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Due to its different models and service offerings, cloud computing has transformed how businesses handle, store, and exploit data and applications. Its basic foundation, which includes Software as a Service, Platform as a Service, and Infrastructure as a Service, presents enterprises with an unprecedented potential to streamline operations, maximize resources, and accelerate their growth trajectory. Understanding the complexities of cloud technology has become a must in navigating the competitive business landscape as firms increasingly rely on digital infrastructure. This article aims to unpack the diverse elements of cloud computing, focusing light on its numerous benefits and strategic applications that enable businesses to succeed in the digital era.

Understanding Cloud Computing

Cloud computing, a complex network of remote servers hosted on the internet, represents a paradigm shift in data management and processing for enterprises. This ground-breaking concept encompasses a wide range of services offered via the Internet, from software applications to storage and computing capabilities. Fundamentally, cloud computing is a flexible framework that allows businesses to use vast computer capabilities without relying on actual on-site hardware. This paradigm change promotes an environment that encourages scalability, accessibility, and cost-effectiveness, altering how operational landscapes are established and maintained. Today, implementing Synology cloud backup is a strategic need for enterprises seeking to optimize data resilience and security within cloud architecture.

Impact of Cloud Services and Applications

Cloud services and applications are essential components of the digital ecosystem, significantly impacting modern company operations. These services include a variety of characteristics, including data storage, software development platforms, and easily accessible computing resources via the Internet. One of its primary advantages is its inherent scalability and flexibility, which allows for quick modifications to resources in response to changing demands—whether that means scaling up or down quickly. This adaptability assures optimal resource use, lowering unnecessary expenditures and promoting itself as a significant asset for firms seeking efficiency and agility in an ever-changing market context.

Furthermore, cloud services enable easy collaboration and remote access, allowing teams to work smoothly across geographical boundaries and time zones. This increased accessibility improves operational efficiency by enabling real-time collaboration, increased productivity, and simpler operations. Furthermore, the vast range of available applications enables businesses to build personalized technology stacks, selecting services that closely fit their needs— customer relationship management, enterprise resource planning, or data analytics platforms. Such adaptability and accessibility encourage a creative environment, allowing firms to experiment and evolve quickly, obtaining a competitive advantage in their particular industries.

Scalability and Flexibility

The attractiveness of cloud computing in modern company landscapes is defined by scalability and flexibility. The ability to scale resources on-demand, whether computing power, storage, or applications, allows businesses to respond quickly to changing requirements. This adaptability ensures that businesses may modify their resources in real-time, accommodating abrupt increases in demand or scaling back during slower periods. This adaptability greatly decreases the risks associated with resource over-provisioning or under-utilization, allowing for cost minimization and efficient resource allocation.

Furthermore, the scalability of cloud services reduces the need for big upfront investments in hardware or infrastructure. Businesses can use a pay-as-you-go strategy to save capital expenditure and operational costs by paying only for the resources they use. This financial flexibility democratizes access to cutting-edge technology and resources that were previously only available to larger firms with large IT budgets. Furthermore, scalability fosters innovation by offering an excellent experimentation and quick prototyping environment, allowing businesses to test fresh ideas free of infrastructure constraints. In essence, the combination of scalability and flexibility in cloud computing enables businesses of all sizes to operate with greater efficiency and competitive prowess in the digital arena.

Strategies for Cloud Adoption

Cloud adoption requires rigorous preparation and a defined roadmap to enable seamless integration and utilization of cloud services. Businesses must thoroughly review their current IT infrastructure, identifying areas that could benefit from cloud migration. This assessment assists in deciding whether apps or data sets are acceptable for cloud transfer, considering security, compliance, and performance needs. Creating a solid migration plan includes outlining the migration sequence, establishing timetables, and addressing potential problems such as data transfer and compatibility issues.

