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AI in ERP: A Better Way of Staying Organized

With the advent of Artificial Intelligence (AI), the potential for optimizing accounting practices, document management, and operational procedures is being taken to a whole new level.

AI automates and optimizes complex tasks, ensuring accuracy and efficiency in financial operations. It streamlines document handling by intelligently organizing and analyzing content for better accessibility and consistency.

Additionally, AI boosts operational efficiency by predicting trends and optimizing supply chains, driving cost reductions and improving service delivery. This integration not only enhances daily operations but also provides strategic insights for sustained business growth.

Let’s dive in to some ways that your business can reap the benefits of AI in ERP software:

Simplifying Accounting Practices

AI technology offers a wide range of possibilities to transform and optimize accounting practices, especially for small and medium-sized businesses (SMBs) that might not have the same resources as larger corporations.

1. Smart Receipt Tracking and Expense Management

AI can simplify the tedious process of tracking receipts and managing expenses by automating data entry and categorization. By using smartphone apps integrated with AI, business owners can take photos of their receipts. The AI then automatically extracts relevant data (such as date, amount, and vendor) and categorizes the expense according to the business’s chart of accounts. This not only saves time but also reduces errors associated with manual entry, making expense reporting and tracking far more efficient and accurate.

2. AI-driven Cash Flow Forecasting

Understanding and predicting cash flow is essential for the survival and growth of any SMB. AI can analyze historical financial data, seasonal trends, and payment cycles to predict future cash flow accurately. This predictive analysis can help businesses anticipate cash shortages, plan for future investments, and make informed decisions about when to scale operations. Unlike complex financial models that require expert knowledge, these AI tools present their forecasts through user-friendly dashboards, making advanced financial planning accessible to non-experts.

3. Automated Accounts Receivable and Payable

AI can automate the process of managing accounts receivable and payable, improving efficiency and cash management. For receivables, AI systems can send automated invoice reminders to clients, track invoice payments, and even predict which clients are likely to pay late. On the payables side, AI can schedule payments to optimize cash flow, taking advantage of early payment discounts or avoiding late fees. This automation ensures businesses maintain healthy cash flow and spend less time on manual tracking and communication.

4. Enhanced Financial Decision Support

AI can serve as a financial advisor for SMBs by providing decision support based on real-time financial data analysis. For instance, AI can analyze spending patterns, identify areas where costs can be reduced, and suggest changes to pricing strategies based on market demand analysis. By offering insights that are easy to understand and act upon, AI helps business owners make smarter financial decisions without needing a background in finance or analytics.

5. Simplified Tax Compliance and Optimization

Tax compliance is often a complex and time-consuming process for SMBs. AI can simplify this by keeping track of tax regulations, identifying applicable tax deductions, and even preparing tax returns. By analyzing a company’s financial transactions in real-time, AI ensures that all financial activities are recorded in a tax-compliant manner, reducing the risk of errors or omissions that could lead to penalties. Additionally, AI can optimize tax strategies by analyzing the most tax-efficient ways to structure transactions and investments, ensuring businesses pay no more tax than necessary.

Simplifying Document Management & Organization

AI technology has the potential to significantly enhance document management and digital organization, particularly for small and medium-sized businesses (SMBs that may not have extensive resources to dedicate to these tasks.

1. Smart Document Categorization and Tagging

AI can automatically categorize and tag documents as they enter the system, using natural language processing (NLP) and machine learning algorithms to understand the content and context of each document. This process eliminates the need for manual sorting and filing, ensuring that documents are organized systematically and can be retrieved with ease. For example, an invoice can be instantly recognized as a financial document and tagged with relevant identifiers such as the vendor name, date, and amount, simplifying bookkeeping and financial management.

2. Intelligent Search and Retrieval

AI-enhanced search functionalities can transform how businesses access their digital documents. Instead of relying on exact file names or folder locations, users can search using natural language queries, such as “find the invoice from Vendor X in March,” and the AI system will retrieve the relevant documents. This capability significantly reduces the time spent searching for documents and improves productivity, as users can quickly find exactly what they need using intuitive search terms.

