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Is an SBA Startup Loan Right for You?

Whether you are thinking of starting a business in recession chaos or during economic Shangri-La, an SBA startup loan could be just what you need to get up and going.

All You Need to Know About Getting an SBA Startup Loan, and Other Options for Right Now

The Small Business Administration is in the news big time right now in relation to COVID-19 relief for businesses.  However, if you are looking to start a business, their SBA startup loan programs are still available.

SBA Startup Loans: Why SBA Loans?

SBA loans are small-business loans guaranteed by the Small Business Administration.  The loans are issued by participating lenders, mostly banks. The  guarantee can go up to 85% of a loan of $150,000 or less, and loans that are more than $150,000 they will guarantee up to 75%.

Find out why so many companies use our proven methods to get business loans, even during a recession.

Who Qualifies for an SBA Startup Loan?

To be eligible for SBA Loans, you must meet certain qualifications. These include:

  • Your business must be for profit.
  • Your business must be inside the US.
  • Business owners must invest equity.
  • You must have exhausted all other financing options.
  • Your business must qualify as a small business.
  • Your business must be in an eligible industry.

Repaying an SBA Startup Loan

One perk of an SBA loan is that you get more time to pay it back than you would otherwise. According to the SBA, the terms depend on how you intend to use the funds.

For example, working capital loans, or funds you intend to use for daily operation, have a repayment term of seven years. However, funds for new equipment purchase have a term of 10 years, and real estate loan terms extend even longer to 25 years. Of course, the longer the term the lower the interest, which means lower regular payments.

How to Apply for an SBA Startup Loan

One of the downsides to SBA government loans is that they have a lengthy and somewhat complicated application process. There is a lot of red tape involved, but understandably so considering it is the federal government and they are guaranteeing a huge chunk of the loan.

Get Your Eggs in a Row

The first thing you have to do is gather the information you will need. This includes:

  • The SBA borrower loan information form
  • Statement of personal history
  • Personal financial statement
  • Personal income tax returns for the previous 3 years
  • Tax returns for the business for the previous 3 years
  • Business certificate or license
  • Business lease
  • Loan application history

This list, along with links to forms and templates, is available at SBA.gov. Once you have this information, you can start looking for a lender.

There may be more requirements based on your specific lender and what they deem necessary for your individual case. However, this is a general list to get you started.

Find out why so many companies use our proven methods to get business loans, even during a recession.

Find an SBA Partner Lender

There is more than one way to go about this. The first way is to contact your SBA district office. You can find contact information through the website. Another option is to use the SBA lender match option on the website.

All you have to do is enter some basic information about your business and how you plan to use the funds.  The tool then matches you with a list of potential lenders that could meet your needs.

Which Program Works Best for an SBA Startup Loan

Not all SBA loan programs work for startups.  These are your best options.

SBA Startup Loan: 7(a) Loans

This is a cornerstone program for the SBA.   It offers federally funded term loans of up to $5 million. Funds can be used for expansion, purchasing equipment, and  working capital in addition to startup. Banks, credit unions, and other specialized institutions in partnership with the SBA process these loans and disburse the funds.

The minimum credit score to qualify is 680.  There is also a required down payment of at least 10% for the purchase of a business, commercial real estate, or equipment. The minimum time in business is 2 years. If you are a startup, business experience equivalent to two years will serve this purpose.

SBA Startup Loan: 504 Loans

SBA loan Credit SuiteThese loans are also available up to $5 million.  Funds can be used to purchase machinery, facilities, or land. They are generally used for expansion.  Private sector lenders or nonprofits process and disburse funds. They work well for commercial real estate purchases especially.

Terms for 504 Loans range from 10 to 20 years, and funding can take from 30 to 90 days. They require a minimum credit score of 680.  Collateral is the asset the funds are financing. There is also a down payment requirement of 10%, which can increase to 15% for a new business.