It is also critical to build a governance framework for cloud usage. It entails developing policies, protocols, and security measures that align with the company’s goals and compliance criteria. To ensure a smooth transition, educate the workforce on the benefits and best practices related to cloud computing. Training programs and workshops can help staff adjust to new cloud technologies and promote an innovative and efficient culture. Collaboration with experienced cloud service providers or consultants can also speed up the adoption process by providing knowledge and direction in establishing cloud solutions tailored to the organization’s objectives and goals.

Conclusion

Embracing cloud computing is a transformative journey toward agility, efficiency, and creativity for businesses. As this article shows, the power of cloud services provides exceptional scalability, flexibility, and various applications, transforming how enterprises function and expand.

Strategic cloud computing adoption is no longer an option; it is a requirement for being competitive and future-ready in today’s dynamic corporate world. The cloud’s ability to optimize operations, improve collaboration, and promote innovation is obvious. However, successful implementation necessitates careful planning, a defined strategy, and constant adaptation to realize its full potential. As firms navigate this landscape, cultivating a constant learning, adaptation, and security culture is critical. With the appropriate attitude, cloud computing may become more than just a tool for long-term growth and success in the digital world.

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Take Action

Do you agree with me? What steps have you taken to maintain corporate culture with remote workers? Let me know your thoughts below.

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If you would like our help creating and executing a Content Marketing Plan for your business or organisation email us via mail@marketingfundamentals.com

On our YouTube channel you will find marketing advice, business advice & inspiration. Subscribe if you work in Marketing for Professional Services or are a business owner or solo-preneur trying to grow your business. New uploads every week.

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Mike Pitt

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This video is called, Should you Approach Companies that Visit Your Website? By Mike Pitt. If you want to subscribe to our YouTube channel, you can . Mike Pitt is the Founder of Marketing Fundamentals Ltd, a B2B Content Marketing Agency in London.

This post may contain affiliate links, please read our disclosure for more info.

In this video, Mike Pitt discusses, Should you Approach Companies that Visit Your Website? .This video will be of interest to content creators, business owners, B2B marketing managers, Content Marketing professionals, Social Media Managers and others who use Social Media to promote their businesses.

Website Visitors

If you are a B2B business owner you will be aware that many people who visit your website leave without making any contact with you. They do not fill out a contact form, email or telephone you. This could be a lost opportunity for your business; there are companies who sell software that enable website owners to track visitors to their website. In this video, I discuss two companies who sell software to track website visitors, please note, this is not a sponsored post.

My focus is on the broader discussion, should you track people and then contact them given that they left your website without making contact with you? I share my thoughts and opinion in the video.

Take Action

Have you thought about tracking website visitors? Do you agree with my point of view shared in the video? Let me know that in the comments section below.

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B2B Content Marketing Agency London

Marketing Fundamentals Ltd is a B2B Content Marketing Agency in London that creates Content and manages Social Media for Professional Services firms. We hope you find this information useful.

If you would like our help creating and executing a Content Marketing Plan for your business or organisation give us a call on +44 (0) 845 2264 247. You can also email us via mail@marketingfundamentals.com

On our YouTube channel you will find marketing advice, business advice & inspiration. Subscribe if you work in Marketing for Professional Services or are a business owner or solo-preneur trying to grow your business. New uploads on Tuesdays and Fridays.

Best regards,

Mike Pitt

Founder, Marketing Fundamentals Ltd

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This is video number 372 and blog post number 564

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This video is called, Are you Giving Lapsed Customers Enough Attention? By Mike Pitt. If you want to subscribe to our YouTube channel, you can . Mike Pitt is the Founder of Marketing Fundamentals Ltd, a B2B Content Marketing Agency in London.

This post may contain affiliate links, please read our disclosure for more info.

In this video, Mike Pitt discusses, Are you Giving Lapsed Customers Enough Attention? This video will be of interest to business owners, B2B marketing managers, Content Marketing professionals, Social Media Managers and others who use Social Media to promote their businesses.

Lapsed Customers

Many B2B businesses place a lot of emphasis on the need for new customer acquisition and create marketing activity specifically designed to bring new customers into the sales funnel. Although this focus is understandable the result is that not enough attention is given to lapsed customers; acquiring new customers is more expensive than re-establishing a relationship with a lapsed customer.

