Protecting Your Business Finances During Times of Economic Uncertainty

Economic Uncertainty Isn’t on the Horizon—It’s Already Here

It’s an understatement to say that times are uncertain right now. Inflation, the (hopefully) winding down pandemic, current supply chain issues, and the situation in Ukraine are all creating massive global economic uncertainty. There’s even economic policy uncertainty in our government.

As a result of this kind of instability, protecting your business assets should be up there. Markets are changing rapidly, as are consumer attitudes toward spending. Succeeding just might get a bit tougher. There is always risk and uncertainty in economics. But now, it’s on steroids.

Protecting Your Business Assets During Economic Uncertainty Should be Top of Mind

Fortunately, there are ways to protect your assets. And yes, business credit and financing are the way to go. Right now is the time when good business credit and a Fundable™ foundation are key.

Spend Better During Times of Economic Uncertainty

While no one knows what the future will bring, one thing is for certain. Prices are going to be in flux, because economic uncertainty can influence the price of just about anything. Is it better to stock up now, expecting a price rise? Or is it better to try to wait it out and see if prices will get better?

Whichever decision you make, business credit and financing can help.

Stock Up Now with Inventory Financing

If you want to stock up now, then you might not have enough cash on hand to cover a big purchase. This is where inventory financing can come into play. It can make it possible for you to buy big today in anticipation of bigger sales tomorrow.

Inventory financing is a revolving line of credit, or a short-term loan acquired by a company so it can purchase products for sale later. The products serve as the collateral for the loan. There may be restrictions on the type of inventory you can use. This can include not allowing cannabis, alcohol, firearms, etc., or perishable goods. There can be revenue requirements. And there may also be minimum FICO score requirements.

Get approved for a line of credit for 50% of inventory value, regardless of personal credit quality.

Rates are usually 5 – 15% depending on type of inventory. You can get funding within 3 weeks or less. But note that it can’t be lumped together inventory, like office equipment.

Or Wait Out Economic Uncertainty With Merchant Cash Advances

If you want to wait, then a good use of your time can be to enhance your relationships with your preexisting customers. This can include offering better payment terms. But it can hurt your bottom line if you end up waiting for payments from your customers. Not to worry. MCAs can make it possible for you to give your customers more time to pay without harming your own bottom line.

Details on Merchant Cash Advances

An MCA technically isn’t a loan. Rather, it is a cash advance based upon the credit card sales of a business. A small business can apply for an MCA and have an advance deposited into its account fairly quickly. So you can offer Net 30 terms, but not have to wait a month to get paid.

A merchant financing program is ideal for business owners who accept credit cards and are looking for fast and easy business financing. An MCA program works to help you get funding, based strictly on your cash flow as verifiable per your business bank statements. Hence lenders in general will not have any burdensome document requests.

A lender will review three months of bank and merchant account statements. They are looking for consistent deposits. There should be deposits showing revenue is $50,000 or higher per year. A lender also verify time in business of six months or more.

Lenders also want to see that you don’t have a lot of Non-Sufficient-Funds (NSFs) showing on your bank statements. You shouldn’t have a lot of chargebacks on your merchant statements. And you should have more than ten deposits in a month going into your bank account.

In essence, a lender wants to know that you manage your bank and merchant accounts responsibly. And they want to see that have a decent number of consistent credit card transaction deposits each month.

Save More During Times of Economic Uncertainty

How can you save more money when you’ve still got to get supplies for your business? Putting everything on credit is a recipe for a future default. But what about saving when you spend? Or getting rewarded for spending?

The Wex Fleet Card and Wex Flex Card

These are great cards for business credit building because they report to Experian and D&B. Wex offers universal fleet cards, heavy truck cards, and universally accepted business fleet cards. Their cards have features supporting a small business, including a rewards program. But before applying for multiple accounts with WEX Fleet cards, only apply for two cards at a time. Then, make sure to leave at least two months between applications so that they don’t red flag your account. This will not mean an automatic decline, but it could reduce the amount of credit for which you are approved.

Apply online or over the phone. Terms are Net 15  for the Wex Fleet Card, and Net 15 or revolving for the Wex FlexCard.

To qualify for either card, you need a business entity in good standing with Secretary of State. You also need your EIN and D-U-N-S numbers. Plus you must have a business address which matches everywhere, and all necessary business licenses, if applicable. You’ll need a business bank account, and your business phone number must have a listing on 411. Apply online or over the phone, at (800) 395-0812 (then select option 3).

Economic Uncertainty The Wex Fleet Card

You must be in business for at least one year, with a strong business credit history. In addition, you will have to provide your Social Security number for informational purposes. But if a pull on your personal credit concerns you, contact their Credit Department before applying. Also, they want you to have a good PAYDEX score of 80 or better.

