Ty Kiisel
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Articles by Ty Kiisel
Low Self-Esteem: How It Impacts Students & the Role of Educators in It
Student and teacher, working on a lesson, Starbucks window, Fremont, Seattle, Washington, USA. Photo: Unsplash. Teachers are some of the most influential figures in a person's life. From the time they're in kindergarten all the way through college, educators' attitudes and actions toward their students have a significant impact on a learners’ self-esteem. Those students with healthy views of themselves have a natural ability to buffer rejection and criticism.
7 Productivity Techniques for Students
“If only I had a few more hours every day, things would have been different.” We all feel that way sometimes. But, for students, the bitter truth is you have only 24 hours, and you have to manage everything, including studies, exams, assignments, and extracurriculars. Besides, your health and social life are also important. It’s no surprise that you might struggle to accomplish your daily tasks and need to look for professional hacks to get things done.
The Future of Working from Home Is Looking Uncertain: Here's Why
Back in early 2020, work-from-home policies might have largely been mandated on a ‘make-do’ basis to limit the COVID-19 pandemic’s impact. However, more than two years later, the work-from-home (WFH) life appears to have taken on… well, a life of its own. In the UK alone, roughly a third of the working population is continuing to work from home.
The Top 5 Best Credit Cards for Online Entrepreneurs
You’ve heard the adage, “you’ve got to spend money to make money,” right? But what happens when you don’t yet have the cash on hand and need to make purchases to move your online business forward? One solution to your problem—business credit cards! Credit cards allow you to buy what you need to keep your business going, from inventory to equipment, manage your cash flow, and they have plenty of perks on top of that.
The Top 5 Best Credit Cards for Online Entrepreneurs
You’ve heard the adage, “you’ve got to spend money to make money,” right? But what happens when you don’t yet have the cash on hand and need to make purchases to move your online business forward? One solution to your problem—business credit cards! Credit cards allow you to buy what you need to keep your business going, from inventory to equipment, manage your cash flow, and they have plenty of perks on top of that.
How Payday Loans Can Harm Your Business and Ways To Avoid Them
Payday loans can easily get you caught in a debt trap. If you’re launching a startup and are strapped for cash, payday loans could be bad for your business. Taking out payday loans has become increasingly popular. If a borrower takes out a loan for a short period, he or she is committed to paying off the loan by the next payday. That’s called a payday loan. They typically consist of small amounts, say $100 or $1000, that will be enough to cover any sudden expenses.
Is Your Business Scalable? Why the Answer Matters to Potential Investors
Financing a small business initiative by offering investors a percentage of ownership equity in your business is called equity financing. When angel investors or an equity firm invest in a company, they don’t do it for a loan payment. They do it for a percentage of ownership, or equity. And, instead of periodic payments, the investor is anticipating what’s sometimes called a liquidity event — either a public offering or an acquisition — to earn profits from their investment.
Construction Insurance
Although there is no actual insurance product called “construction insurance” there are a number of insurance policies designed to offer protection during construction projects. Depending on the nature of the project—whether or not you are the general contractor, the property owner, or a subcontractor will influence the type of insurance you purchase. What types of insurance do construction companies need?
Nav Jan 2021 $5000 Grant Winner
This isn’t the first time this Stamford, Texas small business has applied for the Nav grant, and we’re glad they applied again. We’re really excited for them to receive the $5,000 grant. BriTanya Bays, CEO and owner of Our Loving Village, started her business because there was a lack of high-quality childcare and education services in her community.
What Really Impacts Your FICO Score?
For most small businesses, the owner’s personal credit score will be part of the creditworthiness decision when a lender evaluates your business loan application. As a result, it’s important for business owners to monitor their FICO scores and take actions that will help them build a strong personal credit history.
Do You Know Your Cash Flow Metric?
Your cash flow metric is one of the most important financial numbers any small business owner should track. One of my closest friends is a CPA who, years ago, used to regularly ask me about how my business was going and tried to offer advice. At the time, I thought I knew more about running my business than he did and thought his accounting advice was nothing more than accounting mumbo jumbo. It took me a while to appreciate the value of his advice—which I admittedly had to learn the hard way.
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Loan rejected? Let’s talk about some of the reasons you may have been turned down and what you can do to improve the odds next time.
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Did you know that the business structure you choose for your small business may make it difficult for you to secure funding to start or grow your company?