In this video, I read a quote from the Harvard Business Review about the comparative cost of new customers versus lapsed customers.

Contacting Lapsed Customers

Lapsed customers already have a relationship and a financial history of working with you. If your working relationship ended on good terms, it is not very difficult to re-start working with them. You just need the right opportunity and communications piece. They are a much easier target than someone who has never heard of you or has no idea of your business’s reputation.

In this video, I discuss ten opportunities to contact lapsed customers, watch the video to discover each one and then start to plan how these can be applied to your business.

Take Action

Do you have marketing activities designed to re-connect with lapsed customers? If so, how effective have these activities been? Let me know that in the comments section below.

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B2B Content Marketing Agency London

Marketing Fundamentals Ltd is a B2B Content Marketing Agency in London that creates Content and manages Social Media for Professional Services firms. We hope you find this information useful.

If you would like our help creating and executing a Content Marketing Plan for your business or organisation give us a call on +44 (0) 845 2264 247. You can also email us via mail@marketingfundamentals.com

On our YouTube channel you will find marketing advice, business advice & inspiration. Subscribe if you work in Marketing for Professional Services or are a business owner or solo-preneur trying to grow your business. New uploads on Tuesdays and Fridays.

Best regards,

Mike Pitt

Founder, Marketing Fundamentals Ltd

Follow Mike on Twitter 

Subscribe to

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This is video number 346 and blog post number 554

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Few start-up companies are recruiting business analysts in the position of business analytics role. Among the analytics lovers who are looking for a good career path in business analytics, this might create some confusion. To be proficient, here is the post that clearly distinguishes between a business analyst and business analytics roles.

Who is a Business Analyst?

The International Institute of Business Analysis (IIBA) defines Business Analysis as the process of defining business needs and evaluating effective solutions to business issues. A business analyst has a vital role in enhancing an enterprise toward effectiveness, efficiency, and desirability.

What is Business Analytics?

Business analytics doesn’t have a lot to do with information and is focused on functions and procedures. He/she is more concerned with data values and reporting. A business analyst, in a precise manner, uses data to make useful, careful factual decisions for an organization. The development of business analytics is on-going yet is diverted in taking care of issues and improving effectiveness utilizing a set of information-driven understanding, administrative processes, and transparent correspondence. They apply key insights from data and work on salient features of the information pipeline.

Educational Background 

Business Analyst

Data Analysts should have knowledge on subjects like computer science, software engineering, programming, mathematics, and statistics. Having knowledge of these subjects, they can create and process algorithms and programs to deliver exact insight from the available raw data.

Business Analytics

Business analytics needs solid business sense on worldwide markets, activities, and the entire management. They have IT or software engineering foundations also, to empower them to utilize the data that information analysts allow. Without such a foundation, they probably won’t recognize what they were handling, so both are significant. In spite of the fact that some business analytics positions require just a four-year bachelor’s degree, a master’s degree would help them for senior positions.

Roles:

Business Analyst

A business analyst correlates the specialized team and the customer. The specialized team has the capacity to either develop and deliver a product or service. The business analyst should ensure the product delivered by the specialized team meets the present prerequisites of the customer.

A business analyst should be profoundly concerned about surveying circumstances, able to express meaningful conversations, and making the best suggestions dependent on the skills they have.

They have to concentrate vigorously on expanding the enterprise’s profits and improving their functional running costs to cut waste. It could mean recognizing redundant positions, items, affiliate marketing campaigns – or essentially whatever else.

Business Analytics

Business analytics will focus on the usage of big data tools to regulate business challenges and execute functional changes within an enterprise. Also, they need to find weaknesses in current processes and to project surface data to enhance efficiency and growth measurements of an organization.

Responsibilities

Business Analyst

The business analysts should properly communicate with all stakeholders and manage business processes effectively. Business analysts should handle data impacts on business operative decisions. They, even more, need to examine where they can make the system flow to be efficient.

