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Running a small business is no easy feat. That’s why we’ve created a forum for small business ideas, insider tips, and the industry knowledge you need to help your small business grow.

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5 Tips for How Not to Feel Salesy When Selling
Do you want to bring in more business, but not always sound like you’re trying to sell to people? Ebong Eka dives into a few ways you can bring in business without sounding too eager.
A New Era of Opportunity for Women Business Owners
There are 40 million small businesses in the United States, with 30% of them owned by women. Jen Earle discusses the unique power women have to drive change in the business world.
Business Credit: If You Get Declined
Getting denied for business credit is frustrating, but knowing why you were turned down can help improve your chances next time. From your cash flow to your utilization ratio, this infographic breaks down the common reasons small businesses are turned down and explains steps to take before reapplying.

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marismith in General Business1 day ago (Show more Show less)

Facebook Privacy: What Small Business Owners Need to Know

Facebook has been facing tremendous pressure and media attention as the company has come under fire due to data third-party app companies have been able to access. The discovery and exposure has… (Show more Show less)

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Rieva Lesonsky in Cash Management2 weeks ago (Show more Show less)

3 Big Problems Small Business Owners Struggle With, Part 1: How to Fix Cash Flow Issues

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SBC Team in Credit & Lending2 days ago (Show more Show less)

Need Capital? Consider a CDFI

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moderator_lisa in Running Your Business2 days ago (Show more Show less)

Article Alert: 3 Big Problems Small Business Owners Struggle With, Part 1 - How to Fix Cash Flow Issues

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SBC Team in Credit & Lending2 weeks ago (Show more Show less)

Why you got declined for business credit (and what you can do about it)

Getting denied for business credit is frustrating, but knowing why you were turned down can help improve your chances next time. From your cash flow to your utilization ratio, this infographic breaks… (Show more Show less)

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daisyrowley in General Business3 months ago (Show more Show less)

How to Discuss Problems With a Troubled Employee?

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Moderator Cath (to daisyrowley) 2 days ago (Show more Show less)

Great information for any business owner to have - so let's save this and have it ready for a quick re-view for 'those' times. Cath

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LUCKIEST in General Business4 weeks ago (Show more Show less)

Your About Page

Your About Page should be your hardest-working website page! This page ... ...gives you a strong, highly differentiated personal brand ... gets a faster "yes" because clients feel comfortable… (Show more Show less)

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cliffordwillis (to LUCKIEST) 2 days ago (Show more Show less)

I think all pages must be perfect. Like 404 or 403 page..But the main page - homepage must be the best. You need to follow modern trends and features..Here is a good article about this.

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moderator_lisa in General Business3 days ago (Show more Show less)

Article Alert: How Going Green Pays Off for Small Business Owners

Just in time for Earth Day, Steve Strauss brings us a great article on ways to run a more sustainable business. Take a look at the article, then feel free to share your own ideas and suggestions for… (Show more Show less)

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moderator_lisa in Running Your Business 2 days ago

Article Alert: 3 Big Problems Small Business Owners Struggle With, Part 1 - How to Fix Cash Flow Issues

One of the biggest hurdles a small business owner will face involves cash flow, or more likely the lack thereof. Small business expert Rieva Lesonsky offers some tips for fixing this issue before it becomes a bigger problem, in her latest article. Take a look, see what you think, and feel free to share your thoughts on the topic, either here or in the comments section of the article itself.

3 Big Problems Small Business Owners Struggle With, Part 1: How to Fix Cash Flow Issues

Enjoy!

--Lisa

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daisyrowley in General Business 2 days ago

How to Discuss Problems With a Troubled Employee?

Employers should be prepared to receive employees who need to discuss problems that they want to bring to management's attention. Problems may be of a personal or workplace nature. Whatever the issue, managers must be able to meet with the employee to determine what, if any direction, should be given to the employee needing help. Being prepared to receive them means that the manager will be able to show empathy toward the employee and and then display leadership skills of discernment and wisdom to determine the next best step for the employee.

Whatever the cost of the employee's distress, managers should take the time to meet with them in a manner that is both inviting and supportive. Employees appreciate a manager who is willing to work with them during difficult times. The rewards that will be returned from the employee may be loyalty, dedication and a renewed interest in doing a good job.

Tips about the Meeting

In order to receive the employee in a comfortable, non-threatening manner, there are some basic tips to consider:

Location: Conduct the meeting in a private, quiet location which avoids as much distraction as possible. Employees who are pouring out their hearts to the manager do not want to hear people laughing, talking, etc., in the background from coworkers who are doing their own jobs. As a manager, I have had the experience when I had to excuse myself to step outside of the meeting to request that coworkers take their discussion to another location. It is usually just harmless fun in the middle of being busy but such behavior appears insensitive to the employee who is troubled and trying to explain the situation to his/her supervisor. In addition, employees will be more comfortable if they think you are having the meeting in a secure, quiet place that the conversation will not be overheard by others.
Date and time: Holding the meeting at a time and on a date that is convenient for the employee will be important. If the employee works early, the manager should be flexible to schedule the meeting so that the employee does not have to wait until late in the day to meet. Or, if the employee works the night shift, the manager may want to schedule a time at the end of the normal work day but at the start of the employee's shift.
Prevent Interruptions: At all costs, managers must avoid interruptions from disrupting the meeting with the troubled employee. The meeting will go much more smoothly if the employee feels they have the manager's undivided attention. Letting phone calls go to voicemail, not checking emails or texts during the meeting, and keeping the time blocked on the calendar for the meeting will indicate to the troubled employee that the manager does value the meeting and wants to help him/her overcome the issue of concern.

When the items above are taken into consideration for the scheduling of a meeting with a troubled employee, the manager is setting the scene for a successful conversation to occur with the employee needing assistance.

