by Kenbry Capital | Dec 29, 2022 | Blog
When establishing your company’s mission statement, consider your ideal company culture. Employees that work at companies embodying a defined corporate culture are more satisfied. Satisfied employees advocate for your company, leading to greater productivity and more satisfied customers. Make a list of the core values you would like your company to reflect and build them into your mission statement. Cultural styles fall on a matrix of person-to-person interaction and individual response to change. Here are four examples of flexible business cultures.
Learning
Cultures built around education and creativity give employees the freedom to discuss and implement new ideas. While interacting with colleagues is an important component, employees bring their suggestions to management for consideration and implementation. Management may present a problem to a team of employees; each individual is expected to bring a solution to the table. Startup technology companies tend to incorporate a learning culture. The rapidly evolving industry requires all employees to be prepared to suggest growth opportunities.
Caring
The caring corporate culture sees every interaction with a colleague, customer or vendor as an opportunity to build a stronger relationship with that person. Employees must work together to exceed customer expectations. Management encourages collaborative relationships and provides a supportive atmosphere. Look for communal work areas with tables as opposed to desks. New vendors or customers are greeted by a team, rather than having one primary contact. Businesses that operate amusement parks thrive in this culture, as the ultimate objective is ecstatic customers.
Purposeful
Businesses with a purposeful culture seek out the best long-term solution in any interaction. These business owners believe that every interaction is an opportunity to improve the world, not just the customer. Management encourages employees to develop creative solutions to opportunities. New-employee mentorship programs are common. Business owners prioritize their commitment to improving their local community.
Enjoyment
A business that possesses the welcoming atmosphere of the corporate culture is anything but corporate. Managers typically act as a sounding board for ideas and encourage individual employees to create solutions. Look for non-traditional work techniques – walking meetings, biophilia, and air hockey tables. Business owners that have a natural passion for their product or service, rather than simply make money, build enjoyable cultures.
Developing your company’s cultural identity and building it into your company’s mission statement is the first step when developing your business. Take the next step to align your business strategy to meet the goals of your culture and success will follow.
by Kenbry Capital | Dec 22, 2022 | Blog
When your business needs new equipment to complete projects, run the office, or increase its range of services, choosing between a loan and lease financing can be tough. Each has distinct advantages and best use cases, after all. So, if you have not racked up a lot of experience with small business asset acquisitions, which do you choose?
There are a few really good reasons why small businesses with limited capital resources should consider equipment leasing first. It can help you take your money further than loans usually can because of the unique ways that leases operate.
1. Leasing Equipment Can Lower Your Tax Burden
If your equipment is leased, you do not have to calculate depreciation over time or worry about your loan interest as a cost of business. Instead, all of the costs of your lease are just operational costs and you can count them entirely as such when calculating your taxable income. As a result, you can lower the tax burden faced by your small business if you lease instead of buying. Even in cases where your tax bill is roughly the same either way, the simplified accounting involved with leasing lowers your administrative work when filing.
2. Financing Companies Often Help with Maintenance Costs
One common perk of equipment leasing is the fact that the owner of the machine is often responsible for at least a portion of the repair and maintenance if something breaks down. The particular terms of your lease will vary a lot from one financing company to the next when it comes to this issue, but if you do not own the equipment, you rarely have to deal with all of the upkeep costs, and accepting those costs is a bargaining chip you may be able to use to lower the monthly lease amount.
3. Upgrading Is Easy
If you lease equipment, the financing company brings it to your business and takes it away at the end of the lease. If you choose to renew, this might be postponed, but you still do not have to deal with end-of-life issues like equipment disposal or resale. Instead, you can just choose to let it go without renewing, then lease the upgraded machine you really want to put in that space. In fact, many equipment leasing companies make it easy to upgrade on a schedule so you can count on the new machine showing up with the people who are there to take away the old one. That is very convenient for companies looking to keep up-to-date production machinery and office equipment.
