When it comes to equipping your small business, the financial considerations can be a major concern. Acquiring essential equipment without putting a significant dent in your budget is a priority for most business owners. This is where equipment leasing steps in as a prudent financial solution, offering not only flexibility and convenience but also significant tax benefits that can positively impact your bottom line.
Whether in a mining, construction, or agricultural industry, small business owners can face some unique challenges when it comes to running a successful business. Utilizing effective strategic planning, on-going business management and a focus on growth is essential to business success.
Here are some tips to achieve success in your industry and grow your small business:
Cash flow management is a critical component of running a successful small business especially during economic turbulences and rising interest rates. According to Statistics Canada and a study by Canadian Survey on Business Conditions in 2022, small businesses continue to face significant cash flow issues and have lower liquidity and working capital than their bigger counterparts.
Following the pandemic, now more than ever, it is important to manage your cash flow for the sustained profitability and growth of your business. Here are a few strategies that you can position yourself for optimal cash positive gain and ensure your long-term success:
Online scams are becoming more complex but many of the common sense ways to protect yourself will still work. Find out what’s new and what you can do to stay out of harm’s way!
Construction is a competitive industry, so you need to find what sets you apart and make the most of it. Build strong customer relationships, be flexible enough to make the most of your opportunities, and be dedicated enough to do the tough stuff.
Offering good customer service is crucial. Without it, you won’t be able to get repeat customers. That means you’ll lose out on the regular income they could bring.
And there’s another good reason you need satisfied customers: their word-of-mouth advertising can win you new customers without you spending a cent.
Online scams can be costly and damaging to your business, so it pays to take some steps to protect yourself.
Avoid shopping on websites that just don’t seem right. Maybe the content isn’t well written, or the design is shoddy, or the links and buttons don’t work. Whatever it is, a bad website is a clue that the company doesn’t value it’s customers and might not be entirely above board.
While big construction businesses seem to dominate the market, small businesses can carve out a niche in their communities. In fact, if a small construction business can integrate with the local community, they will have no trouble getting contracts and growing their business.
Of course, it takes some skill and dedication – and a mindset to contribute to your community. If you follow these tips, your business might become a formidable competitor in your region.
More than ever before, businesses are moving online to buy and sell equipment.
Equipment sale aggregator websites offer a truly staggering inventory of new and pre-owned equipment—and that is great news for small business. But buying online is not always smooth sailing. Anyone who has tried it knows finding what you need can be a real challenge. Too often searches deliver a stack of irrelevant listings, poor condition equipment, overpriced assets—or no matches at all.
The good news is that searching for quality used equipment does not have to be a frustrating experience. In this article, we offer five tips designed to help you search smarter, cut the clutter and achieve a successful online equipment purchase.
Success comes from within. Studies on entrepreneurship have found remarkable similarities among those that thrive. So, what makes the difference between a mediocre entrepreneur and successful one?
“Change is the end result of all true learning.” – Leo Buscaglia, author and teacher
Forbes magazine lists avid reading as a leading characteristic of successful entrepreneurs. Why? Because they are aware of their own limitations. Like the old saying goes, “You don’t know what you don’t know”. Entrepreneurs that succeed do so because they put effort into personal growth and education. Greater understanding gives you a competitive advantage. Read journals, read books, listen to podcasts. Attend seminars and stay up to date with the latest industry trends. Consistent learning puts you in the right place at the right time—with the right idea.
Equipment leasing is a powerful business growth tool and is a lot more flexible than a traditional bank loan. Leases are easier to qualify for, offer more stress-free terms and can usually be obtained without a down payment.
Though the up-front costs to you may be minimal, they do represent a major investment for the lender. Your lender will be playing it safe, especially in this day and age, and looking for indicators that your business is a good credit risk.
Lease brokers have specific measures they look for in a lease application. Some of these are things you can optimize, like a strong business plan and a solid credit score. Some are factors out of your control, like the number of years you’ve been in business and your credit history.
Knowing beforehand what the lender wants to see is key to a successful application.
Phone:
1-877-846-6228
250-590-2763
Text:
416-457-6403
Email:
info@thomcatleasing.ca