However, if you are in business less than four years or your business credit history is too sparse for the approval to hinge on it, they will require a Personal Guarantee or a deposit of $500 to secure the card.

With this card, you will need to pay it off in full each month.

The Wex FlexCard

There is no minimum time in business requirement. However, you must provide a Personal Guarantee.

Get a rebate of up to 3 cents per gallon on gasoline. Pay no annual fee. You can carry a balance with this card, if necessary.

Brex

Another great card to help you save more as you spend is the Brex card. It is a particularly good card for startups.

Brex is a business money management system that integrates with your accounting software. It allows you to track expenses and, depending on the level of service you choose, can also help with paying bills and controlling spending.

The easiest way to use Brex for both managing finances and building business credit is to open a Brex Cash account. Brex is not a bank, but rather a banking alternative. They have a partnership with the FDIC and your funds are secure.

Everyone that opens a Brex cash account gets a corporate card. It works just like a debit card, drawing from your Brex Cash balance daily. However, unlike a debit card, Brex reports these payments to Dun & Bradstreet, Experian, and Equifax every month, thus helping build your business credit score.

Since this card is secured by the balance in your Brex cash account, and limited to that balance, you do not have to worry about underwriting.

This card offers rewards in terms of points that can be redeemed for travel, cryptocurrency, cash back, statement credits, gift cards, and more. There are even virtual card options for online spending. Brex integrates with common accounting programs including Quickbooks, Xero, NetSuite, and Gust.

Since the card is paid off monthly, you do not pay interest. There is no fee for standard service, but you can upgrade to premium at a cost. Currently premium accounts start at $49.99 and offer more expense management options. And you can even use rewards points to pay for it.

Terms

This card is paid daily from your balance of money deposited into a Brex Cash account. No minimum balance is necessary.

Brex does not offer balance transfers from other cards to Brex, due to not requiring a personal guarantee. However, they will perform balance transfers within Brex accounts.

Qualifying

To qualify for a Brex card, you need a business entity in good standing with Secretary of State. You also need your EIN and D-U-N-S numbers. Plus you must have a business address which matches everywhere, and all necessary business licenses, if applicable. You’ll need a business bank account,

In addition, you will have to provide your Social Security number on your application, for informational purposes. But if a pull on your personal credit concerns you, talk to a representative before applying.

Apply online.

Protect Your Business During Economic Uncertainty: Takeaways

While our economy is in flux, your main focus should be to maintain and grow your business’s assets. Good business credit will help your business now and, in the future, when economic uncertainty starts to diminish.

The post Protecting Your Business Finances During Times of Economic Uncertainty appeared first on Credit Suite.

Washington woman found 'beaten to death' in Cancun hotel room during vacation; boyfriend arrested

Jason Transue was trying to convince his daughter, 26-year-old Sativa Transue, to drive across Washington state for Thanksgiving last week, but she told him on Thursday morning that she was going on a last-minute trip to Cancun, Mexico, with her boyfriend of three years, 31-year-old Taylor Allen.

How to Increase B2B Sales 150% During a Slow Q4

It’s Q4, and the pressure is on.

You have three months left to hit your sales targets and end the year on a high note.

The only problem?

Your sales pipeline is dry. No one is signing up for your offers, and your forecast looks bleak.

Luckily, not all hope is lost.

I’ve compiled some of my top strategies which will help you increase B2B sales and smash your Q4 targets. Not only have these tips helped grow my agency, but these are tried-and-true methods we use for our clients as well.

Let’s dive in and open the B2B sales flood gates.

10 Ways to Increase B2B Sales

Whether you’re an SME or a massive conglomerate, you can use these strategies to increase your sales and give your Q4 pipeline a kick in the direction.

1. Leverage Social Selling

Still not sold on the buying power of social media? You’re leaving money on the table.

  • Fifty-four percent of social media users research products on different platforms.
  • Seventy-one percent of users will make a purchase based on social media referrals.
  • Seventy-seven percent will choose a brand over a competitor after a positive social media experience.

What is social selling? It’s the process of finding and engaging with your potential customers online. 

Every time you log into Instagram and reply to a DM or share an article on LinkedIn, you’re providing value and social selling. It’s a much softer approach than cold emailing and focuses more on building long-term, authentic relationships than traditional sales techniques.

how to improve b2b sales - social selling

How can you leverage social selling?

