10 of the Best Online Tools for Busy Business Owners

Running your own business can keep you pretty busy. From payroll and staff to marketing and PR, you’ll sometimes feel like you’re spinning plates.

Thankfully, thanks to digital transformation, it’s become easier for business owners to automate tasks and save valuable time thanks to clever tools. Whether you are running a small operation, or have a big team behind you already — here are some great online tools you might want to consider to help you out.

Recommended reading: Is It Time for Your Business to Try Out AI? 

1. Xero + Chaser + Receiptbank

Everyone knows how convenient Xero can be as an online accounting app, but it’s actually the cool integrations and add-ons that make Xero so useful for the busy business owner. By being able to automate dreary financial tasks like chasing unpaid invoices, you will be able to save time and decrease stress levels.

Finances are at the core of any small business, so it makes sense to invest time and effort into their smooth management. Without a good financial framework, you will quickly fall behind and stagnate as a business — never take your cash flow for granted!

Let’s have a look at what Xero can do for your business:

  • Chaser allows you to send out personalized invoice chasers and manage your debtors — an essential task for any small business. Xero itself also has a pretty good invoice reminder function — customize your chasing frequency and messaging. You can easily turn off chasing for certain clients and customers.
  • Receiptbank is the ideal app for business owners who make a lot of small purchases for their business. It’s basically a receipt and purchase invoice manager, that also integrates with PayPal. You can install the app on your phone and quickly scan receipts into the system, tagging them up and posting them into Xero at a click of a button.

2. Evernote

Meeting notes getting lost? Can’t keep track of your creative ideas? A tool like Evernote can help you sync up your notes and ideas, and share them with key members of your team.

There are a lot of cool Evernote functions you may not have known about:

  • Instant note-syncing means you can have Evernote on all your devices at the same time (you need to pay for a premium account if you want to connect more than a couple though). It’s a great tool for business owners on the move who work in dynamic environments where you frequently switch from tablet to phone.
  • You can quickly share individual notes or notebooks with people, so everyone is kept in the loop.
  • Evernote also manufactures purpose-built notebooks so that you can scan in handwritten notes!

3. Slack

Modern business is all about communication, so make sure you spend time fine tuning your business communication strategy (both internal and external).

Slack is one of the easiest ways to manage internal and external comms. Whether you need somewhere where all your team can discuss training insights, or a way to bring disparate freelancers or groups together, Slack is a brilliant and user-friendly way to chat and collaborate.

The best thing about Slack? It’s very easy to use and won’t baffle people. The #’s used for channels are easy to follow, and once you’re in Slack, you’ll love it. And if that wasn’t enough, there are also a slew of tools that you can integrate your Slack account with to get even more out of it. Slack will change the way that you communicate at work for the better.

4. SurveyMonkey

Do you need to gather information quickly and easily?

Data is a super powerful business asset and a tool like SurveyMonkey will help you gather and organize data better.

Whether you want to get in touch with staff, follow up after an event, check in with clients, or gather data for marketing purposes, SurveyMonkey is a really user-friendly survey tool.

5. MailChimp

Sending out beautiful email newsletters no longer requires hours of painstaking HTML design — MailChimp makes it so easy even a ‘chimp’ can do it! With drag and drop templates and loads of advice on how to get your emails opened and read, MailChimp is a great business lifeline. Organize your email lists to reflect people’s interests, and you will find it a lot easier to get real engagement from your email marketing.

MailChimp is also a great thing to use for event marketing, and can help you follow up with a big group of people quickly and easily.

6. PeopleHR

Are you a good manager? Everyone likes to think that they are, but part of being a good manager is having access to the right toolsets and data in the first place. You can’t make the right staffing decisions if you haven’t got full visibility on what’s happening in your organization from an HR perspective.

From booking holidays to monitoring performance, PeopleHR makes things easy for staff member, manager, and business owner. Easy to use, clear, and bursting with reams of useful data, this budget HR app is a good find for anyone who cares about staff experience.

