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Instant Response Time

INSTANT RESPONSE TIME

Growth in technology has lead to the need for instant gratification. With everything available at the click of a button our patience is dwindling. As a result of this emails can be hard to manage as people often expect an instant response.

The development in technology has been astounding, just 20 years ago iPhones didn’t exist and Spotify was just an idea. Air BnB and Uber were not even considered as possible. Technology has made our lives easier, but also for businesses it has made expectations higher. This is especially true for responding to emails. Here are our top tips for email management:

Instant responses

Instant responses are an unrealistic expectation. You are not a robot. Setting those expectations can be difficult, after all you want to keep your clients happy. Work emails on your phone can then stretch this expectation to be 24/7 rather than just in work time. Think of the effects this may have on yourself and your team. Put yourself first, emails can wait until the morning.

Allocate Time

Allocate time for your emails. At 1 Accounts we get a huge volume of emails with Paul and Jade opening their inbox in the morning to occasionally near 100 emails. These can be overwhelming at times especially when you have planned your day to complete other work. That is why we now allocate specific time to deal with them. We have an hour in the morning, 30mins after lunch and then an hour at the end of the day. Emails then get shut down for the time in-between allowing the team to focus.

Focus

Email notifications can be a huge distraction. To allow for ‘deep work’ these distractions need to be turned off. This means, turning off the push notifications on you phone and computer. This will allow you to focus on the job in hand, probably resulting in a better job and quicker result. You have allocated time for your emails so you won’t miss anything important and your clients will still be happy.

Sort

Sorting your emails is important. We use Karbon as our workflow system, that really helps us with our email management. To sort we scan through the inbox to see if there is any ‘junk’ that can be deleted straight away. This will clear more than you think and make the inbox less overwhelming. We then go through and answer any emails that we know will only take 1-5mins or that you can delegate. If there is an email regarding work that you know a team member is working on, pass it on, you don’t need to deal with it. Anything that will take longer than 1-5mins that you have to deal with gets scheduled into ‘deep work’ as it will require time and focus. Using this method will give your emails structure and efficiency.

So after reading this blog, turn off your push notifications, allocate time for your emails and allow time for ‘deep work’ and focus this should result in a happier team and a happier you.

1 Accounts Piggy Bank on books

The Ultimate Guide to the Different Types of Business Financing

The Ultimate Guide to the Different Types of Business Financing

Small business loans are being approved at an unusually high rate, making this the perfect time to increase your company’s cash flow via business financing. There are different kinds of business loans available, and it’s important to know the differences between them in order to make a fully informed decision.

This article will cover some of the most common types of small business loans, such as term loans, and help you understand the benefits and disadvantages of each. From there, you’ll be able to find the perfect financing option for your company’s short and long-term goals.

1 Accounts finance laptop piggy bank

Business Term Loans

Business term loans are one of the most common varieties, giving borrowers a fixed sum of money to be paid back over a given term. You’ll need to meet certain requirements to receive a business loan depending on your location and lender.

Business term loans don’t require any collateral, and they can be used for any business-related purpose. Your interest rate will be based on a variety of factors related to your company, including financial health, monthly or yearly revenue, and your business credit score.

Small Business Administration Loans

SBA loans are backed in part by the government, allowing lenders to charge lower interest rates and have assurance that they’ll receive payment. Depending on the size of your loan, the maximum interest rate for an SBA loan ranges from 7.75% to 10.25%.

Like business term loans, Small Business Administration loans work for essentially any business purpose. it’s important to note that you’ll need a strong credit history to qualify for and receive an SBA loan.

Business Line of Credit

Unlike a conventional loan, a business line of credit works more like a personal credit card. You’ll be able to use your new line of credit at any time up to your credit limit, and you can continue to withdraw again once you’re caught up with your existing payments.

It’s generally easier to qualify for a business line of credit than for a more traditional form of business financing, but there are some other factors to consider. Missed payments carry a heavy penalty, for example, and lenders may ask for collateral.

Invoice Factoring

Invoice factoring is a quick way to free up cash flow for your business, and it’s especially effective for companies dealing with late payments. It involves selling off unpaid invoices to a factoring company who then takes on the responsibility for collecting the cash.

Depending on the terms you arrange for your own invoice factoring, you may receive an advance of anywhere from 60 to 100 percent of the total value. It’s important to note that unlike the other items on this list, the amount you can gain from invoice factoring is limited by your current pending invoices.

Equipment Financing

You can use any kind of business loan to finance more equipment, but equipment financing makes this process much cheaper by using the equipment itself as the loan’s collateral. You’ll get a significantly lower interest rate with equipment financing, even if your business has a poor credit score.

In general, you can use equipment financing to take out a loan of any amount up to the cost of the equipment you’re receiving. This equipment is yours to use as soon as you sign onto the loan, making it an immediate solution for companies with growing equipment needs.

The main downside of equipment financing is its attachment to the equipment itself. If you use this method to acquire a piece of equipment which becomes obsolete quickly, you’ll still be on the hook for the loan without a way to get that money back. Only use equipment financing if you’re confident in the equipment’s viability and longevity.

Merchant Cash Advance

Merchant cash advances are another great option for companies who don’t have the credit score necessary to receive other kinds of financing. A merchant cash advance gives you cash up front which is repaid as a percentage of what you spend on your credit card.

This method of repayment gives merchant cash advances a flexible time period for repayment, so you won’t have to worry about making payments on time each month. That said, interest rates are typically higher than those available with other kinds of financing.

Depending on the specific lender, you should be able to find merchant cash advance opportunities with borrowing limits as high as $250,000. Expect to pay the loan off in roughly six to eighteen months.

Business financing is a crucial aspect of achieving short-term growth and long-term stability for any small business, and there are several options available to immediately increase your cash flow. With more than a few choices, this is a great place to start if you’re looking for a way to help your company expand.