Control the Meeting

Controlling the progress of the meeting will be very important for a successful outcome. When meeting with a troubled employee and, if staffing allows, managers may desire to have a witness sit in the meeting to get another perspective on what is being discussed. The discussion should be controlled in a manner that will encourage the employee to discuss the issue by providing the necessary details that the manager needs to know. To avoid the appearance of intimidation, the witness does not need to ask but a few questions, if any, during the discussion. Rather, questions should be the responsibility of the manger who is hosting, and otherwise leading, the meeting. The manager should ask pertinent questions and give plenty of opportunity to receive the information from the employee. As mentioned in other supervisory hubs, managers who exercise good listening skills will be able to communicate effectively with employees.

Offer Solutions

After the employee has explained the situation that is causing him/her the trouble, it will be important to offer advice and direction to address it. As the employer has an interest in seeing that this employee is able to move forward, there must be some avenues for overcoming the situation that is causing the employee a problem.

If the issue is work-related, consider the following:

Is there a policy violation? If the employee is complaining about some form of policy being violated, the manager will want to look into the matter more closely to confirm. The manager can take notes from the meeting and then look into the situation immediately.
Is there a form of workplace harassment and/or discrimination? Since employers are tasked with following applicable laws that govern employee rights, it is imperative that the matter be investigated immediately, as well.
Should an investigation be conducted? If the meeting presents an allegation of harassment or discrimination, the manager may request the allegation be put in writing to move forward with an investigation. Investigations should be conducted thoroughly, and in a timely manner.

If this issue is personal, consider the following:

Are there confidentiality issues to be considered? If the matter is something that is very sensitive or personal to the employee, managers should take care to preserve the confidentiality of the matter. The witness, if there is one, should be put on notice that the matter is not to be discussed with anyone in or outside of the workplace. The managers should also assure the employee that his/her concerns will be kept in confidence.
Is there protected health information that requires referral to the employer' HR Department? If the employee starts to discuss personal health information, it will be advisable to direct the conversation to the Human Resources Department where the appropriate staff member can assist the employee with health care benefit information.

Whether the matter is work-related, personal or a combination of both, managers will want to offer some support to the employee who is troubled. That support should be given by an active, engaged listener (manager) who will take action on behalf of the employee.

Employee Assistance Programs

Employees often have the benefit of going to their employer's EAP, Employee Assistance Program. These programs provide another outlet for gaining professional advice and counsel about an issue that may be troubling them. EAP's are short term counseling services that are a benefit offered to the employee and his/her family. EAP's can also make recommendations to refer the employee to other programs or medical care should they need additional assistance. One benefit of the EAP is that it is usually pre-paid by the employer so that the employee can seek the professional advice at no cost. The professionals at an EAP can provide great advice to manage issues, and help the employee move forward.

Make the Most of the Experience

Employees who are troubled about a situation will have much respect for their employer when management takes time to meet with them to offer assistance and support. So much of an employee's time is spent at the workplace. Therefore, anything troubling them, work-related or personal, is likely to have a significant effect on them. Managers will be wise to support employees who seek or need assistance to get through whatever issue is troubling them. Both the workplace and the employee will benefit from the experience.

About Author:

Daisy Rowley is a business coach and digital strategist who’s worked behind the scenes in hundreds of businesses, from ten popular brands to one writing website for education.

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LUCKIEST in General Business 2 days ago

Your About Page

Your About Page should be your hardest-working website page!

This page ...

...gives you a strong, highly differentiated personal brand
... gets a faster "yes" because clients feel comfortable hiring you
... could be your most effective lead generator for solo-preneurs and independent professionals

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moderator_lisa in General Business 3 days ago

Article Alert: How Going Green Pays Off for Small Business Owners

How Going Green Pays Off for Small Business Owners

Enjoy!

--Lisa

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Moderator Cath in General Business 6 days ago

Share your best one

Now that you have been a business owner for a while now - perhaps even years, what ONE tip did you get that has proven to be the most helpful to you and/or your business? Does it pertain to getting your business started? Making sure...

Share your best one

Would this valuable tip be one that you would pass on to someone beginning their business? Tell us what it is.

Cath

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safekeeper in Business Startups 6 days ago

Can I have a small business startup using my membership in Unilever BA and link it on Lazada?.

I already noticed some add placement products on Lazada where 1 brand whom interest me most is Unilever(Surf)-plastics still. I do have proposal that It will be change to a bigger container(innovated one) for distribution on retail manner without using plastics anymore to online and offline customers. All I wanted to do is only accessibility on manufacturing plants where Unilever is located. I will be the one to dictate if what design would be appropriate for manufacturing and distribution in open market. More products innovation container would be given at a later time. Note: I wanted to have my own operational test run trial marketing for my interest products to sell on online and offline.I want to have my project online warehouse site location where I could check consumers demand product on demand on given limited time(whole year round),regional and international.

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moderator_lisa in General Business 6 days ago

Article Alert: Understanding business credit scores

Do you know what your business credit score is? Do you know why it's good, why it's not so good, or even how to improve it? SBC Team presents an informative infographic to help business owners figure out heads from tails where business credit scores and options are concerned. Check it out, then feel free to share your thoughts and questions in the comments.

Understanding business credit scores

Enjoy,

--Lisa

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moderator_lisa in Running Your Business 1 week ago

Article Alert: 5 Tips for How Not to Feel Salesy When Selling

If your business is dependent on sales, one of the most difficult hurdles you may face is how to sell products without sounding like you're trying to sell products. Expert Ebong Eka brings us an article with tips for just this dilemma. 5 Tips...

Article Alert: 5 Tips for How Not to Feel Salesy When Selling

5 Tips for How Not to Feel Salesy When Selling

Is this something you've wrestled with in running your company? What tips or advice do you have to share with our members about overcoming this hurdle? Please feel free to share your insights.

