Tried & True Ways to Increase Your Cashflow in Just One Month

CashflowFormer Congressman Chris Chocola once said that one of the earliest lessons he learned in business is that balance sheets and income statements are fiction, and cash flow is the true reality.

Investopedia defines “cash flow” as the net amount of cash that moves in and out of a business. Cash flow is positive when liquid assets are increasing and negative when they are decreasing. There are only two main ways to increase your cash flow, and that is to bring more revenue in (increase sales) and/or to keep less revenue from going out (decrease your expenses). For this article, I will expand upon both concepts further.

Bringing In More Revenue

There are a variety of ways you can increase your revenue, and what makes you a strategic business owner (with a thriving enterprise) is the fact that you’ve developed your own secret sauce (business plan) to do so. Some ideas to bring in more revenue include, but are not limited to, the following:  (more…)

How to Find VCs and Angel Investors

How to Find VCs and Angel Investors

By Lydia Roth

When you’ve mapped out the coming months for your business and expect to need a good amount of capital to grow, you may need to find outside funds. If you have a wealthy family member who believes in your venture, you’re in a good position. Otherwise, you can seek funds in the form of debt or equity financing.

Debt financing is when you take on someone else’s money in exchange for interest paid throughout the duration of the loan. Equity financing is when you take on someone else’s money in exchange for some ownership of your company.

Two popular forms of equity financing are VCs, or venture capitalists, and angel investors. If you’re thinking “I’ve heard of those and want in,” ask yourself these questions first:

• Are you ready to share control of your company? VC firms and angel investors can provide capital, guidance, and a big network of important people, but you may have to give up partial control of your company.  (more…)

Half of Millennials Want to Start a Business: Here’s How to Get Going

By Kali Geldis
NAV

Millennial businessIf you were born between 1977 and 1995, there’s over a 50% chance that you would start your own small business if you knew where to get help to make it happen.

America’s SBDC, the face of a nationwide network of Small Business Development Centers (SBDCs), collaborated with the Center for Generational Kinetics to better understand how different generations view entrepreneurship. The findings indicated that millennials were especially eager to start businesses of their own, but there were some things standing in their way.

Millennials stated that they’d like help writing a business plan, and they rate money high on the list of things holding them back from starting a business. In fact, 45% of the study respondents said that finding capital to start a business was their biggest barrier. That’s not a huge shocker — there are more than 44 different types of business financing out there, and they come with unique interest and fee structures.

Here are five tips that can help any millennial, no matter their entrepreneurial dream, get started.  (more…)

The Free Resource Your Business Is Overlooking

By Gerri Detweiler
Nav

Free ResourceAmy Cantin and Larinda Rainwater had been travel agents for over 20 years. They loved helping their clients and were successful, but were finding themselves increasingly dissatisfied with their jobs at the travel agency where they were both employed. They knew the logical next step would be to open their own travel agency, but that prospect was intimidating.

“We knew how to sell travel but we didn’t know how to run a business,” says Cantin, echoing a common dilemma many would-be entrepreneurs face. “It was scary,” Rainwater adds.

Fortunately, a friend referred them to the Arkansas Small Business and Technology Development Center, where, for nearly a year, they worked with business consultant Robert Bahn to develop a plan for their business and prepare to go out on their own. They also hired an attorney who, among other things, made sure they didn’t take any client information with them, which could open them to legal action by their former employer.

Their planning paid off: starting with their grand opening (which Bahn attended), Jonesboro Travel Cruise and Tour was a success. “We turned our open sign on and from there it exploded,” says Cantin. “We have been so grateful,” says Rainwater, referring to both the reception from their community and the help they received from Bahn. Describing the services they received from their SBTDC, Rainwater says, “We can’t believe it’s free!”  (more…)

Introducing the Business Payments Coalition: The Former Remittance Coalition Broadens its Mission

Business Payments CoalitionIn recent years, payment industry stakeholders in the U.S. have been collaborating to improve payments efficiency. A quest is underway to achieve the worthy goals of originating and receiving more payments electronically to reduce the average end-to-end costs of transactions and to enable innovative payment services for consumers and businesses. In the U.S., opportunities to improve payment system efficiency are especially significant in business-to-business (B2B) transactions, which include the invoice, payment and remittance detail.

With that in mind, give a hearty salute and wish a happy anniversary to the Business Payments Coalition (BPC), formerly the Remittance Coalition, which celebrates five years this month. The organization’s new name recognizes that its goal has broadened beyond simply facilitating the exchange of remittance information among B2B trading partners. It still seeks to foster adoption of electronic payments and remittances in the business-to-business environment, but its wider-ranging mission today is to improve efficiency of B2B payments across the end-to-end process.

The Coalition consists of organizations and individuals working together to promote greater use of electronic B2B payments and remittance data exchanges, as well as other ways to increase B2B transactions efficiency. Over the last five years, the Coalition has developed a plethora of tools and standards that address the various challenges that businesses face when using electronic alternatives to paper-based payment options. As the payments environment continues to expand and new electronic payment options grow, the Business Payments Coalition has continually expanded its efforts beyond remittance to lend a fresh perspective to overall payments efficiency.  (more…)