to the SBA, their goal "is to award at least three percent of all federal contracting dollars to service-disabled veteran-owned small businesses each year."

This program helps veteran business owners avoid competing with thousands of other business owners in their industry for lucrative contracts, and also provides a mentor-protégé program to aid veterans in navigating the process of competing for contracts.

Military Economic Injury Loans

For veteran business owners who were called in active duty and their small business suffered financially as a result, there's the Military Reservist Economic Injury Disaster Loan (MREIDL) program. The SBA sponsors the MREIDL program, offering low-interest loans (around 4%) with terms that can last up to 30 years. [Interested in small business loans? Check out our reviews and best picks.]

Veterans Business Fund

The Veterans Business Fund is a 501(c)(3) nonprofit that is available as a funding resource to veterans who want to start or grow their business, or purchase a franchise.

The VBF can't fund your business initiative outright: You'll need to bring 50% of the equity capital required, as well as an outside lender, to the table. Additionally, the VBF will only approve applications for veterans who are unsuccessful in securing bank financing due to the lack of equity.

Assuming you qualify and once the VBF accepts applications, however, their terms are quite generous: VBF loans will be non-interest bearing "to the extent permitted by law," with repayment terms of five years or longer.

Hivers and Strivers

This angel investment group – with many investors who served in the military – supports startups run by graduates of U.S. military academies such as West Point. Its goal is to support young veteran entrepreneurs, who they call "often the most overlooked and underfunded group of entrepreneurs in the nation."

Unlike the other options on the list, Hivers and Strivers does not provide debt financing, but investing. The investors from H&S may become board members, advisors and consultants to your business.

StreetShares

Another organization owned and run by veterans and for veterans, StreetShares is a lender that is geared toward supporting veteran business owners. StreetShares offers loans up to $100,000 (and lines of credit in very specific circumstances that depend on your location and industry) via a peer-to-peer lending network.

As short-term lenders go, StreetShares is an excellent option for veterans for a few reasons: It can fund within just a few hours in some cases; it has reasonable APRs that will never exceed 39%; and it provide a multitude of information and resources to help business owners succeed. That's the goal here, after all.

Business credit cards

Although there are no business credit cards specific to veteran business owners, we would be remiss if we didn't go over this final, solid option for business funding. Business credit cards can function as a source of short-term, revolving credit. If you're a veteran business owner with an excellent personal credit history, you may even qualify for a 0% APR introductory offer from your card issuer. This is essentially an interest-free loan for the life of your offer – somewhere between 9 to 15 months, typically. No other short-term loan option can beat that.

Explore your business credit card possibilities – taking note of which issuers and cards offer the best perks and rewards as well.

Business owners from all backgrounds understand the importance of maintaining access to funding in times of plenty as well as in times of distress. In fact, one of the best times to apply for and use a business loan is when business is booming, rather than faltering.

Military veterans are some of the country's best organizers, planners, motivators, and leaders. If you're a veteran, take the time to explore these business loan options as part of your due diligence when starting or building a business – you won't be sorry you did.  

Digital Transformation: Evolution, not Revolution

Posted: 03 May 2019 03:00 PM PDT

Nearly 80% of organizations surveyed by Accenture are concerned about disruption and competitive threats, specifically the ones posed by digitally enabled market entrants. However, many organizations are still hesitant to transform: 22% of organizations are either just investigating this opportunity or not planning to transform at all, according to Forrester.

Enterprise digital transformation is a challenge not all organizations can handle (or afford, for that matter). It could take months just to come up with the right digital transformation strategy, including the planning of its implementation.

As a result, by the time you are ready to get started, your needs and objectives might be completely different due to the fast-paced market environment. Luckily, there's a way to keep your business up to date with the market requirements without putting its very existence at stake. So, if you are also currently at the crossroads of your digital transformation, then read on.

The dark side of digital transformation

There are dozens of reasons why digital transformation should be a strategic priority: it helps you stay competitive in your niche, improves customer experience and, as a result, increases your revenue while cutting operational costs. The list goes on and on.

Yet, when it comes to enterprise digital transformation, it's not all that simple. There are certain limitations and digital transformation risks that established companies should take into account.

As mentioned above, digital transformation initiatives can take months if not years to implement. Accordingly, it won't help you stay competitive in a fast-paced market. Your agile, tech-savvy competitors, mostly startups, will come up with a solution to meet the audiences' needs before you can even draft your digital transformation plan.

Moreover, the process itself is also very unlikely to be completed, even if you have enough time and resources on your hands. This is one of the most common mistakes businesses make: thinking of their digital transformation initiative as a one-off project.

Plus, you can't just keep your business operations on hold for months until you implement the new digital tools to run it. You'll still need to support your old tools and infrastructure along with building the new one. This means more expenses for you and more work for your IT team.

The listed challenges are some of the main reasons why digital transformation fails.

Take the case of Co-operative Bank, for example. This U.K. banking provider set out to transform their operations in 2005, aiming to rebuild the existing systems from the ground up instead of improving, optimizing, and adapting them to the current market requirements.

Unsurprisingly, the transformation turned out to be too complex: the organization simply didn't have the capacity to handle such a major initiative. As a result, the project was abandoned in 2013, costing the organization more than £300 million. But what are the options for businesses that are not ready to do a 180-degree turn but still want to keep up with the market?