3. Automated Compliance and Record Keeping

AI can help SMBs navigate the complexities of regulatory compliance and record-keeping requirements. By understanding the specific compliance standards relevant to the business, AI can automatically classify, store, and manage documents in compliance with legal and industry-specific guidelines. This includes ensuring that sensitive information is stored securely, managing retention schedules to ensure documents are kept for the required periods, and automating the deletion of records that are no longer needed, thereby reducing legal risks and maintaining organizational efficiency.

4. Enhanced Collaboration and Version Control

AI can streamline collaboration on documents by managing versions and changes in real-time. It can track edits, suggest changes, and even predict potential conflicts between different versions of a document, ensuring that all team members are working on the most current version of a document, reducing confusion and improving the efficiency of collaborative projects. 

5. Predictive Document Organization and Prioritization

By leveraging AI’s predictive analytics capabilities, businesses can organize and prioritize documents and tasks based on urgency, relevance, and personal work habits. AI can analyze how users interact with different documents and tasks over time to predict which items will be most important on any given day. This personalized organization helps users focus on the most critical tasks, improving efficiency and reducing the cognitive load of managing a vast array of documents and information.

Streamlining and Automating Operations

From optimizing supply chains and streamlining HR processes to personalizing customer interactions, AI’s integration offers a multifaceted enhancement to how you can improve your daily business operations beyond the scope of accounting and document management: 

1. Supply Chain Optimization

AI within ERP systems can dramatically enhance supply chain management by predicting demand patterns and optimizing inventory levels. These tools analyze historical sales data and external factors like market trends and seasonal fluctuations to forecast future product demands, ensuring that businesses maintain optimal inventory levels. This not only reduces the risk of overstocking or stockouts but also helps in planning for procurement and production schedules more efficiently.

2. Human Resources Management

AI can streamline several HR processes from recruitment to employee retention. In recruitment, AI tools can parse through vast numbers of applications to identify the most suitable candidates based on predefined criteria. For employee management, AI can analyze employee performance data to help HR teams identify training needs and career development opportunities. This proactive approach in managing workforce needs helps in maintaining a well-organized and satisfied workforce.

3. Customer Relationship Management (CRM)

AI-enhanced ERP systems can transform CRM by personalizing customer interactions and improving service quality. AI tools can analyze customer data collected through various touchpoints to gain insights into customer preferences and behaviors. This information enables businesses to tailor their marketing strategies and customer service approaches, leading to higher customer satisfaction and loyalty. (You can read more about this topic on our next blog!)

4. Production Scheduling

In manufacturing, AI tools can optimize production schedules by analyzing machine availability, material supply, and workforce capacity. AI algorithms can predict the best production processes to minimize downtime and maximize output. This helps businesses ensure that production runs smoothly, meets deadlines, and maintains high levels of efficiency, all of which are crucial for staying competitive in fast-paced markets.

5. Maintenance Management

AI within ERP systems can also revolutionize maintenance management by predicting when machines or equipment are likely to fail or need servicing. Using predictive maintenance techniques, AI tools monitor equipment performance in real-time and alert managers to potential issues before they cause disruptions. This proactive approach minimizes downtime, extends the lifespan of machinery, and keeps operations running without unexpected interruptions.

Wrapping Up

AI’s role in modern business operations cannot be overstated. As we’ve seen, AI not only refines accounting and document management processes but also extends its capabilities to various facets of business operations, including supply chain management, HR, customer relations, production, and maintenance. 

By adopting AI-enhanced ERP solutions, businesses can not only stay organized but also gain a competitive edge through improved decision-making and operational efficiency. 

Embracing AI is not just about keeping up with technology trends; it’s about setting a foundation for sustainable growth and success in an increasingly complex business landscape.

Key Strategies For Business Growth in 2024

Let’s begin by understanding the concept of business growth strategy. In simple words, it is a plan of action designed to help a business increase profits, revenue, and market share.

It’s a detailed process influenced by multiple factors, such as identifying opportunities, making product or service adjustments, investing in more than one marketing channel, and reaching new markets.

