There are several business ventures you can try and succeed in the corporate world. One thing that brings people close is food and drink. That is why the number of hotel businesses has incredibly risen over the last few years, even in rural and remote areas. Understanding why the number of such enterprises has increased and why you should consider hotel investment as your primary entrepreneurial undertaking is essential. These reasons are explained below.
Opening a hotel is similar to starting any other business – you need money. Fortunately, many lenders, especially alternative lenders, are willing to fund a hotel investment because the chances of the business failing are pretty minimal. The lender is sure that they will not lose their money.
Value Addition Levers
You can increase your hotel investment value through many channels. Operations are the key drivers of value in such a business, but other levers enhance its value. These include property renovation to attract more clients, capitalization, and sales and service contracts.
Enjoy Tax Benefits
Running a hotel is a real estate investment. Growing your equity, and enjoying the tax-free exchange, and depreciation are some incredible benefits you can enjoy with a hotel investment. All these advantages apply to all real estate investments, but a hotel takes them to a new and higher level.
Easy Expense Tracking
One of the critical reasons to consider hotel investment is the ease of following up with your business expenses. Expenditures in a hotel enterprise are divided into three categories;
Undistributed expenses – the total operational costs, including management, sales-related costs, and property maintenance.
Departmental – the total cost of the products you sell in your hotels, such as food and beverages.
Fixed – the expenses you incur regardless of revenue flow or hotel occupancy.
Giving back to the community is essential in running a successful business. Employing people from the community in your hotel is a positive gesture and a material contribution to your enterprise’s corporate social responsibility.
The benefits and reasons above show why you should consider investing in the hotel business. You will need the proper funding to ensure the enterprise takes off. It is advisable to contact WHW Capital today for the best financial assistance to open and run a successful hotel.
Running a business means maintaining its productivity level despite market changes. It can, however, be hard without a practical and functional plan. Understand that you remain relevant in the market by maintaining a higher productivity level. But how do you increase business productivity? This guide explains the best strategies to employ.
Your workforce can get overwhelmed with the duties and forget to handle the priorities in the business. The consequence, in this case, is lower productivity. Setting reminders is a good strategy as individuals can set their goals and the best way to achieve them. By using smart calendars and reminder apps, it is possible to increase business productivity.
Motivate Your Employees
Every employee in your business has the skills and experience needed to grow and succeed. You need these skills and expertise to increase productivity and achieve your short and long-term business goals. For this reason, motivating your employees should be a strategy to employ. Commend good work or offer monetary rewards and promotions to motivate your workforce.
Your business can lower its productivity through disorganization. You waste lots of valuable time and create room for conflicts within the premises if everyone feels confused. Getting organized is a strategy to employ if you want to increase business productivity and transform your venture. You can use productivity apps to organize your workspace and make it more productive.
Incorporate Wellness Programs
As you expect your employees to be physically available when doing tasks, note that their mental health also matters. Know that taking care of your workforce means looking into their physical and mental health needs. By incorporating wellness programs into business activities, motivating your workforce and increasing productivity remains possible and easy.
Train Your Workforce
As you hire employees with specific skills, be keen to train them and update their knowledge base. This is crucial as new ideas and ways to handle certain tasks in your business come up daily. Through training, you get to shape your workforce and ensure you meet your entrepreneurial expectations. A trained and skilled workforce is an avenue to increased business productivity.
Learning ways to increase business productivity is important to any entrepreneur. We provide solutions for business owners of small to medium size companies to exit, go public, or have someone to help turn the company around. Let the team at WHW Capital help your company reach its goals. Contact us today.
At some point, a business will need to look for alternative funding sources to maintain its operations and increase productivity. For this reason, having good credit as a business is important. Your credit determines how the lenders will handle your loan applications and your chances of getting approval. But how do you build sustainable business credit? Follow these tips.
Register Your Business
Registering your entity is one of the tips to follow to establish credit for your business. This is the first qualification you must excel in to achieve your objectives. Business registration structure and process differ with the state. It is important to learn the registration process to easily build business credit and handle your needs effectively.
Get Employer Identification Number (EIN)
The government needs to identify and know your business to avoid giving your sanctions. By getting your EIN, you create a platform that helps you settle down faster as a business. Using this number, you can streamline your taxes and establish credit for your business effortlessly. You also need EIN to open a bank account, get an operating license and apply for loans.
