Sales is King, Brazing for a Recession, and “Bankability”

Selling is an Essential Small Business Skill - Even if You’re Not a Salesman

If you asked anyone to describe a typical salesman, you could almost guarantee the words pushy or persistent would be used at least once in their sentence. That's because, during "good ‘ol days" of door to door salesmen, professional salespeople were taught the fundamentals of professional selling. Or, in other words, to always be closing.

Today, door to door salesmen are almost obsolete, and the majority of a sale actually takes place online. That doesn't mean, however, that professional selling skills such as overcoming objections, probing skills, and closing skills are useless. In fact, according to the experts, having traditional sales skills might just be the one thing that can help take your small business to the next level.

Even in the age of social media and online calendars, the foundation of strong language that professional selling skills provide can help small businesses acquire and confirm business transactions. Likewise, they can help small businesses to get to know their customers better and create stronger relationships.

The bottom line is, selling skills will never go out of style. There is still value in face-to-face conversation, strong communication ability, and proper business etiquette. In fact, selling skills are still effective nearly 99% of the time. So, the next time you have a chance to take a lesson from an old selling pro, it might not be a bad idea to take advantage of it.

SOURCE: https://www.forbes.com/sites/jimblasingame/2019/02/26/professional-selling-skills-a-fundamental-now-more-essential-than-ever-2/#2d23f84d7c57

How To Help Your Business on the Brink of a Recession

2018 was a record year for small business lending. All over the country, we saw a rise in small business loans from traditional banks and online lending resources alike. As good as 2018 was, however, there seems to be some uncertainty revolving around whether or not 2019 will hold the same success. And, although there is no real reason to panic, it is never a bad idea to prepare your small business for a dip in the economy, as it is always possible.

When the economy slows down, one of the first things to slow down along with it is small business lending. Big banks tend to crack down on things like credit scores and loan eligibility to eliminate the risk of losing money. As a result, small businesses that need funding are left in a crunch.

If you are worried about what the future has in store for your small business, there are a few steps you can take to help ensure your security.

Secure small business funding now instead of later.

Just like you stockpile a pantry for a big storm, you want to create a stockpile of funding for your small business in the case of an economic downturn. You can do that by securing any additional funding you might need during that time now. Before you obtain financing, however, consult with a financial advisor or other professional to determine the proper amount.

Inquire with online lending platforms.

During a recession, big banks often come down harder on small businesses. Therefore, you might not be able to acquire funding from them. If this is the case, look to online platforms for trustworthy lending options that provide you with access to funds bigger names can't.

Watch your risks and the market.

Last but certainly not least, be vigilant of what is going on in the market and world around you. Pay attention to the stock market, interest rates, and requirements for small business funding. Doing so will help you to stay on top of opportunities and decrease the chances for you to wind up in a hole with no way out.

SOURCE: https://www.entrepreneur.com/article/326277

https://www.forbes.com/sites/rohitarora/2019/03/13/when-bank-branches-close-digital-lending-levels-the-playing-field-for-small-business-borrowers/#498400eec756

What’s Bankability and Does My Small Business Need It?

Simply put, bankability (in terms of your small business) is the ability to do business with a bank. It's being eligible for small business loans, credit cards, and other financial resources. For most small businesses, bankability is a lifeline or at least a means by which to create success.

Although bankability seems like something that is absolutely required to start a small business, there are methods entrepreneurs can use to make their own way. One of the most popular being to acquire financial resources from online lenders.

Online lenders can grant loans to small businesses in the same amounts that big banks can. Furthermore, because they are able to set their own standards, they are more likely to be able to grant eligibility to business owners that don't necessarily have bankability. For example, online lending platforms are more likely to be able to accept someone with a low credit score or no history of borrowing from a bank in the past.

Whether you have bankability or not, knowing your options is the key to small business success. If you own a small business or plan on starting one soon, inquire with your local bank or credit union to see what your financial options are. Likewise, ask with online lenders about how they can compete with big banks or inquire to see if they have a better offer. Then, make the best decision for your business.

SOURCE: https://www.forbes.com/sites/jimblasingame/2019/03/11/what-your-bankability-says-about-your-businesss-sustainability/#474373902aa2