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It’s undeniable that the construction industry is booming. Over the past years, the demand for construction services is continuously growing, making it one of the most lucrative industries today. For this reason, many entrepreneurs venture into the world of the construction industry. If you’re one of the many, then you know that you need construction business loans to survive in a cutthroat environment.

The best way to keep your business afloat in the midst of heavy competition is to secure financing and aggressively market your business. With that said, here are four innovative ways to do so:

1. Be a Part of an Industry Association

Industry associations usually have resource hubs where contractors can network and make quality connections that will eventually lead to success. This is especially true since building relationships and making connections are important in the construction industry. Additionally, members are often allowed to advertise or market their services at low or no cost.

2. Remember Your Existing Clients and Leads

Contractors are often caught up with everyday business operations that they tend to overlook the simplest marketing strategy: following up your current leads and clients. Failing to follow up on current leads means you’re possibly missing out on great business opportunities. Likewise, you should also contact customers a few months after doing business with them. Check in and ask them if you can help them with anything. A simple call or email would suffice. When customers are happy with your service, it can lead to more business and you can even ask for referrals.

3. List Your Business in Online Directories

When a potential customer searches for the best construction company in the area, search engines often show you online directories rather than individual websites. One way to market your construction business is to list it in online directories. When listing your business, include your name, address, contact number, business hours, etc. and leave no detail behind. The details you include can affect your ranking in the directory, so make sure to double check everything. Check your online listing regularly to answer questions and respond to customer feedback.

4. Be Specific When Advertising Your Business

It’s easy to be overwhelmed when advertising your business. Some entrepreneurs list every single service they offer in their ads, but this strategy can actually backfire. Telling your target market that you can do everything can actually be boring and it can even scare customers away. The most effective way is to advertise your skills one at a time. By advertising in small fractions, you can keep your target customers engaged, which increased the likelihood of them availing the services you offer.

The Best Construction Business Loans for Your Business

When running a construction business, you need working capital to stay afloat in a competitive industry. SMB Compass offers construction business loans for businesses throughout the United States. Our trusted financial advisors can help answer the questions you have in mind. Feel free to call us (888) 853-8922 or email us at info@smbcompass.com to know more.

There are several challenges when it comes to starting and maintaining a small business. Money management is at the top of the list of concerns for many small business owners. There are several things you can do to handle your operational processes. There are also daily things you can do to improve your business finances as well.

Separate Personal from Business Expenses

The first order of business is to never mix your personal with your business. That applies to your expenses as well as financing. While loan providers such as LendingClub.com will help to outline the distinctions, it’s ultimately the responsibility of the owner-borrower to understand how to manage business finances separate from personal. Accounting records, personal liability issues, and tax issues are just some of the other reasons not to mix them. You should also resist the urge to combine your business expenses with personal funds because it could lead to an even bigger mess later one.

The best way to separate personal and business finances begins with clearly defining your business budget and a personal budget. Follow each of these budgets so that the credit cards and loans reserved for your business don’t get used for your personal expenses and vice versa. Your accountant and bookkeeper will prevent you from combining your expenses when it comes to managing your books and paying your taxes.

Negotiate With Vendors Before Signing a Contract

You may have to do some research to find a bargain. When it comes to purchasing from a vendor or contracting with suppliers, always negotiate for a better deal. However, this doesn’t mean you should choose one based on the lowest price. Make sure you know what you’re getting before you sign the contract. Find out the purchase terms such as grace periods and late payment penalties when coming to a decision.

Pay All of Your Bills as Soon as Possible

Just like you should with your personal finances, you should pay your bills on a regular basis. Credit cards and loan payment late fees can leave you high and dry. However, paying late fees on your bills can also add up. Paying too late on your bills can also cost you money.

Make monthly arrangement so none of your bills fall through the cracks. The profit-loss margins are risky for young businesses. Preventing late fees can make a difference between ending the year in the black or in the red.

Make Budgeting a Regular Habit

You don’t have to be like the extreme couponers to save money on everyday expenses. But you should take advantage of deals and offers whenever you can. Fill out those mail-in rebate offers for office equipment, supplies. Or, you can get equipment and furniture second-hand or rent it. Not only does this make a positive impact on the environment, but it allows you to save money on utilities.