7. Trello

Trello makes project management look fun and easy. With a very visual UI that is made up of colored cards, many people use Trello just for fun!

But Trello is not just a pretty face: thanks to it being so easy to use, Trello is a great way to organize teams and projects and make sure that everyone is on the same page. Trello boards are easy to share and can be a quick way of getting people up to speed with a latest project.

8. Shopify

Your company website is crucial to the success of your online business; it’s the medium through which your customers place orders, making it the master of revenue for your company. However, as a busy business owner the last thing you want is to have to spend hours building your company website. That’s where Shopify comes in.

It makes the process simple for you, comes loaded with a host of themes (along with managing the hosting of your website), and has an in-depth support system comprised of physical meet-ups, podcasts, and tools.

Once you’ve set-up your website, you can gain insight on how to market your business, and access ongoing data that lets you see who is buying your products, where they’re buying them from, and how they’re buying them. Not only does Shopify make it easy to set-up your website, it makes it easy for you to grow your business.

9. Buffer

Scheduling social media can help you save valuable business time. You shouldn’t just click a button and automate your social feeds (that’s actually surefire way NOT to get followers), but you can save loads of time with strategic scheduling.

Buffer is ridiculously easy to use and will help busy managers and teams save time and scale. Queue up a load of posts for the holidays or the weekends, and share your content with your network at different times of the day.

10. Insightly

A friendly small-business CRM, Insightly is a good alternative to CRM market-leader Salesforce. Compact and managed by a friendly customer support team, Insightly can help your business run a tighter sales and customer experience ship.

From following up with leads, to updating contact details, being more organized with a small business CRM will make a big difference to your sales figures.

Owning and running your own business is a real labor of love. You want to create a business environment that you’re proud of — somewhere where both staff and ideas can thrive. Use online tools to help you save time and money, and create a great atmosphere that makes people want to work hard. What online business tool do you rely on the most?

Guest Post: About the Author

Victoria Greene is a branding consultant and freelance writer. On her blog, VictoriaEcommerce, she looks at how business owners can use developments in technology to improve their efficiency and drive up their revenue. She is passionate about using her experience to help fellow business owners succeed.

13 Finance Terms You Should Know as a Business Owner

Entrepreneurs bring all sorts of skill-sets to their venture, such as the ability to sell, or to organize activity, or to raise funding. Some might have a business background, but others might need to learn the ways of business while on the job. Here are 14 terms you and every entrepreneur should know, because they involve central concepts that affect your business.

Accounts receivable:

Money owed to your business by clients. Typically, you invoice a client and receive payment some time later. An account is receivable until it is paid.

Assets:

Economic resources your business owns. Current assets are items like cash, receivables and inventory. Long-term assets include equipment, buildings, vehicles, furniture and patents. You utilize assets to generate income.

Capital:

These are the total resources available to your business, and is equal to your equity and debt. Working capital is equal to current assets minus current liabilities, and represents the resources available to run day-to-day operations.

Cash flow:

The movement of money into, through and out of your business. Inflows bring in money and include collections of sales revenues, tax refunds, and interest earned. Outflows are expenditures of cash and include payment of expenses and acquisition of assets.

Depreciation:

The decrease in the value of long-term assets due to the passage of time. Depreciation is a tax-deductible expense that spans a set number of years.

Equity:

Your ownership interest in your company. It is equal to your assets minus your liabilities. Equity is evidences by stock shares distributed to owners based on their percentage of ownership.

Expenses:

The costs of running your business, including rent, salaries, legal costs, advertising, taxes paid, and utilities. A good business tries to minimize expenses while not skimping on essentials.

Financial statements:

Highly structured reports that indicate your business’ financial condition. They include the balance sheet (a snapshot of assets, liabilities and equity), income statement (revenues and expenses for a given period), and cash flow statement (inflows and outflows for a given period).

Liabilities:

Debt owed by your business. Current liabilities are due within one year and include obligations to pay credit-card balances, invoices from suppliers, taxes due, and wages earned but not yet paid. Long-term liabilities include mortgages and loans that mature in more than one year.

