Business

As a marketer, being specific with the delivery of your content is your foremost responsibility. Of course, this is possible only after you’ve created an engaging ad or promo copy.

Successful marketing campaigns outstand the failed ones by being clear and solitary about the messages. It also helps the audience understand and remember the marketing copies.

Consider this: how many TV comms do you remember? Probably a handful of them.

And what do you think is common in all the ads that you remember?

Well, honestly speaking, most people tend to remember the ads they can personally relate with.

But here’s a fact check for you: research shows that the ads that most people tend to remember are less converting than straightforward ad copies.

Wait, what?

Yes, you read that right. Statistically speaking, the ads that have a clear message convert more leads for businesses.

And, to your surprise, that’s not it. Explicit marketing content can benefit your brand or business in several other ways too.

Sounds interesting?

Well, let’s explore more about clear content marketing and how it can help your business.

Positioning Your Brand In Customer’s Mind

Answer these questions first:

How do you wish your audience to remember your brand?

What do you expect your customers to feel and experience when they interact with your brand, buy your products, or use your services?

And most importantly, what solutions will you be offering to your customers?

Answers to these questions should help you figure out where you want to position your brand. For example, you’d wish your customers to think of your brand as soon as they need a related product or service. And for this, the first thing that you’ll need to do is let your target customers know precisely how you’ll be helping them.

Consequently, you’ll need to create an emotion for your brand that your consumers can relate to and connect with.

And all of this is only possible with the help of the right content strategies. Or better said, if your messages are clear and targeted to your audience.

You can start by describing your attributes such as reliable, helpful, responsive, and so on. Indeed, you can also use metaphorical comparisons in your content to convey your positioning against your competitors.

Clear Messages Are More Appealing

Now, think of how you would appeal to your customers and position your business in the market. Of course, content would be your first impression before your customers.

But what if your audience does not get the gist of your content?

Let’s give you an example.

Consider two different content pieces for the same campaign for a local brewery in New Westminster.

One ad copy says, “craft beer that quenches your taste buds”, and the other one says, “craft beer that you cannot resist”.

The first one might be more elaborate, but the second one is more appealing, although both are essentially the same. The strategy is known as storybrand marketing and is pretty effective in positioning your brand. And as the name suggests, the strategy indeed helps create branding stories.

Now, this is where content clarity comes into play. A piece of content with a clear and appealing message is more likely to establish your brand’s position in the market.

Brand Retention Improves Right From The Start

So far, you’ve learned that content clarity can help you position your brand rightly in the market and can also appeal to your customers.

If these two results are clubbed together, the following best result that you get is customer retention. Or better said, brand retention in your customers’ minds.

So, you remember the TV comms from your childhood. Or, for that matter, any TVC that appealed to you.

Now, answer this – how many products or services do you repeat buy among the ads that you remember?

We believe, if not buying, you’d still be recommending it to others.

So is the power of explicit and subtle content.

Studies show that promotions and marketing content that are usually remembered for longer intend to bring in more repeat sales than others.

We know that such ads do not convert enough leads in the first place. But, think of it this way: a one-time investment can get your brand a loyal customer that could last you a lifetime.

Now, that’s something worth putting effort into. Isn’t it?

On this note, you might wonder how you create clear content copies? Of course, the returns on investment make it worth the effort.

So, worry not. Keep reading, and you will find your answer.

Step 1. Find An Idea

The first step is deciding on the idea for your content. By idea, we do not mean that you should jump straight to the conclusion. The idea needs to be creative and appealing. So, take cues from trending topics and advertisements.

Step 2. Attach A Motif

Once you’ve decided on the idea for your content, the next step is attaching a motif to it. Now, this might be the trickiest step of all. Remember, you need content that’s appealing and converting. But at the same time, you wouldn’t want it to be too overpowering to your audience. This way, you’d be able to reach and engage more audiences.

Step 3. Create Content

The next obvious step is creating content. With the idea in mind and the motif at hand, consider keeping your content short and to the point. And when you’re done creating your content copy, make sure you double-check it before publishing.