Business Analytics

Business analytics works with organized data reports and applies SQL to recover information from databases. If the management needs an enterprise’s higher metrics, the individual will compose SQL queries to derive and examine the information from the database of transactions. He/she uses predictive analytics and statistics and applies logical skills to resolve business issues.

They can use advanced tools like Tableau, R, and D3.js library to communicate their program or discoveries to the end partners.

Skills

Business Analyst

• Fundamental Skills: Issue-Solving, Communication, Management, and Research abilities
• Technical Skills: Knowledge on IT, Software development and Domain
• Business Skills: Document Analysis and creative skills

Business Analytics

• Analytical Skills: Logical thinking, Data predictions
• Capability Skills: Understandable, Visualization, Clear Communication skills
• Programming Skills: SQL, Python, Julia, Hadoop and so on

Certification Courses:

Business Analyst

There are plenty of certifications to become business analysts and numerous organizations providing courses and exams to certify your business analytics skills. For a list of business analyst certification, check out these seven noteworthy certifications.

• Entry Certificate in Business Analysis (ECBA) – It is for executives who are new to the data field.

• Certification of Capability in Business Analysis (CCBA) – It is for business analysis professionals having experience of 2-3 years

• Certified Business Analysis Professional (CBAP) – Suitable for BA candidates having work experience of 5+ years

• Certified Business Analysis Thought Leader (CBATL) – It is for candidates who have BA degree and over 10+ years of experience

Business Analytics

Some Universities offer an online certificate program, which is a relatively shorter way to gain specialization in a data field. Here are some famous certification course programs to look into:

• The Harvard Business Analytics Program – Harvard provides a 9-month certificate program for executives and trains with the data and analytics skill set to drive the industry.

• American University Master of Science in Analytics – This 1-year program is designed for professionals who plan to earn expertise in data analysis and get knowledge on new insights in their sector.

Career Options:

Business Analyst

If you wish to go for alternative careers with the current experience, below are five various career paths mentioned based on education and skills.

• Financial Analyst
• Computer Systems Analyst
• Market Research Analyst
• Postsecondary Business Teacher
• Actuary

Business Analytics

If you wish to specialize in your streams, here are some roles for an individual to choose from:

• Business Analyst Roles – Data Architect, Data Scientist, and Data Analyst
• Operations Research Analyst Roles – Business Operations Analyst, Operations Analyst, Operations Business Analyst
• Market Research Analyst
• Quantitative Analyst Roles – Quantitative Modeler, Financial Analyst

Bottom Line:

Analysts make the organization run better, and to do as such, they need data. It is clear with the above information that both business analyst and business analytics roles are key roles for effective business operations. Finally, they both work closely to deliver the final project successfully. To conclude, hopefully, you feel comfortable to plan a wise decision about which job suits and works best for you.

Best regards,

Marketing Fundamentals Team

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This video is called, LinkedIn LIONs: Should you be One ? By Mike Pitt. If you want to subscribe to our YouTube channel, you can . Mike Pitt is the Founder of Marketing Fundamentals Ltd, a B2B Content Marketing Agency in London.

In this video, Mike Pitt discusses, LinkedIn LIONs: Should you be One ?

This video will be of interest to business owners, B2B marketing managers, Content Marketing professionals, Social Media Managers and others who use Social Media to promote their businesses.

LinkedIn LIONs

LinkedIn L.I.O.N.S are Linked In Open Networkers; these are a group of LinkedIn users who are willing to connect with almost anyone on the platform.  The management team at LinkedIn prefer you to only connect with people you already know. However, this can prove to be very restrictive for those trying to build their network. L.I.O.N.S  take a different approach. Should you become one? Watch the video  to hear my thoughts.

LinkedIn Reach and Engagement

If your objective is to increase your audience on LinkedIn, there are some other methods to consider that I discuss in this post, LinkedIn: 6 Ways to Increase Your Reach.