Contact Kenbry Capital LLC today to explore comprehensive equipment financing options for your business.
by Kenbry Capital | Dec 15, 2022 | Blog
Leaders are not born, but rather they are made. Becoming a strong leader requires a combination of characteristics, qualities, practices, and learned skills, not to mention a commitment to growth, reflection, and development. If you want to become the great leader that you have always hoped you would be, here are five key elements that you will need along the way.
Prioritizing Accountability
What you do matters so much more than what you say. Great leadership requires an exemplary level of accountability. A lack of follow-through or a lack of credibility is a surefire way to brandish your trustworthiness, reputation, and credibility. Exemplary leaders commit to keeping their word and holding themselves accountable, regardless of the consequences.
Dressing the Part
While outward appearances should not impact the perception of leadership, it has a far greater influence than many people realize. Your physical presentation will impact how others perceive you and trust you. If you want others to take you seriously, you need to look the part. Your appearance must align with your role, company, and professional image.
Investing in Individuals
Great leaders learn how to support their employees as members of teams and as individuals. This is a key element that you need to incorporate on your journey to elite levels of leadership. Whether you invest in professional development, invest in your employees’ journeys and growth, or mentor staff, you need to support your team as individual people. This commitment to others speaks volumes about your values and character.
Showing Mutual Respect Internally and Externally
While many companies have mastered the art of customer service, this fair and respectful treatment does not always trickle into the organization and its employees. As a leader, you need to set the tone of establishing and prioritizing mutual respect and caring on all levels of the organization, both internally and externally. If you want to be seen as a great leader, you must push for a respectful culture and positive workplace, starting with you and your behavior.
Soliciting Feedback
When you exist at the top of the organizational chart, it can be difficult for others to offer you feedback; however, great leaders find ways to solicit feedback proactively and frequently. This means pushing for transparency and inviting feedback, especially when it is negative. It is not easy to establish this culture; however, it is vitally important to your organization and your personal and professional growth.
Truly great leaders rely on their actions and not empty words to speak for them. If you commit to your personal and professional development and incorporate these five essential elements, you’ll find yourself on the path to becoming a truly exceptional leader.
by Kenbry Capital | Dec 8, 2022 | Blog
Buying property can be a wise decision for a variety of reasons. When you own real estate, you increase your worth in a significant way. However, you must also be mindful of how you are going about the process. To be a successful entrepreneur in the world of property, you need to conduct your due diligence and gain perspective on the options before you. Take a look at this simplified guide centered around commercial real estate and discover how you can use your investment decisions to your advantage.
Commercial Versus Residential
First, it can be a good idea to learn about how CRE investments compare to residential opportunities. Many people pursue residential properties as a way of supplementing income by way of renting the space to a tenant. Unfortunately, this can be quite limiting. With commercial opportunities, you have the chance to rent multiple units at the same time. This effectively increases your capabilities and helps you see more than one point of income from a single piece of real estate.
A Breakdown of Commercial Options
Another key point to keep in mind when it comes to commercial opportunities is what kind of property you are buying. Unlike residential spaces, which can only be used for a single purpose, commercial real estate can be utilized in many different ways. The standard breakdown of designations for CRE includes multi-family homes, warehouses, office spaces, and retail storefronts. Each of these property categories boasts unique pros and cons. To truly take advantage of an investment, you should review the details of each property type and gain perspective on which offers the biggest return.
Understand Financing Solutions
Above all else, financing is likely going to be your biggest issue when it comes to commercial investment opportunities. With residential real estate, it is usually much easier to secure a loan. However, larger lending institutions like banks and credit unions have more restrictions when it comes to commercial properties. To see success, your best choice is to review alternative financing solutions in advance. From gap loans to financing services structured specifically for CRE investments, knowing the details of your options can make the search for substantial financing much easier to handle.