Losses:

Negative net income, created when your costs exceed your revenues. If you have too many losses, the chances are that your business will fail unless you have other sources of funds.

Profits:

Also called net income or the bottom line, these are revenues minus costs for a given period. Profits can be drawn off by owners or accumulated in an account called retained earnings. You can use profits to expand your company.

Revenues:

Also called gross income and sales, this is the money you earn from operations. You direct your marketing and sales activities to generate revenues.

Valuation:

A number representing how much your business is worth. Valuation is important when you are seeking funding from investors.

You don’t need to be a financial expert to have a successful business, but knowing basic financial terms will help you communicate with other stakeholders. For those wanting to broaden their knowledge, the Internet is loaded with learning resources, and many colleges offer continuing education courses that might be useful.

10 Innovative Ways Your Business Can Save Money

Business owners are always trying to maximize profits and save wherever they can to ensure success. Here are some of our favorite creative ways to save some cash:

Website:

Build your own website. Many small businesses spend a ton on having a website built and maintained. Guess what? You can do it yourself using website builder software. Check out the offerings from Wix, Squarespace, GoDaddy and others. You’d be surprised at the sophisticate product you can turn out at a fraction of the cost.

Advertising:

Ads can get expensive. Consider enlisting other small businesses to participate in communal advertising, in which you share suppliers, mailing lists and distribution channels. It’s best to work with other companies having a solid reputation and offering complementary products or services.

Spread the word:

Community events are terrific venues to show off your expertise in your given industry. You’ll get free exposure for your business and yourself. You never know, it might lead to paid speaking gigs!

Convert living space:

Commercial offices are so 2010! The IRS has made it easier to declare part of your home as your office and earn valuable tax deductions. Renting office space is expensive, and for many businesses, unnecessary. This is especially true if your business involves e-commerce, where customers will never see your workplace.

Think used:

If you do need office equipment and furnishings, think used! You can get used desks, chairs, filing cabinets and so forth for a fraction of their costs when new. Remember, shiny new furniture is no match for a healthy bank account.

Use freelancers:

It’s cheaper to use freelancers when needed, because you don’t have to pay employees who might sometimes be idle, and you don’t have to worry about the costs of payroll, withholding, benefits, profit-sharing, etc. In addition, using an experienced freelancer saves you the cost of onboarding and training an employee.

Barter:

You might offer something that can be bartered, allowing you to obtain products and services without spending cash. For example, if you’re a freelance CPA, you might obtain legal work from a lawyer client in exchange for tax preparation work.

Borrow wisely:

Entrepreneurs often waste time applying for bank loans only to find out a month later that they’ve been turned down. Sure, bank loans offer good interest rates, but only to the most credit-worthy clients and only after taking a month to make a loan decision. If you’re in a fast-moving business, you can’t afford to waste a month on a business opportunity that might evaporate in a week. When you borrow from IOU Financial, you’ll get your money in a day or two, putting you in a position to open the door when opportunity knocks.

Demand discounts:

Has it occurred to you to demand discounts from your regular suppliers? You’ve given them your business, now they can provide you with a thank-you by offering a discount on future orders. You just might find them very flexible when you hint at taking your business elsewhere.

Don’t buy, rent:

Do you occasionally need heavy equipment, vehicles and other items available from your local rental store? By renting, you avoid large capital outlays and money spent on equipment maintenance and repair. Rental expenses can be deducted when they are incurred, whereas equipment purchases may take years to depreciate. Renting makes a lot of sense for a variety of small businesses.

f you have tried all of these strategies, but are still finding it difficult to sustain your business during the holiday time, turn to IOU Financial. We make it a priority to support small and medium-sized companies with easy loans up to $300,000. You can get funded in as little as 24-48 hours.

Is Now the Best Time for a Business Loan?

We are often asked whether now is a good time to take out a business loan. Our answer is usually, “It depends.” Let’s explain. Two sets of factors figure into the timing of a business loan – macroeconomic and microeconomic. We take a closer look below.