The answer is simple: instead of digital revolution choose evolution.

What is digital evolution? The benefits and use cases

Instead of revolutionizing your business processes through digital transformation, you use technology to help your organization evolve according to the market requirements/environment and business needs. In other words, you pinpoint a problem and focus on finding the best practical solution to it while running your business as usual.

This means you don't have to throw away all of your current assets and processes to rebuild everything from scratch. Instead, you make incremental changes to improve their efficiency of the existing workflows and adapt them to the changing market requirements without any disruption to the main business processes.

The incremental approach to digital transformation often referred to as "digital evolution," is a perfect solution for large, enterprise organizations. While startups are agile enough to handle the disruptive revolutionary, i.e. "win or die," approach, for most established businesses the risks of such a strategy will inevitably outweigh the potential benefits.

This digital transformation strategy has a number of long-term benefits:

  • Speed. If you take the digital evolution approach, first prioritize the areas that need improvement and focus on initiatives that are strategically more important. As a result, you reduce your time to market and deploy the changes faster, as compared to an end-to-end transformation.

  • Cost. With the enterprise digital evolution, you can choose to address the most urgent needs and focus on the improvements that will compensate quickly. As a result, you can see immediate ROI. This approach also allows you to keep your digital transformation budget in check and better manage your expenses.

  • Low risk. As mentioned above, digital evolution doesn't impact or disrupt your ongoing business operations. It goes in parallel with them and is relatively risk-free, compared to the disruptive revolutionary approach. That is why this approach is preferable for established companies rather than startups.

  • Flexibility. With the evolution approach, you can set clear short-term objectives and iterate your way to the transformation later on. This helps you stay in full control over your budget and timelines during the implementation phase and adjust your strategy if your objectives or immediate business needs change.

The keys to digital transformation success

Digital transformation might seem like a Herculean task. Yet, it doesn't have to be that difficult or risky. It all depends on how you decide to approach the task.

So, if you want to cut the risks of your digital transformation, there are two things you should consider:

  1. Choose the right approach to your digital transformation. Once you break down the larger process into smaller, realistic milestones and move one step at a time, i.e. choose evolution instead of revolution, it will be easier to manage the process and achieve your long-term goals.

  2. Make sure you have the right skills in place for your transformation. You can either source the required talent in-house or partner with a technology provider that has relevant expertise.

There's one more reason to choose a digital transformation consulting route: an experienced tech partner can help you prioritize the goals and create a solid roadmap for your transformation (as well as take charge of its implementation). As a result, professional consulting can be a fast, affordable, and low-risk way to get started with your digital transformation as well as help lay a solid foundation for its future success.

Celebrating Working Moms in the Office

Posted: 03 May 2019 01:00 PM PDT

On Sunday, May 12th we will celebrate mothers nationwide for Mother's Day, a celebratory day that dates back to 1908. The next day, working mothers, who represent a third of working women, return to work as they do each Monday, aiming to strike the delicate work-life-family balance.

It is oft-referenced that being a parent in itself is a full-time job, as balancing work and kids, coupled with other life events can be (more than) a handful. According to a new Pew Research Center analysis of data from the U.S. Census Bureau, "a record 40% of all households with children under the age of 18 include mothers who are either the sole or primary source of income for the family." It is not surprising flexibility to balance work and life issues ranks second to compensation as the reason employees stay or leave a job, according to the Society for Human Resource Management (SHRM).

Here are five ways to celebrate the working moms in your office:

1. Give them a plant

To show appreciation for the working moms in your office, give them a rose or small plant for their office. Small gestures go a long way to show appreciation, especially in the workplace. So much so that 84% of HR leaders say an employee recognition program helps employee engagement.

Plus, plants are an easy way to add color to the workplace. As highlighted in our Earth Day blog, studies show that spending time near plants makes people happier and healthier, reduces mental fatigue and aids concentration. Take it a step further and host a plant/bouquet-making event for all the employees, and be sure to send off all working mom's with one to take home.

2. Hold an off-duty potluck

Host an appreciation potluck planned and prepared by the non-mothers in the office. Give the working mothers, who spend many of their off-hours preparing multiple meals a day for their family, a break and do the food prep for them.

To really give them a day off from lunch duty, host a lunch-packing event. Send the moms home with bagged lunches for their kids to take to school the following day. The gesture to make their lives outside of work easier will not go unnoticed.

3. Take them to lunch

Take lunch to the next level by asking colleagues to write down what they admire most about their working-mom co-workers and place them anonymously in a hat or fishbowl. During the office potluck, take turns sharing these words of affirmation and appreciation.

4. Give them time off

To help them stretch their weekend celebrations a little longer, give your working moms an extra ½ day off either the Friday before or the Monday after Mother's Day. This time off provides them extra time to spend with their family or pamper themselves. Similar to summer Fridays, it's an inexpensive perk that has been shown to generate greater productivity, higher morale, and reduced turnover.

5. Pamper them at a spa

Rather than giving out gift cards for a local spa, which may never get used due to familial and personal obligations, bring the spa to them. Organize for 30-min chair massages to take place in the office for all the working moms throughout the day to help them de-stress. Think massages are over the top? Think again: massages have been shown to boost creativity, improve brainpower and reduce anxiety. That all equates to better results.

