There’s no denying it: Women have a significantly harder time accessing small business loans than men. A glance at the application and approval rates for female business owners suggests that the business financing industry is stuck in the past. Both figures should be much higher when you consider the rapidly growing amount of female business […]
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Much like any working professional, business leaders must continuously adapt to maintain success. They must develop new strategies or tools with at least one central goal: improving cash flow. This isn’t always as simple as acquiring new equipment or hiring more workers. Sometimes, the changes have to take place on a deeper level and may […]
It’s safe to say that the media paints a rather negative picture of seasonal small businesses. Though virtually all businesses are technically seasonal (everyone has customers whose behavior is influenced by changes in weather), the term usually refers to businesses that perform the majority of the year’s sales in the summer or winter. You don’t […]
When you see an article about preparing your business for the holiday season, it’s almost always directed at retailers. The holiday season is traditionally the busiest time of the year for this industry. Their products are regularly purchased as gifts, and they are all the more special when purchased from a small business. For most […]
The quest for a small business loan begins with a question: Which type of small business loan is right for you? Your answer will have two parts: a certain product from a certain business lender. Let’s start with the first part, since it’s much easier to choose a product that seems appropriate than a business […]
A big reason hotels are so difficult to run is the myriad internal and external factors that can effect their finances. Most of these factors are out of the hotel’s control and don’t get any easier to avoid year after year. Negative reviews, unpredictable weather, changes in demand, and broken facilities are just a few […]
When a business owner dismisses the idea of small business loans altogether, it’s usually because of a myth about business financing. These myths don’t just pertain to small business loans. One says that any business with strong revenue or profits should therefore have no trouble maintaining strong cash flow. This suggests that when it comes […]
Prior to the emergence of alternative business financing, you couldn’t blame a hotel for not pursuing small business loans. The terms and approval process of traditional bank loans are not exactly convenient for the financial cycle of the hospitality industry. Most hotels experience extreme seasonality, and therefore cannot afford to make fixed, monthly payments during […]
Traditional sources of small business loans tend to discriminate against certain industries that are widely perceived as “risky” or “unstable.” As luck would have it, the businesses that are least likely to be approved for business loans are the most likely to need additional funding in order to stay competitive.
It’s tough work being a hotelier. You have to juggle so many details and so many different types of staff, even if you don’t have a restaurant component. Everything has to be perfect for your guests. You’re always “on,” with a big smile and accommodating attitude. Regardless, some guests are just plain difficult. But the biggest challenge of all is often finances. So you have to be an expert on small business loans, too.