Banks Have a Lot of Reasons to Reject Your Small Business Loan
For a small business to grow into a big business, it needs a loan unless it has exceptional sales and profit margins. A small business owner has quite a few places where he/she can go with a loan request. Banks seem to be one of their options on most occasions. What these owners might not realize is that banks have recently developed a reputation for rejecting small business loans. It seems that banks are more interested in financing large businesses due to their benefits. A bank can come up with a variety of reasons to reject loan approval for a small business. Some of the common reasons are as under:Reasons for Banks to Reject Your Small Business LoanCredit HistoryOne of the barriers between you and the business loan is credit history. When you go to a bank, they look at your personal as well as business credit reports. Some people are under the impression that their personal credit does not affect their business loans. But that’s not always the case. A majority of banks look into both the types of credits. One of the aspects of credit that matter a lot to the banks is credit history. The length of your credit history can affect your loan approval negatively or positively.The more information banks have at hand to assess your business’ creditworthiness, the easier it is for them to forward you the loan. However, if your business is new and your credit history is short, banks will be unwilling to forward you the desired loan.Risky BusinessYou must be aware of the term high-risk business. In fact, lending institutions have created an entire industry for high-risk businesses to help them with loans, credit card payments, etc. A bank can look at a lot of factors to evaluate your business as a high-risk business. Perhaps you belong to an industry that is high-risk per se. Examples of such businesses are companies selling marijuana-based products, online gambling platforms, and casinos, dating services, blockchain-based services, etc. It is imperative to understand that your business’ activities can also make it a high-risk business.For example, your business might not be a high-risk business per se, but perhaps you have received too many charge-backs on your shipped orders from your customers. In that case, the bank will see you as a risky investment and might eventually reject your loan application.Cash FlowAs stated earlier, your credit history matters a lot when a bank is to approve your loan request. While having a short credit history increases your chances of rejection, a long credit history isn’t always a savior too. Any financial incidents on your credit history that do not favor your business can force the bank to reject your application. One of the most important considerations is the cash flow of your business. When you have cash flow issues, you are at risk of receiving a “no” from the bank for your loan.Your cash flow is a measure for the bank to know how easily you return the loan. If you are tight on cash flow, how will you manage the repayments? However, cash flow is one of the controllable factors for you. Find ways to increase your revenues and lower your expenses. Once you have the right balance, you can approach the bank for a loan.The DebtA mistake that small business owners often make is trying out too many places for loans. They will avoid going to the bank first but get loans from several other sources in the meantime. Once you have obtained your business funding from other sources, it makes sense to return it in time. Approaching the bank when you already have a lot of debt to pay is not advisable at all. Do keep in mind that the debt you or your business owes affects your credit score as well. In short, the bank does not even have to investigate to know your debt. An overview of your credit report can tell the story.The PreparationSometimes, your business is doing fine, and your credit score is in good shape as well. However, what’s missing is a solid business plan and proper preparation for loan approval. If you haven’t already figured out, banks require you to present a lot of documents with your loan approval request. Here are only some of the documents you will have to present to the bank to get approval for your loan.
Income tax returns
Existing loan documents
Personal financial documents
Affiliations and ownership
Business lease documents
Financial statements of the business
You have to be exceptionally careful when these documents and presenting them to the bank. Any discrepancies can result in loan rejection.Concentration of CustomersThis one might come as a surprise to some, but a lot of banks consider this aspect of your business seriously. You must not forget that loans are banks’ investments. Businesses that approach the banks are their vehicles to multiply their money in the form of interest. If the bank senses that your business does not have the potential to expand, it can reject your loan request. Think of a mom and pop shop in a small town with a small population. If it only serves the people of that town and has no potential to grow further, a rejection is imminent.In this particular case, even if the business has considerable profit margins, it relies on its regular customers for that. The bank might see it as a returnable loan but not as an investment opportunity.ConclusionThe good news is that you have a lot of funding options as a small business owner. Today, banks are only one of the many options for you to fund your bank. You don’t necessarily have to apply for loans when you have crowdfunding platforms actively helping small business with their funding needs. If you are seeking a business loan from a bank, that’s fine. However, if the bank does not approve your request, it should not worry you much.
