Know Your Options

Both traditional banks and alternative lenders offer different types of financing products, all with unique benefits. You need to understand which product is right for your specific business needs, your business model, and how much money you really need so you don’t overextend yourself. p.s. The best lending brokers will have dedicated team members to talk you through the process.

Have a Plan

You also need a plan for how you will use the capital you access. Small Businesses typically seek financing for things like purchasing equipment, investing in inventory or completing a project. Recently, many struggle to hire employees. And when owners can secure loans at a lower interest rate, they can reinvest those funds into to provide better pay and benefits to attract team members. 

Get Ready to Apply

Entrepreneurs looking to jump on more attractive borrowing environments should gather all required documents and have them available when the time comes to apply. At a minimum, these include proof of identity, proof of ownership and bank statements. It’s worth noting that alternative lenders typically require less documentation than traditional banks in addition to taking less time to approve loans and get funds in your account.

Understanding your business financing needs, having a plan for the funds and preparing documentation in advance will make the process for accessing capital smoother, regardless of what the Fed decides to do with interest rates and when.

Have questions about securing financing with ZING Funding?
Call 678-578-7470 or email info@phazis.com.

Apply Now!

The post Preparing for Interest Rate Cuts in 2024 appeared first on ZING Funding.

Why should you care about customer reviews?

Customer reviews are about the success of your business.  Reviews—mostly of which are online these days—are part of the decision-making process for the vast majority of your potential customers In fact, recent studies state over 99% of consumers read online reviews before making a purchase decision.  There is no question about it: what people have said about your business in the past will affect how many people choose to do business with you in the future.  So, what are your customers saying?  Are they saying anything at all?  Are your competitors doing a better job?  You need to know!

Do customer reviews apply to my small business?

If you sell any product or service to consumers, the answer is yes.  It doesn’t matter what business you’re in; if you rely on customers to drive results, you can be sure that most of them rely on reviews to decide whether to do business with you. This applies to auto body shops, medical clinics, landscaping services, retail stores, HVAC installers, and everything in between.  Surely, whether you realize it or not, what people have say about you is impacting your business.  The only question is, are you doing everything you can to use that information to your benefit?

5 tips to make customer reviews work for your business:

1. Stake your claims
   

   Claim your business name and address on the main sites.  Start with the basics of Google, Facebook, Twitter, Yelp, Yellow Pages and the Better Business Bureau.  Make sure the business name, address and phone number is written exactly the same across all of them, so that Google’s search engine is certain they are connected.

2. Ask for reviews
   

   Next, ask customers directly to leave a review of your business.  For example, print it on your receipts, include a link in your email promotions, or offer an incentive like a monthly prize–whatever it takes!  Let your customers know you appreciate their business and give them the opportunity to leave a review at every chance.  You may be surprised how many of them are willing to share their opinion!

3. Read and respond to your reviews
   

   Read reviews as they come in (daily or at least weekly) and respond to as many as possible.  It can be as simple as “Thanks” for a positive comment, and more importantly, “Very sorry to hear about your experience…” when it’s negative.  Furthermore, don’t forget to offer to fix any problems that may be reported. You need to demonstrate that people can trust you to make things right.

4. Share reviews of your business
   

   By all means, re-publish your positive reviews across your other marketing channels!  Feature a positive review from Google on your Facebook page; Tweet it out to your followers; or print it in your next newspaper ad.  Undoubtedly,  authentic and positive customer feedback can help convince others that your business can be trusted, which is a primary factor in their decision-making process.

5. Learn more about your business
   

   Over time, customer reviews will provide you with a wealth of information that you can apply to your business.  This could include anything from identifying pain points in the customer experience to understanding misconceptions about your business.  Use them to draw attention to new opportunities to add to your products or services.  You could determine you can reposition your brand to capture a bigger market.  Big companies regularly invest in customer research and focus groups to find out this type of information, but it’s out there for free!  And customer reviews offer what may be the best insights of all for small business owners.  Learning what your customers are saying about you to others is invaluable.