--Lisa

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moderator_lisa in General Business 1 week ago

Article Alert: How to Get Your Business Ready for a Sale—Before You Plan to Sell - Part 3

This week, expert Carol Roth brings us the third installment in her series, How to Get Your Business Ready for a Sale. Check it out at How to Get Your Business Ready for a Sale—Before You Plan to Sell: Part 3 In case you...

Article Alert: How to Get Your Business Ready for a Sale—Before You Plan to Sell - Part 3

This week, expert Carol Roth brings us the third installment in her series, How to Get Your Business Ready for a Sale. Check it out at

How to Get Your Business Ready for a Sale—Before You Plan to Sell: Part 3

In case you missed prior installments, you can find parts 1 and 2 at

How to Get Your Business Ready for a Sale: Part 1—Before You Plan to Sell

How to Get Your Business Ready for a Sale—Before You Plan to Sell: Part 2

--Lisa

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vburley81 in Business Startups 2 weeks ago

Special Needs Center

Hello , I'm currently in process of getting information on how to start up my own non profit day center for special needs. I would like to open a facility where people can bring there loves one to while they can work , have time to do the daily task and have sometimes to them selves. The purpose of the program, is to enlighten the young people of how to be a little independent . Like a work study program and give them, a chance to be around other peers. There are a lot of families have to to put things on hold, or hire sitters to be with their love ones . There is even a few people loves one can't not attend to other facilities due to they can't handle a highly functional individual. Therefore I would like to offer a center to whom are in need. And the individual would have meals and snacks though the day , go on trips and etc. I would like to offer services to high school age up to 30 of age. Im not if its a facility in Gastiona NC area.

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marismith in General Business 1 day ago

Facebook Privacy: What Small Business Owners Need to Know

Facebook has been facing tremendous pressure and media attention as the company has come under fire due to data third-party app companies have been able to access.

The discovery and exposure has caused Facebook to roll out a number of sweeping changes to its data policy, user terms and privacy settings. This is a good thing. But, the data breach concerns have also caused significant unrest among users in the business community.

As a small business owner, what can you do to address privacy concerns among your community?

1. Craft a public statement about measures your company takes to protect privacy.

With consumer emotions running high right now regarding data protection and privacy, you can empathize with your audience and quell tension.
Even a simple statement about how much you value your customers and audience, and what your company does to protect their data, would go a long way to deepen trust.
Consider publishing this statement on your Facebook Page as a wall post, as well as in your About section – and on your website.

2. Lead by example and take this opportunity to strengthen relationships with your audience.

Review your company’s own privacy policy. Is it clear and up to date? Is it obvious where to find your policy when visitors come to your website and enter their email address or make a purchase?
If you have a physical store, are your privacy terms clearly on display for customers?
Email your database. Let them know how much you value their trust in you. Communicate clearly what your company does to protect your customers’ data. Include a link to your privacy/data protection policy and terms.

3. Review the settings on your company’s Facebook business Page.

Check any third-party apps that have access to your Page. To do so: click Settings at the top of your Page, and then click Apps. Remove any app you no longer use or that you no longer want. Ensure that you remove these by clicking the ‘x.’ Then, double check any apps on public display by first viewing your main Page and look at the tabs down the left. Next, navigate to Settings > Edit Page and click on the ‘Settings’ button next to any tab you wish to toggle off. (There may be some apps you wish to keep connected, but just not on public
Consider certain restrictions. Everything you publish on your business Page is public by default and there is no way to change this. However, you may wish to set country and age restrictions

If you were already utilizing Facebook’s ad products, you should definitely continue doing so. Facebook is tightening up data access and reducing some targeting parameters. However, Facebook ads still provide exceptional capabilities and can yield tremendous results.

If appropriate, you might also communicate to your audience that you advertise on Facebook and plan to continue doing so. Help your audience understand the measures that Facebook is now taking to help protect their data and significantly restrict third party access going forward.

The more you can educate your audience about the measures your business already takes to protect their data, the more you can foster trust and earn customer satisfaction.

About Mari Smith

Often referred to as “the Queen of Facebook,” Mari Smith is considered one of the world’s foremost experts on Facebook marketing and social media. She is a Forbes’ Top Social Media Power Influencer, author of The New Relationship Marketing and coauthor of Facebook Marketing: An Hour A Day. Forbes recently described Mari as, “… the preeminent Facebook expert. Even Facebook asks for her help.” She is a recognized Facebook Partner; Facebook headhunted and hired Mari to lead the Boost Your Business series of live events across the US. Mari is an in-demand speaker, and travels the world to keynote and train at major events.

Her digital marketing agency provides professional speaking, training and consulting services on Facebook and Instagram marketing best practices for Fortune 500 companies, brands, SMBs and direct sales organizations. Mari is also an expert webinar and live video broadcast host, and she serves as Brand Ambassador for numerous leading global companies.

Web: Mari Smith or Twitter: @MariSmith

Bank of America, N.A. engages with Mari Smith to provide informational materials for your discussion or review purposes only. Mari Smith is a registered trademark, used pursuant to license. The third parties within articles are used under license from Mari Smith. Consult your financial, legal and accounting advisors, as neither Bank of America, its affiliates, nor their employees provide legal, accounting and tax advice.

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Rieva Lesonsky in Cash Management 1 day ago

3 Big Problems Small Business Owners Struggle With, Part 1: How to Fix Cash Flow Issues

Is your small business raking in the big bucks on paper—while you struggle to pay your bills on time because your bank account is constantly running low? Cash flow problems are one of the biggest challenges small business owners face. More than 80 percent of small businesses fail because of cash flow problems, Small Business Trends reports. Here’s how to prevent your business from meeting that fate.