SEO Quotes From Specialists in Search Marketing
Not all information found online is created equal and it’s easy to get pushed and pulled in the wrong direction. To help you cut through all the clutter, I scoured the internet and found the top 10 timeless SEO quotes to guide your strategy. Even if Google unleashes an update tomorrow, these quotes will still hold true.One of the best things about the internet is instant access to just about any information you need. When researching search engine optimization (SEO), this is especially true.Enjoy!Using SEO tricks or hacks is like trying to beat the house in Vegas. Sure, you might get a couple of quick wins, but in the long run you’re bound to lose because “the house always wins.”In other words, SEO is an asset. It’s like buying real estate and investing to remodel your kitchen and bath. That work will increase the value of your home so that you can sell it in the future for a profit.Good SEO work only gets better over time.– Jill Whalen (@jillwhalen), WhatDidYouDoWithJill.com– Dave Naylor (@DaveNaylor), Bronco.co.UK Managing DirectorYou’re ignoring the most important part of SEO– your customers when you design your website for Google’s search engine spider. At the end of the day, ranking # 1 in Google is completely worthless if your website is not designed properly to convert that traffic into sales and leads!The goal of SEO is not to rank # 1. The goal is to generate leads and sales for your business.”My rule of thumb is build a site for a user, not a spider.”Even if you’re using other tactics like Radio, tv, and print, you still need an SEO strategy to ensure you’re not losing customers when they turn to the internet to do more research.”On a broad scale, I see SEO becoming a normalized marketing tactic, the same way Print, radio, and tv are traditionally thought of as marketing tactics.”– Duane Forrester, Senior Product Manager, BingIf your prospective customers are searching in Google, Bing, and Yahoo to find your products or services, you need an SEO strategy. More and more people are using multiple channels to research products and services and search engines are often part of the mix.This is one of my favorite SEO quotes because it’s so simple, yet so true. Google’s mission is to organize all the information online and present it so that the “best” is at the top of the search results.”Google only loves you when everyone else loves you first.”– Wendy PiersallHow does Google determine what is “best”?Google’s algorithm takes into account many factors, but one of the most important signals is the number of websites that reference, or link, to the information. Each link is like a vote in that website’s favor telling Google that it deserves to rank high in the search results.One of the big misconceptions about SEO is that it’s all about tricking Google to get your website to rank high.With that in mind, the goal of SEO is to make it as easy as possible for Google to find your website (by using proper HTML code, writing relevant copy, designing for ease of use, optimizing page load speed) and then to give Google a reason to rank your website higher than all the other relevant websites (by publishing better and more robust information, getting more links, more online PR).Again, it’s important to consider Google’s mission. They want to organize all the information online and present it to the searcher so that only the best websites are at the top of the results page.Successful SEO is not about tricking Google.– Phil Frost, Main Street ROIAgain, the goal of SEO is not to rank # 1, it’s to generate sales and leads.”Today it’s not about ‘get the traffic’– it’s about ‘get the targeted and relevant traffic.”– Adam Audette, Chief Knowledge Officer, RKGThat means your SEO strategy starts with finding the right keywords that will ultimately drive conversions for your business. Use Google’s Keywords Planner Tool to search for relevant keywords. Take it one step further to organize all the keywords you find into two categories:buying-intentresearch-intentAs you can probably guess, the buying-intent keywords are the ones where the person searching is most likely looking to make a purchase. The research-intent keywords are the ones where the searcher is most likely just doing research.Focus your SEO efforts on the buying-intent keywords first to give you the best chance to drive sales and leads.The sad truth with SEO is that most people will not find your website unless you’re on the first search results page. Keep in mind there are only 10 spots available and likely tens of thousands or even tens of millions of other websites vying for those coveted spots.Think about how hard it is to double the amount of visitors to your website. You’ll have to invest more in SEO, advertising, social media, email marketing, and/or another marketing tactic to drive more website traffic.Now consider the fact that you would get the same impact on your business if instead, you focused on doubling your website conversion rates.”The best place to hide a dead body is the second page of Google search.”– Anonymous.I’ll admit, I “LOL ‘d” when I first read this quote.”It’s much easier to double your business by doubling your conversion rate than by doubling your traffic.”– Jeff EisenbergIn the past, publishing more and more content was a great tactic to expand the reach of your SEO. As you publish more articles about different topics, your website has more opportunities to rank in Google.”Better content is outweighing more content.”– Rand Fishkin.Due to Google’s recent algorithm updates, quality outweighs quantity. Always keep this in mind and resist the urge to cut corners on quality in an attempt to publish webpages faster.Present a stronger, more compelling offer.Change the layout of your pages so that your offer is more easy to see.Offer free information in exchange for an email address so you can follow up and convert over a longer time frame.Use retargeting ads to bring prospects (that didn’t convert) back to your website.Add a lightbox popup so your offer can’t be missed.Many businesses took that tactic to the extreme and started to publish low quality articles in an attempt to scale up article production at lower costs.(Traffic to your website) x (Conversion rate) = (leads or sales).How can you double your conversion rate? Try some of the following ideas:.”What gets measured gets improved.”– Peter Drucker.This quote highlights a recent shift in SEO.Many businesses ignore this simple truth.Your conversion rate is the number of sales or leads you generate from your website divided by the total number of visitors. As you can see from that equation, you can either double your traffic or double your conversion rate and the result will be the same.It’s simple math…Peter Drucker was not specifically talking about SEO in this quote, but it’s an important point that deserves to make this list.What needs to be measured in SEO?This may come as a surprise, but tracking your rankings alone is worthless! Your rankings should of course be measured, but they tell an incomplete story.Good SEO work only gets better over time. Successful SEO is not about tricking Google. Good SEO work only gets better over time. Successful SEO is not about tricking Google. That means your SEO strategy starts with finding the right keywords that will ultimately drive conversions for your business.Good SEO work only gets better over time. Successful SEO is not about tricking Google.Even more important than your rankings is your website traffic from SEO and your website conversions from SEO.