Building a Relationship With the Lenders
The more you interact and work with the lenders, the easier it becomes to build sustainable business credit. Maintaining a productive relationship with the lenders fosters trust and confidence. Your business needs this relationship to grow credit and easily secure funds. Most lenders find it easy and beneficial to deal with businesses they are in a relationship with.
Pay Your Loans and Debts Early and Often
It is important to make the lenders trust you as a business. This is possible by keeping your word on debt and loan repayments. You easily build credit for your business by simply paying your bills. Depending on the agreement with the lender, you can make the payments in full or partially and within the agreed timeframe. This is also a faster way to build credit for your venture.
Monitor Your Credit
It is important to be diligent and monitor your business credit history to determine ways to improve it. By monitoring your credit, you spot mistakes that might negatively impact your efforts. You easily handle errors and conflicts with the relevant authorities and maintain a good and productive credit history.
Building sustainable business credit is crucial for any venture seeking to grow. Besides access to funds, you avoid situations that might compromise your efforts. Get in touch with us at WHW Capital today for proper guidance.
Social media represents a critical part of your business’s marketing strategy, and Facebook is one of the most effective platforms available. These are some tips for effectively using Facebook marketing to advertise your business and expand your brand’s reputation.
Create a Business Page
The first step toward using Facebook to market your business involves creating an eye-catching business page. Unlike a personal page, a business page allows you to access the platform’s analytic tools to help you know the audience for your posts, the number of people your posts are reaching, and the degree of audience interaction your posts generate.
After you establish a Facebook page for your business, it is crucial to post content interesting to your viewers at least once daily. It can be challenging to know what customers want to see. But posting every day will give you enough data to analyze through the Facebook insights feature and help you adjust your posts accordingly. Facebook also offers a polling feature that allows you to get audience feedback about what you should post.
Be Aware of Available Features
Once you establish your business’s page, take time to discover and understand all of the Facebook marketing features available to you. Helpful features allow you to schedule your posts, know when your followers are online, block profanity or specific phrases, create groups and stories, and perform various other tasks to maximize your business’s image and reach.
Interact With Your Audience
The most successful posts for building brand awareness will promote audience engagement. However, it is equally important for you to engage directly with followers. Look for opportunities to join conversations that your posts inspire to show your followers that you are interested in knowing them and willing to listen to their comments or concerns. These interactions will also expose you to your followers’ networks and give you access to a built-in audience for your products and services.
Create an Ad Campaign
When you want to boost your business’s visibility and prefer not to wait for that to happen organically, consider creating a Facebook ad campaign. Facebook’s ad services allow you to create an ad that reaches people based on various criteria. Such as age, region, interests, gender, and other data. You can also set the period during which you want the ad to run and track its performance after it goes live.
Facebook marketing can be an excellent way to help your business reach new customers and develop its reputation as a leader in your industry. Contact the team at WHW Capital for further Facebook marketing insights.
Owning any rental real estate has its downsides and upsides, depending on how well you handle such an enterprise. It can be challenging to deal with your tenants, especially the disturbing ones, and manage the property single-handedly. Nonetheless, many landlords enjoy a few tax benefits that save them substantial money. Unfortunately, many rental property owners do not understand these benefits, making it essential to go through the information below to get a clear image of the subject.
Deductibles may apply across the real estate industry, but they have a limit for residential property owners. On the flip side, this is one of the tax benefits landlords enjoy, primarily from various insurance premiums, such as health and homeowners policies. As a landlord, you can also deduct some amount from the cost of repairs you do for your tenants. Moreover, you can enjoy these tax benefits from the utilities like gas and electricity that your tenants do not pay for.
Your rental property is exposed to wear and tear with time, meaning its value depreciates with time. You can enjoy the benefit of depreciation deductions as one of the critical tax benefits. Nonetheless, you cannot deduct the entire amount at once. You do it over a specified period. The period for depreciation deduction varies depending on whether you own commercial or residential rentals.
Interest on Mortgage
Landlords can deduct some amount from the mortgage interest as a cost they incurred in fixing or building their rental real estate. You can refinance a property for a higher value than the original one. In such cases, you can deduct some interest and fees, but you must ensure you use the extra amount to renovate or improve the real estate.
Deductible Travel Costs
Many assume that landlords go through a rough financial time by regularly visiting their tenants and properties. This is not true because, as a landlord, your travel costs are among the tax benefits. They include paying for parking, taxis, air tickets, or fueling your car.