Macroeconomic Factors

In general, it’s a good idea to borrow when interest rates are low, as they are now. As you know, the Federal Reserve has raised rates several times in the last two years, and more rate hikes are imminent. While rates are still low, you don’t want to wait for them to get any higher, so quick action right now is a smart idea. If interest rates were falling from a high level, you’d want to wait till they fell to an affordable level. Other macroeconomic factors that might influence timing is the occurrence of financial or political shocks, or the general tightening of credit, both of which might discourage you from short-term borrowing.

Macroeconomic Factors

Loan timing is also a function of why you need the money and how you plan to use it. Some uses are good, some not so much.

Green Light

These are some reasons why now would be a good time to get a business loan:

  • Expansion: You are at a point where you are turning down business because you don’t have the capacity. If expansion is called for, you will need to finance extra space, or new equipment, or new hires, etc. The fact that you will be bringing in more business bodes well for your ability to repay the loan.
  • Cushion: If you have a seasonal business, a short-term loan can create a cash cushion to get you through the lean months. By evening out your cash flows, you can avoid emergency layoffs or panicked price cuts. This helps your business’ long-term prospects. You can repay the loan when the busy season returns.
  • Sunshine: The adage, “make hay when the sun shines,” has application here. When your business is in a good spot and has a high credit rating, getting a loan will be relatively easy. When you wait until you are in desperate shape, you might not qualify for a loan. If you can get an affordable loan during good times, it can add an extra layer of safety against liquidity problems later on.
  • Credit builder: A startup business has no credit history, but a business loan can be the remedy. Taking out a business loan and then repaying it on time will build your credit score and potentially give you access to larger loans in the future.
  • Opportunity knocks: Once in a while, a golden opportunity falls into your lap. A loan can enable you to jump on the opportunity, thereby strengthening your company and making repayment easier.

Red Light

Here are some times when you should avoid taking out a business loan:

  • Maxed-out: If you already have large loans and maxed-out lines of credit, taking on additional debt might drive you into default. Even if you can arrange another loan, the lender will probably demand exorbitant interest rates that will only increase your cash flow problems.
  • Uncertain purchase: If you are considering the purchase of a new business asset but aren’t sure whether you can afford it, reconsider the purchase. A business plan should lay out exactly how you expect a new asset to affect your business and how much it will cost. If you are unsure about how the loan terms will align with the new asset’s cash flows, go back to the drawing board until you are certain you know what you’re doing.
  • Band-aid: If your business mismanaged its financing, taking a loan might just be a band-aid that masks the underlying problem. A better strategy is to bring in a CPA or operations manager to help fix the problem first.

Want to see what alternative lending can do for you? Talk to an IOU Financial Small Business Loan Consultant and learn about the ways IOU Financial can help you get the capital you need.

5 Most Common Small Business Marketing Mistakes

When dealing with a smaller team generating smaller profits, marketing efforts can often fall by the wayside. But many small businesses tank when lack of visibility is causing a dive in sales. In order to avoid bankruptcy as a small business owner, keep a few of these common errors in mind and learn how to draw in the right customers with the right tactics.

You Don’t Have a Website

One of the first thing a customer will do if they’re searching for a service or product is online search the service they require. So, if your business doesn’t have a website, how do you expect to be discovered when 43 percent of Google searches are conducted for local businesses?

However, if you do have a website, you need to make sure it’s designed with convenience and attractiveness in mind. Take the time to hire a talented web designer, or even better, learn some HTML to save money and have constant control over your site.

When it comes to the content and design, make sure your call to action is the first thing the potential customer sees, and set up the menus in such a way that they can easily find what they’re looking for. And for goodness sakes, place your contact information in conspicuous places! Nothing annoys a customer more than hunting for an email or phone number.

You’re Targeting the Wrong Audience

Imagine trying to sell meat to a vegan – doesn’t go over well does it? If you’re unaware of the needs of your target audience, you’ll likely see a dip in revenue because you have no clue if your product is something they are compelled to purchase.