Why does ZING Funding care about my customer reviews?

Above all, ZING supports the success and independence of small businesses.  It’s why we exist.  Small business owners like you make up about 99% of all businesses in America and generate almost half the private-sector jobs in the country.  Additionally, you make invaluable contributions to innovation that impacts the prosperity and security of our families, friends, and neighbors.  And, leveraging customer reviews is one small thing that can play a critical role in shaping the future success of your small business.

Updated: March 27, 2024

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Unfortunately, many banks have stopped lending to Small Businesses during this time. And the well-intended government loan programs for Small Businesses have turned out to be an unreliable.  Thankfully, commercial lenders are stepping up to fill the void.  So, whether you apply during a pandemic or afterwards, you’ll find it much easier and faster to apply for funding through ZING.

If you have you exhausted your opportunities for a government loan and are trying to decide between a bank or a commercial lender, here are 4 things to consider to help you navigate the options:

1:  Have a clear purpose for your financing

Firstly, banks are notoriously nosy about your plans for spending your loan proceeds. They will require a well-documented purpose. When you apply to a bank, you need to lay out how the loan will allow your business to survive and grow. Additionally, the bank may want to collect multiple years’ worth of tax returns and audited financial statements. Fulfilling a bank’s demands for comprehensive information is expensive and arduous. Contrast this to a commercial lender, where you are trusted to spend the loan proceeds in your company’s best interests. After all, you know more about your business than does anyone else. And, we don’t make you submit reams of documentation. While ZING Funding will ask about the purpose of the loan, it’s mainly to help our Business Growth Advisors to tailor a solution that works best for you.

2:  Decide how hard you’re willing to submit an application

Part of a bank’s underwriting is to review all of your company books and records. You’ll need balance sheets, income statements past and current, tax returns and other relevant documents. Also, ban procedures may devolve into a virtual audit of your expenditures and business strategies. As far as a bank’s loan committee is concerned, all topics are fair game. And any one answer can open up various other avenues of time-consuming interrogation. Naturally, a bank will analyze your financial rations to see how you rank against your competition. On the other hand, ZING looks only at your time in business (at least six months), your personal credit score (above 500), and your monthly revenues (above $10,000). Meeting these requirements puts you on the fast track to financing.

3:  Understand your debt service capacity

Naturally, any lender wants to know it will be able to collect on its loans. However, the difference between banks and commercial lenders is how much reassurance they need. Banks will drill in on how you manage cash and adhere to your budgets. They may issue you a recourse loan requiring you to pledge collateral in the form of business and/or personal property and other assets. A popular approach is to measure your average bank balance and the number of deposits your business makes each month. Refreshingly, ZING takes a different approach toward lending.  For example, one of our loan products, Flexible Funding, conditions the loan amount and repayment terms upon your outstanding receivables or future credit card sales. You don’t sell off your receivables. Therefore, you avoid high factoring fees.

4:  Explore all your financing options

Sometimes, a simple term loan is not your best option.  While a bank might be constrained in the types of financing it can offer, ZING gives you wider variety of choices beyond term loans:

• Our Flexible Funding program offers financing of up to $5 million based on your future cash inflows rather than your deposit history.
• ZING’s Line of Credit of up to $500,000 allows you to pay interest only for the amount of capital you need when you need it, in monthly or weekly payment periods.
• Explore all the options and choose a financing structure that works for your business.

If qualifying for a bank is taking too long and costing you too much, explore your options with ZING Funding.  You might qualify to get a traditional Fixed Term Loan, accessible Line of Credit or Flex Funding cash.  We invite you to apply for funding online in under 3 minutes or contact us for a free, no-obligation consultation with one of our Business Growth Advisors.  We could be funding your plans within 1-2 business days, letting you get back to the important task of growing your business!