There is also a requirement you be in business at least 2 years, or that management has equivalent experience if the business is a startup.

SBA Startup Loan: Microloans

Microloans are available in amounts up to $50,000. They work for starting a business purchasing equipment, buying inventory, or for working capital. Community based non-profits administer microloan programs as intermediaries, with financing coming directly from the Small Business Administration.

Interest rates on these loans are 7.75% to 8% above the lender’s cost to fund, and the terms go up to 6 years. They can take upwards of 90 days to fund. The minimum credit score is 640, and the collateral and down payment requirements vary by lender.

What If an SBA Startup Loan will Not Work?

What if, for some reason, an SBA startup loan will not work.  Maybe you need collateral and do not have it? Perhaps you would rather not deal with down payment requirements.  What if you need more funding? Here are some other options.

Alternative loans

These are loans that come through private lenders rather than banks.  Most  of these lenders operate online.  The process is fast and simple. Typically, borrowers fill out an application online.  Generally, they receive approval in as little as a few hours.  Once approved, funds are often in the borrower’s account in as little as a day or two.

This fast, easy process makes these alternative loans attractive for business funding.

Is There a Catch to Alternative Small Business Loans?

If these alternative loans are so fast and easy, why even bother with traditional loans or even an SBA startup loan?  There has to be some catch, right?.  The catch is, interest rates and terms are considerably less favorable than those you may get with a traditional lender.

That’s because, in an effort to extend credit to those that do not qualify with a bank, alternative lenders have to be a little more relaxed with their eligibility requirements. As a result, they are taking on significantly more risk with their loans.  To make up for this, they increase interest rates and loan terms to balance things out.

How do I Choose the Right Alternative Loan for Me?

Once you know you are in a position to need alternative small business loans, you can start looking for the right one for your situation. How do you do this?  The key is to research, research, research.  Extensive research is absolutely necessary to ensure you find the best fit for your business.

While many of them function the same with similar requirements, there are some vastly different and innovative platforms for these types of loans as well.  Read all the reviews, but don’t forget to look at the actual lender websites too.  Only you know your specific situation. Your credit score, how long you have been in business, and how much debt you can handle is information that you have at your disposal to help you make an informed decision..

How to Start Finding the Right Alternative Small Business Loans

Start by determining your eligibility factors.  You may not be able to anticipate what every single lender will require.  However, there are a few things that most lenders will want to know before approving a loan.  Things such as credit score, annual revenue, and length of time in business are pretty common.

If you know your score and what your annual revenue is before you begin looking for alternative small business loans, you will be able to weed out the ones you do not qualify for from the beginning. There are so many that you will definitely see the need to do this.

Find out why so many companies use our proven methods to get business loans, even during a recession.

Credit Line Hybrid

What if there were an option that allowed you to have an even better interest rate than a secured loan, and yet get the money faster and easier than any type of traditional funding.  What if you could get business funding without having to supply any bank statements or credit stubs? Imagine that you could get funding in a few days rather than weeks without supplying any collateral or documents? This is exactly the credit line hybrid allows you to do.

What is a Credit Line Hybrid?

A credit line hybrid is basically revolving, unsecured financing.  It allows you to fund your business without putting up collateral, and you only pay back what you use.

What are the Qualifications?

How hard is it to qualify?  Not as hard as you may think.  You do need good personal credit.  That is, your personal credit score should be at least 685.  In addition, you can’t have any liens, judgments, bankruptcies or late payments.  Also, in the past 6 months, you should have less than 5 credit inquiries, and you should have less than a 45% balance on all business and personal credit cards.  It’s also preferred that you have established business credit as well as personal credit.

If you do not meet all of the requirements, all is not lost. You can take on a credit partner that meets each of these requirements.  Many business owners work with a friend or relative to fund their business.  If a relative or a friend meets all of these requirements, they can partner with you to allow you to tap into their credit to access funding.

What are the Benefits of a Credit Line Hybrid?