Race and Gender Play a Role in Gaining Trust at Work

Posted: 03 May 2019 11:33 AM PDT

Trust is a difficult commodity to come by these days. Whether that's trust in elected officials, co-workers or the people we hire, Americans have seemingly become more divided over the years. But how does that overall distrust in people affect how we interact on a business level?

A recent survey of more than 1,000 Americans, spanning multiple generations, examined how certain factors – including race, gender and political leanings – influence who we trust. Each participant was shown random images of people with varying races and genders. Researchers associated each photo with a different job and then asked participants how much they trusted the pictured individual in that role.

According to the survey, these factors play a role in whether Americans are leery or trusting of people in certain roles.

Gender roles

In the wake of the #MeToo movement, gender equality has become a major issue in American culture. Though people are pushing to close the gender wage gap and combat sexual harassment in the workplace, it seems people are still unwilling to trust certain genders in certain industries.

Take your local auto repair shop: If you look at who's actually doing the work, it's likely to be all men. According to the survey, that may be by design, as approximately 62% of people said they trusted mechanics, but less than 56% said they'd trust a female mechanic compared to their male counterparts (69%).

That being said, gender biases don't just apply to female workers. According to the survey, men were less likely to be trusted as housecleaners or doctors than women. More than 93% of people said they trusted a female doctor, while 90% said they trusted a male doctor.

Researchers said approximately one-third of respondents believed their workplace had equal gender representation. They also found that discrimination against women was more likely in male-dominated industries.

Race relations

While a person's sex often plays into our preconceived notion of their competency, race also plays a major role, according to the survey.

While there are approximately 54 million Hispanic people in the U.S., survey respondents ranked the largest minority group as the least trusted employees in several industries. Less than 90% of people trusted Hispanic physicians compared to their white (91%) and black (93%) counterparts. Hispanic were also trusted at 78% as plumbers and at 88% as drivers.

Conversely, African American employees were most trusted as plumbers (92%) and mechanics (67%). Asian workers were most trusted as housecleaners (89%) and IT workers (93%).

How much trust someone put into a person of color also came down to political ideology, as 73% of survey respondents who said they were liberal were comfortable letting someone who didn't speak English work in their house alone. When asked the same question, just 54% of conservatives said the same.

Gaining trust

Differences in gender and race are sticky topics that we continue to struggle with as a nation. While people continue their work in breaking down those barriers, certain factors help people overcome their lack of trust based on these biases.

Respondents were asked to rank the most important qualities in a worker. The top three qualities were experience, education and sincerity. Despite what they'd said about certain genders and ethnicities throughout the rest of the survey, people ranked these as the least important factors.

Why Video Coverage of Your Event is Vital

Posted: 03 May 2019 11:00 AM PDT

Consider these five reasons you should be documenting your event through video.

1. Increase your reach

You want to reach an audience in a way that engages them. If you give your event special status with video coverage, it can help you win customers as it allows them to experience your event firsthand — and make them feel like they haven't entirely missed out. With 2.23 billion monthly active users on Facebook, you have a huge available audience at your fingertips.

2. Promote your business without over-promoting

Video lets you showcase your event and business without being pugnacious. Your videoed event can be used to advertise the next event, encouraging people to purchase tickets. If your videos are bright and colorful with smiling attendees, you are showing potential customers that your events are enjoyable and engaging without being self-centered and pushy.

YouTube alleges it is the 'second largest search engine in the world' so consider showcasing your event on YouTube. Not everyone wants to view a drawn-out video, so think about uploading edited sections of the initial video, such as the highlights – perhaps a welcome speech and snippets from sponsor exhibits. Share these snippets through your social channels and emails to potential clients referencing your posts. That way, prospective customers will become familiar with your business and its values, and you will be building positive relationships without coming across as a pushy salesman.

3. Leverage your brand

You can use the video of your event to advertise your brand. Video demands to be watched. According to Deloitte, video content is akin to entertainment, and Australians, in particular, can't get enough entertainment. Watching video is on par with browsing the internet for many people.

You want to impress your customers and give them something they need or want. An entertaining and inspirational video of your event engages your audience, giving them the experience of who you are and what you do as a brand. It will provide them with a lasting impression of your company's values.

A study released by Bright Cove revealed that 46% of consumers said they made purchases after watching a branded video on social media, while 79% of the participants confirmed that the easiest way to get acquainted with a brand was to watch videos on social media. It is not difficult to see why posting your videos on social media can spill over into brand awareness and a positive reputation.

4. Increase customer conversion

Video coverage of your event will convert more customers. By using video to promote future events you are illustrating why potential customers should attend. You can send the video coverage to clients who didn't turn up, showing them what they missed out on.

Video provides better tracking opportunities than text content does. With analysis tools, you can measure click-through rate, drop-off, how many people share it and how often your video is viewed in full.

Respective of click-through rates, research shows that video users see 27% higher click-through rates and 35% higher internet conversion rates. Of course, your video will need to be entertaining and engaging.