Spend Time on an Introductory Accounting Class

Just because you’re a small business owner doesn’t mean you’re suddenly going to be good with money. You’ll still accountable for business-related decisions. Even if you work with an accountant or bookkeeper, it’s important to know the basics of accounting. Taking an introductory course into accounting can help you learn about the cash flow of your small business.

The more you understand your business’s cash flow and finances, the more you’ll be prepared to make better business decisions. There’s nothing like getting hands-on when it comes to your money. Sometimes it’s better to do it yourself than to enlist the help of an accountant or bookkeeper.

Many people are already aware of the fact that accounting plays a vital role in any startup. You need to be very careful when dealing with accounting affairs as this can affect your business to a great deal. Many just pay attention to finding their website and getting a brand name but they pay very little attention to the numbers which actually matter in order to survive in this big market. If you will not pay attention to the finances and important accounting matters then you will be at a loss without even realizing. Small Business Administration has helped people by providing a list of reasons which will eventually result in their losses of several businesses out there.

Hiring small business accountants

Many people and other business owners think that they can handle the accounting by themselves. This option is a very great option if one holds an accounting degree or a solid background in this finance field. Otherwise, it will be suggested to get small business accountants for this cause. Before planning out your business strategies just question yourself whether you will be needing a bookkeeper or not.

Bookkeeper’s job

If you are wondering what is the task of bookkeeper and how one can affect your business then they are really vital in any startup situation. Why? Because they will make a complete sense out of complicated situations and help your startup to grow eventually into a great empire. If you are wondering that what they actually do when they are not only responsible for handling the financial transactions per table also keep a record of all the systems and other statements.

Accountant’s job

You must also get the help of an accountant as an accountant will provide you with a layout for the business. You can also choose to hire additional employees for a great impact on your overall structure. Many people go for part-timer because they are a great source of help when they have a limited budget. If you have a very small company then the cost of hiring a full-timer will be really expensive and it can cost you your whole budget so that is why many prefer freelancers. This is a great way of actually hiring people only when they are needed rather than paying them for full time.

Accounting methods

Many people are not yet aware that there are only two genuine methods for accounting which is cash accounting and other is accrual accounting. As far as choosing between the two is concerned and small businesses prefer to get accrual accounting rather than the cash one. You must get the help of any professional in the finance field to see the requirement of a business and whether you should go for cash method or the accrual one. If you are wondering that what is accrual method then it basically shows you a real-time account of the finances and with the help of all the packages it gives a true picture.

In today’s digital age and globalized world, long gone is the 9-5 business day that used to be standard for most workers. While today’s fluid work environment offers an incredible amount of flexibility and creative options for both employers and employees, at the same time, there is increased urgency, pressure and expectations that work get work done and delivered fast, at the highest quality and at the lowest cost.

Companies of all sizes need to be able to provide their clients with what they want and need quickly – because if not, someone else will. While large companies with deep resources may have on staff enough employees of a varied nature to satisfy client demands for quality, speed and cost, it is a bit trickier for smaller businesses with more limited resources.

Imagine a situation in which a client approaches your business with a lucrative project that requires a graphic designer who specifically has expertise in animation. Although this project is a great opportunity for the business, it probably doesn’t make sense to hire another graphic designer with these specific skills (when you already have a great designer on your team) and to invest in training and paying benefits when this is a one time project. At the same time, though, the small business owner does not want to turn down this opportunity.

What is a small business owner to do?

One practical and cost effective solution is to hire a freelancer or independent contractor. Although this may deviate from the way the small business is used to operating, there are some major benefits to be gained by hiring out.

Save Money

It is well known that oftentimes full time employees are not actually working all of those hours they are being paid for. On the other hand, freelancers only charge you for the hours they work so a business may end up spending less money for the same work, even when taking into consideration a higher hourly rate. Plus, there are great apps out there to help keep track of freelancers’ hours to guarantee that an hour worked is an hour paid. Some to check out include Toggl, RescueTime, Harvest, Hubstaff, Time Doctor and Timely.