There are many benefits to using a credit line hybrid.  First, it is unsecured, meaning you do not have to have any collateral to put up.  Next, the funding is “no-doc.”  This means you do not have to provide any bank statements or financials.

Not only that, but typically approval is up to 5x that of the highest credit limit on the personal credit report. Additionally, often you can get interest rates as low as 0% for the first few months, allowing you to put that savings back into your business.

The process is pretty fast, especially with a qualified expert to walk you through it.  One other benefit is this.  With the approval for multiple credit cards, competition is created.  This makes it easier, and likely even if you handle the credit responsibly, that you can get interest rates lowered and limits raised every few months.

Make Sure You’re Eligible for SBA Startup Loans and All Other Financing Options

The key to ensuring you can get the funding you need for your business when you need it is to make sure your business is fundable.  Most people think of credit score when they think of fundability, but there is so much more to it than that. Fundability is made of many pieces, and they all have to be in place for things to work the way you need them too.  If your fundability is in order, getting an SBA startup loan, or any other kind of loan, will likely never be a problem.

The post Is an SBA Startup Loan Right for You? appeared first on Credit Suite.

SafetyWing (YC W18) Is Hiring a Senior Back End Engineer

Article URL: https://remoteok.io/remote-jobs/100967-remote-senior-backend-engineer-safetywing

Comments URL: https://news.ycombinator.com/item?id=25621285

Points: 1

# Comments: 0

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What is Business Credit and How Does it Affect Fundability?

There is a lot of talk out there about what is business credit.  That’s an important question, but it cannot be answered without another question coming up.  That is, how does it affect fundability? Then of course, the question can be asked, what exactly is fundability? All of these questions build on each other.

What is Business Credit?  It’s the Cornerstone of Fundability

The truth is, business credit is a huge piece of overall fundability.  It isn’t everything, but I’d venture to say if how you set up your business is the foundation of fundability, business credit is the cornerstone.  Consider how a building is made of thousands of stones, but one crack in the foundation or chink in the cornerstone can bring it all crashing down.  The same is true of business credit. You can lose a stone here or there and, while it will definitely cause trouble, as long as the foundation and cornerstone are solid you have something to work with. 

Check out our best webinar with its trustworthy list of seven vendors to help you build business credit

First, what is Fundability? 

Before I can answer what biz credit is, I need to address fundability.  In short, fundability is how a lender views a borrower in terms of credit risk.  Most borrowers believe this has mainly to do with credit history. In part, this is true.  It does have a lot to do with credit history. However, there is way more to it than that. 

Pieces of the Fundability Puzzlewhat is business credit Credit Suite

There are many things that affect fundability.  Since it all connects to form a bigger picture, I like to think of it as a puzzle.  The pieces of the puzzle can be named however, and it is easier to put them together if you work on them in order.  If you work in order, the other pieces will usually fall into place pretty easily. You can still complete the puzzle if you work it differently, but it will be harder and take longer. 

In the case of fundability, you should start with the foundation.  Think of this as the corners and the edges of the puzzle. Everyone knows the puzzle goes faster if you start with those pieces, right? 

Foundation of Fundability

There are many pieces that help a business form a fundable foundation.  They are related to how your business is set up. It includes, among other things, being certain you incorporate your business.  This is vital. Find out more about how to build a foundation of fundability, as well more about fundability in general, go here

Next Comes Business Credit

After the foundation, business credit is one of the largest pieces of the puzzle.  If you can get it into place, you will be able to start to see the bigger picture. It can take a while to build this piece however.  It’s almost a smaller puzzle all on its own. More on business credit and how to build it later. For now, here are a few things that can affect your business credit that you might not realize.