Step 4. Publish And Distribute

Lastly, when you’re done with the content creation part, it’s time to publish it. Now, depending upon your budget, audience demographic, and the results you expect out of your marketing efforts, you can either choose to use online media sources or offline media sources. Or, if your budget allows you, try using both to distribute your content.

The Takeaway

Content clarity is not a tool. Indeed, it is the key to customers‘ minds. With clear messaging and crisp scripts, you can achieve more sales numbers and tap into newer markets as well. Just remember to stay agile with your content strategies, and you’ll never fail.

A stenographic remote court reporter is known to create excellent transcripts as compared to the use of tape recorders in the courtroom. In an environment where there are multiple people speaking, pitch differences, and background noises, a tape recorder may seem like an easy fix at the start but cause complications later while creating transcripts.

Since both the procedures are so different, there are different outcomes that one can expect while using a remote court reporter instead of a tape recorder. Here are some situations where they can be hired.

A Busy Online Courtroom

Having Zoom courtroom sessions can be a bit confusing with multiple speakers and background noises. Recording the meeting may not provide the contextual clarity a court reporter can. They immediately understand if there is something missing from the session, maybe due to network problems, and will always stop the proceedings to ask the testimony to be repeated. This ensures complete and accurate records being noted. From the inaudible parts to any ambiguities, you can expect your remote court reporter to clarify everything so that relying on the recording of your proceedings is secondary to the stenographer’s report.

Reading A Testimony Back While the Deposition

Another situation where you need a remote stenographer in court reporting is when a part of the record is required to be read back while the proceeding.

Using a tape recorder makes it difficult to rewind and scan to detect just the line you want to replay. It can be painstaking and a waste of precious time.

A remote courtroom reporter makes it incredibly easy as all they have to do is scan their notes quickly to find the highlight of the portion you’re asking to be repeated, saving both time and energy.

Expedited Draft Transcripts

There are times when a rough draft of the transcript is immediately required by the legal department so it can be used in the case preparation.

Remote stenographic reporters make this easy by using computers to immediately translate their steno notes into English. The draft can be available to you within a few hours after the conclusion of the proceedings once they review their notes, which is not possible while using a tape recorder.

Get Realtime Translation of Testimonies

Many times, it can be very helpful to view the testimony while it is being presented. The remote court reporter uses real-time translation to immediately translate their steno notes into English. Several times the witness may not speak coherent English because of a language barrier. A transcript created in real-time helps you to gauge whether the testimony provided is coherent while being translated. If not, you can clear up any ambiguities instantly that may not be possible using a tape recorder.

Conclusion:

The biggest benefit of hiring a remote court reporter is that while your reporter notes every word, a tape recorder can only reproduce sound. For the most accurate transcription of your online proceedings, especially during such times, hiring a remote reporter is the best way to not lose a single detail.

 

Investing your hard-earned money in real estate properties has turned out to be a popular trend grabbing the attention of many throughout the world. Real estate investments can amend a great deal of diversification to your overall portfolio. It has become much easier to invest in real estate by the time we have got some options like mutual funds.

Putting your money in real estate not just diversifies your investment portfolio but adds to an additional source of income. Plus, several real estate investment deals do not require showing up at a tenant’s beck and call.

Now, the most considerable trouble that many interested investors see is – how and where to invest? If you have been juggling the same questions for years, then here is something of your interest.

Lucrative ways to invest in your favorite real estate property for real –

#1 Invest in REITs –

REITs (real estate investment trusts) are a much-recommended way to get started with your journey as an investor in the real estate market. This option allows you to invest in the real estate industry without visiting or exploring the real estate market. Several companies, hotels, commercial buildings, hotels, apartments, etc., have firm tie-ups with REITs. This plan pays high dividends that make it a preferred investment type for retirement.

REITs – a good investment or not?

This can be a good investment, but only when you know how to deal with its complexities and challenges. When investing in REITs on a publicly traded company, it may contain a degree of risk factors. Therefore, it is a good idea to consult a professional to make wise use of your hard-earned capital.