Save On Time

If a freelancer accepts a job chances are he or she is highly motivated to get the project done on time and done well. Since most freelancers’ business model relies on repeat customers, freelancers can be counted on to get the job done promptly, maybe even before deadline.

Save On (Office) Space

Hiring a freelancer means you don’t need to find space for another person to sit in your already cramped office. Not needing to find a larger workspace means business owners will save money on rent. The freelancer will work from home, from the coffee shop, from another country – it doesn’t matter as long as the job gets completed.

Get More Experience

Experienced freelancers have done their time working with a variety of different companies and many come well equipped with a toolbox of eclectic skills that will benefit your company and impress your client.

Gain Access to Global Candidates

Hiring a freelancer allows you to transcend borders and timezones. They can work while you are sleeping and even on weekends, helping to speed up a project or free up time for salaried employees to work on other priorities during the workday.

Overall, hiring a freelancer can give your small business the advantages of motivation and fresh skills, while saving your business valuable resources – time and money being two critical resources that all small businesses owners are seeking to maximize.

One word of caution, however. Both employers and workers need to be clear on who, according to the law, is classified as a freelancer. Sometimes, there are situations in which employers may classify employees as independent contractors when in fact the law sees them as employees. If this is the case, these workers may be eligible to make claims for employee rights and benefits. To prevent any misunderstanding or legal issues down the line, it is best for a worker and employer to execute a written contract that defines the relationship prior to beginning any work.

Lee Madison writes about financial topics relevant to small business owners. She is director of content at Yellowstone Capital LLC.

Hope sounds very promising but still, it can have negative aspects. If you do not believe us, read this article and you will find out the dangers of hope. Most people lose their money because of they hope for too much. There is no match between their expectation and their work and what they get in return is losses. We know it is important to keep your spirit up but most of the time, it does not work in that way. It leads to believing into something miracle and traders begin to lose their track. This article will tell you how hope can be risky for your career. However, it has mostly positive sides but the negative sides are so strong that it can easily derail you from your tracks.

Emotions have no place

We are the human being and it’s very normal to get emotional after losing money. Trading is such a unique profession where you will always have to lose trade. But does this mean you will only lose money in the Forex market? If you know the proper way to find quality trades and trade with discipline, even after losing more than 50% of the time, you will be able to make money. Trade the market with a high-risk reward ratio trade setup. The successful Aussie traders at Rakuten broker always say that trading is all about risk management. If you want to become a profitable trader, trade with discipline.

Rational logic

Taking logical decisions in the investment industry is crucial for your success. In the investment industry, Rakuten Forex is a very popular name since this broker offers elite class service to its client. Being a matured trader you must find a well-regulated broker where you can trade currency pairs without hassle. During your technical analysis, focus on rational logic and throw away your emotions to execute best trades.

Hope makes the traders change their strategy

Imagine you have invested your money in Forex and it is your first time trading. You have no knowledge of the currency industry and you do not know how the volatility works. You placed some trades with discipline for the first few months and you started getting success. No wonder that you are excited and you want to try something new and more profitable. This idea is backed up by your hope because you have a good experience in the past. This is when the dangers of hope are initiated.

You started making plans in your strategy that has proved successful and effective. For example, you started changing the position of the stop-loss and make them bigger. You know it is risky but you are eager to make a huge amount of profit. This leads to destroying your plan and you begin to make random changes. Even if you do not set a big position size, you started using leverages in trends that had favored your trades in the past. Any changes should be revised before they are used in the live industry and hope makes the traders skip this part. As a result, many flaws get into their trading plan and they start losing their money.

Expect unrealistic outcomes

The most dangerous outcome is you begin to harbor unrealistic expectations. You know it is wrong but you cannot realize it at that moment. You are blinded by your hope and overconfidence and your eyes only get opened after losing the capital. Keep your hope in a limit and expect the worst. The industry may not turn out in your favor and need backup plans.

Should I not be hopeful then?

We are not discouraging you from hoping as it shows you the path in darkness. What we want to tell you that it is risky and can involve with your emotion. When it does, it makes you emotional and your decision becomes questioned. Most good trades are made without emotion and are based on the analysis of trends and by assessing the information of the industry. If you want to hope, make sure that it is not having any effect on your trading strategy.