In the end, ZING is committed to the success of Small Business. We look forward to partnering with you to provide you with the financing solutions to help you adapt and grow!
Apply for funding now or contact us to speak with a ZING Business Growth Advisor.

Information sources and additional reading:

• Harvard Business School’s State of Small Business Lending (July 2014)
• Forbes “Small Business Approval Rates Plummeted in March 2020”

The post Exploring your Options: Financing Considerations for Small Business appeared first on ZING Funding.

This July 4th comes on the heels of over 3 months of setbacks in all areas of our lives, and so far 2020 has been particularly challenging for Small Business owners.  We’ve lost a few, many are hanging on for the recovery, and a lucky few have found ways to pivot and grow in these conditions.  We hear from hundreds of Small Business owners a week, and we’ve heard all the struggles, challenges and opportunities that they face.  The one thing all Small Business owners have in common?  Big plans!  Which brings us back to the pursuit of happiness:  at ZING Funding we salute all the Small Business owners struggling, reinventing themselves, planning for the future — and not giving up on the American Dream.

Why support your local Small Business?

This new “socially distant” climate is reminding us that in fact we are all in this together.  We are all struggling in this moment of uncertainty, and we need to be ready to help wherever we can.  Those people going back to work with a mask and a face shield?  Many of them them are heading back to the small businesses that run our communities.  The diverse industries in our own backyards are important to all of us because we rely on their services, we use their products, and we benefit from their creativity.  And we rely on them to create opportunity in the form of jobs for the rest of us.  So if we want life to return to normal (or even a “new normal”) we are going to have to pitch in and go out of our way to support Small Business.  We are all a part of the big puzzle of American productivity, and now is the time to put all the pieces back in place for the big picture – America is going to get through this difficult time, and with our help, small businesses will lead the way.

This summer is going to be a summer of change for all of us as we adjust to life after lockdown.  One by one, states are relaxing the restrictions placed on business activities and people are getting back to their friends and favorite summer activities.  But just as every person needs to carefully plan his or her reentry into society, so do businesses need a plan to pick up the slack caused by the pandemic.  And one of the most important things that will get them moving again will be our support.  To really help get America back in business this summer, we need to look at all of the Small Businesses that make up the working parts and keep them in great working condition.

To be clear, the speed of the recovery will depend in large part on Small Business.  They represent the millions of hard working components that keep American industry chugging and create the majority of new job opportunities for the rest of us, and are vital to the economic health of our country and our communities.  Now more than ever, as we all struggle to regain our footing, we need to identify the Small Businesses around us and work with them, and support and promote them.  If we pay attention to each other, to our neighbors, and to what businesses they own and work in, we will naturally begin helping each other.  And that’s how real, healthy change will take place – by looking across the street instead of across the world and paying attention to our communities and all the hard working people around us.

The American Spirit

There are over 30 million small businesses in the U.S., and the entrepreneurs who took the plunge to start something new need our support now as much as we need them to create the jobs and innovation that will drive America forward again.  This points directly to our strength – America’s character comes from all of its people working hard on their dreams and supporting each other in times of need.  The economy won’t recover without small businesses, and that’s why we should go out of our way to encourage them – and be proud to do it!  One of the key takeaways from the struggle of being confined these last few months is that we are better off with each other, doing business with the people around us, being active members of society. After all, it’s our small and local businesses that represent the country’s backbone and true potential.

It’s easy to help Small Business!

It’s easy to go buy everything we need at a big box store.  But if you start to look more closely at the businesses in your local community, you’ll see just how much more they have to offer!  That feeling you get from a personal interaction with someone from down the street is unbeatable.  A personalized service from someone who knows your name is familiar with their own product offering is much more satisfying than the detached interaction that so often comes under the cold fluorescent glare of a large corporation.  And the product offering at an independent business is often better quality because the owner is the one making the choice.  Americans bring their own unique perspectives and talents to all industries in Small Businesses across the nation, which is what makes our communities feel like communities.  There aren’t many places on earth that offer the consumer so much choice, and that diversity comes from small, local businesses.  It’s one of the simplest things we can do to preserve this unique and diverse American experience:  think local, look for the businesses owned and operated by the people around you, and watch how the community thrives.