And that's not all – having a video on your website improves SEO (search engine optimization) and your chances of being on the front page of Google search results. It also increases 'dwell time,' which translates to Google recognizing your video and page as something of value. The more dwell time your website or video has, the higher your pages will be ranked on Google. According to Martech.zone, a high-quality video can increase your chances of featuring on the front page of Google by as much as 53 times.

5. Highlight your sponsors

You are likely to have numerous sponsors that have assisted in bringing all the components of your event together. By publicly announcing your gratitude toward them, you are highlighting their benefits and demonstrating that you do not consider them to be inferior participants at the conference. This will build trust not only with your attendees but online viewers and potentially increase the number of registrations for future events.

Sponsors can also benefit from your videoed event. Not only will their brand perception increase but by gaining media exposure, they have the opportunity to generate image awareness. The key to brand awareness is familiarity, so the more sponsors' brands are associated with positive events, the stronger their brand will be.

18 Office Cubicle Solutions for Small Businesses

Posted: 03 May 2019 08:00 AM PDT

Despite the rise in open-concept office designs, cubicles remain popular in businesses all around the world.

Unlike open-concept designs that often have employees sharing large workspaces, cubicles provide employees with a space of their own. While they don't have nearly the same level of prestige that the corner office offers, cubicles can at least give employees some of the privacy they crave.

Invented by the furniture company Herman Miller more than 40 years ago, cubicles are those tiny workspaces that are partitioned off by a series of panels. They are designed to save space while also giving employees a bit of privacy.

When choosing cubicles today, businesses have quite a variety to pick from. They can vary in size, shape and color. There are also options for low walls to create an open work environment, or high walls to give employees more privacy.

Editor's note: Looking for the right office cubicles for your business? Fill out the below questionnaire to have our vendor partners contact you about your needs.

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Pros and cons of used office furniture

For businesses wanting cubicles in their workspace, one big question they have to answer is whether or not to buy them new or used. There are a number of pros and cons to choosing used office furniture.

One of the biggest benefits of buying used office furniture, like cubicles, is the cost. There can be some considerable cost savings when opting for used furniture. Used cubicles can be had for a fraction of the cost compared to new ones. Depending on the cubicles, that could mean less than half of what new systems are sold for. For businesses on a tight budget, opting for used furniture can make a lot of sense. Since there is that cost savings, businesses also might be able to afford nicer brands by choosing used options.

Another benefit of buying used cubicles is the ability to get the furniture right away. Often, new furniture has longer lead times and requires businesses to wait at least several weeks, sometimes months, before it can be installed.

Buying used cubicles can also be considered environmentally conscious. Extending the life of furniture, instead of sending it to the landfill, can send a positive message that your business cares about the environment.

On the flip side, there are downsides to buying used cubicles. The biggest is the quality. Since they have been used, used cubicles often have a lot of wear and tear. If you are considering used furniture, you want to make sure that it isn't too worn.

Another downside of used cubicles is that sometimes it can be hard to find the exact quantity that you need. Depending on how many you need, you may be forced to mix and match.

A third negative of used office furniture is that it usually comes with no warranty, and it likely won't last as long as new furniture.

Office cubicle providers

If you're searching for cubicles, new or used, for your office, here are 18 providers to consider.

Arnold's Office Furniture
Arnold's Office Furniture is the sole distributor of the Sunline Sliding Cubicle series. These cubicles can be assembled with no tools by sliding different style panels in and out of the anodized aluminum connector posts. The cubicles are available in many size, height, color and finish combinations. The company also offers cubicle accessories, chairs, desks, standing desks, conference tables and reception area furniture. https://www.arnoldsofficefurniture.com

Clone Cubicles
Clone Cubicles sells cubicles to businesses of all sizes. The company has a range of options that vary by fabric, colors, size and style. In addition to the different cubicle options, Clone Cubicles can design products to meet a business's exact specifications. The cubicles can be professionally installed and come with a limited lifetime warranty. www.clonecubicles.com

Cubicles.com
Cubicles.com sells dozens of new and used cubicles, each varying in size and style. Businesses have the option between modular and Herman Miller-style office cubicles. In addition, Cubicles.com has an "cubicles-in-an-hour" option, which can be assembled in less than 60 minutes. With many options, businesses can choose the color scheme they like best. In addition, the company has space plan consultants who will work with businesses to determine the furniture that will best fit its needs. Cubicles.com also offers filing cabinets, chairs, desks and conference room, and reception area furniture. www.cubicles.com

CubicleDepot
CubicleDepot specializes in used office cubicles. The company has dozens of options to choose from, each varying in size and style. They also have several new cubicles available. The company provides complete cubicle installation, including delivery, setup, and removal of existing office furniture and cubicles. In addition to cubicles, CubicleDepot sells office chairs and desk. www.cubicledepot.com

Cubicle Concepts
Cubicle Concepts offers a large selection of new and used cubicles. Both desking/benching and panel-based systems are available. The company has experience providing cubicles, and other office furniture, to businesses in a wide range of industries, including commercial new construction and renovation, industrial, financial, tech, food service, automotive, hospitality, government and healthcare facilities. Customers work with Cubicle Concepts' designers to create a workspace that meets their specific goals and needs. https://www.cubicleconcepts.com