Other Business Data Agencies 

In addition to the business CRAs that directly calculate and issue your credit reports, there are other business data agencies that affect those reports indirectly.  Two examples of this are LexisNexus and The Small Business Finance Exchange. These two agencies gather data from a variety of sources, including public records.  This means they could have access to information relating to automobile accidents and liens. While you may not be able to access or change the data the agencies have on your business, you can ensure that any new information they receive is positive.  Enough positive information can help counteract any negative information from the past. 

Identification Numbers 

In addition to the EIN, which is part of a fundable foundation, there are identifying numbers that go along with your business credit reports.  You need to be aware that these numbers exists. Some of them are assigned by the agency. However, one of them you have to apply to get. It is important that you do this. 

Dun & Bradstreet is the largest and most commonly used business credit reporting agency.  Every credit file in their database has a D-U-N-S number. You have to apply for it. You can do so on the D&B website

Business Credit History

Your credit history has to do with everything related to your credit score, which is a huge factor in the fundability of your business.  Many things affect your business credit history, but the more accounts you have reporting on-time payments, the stronger your credit score will be. 

Business Information

On the surface, it seems obvious that all of your business information should be consistent across the board.  However, when you start changing things up you may find that some things get missed. This is a problem because a ton of loan applications are turned down each year due to fraud concerns simply of things not matching up.  

Maybe your business licenses have your personal address but now you have a business address.  You have to change it. Perhaps some of your credit accounts have a slightly different name or a different phone number listed than what is on your loan application. Do your insurances all have the correct information?  

The key to avoiding this problem  is to monitor your reports frequently.   

Check out our best webinar with its trustworthy list of seven vendors to help you build business credit

Business and Personal Financial Statements

This encompasses a broad spectrum of things.  First, both your personal and business tax returns need to be in order.  Of course, you also need to be paying both your business and personal taxes.  

Beyond that, it is best to have an accounting professional prepare regular financial statements. Having an accountant’s name on financial statements lends to the legitimacy of your business. If you cannot afford this monthly or quarterly, then at least have professional statements prepared annually. Then, they will be available whenever you need to apply for a loan. 

Bureaus

There are several other agencies that hold information related to your personal finances. Everyone knows about FICO.  Your personal FICO score needs to be as strong as possible. Almost all traditional lenders will look at personal credit in addition to business credit. 

In addition to FICO reporting personal credit, there is ChexSystems.  This keeps up with bad check activity. It can make a difference when it comes to your bank score.  If you have too many bad checks, you will not be able to open a bank account. That will cause serious fundability issues. 

For this point, everything comes into play.  Have you ever been convicted of a crime? Do you have a bankruptcy or short sell on your record?  How about liens or UCC filings? 

Personal Credit Does Affect Business Fundability

Your personal credit score from Experian, Equifax, and Transunion all make a difference.  You have to have your personal credit in order because it will definitely affect the fundability of your business.  If it isn’t great right now, get to work on it. The number one way to get a strong personal credit score or improve a week one is to make payments consistently on time. 

Also, make sure you monitor your personal credit regularly to ensure to stay ahead of mistakes.

Application Process

So much plays into this that you may not even think about. First, consider the timing of the application.  Is your business currently fundable? If not, do some work first to increase fundability. Next, make sure that your business name, business address, and ownership status are all verifiable.   Lastly, make sure you choose the right lending product for your business and your needs. Do you need a traditional loan or a line of credit? Would a working capital loan or expansion loan work best for your needs?  Choose the right product to apply for can make all the difference. 

But What is Business Credit? 

Now that you see how business credit is just a piece of the bigger picture of fundability, it is easier to put it into context.  There is still the all-important question of what is business credit left to answer however. At its core, business credit is to your business what your personal credit score is to your personal finances.  Lenders use it to help determine whether you are a good credit risk, or not. 

Here’s the thing.  Business credit does not build passively like you personal credit does. You have to actively work to build it.  The first step in this process has to do with how you set up your business. It is exactly the same as setting up your business with a foundation of fundability.  You cannot build business credit without a fundable foundation. 

Why Do You Need It?

