Merchant Cash Advance Steps in During Recession to Save Small Businesses

The global credit crisis has seen banks struggling with cash deficit, barely managing to stay afloat. Small businesses have obviously been badly hit with the drastic drop in consumer disposable income. With no money coming in from consumers, and banks not approving loans, small businesses have been shutting down or on the verge of it.

The Merchant Cash Advance (MCA) industry has saved many small businesses from closing down during the economic downturn. MCA providers focus on the future performance of the business rather than its current financial situation. If the business has an acceptable credit history and shows good credit card sales, business owners can get a merchant advance within 2 weeks to support their business.

The survival of small businesses is integral to the economy

Small businesses contribute to the U.S. economy in a big way. According to the 2004 census, there were at least 25 million small businesses in the United States, with 600,000 new businesses adding to the count every year. These businesses account for at least 50% of the employments in the private sector.

Closure of small businesses leads to the loss of wealth and employment in the economy. Lack of funds is forces small businesses to lay off employees or shutdown service. It is vital that small businesses have the necessary funds to survive this lean time and continue to generate revenue and employment.

With this end in mind, the U.S. government in 2008 and 2009 facilitating funding of banks to prop them up and encourage business loans. However, getting loans from banks is still very tough, even with good credit scores. The approval process is stringent and time-consuming. A failing business cannot afford the time lost in waiting for a loan when it needs funds urgently.

MCA providers have an efficient system that allows businesses to get the business advance fairly quickly. The funds can be utilized immediately to keep the business going while it adapts to the new economic environment. MCA providers have played a key role in keeping many businesses on their feet.

MCA industry – a successful player in the new lending market

The new lending market is seeing the rise of the MCA industry. Traditional bank loans are still an option for business financing but need to rethink their loaning strategy to be useful to struggling businesses. The MCA falls more costly than a bank loan, but it places trust in the business’ capability to perform. The MCA provider gets a percentage of the credit card sales and is with the business in good times and slow times. As MCA does not require posting of collateral, the business owner is saved the worry of losing personal assets.

The MCA industry is regulating itself to shakeout disreputable providers looking to rip-off desperate small business owners. Top MCA providers are setting a benchmark for other providers to ensure the MCA industry stays in business.

Small business funding is a lucrative industry. With the change in the lending market, more players can be expected to enter the arena to fulfill this need. Small business owners will have the option to choose from various financing sources. In today’s unpredictable environment, the MCA industry stands out for its convenient, fast and flexible financing options.

Small Business Lead Generation Made Easy Online

With people giving Yellow Pages and directory inquiries a miss and going straight to the internet to search for local businesses, it is essential for small businesses to both have an online presence and a small business lead generation system in place. There are two roads to go down to get more business prospects – SEO (search engine optimization) and PPC (Pay Per Click).

SEO is more of a long term goal, as it can take months to get high up on the search engines for the keywords people are typing in to find your type of small business. Of course, if you do know some tricks of the trade you can get more exposure faster and your small business marketing will pay off a lot quicker than that. The major search engines do cater for the local small business.

Google offers a free local listing, which all small businesses should take advantage of. Google ‘Google Local Business Center’ and you will find where to sign up. You will need a free Google account to set up this listing, and then you can enter in your business details and your business classification. Google will then mail you a postcard with a confirmation pin number on, which you will need to enter to activate the local listing. Once you are live, people performing searches in your local area for your type of business are likely to see your business listing and a map at the top of the Google search page. It’s a great start to online lead generation, as people find your business quickly and easily.

Yahoo offers a similar service. Do a search for ‘Yahoo Local Listing’ and take a look at what they have to offer. They do have a free basic listing, but the monthly paid “enhanced listing” option is worth considering, as you can enter in a detailed business description, more photos and offer online coupons to encourage your visitors to pick you over your competitors. These online coupons are great for both B2B and B2C lead generation.

Having these listings in place give you a good head start in getting your website found when people search online for your business type. They are just a small fraction of the many ways that SEO can get your website noticed by your business prospects. Other ways include finding sites with high PR (page ranking) and getting backlinks from them, as well as entering your business details on online directories. Your customers need to be able to find you for small business lead generation to be successful.

Now, if you are looking for a quick and worthwhile use of your business resources to generate leads, then the way forward is to use PPC. Unlike using SEO, you can often see results and traffic on your first day using this method of B2C and B2B lead generation. Google AdWords is the most popular and most effective PPC program used.

As small business marketing using PPC is fairly new and local keywords still relatively cheap, it is an ideal method for small business lead generation. You sign up for an AdWords account, enter the local keywords that you would like to bid on, and depending on the competition and how much you bid, you are on the first page of Google straight away and people can find you. You only get charged when people click on your ad, and you can track and test what keywords are most effective.

In conclusion, you can see that SEO is important in the long term for getting your site ranked high in the organic listings, but in the meantime, while you are achieving those high rankings you should use PPC for your small business lead generation.

Lead Generation For Small Businesses In Slow Times

Lead generation is a key activity for virtually every business, no matter the size. And in times such as these, when the economy is on a downturn, it is even more important that companies apply time and attention to new business lead generation.

Here are some tips which small businesses could find useful in driving those revenues up:

1. Get creative and effective in generating more from your existing customer base. I know this has nothing to do with new business lead generation, but it is far easier to accomplish and quicker to earn payback. Current customers will be far more inclined to buy from you than brand new, un-developed contacts. You could ring up customers who’ve stopped doing business with you.

Based on their past buying profile, you could create a special offer package for them. You could invite them in for a special event. You don’t have one planned? Plan one. Reward them with a bundle of specially priced items, perhaps available only to selected customers to celebrate your xyz anniversary. (Replace the xyz with something appropriate like, years in business, since opening of new store, birth of first child, launch of major product etc.)

Think about how you can approach those old friends, and you could earn instant additional income for your business.

2. Make it a habit to ask your latest customer if they know of anyone else who would benefit from the product or service that you offer. Most business or geographic markets are small worlds’ unto themselves. Now some of your customers won’t want to give you any names, particularly if your product or service has provided them with a competitive advantage. But you will be surprised how many customers will be happy to furnish you with names of their contacts who could be in the market for what you offer. While we’re talking about this technique, don’t forget to apply it to point 1 too.

3. Review you. What do I mean by that? Well, you could start by refining your positioning. Take a close look at your company, your product, your competition and your customers. Identify and define your ideal potential customer. What problems are they experiencing which you have the means to help them solve? Why should they go for your solution instead of your competitors’. Now, communicate this competitive value message to your prospects.

4. Manufacture yourself some media coverage. How do you do this? It’s all in the story. Create a Press Release and have a story with human interest at the centre. At least some of the media will be interested in covering it, giving you free publicity along the way leading, we hope, to new business. So where’s the human interest if you sell product x, or service y?

Well, do you have anyone in your business who is well known and successful in another field, like sport or the arts? Has anyone in your business won any awards? Has your business, product or service won any awards? Have you received some great testimonials from existing customers following the special event you organised for them during point 1. If they haven’t given you their testimonial, it’s probably because you forgot to ask for them. Right?

Survival could soon be the name of the game for many small businesses. Lead generation is essential, and can be tackled in many ways. In today’s economic climate, it’s down to you to be as creative as you can.