Curious what the second big problem small business owners struggle with is? Check it out here.

What is cash flow?

Positive cash flow means you have more money coming into your business than going out. Negative cash flow means you’re spending more than you are bringing in. (Think of it as being overdrawn on your checking account.)

Cash flow problems can easily happen—even in successful businesses. A growing company may need to buy inventory or hire additional employees to keep pace with demand for products or services. But what happens if those customers don’t pay you for 60 days, 90 days, or more—as is common with many corporate or government clients? If you have to meet payroll every month or pay off your inventory in 30 days, you’re in trouble.

According to an analysis of 20 million invoices conducted a few years ago by Fundbox*, 64 percent of small businesses are affected by late payments.

How to manage your cash flow

When you’re having cash flow problems, your instinct may be to hide your head in the sand. Don’t. Use your accounting app (like QuickBooks or FreshBooks) to create cash flow statements and review them at least monthly. If you’re struggling with cash flow, or you’re going through a busy time, review your cash flow statement weekly or even daily.

Learn more about Account Management from Bank of America

Reviewing your cash flow statements and developing a cash flow forecast can prevent unpleasant surprises. Use your past cash flow statements and your sales forecasts to understand what your cash flow landscape might look like six or 12 months in the future. Having a roadmap of what to expect helps you budget more accurately.

Fast or slow?

In general, your goal is to get paid as quickly as possible, while delaying your payments as long as possible in order to keep cash in your accounts longer. Here are some tips for doing so:

Invoice right away. As soon as the product is delivered or the service is performed, send out your invoice.
Contact the customer as soon as a payment is late. Use your accounting app to alert you of past-due payments.
Automate your own payments so you can pay your bills as late as possible without concern about missing a due date.
Use business credit cards to pay your bills when possible.
Offer your customers discounts for early payment (make sure this doesn't negatively affect margins).
Request a deposit before beginning a job, and/or stagger periodic payments throughout a long project.
Once you’ve developed a good track record with vendors and suppliers, see if you can negotiate longer payment terms or adjust your payment due dates so you don’t have too many bills due at once.

Prevent cash flow problems

To keep cash flow problems from cramping your style, always conduct credit checks before you extend credit to a new customer. If you have any concerns about a customer’s ability to pay but still want to work with them, work out a plan such as monthly payments or COD to ensure you’ll be paid for your work.

Finally, have a backup plan. When your business is doing well financially, apply for a business line of credit that you can use in case of emergency. Obtaining a couple of business credit cards will help as well. This way, you have some options for financing if you get into a cash flow crunch.

Learn more:

Find the right financing for your business

Compare Small Business Credit Cards from Bank of America

*Disclosure: Fundbox is a client of my company.

About Rieva Lesonsky

Lesonsky regularly writes about small business for numerous websites and for corporations targeting entrepreneurs. Many organizations have recognized Lesonsky for her tireless devotion to helping entrepreneurs. She served on the Small Business Administration’s National Advisory Council for six years, was honored by the SBA as a Small Business Media Advocate and a Woman in Business Advocate, and received the prestigious Lou Campanelli award from SCORE. She is a long-time member of the Business Journalists Hall of Fame.

Web: www.growbizmedia.com or Twitter: @Rieva

Bank of America, N.A. engages with Rieva Lesonsky to provide informational materials for your discussion or review purposes only. Rieva Lesonsky is a registered trademark, used pursuant to license. The third parties within articles are used under license from Rieva Lesonsky. Consult your financial, legal and accounting advisors, as neither Bank of America, its affiliates, nor their employees provide legal, accounting and tax advice.

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SBC Team in Credit & Lending 2 days ago

Need Capital? Consider a CDFI

If you’re a small business owner looking for capital, you may want to consider looking into Community Development Financial Institutions, or CDFIs—organizations that specialize in lending to small businesses. While approval rates are higher than at traditional banks, there are pros and cons. Check out our infographic to learn more about whether a CDFI fund might be right for your business.

NEED CAPITAL?
CONSIDER A CDFI

It can be tough for a small business to get access to credit—but it can be easier if you know where to look. According to the Federal Reserve Small Business Credit Survey, in 2016, 77% of small business applicants for loans or lines of credit at Community Development Financial Institutions (CDFIs) were approved.

SO WHAT IS A CDFI AND COULD ONE HELP YOUR SMALL BUSINESS?

CDFIs are lenders that help certain small business owners gain access to capital.

Banks, credit unions, loan funds, microlenders or venture capitalists may serve as CDFIs.

HOW THEY WORK:

A region, population or group may face certain economic challenges.

The federal CDFI Fund, run by the Department of the Treasury, issues loans, grants, deposits or equity investments to local CDFIs.

Banks also help fund those local CDFIs, helping them to provide financial assistance and mentoring. Bank of America sends millions of dollars each year to different CDFIs.

The businesses grow in their communities, helping revitalize them.

BORROWING THROUGH A CDFI IS DIFFERENT THAN SECURING A BANK LOAN OR LINE OF CREDIT. CDFIs OFFER CERTAIN PROS AND CONS.

PROS

Approval rates of 77% at CDFIs, vs. 67% at small banks and 54% at large banks.¹

Rates are often competitive with other common funding sources.

Many are geared toward working with start-up and early-stage companies.

Like Bank of America customers, borrowers have access to business education and support, such as help with business plans.

CONS

Not every business is eligible; borrowers may need to reside in a certain area or be part of a specific population (e.g., women- or minority-owned).

There may be caps on loan amounts.

Funding time may be slower than traditional lenders.

INTERESTED?

Figure out if there's a CDFI that could work for you by checking the U.S. Treasury's tool, or try the Bank of America CDFI locator.

Remember: If you decide to apply for CDFI financing, be prepared—they may operate differently than your bank and ask for other information.