#2 – Go for rental properties

Have you ever thought of investing in rental properties? In the current times, many pro investors see it as a source of passive income that never fails, even in pandemic circumstances. Investing in a rental property gives seamless income options while lowers the number of expenses. And if you do not wish to be the one who shows up carrying a tool kit to fix a leaky pipe or socket, then you may need to hire a property manager. This will wave off you from the hassle of dealing with the maintenance issues.

#3 – Prefer to flip investment properties

Whenever possible, consider swapping the investment properties at their best. It is more like HGTV coming to life. Many people may co-relate it with co investing in real estate, but this is a slightly different concept. Here, you invest in an underpriced property that requires some repair work done. Many people may call it house flipping, an intelligent strategy to make the most out of an under-rated property standing tall idly for decades. The amount of profits depends on your efforts made to repair and resell it.

The final takeaway –

Like all sorts of investment plans and ideas, investing in real estate can be challenging and requires wise decision-making capabilities. Therefore, experts recommend investing in any real estate property after thorough research and analysis.

 

Most items stored in the local grocery store, shopping malls, or gift archery are preserved in safety boxes made up of hard or soft cardboard material. You may have been using such boxes for multiple purposes for years now, but did you take the pain to know what they are made up of?

Let’s figure it out!

Cardboard boxes are made with a versatile packaging material that safeguards almost every kind of product or belonging. These are made up of different material types, which decide their quality and display potential. Such is its demand that millions of tons of pine trees are used to manufacture corrugated cardboard boxes.

A quick brief about its background –

In 1992, up to 25 million tons of cardboard were manufactured in the United States, used for different purposes ranging from cosmetic to grocery item packaging material. This quality raw material produced was later transformed into paper boxes or folding cartons. Such is its manufacturing that it holds the potential to carry heavy equipment.

The most commonly used corrugated packaging cardboards are strong, lightweight, and stiff to use. Generally, it is a multi-layer brown kraft paper made with a unique technique for better reliability. In 1884, a Swedish Chemist named Carl F. Dahl created a process of using wood chips to make paper-like texture and then use it for box-making purposes. Later, he called the entire process a kraft process as it used a strong paper quality that resists bursting, tearing, or splitting.

Raw Material used –

It may interest you to know that pine trees work as the primary raw material required for cardboard manufacturing. As a result, some paper core manufacturers grow, cultivate, and use pine trees every year. The massive trunks are shifted to the pulp mill to convert it into kraft paper. The process uses quality sulfate and other chemicals, which break the wooden chips into fibrosis pulp, progressing towards cardboard sheet making.

As these are made using the kraft process, the sheets are stiff and ensure the best finishing. This is the reason you notice sharp edges of a cardboard box or other products. Furthermore, manufacturers use corn starch glue mix to bond the different cardboard sheets and form a box. Here, one must focus on the sheet lining, if it is medium or liner.

The glue used in the process is blended with wax and other vegetable oils to strengthen the container’s reliability. Rest, it depends on the design of the cardboard box.

The manufacturing process of cardboards –

Its manufacturing process is detailed and consists of cardboard refining stages. Here are the details –

1. Pulping the fine pine wooden chips
2. Getting ready for the kraft process
3. Storing the kraft paper for some time
4. Corrugating the cardboard sheets obtained
5. Forming the sheets into cardboard boxes using glue
6. Passing the cardboard boxes through rigid quality checks

Conclusion –

Cardboard boxes are a significant highlight of any store you visit. Besides the commercial purposes, it has become a growing need for residential areas too. One can use it for different purposes ranging from decoration to storage. It all depends on your creativity and out-of-box ideas.

Product Information Form (PIF) can help you manage your products’ specifications to meet the food industry regulations in Australia and New Zealand. It is a questionnaire developed by the food industry in Australia, with support from various industry stakeholders. It provides a plethora of information about food products in a uniform format. A PIF is a single document that displays information necessary for legal compliance.

As a large supplier or producer of any food item in Australia or New Zealand, you need to manage tons of PIF for your products. Collecting these forms over Excel is a cumbersome task to organise and manually change or update documents.