Small Business inspires America

When looking at small business trends today, one of the most common listed reasons for creating a new business is that people were ready to be their own boss.  When people see an opportunity to create something for themselves, and when that opportunity is accessible, then that’s when the magic happens.  Small Business owners have the courage to take the plunge and make a change in their lives.  It takes great sacrifice to pursue a passion and seize the right opportunities; and feeling that need to take the reins and head in a new direction is a truly American impulse.  We don’t settle for the status quo – we innovate.  We diversify.  We move forward.

As Americans we share the basic responsibility of living together and supporting each other’s right to pursue the American Dream.  To work hard and meet our full potential is a right and a privilege that we all share.  And this has never been more obvious than right now, coming out of pandemic shutdowns and making the best of our circumstances. It’s that reassuring spirit and drive that point to a collective recovery.  And clearly the Small Businesses of our country are the engine of that drive.  They were ready to be their own boss, take control of their dreams, and take personal risks to make it happen.  That should be an inspiration to us all!

We can ALL be part of the recovery process

Here’s the best part:  we can all be part of the recovery and help build up our communities into strong support systems that can tackle any challenge.  We can work with each other at a local level to make sure help is there when we need it.  We can drive the extra mile or two to spend our money at a family-owned business.  Together we can get this economy going again, and we will all benefit from a healthy local Small Business community.

Small Business will lead the recovery – and we can all be a part of it.  We owe it to them, we owe it to America.  Celebrating the drive and success of Small Businesses throughout the nation is absolutely the right thing to do.  The ripple effect will be incredible.  We help small businesses thrive, and they help us in every aspect of our lives. We’ll have a healthier economy and a healthier community with the kinds of opportunities and successes we are all more than ready for.

The first half of this year was challenging for all of us, and this is our chance to turn 2020 around and make this summer the best it can be!  Find local businesses and reach out to them. Pay attention to how much they really have to offer. And watch how strong the community becomes…

Happy Independence Day!

Here’s to the American Dream!

Here’s to American Small Business!

How Zing is helping Small Business lead the way:

ZING is a new idea that came about during a pandemic.  With the global economy facing its biggest setback in decades, we watched as the Small Businesses that drive the US economy struggled to survive and access the government loans that were intended to help them. Many business owners spent days navigating the traditional loans application process only to find out that priority was given to bigger existing customers.  ZING’s mission was born: bring flexible and responsible funding options directly to Small Business owners, make it quick and easy to do business with us, and get them back to growing their business as soon as possible.

ZING is committed to the success of Small Business, and we look forward to partnering with you to provide the financing solutions to help you adapt and grow your business.

The post Small Business and the American Dream appeared first on ZING Funding.

Green shoots:  sometimes they are hard to spot. But even in these tough times, we can spot a few that give Small Business owners cause for cautious optimism. Summer is here, the number of Covid-19 fatalities has shown some recent signs of levelling off (with a few hiccups along the way), and a pleasant surprise at the end of May: there are not nearly as may unemployed in the US as previously feared.

So, while your growth plans may be on hold right now, our country will eventually be resuming normal (or “new normal”) operations, and we know from experience that Small Business will lead the way forward.  AWith that day approaching, now is the time to prepare for what could be an explosive growth opportunity.

