Equipment and Machinery Options for Your Business

 

When financing the purchase of equipment or machinery, you will typically take a term loan that matches the lifespan of the piece you’re buying.

Computer equipment, for example, has a relatively short lifespan so you would want to repay your loan over two, three or four years. On the other hand, a piece of manufacturing equipment will likely last longer, so you would want a longer-term loan.

You don’t want to be in a situation where you need to buy a new piece of equipment and still be paying for the old one. You would be making loan payments for equipment that’s not contributing anything to your cash flow and THAT is something you want to avoid.

Here again, the loan will be secured against the value of the equipment you are buying. A financial institution will lend you a percentage of the assessed value of the piece—remembering that its value depreciates over time.

Another popular option is to lease equipment. In a leasing arrangement, the vendor retains ownership of the equipment and you pay a monthly fee for its use. At the end of the lease, you will typically have the option to either return the equipment or purchase it.

Leasing can be particularly appealing for equipment that becomes outdated quickly because you can easily exchange your old equipment for an updated version under a new lease agreement.

If you are opening a new business or already own want and you need equipment financing to obtain, update or replace equipment and your bank said, no! the SBA takes too long we can help! Equipment financing has never been easier with BizBoom360 One Stop Solutions powered by DAC and Bank Breezy. ONE online application, multiple offers and no impact to your credit score to find out how much you can qualify for. 

I invite you to reach out if you have any questions. Email Info@BizBoom360.com Subject Line: Equipment Financing

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Benefits of Cause Related Marketing Campaigns

Cause-related marketing (CRM) is a mutually beneficial partnership between a for-profit company and a non-profit organization, designed to create a positive social or environmental impact while enhancing the company's reputation and bottom line. 

CRM campaigns typically involve the company making a donation or taking some other action to support the cause, while promoting the partnership through various marketing channels. In this blogpost, we will explore the benefits of Cause Related Marketing and why it has become such a popular marketing strategy for businesses of all sizes.

One of the most significant benefits of CRM is the positive impact it can have on a company's reputation and brand image. Consumers are increasingly concerned about social and environmental issues, and they expect companies to take responsibility for the impact they have on society. By aligning with a cause that resonates with their customers, companies can demonstrate their commitment to making a difference and improve their reputation in the process. A study by Cone Communications found that 87% of consumers would switch to a brand that supports a cause they care about, given similar price and quality. 

Another advantage of CRM is the potential to increase sales and customer loyalty. When customers know that their purchase will support a cause they care about, they are more likely to feel good about their decision and develop a stronger connection with the brand. According to a survey by Nielsen, 55% of global consumers are willing to pay more for products and services from companies that are committed to making a positive impact on society and the environment. Additionally, CRM campaigns can create buzz and generate media coverage, which can lead to increased exposure and sales. 

CRM can also have a positive impact on the non-profit organization involved in the partnership. By partnering with a for-profit company, non-profits can access new sources of funding and resources, which can help them achieve their mission. Additionally, the exposure generated by the partnership can help raise awareness about the nonprofit organizations mission and attract new supporters. In some cases, the partnership can even lead to long-term collaborations between the company and the non-profit organization. 

Finally, CRM can have a positive impact on society and the environment. By supporting a cause, companies can help address social and environmental issues, such as poverty, hunger, climate change, healthcare and education. These issues are often complex and require the involvement of multiple stakeholders, including the private sector. By partnering with non-profits, companies can leverage their resources and expertise to make a meaningful difference in their communities.

As you can see cause-related marketing offers numerous benefits to both for-profit companies and non-profit organizations. By aligning with a cause, companies can improve their reputation, increase sales, and make a positive impact on society and the environment. Non-profit organizations, in turn, can access new sources of funding and resources, raise awareness about their cause, and achieve their mission. As consumers become increasingly concerned about social and environmental issues, cause-related marketing is likely to become an even more popular and effective marketing strategy in the future.

If your company or nonprofit is ready to explore cause related marketing campaigns and mutually beneficial partnerships we can help. Book a FREE 30 Minute Discovery call 

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5 Strategic Reasons For A Marketing Budget

        A marketing budget is a crucial component of any business's financial planning. It is an essential tool that enables business owners to effectively and efficiently allocate resources to marketing activities, ensuring that they achieve the best possible return on their exposure investment. In this blog post, we will discuss the importance of a marketing budget and how it can impact your business success.