Free Internet Marketing Advice
You can find Internet marketing advice in many places but how much of it can you really trust? At best, the average person is likely to be overwhelmed by the sheer volume of Internet marketing advice available. Internet marketing advice is a bit like a roundabout where someone starts to promote a certain aspect of it and others get on the bandwagon and regurgitate what was said before them.This is a simple but very effective piece of internet marketing advice for you. Find a person or source of information you trust and stick to it or them like glue!MarketingMarketing is an ongoing process of planning and executing of the marketing mix product, price, place, promotion of products, services or ideas to create exchange between individuals and organizations. Marketing is an ever changing process and advertising is undergoing a revolution with the emergence of a new style of marketing namely the world wide web. Marketing, or any other field for that matter, is knowledge. what better place than right here, where we teach you about the various types of internet marketing businesses, and fill you in on all of the basics of what you need to know to start an internet business.OnlineLearning all this stuff online and acquiring the knowledge I now have, has been both a steep learning curve and extremely expensive process. Quite literally I have been ripped off, let down and burned more times than I care to admit to. However an even more worrying trend since I first started online, is that marketing advice is becoming more and more directed at companies with websites and big budgets as the internet slowly develops into the world’s most dominant marketing tool.Therefore I believe leaving the small person without huge $$$$ budgets to play with, to basically fend for themselves. I genuinely want to try or attempt to fill that void for you with the aid of my articles at your disposal.I have and intend to showcase in the future, online programs designed to take the beginner through all the steps and processes of creating an online business. Providing marketing advice and information services to the small business community to help maximise the effectiveness of online marketing and web promotion. I basically want to pay my dues as I see it and I want to give props and support to all the hard workers out there like “you” that are shaping the way we do business on the Internet.I want to provide you with through my articles,with a complete Internet marketing strategy, how to start an internet business, online e-marketing, and e-marketing strategy, search engine optimization in other words the whole Shebang. All you need to ask yourself in a very honest fashion is, are you ready to start making money online?AffiliateAffiliate marketing is one of the many ways I make money on the Internet. Affiliate marketing is by far, one of the easiest ways to make money online.Also affiliate marketing is not hard, although it does take quite a lot of work. It is also a very important point to convey to you that Affiliate marketing is a marathon… not a sprint and does require hard work and determination on your part.SeoSEO is the practice of increasing your rankings in the organic (non-paid) search results of a search engine. SEO is one of the most popular buzz words in Internet marketing but unfortunately most Internet marketers simply do not know enough about SEO to make this strategy work for them. SEO covers the process of making web pages spider friendly (so search engines can read them) and helping web pages be relevant for targeted keywords. SEO is the process of optimizing web pages for keywords and key phrases so that the pages rank highly in search engine results.That said there is also a good amount of free bad information all over the net (especially in forums) about SEO, affiliate marketing, etc. It is exceptionally hard for me to just keep up with the topic of SEO so for a beginner it is nigh on impossible. I’m just about to write an article about some free quality SEO e-books I reviewed and during my research there were quite literally tons of worthless e-books full of affiliate links.SEO services can differ hugely and its often hard to compare one company with another. What I found is that a majority of the seo firms out there are way out of my readers budgets.Unfortunately most seo consultant websites either lack actual client case studies or have outdated stories. However a certain amount of seo training is very important for your future success. I again want through my articles to help you learn about seo (search engine optimization), advertising, and email promotion through seo tutorial, articles and tools on how to get traffic to your website.SuccessSuccessful business people are not people who try and do everything themselves, they know their limitations. Successful entrepreneurs know the value of good information; they develop a network of information sources, they recognise a good opportunity when they see it, and they “seize the day”.Unfortunately you can’t put up a website without any knowledge or the correct Internet Marketing tools and then expect to have a successful online business. I constantly look for clues around me, and especially the people who have gone before me, people I admire, or people who I know have had obvious and visible success.Successful marketing is about meeting the needs of your customers – profitably. I firmly believe my articles contain everything you will need to quickly and easily build your online business and be your essential guide to making a success of your own business. These internet business ideas will not turn you into an online success story who makes six figures instantly, but they will help you separate fact from fiction and learn internet marketing. Taking action,hard work and determination are ultimately going to be the keys to your success.SalesThou shall not buy anymore get rich quick products even if the sales copy is pushing all of your hot buttons.Equally on that note it is important to point out to you that nothing happens until the sales copy is written. Fancy graphics alone I promise you will never sell a product, but strong salescopy