So, whether you’re a small business or an international brand, aiming for business growth is essential to staying relevant.

In this article, we will explore the crucial business growth strategies you should consider in 2024.

Preparation To Implement Business Growth Strategies

Before you start coming up with strategies to implement, it’s important to organize your company’s tasks and team to accommodate these changes.

These are some key areas you should start preparing:

Get Your Staff On Board

The professionals on your team are the primary driving force of your company’s basic functions. If you want to implement a business growth strategy, it’s important to ask for their input by asking some questions.

Start by identifying better ways to communicate as a team, streamlining internal processes, and familiarizing yourself with common growth strategies. Once you’ve established this connection, it’s time to start developing ideas together.

Brainstorming

We know that regular business activities are the first priority for keeping the company running. Still, it’s also important to set aside some time for you, your management, and your sales team to exchange ideas about understanding your niche’s marketplace, finding opportunities, identifying challenges, and executing strategies.

This is a crucial stage for agreeing on specific actions and monitoring what works and what doesn’t. It’s also important to consistently update and involve the team even after the discussions because it shows that you appreciate their input and keeps everyone aligned about the business growth expectations.

Market Forces Affecting Your Growth

Analyze what the market looks like for you and your customer base. You can start by identifying social demographic trends in your region and the economic or political factors affecting their purchasing preferences.

Similarly, people spend most of their time online, and assessing patterns and data from social media platforms can give you detailed insight into buying habits and changing processes. For example, it’s becoming common for businesses to open an online store to reach a larger customer base.

Customer Base

Study your current customer base and identify the demographic concentration by age or sex and the industry sectors they operate in. This will give you an idea of potential customers, and you can start targeting them with revised strategies. Plus, improving your current offerings will also help with customer retention.

Similarly, communicate with your customers; ask them what they like, dislike, or face challenges when dealing with your company. Take their suggestions on what they’d like to expect from you in the future and work on it.

Profit Concentration

Take a look at your different revenue streams and total sales revenue to review which product line or service offerings are bringing in the most profits to your company, deliver the highest gross margins, and cover costs. Try to gauge what factors are affecting these differences; for example, outsourced and in-house labor would have created different prices.

Once you’ve identified these, highlight products or services that generate higher margins, so you know which ones you must promote and sell more. The ones that don’t generate enough profits reevaluate their prices to see if there’s something you can change; if not, save your resources on promoting them if it’s to obtain better opportunities.

Sales Forecast

For each trading month, set a realistic sales target based on your products or services and generate separate invoice codes to help you track what’s affecting your overall sales.

Analyse key customers’ purchase trends to predict what other products or services they could buy in the future; use this to plot sales revenue but also keep a record of these monthly sales.

Key Strategies For Business Growth In 2024

Referral programs, customer rewards, digital advertising, etc., have been part of business growth strategies for quite a while, and there’s no doubt that these tried and tested methods work.

However, with 2024 already here, it’s time to up your game and explore more effective and up-to-date ways to grow your business.

So, how what should you consider? Let’s find out.

Market Penetration

The market penetration strategy involves “growing” your business by increasing your supply of your product line or services. You can achieve this by encouraging current customers to buy more, grabbing the attention of your competitor’s customers, and converting non-buyers in the same market space into buying customers.

The aim is to focus on markets in which you already have a presence so you can leverage that presence as a foundation for cost-effective business growth. Common tactics for market penetration include increasing the marketing budget, making price adjustments, offering promotions or rewards, and improving products.

Online Presence

Start by optimizing your website to improve its visibility among search engine results so you can reach a relevant target audience with queries similar to what you offer. While hiring an SEO professional to guide you is best, the process usually starts with keyword research to find terms used by potential customers.

After assessing the keywords’ search volume and difficulty, you can start creating content about those topics to appeal to users who are looking for them. Similarly, building your website’s backlink profile indicates that you’re a trustworthy source since other websites are linking to your site. While building links is a long process, it’s worthwhile once you start seeing the results.