1. A marketing budget allows business owners to identify their priorities and set clear objectives for their marketing campaigns. By allocating a specific dollar amount for marketing activities, business owners can make informed decisions about the marketing channels they wish to focus on and determine the appropriate amount of resources to allocate to each channel. This helps businesses owners stay focused on their marketing objectives and goals.

2. A marketing budget helps businesses owners manage their finances more effectively. It enables business administrators and managers to strategically plan their marketing expenses every quarter, ensuring that they don't overspend or run out of money midway through a marketing campaign. This is particularly important for small business owners that may have limited financial resources.

3. A marketing budget enables business owners to measure their marketing efforts and evaluate their success. By tracking their marketing expenses and monitoring their results, business owners and administrators can determine which marketing channels are most effective for their business and adjust their budget accordingly. This helps businesses optimize their marketing campaigns and ensure that they are getting the best possible return on their investment.

4. A marketing budget can help businesses stay competitive and stand out from their competitors. By investing in marketing activities that are relevant and impactful to their target audience, businesses can build brand awareness, attract new customers, and retain existing ones. This can help businesses to stay ahead of their competitors and maintain a strong market position.

Finally, a marketing budget can help businesses to identify areas for improvement and make necessary adjustments. By monitoring their marketing activities and measuring their success, business owners can identify areas that need improvement and make necessary changes. This can help businesses to continuously improve their marketing efforts and stay ahead of changing market trends and consumer behaviors.

So as you can see a marketing budget is a crucial component of any business's financial planning. It enables businesses to identify their priorities, manage their finances more effectively, measure their marketing efforts, stay competitive, and identify areas for improvement. As such, businesses that prioritize their marketing budget are more likely to succeed in today's competitive marketplace.

Do you have a marketing budget? Do you need help figuring out how to best invest your marketing dollars? We can help! email info@bizboom360.com Subject line: Marketing Budget 

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Event Sponsorships as a Marketing Tool

Event sponsorship is a marketing technique where a company provides financial or material support for an event in exchange for exposure to the event's audience. In recent years, event sponsorships have become increasingly popular as a way for companies to gain brand recognition and build relationships with their target audience.

This blog post will discuss the benefits of event sponsorships for companies, the types of events that are often sponsored, and the keys to successful event sponsorships.

The benefits of event sponsorships are numerous. One of the primary advantages is that they provide a way for companies to increase brand awareness. By sponsoring an event, a company can get its name in front of a large audience that is interested in the same industry or topic. This exposure can lead to increased sales and brand recognition over time.

Event sponsorships can also be used to build relationships with potential customers, partners, and investors. By providing financial or material support for an event, companies can show their commitment to the industry or cause and build goodwill with attendees.

There are many types of events that are often sponsored, including sports events, festivals, trade shows, conferences, and charity events. Sports events are popular for sponsorships because they often have a large and engaged audience. Festivals are also popular because they typically draw a diverse crowd of people who are interested in music, art, or food.

Trade shows and conferences are often sponsored by companies in the industry because they offer an opportunity to showcase products and services to a targeted audience. Charity event sponsorship are a great  way for companies to show their support for a cause and build goodwill with attendees.

Successful event sponsorships require careful planning and execution. The first step is to identify the right event to sponsor. This requires research into the audience demographics, size of the event, and the type of exposure that will be provided.

Once an event has been selected, the company should negotiate a sponsorship package that meets its needs and budget. This package should include branding opportunities, such as signage, logos, and product placement, as well as opportunities to interact with attendees, such as speaking engagements or product demonstrations.

Another key to successful event sponsorships is activation. This refers to the activities that the company does to engage with attendees and make the most of its sponsorship.

“ Activation ” can include promotional giveaways, interactive displays, and social media campaigns. These activities should be designed to create a memorable experience for attendees and reinforce the company's branding message.

BizBoom360 One Stop Solutions recognizes that event sponsorships can be a powerful marketing tool for companies looking to increase brand awareness and build relationships with their target audience. By sponsoring the right event and executing a well-planned activation strategy, businesses of all sizes can maximize the benefits of their sponsorship and achieve their marketing goals.