Purchasing a piece of property is a big decision. In order to feel confident that you are making the right choice, you need to understand how commercial real estate differs from other options. Learn about property types, financing, and industry trends to discover the perfect fit for your goals. Contact Kenbry Capital LLC today to explore our wide range of commercial real estate financing solutions.
by Kenbry Capital | Nov 30, 2022 | Blog
Growing your small business is far from an easy journey. In order for you to see success, you need to make sure you follow the right steps. Rushing into expansion can easily deplete your funds and force you into a worse position than you began. In almost all cases, a company’s budget dictates whether or not it is time for growth. This means that you will be able to establish a practical strategy if you look at your business financing solutions in advance. Consider these tips to learn more.
Traditional Solutions
When it comes to finding appropriate financing for your small business, you want to start by looking over the most common and dependable solutions. In most cases, this will involve visiting a larger lending institution like a bank or credit union. Though one of the easiest routes to consider, there are a few snags that come along with this solution. If you don’t meet the qualifications of the lender, such as demonstrating impeccable credit, you will likely not see an approval on the loan. This is where alternative options can come in handy.
Coveted Financing Services
If you do have a solid credit rating, then a good alternative to traditional loan options can be pursuing business financing through the SBA. The Small Business Administration approves lenders all over the country in order to offer sensible financing services to companies of smaller sizes. Not only are the rates and terms more appealing, but there is also a lot of flexibility when it comes to repayment options. Before assuming bank loans are the only choice available to you, review the requirements of financing released through SBA-approved lenders.
Alternative Options
Alternative financing solutions can take many forms. If you don’t have the credentials needed to acquire bank financing or SBA loans, there are still plenty of choices to examine. If your company does not have the capital for growth due to delayed payments from clients, for example, accounts receivable financing could prove to be a great solution. With a service like this, you can sell qualifying invoices to lenders for an advance on money you are owed. From factoring to equipment financing, there are endless alternative services aimed at helping your company succeed.
While growing your small business might require working capital, there are many ways to stimulate cash flow to see the results you’re after. Contact Kenbry Capital LLC today to explore the financing solutions available for your business.
by Kenbry Capital | Nov 17, 2022 | Blog
Entrepreneurship can often feel like an isolating experience. This is why it is even more important to spend time and energy networking. You can rely on your networks for advice, mentorship, community support and business connections, all of which can inform your path to success. If you want to expand your network to develop a vibrant community of like-minded professionals, here are six tips.
Keep Track of Those You Know
Building your network requires new connections; however, you also need to invest in those connections. Establishing new relationships can expand your network, but you also need to fortify the relationships you have if you want a robust and vibrant community.
Reach Out Through Social Media
With the dawn of the digital age, networking is easier than ever. Dive into social media and connect with others through messages, groups, or online events. You may be surprised at the strong relationships you can build through these platforms.
Make a Name for Yourself
Another great way to make connections as an entrepreneur is to make a name for yourself at speaking engagements, online publications, or events. Whether you prefer podcasts, panels, articles, or event planning, take the initiative to get your name out there.
Connect Through Existing Networks
There are a vast number of resources available to entrepreneurs. Whether you tap into online resources, in-person meetups, or professional organizations, there are an endless number of avenues through existing networks to connect with like-minded professionals. Don’t feel like you need to recreate the wheel to build up a formidable network.
Check out Local Resources
Although you can connect with professionals with similar pursuits from all over the world, don’t be afraid to engage with those a bit closer to home. Local resources, especially those offered by small business communities in your area can be immensely useful. Not only can these be valuable relationships and support networks, but they also are often attuned to the local politics, concerns, and trends in your community that may influence your business.
Mentor and Be Mentored
Mentorship is a valuable tool for any professional; however, it is even more important for entrepreneurs. You can learn so much from more seasoned business owners and implement their learned lessons to guide your decision-making processes. Although having a mentor can be valuable, mentoring others can also expand your network. You may be surprised by how valuable these relationships can be toward your future success.
