Constantly Educate Yourself to Expand Your Mindset in Business and in Life

When you run a business, your own personal attitude and experience come into play regularly. To stay at the forefront of the business world and your personal life, you can constantly benefit by educating yourself in all areas that interest you and belong to you and your business.

Self-development will be very important to your business and life mindset. When you are constantly looking for ways to improve yourself, it will appear in your business and in every aspect of your life. There are many different ways to do this. Simply reading and watching everything you can is a great way to get started.

There are many audios, videos and books available in bookstores and online that are readily available for consumption. Two great books to read, for example, are Napoleon Hill’s “Think and Grow Rich,” and Wallace Wattles’s “The Science of Getting Rich.” Other books include Chet Holmes’s new book, “The Ultimate Sales Machine,” Anthony Robbins’ books, and the Guerilla Marketing book series.

You can keep up to date on all the new developments in your niche, as well as great news and business information by subscribing to newsletters and magazines. Forbes, Bloomberg, and CNN are some of the leaders, but there are many excellent sources for teaching more about business and helping educate the industry.

Why education is important

Education is important when it comes to your business and personal life, because the more you know, the better you will be at dealing with any important decision you face. When the unexpected comes, you will know the best course of action to follow. When faced with difficult decisions, your knowledge will help you determine how to deal with these problems. It also helps you stay ahead of the competition and always keep the top of your game.

When it comes to your business, the better your education, the easier it will be for you to deal with customers. You can take courses to teach you how to approach customers or how to deal with an angry customer. You can also learn how to be a positive leader, which will help the people you manage. These skills are essential in any business if you want to succeed. The customer is what makes your business thrive. Poor communication with customers can mean the end of your business. Lack of management skills means no one wants to work for you or your employees will not do their best. These skills are also very important in everyday life because you meet all kinds of people in different ways on a daily basis.

New technologies are constantly being introduced and the only way to keep up to date is by constantly educating yourself. If you stop learning new things, one day you will find that at some point you are behind. Other companies are still moving forward and you are stuck in the past. Customers are looking for new modern technologies and companies that understand how it works.

How can you educate yourself

When it comes to getting an education, you have several options. The first thing you need to consider is how much time you have to devote to education. As we mentioned above, there are many books, audios, videos, and other online and offline sources that can help you educate yourself. In fact, you can go to your local library and get all the books you find on the subject of business, finance, and management. You should also look in the self-help section for books on motivation, organization, and more.

Whenever you have the opportunity to take advantage of a seminar, do so. These can be very beneficial and educational. There are seminars you can also sign up for online. That way you don’t have to travel and can attend class or attend the webinar. The important thing is that you understand that you need to constantly educate yourself if you want to keep up with the world you live in.

A Different Solution for Business Inventory Financing

We are sorry for you. Your company is not in the service industry. They are the lucky ones about inventory financing – there is no stock! Unlike your business, which produces goods and inventory to meet customer order needs, your service companies don’t need storage!

If your company has a stock investment, financing for this asset is often, if not always, vital. Financing through bank credit facilities for the inventory component of your balance sheet is always difficult, if not impossible in some cases. Most business owners and financial managers know that out of their two main current assets (receivables and inventory) banks prefer to receive, also known as a / r financing.

So how do you finance your inventory and what are the requirements to install this installation? The reality is that each company is different and your company will have different inventory categories – usually raw materials, work in progress and finished products.

Inventory finance in Canada is most often funded under an GLA facility. What is GLA is the next question our customers always ask. The acronym stands for asset-based lending and is a specialized type of financing that is mainly carried out by non-bank institutions. Facility sizes tend to range from 250,000 and above as it is not really economical for all parties (you and the lender) for financial amounts far below that.

Your ability to cost-effectively track, report, and purchase inventory is a major factor in an inventory financing decision made by your inventory financier. Its ability to monitor, stock and produce, invoice and collect are the basic requirements of an inventory financing mechanism. We point out that in many cases this mechanism also includes an inbound component because, as we all know, the stock flows into an incoming receivables that flows into … we dare to say it … money!

If you can’t adequately fund your inventory, you can easily get into what might best be described as a “cash trap” – and that’s not a good trap to be with. Typically, every thousand dollars in inventory available can cost between $ 150 and $ 250 a year when you take into account some obvious and not so obvious factors such as financing costs, storage, handling, insurance, and stock deterioration that you need. , requires a write-off of assets.

Of course the irony is that you can have too much stock or too little, it’s a balancing act.

When you organize inventory financing, you want to ensure that you have reasonable product levels – so you need to focus on financing costs and orders.

If you have inventory financing, fast and efficient shifts are potentially more possible and annual transportation costs can be drastically reduced – don’t forget that money invested in inventory can be placed elsewhere and in many cases earns, for example. , at least 12% more in profits. This is a very typical number for a manufacturer.

Financing inventory is a challenge – you want to take advantage of volume discounts, but at the same time limit your inventory investment by meeting customer order needs. Wow!! This is a real somersault, don’t you think ?!

Speak to a trusted, credible, and experienced business finance consultant who can guide you in inventory finance to support your business and your industry. Overcoming the challenge of inventory financing is a solid financial achievement.