If your business needs help finding the correct sponsorship opportunity to reach their target audience or developing a cause related marketing campaign we can help. 

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The Power of Social Sales

Social selling is a relatively new approach to sales that leverages the power of social media to connect with customers, build relationships, and ultimately, drive revenue growth. Rather than relying on traditional sales techniques, such as cold calling or door-to-door sales, social selling involves using social media platforms like LinkedIn, Twitter, and Facebook to engage with customers and prospects.

At its core, social selling is about building relationships with customers by providing them with valuable content and insights, rather than simply pitching products or services. By doing so, social sellers can establish themselves as trusted advisors, making it more likely that customers will turn to them when they are ready to make a purchase.

One of the key advantages of social selling is that it allows business owners, consultants and salespeople to connect with clients and customers on their own terms. Instead of interrupting potential customers with unsolicited sales pitches, social sellers can engage with them on social media platforms where they are already spending time. This makes it easier to start conversations, build relationships, and ultimately, close deals.

In addition, social selling allows business owners to tap into the power of social proof. Social proof refers to the idea that people are more likely to trust and buy from companies that are recommended by their peers. By building a strong presence on social media and leveraging the endorsements and recommendations of existing customers, social sellers can create a powerful sense of social proof that can help drive sales.

Another key advantage of social selling is that it allows salespeople to access a wealth of data and insights about their customers and prospects. Social media platforms provide a treasure trove of information about people's interests, preferences, and behaviors, which can help salespeople tailor their sales pitches and messages to better resonate with their target audience. By leveraging this data, "social sellers" can create more effective sales strategies and drive better results.

However, it's important to note that social selling isn't just about using social media to sell products or services. Rather, it's about building long-term relationships with customers by providing them with valuable content and insights. This means that  business owners as "social sellers" need to be committed to providing value to their customers, even when there's no immediate sale on the horizon.

Overall, social selling is an increasingly important approach to sales in today's digital age. By leveraging the power of social media to connect with customers, build relationships, and provide value, business owners can create a more effective and efficient sales process that can drive revenue growth over the long term. Whether you're a salesperson looking to boost your results, or a business owner looking to improve your overall sales strategy, social selling is a powerful tool that should not be overlooked.

If you do not have a social media marketing and advertising strategy to drive sales it's time to start thinking about it. If your existing strategy isn't working we can help you review, modify and implement and individualized action plan for your business. We offer a free 30 Minute Discovery Call 

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7 Key Strategic Planning Steps for Business Owners

Strategic planning is critical for small businesses to succeed and grow in a competitive marketplace. It involves defining the company's goals, objectives, and strategies, as well as the actions required to achieve them. A well-crafted strategic plan helps a business owners identify a business strengths, weaknesses, opportunities, as well as possible threats, AND prepares business owners and administrators to respond effectively to changing market conditions.

Here are 7 Key Strategic Planning Steps for Business Owners:

1. Define your mission and vision: 

Every small business should have a clear mission and vision statement that outlines its purpose and goals. The mission statement describes what the business does and why it exists, while the vision statement defines what the business wants to achieve in the long run.

2. Conduct a SWOT analysis: 

SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. Conducting a SWOT analysis helps small businesses understand their internal and external environment, which is critical for developing a successful business strategy.

3. Set SMART goals: 

Goals should be Specific, Measurable, Attainable, Relevant, and Time-bound. SMART goals help small businesses stay focused and track progress towards achieving their objectives.

4. Identify Key Performance Indicators (KPIs): 

KPIs are measurable metrics that help small businesses track their progress towards achieving their goals. For example, a small business might set a KPI for customer acquisition cost or website traffic.

5. Develop Strategies Based on the SWOT analysis:

Set goals, and KPIs, small businesses should develop strategies to achieve their objectives. Strategies may include marketing, product development, cost-cutting, or expanding into new markets.

6. Allocate Resources: 

Once the strategies are defined, small businesses need to allocate resources, including human resources, financial resources, and technology resources, to execute the plan effectively.

7. Monitor and evaluate progress: 

Small businesses should regularly monitor their progress towards achieving their goals and adjust their strategies as needed. Evaluating the effectiveness of the plan helps businesses stay on track and adjust course when necessary.