  • Position your brand as the go-to industry expert: Use content marketing to answer your prospect’s most pressing questions and lead them down your marketing funnel.
  • Share case studies and testimonials: Social proof is a driving factor for online purchases. Use your results to prove you’re the best and develop a deeper know, like, and trust factor with your audience.
  • Focus on engagement: Instead of spending all your time creating content, focus on building relationships. Reply to all your DMs, jump into conversations in LinkedIn groups, follow your ideal customers, and engage with their content.
  • Talk about your transformation: Businesses and people buy transformations, not features. When talking about your product or service online, focus on the result someone gets from working with you.

2. Support Your Sales Team

If there is one thing that can ruin a potential sale, it’s bad sales rep interactions.

Whether it’s someone dropping the ball and ignoring an email for weeks, or a dumpster fire cold email, it can quickly tank your brand’s rep and Q4 income goals.

How do you prevent a sales mishap?

By training your team.

People buy from people they know, like, and trust. Your sales reps need the tools to figure out how to develop a rapport and close the sale.

For a successful Q4, make sure your sales training includes:

  • Scripts for people to fall back on and avoid awkward silences or sounding unsure.
  • How to overcome common objections and communicate your brand’s results.
  • Strategies for finding leads and moving each one along the buyer’s journey.

Remember, the better trained your sales team, the quicker you’ll get to your 150% Q4 sales target.

3. Cash in on the Holidays

The holidays are a gold mine for increasing your B2B sales. With the right strategy in place, you can scoop up some of the disposable income people have during these months.

Here are some ideas to get the ball rolling:

  • Use expiring bonuses: This works well for Black Friday and Cyber Monday. Each day, remove one bonus to create a sense of urgency and FOMO (fear of missing out).
  • Increase the price: Start with your lowest price for an offer, and slowly increase it each day.
  • Create an exclusive offer: Put together a new product, service, or package for the holiday season. You can add a sense of urgency by telling your audience it’s only available for the holidays.
  • Offer free shipping or a discount: Cash in on the psychology of free stuff to lure in more sales. Getting something for nothing is a powerful emotional trigger known as the “zero price effect” and it’s extremely hard to resist.

4. Ask Existing Clients for Referrals

Referrals are the backbone of any business.

Why?

It’s the easiest sale you can get.

Unlike a cold pitch where you have to establish trust before someone gives you a yes, referrals are warm leads. The person already trusts your brand and is ready to give you their money because the personal recommendation came from a friend, family member, or colleague.

It’s one of the reasons why influencer marketing is dominating the online space. Brands are paying for the endorsement and trust the content creator has with their audience, which has more sway than a random ad in the newspaper.

How do you get more referrals? Create a referral program.

You reward your biggest fans for doing the hard work for you: finding quality niche-specific leads that usually lead to sales.

How to Increase B2B Sales - Ask Existing Clients for Referrals

5. Don’t Neglect Cold Calling or Emailing

Cold calling (or emailing) is not dead.

It’s very much alive and kicking and one of the best ways to increase B2B sales for Q4.

However, there is a catch.

Cold outreach is only effective if done correctly.

If you’re mass spamming everyone and anyone with no real strategy, you’re not going to see any results.

Why?

No one likes to waft through irrelevant pitches. You’ll earn brownie points by taking the time to identify a problem you can solve and presenting a solution in a format that feels tailored, not mass-produced.

6. Use Paid Ads to Increase Leads

Not using paid ads yet?

With more people online than ever before and 80.76 percent of the global population owning a smartphone, it’s time to dip your feet into this gold mine.

By honing in on the keywords your audience uses to find solutions to the problem you solve, you can increase B2B sales while you sleep.

If that’s not enough to get you opening up a Google AdWords account, this will:

  • PPC ads yield 50 percent more conversions than organic advertising.
  • Google ads can increase brand awareness by 80 percent.
  • Paid ads have a 200 percent ROI rate.

The results are equally impressive on social media. The Content Marketing Institute found B2B paid advertising increased to 83 percent, with LinkedIn ads dominating the pack.

Of all paid distribution channels, paid social media ranked second in producing results, with SEM taking first place.

7. Create a List of Potential Clients

The best strategy for increasing B2B sales? Knowing exactly who you want to target.

Before diving into any of the other tips in this post, get clear on who you want to convert into paying customers.

It’s the foundation of your game plan. Without it, you’re only wishing for a result instead of making it happen.

How do you make a list of potential clients? Answer these questions:

  1. How many employees does your dream client have?
  2. How much does the business make in annual revenue?
  3. What is the niche problem you solve?

The more specific you get here, the better chance you’ll increase your B2B sales during a slow Q4. 

Once you have those answers, you can use tools like LinkedIn or Angelist to find companies that match your dream client description.

How to Increase B2B Sales - Create a List of Potential Clients

8. Develop a Strong Email Marketing Strategy

Almost every couple of years, Facebook, Instagram or Twitter goes down, and influencers, business owners, and users start spiraling. 