Cubicle by Design
Cubicle by Design offers a large selection of cubicles that vary by design, style, color, size and configuration, including private and collaborative workstations. The Cubicle by Design website features a design tool that allows you to elect from different color options and then choose your configuration, height, and other options. Based on the selections, they will send you 2D and 3D drawings as well as a quote for the project within 24 hours. The company also offers desks, conference tables, office chairs and office storage solutions. https://cubiclebydesign.com

Cubicle Network
Cubicle Network is a full-service company, selling cubicles, parts and performing all services, such as tear down, installation and reconfiguration. Based in Texas, the company offers its cubicles nationwide. Cubicle Network offers new, used and remanufactured cubicles. www.cubiclenet.com

Cube Solutions
Cube Solutions offers more than 50 different office cubicles for businesses of all sizes. Each option varies by size, shape and wall heights. In addition to the standard office cubicle, Cube Solutions has call center cubicles and special purpose workstations. With each option, businesses have their choice of fabrics and finishes. Cube Solutions provides businesses with space design consultants who work with each business to determine the most efficient cubicle layout. Besides cubicles, Cube Solutions sells a full line of office furniture. www.cubesolutions.com

FastCubes
FastCubes offers a variety of cubicle configurations, as well as cubes specifically designed for call centers and managers. When using FastCubes, businesses also have options when it comes to colors and fabrics. Among the choices that FastCubes provides include the ability add file cabinets, binder bins, task lights, full height ends, glass or fabric stackers, tack boards, finished ends and power poles.  www.fastcubes.com

Interior Concepts
Interior Concepts' cubicles can be custom designed and manufactured to any length, depth or height. In addition, different connectors allow for an almost infinite variety of configurations. When choosing cubicles, you work with the design team to define your needs. They will then propose some options. Over a web conference, you will see how the furniture and layout will look in your space. You can then make changes and select colors to see a visual of the final design of your furniture solution. In addition to cubicles, Interior Concepts sells call center stations, office desks, office chairs, storage solutions and school furniture. www.interiorconcepts.com

Maxon
Maxon sells new cubicles in two varieties: a prefix panel system and an emerge frame and tile system.  Each option varies in size and shape. For each cubicle, businesses can choose from an assortment of fabric colors. Maxon also offers comprehensive space planning and design services. www.maxonfurniture.com

Modern Office
Modern Office sells cubicles, freestanding office panels, office partitions and mobile partitions. With its custom cubicles, businesses can choose from several styles and various laminates, cube sizes, layouts and matching accessories. With several panel heights and widths available, you can custom make your cubicles to be as open or private as you wish. Besides cubicles, Modern Office sells desks, chairs, conference tables, reception seating, computer desks, chair mats, bookcases, letter and bulletin boards, and file cabinets. www.modernofficefurniture.com

National Business Furniture
National Business Furniture offers a variety of office cubicle solutions. The company's cubicles and panel systems allow businesses to create workstations as large or as small as needed for their space. NBF has a wide selection of cubicles that vary by size, color and price. The company also offers office desk, chairs, tables, filing solutions and storage solutions. https://www.nationalbusinessfurniture.com

Office Depot
Office Depot offers businesses a variety of cubicles that come in a variety of styles and sizes. The freestanding modular designs can be assembled in an hour and come with Hansen Cherry desk surfaces. Office Depot also offers cubicle options from Bush Business. Besides cubicles, Office Depot sells a variety of cubicle partitions, cubicle connectors and cubicle shelves. www.officedepot.com

Skutchi Design
Skutchi Designs is a national contract office furniture company that carries its own line of office cubicles, a proprietary interior glass office wall solution that is demountable and easy to install, office desks, reception desks, conference room furniture, and a benching and desking system. The company's cubicles are available as part of the Emerald or Sapphire systems. Both systems allow for height, size and color, and fabric customizations. www.skutchi.com

Staples
Staples sells an array of OFM RiZe cubicles. Each option varies in size and shape. Businesses can choose either gray vinyl panels with cherry work surfaces or beige vinyl panels with maple work surfaces. The cubicles are designed for quick and easy installation, and no tools are required.  Staples also sells a wide selection of Bush Business cubicles. In addition to the actual cubicles, Staples offers cubicle wall panels, display panels, desktop privacy panels, cubicle connectors, cubicle shelves and hanging panel accessories. www.staples.com

Usedcubicles.com
Usedcubicles has more than 3,000 used and new cubicles in all shapes and sizes that can accommodate any office. Usedcubicles carries every major brand, including Herman Miller, Haworth, Steelcase, Knoll, Allsteel and Hon. On its website, Usedcubicles has pictures, dimensions and inventory quantity of each cubicle they currently have available. In addition to the used cubicles, there are new cubicle options to choose from. To help businesses determine which cubicles will best fit their office, the company provides free space planning consultations. The company also sells call center cubicles, used office desks and office chairs. www.usedcubicles.com

Worthington Direct
Worthington Direct offers more than 10,000 furniture products for schools, churches, daycare facilities and offices. The company offers a wide selection of office cubicle systems from manufacturers like OFM and NDI. The Rize panel systems from OFM are easy to assemble. All of the available cubicles vary by size and design, with many giving you choices of colors and other materials. https://www.worthingtondirect.com

Editor's note: Looking for the right office cubicles for your business? Fill out the below questionnaire to have our vendor partners contact you about your needs.