However, if you switch to a cloud-based system to manage your PIFs, you can organise, access and store all your forms in one place.

Companies like BizCaps have launched AFGC authorised Product Information Form software. Such software helps you to manage all your form archives from a single web-based platform. However, many companies hesitate to switch to a cloud-based platform, so here are some reasons why switching to a cloud-based system might be beneficial for your business.

• Streamlined Compliance

When you fill the forms or organise the forms using excel, it could cause some gaps in your compliance data. When you use software for PIF, it lists all the product details you need to fill in to meet regulatory compliances. It makes it easier for you to collect and manage all the data you need to meet the food standards.

The software assists you to fill in details like code, country of origin, imported food controls and much more.

This saves your company precious hours from repetitive data entry.

• Single Source of truth

When you manage thousands of forms, it gets difficult to maintain them over MS excel. The chances of updating any wrong form or sending the wrong version to the traders are reduced by keeping your PIFs in one place.

Cloud-based PIF software enables you to attach any information linked to the form and store them in one place on the cloud. Moreover, it makes it easier to share with the different teams whenever they need to review the form or update it.

• Improved Searchability

Using software eliminates the time it takes to peruse through hundreds of printed documents or searching for the latest shared excel in your folders.

When you use such software, all your documents are stored in secure data archives, wherein any authorised member can access the latest and approved PIF whenever they need it.

Some software like PIF Manager by BizCaps enables you to search the forms by attributes like customer or ingredients for enhanced searchability. So, even if you do not remember the form name, you can search the customer name to find the documents easily.

• Ensures security

All the PIFs and related documents are fully protected and stored in a cloud-based platform safely. Only the people with the password to the portal can access the documents. Moreover, you can limit access according to the hierarchies as well.

The cloud-based platform safeguards your intellectual property and enables you to safely share PIFs with your customers and suppliers.

So, using cloud-based software to manage PIFs increases your efficiency by reducing the time taken to manual data entries. In addition, the software provides a safe archive space for all your documents where employees of your company can easily access them.

 

Runway walks are exciting and bring something unique to the apparel industry’s table every single time. It’s a very entertaining yet impactful way to showcase the product your company sells. Nonetheless, organizing a fashion show is easier said than done.

With every event, you need to step up the game and come up with unique ideas that set trends for the competitors. Not to mention, it becomes the talk of the town.

Yes! One of the highlights of the event is the product. However, there are several other elements that are equally important as the product. Keep in mind that:

“It takes more than good clothes to host a successful fashion show.”

Therefore, you need to pay attention to every single detail of the event. Having said that, let’s look at some details that’ll help you host a successful fashion show.

Scroll down!

• Venue Of The Show

First things first, you need to select a fantastic and spacious venue to host the show. As you need lights, music, and cameras, you need to ensure that the venue has a good sound system and enough room for everybody to walk freely and set up everything. Generally, the auditorium and performing art centers can fulfill these requirements easily.

Also, you need to pay attention to the interiors of the venue. Everything should work well with the theme of the event. Or, you can rent an open space and decorate it accordingly. In addition to this, there should be a good parking space. If you can’t find parking space, you can consider hiring a valet service. It’ll ensure that the guests and attendees don’t feel any kind of inconvenience.

• Concept Of The Event

Another thing that you must pay attention to is the concept/theme of the event. The theme should be out of the box. However, it should fit perfectly with the product (clothes, accessories, or shoes). For instance, if you are showcasing a winter collection for mothers, you can go with a grocery store theme. Likewise, for kids’ shoes, you can go with a space theme.

The best way to select the event theme is to gather your whole team and brainstorm all the ideas. Weird or not, you should consider every idea and choose the one that will leave everybody awestruck.

Nonetheless, make sure that your concept has a message, as it will give you more media and public attention.

• Personable Models

After deciding the theme, you need to select the models. Remember that while selecting the models, you don’t have to stick with the stereotypical model figure. Instead, go for variety; it will make the event more attractive.