Constructing or buying rental real estate is not easy, especially regarding the financial needs of such an investment. Fortunately, WHW Capital is here to assist, making it necessary to consider contacting the firm today.
Getting the best from your efforts is important as funds come into your business. This means finding ways to maximize the cash flow in your business’s interest. Besides using accounts receivable to maintain proper cash flow, learning other tips can help you achieve this objective. This guide explains the best ways to maximize cash in your business.
Sell Your Invoice
Selling or factoring in your invoices is among the best ways to improve and maximize cash in your business. Understand that as you keep your accounts receivable for a long time, the waiting can prove inconvenient in the end. By selling your invoices, you get cash and use it in other aspects of your business for a profit.
Manage Your Inventory
An inventory control system will help you identify mistakes that might compromise your efforts. A well-managed inventory is more productive and functional, making it easy to use the cash for the intended reasons. You can also trim the inventory to make your finances sustainable and maximize the cash.
Buy Fixed Assets
You find it easy to maximize cash by investing in fixed assets. Every business needs proper tools and equipment to function and maintain higher productivity levels. As you work on your accounts receivable to generate the income your business needs, be keen on the fixed assets you can add. With fixed assets, you cut the expenses and increase cash inflow.
Plan Your Payments
Misusing funds for other reasons and failing to achieve your objectives is possible. Plan your payments to avoid mistakes that might cost your business a lot in the end. Know where your cash goes and what it does. Understand that having a plan ensures you achieve business objectives and maintain proper cash flow.
Automate Your Payments
You will maximize cash in your business by automating payments. You avoid errors that might disrupt your financial plan through payment automation. Besides maximizing cash, automation helps you keep up with your accounts receivable. You save time and increase productivity by using automation solutions.
As you work on your accounts receivable, it is important to find ways to maximize cash in your business. Learning the different tips is therefore beneficial. At WHW Capital, we help you understand ways to achieve this. Contact us today.
Industry-specific loans provide business owners with the required working capital. These loans are usually designed to cater to unique needs depending on your industry. There are, however, high chances of being turned down when applying for these loans. Below is a list of guidelines and tips to ensure success.
Offer a Collateral
When you apply for industry-specific loans, you can improve the chance of success by having collateral. The collateral may be equipment and personal assets. Such loans require clients to put up collateral relevant to the industry. You may use a trademark as collateral if you own a software business. A general lender may fail to understand the value of such assets, but industry specialists may use such niche items to act as collateral.
Do Comparison Shopping
There is a lot of competition even in industry-specific loans, and you must do comparison shopping to secure the best products that suit your needs. Assess the overall cost of the loan in terms of fees and interest and evaluate the application process. Consider the loan’s duration and the ease of navigating the application process. You may apply for multiple loans and choose the lender with the best term options.
Share Your Company Data
Most industry-specific lenders use different criteria when evaluating the creditworthiness of clients. You only need to share your personal or company finances. The data varies from one lender to the other and is affected by the programs or apps you use and your personal preferences. Always consider sharing data unique to the industry when applying for industry-specific loans. For instance, if you have a service-oriented company, you may share data regarding consumer reviews as they are indicators of your business success.
Write a Business Plan
Compose an industry-oriented business plan to allow the loan officer to understand the industry inside out. A business plan for general bankers with minimal knowledge of the industry jargon will not be fruitful as most will only understand the overarching themes. Applying for industry-specific loans is, however, different, and composing a business plan detailing your goals and how they fit into the industry boosts the chances of approval.
Establish How Much You Require
Even though the lender may not require a business plan, you must compose one yourself. It should detail what you wish to purchase and how such investments will affect your revenue and long-term sales. Try to be detailed when outlining financial needs. You may fail to secure enough industry-specific loans when you forget necessary expenses.
Industry-specific loans provide your business with working capital when need be. These loans have a streamlined application process, and you can contact us at WHW Capital to secure better rates and loans that suit your needs.
A social media presence is crucial to running a successful business in this day and age. Adding a strategic marketing approach that includes quality content creation as well as content curation can help effectively reach the target audience and ultimately drive profits. Two different frameworks exist for balancing social media content and building trust with customers.
Creating content such as writing and publishing blogs is a vital part of content marketing, but sharing content is also important. People look to companies to help them understand problems and help solve them with their services or products. Producing original content can be costly in terms of knowledge and time. However, sharing content is relatively easy and can help get original content noticed.