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A Startup's Guide to Choosing the Best CRM

Posted: 03 May 2019 07:00 AM PDT

 

Getting started on a customer relationship management software is a no-brainer, but picking the right CRM software that best meets your unique business needs is a challenge that every startup must overcome. The CRM market is a competitive one and there are literally hundreds of options for you to choose from. The software come in varied pricing tiers, from a few dollars a month to thousands of dollars for enterprise versions. The range of features that the CRM system comes packed with also varies greatly. The entry-level CRM gives you access to the basic functionalities while the advanced software come loaded with features that make use of technologies such as artificial intelligence and machine learning.

With so many options available at your disposal, how do you draw the line in the sand to decide the best CRM tool for your startup? Here is a guide to help you in making the crucial business decision to get a robust sales pipeline, close more deals and maintain better customer relationships.

Editor's note: Looking for the right CRM software for your business? Fill out the below questionnaire to be connected with vendors that can help.

 

Factors to be considered while choosing a CRM for your startup

1. Simplicity and ease of use

The decision of investing in a CRM software is a strategic one. The efforts go undone if the software fails to be adopted by your sales team. A user-friendly interface bolsters the chances of adoption of the CRM by the sales reps. An intuitive drag-and-drop design that is easy to use saves up on the initial training and development costs which is very vital in the early days of your startup.

Make sure that the CRM solution you choose allows for easy on-boarding of the users with a low learning curve and requiring minimal time and efforts.

2. Flexibility and Scalability

The sales process is unique to every business which necessitates the incorporation of flexibility in the software. The CRM that you choose should provide customization of the sales pipeline stages according to your needs. The customizability of the CRM allows the sales reps to adapt CRM according to their own requirements thus improving the sales efficiency.

Another important quality in the CRM software that is important for startups and small businesses is the scalability of the software. The software that you choose for your startup should have the inherent capability to grow as your company scales its operations. The future need and scope of the software must be considered before making the selection.

3. Cost-value equation

While CRM software offers a range of features, only a handful of them get actually utilized by the sales reps. Don't be lured into buying a CRM based on the list of features offered. Analyze what are the core features that you need in order to accomplish your sales goals and base your purchase decision on the availability of those factors.

Cost saving is crucial to your startup's success. Make sure you don't end up paying more for features your sales team won't be using anyway. Majority of CRM software offer demos and free trials. Some options such as Benchpoint and Hubspot CRM also come with a forever free plan. Make sure you avail the free trial, test out the software and see how it fits with your business needs before taking the purchase decision to get the best value CRM software for the cost you are paying. [Are you interested in CRM software? Check out our best picks and reviews.]

Five Must-have features to look for in the CRM software:

1. Sales Pipeline Management

The sales pipeline is the core of the sales process. The CRM software that you choose should be able to give you high-level insights into the entire sales pipeline, help you identify the areas of stasis within the pipeline and aid your sales reps to move deals along the different stages of the pipeline to bring in conversions.

The sales pipeline management should be intuitive with a visually appealing visual interface to ensure that the CRM software is utilized by the sales reps. Detailed knowledge of the efficiency of the sales process with insights into the areas of rotting of deals is crucial for the long term sales success in any startup.

2. Contacts Integration

Contacts management is integral to sales success. The CRM software that you use should help your sales team organize all their leads and contacts effortlessly in a single place through contacts management. Based on your sales process, your sales reps should be able to do contact management within the software.

If you are focused on selling to prospects on an individual basis, the contact should be saved individually but if your sales process targets multiple prospects within the same organization, the CRM should be able to organize them according to the organizations so you can keep a track of all the conversations that you have had with the different stakeholders within the company.

3. Emails Automation

The CRM software you choose for your startup should be able to integrate with the major email providers like Gmail and Outlook, and it should let your sales reps send and receive emails without having to hop between different applications. Integration with email marketing platform such as MailChimp allows you to automate the emails via the use of email templates thus streamlining sales conversations and email tracking.

4. Calendar and Events Sync

The CRM should allow for calendar sync so that all the upcoming appointments and events can be viewed from right within the software. Alerts and reminders to the events and follow up appointments ensure that the sales reps do not miss out on any important appointments and therefore close deals more efficiently.

5. Deals overview

As a startup or a small business, it is necessary for you to have real-time insights into the dashboard and the status of the leads being pursued. The CRM software you choose needs to have a comprehensive dashboard and reporting features so that you can track your progress, perform analytics on the sales data gathered, do sales forecasting and make the necessary changes to your sales process.

Implementing a robust sales CRM software for streamlining your sales process during the initial stages of the startup journey has long-term benefits for your business. Leveraging technology to achieve sales success and efficiently close more deals can give you an invaluable competitive advantage. Shortlist a few CRM that offer the above-mentioned features, sign up for a trial and get started with a CRM software that meets your startup's sales needs. Happy closing!

Struggling for Cash Flow? Strategies for Survival

Posted: 03 May 2019 05:50 AM PDT

Proper cash flow management is a key strategy that every business owner must master for long-term financial success. Managing cash flow can be one of the biggest challenges business owners face. 