It is essential to do this in the beginning. It’ll ensure that the model is available on the day of the event. Also, you can hire extra models to avoid any last-minute trouble. After selecting the model, get the dresses fit to avoid any uncertain situation.

Note: If you are a small business owner, you can contact the school or university students to volunteer.

• Security Of The Guests

The next and one of the crucial things that you need to focus on is the security and safety of your guests. For that, you need to hire an event security team who can ensure that everything goes on smoothly. They will help manage all the entry and exit points and monitor the crowd, which will also offer you as well as all the attendees peace of mind.

Believe it or not, but how strong the venue’s security is and how safe the guest feels will have a big impact on how successful your event is. So, you need to ensure that security at the event and the location are foolproof.

• Engaging Atmosphere

Once the venue, theme, model, and security are decided, you need to pay attention to the event’s atmosphere. Obviously, you’d want the event to be phenomenal. To achieve that, you need to set up lights, music, and decoration. Also, make sure that your guests feel comfortable.

Nonetheless, there are a few things that you need to be careful about. For instance, the music must match the theme of the event. It’ll help elevate the whole show. Additionally, you need to check the setup of lights when the models are walking. Lights should be used in such a way that they highlight the model and the product. To make sure everything fits perfectly, you should arrange practice sessions.

• Use Of Technology

You can also use technology to enhance the show for the guests. Use big screens on both sides of the runway so that the attendees can view the product clearly. Use camera angles wisely to highlight the clothes, jewelry, and shoes of the models. If you want, you can also start a live stream of the event on social media. Or create an online chat room for virtual guests.

Not to forget, you can use the highlights of the show for social media marketing. It’ll help engage more audiences with the brand and might also elevate the sales.

• Gifts For Attendees And Afterparty

After the event comes to an end, you should give some gifts to the attendees. It is vital to make them feel special. If your hospitality is good, they would like to attend the future event of the company. You can give them goodie bags which include skin or hair care products. Or you can go for a wine bottle. The choice of the gift depends upon your creativity and budget.

In case you don’t want to give something, you can host an afterparty instead. Please make sure the food and drinks are good, and your guests enjoy them. It’ll be an excellent opportunity to improve the connection between the company and the guests.

To sum it all up!

The apparel industry is one of the growing and constantly changing industries. It offers you an opportunity to tap into the creative side and flourish your business. All the things mentioned above will help grab the attention of guests and media, thus surely making your event a success. Just remember that you need to pay maximum attention to creativity and security. Rest everything will automatically fall into place.

 

Image Source: Freepik

No matter what industry your small business is in, you will need to embrace creativity to ensure its success. There are many aspects of running a business that being creative will help you, and it also allows you to compete with more prominent companies for a market share for your business. Below are some reasons small businesses need to embrace being creative that can help them on the road to success, growing their small business into a larger one.

Adapt To Change

When you embrace creativity in your business, this can also benefit it in other ways. A creative mindset can help enable your business to adapt when change is needed, whether due to market changes or your business needs. An agile company is much better equipped to deal with a changing marketplace, and creativity is a vital part of doing this. Being able to think outside of the box and come up with innovative ideas can also help you save money in the long term and ensure the success of your business.

Become A Leader & Not A Follower

Thinking creatively can also help your business rise to the top and become an industry leader rather than one chasing the pack. Creativity can give you the freedom to not worry about what your competitors are doing, and instead, you try new things. When you have this type of creative freedom, you will soon find that others will start to copy you, which is usually a sign that you are doing things correctly. It can be hard to implement this in your business, but you can get lots of advice from a qualified business coach. When looking for the services of a creative small business coach Sydney or any location can offer, there are many excellent companies you can talk to that will help you in this area.

Be An Inspiration To Your Employees

When you embrace creativity, you will also help to inspire your workforce to adopt their creativity, which will benefit your business. When you are open to ideas and suggestions from your employees, you can get some real gems of ideas from fellow like-minded people who work for you. You can help create a creative culture that encourages and rewards creative thinking, which can help the company to succeed. Lead by example and encourage all employees, regardless of their title or position, to think creatively and offer suggestions on ways to improve. You may be surprised at some of the excellent ideas your employees can come up with and keeping things fresh will also help you retain the best talent for your business.