The best way to formulate a target audience is to create audience personas based on your current clientele, the goal of your service or product, and your direct competition. With this data, you can answer the “what”, “where”, “who”, “why”, and “when,” and specify details like gender, personality, and employment that will impact potential buying habits from your target audience. From there, you can then begin marketing campaigns towards people that are most likely to benefit from your business.

You’re Not Paying Attention to the Competition

If you’re not regularly online searching similar businesses to monitor their strategies and progress, you’re doing you and your business a great disservice. Competition is scary, but it’s healthy having that comparison; it gives you as an owner the motivation to go that extra mile and improve upon your current marketing efforts.

While comparing services, it’s helpful to have some questions in mind and you can even make a chart to compare multiple competitor businesses at once. Some things you can ask yourself include:

  • What do they charge for their product(s)/service(s)?
  • Where are they located? Do they have multiple locations?
  • Do they have an online presence (social media profiles, website, etc.)?
  • How many employees do they currently have?

With this frame of reference, you’ll have all the information you need to continue to grow within your industry.

You’re Not Tracking Your Progress

Regardless of whether you are using email or direct mail campaigns, you need to track the responses carefully. The analysis of results plays a role in determining if a change in the message or medium is needed. Analysis can also tell you if the marketing method is cost-effective and should be repeated.

Your Message Isn’t Unique

Comparing your business to others can also backfire. Consumers are bombarded with numerous marketing messages throughout the day, and as a result, many of them are not absorbed or even read. And can you really blame them?

This is especially important if your business model isn’t one-of-a-kind. If you’re trying to sell handmade jewelry with diamond companies all over your city, you’re going to have to distinguish yourself from the rest and convince your audience why your rings and necklaces are better than the rest.

Small business marketing will affect your overhead, your sales, your brand image and more. This is an area that you cannot afford to gloss over without considerable focus and attention. With better understanding of these common marketing mistakes, you can take steps to more successfully implement a marketing campaign for your company.

If you need financial assistance getting started, IOU Financial can offer up to $300,000 in as little as 24 hours.

Guest post: Heather Lomax is a contributing writer and media relations specialist for Gemstone Data. In her blogging experience, she often gives advice on improving marketing strategy for SMBs and formulating innovative ways to make your business stand out.

Better Manage Your Time: 13 Tips for Business Owners

As a business owner, you spend your time thinking, acting and communicating, punctuated by too many interruptions. Maybe you’ve taken a time management course without realizing any improvement. Here are 13 tips to help you get better control on how you spend your time:

  1. Track your time:

    Write down on a schedule what you do as you do it. Do it for a week, and find out how much of your time is spent on thinking, acting and communicating. It’s the first step into a larger world.

  2. Make appointments:

    An important activity or communication should be assigned a time. Try an appointment book, either the old-fashioned paper variety or an AI app with voice recognition. Then discipline yourself to keep your appointments without letting them run long.

  3. Direct your activities:

    Decide to spend at least half of your time engaged in communications, activities and thoughts. You’re more effective if you don’t waste time.

  4. Schedule time for interruptions:

    Set aside time every day to handle interruptions. You might set up special hours in which you are open to handling all the tasks that interrupt your work flow.

  5. Use the first half hour:

    When you first come into work, take the first half-hour to plan your day in detail, including when to handle interruptions.

  6. Know your desired outcomes:

    When you set aside time to perform a task or communicate with others, know beforehand what you want to achieve. By knowing what defines success, you can better achieve your goals and, if something is missing, identify what you aren’t doing right.

  7. Use automated note taker:

    Automated AI tools will transcribe, summarize and annotate meetings and phone calls so that you don’t have to. It’s a real time-saver and lets you better concentrate on what is being said.

  8. Buy a “Do Not Disturb” sign:

    Deploy it when you don’t want to be interrupted. A perfect accompaniment to a thinking cap.

