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Traditional sources of financing business such as bank loans pose a challenge to small and medium businesses. In particular, innovative, new, and fast growing enterprises with higher risk profiles can’t get the funds they need from conventional sources.  The same is the case for firms in transition like those in the process of changing ownership or control.

Every business needs funding at different stages such as when starting, embarking on a new project, during expansion or when finding its footing following losses. External financing in the form of just right loans is the most suitable means of achieving these objectives. In fact, external financing is essential to start, meet operating expenses such as payroll and inventory, and to grow the business.

Challenges of obtaining a bank loan for enterprises

Financing is a major hurdle facing most enterprises. Yet, many entrepreneurs are intimidated by the prospect of obtaining funds from the traditional sources, especially the banks. This is because these institutions set high lending standards which few enterprises can meet.

The situation is such that it is difficult for small businesses to find, request for, and obtain financing. Most financial experts think that this problem stems from the fact that most enterprises don’t take time to prepare for the process. They say that the issues around bank loans can be sorted out through due diligence.

This means that entrepreneurs looking to obtain external financing must have all the necessary documents needed by the lenders. This may work for established business. However, the problem remains for innovative, newer, and fast growing enterprises with higher risk profiles.

Alternative sources of Entrepreneurship Financing

To overcome the challenge of obtaining financing from conventional sources, many entrepreneurs are exploring new approaches to funding. This means that the most successful entrepreneurs are the ones who think outside the box. They think creatively about what they have to offer and also how to secure funding.

They know relationships are the key to securing funding, so the develop quality networks. Their approach is to sell themselves, more than what they have to offer, to secure all alternative sources of financing. Also, they remain open minded and never rule out any approach.

Some of the top new approaches include-

Personal financing

The most successful entrepreneurs use their own resources to start the business. They save money over time and grow a fund they can use to start the venture. They also know that no investor will finance a deal where the entrepreneur has no financial stake in it. Personal financing is necessary to get the idea off the ground.

Personal credit lines

Credit cards come to the rescue of many small businesses. They are easy to get because they don’t need a lot of credit history. In fact, there are many startups that have used this approach. The main benefit is that the entrepreneur retains complete control and ownership while meeting the minimum payments.

IRA financing

The Investment Retirement Account monies and 401k’s are among the most accessible alternative financing sources for new businesses today. An entrepreneur can easily find many people willing to loan them money from their funds for the right terms. However, the entrepreneur must sell themselves and their idea to the lenders.

Microloans

There are private lenders and non-profit organizations that offer small business loans. These can be useful to entrepreneurs who can’t qualify for bank loans. Also, they are suitable for micro business.

Online lenders are useful for entrepreneurs who lack collateral, need financing quickly and lack a track record.

Crowdfunding

The internet has revolutionized the way many things are done including business funding. Now entrepreneurs can find a group of likeminded people who can back their businesses through small contributions. This approach is evolving beyond non-profits and will soon include small equity investments.

Peer to peer financing

In this approach, a group of peers comes together to help each other financially. This approach can be used for a wide variety of financial needs. Entrepreneurs can use it to find successful peers willing to finance them.

Vendor financing

In this approach, the entrepreneur talks the manufacturers and suppliers of goods and services into deferring their payments until the products are sold. This can lead to an extension of payment terms to a duration of months or longer. However, this depends on the entrepreneur’s creditworthiness and payment of additional fees.

Purchase order financing

Purchase order financing firms enable new businesses to overcome scaling problems. Most startups are unable to accept large orders because of lack of funds to make and deliver the products. Purchase order financing firms provide the needed amounts of cash directly to the suppliers. This enables the deal to be closed, and profit to accrue to the new business.

Account receivables

This approach is similar to purchase order financing. The difference is that the funds are provided to cover unpaid balances not yet due or received from clients. This approach is useful for high volume new business beginning to scale up. It provides the funds on the sales immediately instead of waiting for payment which can stretch from 30 -60 days or longer.

Family and friends

Many successful entrepreneurs tap into this resource. Usually, the commitments are positioned in writing as bridge loans or promissory notes. These can be converted to equity at a rate decided by other investors later on.

