There is no doubt about it, we are living in stressful times. With the world basically shutting down as a precaution due to the Coronavirus, people are taking stock of their lives, trying to find ways to eliminate as much stress as possible. We can see this as a time to panic, or we can change our perspective and view it as a wonderful time to take stock of our lives and our businesses and discover ways to eliminate stress.
For owners of lending companies, keeping up with finances can be difficult. Many lenders do not have the resources to employ a full-time accountant. This means that fiscal responsibilities will be handled by the lender or their employees. Many owners of lending companies are already spread thin, so adding in financial responsibilities can cause stress. Luckily, there have been vast improvements in the FinTech and financial industry that can help alleviate some stress lenders may be feeling when dealing with finances.
Today on the Rules of Thumb blog from MoneyThumb, we would like to share several ways that lenders can reduce stress when it comes to finances. These tips apply to any small business, not just lending. We have listed those below:
- Use MoneyThumb's PDF Financial File Converters--MoneyThumb has PDF financial file converters specifically designed for lenders. This is the best way to convert any financial PDF. Today, there are many different ways that people can pay for products and services. From cash to cryptocurrency, your business will be handling many different payment types. FinTech has not only changed the way we pay for things but also where we store our money. Money is saved across multiple different platforms. Sometimes, dealing with all of these different platforms and payment options can cause problems. The files, payments, and formats are not always universal between different companies. Luckily, Money Thumb has a special product developed for small business owners. Our PDF financial file converters designed for lenders can help you seamlessly convert almost any financial document so it can be integrated into most financial software. This will help alleviate any headaches that the emerging Fintech industry may be causing you.
- Find Financial Backing--Almost every small business will not be completely self-funded, even that of a lending company. Finding funding for your lending company and taking out loans and grants are almost a necessity if you want to take your lending business to the next level. When searching for financial backing, make sure that you do your due diligence and research all the different types of avenues that are available. Certain investors and loans will be a better fit depending on the size of your lending business. Lenders are now making more online small business loans than ever to people who need a loan faster than traditional avenues, don't have the best credit score and want a transparent approval process. Discovering legitimate investors and other forms of financial backing are ways to get rid of unwanted financial stress so that you can create even more opportunities for yourself and borrowers.
- Modernize Your Marketing Efforts--Marketing is cheaper than ever to do, and just about anybody with a computer can do it. Traditionally, marketing would be very costly and usually would not be done in house. Also, marketing would likely be limited to print, television, or radio ads. Today, marketing has become very fragmented. There still are traditional marketing channels, but with the evolution of technology, and more specifically social media, marketing today is more widespread than ever. As social media becomes more popular, so too will marketing within the respected platforms. In most cases, social media marketing can be done in a rather cost-effective manner. You can put more money into the effort if you see it as a viable venture. Consider cutting back on your traditional marketing costs and putting more effort into your online marketing. It is often cheaper and it can net some quick wins.
While maintaining your business finances as a lender can be stressful it doesn’t have to be. The MoneyThumb team hopes that the above tips will help you reduce the stress of running your lending business and handling your finances. Stay safe and healthy during these trying times and please share this blog post with your lending peers so that they too can learn new ways to reduce business stress related to finances.