  9. Postpone responses:

    Do you drop what you’re doing to respond to a phone call, email or text message? That’s not necessarily a good idea. Unless it’s an emergency, get back to people when it suits you, and schedule time for your replies.

  10. Block distractions:

    Social media sources might be vying for your attention, but unless you need these for your business, ignore them. They are interrupting your schedule and your train of thought. Some people don’t allow Facebook or Twitter on their business computers.

  11. Observe the 80/20 rule:

    Don’t feel bad that you can’t get everything done during the day. Remember that 20 percent of your activities, thoughts and communications will account for 80 percent of your results.

  12. Try the Pomodoro technique:

    Set a timer for 20 or 25 minutes when you start on a specific task. When time is up, take a 5-minute break before beginning your next task.

  13. Fill out your staff:

    If you’re an entrepreneur who’s accustomed to operating on a shoestring, consider hiring staff to take over some of your time-consuming tasks. If you’re short of working capital to enlarge your staff, consider a loan from IOU Financial. You can use it to get a bigger office, more desks and other items to support more employees. Remember, IOU Financial offers quick, affordable loans with an easy daily repayment process.

Is It Time for Your Business to Try Out AI?

AI applications are already being used by mega-sized corporations, but many small business owners have yet to dip a toe. Well, the water’s fine, and we recommend you start checking out the many AI tools flooding the market. With these, you can make better use of marketing data, improve your social media strategies, make your communications more efficient, and much more. Here are five apps that will make your days more productive.

Amy by x.ai

If you find that you spend too much of your time arranging meetings and communicating with customers, vendors and employees, let Amy help you out. Amy is a chatbot – a personal assistant with the ability to schedule meetings. It works like this: When you get an email requesting a meeting, Amy goes to work arranging the location, time and other details, and then distributes the information through whichever communication channels you choose. There are free and paid versions of Amy. If you have a lot of meetings each week, check Amy out – she’s a winner.

Grammarly

Even if you use a professional writer for your blogs and website content, you might still be responsible for many types of written communication to investors, customers and others. Whatever your writing chores, Grammarly will improve your output. It’s more than a spellchecker. Grammarly uses machine learning techniques to recognize semantic and stylistic errors, improper sentence structure, and many other nuances that were once the exclusive province of professional editors. Grammarly helps to perfect your written communications, which improves your business’ trustworthiness and professionalism.

People.ai

If you would like better strategies for closing sales, People.ai can help. It employs natural language processing (NLP) to examine emails, transcripts of phone calls and meetings, calendars, WebEx and other sources to find successful interaction patterns. It then generates a model indicating ways to close deals, and monitors salespeople for their adherence to the model. People.ai helps remove unproductive behaviors from your sales team’s interactions, drive intelligent sales management and increase marketing visibility, thereby boosting efficiency and, hopefully, revenues.

Legal Robot

Don’t kill the lawyers, automate them. Or at least, apply a little AI to help you understand complex contract language. Through deep learning and NLP techniques, Legal Robot creates models to help you understand opaque legalese found in a broad range of contracts. It will even help you edit your contracts to make them more readable and consistent with best practices. Legal Robot can also find risks and blind spots hidden in dense contract language. Check out Legal Robot before you sign your next contract.

Tetra

Is there anything worse than trying to take notes during phone calls or remembering long conversations? Tetra AI deploys impressive NLP and speech recognition algorithms that create searchable meeting notes from phone calls. It creates a full transcript plus a detailed summary of the conversation that allows you to search for keywords. Tetra even supports two-way speaker identification, so that you know who said what.

Has your company grown to the point where you are ready to make a sizeable commitment to information technology? Procuring hardware, software and skilled workers is expensive. Let IOU Financial lend you the working capital to finance your automation strategy. We offer favorable terms, quick funding and easy repayment. In other words, IOU Financial is the intelligent solution to your funding needs.