Click here to download a PDF version of this infographic.

1 Federal Reserve Small Business Credit Survey, 2016

Bank of America, N.A. Member FDIC

Bank of America, the Bank of America logo and LIFE / BETTER CONNECTED are registered trademarks of Bank of America Corporation.

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SBC Team in Credit & Lending 2 days ago

Why you got declined for business credit (and what you can do about it)

BUSINESS CREDIT:
IF YOU GET DECLINED

When a bank considers your application for business credit, they take a close look at your history with creditors and billers—as well as reviewing your company’s financials. These are some of the reasons applications are declined.

YOUR CREDIT

REASON FOR DECLINE
Your payment history is unsatisfactory.

WHAT IT MEANS
Your personal or business credit report shows a pattern of late or missed payments.

WHAT YOU CAN DO
Always pay on time. It can take years for blemishes to fall off your report completely, but consistent, on-time payments will help.

REASON FOR DECLINE
You have a lack of established revolving credit.

WHAT IT MEANS
Your credit report doesn’t show a long history with credit cards or other creditors.

WHAT YOU CAN DO
Time is one of the most important factors in your credit history. The longer you can show a pattern of on-time payments, the better. Applying for a secured credit card is one way to build your history.

REASON FOR DECLINE
You’re using too much of your credit.

WHAT IT MEANS
Lenders dislike when you’re using all—or even most—of the credit that’s available to you.

WHAT YOU CAN DO
If you can, keep your utilization ratio—the percentage of credit you’re using vs. total available credit—as low as you can.

REASON FOR DECLINE
You’ve filed for bankruptcy.

WHAT IT MEANS
A past personal or business bankruptcy may affect your chances of securing new credit.

WHAT YOU CAN DO
In the coming months and years, work to improve cash flow, boost revenue, cut expenses and improve your credit score. You can also look into a Community Development Financial Institution (CDFI) loan, which may have different requirements.

YOUR BUSINESS

REASON FOR DECLINE
Your business has insufficient revenue.

WHAT IT MEANS
The lender is concerned that your revenue can’t support increased credit.

WHAT YOU CAN DO
Consider a smaller amount or a collateral-backed loan or credit line.

REASON FOR DECLINE
Your business doesn’t qualify.

WHAT IT MEANS
Not every service or business is eligible. For instance, to qualify for certain credit products, Bank of America requires your business to be under current ownership for at least two years. And some products have minimum revenue requirements.

WHAT YOU CAN DO
If your business hasn’t been around long enough, try again when it has. Or consider a CDFI loan, which may have different requirements.

REASON FOR DECLINE
Your business has insufficient cash flow coverage.

WHAT IT MEANS
The lender thinks you don’t have enough cash flow to make payments on new debt.

WHAT YOU CAN DO
Consider a smaller amount or a collateral-backed loan or credit line.

YOUR BANKING RELATIONSHIP

REASON FOR DECLINE
You have sufficient credit with your bank already.

WHAT IT MEANS
Even if you have great qualifications, a bank may not want to exceed a certain amount of credit exposure.

WHAT YOU CAN DO
If you have unused credit lines, close them. If not, you may need to consider other sources.

ADMINISTRATIVE REASONS

REASON FOR DECLINE
It’s a duplicate application.

WHAT IT MEANS
If you’ve applied for the same product within the last 90 days, it’s considered a single application.

WHAT YOU CAN DO
Wait it out.

Getting turned down for business credit is frustrating, but knowing why it happened can help improve your chances next time.

To discuss your needs and find the solutions that work best for your business, please contact a small business banker.

Bank of America, N.A. Member FDIC

Bank of America, the Bank of America logo and LIFE / BETTER CONNECTED are registered trademarks of Bank of America Corporation.

Click here to download a PDF version of this infographic.

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Steve Strauss in General Business 3 days ago

How Going Green Pays Off for Small Business Owners

There was a time, not so long ago, when “going green” was thought to be both exotic and expensive. While CEOs may have liked the cachet that would come with having a greener brand, they were also concerned that...

How Going Green Pays Off for Small Business Owners

The good news is that, for a variety of reasons, creating a green (or greener) business has become far easier, more affordable, more appreciated and more doable than ever before. The rising tide, literally, is creating a tipping point such that greening the business isn’t just good for the environment, it’s good for business, too.

These days, and on this Earth Day (Sunday, April 22), it turns out that going green doesn’t cost – it pays.

Here are some of the best reasons and easiest ways for your business to go green:

It’s popular: Between the Paris Accords, weird weather, water shortages and logic, more people than ever want to do their part for the environment. Indeed, according to one recent survey, more than half of all consumers say that it is “very or somewhat important” that the businesses they do business with be environmentally friendly. Additionally, one-third of those surveyed are willing to spend more for green products, and probably not surprisingly, that number is significantly higher among millennials.

What this means for your business is that, for instance, you can stock and sell green products, knowing that even though they may cost a bit more, there is significant marketplace demand.

After all, Amazon didn’t buy Whole Foods for no reason.

Cost saving: Going green can make a lot of sense for your business. Consider some of the ways that reducing, reusing, and recycling can positively impact your bottom line:

Recycling means buying less plastic
Going paperless equals purchasing less paper
Energy Star certified products cost less to run
Power timers (used at night, for instance) mean you will use and buy less energy
Encouraging employees to take public transit or ride bikes to work can mean less spent on (or reimbursed for) parking, gas and mileage.

It’s a morale booster: Increasingly, employees want to work for companies that take their corporate, civic and environmental responsibilities seriously. Creating a sustainable workplace is good for your culture.

It’s healthier: According to the Green Business Bureau, there is a 20 percent decrease in number of sick days for companies that promote a healthier workplace.