As noted above, business credit is just a piece of what makes a business fundable.  Another piece is the personal credit of the owner. That being the case, along with the fact that business credit simply builds as a result of your personal payment history, why do you even need business credit? 

Here’s why.  Having separate business credit can free up your personal credit from business transactions.  If you have a ton of business debt on your personal credit report, it could make it hard for you to get a loan for things such as a home or a car.  

What is Business Credit and How Do You Get It? 

Now that we’ve answered the question of what is business credit, you need to know how to get it. There is a process for building business credit, and if you follow it, you will be successful.  The first step is that foundation. The next step is getting accounts to report your on-time payments to your business credit rather than your personal credit. 

This is trickier than you may realize at first.  Similar to personal credit, it is hard to get business credit without already having business credit.  We know how to get around this however. 

Vendor Credit Tier

First you need to establish trade lines that report your payments to the business CRAs.  This is also known as the vendor credit tier. Then you’ll have an established credit profile, and you’ll begin building a business credit score. With an established business credit profile and score you can begin to get credit in the retail and cash credit tiers.

These kinds of accounts are usually for the things bought all the time, like marketing materials, shipping boxes, outdoor workwear, ink and toner, and office furniture.

What is trade credit? These trade lines come from credit issuers who will extend credit in the form of net 30, 60, or 90-day invoices without checking your credit.  This is not revolving credit, but since they report to the business CRAs, it serves the purpose anyway. 

Of course, not all vendors will do this. You need merchants that grant an approval with very little effort. You also need them to be reporting to one or more of the big three CRAs.  These are Dun & Bradstreet, Equifax, and Experian.

You want 5 to 8 of these to move onto the next step, which is the retail credit tier. Go here for more about the vendor credit tier and a list of a few starter vendors to get you going in the right direction.

Check out our best webinar with its trustworthy list of seven vendors to help you build business credit

Retail Credit Tier

Once there are 5 to 8 or more vendor trade accounts reporting to at least one of the CRAs, then move to the retail credit tier. These are businesses like Office Depot and Staples that issue credit cards for use at their stores only.

Fleet Credit Tier

Are there 8 to 10 accounts reporting? Then move onto the fleet credit tier. These include service providers like BP and Conoco. You can only use this credit to purchase fuel, and to fix, and take care of vehicles. 

Cash Credit Tier

This is the top tier.  If you have been using your credit in the other tiers responsibly, you should have a well-established credit score and be able to apply for credit in this tier.  These are general Visa, Discover, and Mastercard options that are not limited by location or type of purchase. They also generally have better rates and rewards. 

What is Business Credit?  Vitally Important!

Business credit is hugely important to the success of your business.  It can open opportunities to funding that you would not have otherwise.  It does take some time and some work to build it, but your business will be better off for it.   

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Property Training Guide- How to end up being an effective realty representative

Property Training Guide- How to end up being an effective realty representative Genuine estate training is vital for the individuals that desire to come to be an effective actual estate broker. Genuine estate service needs some time, some standard expertise of the service and also ability to execute all purchases. Also it is a crucial …

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Building the ultimate F1 driver of the 2010s

ESPN looks at the talents that contribute toward any great champion and names the drivers who exhibited each one best in the last decade, to create the ultimate F1 driver of the 2010s.

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Become a Brilliant Boss and More –10 Brilliant Business Tips of the Week

The Hottest and Most Brilliant Business Tips for YOU – Become the World’s Most Brilliant Boss and More

Our research ninjas at Credit Suite smuggled out ten amazing business tips for you! Be fierce and score in business with the best tips around the web. You can use them today and see fast results. You can take that to the bank – these are foolproof! Become a brilliant boss to your employees today!

Stop making stupid decisions and start powering up your business. Demolish your business nightmares and start celebrating as your business fulfills its promise.

And these brilliant business tips are all here for free! So settle in and scoop up these tantalizing goodies before your competition does!