The first framework to help balance content and build trust is known as the 80/20 rule and has a large focus on providing valuable content and driving conversations. The rule says that 80% of all of the content should be genuinely valuable for customers in addition to being attractive for interaction. Only 20% of the information posted should be about the product, service, or brand. This helps show the audience that the site is not solely about the brand but is also about its customers.
The second framework, the Rule of Thirds, is similar to the 80/20 rule in that it separates the majority of content to be focused on audience interactions and content curation. With this rule, a third of the content should be original and encourage a conversation to ultimately drive profits. The next third of the content should be the curation of resources, ideas, and stories from experts in the company’s industry to provide value for the consumer. The final third is all about building relationships with the audience through conversations and personal interactions. The majority of resources are spent on sharing information and interacting with the audience.
These two frameworks do a good job of emphasizing sharing and interacting as part of the social media marketing strategy. Original work is still a very important part of the strategy, but it should be balanced with other information and activities. By varying the information shared on the company’s site, the audience can observe that there is more than just a sales pitch waiting for them. They can get valuable and interesting information while the company can boost credibility and, in the long run, potentially increase profits. For more information on building credibility through content marketing, contact the team at WHW Capital today.
Note that running a business in the construction industry calls for the use of proper tools and equipment to achieve your objectives. As an entrepreneur, it serves your interest to equip your business with the right equipment. The cost can, however, be higher and overwhelming. Learning the alternative construction equipment financing options to embrace is therefore important. This guide explains the options.
Equipment leasing is a financing option you can consider for your needs. This is where you lease the equipment for specific needs and a specified time. Instead of borrowing loans to buy a new one, you use the available equipment at a cost and return it later. Compared to other equipment financing options, leasing is cost-effective.
Under SBA, different types of loans can serve your construction business. You can consider SBA CDC or 504 loans that serve major fixed asset purchases. Unlike other financing options, SBA loans have the federal government’s support, making them suitable for any entrepreneur in the construction business. The repayment periods are flexible, and interest rates are lower, unlike other loans.
Business Term Loans
A business term loan is another financing option for your construction equipment needs. You can access business term loans from both traditional banks and alternative lenders. In most cases, the lenders provide the loans for a specific purpose which in this case it is construction equipment financing. The repayment terms and interest rates depend on the agreement with the lender.
Online Equipment Loans
Besides the traditional lenders and credit unions, you can get the funds for your construction equipment needs from online lenders. Some online lenders specialize in financing construction businesses making it possible to secure the equipment. The lenders offer flexible terms and rates on the loans provided to the borrowers. The application and approval process is also swift.
Using personal loans is another way to finance your construction business needs. You can use funds from a personal loan for equipment financing when other options become hard to get. You can get a personal loan from a traditional bank or alternative lender in your area.
Finding an effective construction equipment financing option for your business is paramount. By learning the options, you save valuable time, fund your business and achieve your objectives. Contact us at WHW Capital for professional guidance.
Small businesses often face problems with cash flow. However, they find it difficult to obtain funding from traditional banks because of the strict eligibility requirements. An effective solution to this dilemma is invoice factoring. Here is some information to help you determine if it is a good fit for your business.
Basics of Invoice Factoring
Owners of small businesses often require cash on hand to meet their expenses as they wait 30 to 90 days for payments for pending accounts receivable. With invoice factoring, you sell those unpaid accounts receivable to a factoring company. The lenders immediately send you 80 to 90 percent of the value of the invoices. You receive the balance after the factoring fee has been deducted when your clients pay in full.
Qualifying for Invoice Factoring
Although factoring companies will check your personal and business credit histories, they are far more concerned with the creditworthiness of your clients. Evaluation of your customers includes assessments of their payment histories, credit scores, and legal or debt issues.
Advantages of Invoice Factoring for Businesses
Invoice factoring offers you the opportunity to obtain the funding you need and at the same time avoid going into debt. You are more likely to be approved for invoice factoring than for a traditional loan, especially if your customers have good credit scores and payment histories. Additionally, the approval process for accounts receivable factoring is much quicker than for traditional loans.
Advantages of Invoice Factoring for Clients
Your clients will benefit from invoice factoring in several ways. First of all, your company will more easily be able to offer 30 to 90-day payment terms while still keeping cash flow strong. Because payment collections are taken over by the factoring company, the process becomes more efficient and streamlined. Your clients are handled with courtesy and respect by experienced professionals. Having sufficient working capital enhances your reputation, ensuring continuing growth.
For more advice on financing your business with invoice factoring, contact WHW Capital.