Social Media

It may sound cliche, but the power of social media platforms like Instagram, Facebook, TikTok, LinkedIn, etc., is truly unmatched; it’s because you don’t just get to share your products or services but also educate your audience about its USPs, communicate with your customers and answer their queries, and also stay connected with other leading brands in your industry.

Similarly, you can launch marketing campaigns and track their effectiveness based on engagement, conversion, audience growth, and click-through rates. It’s all about finding the right balance between attractive content, audience engagement through quizzes, polls, etc., contacting influencers, cross-promoting collaborations, and maintaining consistent branding across different platforms.

Market Segmentation

Market segmentation involves identifying small groups within a broad market based on specific characteristics, needs, and behavior patterns; this allows you to take a personalized approach and make the right offers to specific customer types.

You can also adjust your marketing efforts to appeal to these subgroups based on location, media preference, demographics, and psychographics. Therefore, segmenting is an effective growth strategy for your sales, product, and marketing development because it helps you capitalize on strategic growth opportunities.

Product Development

The oldest trick in marketing efforts has been creating new products or innovating existing offerings to better fulfill customers’ needs. These developments ensure customer satisfaction and help your company stay relevant to changing trends.

For example, the emerging awareness about animal cruelty led to many people choosing the vegan path. While many others may not support it, major franchises like Starbucks, Burger King, Dairy Queen, Subway, and many more have included vegan menu options to cater to these new trends even though they already have a devoted customer base for their non-vegan products.

Business Expansion

A central part of any growth strategy is business expansion; the goal is to go beyond your business’s current market capacity by targeting new markets or tapping into different demographics with potential customers. This also includes expanding internationally, especially if you’re looking for large-scale growth opportunities.

It’s important to note that this process is more challenging than it sounds. You must conduct market research to understand and adapt to customer preferences while also complying with the quality standards and regulations of the country or state you’re expanding to. You will also have to develop strategic partnerships in the region to understand the local audience better. After launching your plans, it’s crucial to monitor the response of market trends to cultivate a local presence online as well as offline.

Diversification

Branching into other industries and markets while creating new products and services to serve them is part of the diversification strategy. It involves exploring opportunities beyond your existing market and entering industries with fewer competitors but higher growth potential.

Apart from the opportunity to capitalize on new markets, diversifying also improves your company’s resilience by teaching it how to adapt to different industry settings, changes, and consumer preferences. For all you know, this new business vertical might prove to be a more successful business growth strategy than any of your previous ones.

New Sales And Distribution Channels

Finding new distribution and sales channels is solely to improve your business’s reach and revenue and, eventually, increase sales. This also teaches you how to cater to changing preferences; for example, some people prefer online shopping while others enjoy shopping in person.

You can explore other distribution channels by launching pop-up stores, creating online marketplaces like Etsy or Amazon, forming partnerships with retailers, and participating in industry-relevant workshops, trade shows, events, etc. Using these methods will also create opportunities for word-of-mouth promotion.

To Conclude

In 2024, business growth strategy is more than just having a great product or service—it requires a multifaceted, strategic approach that considers the demands of changing times and adapts to new markets or preferences.

From utilizing data analytics to taking constructive criticism from customers, it’s a lengthy process but one that will amplify the business you worked so hard to build.

AI in ERP: How AI Can Transform The Way Businesses Use ERP Systems

Introduction

Welcome to the frontier of business transformation, where Artificial Intelligence (AI) within Enterprise Resource Planning (ERP) systems is not just an innovation—it’s a revolution.

Before we dive deeper, let’s define some key terms:

  • Artificial Intelligence (AI): Technology that enables a machine to simulate human behavior at much faster speeds.
  • Enterprise Resource Planning (ERP): Software systems that manage and integrate the core processes of a business.

We invite you on a journey to explore how AI technologies are reshaping the landscape of ERP software, turning traditional business management processes into engines of advanced efficiency and decision-making prowess.

What if your business systems could not only react to the past but predict and plan for the future? Automating tasks, anticipating needs, making operations smoother and more intuitive— this is all possible thanks to AI’s ability to analyze vast amounts of data with unparalleled precision. 

