Managing Your Business

 

05 03 2017

Small business successful operations

05 03 2017

What Can Star Wars Teach You About Running a Business?

Star Wars is both a beloved movie franchise and a foundational element of pop culture. Touching the hearts and minds of fans across many generations, Star Wars has seen a rush of new attention as a slate of new films have been released in recent years, with more on the horizon.

Of course, every good story can teach lessons, whether it’s learning from the successes of Luke Skywalker and the Rebel Alliance or from the failures of Darth Vader and the Empire. With Star Wars Day – May the 4th (say “May the 4th be with you” out loud, if you’re not already familiar with the turn of phrase) – fast approaching, it’s a great time to consider the lessons this celebrated space opera can teach you about running a small business.

Don’t be like the Death Star: Identify and address your business weaknesses

The Death Star, the moon-sized weapon used by the Empire to destroy entire planets, was brought down by a much smaller ship piloted by Luke and a single projectile shot into an unprotected vent. This scenario has attracted plenty of good-natured criticism in the past, most of it centering around this central theme: How could the Empire leave such a potentially catastrophic point of failure unsecured?

While your business likely doesn’t have a single point where the smallest bit of interference could cause total collapse, this lesson is one to take to heart in context. Regularly review your business for any potential weak points, whether they exist in your supply chain, customer engagement strategy, employee training, bookkeeping efforts or somewhere else. Only with the knowledge of your potential weaknesses can your business continue to grow and prosper.

Believe in the Force: If the foundation is sound, have a little faith

While the later movies and many other properties associated with Star Wars present the Force – the mental superpowers of trained Jedi – as widely accepted and recognized, they weren’t always portrayed that way. The first film in the series presents a time when the Jedi knights were at a particularly low point, fading from the collective memory of much of the universe.

Even Han Solo didn’t believe in the powers of the Jedi at first, and some of locals on Tatooine, including Luke at first, thought Obi-Wan Kenobi, called Ben and hiding in seclusion, was simply an eccentric.

The films go on to show that isn’t the case, which can provide a good business lesson. If you know your business has a strong foundation and a good operational plan, have faith in it. Don’t make drastic changes after a single week of slow sales, and make changes with improvement in mind, not a fear of failure.

Don’t be afraid to ask for help

Princess Leia was desperate when she sent her droids on a mission to find Obi-Wan and help her take down the Empire. She knew she could trust Obi-Wan, though, and sure enough, he came to her aid despite the long odds of the droids even finding him. That one decision set off a chain of events that allowed the Rebel Alliance to snatch victory from the jaws of defeat and, two films later, earn a decisive win over the Empire.

How does this relate to your business? Sometimes, you need to ask for help. If that means small business loans or equipment leasing or financing, you should explore all your options. That means looking beyond traditional loan providers and exploring alternative lenders. Working with an alternative lender like National Funding gives your business the terms and flexibility it needs to realize the best loan agreement possible.

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Terms & Conditions

General Acceptance

Any applications submitted electronically shall have the same force and effect as if the application bore an inked original signature(s). The above information, together with any accompanying financial statements, schedules, or other materials, is submitted for the purpose of obtaining credit and is warranted to be true, correct, and complete.

 

US Patriot Act:

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person and business that seeks a business loan.  What this means for you: When you apply for a loan, we will ask for your business name, address, and Tax Identification Number.  We will also ask for your name, address, date of birth, and other information that will allow us to identify you.  We may also ask to see your driver’s license or other identifying documents.

 

For Loan/Merchant Services:

The Merchant and Owner(s)/Officer(s) identified in the application (individually, an “Applicant”) each represents, acknowledges and agrees that (1) all information and documents provided to National Funding, Inc. (“NF”) including credit card processor statements are true, accurate and complete, (2) Applicant will immediately notify NF of any change in such information or financial condition, (3) Applicant authorizes NF to disclose all information and documents that NF may obtain including credit reports to other persons or entities (collectively, “Assignees”) that may be involved with or acquire commercial loans having daily repayment features and/or Merchant Cash Advance transactions, including without limitation the application therefor (collectively, “Transactions”) and each Assignee is authorized to use such information and documents, and share such information and documents with other Assignees, in connection with potential Transactions, (4) each Assignee will rely upon the accuracy and completeness of such information and documents, (5) NF, Assignees, and each of their representatives, successors, assigns and designees (collectively, “Recipients”) are authorized to request and receive any investigative reports, credit reports, statements from creditors or financial institutions, verification of information, or any other information that a Recipient deems necessary, (6) Applicant waives and releases any claims against Recipients and any information-providers arising from any act or omission relating to the requesting, receiving or release of information, and (7) each Owner/Officer represents that he or she is authorized to sign this form on behalf of Merchant.(8) I consent to receive direct mail, faxes, and e-mails sent by National Funding and its affiliates for the purposes of transmitting account updates, requests for information and notices, and (9) this request is for business and not for consumer purposes.

 

For Equipment Services:

I hereby certify: (1) the information provided is true and correct, (2) you are hereby authorized to investigate all bank, credit, and trade references, and said references are hereby authorized to release any requested information to you or your nominee, (3) such authorization shall extend to obtaining personal credit profile in considering this application and subsequently for the purposes of update, renewal or extension of such credit or additional credit and for reviewing or collecting the resulting account, (4) this information may be transmitted by us to you and by you to underwriter(s) for the purpose of granting me credit, either electronically or manually, and that by submitting this application, I take full responsibility for transmission thereof, (5) I am over 18 years of age, (6) I acknowledge my rights under the Fair Credit Reporting Act, (7) I consent to receive direct mail, faxes, and e-mails sent by National Funding and its affiliates for the purposes of transmitting account updates, requests for information and notices, and (8) this request is for business and not for consumer purposes.

The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status or age (provided the applicant has the capacity to enter into the binding contract); because all or part of the applicant’s income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. If for any reason your application for business credit is denied, you have the right to a written statement of the specific reasons for the denial. To obtain the statement, please write to National Funding Inc., 9820 Towne Centre Drive, San Diego, California 92121.  Funding amount and credit approval is subject to a full credit profile review.