4 Things You Need to Know About Establishing Business Credit
Establishing a strong business credit profile is an important factor in how a business’ creditworthiness is evaluated when applying for a small business loan. Granted, different lenders have different thresholds for creditworthiness, but the business owner with a good credit profile will have more options available than a business owner with a weak profile.
Leveraging Credit to Build a Healthy and Thriving Business in 3 Steps
Popular media would have entrepreneurs believe that money is the solution to all of their business problems. Although 84 percent of business failures can be attributed to being undercapitalized and suffering from inadequate cash flow, money isn’t always the answer. With that said, capital is an incredibly valuable tool, that if used correctly, can fuel growth and help build a healthy and thriving business.
Your Accountant Can Help You Build Your Business
As a former small business owner myself, I shamefacedly admit that I didn’t take advantage of my accountant’s expertise and point of view and how it could have helped me ramp up my business much faster than I did on my own. In fact, I’m convinced your accountant can help you build your business—you just need to move from a transactional relationship to a consultative relationship. One of my best friends is a CPA.
Getting an SBA Loan Just Got Harder
A recent update to the SBA’s Standard Operating Procedure (SOP) for lenders participating in the Small Business Administration (SBA) loan guarantee program could make getting an SBA-guaranteed small business loan a little more challenging if you and your small business have less than perfect credit. According to the update, this SOP will go into effect on Oct. 1, 2020.
Wildfires, Hurricanes, COVID-19 and SBA Disaster Loans
2020 has been nothing if not challenging for small businesses. Between COVID-19, riots, hurricanes, flooding, and the California wildfires, small businesses have had a lot to overcome this year. Including the economic disaster caused by the coronavirus, as of this writing 50 disasters of one kind or another have been declared in the United States so far in 2020. In response to these disasters, the SBA offers disaster loans to those business impacted.
Small Business Loans Underwriting Explained| Nav
If you’ve ever applied for a small business loan (or any loan for that matter) before, you’re probably familiar with the term “underwriter” or “underwriting,” as in, “Your loan application is in underwriting,” or “The underwriter is looking at your application.” This is an important part of the loan process, but can sometimes feel like your loan goes into a black box and you don’t have any visibility.
Applying for a Loan? Verifiable Data is Critical
Last month I wrote about how data drives loan decisions and the eight questions a small business needs to be ready to answer when applying for a loan. We didn’t talk about how verifiable data improves the odds of a loan approval—we’re going to talk about that today. For reference, here are the eight questions: How quickly do you need financing? How long have you been in business? What is your annual revenue and cash flow? What is your industry? What is your personal credit score?
There are loan options for small businesses but they can be expensive
BY TY KIISEL I think it’s safe to say the Paycheck Protection Program wasn’t a good fit for every small business looking for capital. What’s more, the Small Business Administration loan is not the only source of financing options available. A savvy business owner can leverage the loan options that are available to maintain business operations, grow revenue and exit the current financial crises a little bruised and battered, but none the worse for wear.
Building Business Credit is a Critical Part of Building Any Business
Click here to get this post in PDF One of the biggest misconceptions small business owners have about business credit is that it actually exists. Regardless of how large or small your business may be, it’s important to understand what business credit is, how it relates to personal credit, why it’s important, and how to build a strong business credit profile.
Data Drives Loan Decisions in Small Business Lending
Several years ago I was talking with a local community banker that did a lot of SBA-guaranteed loans every year. As we were talking about the challenges some of the smallest small business owners face when looking for a loan, she casually mentioned that her bank’s SBA loan application was 40 pages long.
Small Business Financing During COVID-19
Many small business financing options feel as though they have evaporated in the wake of the crisis caused by COVID-19. Many lenders tightened their credit requirements while others are stepping back altogether to wait out the storm and see what happens.
5 things your business can learn from a 9X turnaround CEO
Several years ago I met 9x turnaround CEO and author Dick Cross not long after he published his first book, Just Run It!. At the time, I really liked the way he talked about business fundamentals, energizing employees, and thinking strategically about the things that will help build a strong company—regardless of how large or how small a business might be.
The importance of small business trade credits post COVID-19
One of the most undervalued credit opportunities a small business owner can leverage is the trade credit he or she has with their suppliers and vendors. Not only is this a powerful way for a new business to build a strong credit profile, it can also be a great way for small businesses to leverage credit to build their businesses while other sources of capital have dried up as a result of the health and economic crisis we find ourselves in the middle of right now.