A recent study from Intuit found that 61% of small businesses around the world struggle with cash flow. Nearly one-third of those surveyed are unable to either pay vendors, pay pending loans, or pay themselves or their employees due to cash flow issues.

To combat this struggle and stabilize cash flow, there are many tactics you can incorporate into your business model. The first step is to determine the cash flow your business needs.

Jay Singer, senior vice president for small business at Mastercard, said this is done by analyzing the current state of your business.

"It's important to understand how much cash you've been using and plan to use, as well as the length of time it will take to acquire more cash," Singer told Business News Daily. "While every business's needs are different, it would be wise to have enough cash on hand to cover up to six months of your average cash outflow."

An important element of your business model that can help with cash analysis is having proper accounting standards in place. While businesses can run on a cash or accrual basis, Rohit Arora, CEO of Biz2Credit, advises every business to take advantage of both.

Here are some tips from the experts on how to manage your cash flow.

1. Borrow money before you need it.

The best time to solve a cash flow problem is before it happens. If your business is running smoothly or is in the beginning stages of production, now is the time to borrow money. By opening a business line of credit when your numbers are good, you can avoid the risk of rejection later on. This will also provide you with resources to fall back on, should you experience the growing pains associated with starting a business. Arora said a business line of credit can be a lifeline for small businesses, particularly those impacted by seasonality.

"Whatever amount you think you will need, ask for double; you might not get it, but it's better to have reserves to draw from when times get tough," he said. "If you can get a small business loan at 10% or less, your cost of capital will be so much lower than if you put purchases on credit cards that carry rates of 19% or more."

For businesses that have already been consumed with high-interest credit card debt, Arora recommends refinancing. For example, if you made several purchases on credit cards that come at interest rates of 20% or more, consider getting a business line of credit that might be available for as low as 6% or 7% interest.

If you have yet to open any credit cards and are struggling for a loan, Singer suggests getting a small business credit card with an interest-free grace period to support your short-term financing needs. He said credit cards can highlight opportunities to save, and many even come with innovative reporting options that illustrate spending trends to help business owners optimize their cash flow.

Editor's note: Need financing for your business? Fill out the below questionnaire to have our vendor partners contact you with free information.

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2. Re-evaluate your business operations.

Continually review your cost structure to find efficiency gaps and implementations that can be modified to increase savings. Arora suggests identifying parts of the operation that can be outsourced to freelancers and third-party providers. This will allow you to get the job done without providing salary and benefits. He also suggests that businesses scale back part-time staff during slow periods.

In addition to outsourcing, Alex Shvarts, CTO of FundKite, recommended other areas of operation that should be frequently monitored, evaluated and improved.

"Certain areas of business operations can be re-evaluated and updated for efficiency," he said. "[These include] shipping costs, use of middlemen, extra employees, allotted overtime, marketing returns, overdue invoices, rented equipment payments, stocking up on materials when tariffs are low and potentially asking vendors for a break."

As the economy changes, your business strategies will too. It is important to always look for ways to improve your product and invest in smarter solutions.

3. Restructure your payments and collections.

Restructure your payments to your vendors to create a more balanced income for your business. By restructuring payments, you can turn your vendors into your lenders. If you are unable to restructure payment dates, consider restructuring payment costs. You can do this by meeting with new vendors who can potentially provide inventory and supplies at a better cost. Arora said that even if you are not looking to replace your current vendors, you can use the information from competitors as leverage to get better pricing.

You can also benefit from restructuring how your employees are paid. Although a minor detail, how often your business runs payroll can provide some cost savings. Shvarts said switching to a less frequent pay type can save on the administrative costs of collecting, verifying and tabulating payroll information. Implementing direct deposit can help stabilize your payroll withdrawals as well. If you already have a payroll system in place, be sure to assess any fees that may be associated with switching frequencies.

The structure of your debt collection process can make a big difference as well. It is important that you are prompt on your collections and take aggressive follow-up action on past-due accounts receivable when necessary. Set up a continual collections process of reminding accounts receivable when and what they owe you. Invoices that you let slip through the cracks can add up. [Interested in alternative small business loans? Check out our best picks and reviews.]

4. Monitor where your money is going – debt and savings.

Taking on debt isn't always a bad thing. Sometimes borrowing money can be a temporary fix until your business is healthy enough to make it on its own. However, anytime you take on debt, you should carefully monitor and evaluate the extent of your cash flow.

"While taking on debt can be key to coasting through hard times, a business should still calculate how much debt they can take on as to not be overleveraged," Shvarts said. "The debt will be paid back either through investing in growth or once an invoice is paid by the client, but those both require factoring in time, interest, ROI and more."

Strategically borrowing money can be a viable option, as long as you have a repayment plan in place. You should monitor your other expenses and make changes where needed. You may have to shift from a long-term investment mindset, such as the desire to buy equipment, to a short-term survival mindset, such as leasing equipment.

Alongside examining your debt and expenses, you should monitor your savings. Although balancing growth capital and working capital can be difficult when working with thin profit margins, Shvarts said it is important to always maintain a rainy-day reserve in case of emergency. If you don't have a business savings account, it is time to re-evaluate your profit structure. 