HR Trends for 2018

Human Resources is a vital department in any organization, working with both employers and employees to address concerns, implement standards and procedures and enforce an ethical working environment. The last few years have seen a major shift in the workplace. Millennials have entered the working world and are making demands for flexibility, decision-making power and a work/ life balance unprecedented to the previous generations. Coupled with technological advances, this has led to changes in 2017 and predicted certain HR trends for 2018. Stay up-to-date on the latest below!

Increased Attention on People Analytics

People analytics is a science that looks at various trends in a company, such as “measuring diversity, gender pay equity, skills gaps, labor utilization, retention rates, real-time feedback, and even organizational network analysis,” explains one source, which goes on to state that 69% of companies utilized this practice in 2017, compared to just 10-15% in previous years.

Needless to say, people analytics is reshaping the way Human Resources operates, and is bound to fully explode this year. This detailed information allows HR professionals to not have to guess about what employees need, but have a deep understanding of their needs, wants, concerns and so on.

This, in turn, allows HR managers to work with department heads to make appropriate changes and address employees’ issues in a timely and appropriate manner.

Wellness Apps

While the main goal of managers in the past has been managing output, nowadays, the focus is transferred away from the work and to the individual. With the understanding that employees must be emotionally and physically well in order to perform at their best levels, another key trend in the HR world is wellness apps. Seventy-eight percent of HR managers regarded employee wellness as a top concern, which means they are taking the steps to ensure that workers are monitored and empowered to take care of themselves.

Health and wellness apps measure individual performance,  activity and fitness levels, helps employees set goals, improve mental acuity with games and remind them to take breaks. This also helps companies save money from sick days and related expenses.

Changes in Recruitment Practices

In recent years, there has been a major shift in employment trends—while full time employees were always the norm, that is being phased out now. Instead, companies are increasingly hiring remote workers, those working on a flexible schedule, as well as part time employees and consultants. This type of strategy helps organizations save money on paying salaries and other benefits, and hiring employees on an as-needed basis.

These changes have transformed the way HR professionals recruit candidates. “Talent sourcing practices need to build speed and agility in order to quickly identify work/projects in need of attention, source employees with the required skills, and staff project teams that can quickly perform the necessary task,” a source explains.

These are just three of the changes the Human Resource industry is facing in 2018. HR managers need to be on the lookout for the latest trends, and adapt them quickly to keep their companies at the forefront of innovation. If your company requires financial assistance to incorporate a new technology or implement a new objective, consider applying for a small business loan. IOU Financial can help you secure up to $300,000 in 24-48 hours. Learn more here!

Best Industry Podcasts for Restaurant Owners

As a restaurant owner, it is beneficial to stay on top of the latest news in your industry. Unfortunately, this business requires a big time commitment, and not many owners have the availability to network or even read restaurant-related news.

Most, however, would find it valuable to connect to relevant sources to help them run their business if they can do it on the go. Podcasts offer exactly that opportunity to restaurant owners, allowing them to hear experts in the field discuss topics of relevance to them that they can listen to during their commute, while exercising, or even planning meals for their restaurant. Here are the very best, hand-selected podcasts for restaurant owners.

Social Restaurant Podcast – Weekly Talk Radio for Restaurateurs

Nate Riggs, a NR Media Group owner and professional speaker, puts on a weekly episode in which the restaurant business is discussed. Each episode is 30 to 60 minutes, and features owners, operators, executives, authors, chefs and technology experts from the top restaurants worldwide.

Nate leads discussions about the latest trends, helpful technological advances and other topics of relevance to the food industry. The episodes features one-on-one interviews, conversations, commentary and advice on reinventing your restaurant!

Profitable Hospitality

Profitable Hospitality is a website designed for owners and managers of hospitality businesses, including restaurants and cafes. The founder, Ken Burgin, has been in hospitality for over 25 years, owning various restaurants, as well as serving as an advisor.

The site features a multitude of podcasts (over 250!) with restaurant owners, managers and chefs, among others.

Topics include:

  • Diversity
  • Menu customization
  • Targeting specific audience
  • Finances
  • And more!