This 7-part blog series embarks on a comprehensive journey into the symbiotic relationship between AI and ERP, illuminating how AI technologies are not just augmenting ERP systems but are becoming integral to their evolution.

This series will dive into how AI can help your business:

  • Enhance reporting and analytics capabilities
  • Use financial data to better understand insights, trends, and risks
  • Stay organized and efficient while employees work across the globe
  • Create better and more personalized messaging aimed at prospects and customers
  • Analyze your competitors’ strategies to stay ahead of the competition
  • Explore how augmented reality systems will be able to compliment ERP systems

AI and ERP In The World Today

Right now, small business leaders are starting to find success incorporating AI technologies into their business management strategies. According to a study conducted by Forbes, 91% of businesses that have implemented AI have seen an increase in their success.

Furthermore, According to IDC, by leveraging AI in ERP systems, businesses can expect to reduce operational costs by up to 30% by the end of 2024. This is not just improvement—it’s transformation.

While many businesses that have incorporated AI tools have seen success, it’s not a given that small and medium sized business owners are always going to incorporate cutting edge technologies.

In a 2022 BPC and Public First poll, 74% of small business owners believed digital skills were important to their business. However, only 21% of that group were early adopters of new technology, and only 52% planned on making investments in digital tools over the next year.

And while business owners commonly welcome ERP solutions into their organization—the global ERP market is expected to top $78 billion by 2026—few have yet to use AI to harness the full potential of the data that these systems wield.

The integration of various forms of AI into ERP systems marks a pivotal shift from static, historical data analysis to dynamic, predictive insights. AI empowers ERP systems to learn from past trends, enabling businesses to forecast future outcomes with remarkable accuracy.

Here are a few real-world success stories of how businesses can benefit from an ERP system that harnesses AI to get the most out of their data:

Mitsubishi Electric

One compelling example of AI’s impact in ERP comes from Mitsubishi Electric. They created a new artificial intelligence technology that can assess the effectiveness of manual tasks on production floors in a matter of minutes. This is achieved without the need for operators to set up training data for the AI in advance, by utilizing a probabilistic generative model, which estimates the tasks’ outcomes based on probable scenarios. Multiple tests have shown that this new generative AI technology can reduce Mitsubishi’s work analysis training time by 99%. 99%!

AmerisourceBergen

This US pharmaceutical distributor leveraged an AI-powered ERP system to automate production cost analysis, utilizing historical transaction data, external datasets like weather conditions, and predictive algorithms.

The outcome was a significant reduction in the time spent on pricing tasks (from 5 hours to 1 hour) and an increase in time allocated to value-added activities. This strategic pricing optimization led to over $500 million in incremental revenue annually​.

Walmart

An early adopter of AI-enhanced ERP technology, Walmart has been utilizing in-memory computing alongside AI for handling over 1 million transactions per hour. The retailer has achieved a 10-15% improvement in in-stock availability, a 15-20% reduction in supply chain costs, and a 20-25% increase in inventory turnover. The use of AI provides Walmart with near real-time data insights, enabling better visibility across its extensive retail operations​

While these case studies showcase the impact AI in ERP has had on larger companies, these examples underscore a broader principle: AI’s capacity to revolutionize processes isn’t confined to multinational conglomerates. Businesses of any size can harness similar AI tools because ERP software isn’t something exclusively reserved for Fortune 500 companies anymore.

Looking Ahead

Imagine a world where your ERP system doesn’t just respond to your commands but anticipates your needs, where predictive analytics and intelligent automation turn complex data into actionable insights, and strategic decisions are not just informed but foresighted. From optimizing supply chains in real-time to personalizing customer experiences and automating financial forecasts, the AI-enhanced ERP system is not just a tool but a game-changer.

Whether you’re a C-level executive striving to lead your organization into a new era, an IT professional tasked with implementing cutting-edge solutions, or a business analyst keen on decoding the future of business efficiency, these guides are your gateway to the next frontier in enterprise technology.

This is the dawn of a new era in business technology, where AI and ERP together pave the way for unprecedented efficiency and strategic advantage.