When you have watched the video, I’d be happy to hear your views.

Have you joined a LIONs group? Let me know in the comments section below. If this is the first time you have heard of it, let me know that in the comments section.

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B2B Content Marketing Agency London

Marketing Fundamentals Ltd is a B2B Content Marketing Agency in London that creates Content and manages Social Media for Professional Services firms. We hope you find this information useful.

If you would like our help creating and executing a Content Marketing Plan for your business or organisation give us a call on +44 (0) 845 2264 247. You can also email us via mail@marketingfundamentals.com

On our YouTube channel you will find marketing advice, business advice & inspiration. Subscribe if you work in Marketing for Professional Services or are a business owner or solo-preneur trying to grow your business. New uploads on Wednesdays.

Best regards,

Mike Pitt

Founder, Marketing Fundamentals Ltd

Follow Mike on Twitter 

Subscribe to

Follow us on LinkedIn

Follow Mike on Pinterest

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This is video number 274 and blog post number 515.

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The manifold benefits of using checks to transact might be the reason why the mode of payment has not become obsolete in a highly digitized world. To make check payments a smooth process, businesses set up in-house check printing systems. If done right, a check printing setup can be a $500-$600 investment. However, some common setup mistakes can make the process unnecessarily expensive.

Office Check Printing

Relying on Banks for Check Supply

When you return to your bank for a set of checks, you might be refused the service or even worse, be charged an exorbitant price. Banks hire the services of check printing vendors, and quote exorbitant prices for the checks. To create your office check printing setup, you can directly order checks from these vendors. So, buying checks from a bank can be the first costly mistake you can make.

Believe in Claims of the Cheapest Price

When you are looking to buy checks from vendors you need to compare the prices offered by the various vendors. Websites like Amazon claim to offer the lowest prices. However, it would be best if you did not trust these promises with your eyes closed. Always conduct some research to compare the prices offered by different vendors. Your second costly mistake can be blindly trusting vendor claims of offering the lowest prices.

Not Buying Blank Checks

Printed checks can cost you around $80 for a 300-check set. However, blank checks can cost you somewhere around $25 for 500 sheets. Blank checks are the cheaper option. If you do choose to buy blank checks, then you need to buy magnetic ink for your office check printing setup. Blank checks do not come with the MICR code that needs to be printed on with the magnetic ink. The combined cost of purchasing blank checks and magnetic ink will still be less than the cost of printed checks. Your third costly mistake will be not setting up a blank check printing system.

Skipping QuickBooks

Human error and cost of accounting can be reduced with the help of RPA software. QuickBooks is a popular RPA software that businesses use for a variety of functions. It would help if you bought QuickBooks compatible checks for printing using the software. However, there is third party software that can help QuickBooks print blank checks. If you do not invest in QuickBooks, you will need to invest in an accounting team to take care of the payment system. So, not investing in a QuickBooks account could be your fourth costly mistake.

Printing Checks Using a Common Office Printer

For your office check printing setup, you should have a separate printer. If you have a common printer, you can still print checks, but it increases the chances of error. You have to keep constantly inserting check papers before printing. By forgetting to do so, you might waste resources printing on a regular blank paper. Leaving check paper inserted can lead to someone printing something else onto the check paper. Your fifth costly mistake which will lead to time and resource waste will be not investing in a separate printer.

An office check printing setup is a good investment if done right. Avoid these common mistakes to make your investment a smart one. 

B2B Content Marketing Agency London

Marketing Fundamentals Ltd is a B2B Content Marketing Agency in London that creates Content and manages Social Media for Professional Services firms. We hope you find this information useful.

If you would like our help creating and executing a Content Marketing Plan for your business or organisation give us a call on +44 (0) 845 2264 247. You can also email us via mail@marketingfundamentals.com

On our YouTube channel you will find marketing advice, business advice & inspiration. Subscribe if you work in Marketing for Professional Services or are a business owner or solo-preneur trying to grow your business. New uploads on Wednesdays.