The Paycheck Protection Program Flexibility Act Can Help Your Business
Update 6/5/2020: President Trump signed the Paycheck Protection Program Flexibility Act into law. The legislation gives small business owners more flexibility in how they can use PPP funds and may make it easier to qualify for forgiveness. The President has signed the Paycheck Protection Program Flexibility Act of 2020. This law may make PPP loans more attractive to small businesses. Here are 7 of the main ways it may help your business: 1.
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What would you change about your business if you could go back and do it all over again? This study shows most wouldn't change a whole lot.
Are Forgiven PPP Loans Taxable?
This post was updated on May 1, 2020 with additional guidance from the IRS regarding the deductibility of expenses that would be covered by PPP loan forgiveness. Are forgiven PPP loans taxable? The short answer may be, “No,” but the complete answer could be, “Maybe.” It depends on whether we’re talking about federal taxes or state taxes.
SBA Makes Last-Minute Change that Could Hurt Small Businesses
Last week when round two of the PPP was announced and some provisions were added that felt like they would benefit more of the smallest small businesses than the first go round, I was encouraged more PPP funds would get to the businesses that really need them the most to survive the current coronavirus crisis. The SBA made a last-minute change Sunday afternoon by the Small Business Administration threw a wrench in that.
Your PPP Loan Application
The Senate has passed additional funding for the Paycheck Protection Program (PPP) today (April 21, 2020) and there’s an anticipated vote in the House on April 23, 2020—although nothing is certain—it looks like an appropriation of more than $300 billion will be on the President’s desk for a signature before the end of the week.
COVID-19 Small Business Relief Funds Exhausted
We received notice today that the current round of COVID-19 Small Business Relief Funds have been exhausted. This includes funds for both the Economic Injury Disaster Loans (EIDL) and the Paycheck Protection Plan (PPP) loans. Congress is currently working on another appropriation to pick up where these funding plans left off.
What is the Economic Injury Disaster Loan Grant and What Does it Mean for Small Business?
Part of the Economic Injury Disaster Loan (EIDL) is what many are calling a $10,000 grant for those who submit an application for disaster assistance. It works more like an advance that does not require repayment—whether or not your loan application is approved. In other words, if you meet the qualification criteria to apply for an EIDL loan, submit an application to the SBA, and you will receive a $10,000 advance within three business days—that does not need to be repaid.
Lending Scams and Fraud Related to Covid-19| Nav
With nearly $400 billion on the line between the Economic Injury Disaster Loans (EIDL) and the Paycheck Protection Program (PPP), I guess it shouldn’t be a surprise that there would be fraudsters targeting small business owners during these already challenging times. Avoiding small business lending scams and fraud related to COVID-19 requires that you are diligent and on the lookout for grant fraud, loan fraud, and phishing scams.
COVID-19 is changing small business lending
As the coronavirus ravages businesses , small business lenders are re-evaluating their underwriting policies, along with reviewing their risk tolerances for those industries that look like they may be hit hardest by the disruption. We’ve been talking with our lending partners all week on their changing underwriting policies and updating our proprietary MatchFactor algorithm to make sure we’re giving Nav customers the best financing matches based on the real changes lenders are making right now.
Do You Qualify for the $50 Billion in SBA Loans for COVID-19?
Advertiser & Editorial Disclosure This article was updated on March 18, 2020, with more information on the SBA Disaster Assistance in response to the coronavirus (COVID-19) and the process for applying for the relief.
Does My Age Matter When I Apply for a Business Loan?
There are a number of factors that impact your ability to get a small business loan, but your age isn’t one of them. That said, your business’ age and the age of your business credit profile do matter. Most lenders are trying to answer a couple of really important questions: Can you repay a loan? This is why lenders look at your revenues and your cash flow. They are trying to determine whether or not your business is capable of servicing debt.
Small Business Lending: One Size Does Not Fit All
Speaking to a colleague the other day about the challenges of funding a small business, he suggested that we’re looking at it all wrong. The idea that options available for small business owners come down to choices between traditional financing, alternative financing, or venture capital is the wrong way to look at funding small business initiatives.