Create A Fantastic Place To Work

Image Source: Unsplash

When you encourage your workers to be creative, it shows them that they are appreciated and it helps to keep them happy. A happy workforce is much more productive, and you can find that the culture can help retain the top talent in your workforce. It can also help to attract like-minded talent from across the industry when your business is expanding. Your company will start to get a reputation for your innovation and creativity within the industry, helping you rise to the top and attract the best talent available.

 

How often have you heard companies say, “our employees are our backbone”? They help the company set new milestones, improve the overall performance and achieve all the objectives. However, it is possible only when you select the right candidate for the right job.

The recruitment process is very long and time-consuming. Choosing the wrong candidate for a job position can result in a wastage of company resources and impact progress. On the contrary, selecting the right candidate will help boost the growth, bring in new and creative ideas and help create a positive working environment.

Therefore, it is a very challenging process. But, don’t worry! With the measures given below, you’ll be able to select the perfect candidate during the interview. So, let’s get started!

• Create A Job Description

First things first, as soon as the need for new employees arises in the company, you need to conduct a job analysis. It will help understand the duty and responsibility of a particular job profile. It also provides information regarding education qualification, skills, work experience, training, and workplace environment.

Job analysis helps in creating job descriptions for potential candidates. In addition to this, it also assists in drafting the recruitment strategy. It also plays a vital role for the candidates- as a clear job description will inform the employee what the company requires and how they can contribute to it.

• Draft Out The Recruitment Strategy

After creating job descriptions, the next step is to plan out the recruitment strategy. You can create a team of experts and hiring managers that will participate in the whole process. Or, you can take help from a recruitment agency that can assist the hiring manager find the candidate matching the job profile. Moreover, many job seekers register themselves with the agency to get job alerts. Thus, the search network will increase.

Nonetheless, the team will create a plan of what to do and how to do it. This plan works as a guideline throughout the whole recruitment process. Therefore, it needs to be done very cautiously.

• Create A Checklist Before You Begin Interviewing

The hiring manager and team need to follow numerous steps before selecting an employee. In order to do this systematically, it would be better to create a checklist or “to-do” list. It will ensure that you don’t face any challenges during the process and promote fair and consistent practices.

The checklist generally includes:

• Information regarding job specification,
• Set Budget,
• Searching for a qualified internal candidate,
• Notifying via email, social media, and online recruitment platforms,
• Create an applicant pool,
• Shortlisting applicants and pre-screening,
• Scheduling interviews (for both internal as well as external candidates)
• Finalizing an employee
• Negotiation and paperwork

You must follow this list step by step to ensure you don’t miss out on anything. It’ll ensure that everything works out smoothly and you get the best employee.

• Connect With Your Employee Network

Generally, human resources managers develop connections with several potential candidates long before there is any vacancy. This helps in creating an applicant pool and widening the horizon of potential employees.

Besides that, you can tap into the employee network using social media accounts, word-of-mouth, and events. It will help you connect with more people. Thus, help you find the perfect employee among all the applicants.

Note: If you are participating in an event, you need to be subtle. Do not ask people to give an interview directly. Instead, you need to show how your organization is growing and help in the employee’s development as well. Share the business card with the people you meet. This way, people can contact you if they need your help.

• Review All The Applications Carefully

This is a very crucial step; therefore, you must pay full attention to it. You need to analyze all the resumes received for the vacancy carefully. Match the content written on the resume with the job description to see whether the candidate qualifies for it or not. It is a very time-consuming process. However, it is for the betterment of the organization. Therefore, the more time you’ll invest in reviewing the application, the better candidates you’ll shortlist.

Also, some companies use the applicant tracking system (ATS) to shortlist the resume matching the job description. It helps in saving time and resources. Thus, if you have an appropriate budget, you should consider investing in such a system.

Moreover, some systems also collect and store resume data. So, you can always use the data for selecting the ideal employee.