Tax benefits: Some states offer tax credits for businesses that go green. For example, in California a business can get tax credits for:

Installing insulation, and energy efficient heating and ventilation
Use of renewable energy like geothermal, solar and wind
Purchasing hybrid and diesel vehicles

Additionally, there are numerous “Recycling Zones” throughout the state. These allow businesses operating within these zones to get sales and use tax credits of up to 10 percent.

Good PR: Finally, being able to share socially and generally that your business is on the right side of this issue is no small thing. As indicated, it is important to not a few consumers.

So, on this Earth Day, remember, you do well by doing good and you can make green by going green.

More about going green:

Outlook 2018 – A Transforming World: Earth

How green bonds work: what you need to know

Learn about the Bank of America commitment to environmental sustainability

About Steve Strauss

Steven D. Strauss is one of the world's leading experts on small business and is a lawyer, writer, and speaker. The senior small business columnist for USA Today, his Ask an Expert column is one of the most highly-syndicated business columns in the country. He is the best-selling author of 17 books, including his latest, The Small Business Bible, now out in a completely updated third edition. You can also listen to his weekly podcast, Small Business Success.© Steven D. Strauss.

Web: www.theselfemployed.com or Twitter: @SteveStrauss

Bank of America, N.A. engages with Steve Strauss to provide informational materials for your discussion or review purposes only. Steve Strauss is a registered trademark, used pursuant to license. The third parties within articles are used under license from Steve Strauss. Consult your financial, legal and accounting advisors, as neither Bank of America, its affiliates, nor their employees provide legal, accounting and tax advice.

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Carol Roth in General Business 4 days ago

How to Get Your Business Ready for a Sale—Before You Plan to Sell: Part 3

Preparing for a sale can add substantial value for you as a seller, if you do it early and correctly. Part 1 of this series covered transition plans and management incentives, and Part 2 covered key financial decision making and organization....

How to Get Your Business Ready for a Sale—Before You Plan to Sell: Part 3

Once you have familiarized yourself with those steps, continue with the important steps outlined below.

Create a Future Strategic Plan

Nobody wants to buy a business that’s best years are in the past. Understandably, buyers pay more for future opportunities and growth.

Even though you may be ready to sell your business, you need to demonstrate your business has plenty of opportunities ahead of it. Therefore, it is important that you create a three- to five-year strategic plan.

This will help you identify opportunities and issues to address prior to selling the business and give potential buyers a roadmap to future growth prospects. The more opportunities and growth you can demonstrate to a buyer, the more value they will place on the business.

Beware of Making Unnecessary Investments

If you are contemplating a sale, resist the urge to make investments that aren’t required to keep the business operating or those that may not show a financial benefit in the short-term, like an acquisition.

If you are planning an exit within a few years, it is risky to have to integrate an acquisition successfully on a short time table or pursue a brand new and unproven operating strategy. This is as important a time as ever to make sure that the rewards justify the risks.

If an investment lowers your financial performance in the short run, you may be penalized in terms of a lower valuation, even if the investment pays off in the long run. Obtain objective input from your trusted service providers to give you an extra level of scrutiny to ensure that your investment doesn’t decrease the company’s value during a sale.

Also, beware of making acquisitions or pursuing opportunities that could complicate your business to investors. For example, if you sell a shelf-stable food product and suddenly decide to sell a product needing refrigeration during transportation, your decision could limit the number of buyers for your business; some buyers with shelf-stable only distribution may not see the combined business as a fit for their business – or they might give you less value for it.

Beware of Business Cycles

While you can’t always time the market for selling your business, you can time your own business cycle. If your business is growing, you may worry that your next year will be bigger and that you may be missing out on value by selling it today.

However, timing works both ways and you will severely decrease the value you receive for your business if you wait to sell until the growth has slowed. I personally have seen the sale value of businesses cut literally in half because the owners waited one year too long and sold after a non-growth year.

Growth businesses get to participate in future value through getting a larger, growth-oriented valuation multiple for their business. Also, there are mechanisms such as earn-out structures that can help you participate in future growth of the business.

After reviewing your numbers, if you have had growth over the past few years and expect that to continue for at least the next year, you are at the right point in your business cycle to take advantage of a sale. If you have hit the skids, you will want to right the ship to get the most value possible when selling your business.

Selling a business can be an emotional endeavor, but it can also create a serious payday for you as an entrepreneur. Be thoughtful and thorough with your preparation – and make the sales process pay off for you.

About Carol Roth

Carol Roth is the creator of the Future File ® legacy planning system, “recovering” investment banker, billion-dollar dealmaker, investor, entrepreneur, national media personality and author of the New York Times bestselling book, The Entrepreneur Equation. She is a judge on the Mark Burnett-produced technology competition show, America’s Greatest Makers and TV host and contributor, including

host

of Microsoft’s Office Small Business Academy. She is also an advisor to companies ranging from startups to major multi-national corporations and has an action figure made in her own likeness.

Web: www.CarolRoth.com or Twitter: @CarolJSRoth.

Bank of America, N.A. engages with Carol Roth to provide informational materials for your discussion or review purposes only. Carol Roth is a registered trademark, used pursuant to license. The third parties within articles are used under license from Carol Roth. Consult your financial, legal and accounting advisors, as neither Bank of America, its affiliates, nor their employees provide legal, accounting and tax advice.

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Carol Roth in Credit & Lending 4 days ago

How to Get Your Business Ready for a Sale: Part 1—Before You Plan to Sell

Most business owners see the true “pay day” for their work when they sell their business. Other entrepreneurs decide to sell because of changes in circumstances. Regardless of the reason, one of your top goals is to maximize the value...

How to Get Your Business Ready for a Sale: Part 1—Before You Plan to Sell

Yet many entrepreneurs don’t plan for their exit, which can cause you to leave money or other assets on the table when you sell your business.