Networking is one of the most important tools for any entrepreneur. Not only can it help you feel less lonely, but it can also influence and support your success. Build a vibrant network with these six must-try tips.
by Kenbry Capital | Nov 10, 2022 | Blog
It is not always easy to know how to help your business through financial setbacks. This can be especially true for small businesses. A tiny hiccup with the budget might not destroy an established brand, but it can spell out certain disasters for startups. Though it can seem overwhelming, there are a number of steps you can take in order to avoid disaster. One of the more effective solutions to consider is pursuing SBA loans. Use this guide to gain insight into the service and see how easy it is to get started.
What Is the SBA?
The Small Business Administration is an organization that exists to provide funds to startups and companies of a smaller size. However, this trusted establishment does not release the loans in a direct way. Instead, the SBA assesses and approves specific lenders to take on the task of finding eligible candidates. If you want to pursue financing opportunities through the SBA, you must first research lenders in your area that have received approval. Once you have done this, you can start looking at the specific requirements set forth.
How Do Lenders Determine Approval?
Loans through the Small Business Administration tend to appeal to business owners for several key reasons. Typically, the impressive terms and lower interest rates attached to SBA loans make them both enticing and quite difficult to attain. To ensure only the best candidates receive funding, lenders tend to put forth strict qualifications. On average, you will need to be able to showcase a solid business plan, an exceptional credit score, and data related to the size and scope of your company. By doing this, you’ll have an easier time seeing approval on your application.
What Are the Advantages of SBA Financing?
There are several key advantages that are attached to loans from the SBA. As mentioned, this financing option tends to come with much more appealing interest rates when compared to traditional loans. Additionally, you will have the advantage of pursuing a variety of flexible repayment options. The average loan from the SBA also tends to offer elongated timeframes for borrowers to make payments. It is also easier to qualify for a loan of this nature than it is to obtain financing through more traditional means.
Though running into a financial obstacle can be frustrating, there are many solutions worth exploring. Taking out a loan through the Small Business Administration can be one of the best decisions you make. Take a look at how to apply for SBA loans and discover the best financing solution for your future. Kenbry Capital LLC is a recognized provider of SBA loans, nationwide. Contact our offices today to explore our SBA offerings and get your application expedited so you can access funds quickly and efficiently.
by Kenbry Capital | Nov 3, 2022 | Blog
Financial troubles can come out of nowhere for business owners. No matter how long your company has been around, you may find that a slight setback with the budget can lead to massive repercussions. However, not all of your financial needs will come in the form of a problem. In many cases, you may require additional funds in order to tackle plans that you have arranged for the future. This is why you may find it helpful to look at options like business lines of credit instead of traditional loans.
Why Credit Lines Are a Great Fit
Understanding the benefits of a credit line begins with taking a look at how it differs from standard financing options. A loan, for example, is usually one of the more popular choices available to business owners. However, a loan is distributed as a lump sum. This means that you must use the funds right away, then begin paying back what you have borrowed almost immediately. A credit line, however, can be used whenever the borrower wants. Payments are only made when the balance has been touched.
The Advantages of Credit Lines
There are plenty of reasons why business owners opt for lines of credit. Since financial troubles can come out of nowhere, having access to a credit line can make a world of difference when an issue does appear. Instead of scrambling to find a solution after your budget has taken a hit, you can use your available credit to cover any pressing expenses that might have come about. Some business owners will even use credit lines as a way of funding future growth opportunities, making it easier to expand or invest in new solutions.
How To Best Approach the Solution
Taking out a credit line might have a number of advantages, but you must always remain mindful of the details in order to see the best results. Though you won’t be expected to pay the balance off immediately, you should still create a repayment schedule for yourself. Pay higher than the minimum required of you, too. Failing to do this can lead to a massive amount of interest. By paying the balance off consistently, you can continue to use the credit line for whatever purposes you might have.