"Keep reserves of extra cash, not just for hard times but for when a growth opportunity comes along or financial flexibility is needed," said Shvarts. "Growing a business greatly strains cash flow, [since] you have to invest and bring on expenses before the higher revenue kicks in. By all means, grow, expand, turn your small business into a big business, but still save some money for an unexpected market dip while you're in the process of expanding."

5. Take advantage of technology.

As a business owner, you should take advantage of technological advances and AI-enabled solutions, like new apps and software updates. These can streamline your business processes and increase efficiency. Although technology can help with any sector of your business, Shvarts specifically recommends using it to create budgets and project cash flow.

"When you can see all accounts payable and accounts receivable, plus the other financial intricacies of your business, in one spreadsheet, you can budget and easily project future cash flow," Shvarts said. "Depending on which software you choose, your information will be secure in the cloud, so you won't risk misplacing or damaging paper documents."

The right technology and the right business strategies can make a big difference for your company. They allow you to spend less time worrying about cash flow and more time running your business. If you don't feel confident in overseeing your cash inflow and outflow, you can always hire a CPA or bookkeeper to do it for you. Regardless of who manages your cash flow, it needs to be done.

"The point of running a business is to make sure your revenues exceed your expenses and to generate a profit," said Arora. "Managing cash flow is critically important to running a profitable business long-term."

9 Key Factors to Consider When Buying Office Hardware for Your Business

Posted: 03 May 2019 05:00 AM PDT

Before you jump in to the buying process, however, it's essential to have a plan in place. How much equipment do you need? What kind? Asking yourself a few simple questions before you buy can ensure you and your business are set up for success now and in the long run. But what factors should you consider?

A panel of nine YEC leaders give their advice on the most important factors you should think about before purchasing your next piece of hardware. These answers are provided by Young Entrepreneur Council (YEC), an invite-only organization comprised of the world's most successful young entrepreneurs. YEC members represent nearly every industry, generate billions of dollars in revenue each year and have created tens of thousands of jobs. Learn more at yec.co.

Editor's note: Looking for information on equipment leasing? Use the questionnaire below, and our vendor partners will contact you to provide you with the information you need:

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1. Scalable infrastructure

The choice of hardware is tied to your company's growth and the extent to which you want to scale up. When we became 10 from 5, we had to redo everything. When we doubled to 20 from 10, the system fell apart again. So now we have to prepare for 1000 because we don't want infrastructure getting in the way of performance and growth. And that's the main factor you need to consider. – Solomon Thimothy, OneIMS

2. Return on investment

I look at the return on investment when buying office hardware. This comes down to a quality question for me. I want all of my employees to have the tools they need to be at their best, and the quality and service of the hardware allow my employees to reach their full potential. Buying the right equipment can help productivity, ingenuity and the capacity to run at full throttle. – Brian Greenberg, True Blue Life Insurance

3. Outsourcing costs

Doing a cost analysis will help you answer this question for you. For instance, if your team finds itself running to Kinko's daily for printing, scanning or picking up suppliers, you really need to consider the extra cost you're paying for in time and how much Kinko's inflates prices. We realized that quickly and just bought the printers, scanner and office supplies. Now we're saving a lot. – Andy Karuza, FenSens

4. Previous experience

Many new companies can get excited when purchasing new hardware and end up spending money on equipment they don't really need. So, take a look at your previous experience. What tasks were you handling every day that required particular office hardware? Thinking about your previous needs will help you determine what you need for the future. – Stephanie Wells, Formidable Forms

5. Future business vision and plan

Too many entrepreneurs focus on their short-term needs instead of their long-term business plan when buying hardware. Before buying anything, I ask how does this fit into my company vision and how does it get me closer to my business goals. This long-term perspective helps me focus on how cost, obsolescence and the ability to scale fit into my current business model and future business plans. – Shaun Conrad, My Accounting Course

6. Team feedback

There are certain matters that should be decided by the management, but in the case of office hardware, it's always best to consider team feedback. It's your team who will use these tools frequently in their day-to-day work. They know best what they need, and they usually stay updated on the best tools for the trade. – Diego Orjuela, Cables & Sensors

7. Team comfort and performance

Most of my team works remote, which means we're actually buying more peripherals than if they were working in the office. Your team should feel comfortable, cared for and have access to everything they need. That doesn't mean you have to load them up with carbon fiber gaming chairs, but that does mean new laptops, Turtle Beach headsets and a full week's supply of G Fuel to keep them at their peak. – Ali Mahvan, Sharebert

8. Future cost projections

Especially when investing in servers, large hardware deployments or other high-value equipment, future projections should be critical to decision making. Opting for a cheaper or short-term solution will likely incur additional maintenance and upgrade costs. Alternatively, a longer-lasting solution is one that has the scalability and adaptability to accommodate business changes and growth. – Jack Tai, OneClass

9. Accurate usage

We use large monitors and laptops. Certain teams require larger screens for design work, while others perform just as well with a laptop. The usage analysis is the key. Maintain feedback loops from your teams and assess the digital hardware that is most useful as well, in terms of Salesforce or other lead management software. In our business, Microsoft Office has been more than adequate. – Matthew Capala, Alphametic
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