As you can see strategic planning is essential for small businesses to succeed in today's competitive marketplace. By clearly defining your business vision, mission and goals conducting a SWOT analysis, setting SMART goals and KPIs, developing strategies, allocating resources, and monitoring progress, a small business can position itself for long-term success.

If you need assistance with a developing a strategic plan, revising and modifying your existing plans we can help! Schedule a Free 30 Discovery Call today.

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5 Local Business Leads Generation Ideas

Finding local business leads can be a challenging task, especially if you are just starting out or have limited resources. However, with the right strategy and tools, you can identify potential customers in your local area and convert them into loyal clients. Here are some effective ways to find local business leads: 

1.   Use Online Directories: Online directories such as Google My Business, Yelp, and Yellow Pages are excellent resources for finding local business leads. You can search for businesses in your area and use filters to narrow down the results. Once you have identified potential leads, you can reach out to them via email or phone to introduce yourself and offer your services. 

2.   Attend Networking Events: Attending local networking events can be an effective way to meet other business owners and potential clients. Be sure to bring plenty of business cards and prepare a brief elevator pitch about your services. Engage in conversations with other attendees and exchange contact information with those who express interest in your business. 

3.   Offer Referral Incentives: Word-of-mouth referrals can be a powerful tool for generating new leads. Offer referral incentives to your existing clients to encourage them to refer their friends and family to your business. This can be in the form of a discount or a free service. 

4.   Use Social Media: Social media platforms such as Facebook, LinkedIn, and Twitter can be valuable resources for finding local business leads. Join local groups and engage with other members by commenting on their posts and sharing valuable information. You can also use targeted ads to reach potential clients in your area. 

5.  Partner with Other Local Businesses: Partnering with other local businesses can help you tap into their existing customer base and generate new leads. Identify complementary businesses that share your target audience and explore ways to collaborate on marketing campaigns or promotions. 

Stay focused and give yourself time. Finding your ideal customer within local business leads requires a combination of online and offline strategies. By leveraging the power of online directories, networking events, referral incentives, social media, and partnerships with other local businesses you will expand your reach and organically connect with potential clients in your area over time. Remember to track your results and adjust your approach as needed to ensure continued success.

If you are struggling with business leads for your business we can help guide you in the process of implementing the above reference strategies.

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NJ Business Capital Needs

New Jersey,  known as “The Garden State” has a thriving business environment, with a diverse range of industries that drive it’s local economy. However, one of the most pressing challenges for businesses in New Jersey is accessing the capital they need to start, grow, or sustain their operations.

For many businesses, obtaining funding is critical to their success. Whether it's to purchase new equipment, expand their facilities, or hire new employees, having access to capital is essential for business growth. Unfortunately, many businesses in New Jersey struggle to secure the funding they need, which can hinder their growth and development.

One reason businesses in New Jersey face challenges when it comes to capital is due to the high cost of living and doing business in the state. As a result, many lenders and investors may view New Jersey as a high-risk location for investment, which can make it more difficult for businesses to secure funding.

To address this challenge, businesses in New Jersey may need to explore alternative funding sources. For example, they may consider seeking funding from non-traditional lenders, such as online lenders or crowdfunding platforms. These types of lenders may offer more flexible terms and/or lower interest rates, which can make it easier for businesses to secure the capital they need.

Another option for businesses in New Jersey is to explore government-backed funding programs. The state of New Jersey offers a variety of loan programs and grants designed to help businesses in the state access the capital they need. These programs do have strict requirements to qualify and take longer to obtain but could offers favorable terms and lower interest rates, making them an attractive option for businesses that are struggling to secure funding through traditional channels and have the time to wait out the lengthy application process.

In addition to exploring alternative funding sources, businesses in New Jersey can also take steps to improve their chances of securing funding. For example, they can work to improve their credit score, present a solid business plan, and demonstrate a clear plan for how they will use the funding they receive. By presenting a strong case for why they need funding to their local bank or credit union and how they plan to use it, businesses can increase their chances of securing the capital they need.

In conclusion, access to capital is a critical issue for businesses in New Jersey. With high costs and a competitive market, securing funding can be challenging. However, by exploring alternative funding sources, exploring government-backed programs, and taking steps to improve their chances of securing funding, businesses in New Jersey can increase their chances of success and continue to grow and thrive.