As always, debt will be an important ingredient in reviving businesses. While the big banks still seem reluctant to invest in Small Business, many non-bank lenders are stepping up to help Small Businesses bridge gaps, replenish inventories, consolidate debt, and re-boot their business.  Only you will know when it’s time to relaunch your business; in the meantime, here are some ideas to help you think through how you can integrate financing options as part of your 2020 comeback strategy:

1. Fast-track growth: Financing can be used to fund the purchase of new fixed assets and equipment, procure new inventory, and hire new employees. In addition, many businesses will require physical alterations to accommodate social distancing requirements. Loan proceeds can help owners conserve cash while benefitting from historically low interest rates. Of course, owners will need to plan exactly how to deploy loan proceeds and how to comfortably service debt. ZING offers a variety of options that allow owners to get the funds they need on the terms that make the most sense for their business.
2. Maintain equity: Growing a company with debt instead of equity helps owners retain full control. Selling equity creates new “partners” who may have all sorts of strange ideas. Owners avoid sharing control of the company by borrowing instead of selling stock. Borrowing also allows owners to keep their profits rather than splitting them with equity partners.
3. Reap tax benefits: Uncle Sam allows owners to deduct loan interest from their taxable income. That makes more money available to help fuel a business’ growth. Every dollar not spent on taxes is another dollar that can be applied to expanding a business, making tax deductions a critical success factor.
4. Build credit: Right now, we have only a hazy understanding of what the credit landscape will be when the economy begins rebounding. But owners can make borrowing an opportunity to boost a business’ credit scores (and credit lines) by repaying debt on or ahead of schedule. ZING is proud to not charge prepayment penalties on any of our loans. In fact, you actually save interest on the early repayment of ZING Fixed Term Loans and Lines of Credit. Improving credit lets owners access future loans easier and cheaper. (By the way, remember to regularly check your credit reports for accuracy to ensure you aren’t penalized by faulty information!  You’d be surprised how often these important records are not kept up-to-date!)
5. Consider tapping into future cash flows now: ZING offers Flex Funding solutions that get you funding to invest in your business and can be paid with your receivables (outstanding invoices) and/or future credit card sales. These flexible terms let you benefit from the value of your receivables without the strain of meeting fixed loan repayment schedules. Bottom line:  you only pay when you’re getting paid!
6. Handle seasonality: Seasonality can complicate a business’ growth plans. The judicious use of credit can smooth out seasonal cash flows without derailing growth. In this regard, it’s critical you borrow from a lender like ZING that doesn’t charge prepayment penalties. With the variability of seasonal effects, you don’t want to be saddled with extra fees for paying off a loan sooner scheduled.
7. Funding your ideas: Expanding a business can require substantial amounts of cash to cover costs such as R&D for new products and services. In 2020, many of us also need to adapt our business practices to include new customer needs or demands in a social-distancing world. Loan proceeds can pay for the costs associated with market research, product development, and operational changes. Borrowing also lets owners protect trade secrets rather than sharing them with new equity investors, especially during the vulnerable development stage.
8. Control capital costs: Equity often has a higher cost of capital than does debt. The reason is that equity investors require a high rate of return to justify the risk of a company’s earning success, whereas lenders only undertake credit risk. In addition, its usually much cheaper to arrange a loan than it is to issue shares. Couple that with the loss of autonomy caused by issuing equity and it becomes quite apparent why businesses often prefer debt capital.

Again, the responsible use of debt can be the key to growing your business for long-term success. ZING arranges speedy financing of up to $5 million through a variety of flexible loan options. We invite you to apply online or contact us to speak with one of our Business Growth Advisors for more information about how we can help you survive the current challenges of the pandemic and prepare for a successful transition to the “new normal”!

How Zing can help Small Business lead the way

Zing is a new idea that came about during a pandemic.  With the global economy facing its biggest setback in decades, we watched as the Small Businesses that drive the US economy struggled to survive and access the government loans that were intended to help them. Many business owners spent days navigating the traditional loans application process only to find out that priority was given to bigger existing customers.  ZING’s mission was born: bring flexible and responsible funding options directly to Small Business owners, make it quick and easy to do business with us, and get them back to growing their business as soon as possible.

ZING is committed to the success of Small Business, and we look forward to partnering with you to provide the financing solutions to help you adapt and grow your business.

The post How to Make Business Financing Part of Your 2020 Comeback Strategy appeared first on ZING Funding.