Best regards,

Marketing Fundamentals Team

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This post may contain affiliate links please read our disclosure for more info.

A few years ago, I was working with a client in the fast moving consumer good sector (fmcg). Location based marketing was one of the major themes I explored in content that I created for them; location based marketing utilising Beacon Technology appeared well suited to retail.

For those of you not aware,  beacons are small wireless devices that transmit Bluetooth signals to nearby smartphones. Grocery retailers could send promotional offers to passing shoppers and cinemas could alert passers by to their latest cinema deals.

It was as if what happened Tom Cruise’s character (John Anderton)  in the film, Minority Report was going to become the norm.

Credit: 20th Century Fox

However, even before GDPR the location based marketing revolution never really got going. There are a number of reasons for this;

Beacons signals can be blocked by physical objects

It can be hard to find suitable locations to position Beacons

Customers have to be opted in and have bluetooth enabled to receive messages

Customers need to be holding their phone and to look at their phones.

Beacons are powered by batteries and it is not clear how long the batteries last.

Consumers have shown no interest in Beacons.

This is not an exhaustive list but already it is clear to see the practicalities of Beacon Technology do not match up to the vision.

Location Based Content Marketing

If location based Content Marketing were to become a new form of communication, I could imagine it working well at an industry conference, it would need to utilise the same technology that our colleagues focused on business to consumer (B2C) communications have been experimenting with. I do not predict this happening anytime soon.

There are other technological areas bringing change to Content Marketing sooner than Beacon Technology. Artificial Intelligence is one, the use of Chatbots and automated scheduling for Social Media is fairly common now, these are both examples of Artificial Intelligence. However, it will still be some time before Machine Learning and Natural Language Processing will be able to create machines that can write content. I explored this area in this post, What Impact Will Artificial Intelligence Have on Content Marketing?  I am sure you will find it interesting.

Have you experienced Beacon Technology in a retail setting or a museum? Let me know in the comments section below.

It has taken us a while to find the right email partner but we believe that Constant Contact has the flexibility to meet our email needs and yours too.

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B2B Content Marketing Agency London

Marketing Fundamentals Ltd is a B2B Content Marketing Agency in London that creates Content and manages Social Media for Professional Services firms. We hope you find this information useful.

If you would like our help creating and executing a Content Marketing Plan for your business or organisation give us a call on +44 (0) 845 2264 247. You can also email us via mail@marketingfundamentals.com

On our YouTube channel you will find marketing advice, business advice & inspiration. Subscribe if you work in Marketing for Professional Services or are a business owner or solo-preneur trying to grow your business. New uploads on Wednesdays.

Best regards,

Mike Pitt

Founder, Marketing Fundamentals Ltd

Follow Mike on Twitter 

Subscribe to

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Follow Mike on Pinterest

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This is video number 251 and blog post number 487.

The post Is Location Based Content Marketing Going to Happen? appeared first on Marketing Fundamentals.

Business loans are the lifeblood of smaller companies, and if you need to get a cash injection for your tech company, there are a number of considerations you should weigh up before taking action.

The first is whether you need to get a business loan at all, or whether you might be able to raise the cash you need by changing business practices and releasing cash that is currently being wasted. Often companies can find cost savings within their existing processes and creating additional efficiencies can sometimes solve a cash-flow problem.

The second consideration is whether your team works at full capacity. Can headcount be reduced?  Redundancies are not nice but they may unlock additional funds from payroll savings.

The third consideration, is what is your data telling you? Fully detailed performance reporting of the past 1 to 5 years should inform your decisions. In addition, you will need a solid business plan that demonstrates to yourself and your management team what can be achieved and when you are likely to improve your cash-flow.

Following the process described above, you may decide that you want to borrow funds. It could be for a concrete purpose like buying a machine or recruiting a certain person or it could be just to finance  your ongoing operations. Whatever the reason is, deciding you want external funding is just the beginning of the process.