It’s a harsh reminder that any of the apps you’ve spent hours on growing a community can vanish with a click of a button.

That’s why it’s crucial you get your followers onto a platform you can control, like email marketing. Not only will you always have access to your list (unless someone unsubscribes), but it’s profitable.

According to OptinMonster, email marketing generates $44 for every $1 spent. That’s a mindblowing 4400 percent ROI, making it one of the best ways to increase B2B sales.

Start your Q4 off strong and warm up your list with a strong email marketing strategy. 

Don’t have a list? Use the next three months to grow one with email opt-ins like:

  • e-books
  • cheatsheets
  • checklists
  • industry reports

9. Prioritize Video Content

Video marketing is here, and it’s disrupting the industry, but what makes it so successful?

After all, isn’t it faster to scan a few lines of a blog post (like you’re doing right now) than sit through an entire 10-minute video?

While videos do require a bigger time commitment, customers still prefer it to text, and it has a plethora of business benefits.

With Instagram trying to compete with TikTok, the platform is working hard to gain market share.

The result? Instagram Reels has high engagement, and the algorithm prioritizes it above photo posts. In fact, Instagram came out and said it’s a video-sharing platform, not a photo-sharing app.

The takeaway: There’s no better time to add videos to your content marketing mix and use it to increase your B2B sales. Start a YouTube channel, develop a Reels strategy, or embed videos on your website.

10. Use Case Studies to Increase B2B Sales

Selling to B2B is a little different from B2C.

For one, there’s usually more than one person involved in the decision process. If you want a resounding yes from everyone involved, you need to show how your product or service delivers value.

One of the most powerful marketing tools you can use to illustrate this is case studies. This piece of content is typically used near the end of the consideration and early decision stage of the buyer’s journey. It can help sway business your way when a prospect is deciding between two possible solutions.

With 81 percent of people trusting friends or family over a business, a case study helps you leverage an outsider’s perspective in your favor. 

Even though you’re creating the content, it’s about how one of your customers achieved a specific result and what someone can expect from working with you.

It’s that all-important social proof we spoke about earlier, and it can go a long way in driving more B2B sales in Q4.

Frequently Asked Questions About Increasing B2B Sales

What is a B2B strategy?

A B2B strategy is a marketing strategy employed by a company that sells products or services to other businesses instead of individuals.

What are the four types of B2B marketing?

There are four types of B2B marketing: producers, resellers, governments, and institutions.

What is the B2B selling process?

The B2B selling process is a business’s steps to market and sell its services or products to another business.

What does B2B mean in sales?

B2B stands for business-to-business. It happens when a business transaction takes place between two companies. For example, one company will buy raw materials from another to make their final product.

{
“@context”: “https://schema.org”,
“@type”: “FAQPage”,
“mainEntity”: [
{
“@type”: “Question”,
“name”: “What is a B2B strategy?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: ”

A B2B strategy is a marketing strategy employed by a company that sells products or services to other businesses instead of individuals.


}
}
, {
“@type”: “Question”,
“name”: “What are the four types of B2B marketing?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: ”

There are four types of B2B marketing: producers, resellers, governments, and institutions.


}
}
, {
“@type”: “Question”,
“name”: “What is the B2B selling process? “,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: ”

The B2B selling process is a business’s steps to market and sell its services or products to another business.


}
}
, {
“@type”: “Question”,
“name”: “What does B2B mean in sales? “,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: ”

B2B stands for business-to-business. It happens when a business transaction takes place between two companies. For example, one company will buy raw materials from another to make their final product.


}
}
]
}

Increase B2B Sales Conclusion

While the world of B2B sales has changed a lot over the last 10 years, you have a whole host of new tools at your disposal. Instead of resisting social selling or the rise of video content, embrace it, and use it to increase your B2B sales for Q4.

Remember, the more proactive you are with your strategies, the bigger your competitive edge. Keep experimenting with your sales strategies and stick with the ones which give you the results you want.

Which of these strategies are you going to use to increase B2B sales in Q4?

The art of effective market risk management during a period of transformation

This white paper takes a current view of market risk management, its growing complexity and how it can be transformative to institutions as the industry is widely recognising what are the right approaches to addressing evolving risks. 

The post The art of effective market risk management during a period of transformation appeared first on Buy It At A Bargain – Deals And Reviews.

Indy to fete Sato during introductions for '20 win

To help give Takuma Sato his due, the Indianapolis Motor Speedway will break from tradition Sunday and single out Sato during driver introductions for his 2020 victory, when there were no fans in attendance. The post Indy to fete Sato during introductions for '20 win appeared first on Buy It At A Bargain – Deals … Continue reading Indy to fete Sato during introductions for '20 win