Restaurant Unstoppable

Calling itself the #1 podcast for restaurant owners, these podcasts target independent restaurant owners. Run by Eric Cacciatore (like the chicken dish), the site started when he was a mere hospitality student to broaden his horizons. Now, he helps business owners learn the tips and tricks to expand and successfully run their restaurants.

He allows his listeners to hear advice from industry experts, as well as sharing their failures to teach others never to give up. He also provides actionable advice for getting funding, managing a team and marketing.

Secret Sauce

The secret is out—the site marketing4restaurants.com shares their take on the best marketing strategies to run these businesses.

The advice comes from the real world—monthly analytics of bookings and orders from actual restaurants. This helps the podcasts provide actionable and proven tips to help restaurant owners.

The reason this blog is helpful is because marketing for restaurants is unique from other industries, and you can learn the best and most cost efficient ways to grow your business.

Table Touch

Hosts Brandon Hull, founder of NextRestaurants, a marketing-focused restaurant resource on the web, and Randy Lopez, the founder of JaKE, a restaurant-industry marketing and PR agency, came together to create this podcast.

They invite leaders in the restaurant world to help listeners hear their opinions on:

  • Building a brand
  • Opening multiple locations
  • Sales
  • Holiday menus

If you hear some helpful advice about growing your business and need financial help in realizing it, let us help! IOU Financial specializes in helping small business secure business loans of up to $300,000. Contact us today at www.ioufinancial.com to learn more.

 

How to Tell if It’s Time to See a Financial Advisor for My Business

An American College survey of business owners found that 60 percent of respondents have not met with a financial advisor, and few had developed contingency plans for future events that could affect their businesses. A financial advisor has the expertise and experience to help you maximize the effectiveness of your capital investment in your business, and meeting with one can be quite beneficial.

While it’s a good idea to use a financial advisor from the beginning, you might have put it off. Here are five ways to tell that now is the time to see a business financial advisor:

Cash flow problem:

A financial advisor can help when you suddenly find your business facing an unexpected cash crunch. The advisor will help you work out your options for plugging the cash gap in the short run and preventing it in the future. One alternative is to acquire a working capital loan, such as the ones we provide at IOU Financial. Short-term loans provide the liquidity you need to continue operations, and the cost is quite modest compared to the consequences of not paying your bills on time.

Buildup of owner’s equity:

Good news can also trigger the need for a business advisor. One happy scenario is that your business is doing better than expected and your owner’s equity account is growing must larger than anticipated. You’ll want to speak to an advisor to see how to put that extra cash to work in a tax-friendly way. Sure, you could simply withdraw it, but that will create a personal tax liability. An advisor can help you look at different alternatives to grow your business, such as extending your geographical reach or expanding/enriching your product mix. You might want to hire additional employees or move to a better location – these alternatives require careful planning that a business advisor can provide.

Sudden opportunity:

Sometimes, opportunity knocks and you’re not quite ready. For example, a key competitor might approach you with an offer to let you buy it out. Or a sudden deal becomes available that would let you significantly increase your inventory at a highly-discounted cost. A financial advisor can help you work out how to take advantage of the opportunity in the most efficient way. Once again, a short-term loan might be the answer. IOU Financial can lend you up to $300,000 to grow your business at an affordable cost. Opportunities don’t come along that often. Be prepared to seize them, and to do so in the most efficient manner.

Thinking about retirement:

A business financial advisor should be brought in well before your retirement date to help work out how to sell the business and how to best use the proceeds of the sale. For example, it would be nice to minimize the tax impact of a big payout. A financial advisor can show you alternatives like trusts, charitable contributions and tax-sheltered accounts. It might require you to restructure your company before you sell it in order to reap the best after-tax benefit from its sale.

You’re feeling overwhelmed:

Maybe you know your business more than you understand finance. As your company grows, you might find yourself paralyzed by financial ignorance. Hire a business financial advisor to break the logjam and get you moving in a positive direction. Don’t mismanage your success. Don’t be afraid to get help before your sweet business turns sour.