In conclusion

Every business needs funding at various stages such as when starting, embarking on a new project, during expansion or when finding its footing following losses. External financing in the form of loans is the most suitable means of achieving these objectives.

 Yet, traditional lending institutions have set high lending standards which few enterprises can meet. To overcome this challenge of obtaining financing from conventional sources, many entrepreneurs are exploring new approaches to funding.

They think creatively about what they have to offer and also how to secure funding. Their approach is to sell themselves, more than what they have to offer, to secure all alternative sources of financing. Also, they remain open minded and never rule out any approach.

Student @ Advanced Digital Sciences Center, Singapore. Travelled to 30+ countries, passion for basketball.

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Learn English quickly and effectively with the Callan Method

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In a world where all countries and cultures are interconnected, learning different languages has become mandatory. To do so effectively, you should try the well-known Callan Method, with which you’ll easily master English in less time than you imagine.

The learning of the English language has gained great importance in the job and academic world due to the globalization our society has experienced and the fluid communication constantly occurring between all countries. Due to these factors, and if you want to grow as a person, mastering English is crucial and something you must do to increase your opportunities in the current world. Therefore, it’s best to explore efficient methods to learn it, and one of them is undoubtedly the Callan method.

The Callan Method is totally different from conventional methods for learning English, and it has shown to be effective for those who decide to start their journey of learning this language.

What is the Callan Method, and how does it work?

Since ancient times, many language teaching methods have been developed with different approaches and types of progressions, of which one of the most effective is the Callan Method. Developed by Robin Callan in the 1960s, this method stands out for its intensive approach aimed at quickly and effectively imprinting the language into the student’s brain.

This is achieved because it is based on fundamentals such as repetition, constant real-time practice, and immediate correction of any error. With this method, students are constantly exposed to oral questions and answers in English, with repetitions of the same and, above all, error corrections.

Upon entering one of these classes, you will quickly notice the difference from a regular English class. The teacher will be speaking in English at a natural speed, and you won’t touch a pen or paper throughout the entire lesson, but rather respond to oral questions and participate in structured conversations.

Thus, the Callan method mainly emphasizes improving fluency in speaking and the auditory ability to understand the language, skills that will be tested in real-life situations. Repeating this a sufficient number of times results in a student with fluency and confidence in the language, ready to face the world in English and engage in advanced conversations with native speakers of this language.

Benefits of the Callan Method

This method, unlike many others, offers a variety of advantages for students that make it stand out from the crowd and position it as one of the best, as studies have confirmed that with this method it is possible to learn English up to 4 times faster than with any other.

One of these advantages is the fact that when you start studying with this method, you don’t learn grammar but rather dive straight into the world of English. This might sound counterproductive, but it’s quite the opposite, as it allows you to start familiarizing yourself with the sounds and vocabulary, even as a beginner.

Furthermore, being based on a primarily oral learning system, you will improve your fluency in speaking and your listening skills will progress effectively and rapidly. These two skills are the ones you will use the most in real life, so the Callan Method is perfect if you want to go to an English-speaking country.

Beyond the typical generic conversations you would learn in any class, the Callan Method offers structured conversations that encourage you to use new words and phrases in each one, emphasizing learning with each session to make the most of your time.

By receiving corrections from the teacher immediately after making a mistake, not only do you have the chance to correct it, but little by little you gain the confidence necessary to speak and master the language as if it was your mother tongue. So if you are looking to learn English easily, or to further improve your English skills, the Callan Method is definitely worth diving into.

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Know The Differences between Static and Dynamic QR Codes

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In the digital age, qr code have become an integral part of our lives, bridging the physical and digital worlds seamlessly. They enable quick and convenient access to information, websites, and multimedia content. QR codes come in two main flavors: static and dynamic.

In this article, we will explore the differences between these two types of QR codes and introduce you to a powerful qr code generator known as QRFY. We’ll delve into the versatility of dynamic QR codes and how they can be a game-changer for your business.