(Fun fact: the cover photo for this blog post is AI generated!)

Striven Integrates with Stripe, A Leading Payment Processing Platform

We’re thrilled to announce an exciting development for Striven users: the integration of Stripe, a leading technology platform for online payment processing and financial solutions. This is not just a technical integration—it represents a significant leap forward in how businesses can manage their financial transactions in Striven with ease, security, and global reach.

Why Stripe?

Stripe stands at the forefront of the payment processing industry, renowned for its innovative technology that supports a myriad of payment methods. From credit and debit cards to mobile wallets and ‘buy now, pay’ later services, Stripe’s versatility is unmatched. It’s designed to fit the needs of businesses of all sizes, anywhere in the world, supporting over 135 currencies and available in more than 45 countries.

Like Striven, Stripe offers its users transparent and straightforward pricing models. Learn more about Stripe’s pricing model right here.

The Impact on Striven Users

For businesses leveraging Striven’s comprehensive business management platform, the integration with Stripe means a seamless, secure, and efficient payment processing experience for both you and your customers. Here are some of the key benefits:

  • Global Reach with Local Comfort: Accept payments in over 135 currencies, allowing you to expand your market reach without worrying about currency barriers.
  • Diverse Payment Options: Meet your customers wherever they are, offering the payment methods they prefer and trust, whether it be credit cards, debit cards, or mobile wallets.
  • Streamlined Accounting: Automatic recording and documentation of payments within Striven, simplifying your accounting processes and ensuring accuracy.
  • Transparent Pricing: Stripe offers straightforward and transparent pricing, ensuring businesses can plan and budget with confidence, without fear of hidden fees or complex pricing structures.

Looking Ahead

This integration underscores our commitment to providing tools that not only enhance the ease of financial management within Striven, but also empower businesses to grow and compete on a global scale. The collaboration between Striven and Stripe is a testament to our dedication to your business’s success, ensuring that managing your finances is as effortless as it is secure.

We’re excited for our users to experience the benefits of this integration, furthering our mission to support businesses in their growth and operational excellence. For more detailed information on how to leverage this integration to its full potential, we encourage you to visit Striven’s Stripe Integration Guide.

How To Prepare For A Small Business Loan

While well-off businesses don’t need extra cash, some find themselves in between money-related struggles that could use a boost, and that’s when they turn to business loans.

Whether you want to expand your operations, clear outstanding invoices, purchase inventory, or require some quick cash for miscellaneous expenses, you can turn to lenders to help you out.

If this is your first time taking a loan, it’s no surprise that some things will confuse you. Here’s our detailed guide on preparing for a loan and key factors to consider before taking one.

When To Get A Small Business Loan

Since there are so many types of loans, you must decide why you need any financing to begin with. Doing so will help you make the right decision and choose what works best for you.

As surprising as it may sound, you should take a loan when you have a good credit score and when the business cash flow is strong so you aren’t desperate for money; this is so you meet the eligibility criteria set by lenders. If you qualify for lower interest rates, you’ll have more loan options, and this won’t happen if you are neck deep in bills.

Plan ahead by going through your financial reports and making decisions based on your needs. For example, if you’re not in immediate need of a lump sum of money, don’t choose a term loan for working capital; instead, a line of credit will be a better option since it allows the borrower to take money from the line as and when needed.

When Not To Get A Small Business Loan

If you’re struggling to meet your financial goals according to the business plan, then don’t take out a loan. The main reason you shouldn’t wait until there is an extreme cash crunch is that you might struggle to afford to pay back the loan, making you a risk to potential lenders.

If your business or personal credit scores are dwindling, avoid getting a loan. Considering your personal credit history plays a vital role in determining whether or not you’re eligible for a loan, you’re better off trying to rectify it first so you qualify for these financing options. Pay your bills on time, watch out for your credit report, and reduce your debt.

Even if you do qualify for a loan with online lenders despite having bad credit, you may not get an unsecured loan with a low annual percentage rate. Consider a short-term loan or merchant cash advance if you really need the money. You must ensure they’re credible sources, so when questions like “is 5k funds legit?” pop into your head, go ahead and check their reviews to know for sure.