Below is the first part of this three-part series designed to help you prepare to sell your business and maximize the value you receive.

Check out part 2: How to Get Your Business Ready for a Sale—Before You Plan to Sell: Part 2

List and Prioritize Shareholder Objectives

Maximizing value in a sale is not always about getting the highest sale price – there are often other drivers of value for entrepreneurs – including a variety of non-financial priorities. These can range from ensuring that long-term employees have a job post-sale to keeping brand names intact. To maximize value, it is critical for you and your other shareholders to establish and rank your priorities. This can be a tedious task, as purely financial investors may want to maximize dollars, where entrepreneurs with more of an emotional tie to the business may prioritize non-financial aspects of a deal.

While priorities may change as the company grows and evolves, this exercise will provide a roadmap for decision making about the business – while also positioning the company for sale and assisting in assessing potential offers.

Create a Dream Team for Your Sale—and Do So Early

While some entrepreneurs try to sell their business themselves, doing so almost always is a penny-wise, pound-foolish endeavor. Strong service providers should help you prepare for the sale, as well as add substantial value during a sale process. In fact, if you pick the right providers, they should more than pay for themselves.

Your team should have at least the following three “players.”

First, hire an accountant that has substantial audit experience (most buyers will want to see audited financial statements, so your cousin who is an accountant won’t cut it).
Second, you should hire a lawyer that specializes in mergers and acquisitions (or “M&A”) transactions. Preferably, he or she will have experience representing both buyers and sellers (again, your uncle Ira the lawyer doesn’t cut it here).
Third, hire an investment banker that works with companies of a similar size and, potentially, one who has an industry specialization as well. The investment banker will help to prepare key materials, help run an orderly and competitive process and help to maximize those shareholder objectives that you laid out above.

Too many entrepreneurs wait until the day they are ready to sell the business to establish these relationships, but truly, they should be established early on, ideally years before a transaction is contemplated. This allows these providers not only to give you guidance on strategic decisions that can ultimately impact a sale, but also to get to know your business, which can add value during a sale.

You may also need to change service providers if you have outgrown your existing relationships, so don’t be shy to find new providers if the old ones are no longer a fit.

By building a strong advisory team, the company will be prepared with all of the tools and resources necessary to maximize the transaction value and structure, as well as prevent any deterioration in value during negotiations.

Develop a Succession or Transition Plan

Selling a business at the time the owner wants to retire – especially when that owner also runs the business – creates one of the largest impacts on valuation. First, perception plays a meaningful role in valuing businesses and if a buyer perceives that a company needs to sell, the seller will be penalized through a lower valuation. Additionally, many buyers want the management to stay on for a transitional period. In the case of financial buyers, this could be upwards of three to five years.

Developing a succession or transition plan – whereby the business is sold at least one or two years before you want to retire and where there is capable management in place to take over your responsibilities – will create the most options and the most value when the business is sold.

Incentivize Non-Owner Management

For companies where key managers are not shareholders, there can be a major conflict of interest during a sale. Management plays a critical role during a sale and may even be desired by new owners to stay with the business. However, managers that don’t have a stake in the sale through equity ownership can be at odds with the shareholders during the process.

Whether your management team has concerns over losing their jobs or autonomy, or simply realizes that they have leverage to disrupt a process, non-incentivized management can cost the shareholders significantly –even completely derail a transaction.

Put incentives in place for these key managers prior to beginning a sale process. This could include stock options or a sale bonus that help align the interests of the managers and shareholders (i.e., they both get a payday from the sale) and, ultimately, ensures that there isn’t an eleventh-hour power play.

Start working on the above immediately and stay tuned for Part 2 of this series, coming soon.

About Carol Roth

host

of Microsoft’s Office Small Business Academy. She is also an advisor to companies ranging from startups to major multi-national corporations and has an action figure made in her own likeness.

Web: www.CarolRoth.com or Twitter: @CarolJSRoth.

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Rieva Lesonsky in Employees 5 days ago

3 Big Problems Small Business Owners Struggle With, Part 2: Finding and Retaining Employees

Miss the first big problem small business owners struggle with? Find it here. Unemployment is at record low levels—great news for employees, but not so much for employers. For the third straight year, employee retention is...

3 Big Problems Small Business Owners Struggle With, Part 2: Finding and Retaining Employees

Miss the first big problem small business owners struggle with? Find it here.

Unemployment is at record low levels—great news for employees, but not so much for employers.

For the third straight year, employee retention is the top challenge cited by HR managers in a survey by SHRM/Globoforce. According to the ADP report Evolution of Work 2.0, almost two-thirds of employees are looking for new jobs, and many workers not actively seeking new jobs would consider a job offer.

Employee turnover is costly and disruptive—especially for a small business. HR Dive reports that when an employee leaves, companies spend one-third of the person’s salary (an average of $15,000) to find a replacement. With small staffs to begin with, the loss of a key employee can cripple your business, further cutting into profits.

How to Retain Employees

1. Put your money where your mouth is. If employees can get sizable pay bumps by switching employers, it will be harder to keep them on board. Make sure your wages are competitive. Provide opportunities for employees to make more money through bonus or profit-sharing plans. This is more affordable than offering big raises, since you only pay if the company is doing well.

2. Offer employee benefits. Benefits are growing in importance, MetLife’s 15th Annual U.S. Employee Benefit Trends Study reveals. While health insurance is the top benefit employees want, 54% of the employees surveyed also want their employers to provide benefits that help them build financial security, such as a retirement plan. In addition, 58% want the option to choose from a wide range of benefits. You don’t have to foot the entire bill for employee benefits: The majority of workers surveyed are willing to pay for part of their benefits. Choosing a benefits package that gives your employees options is a great way to meet the needs of everyone on your team.