• Conduct A Pre-screening Interview

After shortlisting the application, you should conduct a pre-screen interview. This interview includes communicating with the applicants through phone or video calls, using Zoom, Skype, or a similar platform.

It will help in understanding whether the applicant is truly qualified for the job or not. You can ask them some questions to check their knowledge. Furthermore, you can ask them about their salary expectations to check whether it’s congruent or not.

Overall, the pre-screen interview process helps save much time for the hiring manager and the team as it will help filter out the applicants who are not well qualified or exceed the salary requirement.

• Observe The Candidate Behavior

After pre-screening, you need to conduct different interviews to test the applicant on various levels. It can include a written test, communication test, and behavioral interview. It will help in checking the skills, experience, and nature of the candidate.

Moreover, the manager can also evaluate the behavior of the applicant under challenging situations. It’ll help determine whether the applicant will fit with the organization’s working environment or not.

• Provide An Offer Letter

After all the interviews are conducted, you’ll have the perfect candidate for the vacant position. Now, you can provide them with an offer letter that describes their role, responsibilities, company policy, and salary.

Nonetheless, before you give them the letter, you need to conduct a background check on the employee. It ensures that they don’t have any criminal record and will help take the company to reach greater heights.

To sum it all up!

Hiring the right employee is very crucial for the success of organizations. Therefore, no matter how much time it takes, you shouldn’t rush the interview process. Besides, with the measures mentioned above, it’ll become a lot easier for you to select a well-qualified and deserving candidate.

According to a US bank, poor cash flow is responsible for 82%of small business failures.

Well, the figure is really alarming.

It’s pretty unspoken-of that most businesses need to understand and learn capital management. The practices are more focused on obtaining capital.

This is where a business credit line can help.

What Is a Business Credit Line?

In simple words, a business credit line is similar to a credit card. The only difference is that it is meant for corporate usage, as the name suggests.

Another noteworthy feature of the business credit line is – it’s cheaper as compared to a personal line of credit.

Moreover, most banks and creditors offer an unsecured line of credit to businesses up to a specific limit. The limit usually depends upon a business’s credit performance, i.e., credit score and history.

Why Do Businesses Need A Credit Line?

A business line of credit can offer several benefits, regardless of the size of the business.

For example, it can help maintain sufficient capital for a business.

Moreover, it becomes easier to grow and scale a venture if the owners can have access to a business line of credit.

Better Control Over Capital

Traditional loans provide borrowers with a lump sum credit which is to be paid over a fixed tenure.

Contrary to this feature, the business credit line allows the users to borrow as they need.

Unlike traditional loans, a business line of credit offers more control over debts and expenses.

To put this into perspective, let’s consider an example.

A fruit merchant needs capital for the transportation and marketing of the produce. Since the payments that the merchant may receive would usually only be after he makes a sale, he might be running a little short on capital.

In case he has an active line of credit, he may use it as per his needs. Meaning, he may take out a small loan from his credit line to meet his at-time needs. And when he pays it off, the credit limit is restored.

In this way, he would always have a safe capital that he can use in the form of credit. Moreover, the interest he’d be paying won’t be levied on his entire credit limit. But, instead, he’d only have to pay interest on what he borrows.

More Flexibility And Freedom

A business line of credit usually offers a lot more flexibility over traditional forms of lending.

For example, applying for a traditional loan could take days before the applicant would receive the money. Whereas, with an active line of credit, business owners can enjoy more freedom.

Depending upon the line of credit features, business owners can withdraw, make payments, and even spend money on inventory as and when needed.

Apart from this, a business credit line also comes with more flexibility in the payment schedule. Meaning, unlike traditional loans, the borrowers need not pay fixed installments over a term.

Business owners can make payments on their dispenses. When the revenues are higher, they can make more significant payments, and vice versa.

Helps Build Better Credibility

In 2014, according to a survey by federal banks, half of the entrepreneurs were denied any sort of capital from credit lines.

The report also mentioned that no credit or bad credit was one of the main factors for this denial.

Since a business line of credit can help maintain the cash flow, regular payments on loans can help improve credit scores.