Applying For Small Business Loans

Get Your Documentation In Order

Once you decide you need a loan, gather the important documents before going to the lenders, or just contact them if you’re unsure. Usually, these are the items your lender will require:

  • Business License
  • Personal and business tax returns
  • Personal and business bank statements
  • Business plan
  • Building lease
  • Financial statements
  • Articles of incorporation
  • Profit and loss statements

Submitting Your Loan Application

With all the documents ready, it’s time to get started on your loan application process for your small business. You have the option to do this online or in person based on which lender you decide to work with.

These are details lenders commonly ask for:

  • Your name
  • Social security number
  • Business name
  • Business tax ID
  • Loan purpose
  • Desired loan amount
  • Annual revenue

Best Types of Small Business Loans

SBA Loans

The U.S. Small Business Administration (SBA) guarantees these business loans because the federal government guarantees a repayment of up to 85% of the loan in case the borrower defaults. SBA-approved lenders choose their own annual percentage rate (APR), and the interest rates can range between 2.8%-13%. These are the most popular SBA loans: 7(A) loans, 504 loans, and SBA microloans.

Line Of Credit

These business loans work like a credit card; financing with a business line of credit allows you to borrow money as you require it and pay interest accordingly. After approval, you’re given a credit limit, and you repay what you owe as you use it. You can access this credit anytime during the draw period (usually 12-24 months), but after it expires, you no longer have access to the credit line.

Term Loan

Terms loans are a common search for small business loan options; businesses borrow money from traditional sources like banks, online lenders, or credit unions and repay the funds over time, often at a fixed interest rate. Although the terms and conditions vary, qualified businesses can borrow $500,000 or more, with an APR starting at 9% and repayment terms of up to 10 years.

Personal Loan For Business

Small businesses usually opt for personal loans because it relies on the business owner’s personal credit score and not the business credit score. These loan amounts are generally small, and the maximum borrowable quantity depends on the individual’s debt-to-income ratio, personal finances, and assets, so you must have strong personal credit.

Equipment Loan

Small businesses usually need financing for new equipment, and these loans help you do just that. The equipment you purchase using this loan serves as collateral. In the case of a default, the lender can claim the equipment to resell it and recuperate the losses. Since there is an inevitable collateral involved, the lender’s investment risk is low, which means you may get competitive interest rates ranging from 8% to 30%.

Microloans

Compared to other business loans, microloans offer small amounts of money with short repayment terms. The eligibility criteria are less stringent, and businesses can usually borrow up to $50,000. Microlenders typically involve nonprofit organizations and focus on underprivileged small business owners like women and minorities. Interest rates are quite low and sometimes non-existent.

Conclusion

With that said, every smart business owner knows when they need extra financing, but it’s all about planning ahead to ensure you don’t have to make hasty decisions that leave you in a downward spiral. 

Striven Featured Among Top ERP Software in 2024 – SoftwareAdvice

In a recent report, SoftwareAdvice, a leading software review site owned by Gartner, named Striven in its flagship report covering the top-rated and most affordable ERP software solutions in 2024.

This list of software solutions was created in large part by user feedback, as well as the affordability of each system. Striven was ranked #2 on this list behind only project management software Monday.com.

*Note that while Striven does not have a mobile app, it is a webapp that is easily usable on any mobile device.

Here is what the SoftwareAdvice analytics team had to say about Striven:

“Striven’s comprehensive ERP capabilities make it suitable for businesses looking to give customers, clients, and vendors the flexibility to manage their data. They can add or update information and download required documents at their convenience. The tool allows users to raise support tickets for their queries and concerns. Users can raise tailored invoices directly from the platform and share them with concerned parties via email or dedicated portals.”

Here’s one of our customer reviews that was factored into Striven’s placement on this list:

I like the collaboration tool it was really very useful to keep everyone on the same communication channel. I can share documents, discuss ideas and solve problems very quickly.” ~Ana

Want to read more? You can check out the original article right here: 7 Top-Rated Affordable ERP Software