alone will as I and I’m sure you as well are living proof of. While many people do not like long sales pages, if you artificially cut down the information just to keep it short you are going to find you have more objections dangling than you would like. At the other end of the scale, choice of the right keywords leads to greater sales opportunities and the reaping of boundless rewards.I personally for way to many years, worked in a high pressure sales environment where you had to truly believe in what you were doing to be any good.Well I do truly believe in what I’m doing now and the value it provides to people just like you.Therefore a major tip for you is backing off just a little bit and providing valuable content (that is not provided after a squeeze page) this has provided me with loyal readers and customers and good sales at the end. I am extremely competitive by nature believe me I don’t even like losing at monopoly to my kids . However being top in sales was not I promise you anywhere near as satisfying as getting an unsolicited testimonial from one of my online clients.I have read many, many, many reports on internet marketing and affiliate sales, including some majorly bum ones. Therefore I have endeavoured to build my business on a solid foundation of honesty, integrity and client focus. It goes without saying that regardless of how excellent your product is, it won’t make any sales if there is no trust in you or your company.Every week, I will try to reveal through my articles, an internet marketing tip that will help you find more customers and increase your sales that you can put to use right away. I’m equally confident that I can help you save money and increase your sales. If you are looking to start an online business or maybe you already have an online business, but need the right resources to explode your sales, I believe you will have all information you need in my series of articles.If your site isn’t intended to sell a product or gain a customer, then what is it for? The internet marketing info product world has become a sensationalized, over-hyped, over-priced, landscape filled with predatory practices. Not only that, I and I”m sure you as well, have even bought products we didn’t need, as a direct result of the great copywriting and marketing skills of masters.In the amount of time it was taking me to read blogs, emails, products, listen to teleconferences, and everything else, apart from growing a beard through lack of time to shave. I can now start up and profitably run an entire website. One thing and one thing only I don’t buy nearly as many products. As I don’t read the emails that are sent to the one address I gave up to the spam gods a long time ago.With regard to the above it’s worth pointing out that sometimes the “best” isn’t really what you need there are always better products around by the time you get your hand on a “best product”. So you may not want to subscribe to every list on the planet and you certainly don’t want to buy every product.ContentYou want visitors to find more of your great content, right? To construct a great content-rich website takes like anything else a certain amount of planning.The main essence of search engine marketing is submitting quality content with the website attached with contact information. Hence, in order to get ranking in the search engines, the website needs to optimize their pages with the most appropriate keywords that match their web page content too. This occurs as a result of search engines scanning through webpage content to find relevant information for words typed in during a search.You need to be sure that your landing page is keyword dense and is full of quality content, but I stress to you “do not use duplicate content” on your web pages.You can not only use keywords in your website content, but also in the title tags, meta tags, alt tags of your website in order to boost your website performance. These include back linking with other websites, content submission with link to content sites, press releases, news letters, email marketing, and now a-days also video and SMS marketing are becoming a part of the big game of search engine marketing. Thus, one has to provide more and more content in the website so that it appears higher and higher in the search engines.Of course, there’s the educational content like this one but I’m a sucker for giving out free content.ConclusionSometimes when you’re looking for internet marketing advice it’s hard to sort the good advice out from the bad advice. Some internet marketing advice is the same, many offer services that will provide top 10 results (a promise that I believe can’t be made). Having a way to learn about internet marketing advice is one of the best ways to beat competition in your marketplace.Whether you are a beginner, at an intermediate level, or a professional marketer you will find my articles are filled with all the necessary internet marketing advice to build and promote your business online. I also give Internet marketing advice on how to start and promote a business online, even if you don’t have a product to sell. I Provide real information and advice including internet marketing advice for small businesses and those new to Internet marketing including lots of useful links to many free and useful resources. I set my stall out to Obtain True and actual case studies of home-based entrepreneurs who earn tens of thousands of dollars every month through Internet marketing, so I can provide a rich source of information for you in these articles.Internet Marketing Training and web success I believe go very much hand in hand. My articles are dedicated to providing quality information to help as many people as is possible like you succeed in the field of marketing online. So if you’d like the benefit of unlimited internet marketing advice, including business ideas, website reviews, salescopy advice, traffic secrets, and more all from the same centered source ? Then “you” my friend have landed at the right place.To Your Success As AlwaysDouglas StuartPs Final piece of advice and most valuable tip of the day
“The more people you help succeed the more SUCCESSFUL you will be ”