With the right prompts and data uploaded, AI tools like Claude and ChatGPT can help you know: When you’ll likely need to start discounting products to make room for the next season or line. What inventory to avoid ordering because it never fully clears, including variations like flavors, sizes, and colors. How much to order vs. guessing when it comes… Read more »
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Small business owners should understand the difference between bookkeeping and accounting because each function is essential to making informed decisions.
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Debt financing is a term that describes any type of borrowing money where the borrower makes payments to the lender with interest, whether automatically applied or as a term for late payments. It gets its name because the borrower has a “debt” to the lender. It’s the preferred method of financing for most businesses as the business owner or owners maintain control over the… Read more »
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Small business loans are a type of debt financing where a borrower receives a lump sum of money, typically under $500,000, from alternative and traditional lenders, then makes payments on a predetermined schedule with interest. The financing is a way for the company to: Bridge gaps in cash flow Purchase or lease equipment, vehicles, inventory, or machinery Recover… Read more »
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Improving your debt-to-income ratio (DTI) before applying for a business loan or other type of financing reduces the risk of underwriting delays or being denied because of your finances. Consumer and business lenders have their own requirements for what makes a “good” DTI, but common ranges include: Low-risk DTI being under 36% Medium-risk DTI at levels between… Read more »
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The length of a business loan often changes based on the usage of the funds. It should be tailored to the borrower whenever possible to make sure that their cash flow can cover payments over the term without defaulting. The longer the term length, the lower the monthly payment is on most loans, which frees up cash flow. A… Read more »
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Email marketing (and SMS) are your company’s ATM machine. They’re consumers and clients that gave you their information, have shopped already, and who are familiar with your brand, which is why these campaigns convert better than other channels. But when you over-email, use the wrong messaging, or the offers are not relevant to the recipients, your company gets marked… Read more »
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Both revolving credit and business loans make sense to use for short-term and immediate expenses, as well as purchases and repairs when it comes to your business. There are specific situations where one is better than the other, even when the issue is similar. A piece of equipment breaking during a busy season is a… Read more »
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