Bank Versus Lender

There are a lot of lenders out there in the Australian market and picking the right company or bank to provide you with the funding is essential for a healthy and useful process. The ins and outs of each lender and bank are too difficult to explain, but showing the differences between the two is very possible.

As per this comparison between banks and online lenders made by Small Business Loans Australia, non-bank lenders are generally more expensive, less difficult to deal with and are much quicker to respond than banks.

How Much do You Need to Borrow?

Your first consideration should be how much money you need to borrow from the bank. It can be tempting to keep the amounts to a minimum, so you are not paying out more than you need to. But borrowing too little can be as problematic for a business as borrowing too much, because it could mean being forced to return to borrow more sooner than you might otherwise be comfortable with.

A good rule of thumb will dictate that you will need to borrow funds to keep your business alive for at least 6 more months at current revenue pace, or will help facilitate such a line of cash-flow earlier. That rule of thumb will also say that you should never borrow money for periods shorter than this, because this means you will need to borrow additional capital within the next months.

So, be realistic not only about the amount you need to borrow, but the amount you are likely to be able to borrow and choose an amount that allows you to achieve your aims without creating additional cash-flow stress for you or your business.

What Will Your Bank Need to Know?

Once you know how much you need to borrow, prepare your documentation to take to your bank to convince them that your business is a good ‘risk’ for it to loan to. Your bank will need to know what you want the business loan for – and if you are a start-up or a relatively new business, you may find it difficult to give these details exactly.

Remember to take your business plan and financial statements, with these it should be easier to demonstrate what the money you are borrowing will be used for. Your financial statements will give  your bank a clear indication of your profit and loss, cash-flow, assets and liabilities.

Creating your bank-oriented business plan

Spending time researching your business and the market you are targeting is essential to create a viable business plan. It can take more time researching a good plan than it does writing one, so be prepared to put in the leg work.

That loose business plan you’ve devised before even applying for a loan? It’s mostly irrelevant because banks can be overzealous when it comes to business plans.

You also need to provide a strategy for marketing, your product development, and your financial forecasts to show any potential investors, including a bank or other institution lending you money, where your business is likely to be in three to five years.

Your credit score

One of the key measures which determines whether your bank will lend you money will be your credit history, whether that is just for your business or your own personal credit history too. If your business has not been established for long, your personal credit score will be taken into consideration. So ensure you have spent time cleaning up your own credit score if you are trying to borrow at an early stage.

Most companies do not know what their credit score is, or how to improve it. Almost three out of five small business owners have never checked their credit score according to research from Experian and that is not good business practice.

Make your credit score more healthy

Any lender will check your company’s credit score, and you should be checking this yourself on a regular basis. As the Experian website states: “A healthy credit score is made up of three key elements: robust information, sound financial management and regular monitoring.” If you have applied for a number of loans in quick succession, these credit searches for each institution will be listed on your credit score and could be detrimental. Lenders will be concerned about that kind of action, as it suggests a desperate pattern of behaviour that flags your business as having a higher level of risk.

It may be that you need to spend some time working on improving your credit score to make your business more appealing. You can do a number of things to achieve this, such as paying any invoices due promptly, collaborating with your suppliers so they provide feedback on your payment records, and providing as much additional data to credit reference agencies as you can. It has become harder for businesses to get a loan, so the more you can do to improve your business’s chances, the more chance you have of getting the money your business needs to grow.

What will an Online Lender Need to Know?

Generally speaking, online lenders are more technology oriented so a lot of the legwork should be done automatically. Upon signing up you will need to provide either certain documents from your bank, and/or connect the lender to your credit card processor or PayPal account to verify the levels of revenue. The decision whether your web design or web development business be approved will be done automatically with little to no human involvement and the reply will be sent to you in between 1 and 72 hours.

Final words – How to Treat Business Loans

A business loan is not an easy decision to make and is not an easy process to initiate in. Unless you need funds urgently, you will need to develop patience and endurance. Financing your business is a marathon and not a 100 metres sprint.

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Marketing Fundamentals Team

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