#10. Holiday Etiquette to Attract Customers

Our first jaw-dropping tip is all about the best etiquette for holiday postings. Manta says this time of year can be terrific for bringing in more customers. But how?

Decorations!

You’ve (maybe) already decorated your store. But what about your website? Go beyond the clichés – but avoid overly religious imagery unless it fits. After all, if your store sells bibles, then go for it.

But if you’re a realtor, a creche is probably not going to be the best of ideas. Still, there are plenty of other ideas. Consider this idea – when your intrepid blog writer was growing up, there was a very boxy older home in town. The house was probably built at the start of the last century or so. It was white, with black shutters and a gray roof. It was a realtor’s office.

Just your standard house, right?

But they had the best holiday decoration, bar none.

It was a huge red ribbon, with a bow in the front, diagonally hung from the second floor down to the ground.

The house looked like a big holiday present. It was likely an inexpensive decoration. There were no specific lights for it. It probably just had to be folded up and stuffed into some big box to be stored.

And … that was it.

Simple. Elegant. Timeless.

People loved it.

There have been others since. But this one was spot-on perfect. And at the time, it was original.

Get a Second Opinion

We cannot stress this one enough. There are, unfortunately, so many ways to mess holiday communications up. Egad, there are more of them than there are ways to get it right, eh?

A look at Hallmark Movies tells the tale.

They’re adding two Chanukah films this year! Yay?

Except one is about how a Jewish actor goes to a Christmas celebration and doesn’t know how to act. And the other is about a Jewish woman and her Christian coworker decorating their office for the holidays.

Oy vey.

No one ever asked for special attention. These films could have been presented as your standard Hallmark Christmas movies and no one would have batted an eye. Instead, they come out as what, to many folks (your blog post writer included), feels like Chanukah isn’t good or interesting enough so we need to wrap it up in pine trees and elves.

Hallmark, I have a lot of trouble believing you couldn’t find anyone Jewish in the entertainment business to bounce this idea off.

Srsly.

So please, I beg of you – run an idea like this past the people it affects the most. What you think might be a warm, inclusive idea just might turn out to be a good gesture sheen over second-class treatment to the very people you’re trying to attract.

Don’t be like Hallmark Movies when it comes to this.

#9. Better Cold Calling Can Be Yours

The next awesome tip is about better and more effective cold calling. Sales Hacker notes a lot of people ask silly questions or stick too closely to a script. Neither will help you.

But we really loved their other tip.

Learn Something From Every Call

Truthfully, this should be what you do with pretty much everything. But let’s just look at cold calling right now.

It can be tempting, in particular if you experience a bunch of these at once. But rejections, no doubt, are a great place to learn. Did you talk too fast? Or waste time? Did you sound unprepared? Were there objections unexpected?

Whatever it was, learn something! Otherwise, you’re just wasting your time.

Brilliant Boss Credit Suite

If you are as passionate about succeeding in business as we are, please help us spread the word about how to take the plunge and save time and money – and your sanity! Be the brilliant boss your employees need – and more!

#8. Have Your Salespeople Meet Your Sales Quota More Easily

Our following life-changing tip concerns making your sales quota. LinkedIn lays it all out for us. A simple sales strategy was one of our favorite ideas. An easy process is going to be more likely to be followed, yes?

And one of the best ways to simplify all of it is to help your salespeople better communicate value to their prospects. If it’s easy to enumerate what’s so great about your product, then your sales team is going to be far, far more likely to do that on the first call, the last call, and every call.

#7. Smash Those Content Marketing Myths

For our next sensational tip, we looked at banishing content marketing myths. G2 says that some of the least common practices seem to get the best results.

We recommend you read the entire article to get the benefit of all of their insights. Here’s the one that really jumped out at us.

Don’t Be All Things to All People

Well, they didn’t exactly put it that way. Rather, they said that publishing daily, everywhere, isn’t doing you any favors.

