One of the most important factors in having a successful business in any industry is having great customer experience and service. It has been on the rise for many years and continues to rise especially right now that we are living in uncertain times. Everything a business does including advertising, research, marketing, and more, all play a role in shaping the customer experience. The most important investment a company can make is focusing on customer experience management (CXM) to remain competitive in their industry. Read on to find out why customer experience is important for your business and strategies to improve it.
When you apply for a loan, lenders want to make sure your small business can repay it. One way lenders determine this is by calculating our debt service coverage ratio (DSCR). This is also referred to as the debt service ratio or debt coverage ratio. Your debt service coverage ratio is calculated by dividing your business’s net operating income by your annual debt payments. We will talk you through how to calculate it for your small business and how the ratio affects your ability to qualify for a loan.
North American Industry Classification System (NAICS) codes are six-digit codes used by the federal government to classify businesses into an industry operating in the United States, Mexico, and Canada. The main purpose of an NAICS is to collect, analyze, and publish statistical data related to the business economy. Banks, insurance companies, banks, and other financial institutions review NAICS codes to assess risk which can affect the financing terms for small businesses. There are 20 sectors and over 1,000 industries in the United Sates NAICS system.
A leverage ratio indicates the level of debt incurred by a business entity against other accounts in its balance sheet, income statement, or cash flow statement. This ratio helps provide an indication on how the company’s assets and operations are financed. We will dive in this concept in detail and look at the different leverage ratio formulas available.
If you are ready to lease a commercial space for your business, there are a few steps you must take to find the right property and get the most benefits out of it. Perhaps you a startup or in the early stages of your business so you are uncertain about the future of your business, so you are considering a short-term office lease. Read on to find out both the advantages and disadvantages of having a short-term office lease.
Having credit is important for anyone’s life whether you are a small business owner or a consumer. Credit comes into play in many ways from purchasing a car or renting an apartment. However, there are so many people who do not understand how credit works nor how their actions can affect their credit scores which can seriously have a negative impact on their financial situation. So, what exactly is credit and what do you need to know about it? Today we will answer that and much more.
If you own a small business, you have most likely considered ways to get funding to grow your business. Understanding how funding for small business works, how business credit scores are calculated, and how important it is to establish good credit, will all help you to achieve success as you grow and expand your business.
Private equity and venture capital often times get confused because they both invest in companies and use exit strategies by selling their investments in equity financing by holding initial public offerings (IPOs). While these two types of funding have similarities, they each perform in unique ways. In this article we will discuss what the differences are and how they work.
It is no surprise that having good business credit is essential when growing your business. When you have a good business credit score you can secure better terms with lenders and suppliers. If you are looking to apply for a business loan, you will get low rates, good terms, and a large amount of capital. There are so many benefits to having a good credit score and today we are going to discuss the steps to take to build your credit now.
Many people use a line of credit or a credit card as a form of financing for their business. You can borrow money from a lender or a credit card issuer and repay the balance with some interest. They both are flexible on how you can use your funds and how you repay them. They are very similar, but they also have differences that exist between them. Today we will discuss how lines of credit and credit cards work how they are similar and different, so you know which works best for your business.