If you need unrestricted funds to grow your business, we offer our clients the opportunity to access REVENUE BASED or ASSET BACKED BUSINESS FUNDING in as little as 24 hours in many cases. With a fast and simple online application you can review the best offer available to you from multiple lenders with no hard credit inquiry! For more information email info@bizboom360.com You’ll be glad you did!

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Best Morning Routine for a Productive Day

 A well-planned morning routine can help set the tone for a productive day. Here are some tips for creating a morning routine that can help you maximize your productivity:

Wake up early: Try waking up at the same time every day, ideally early enough to allow time for exercise, meditation, or other activities that promote productivity.

Drink water: Drink a glass of water as soon as you wake up to rehydrate your body and kick-start your metabolism.

Exercise: Start your day with some light exercise, such as stretching, yoga, or a quick walk. This can help boost your energy levels and increase your focus.

Plan your day: Spend a few minutes each morning reviewing your schedule and tasks for the day ahead. This can help you prioritize your tasks and stay focused throughout the day.

Eat a healthy breakfast: Fuel your body with a healthy breakfast that includes protein, whole grains, and fruits or vegetables.

Meditate: Practicing mindfulness or meditation can help calm your mind and reduce stress, which can lead to greater productivity.

Avoid distractions: Limit your exposure to distractions such as social media, email, or news until you've completed your most important tasks of the day.

Remember, the most important part of any morning routine is consistency. Once you've established a routine that works for you, stick with it to reap the benefits of a productive day. What’s your morning routine?

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New Jersey Non-Compete vs. Confidentiality Agreements

I am often asked to sign noncompete agreements by some business owners when we sit down for a business development consultation and I think that oftentimes a CONFIDENTIALITY AGREEMENT is a better instrument to protect my potential client business idea but today I want to clarify the differences between a non-compete and a confidentiality agreement and what a noncompete agreement can and cannot protect you from in New Jersey.

In New Jersey, noncompete agreements are governed by state law and are subject to certain restrictions and limitations. 

Under New Jersey law, noncompete agreements must be reasonable in terms of their geographic scope, duration, and the nature of the restrictions placed on the employee. Specifically, the agreement must be no broader than necessary to protect the employer's legitimate business interests, and must not be harmful to the public or unduly burdensome on the employee's ability to earn a living.

New Jersey courts have generally held that noncompete agreements are enforceable only if they are narrowly tailored to protect the employer's trade secrets, confidential information, customer relationships, or other legitimate business interests. Noncompete agreements that are too broad in scope, too long in duration, or too restrictive in nature are likely to be deemed unenforceable by the courts. 

It's also worth noting that as of January 2020, New Jersey law prohibits employers from using noncompete agreements with certain categories of employees, including low-wage workers and independent contractors. 

Overall, if you're an employer in New Jersey considering using a noncompete agreement, it's important to consult with a qualified attorney who can help ensure that your agreement complies with state law and is tailored to your specific business needs. Similarly, if you're an employee who has been presented with a noncompete agreement, it's a good idea to seek legal advice to understand your rights and options.

Now, a confidentiality agreement, also known as a non-disclosure agreement (NDA), is a legal document that creates a confidential relationship between parties, where one or more parties agree not to disclose certain information that they have learned during the course of their business relationship.

In New Jersey, a confidentiality agreement must meet certain requirements in order to be enforceable. 

Some requirements for a NJ Confidentiality Agreement include:

1) Identification of the parties: The agreement should clearly identify the parties involved in the agreement.

2) Definition of confidential information: The agreement should define what information is considered confidential and should include a detailed description of the types of information that will be protected.

4) Duration of the agreement: The agreement should specify the duration of the confidentiality obligation. This can be for a set period of time, or it can be indefinite.

5) Exclusions: The agreement should include exclusions for information that is already known to the recipient, information that is already in the public domain, and information that is required to be disclosed by law.

6) Remedies for breach: The agreement should specify what remedies are available in the event of a breach of the confidentiality obligation, including injunctive relief and monetary damages.

It is important to consult with a qualified attorney when drafting or reviewing a confidentiality agreement to ensure that it meets all of the necessary legal requirements and provides the necessary protections for your business.

I am not an attorney and I cannot advise you on what is the best option for your business but I strongly recommend you think about it and set aside a budget to consult an attorney. 

 

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