7 U.S. Presidents Who You Never Knew Ran Small Businesses
You may be surprised to know that among the lawyers and captains of industry, many of the Chief Executives of the United States gained valuable leadership experience as small business owners. Here’s a roundup of 7 presidents who ran their own businesses. 1.
You Are Judged by Your Appearance
Breed Street Tatoo (Photo credit: Wikipedia) Like it or not, you are being judged by how you look, how you dress, and how you carry yourself—and, if you’re lucky, how you do your job. I had lunch yesterday with an old friend. I’ve known him for over 30 years. In fact, he introduced me to my wife. Unfortunately, we don’t see each other very often and hadn’t sat down across the table from each other for several years.
What Does My Business Credit Profile Reveal About My Business?
We recently discussed the impact your personal credit score has on your ability to qualify for a small business loan and the options a strong score makes available compared to a weaker score. Although there is some confusion about whether or not every small business has a credit profile (in addition to a personal credit score.) Small business owners in the United States have two profiles, their business credit profile along with their personal credit information.
Does My Startup Need Professional Help? How to Know When It’s Time to Hire an Expert | AllBusiness.com
As a business owner, it’s not uncommon to wear multiple hats. In fact, I’ve always thought of myself as the chief cook and bottle washer. That being said, there are some things I’m very good at—and others I could use some help with. Whenever your business faces a growth opportunity, it’s natural to consider whether or not you need to hire someone with experience to help you. This could be in the form of a new employee, a consultant, or an outside firm or contractor.
Maximizing Small Business Efficiency - OnDeck
I think it’s human nature to look for big solutions to challenges—the silver bullet. Unfortunately, in most situations, I’m not convinced there is a real silver bullet. I think this is particularly true for creating an efficient business. Most of the time, business efficiency is a combination of relatively small and incremental steps that cumulatively have a significant impact.
One of the Hazards of Mixing Family and BusinessSmall Biz Daily
As a teenager, I swept the warehouse floor and drove the delivery truck for our family’s industrial supply business. As I got older, I worked my way into field sales and spent the start of my professional career traveling throughout the intermountain west selling industrial products to large construction sites, mines, and refineries.
The right and wrong ways to market your business to millennials
Millennials have overtaken boomers as America’s largest generation. They now number 75.4 million, compared with boomers’ 74.9 million. What does this mean to you if you’re a boomer (like me) or a Gen Xer and you run a small business? It means that you may need to rethink and adapt the way your take your products to market. You’ll want to accommodate the cosmic shift in how people in their 20s and 30s want to interact with your brand, your products and your services.
How to market your business to millennials
Millennials have overtaken boomers as America’s largest generation. They now number 75.4 million, compared with boomers’ 74.9 million. What does this mean to you if you’re a boomer (like me) or a Gen Xer and you run a small business? It means that you may need to rethink and adapt the way your take your products to market. You’ll want to accommodate the cosmic shift in how people in their 20s and 30s want to interact with your brand, your products and your services.
7 Ways Boomers Can Market Their Small Businesses To Millennials
Millennials have overtaken boomers as America’s largest generation. They now number 75.4 million, compared to boomers’ 74.9 million. What does this mean to you if you’re a boomer (like me) or a Gen Xer and you run a small business? It means that you may need to rethink and adapt the way your take your products to market. You’ll want to accommodate the cosmic shift in how people in their 20s and 30s want to interact with your brand, your products and your services.
6 Steps to Make Telecommuting Work For You
Does your company offer employees the option to work from a home office? There are a lot of reasons why this could be good for your business, even if it’s something you only occasionally make available to your employees. In addition to fostering greater work-life balance, it could also help increase your employees’ productivity significantly. In 2013, Stanford University did a study that suggested the option to work from home was very beneficial to a call center the researchers followed.
Use social media to build project management knowledge
"If I have seen further it is by standing on the shoulders of Giants." -- Sir Isaac Newton Considered one of the most influential men in human history, Newton's contributions to science include his theories of universal gravitation, the first practical reflecting telescope, along with the study of white light and the speed of sound. Newton's theories remain singularly influential to scientists today.
Don’t Be Afraid of the Remote Workforce
As communication technology advances, the world becomes much smaller, which in turn makes talent pools larger – provided organizations are willing to embrace remote employees. Many companies successfully rely on workers across town, across the country, or even across the world to grow their businesses. Will this work for your company? The answer largely depends on you, your industry, and how you approach your remote workforce.
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