Experts believe that an active credit line helps in building credit scores for businesses if the payments are made on time.

Hence, it can offer a dependable source of capital for building better credibility as a borrower.

Besides, having a good credit score also attracts more investors. And it needs no mention that investors only add more value to a business.

Lower Interest Rates

It is noteworthy that most business credit lines follow a prime lending rate model. It means that the rate can fluctuate but still would remain lower than a credit card’s rate of interest.

For business owners who consistently pay their debts on time, the rates tend to stay low. Thus, allowing them to enjoy cheaper access to flexible capital with typically higher credit limits.

Whereas, for defaulters, the interest rates may increase, along with lowering the credit limit.

Nonetheless, the APR is still usually below the average rate of interest for personal borrowers.

Easy Funding For Short-Term Capital Needs

Young businesses often struggle to meet their capital needs. And who can blame them – there are several things that business owners need to focus on, especially during the initial setup of their venture.

It could leave business owners struggling to meet even the smallest of funding needs—for example, utility bills and stationery costs.

Thanks to an active business line of credit, business owners can access quick funds for their short-term capital needs as well.

As a result, they can focus on more critical tasks such as finding new clients or customers.

The Takeaway…

As an entrepreneur, a business line of credit can solve a plethora of your financial problems. From daily expenses to inventory costs and much more – all are within reach.

A business line of credit would mean that you don’t overindulge in financial troubles but can instead focus on productivity.

With lower interest rates and enough flexibility in taking out the loan and repaying it, the credit line is a boon to any business. Besides, it can be a blessing for companies that are struggling with a low credit score. As already mentioned, using the credit line and making timely repayments can actually help improve the credit score for a business.

However, a business line of credit is also a form of debt, which means borrowers would need to repay it, no matter what.

It is, therefore, suggested that the credit line be used wisely.

Making timely repayments and taking out only what’s necessary can help business owners manage their financial situation.

If the credit line can be a boon, it can also be a curse, taking a business towards its decline.

 

Now that you are stepping into the construction field, you should know that every project is unique. The one thing common in each one is the structured endeavors you make to succeed. Whether you are building a new home for a family or a shopping mall for the retailers, the steps stay the same for every construction project.

But before we dive into the aspects of construction planning, there’s something that you should know. Every step is complicated in its own way, but it’ll be easier for you to surpass any hurdle that comes your way with the right approach.

Having said that, let’s take a look at things you need to take before you start with the building process.

• Choose a perfect architect

If you are new in the construction industry, then you probably wouldn’t know how important it is to have a qualified and experienced architect on board. A perfect architect examines the site, lays out an appropriate design, and drafts a blueprint that becomes an actual building.

The team of architects works on floor plans and placements of the would-be building. The team also helps in estimating the budget of the entire project. Think of them as your sidekicks that play an essential role in making your construction dream a success.

• Get an insurance

Now you might be thinking about why you need it at all for your construction project. Right? Well, you’ll be surprised to know that construction sites are full of risks.

What if someone on the site gets injured by heavy machinery? Or what if there’s an error in the building process? Or what if you end up violating a few pollution rules?

The list of things that could go wrong with your plan is endless. So, once you know about the budget of your would-be building, it is better to secure it with construction project insurance to mitigate any potential risks. Not having adequate coverage for your construction project might land you in some financial troubles afterward. So, pick the insurance type that suits your project’s needs and feel at ease throughout the building process.

• Start your projects with permits.

Every construction project needs permits to get started. It makes everything on the site legit and government-approved. So, make sure you don’t skimp on that at any cost.

The permits depend on the site location and the nature of your plan. This might take a while but don’t try to start the building process before you have all the permits you need. It would help if you were well-versed with the filing process beforehand to avoid any confusion later on. You should also know that the permit fees depend upon how grand your building is. It could range from a few hundred to thousands of dollars. So, make sure you are prepared with that too.

Wrapping Up

Completing a construction project is no piece of cake. As a contractor, you need to be a part of the plan right from the beginning to the very end. And things become a little complicated when you are new at this. Fortunately, now you have something to start with.