Static QR Codes vs. Dynamic QR Codes

Static QR codes are the traditional, one-time-use variety. Once generated, the encoded information is fixed and cannot be altered. These are great for simple, permanent links, such as sharing a website URL or contact information.

On the other hand, dynamic QR codes are a dynamic duo. The content behind these codes can be changed at any time without the need to update the QR code itself. This feature opens up a world of possibilities.

With QRFY, you can create dynamic QR codes that offer unparalleled flexibility. QRFY supports hosting various types of content, including PDF documents, images, videos, vCards Plus, restaurant menus, and much more.

Customization at Your Fingertips

QRFY takes customization to the next level. You can create custom QR codes with your logo, color schemes, or choose from predefined templates. This means your QR codes can reflect your brand identity, making them more recognizable to your audience.

Detailed Analytics and Control

With QRFY, you gain valuable insights into the performance of your QR codes. You can track the number of scans per day, monitor user demographics by country and city, and even analyze data on the browser and language preferences of your audience. This data can help you fine-tune your marketing strategies for better results. Plus, you can easily export this information for in-depth analysis and decision-making.

Key Features of QRFY:

  • Dynamic content updates: change the content behind your QR code at any time.
  • Content variety: host PDF documents, images, videos, vCards Plus, restaurant menus, and more.
  • Customization: personalize your QR codes with your logo, colors, or templates.
  • Advanced analytics: monitor scans per day, user demographics, browser data, and language preferences.

QR codes have come a long way from their humble beginnings and are now an essential tool for businesses and individuals alike. With the advent of dynamic QR codes, made easy through QRFY, the possibilities are endless. The ability to update content, track scans, and customize your QR codes makes them a powerful asset for marketing and communication.

Whether you want to share information, promote your brand, or streamline user interactions, QRFY’s dynamic QR codes are the way to go. So, take advantage of this dynamic shift in QR code technology. Embrace the flexibility and control offered by QRFY and watch your QR codes evolve with your needs. Dynamic QR codes are not just links; they’re gateways to a world of possibilities, limited only by your imagination.

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Here’s How to Boost Employee Satisfaction Today

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Pros-for-your-business

If you wish to maintain your employees and positive workplace morale, it is important to stay on top of employee management and know how to improve the workplace to benefit your employees. 

This guide will share the best ways to boost your employee satisfaction and guarantee to make them feel appreciated. 

Use chaplains to improve your workplace conditions

As a business owner, it is essential that you improve and maintain workplace conditions so that employees can feel satisfied while working for your business. Whether you lack support or have a dirty and messy workspace, you will not guarantee to maintain employees’ happiness or keep them working for your business if you do not offer great workplace conditions.

If you wish to improve your fast food employee retention, it is a great idea to use chaplains as they work to improve workplace conditions and measures so employees can feel happier and attain greater job satisfaction. 

Offer rewards for their efforts

It is important to offer rewards to employees for their hard work and effort so you can show that you appreciate and respect them.

A small pay bonus at the end of the month or taking them out for a nice lunch cannot prove to them that you have noticed their efforts and respect them for it, which will encourage them to feel satisfied with your management.

Ask them how they are and offer them support when they need it

As a manager or boss, you might often lack the time or thought to ask employees how they truly are. You might ask them each morning briefly how they have been, which will likely attain the same response. Many people will tell you that they are OK, even if they are not.

Whereas if you sit down with your employees individually and open up an honest conversation, you might find that they are not truly happy inside or outside of work. If an employee tells you this, it is important to listen to them and offer them support so that they can boost their happiness and well-being again which will ensure that they are satisfied at work.

Support their development and provide more training

Another great way to boost employee satisfaction is to support their development and offer them more training. 

Not every employee will want to climb the ladder in your business however there will be a select few who will want to climb higher in your company which will help them gain more success.

Therefore, to maintain and boost employee satisfaction, it is essential that you support their development and listen to their goals so that you can provide the right training for them to reach them.

Using these simple yet effective tips, you will guarantee to boost employee satisfaction in your company today. Simply listening to them, rewarding them and ensuring it to improve your workplace conditions will guarantee that your customers feel more satisfied and happy working for your business.

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