Egad, please shout this one from the rooftops. Tattoo it on the inside of your eyelids.

We ain’t kiddin’.

Being everywhere isn’t just silly and nonscalable. It’s also a lousy use of your resources. And it doesn’t target your audience. At. All.

If there is one marketing drumbeat we have been hearing throughout 2019, it’s this: specify, specialize, and get personal. Trying to target everyone with a firehose is a terrible way to market.

So don’t do it.

#6. Bring Back the Passion

This tip is so different, but it works! Addicted 2 Success tells us all about refueling your passion.

What made you want to start your business in the first place? Is it feeling just a little bit stale? Are you maybe burned out a little? Then this article is for you. We highly recommend reading the whole article.

So we’ll just concentrate on one thing here: joining a community.

It’s hard to sustain your passion when you feel like the Lone Ranger. So why not join a community of like-minded individuals? They may have ideas to help you become even more successful. Or they might just commiserate. There’s nothing like talking to someone else who’s been there, done that, got the tee shirt.

In fact, that’s kind of what your Chamber of Commerce, SCORE, and a number of other local organizations are all about. You don’t have to go it alone.

#5. You Can Become a Brilliant Boss

Grab this mind-blowing tip while it’s hot!

If you’ve ever wanted to become a brilliant boss, then here’s your chance.

Noobpreneur provides a baker’s dozen worth of  advice from the best bosses their contributors ever had.

We especially loved two of their tips.

Don’t Go it Alone

Wellll, they didn’t actually put it that way. Rather, they said a brilliant boss knows how to delegate. And a brilliant boss also knows how to encourage and elicit feedback.

We think those two go together. Consider this: the hardest, most stressful way you can work is to take the weight of the world on your shoulders and never, ever give it up to anyone else.

Don’t do this.

You have employees for a reason. Work with them! And let them in on the struggle. Their ideas just might make everyone’s life easier.

Get Your Hands Dirty

Awesome Supervisor Credit Suite

In a way, this is a corollary to not going it alone.

Raise your hand if you ever had a boss who left you work to do on a deadline, told you it was imperative to get it out, and then grabbed their coat and left. Bonus points if they never bothered to forward the finished product, or didn’t return in time to get it out on time. And more bonus points if they sat on it, or claimed it wasn’t what they wanted – but they never told you what they wanted in the first place.

That’s passive-aggressive nonsense (there’s a nice, sanitized word for it). Don’t be that kind of a supervisor.

A brilliant boss gets in the trenches and works with their employees. They help out when the team is shorthanded. And they respect their employees’ hard work and don’t undermine it by sitting on time-sensitive work.

Let me tell you about my own experiences.

A Few True Stories

Your intrepid blog writer has had several bosses. But three tie for the title of Most Brilliant Boss. Here they are presented, in chronological order.

Amy was 100% organized. Her meetings were run like a steel trap. You always knew exactly what she wanted and needed. You knew her expectations. She was (still is!) an extraordinary communicator.

Maureen was informal and funny. The first time I ever met her, she was swearing about a report which wasn’t working for her. It was my first day on the job! And so I asked – how can I fix this for you? A few months later, I had the solution. To show her appreciation, she nominated me for a company award, which I won.

Alex is smart and is a great facilitator. He has a wonderful talent for getting in the middle of an issue between an employee and anyone else. He serves as a human shield, a buffer, if you will, between his charges and other departments. These other departments aren’t hostile – it’s more that he can interpret between them and make things better for all.

Back to You

Be organized like Amy. Know what you want and need, and ask for it clearly. Your employees will appreciate the directness, and not having to play let’s read the boss’s mind. You know, where they spin a big wheel and try to figure out just what the heck you meant by what you just said.

Communicate like Amy.

Be relaxed and appreciative like Maureen. Thank the people who work for you for what they do – and not just during the holidays! You never know how your documented appreciation can help someone out. My little company award story has gotten me jobs!