Though there are plenty of financing solutions available to business owners, some tend to offer more benefits than others. Kenbry Capital LLC offers unsecured lines of credit to both established and new businesses. Contact our offices today to get the funding you need.
by Kenbry Capital | Oct 27, 2022 | Blog
Managing overhead costs can be challenging for large and small businesses alike. Whether you have a modest operating budget that you’re looking to grow or you’re already commanding a substantial amount of capital in your day-to-day operations, you still need to be judicious in the way that you build your budget. Here are some key budget management strategies that can help business owners make consistent progress toward their development goals.
Add Contingencies
Avoid taking a budgeting approach that sets parameters based on best-case scenario outcomes. It’s foreseeable that costs would be likely to increase as the availability of products or services and other economic conditions change over time. Leave some space in various line items so that you won’t be struggling to balance your budget when costs run higher than you expected.
Anticipate Seasonal Variations
Your costs and sales volume are both likely to change over the course of the year. Your budgeting needs will change month over month, so you need to be ready to apply an adaptive review of your overhead estimates.
When seasonal sales increases give you a spike in revenue, you may need to be putting money away in your coffers for the leaner months of the year. When you have peak sales volume, add a line item for reserve funding. Having rainy day funds and emergency cash reserves can make it possible to fill gaps while you’re gearing up for the greenest part of your sales cycle.
Bid Out Services Competitively
You should be getting reasonable rates for every contract that your business has with service providers. Your budgeting practices should include a close review of your current agreements. Three months prior to the expiration of an agreement, you should conduct a bid analysis to ensure that you are getting the best possible value for your service needs. Forcing providers to be competitive can help you lower one or more costly line items on your monthly budget.
Explore Sustainability Solutions to Generate Savings
Finding ways to operate your business more sustainably could make it possible to put a dent in your budget. Your business’ energy usage may make up a considerable percentage of your overhead costs. Energy efficiency strategies can lower your utility bills while also allowing you to scale back your activities’ environmental footprint.
Practical but forward-looking budget management can drive growth and equip you to weather unstable conditions. Be diligent in your planning, but also be adaptive so that you can respond to challenges effectively.
by Kenbry Capital | Oct 20, 2022 | Blog
A business can run into financial difficulties for a variety of reasons. Whether you are dealing with a period of slow sales or simply are not seeing the access to working capital that you need, you may find it useful to take a look at alternative financing solutions when you need assistance. Since there are countless paths you can wander when it comes to financing a business, focusing on a specific category of finance will make your search much easier. Asset-based lending solutions are a great example of services with a lot to offer.
What Is ABL?
Understanding how to borrow based on your assets is your first step toward success. Basically, this type of financing allows business owners the opportunity to secure necessary funds for their companies by putting forth collateral of a particular value. Examples of assets often used in such arrangements can include real estate, account receivables, and equipment. In order to see the best results from your efforts, it is important that you take time to find a solution that is geared toward the exact problem you are currently facing.
Invoices as Assets
As mentioned, account receivables can be used as an asset when you are securing specific asset-based lending options. When customers are not paying in a timely manner for goods and services you have provided, it can lead to major setbacks for your company. Instead of waiting around for the clients to make payments, you can sell the qualifying invoices to a lender. A portion of the value is given to you as an advance, then you receive the difference after you pay a fee and the lender is able to collect the full debt from your customer.
Understanding the Fine Print
Though alternative financing services can prove advantageous for many reasons, you need to think through the details before you make any assumptions. For example, you must consider the fees attached to the services. With invoice factoring, lenders often take a significant chunk of change from the value of the receivables as payment. If you do not factor this expense into the equation, you might be surprised to learn that you will not be seeing anywhere near the amount that you had initially anticipated. Be thorough when researching services and it can make a world of difference in your budget.
There are many angles to consider when it comes to asset-based lending arrangements. As long as you give yourself time to understand the services available to you and what is expected of borrowers, you will have no trouble discovering a fit that works for your company.
Kenbry Capital LLC offers ABL solutions to businesses across every industry. Contact our offices today to get the financing you need.