More on this: Four Things Small Business Owners Should Consider Before Offering Employee Healthcare

3. Build relationships. Relationships with coworkers and managers are critical to employee satisfaction and engagement, ADP reports. The top reason employees in their survey left their jobs was because of their direct manager. As a small business owner, you’re uniquely positioned to get to know your employees—and how they get along with each other. Take steps to encourage relationship building among employees. Consider celebrating birthdays and other milestones, holding lunchtime potlucks, or starting a bowling or softball league.

More on this: The importance of employee perks and how you can offer more than you think

4. Provide employee recognition. Everyone wants to feel respected and needed. More than eight in 10 workers in the ADP survey say they want to make a difference at work and feel that they play an important role. When it comes to recognition, little things—like praising employees in front of the team—can make a big difference. Check out these employee recognition ideas.

How to Recruit Employees

1. Plan ahead. Identify your highest-value employees—they’re likely at the biggest risk of leaving. Create a plan for how you would replace them, whether by recruiting outside or inside the company. Cross-training is a great way to build a “bench” so you can promote from within. Create detailed job descriptions for every position on your team if you don’t already have them; that way, you’ll be ready to advertise at a moment’s notice.

2. Keep recruiting. Stay alert for potential candidates on social media platforms such as LinkedIn. Pay attention to people in your industry you might like to have on your team one day. Developing relationships now can pay off in the future.

3. Promote your company as a great place to work. Job candidates will go online to get an idea of what it’s really like to work at your business. Use social media and your business website to share your corporate culture, spread the word about open positions, and spotlight your staff members.

An employee-friendly corporate culture is a strong antidote for the employee crisis. And in the end, it will save you time and money.

About Rieva Lesonsky

Rieva Lesonsky is CEO and Co-founder of GrowBiz Media, a custom content and media company focusing on small business and entrepreneurship, and the blog SmallBizDaily.com. A nationally known speaker and authority on entrepreneurship, Rieva has been covering America’s entrepreneurs for more than 30 years. Before co-founding GrowBiz Media, Lesonsky was the long-time Editorial Director of Entrepreneur Magazine. Lesonsky has appeared on hundreds of radio shows and numerous local and national television programs, including the Today Show, Good Morning America, CNN,The Martha Stewart Show and Oprah.Lesonsky regularly writes about small business for numerous websites and for corporations targeting entrepreneurs. Many organizations have recognized Lesonsky for her tireless devotion to helping entrepreneurs. She served on the Small Business Administration’s National Advisory Council for six years, was honored by the SBA as a Small Business Media Advocate and a Woman in Business Advocate, and received the prestigious Lou Campanelli award from SCORE. She is a long-time member of the Business Journalists Hall of Fame.

Web: www.growbizmedia.com or Twitter: @Rieva

Bank of America, N.A. engages with Rieva Lesonsky to provide informational materials for your discussion or review purposes only. Rieva Lesonsky is a registered trademark, used pursuant to license. The third parties within articles are used under license from Rieva Lesonsky. Consult your financial, legal and accounting advisors, as neither Bank of America,its affiliates, nor their employees provide legal, accounting and tax advice.

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SBC Team in General Business 1 week ago

Spotlight on Women Entrepreneurs

Small Business Story Collection: The Unique Values Women Bring to Small Business Ownership. More women are starting companies than ever before; thirty-seven percent of all businesses worldwide are owned by women. This collection highlights how...

Spotlight on Women Entrepreneurs

Small Business Story Collection: The Unique Values Women Bring to Small Business Ownership.

More women are starting companies than ever before; thirty-seven percent of all businesses worldwide are owned by women. This collection highlights how to embrace the unique challenges women face and thrive as small business owners.

Additional Resources

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SBC Team in Credit & Lending 1 week ago

Understanding business credit scores

A good business credit score may help your business qualify for better rates on credit cards, loans and lines of credit. So how do you find out what your business credit score is and see what’s on your business credit report? Plus, how do...

Understanding business credit scores

WHAT’S A BUSINESS CREDIT SCORE?

You’re probably familiar with your personal credit score—but did you know your business may have one, too? It also may have its own credit report. A good business credit score and report may help your business qualify for better rates on credit cards, loans and lines of credit.

Even someone who knows their way around a personal credit score and report may be surprised when it comes to their business.

Here are some of the key differences between personal and business credit.

WHO ISSUES THE SCORE

PERSONAL CREDIT

Just 3 agencies issue scores: Experian, Equifax and TransUnion.

BUSINESS CREDIT

Scores come from a variety of vendors who collect data about your business and create reports. Three of the largest are Experian, Dun & Bradstreet and LexisNexis.

THE NUMBER

300 to 850. All 3 agencies use the same scale.

Variable, depending on the issuer. For example, Dun & Bradstreet PAYDEX scores range from 1 to 100; LexisNexis scores fall between 222 and 900.

WHAT'S IN THE REPORT

Personal credit information, including history with creditors such as mortgage lenders, auto finance companies and credit cards.

Business credit information,including payment history with creditors such as trade finance providers, history of business credit cards and lines of credit.

STANDARDIZATION

All 3 reports will look similar, with minor variances.

There’s no standardization, so a report from one vendor may include information about a certain vendor or creditor that another does not.

While your personal and business scores are different, your personal score can affect your business score. So keep an eye on it.

WANT TO IMPROVE YOUR BUSINESS SCORE?

Pay all bills on time.

This is one of the most important factors when it comes to your credit score.

Maintain positive cash flow.

Reduce debt.

Review your scores periodically and update your business profile.

This includes reporting business income.

To find out more, please visit a financial center or speak with your banker.

Bank of America, N.A. Member FDIC

Bank of America, the Bank of America logo and LIFE / BETTER CONNECTED are registered trademarks of Bank of America Corporation.

Click here to download a PDF version of this infographic.

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