Thank like Maureen.

Be protective like Alex. Cherish your employees and treat them fairly. Don’t let others undermine them. You’re the one making the big (er, maybe just the ‘biggish’) bucks. So start acting like it, and get in the middle so your employees don’t have to bear the brunt.

Protect like Alex.

Thank you, Amy. I appreciate it, Maureen. And thank you, Alex.

Brilliant Boss Credit Suite

If you are as passionate about succeeding in business as we are, please help us spread the word about how to take the plunge and save time and money – and your sanity! Be the brilliant boss your employees need – and more!

#4. Appreciate Your Employees Before They Find Someone Else Who Will

Check out this spectacular tip, all about showing employee appreciation. Entrepreneur notes that there are a number of creative ways to show appreciation to the people who work for you.

We really loved the idea of being public about it – as public as possible. You know all those company-wide emails you sometimes get because someone messed up? Why not turn them into a force for good?

Chris did an amazing job on the XYZ report and helped us keep this vital client. Thank you, Chris!

Sending that to everyone in the company means Chris can get accolades from everyone.

Point out errors and correct mistakes in private, praise in public.

#3. Manage All Around the World and In Cyberspace

It’s not your imagination: this winning tip can help you better manage virtual teams. Proof Hub tells us there are differing cultures everywhere, and they can sometimes come into conflict when it comes to how teams are structured. In particular, this has to do with how the boss is treated. Are they an elite in an ivory tower? Or is even the most brilliant boss considered to be just another member of the team?

None of these are ‘right’ or ‘wrong’, of course. They’re just a bit different.

Another area where things differ is in the area of holidays and days off.

A Fer Instance

Your intrepid blog writer has had jobs in four separate states: Delaware, New York, Rhode Island, and Massachusetts.

Even though all of these places are in the United States, they don’t have the same holidays.

Rhode Island has Victory Day in August (confidentially, we used to call it “Rhode Island Saves The World Day”). Massachusetts has Patriots Day in April. Lincoln’s Birthday in February is celebrated as a government holiday in Connecticut, Illinois, Missouri, and New York. And poor little Delaware doesn’t have a holiday of its own. So sad, Blue Hens.

If there are so many differences in the same country and even in the same time zone, then how can anyone expect the holidays will be the same in Bangladesh, the Philippines, Ireland, and Zaire?

A little sensitivity and imagination, as in a lot of places, can go a long way.

#2. Git ‘Er Done

Our second to last unbeatable tip can give you a new perspective on getting more done in your business. Success Harbor reveals all about improving efficiency in your business.

Truth is, this can work outside of your business.

Our fave tip was to prioritize.

Does anyone read the report you spend four hours preparing every month? If so, and they get actionable insights from it, then keep prepping that report. Although you may want to explore as many ways as possible to streamline that activity.

But if they don’t, then why are you doing? If there’s a value to the report, then can it come out semi-annually or even annually? And if there is no value whatsoever, then ditch it. Don’t waste your time on it.

#1. Get Organized!

We saved the best for last. For our favorite remarkable tip, we focused on the benefits of getting organized in your business. Young Upstarts says there are essential benefits to being organized in your business. That is, beyond saving your sanity!

We’d like to combine two – one is that you’ll be more focused, and the other is that you will have more time. We think these go hand in hand.

Picture it: you can find every single report you need, in seconds. The sales figures are right where you expect them to be. And you have your taxes organized.

The few seconds you spend filing, either in the real world or virtually, will save you hours later.

So which one of our brilliant business tips was your favorite? And which one will you be implementing now?

Brilliant Boss Credit Suite

If you are as passionate about succeeding in business as we are, please help us spread the word about how to take the plunge and save time and money – and your sanity! Be the brilliant boss your employees need – and more!

The post Become a Brilliant Boss and More –10 Brilliant Business Tips of the Week appeared first on Credit Suite.

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