Improve Your Cash Flow by Managing Receivables, Expenses & Debt

Join Live Oak Bank and Selected Independent Funeral Home Educational Trust for Part 2 of the Cash Flow Webinar Series.

Thursday, March 3, 2 pm Eastern

You’ll be given three practical ways to better manage your cash flow during the second webinar in the Live Oak Bank’s 3-part series of financial tips for independent funeral home owners and employees, exclusively offered through the Selected Educational Trust.

As a business owner, you want/need ways to improve your bottom line. Are there ways to cut expenses? How can you better serve your families while also improving profits? If you’ve asked these questions, then you may be looking to improve your cash flow.

Presenter Information:
Tim Bridgers, Loan Officer, Live Oak Bank

Tim Bridgers joined Live Oak Bank in 2014 with over ten years of valuable business and entrepreneurial experience. Tim studied Mechanical Engineering at the University of North Carolina at Charlotte, Business at the University of North Carolina at Wilmington, and completed his Finance degree at Liberty University. This diverse education prepared Bridgers for success in sales, marketing, and management. Tim is a former business owner and developer of two successful companies, and understands the challenges business owners face. He is dedicated to assisting small business owners in the Funeral industry become and remain successful.

SIFH Members: $ 15.00 per location
Non-Members: $ 35.00 per location

Register here!


Claim Your Veterinary Acquisition Guide

Join the Live Oak Bank Veterinary Team at the Western Veterinary Conference for a Special Presentation.

Brian Faulk and Jessica Trichel, DVM will share how to prepare for purchasing a veterinary practice. From understanding the loan process to assembling your team, we will look at common challenges and how to succeed. For those who are interested in practice ownership, this is a presentation you won’t want to miss.

The first 25 attendees to RSVP will receive a free copy of Live Oak Bank’s Veterinary Practice Acquisition Guide at the presentation. This guide includes tips for ownership transition, practice management and marketing.

Approaching Practice Ownership
Western Veterinary Conference
Tuesday, March 8, 2016
6 PM – 8 PM

RSVP today!


2016 Live Oak Bank Cornhole Tournament

**UPDATE 4/25/16: The tournament is now FULL! However, if you’re attending CBC & still desire to participate, please still submit the form below and we will place you on a waitlist in the order in which forms are received. If spots open up, we will contact brewers individually in that order. Thanks!

Live Oak Bank’s Craft Brewery Lending Team wants you and a team from your brewery to play in its inaugural, doubles-play cornhole competition at CBC Philadelphia. The tournament will be played over two days and will feature breweries facing off to win a $3,000 Grand Prize and claim the Cornhole Championship Belt!

Date & Times: Wednesday & Thursday, May 4 & 5, 2016
• Day 1 – Pod Play Round – 1 hour per team starting at 11:00am*
• Day 2 – Single Elimination Rounds – Up to 2 hours per team if advancing to the final match starting at 11:00am*

Location: Craft Brewers Conference, Philadelphia Convention Center
1101 Arch Street, Philadelphia, PA 19107, Concourse Outside of Exhibit Halls D & E

Prizes: 1st Place: $3,000 | 2nd Place: $1,000 | 3rd Place: $500

Ready to play? Register using the form below & someone will reach out to you to confirm your spot.

  • Player 1

  • +Mobile phone info is being collected for the sole use of text message and/or call alerts during the tournament to let players know when & where they need to be to play their next cornhole match.
  • Player 2

  • +Mobile phone info is being collected for the sole use of text message and/or call alerts during the tournament to let players know when & where they need to be to play their next cornhole match.
  • Player 3

  • +Mobile phone info is being collected for the sole use of text message and/or call alerts during the tournament to let players know when & where they need to be to play their next cornhole match.
  • Player 4

  • +Mobile phone info is being collected for the sole use of text message and/or call alerts during the tournament to let players know when & where they need to be to play their next cornhole match.
  • By submitting this form, I indicated that I have read, understand, and agree to the competition rules and prize terms associated with this tournament. I also acknowledge that myself and all eligible participants will be required to sign a liability waiver form at check-in on the first day of the event in order to play in this tournament.

 


How You Can Improve Your Dental Practice In 3 Simple Ways

2016 is here, and it is time for a fresh start.

Are there things you can accomplish during 2016 that will improve your dental practice? Here are three areas in which most practices could find room for improvement: revenue growth, practice efficiency, and marketing.

Revenue Growth

How can you generate more revenue? Are there any new services you can add? Is it time to consider extended hours? Is your fee schedule in need of updating? Now might be a good time to make these changes.

Practice Efficiency

How efficient is your practice? Are you paperless yet? If not, it’s time. Paperless practices have proven more efficient and profitable. Also, do you have enough staff to run an efficient practice? Proper staffing also lends to greater efficiency, not to mention stronger morale as workloads are balanced.

Marketing

Finally, evaluate your marketing. Would facility upgrades improve your client experience? How about your reminder system? If you are still using snail mail, it’s time to look at providers offering email and text reminder options. Are you doing anything to promote your practice in the community? Maybe it’s time to join a business networking group or your local Chamber of Commerce. Do you need to increase your use of social media? Maybe it’s time to try digital advertising. Marketing can be anything that draws new customers and drives more referrals.

Do you have other ideas on how you can improve your practice?

Make a list and narrow it down to three items you want to get done this year to improve your dental practice and enjoy greater profitability. Set deadlines for yourself, and post your goals somewhere you can see them to hold you accountable.

 


How To Claim Your Funeral Home Business on Google

As a funeral home owner, marketing your business is critical to your overall financial success. As more families research funeral homes online prior to making a decision, it is important to have an attractive website that appears in search engines. Having your funeral home’s website properly optimized for search engines such as Google will help you be easily found online. Claiming your practice through Google is one easy way to enhance your online presence and as such increase business.

What does it mean to “Claim Your Business?”

If someone is using Google as a search engine to locate a funeral home within provided search criteria (city, state, zip code), results likely produce lists of local businesses or Google Places pages. Google allows you to include business information like address, contact information and other important operational information, which becomes searchable to your customers. This is often the first place a guest will find you. A “claimed” page looks much better than an unclaimed page that may drive guests away.

How do I Claim My Business?

To get started, you just need to create an online listing and verify your business for free with Google My Business. This will guide you through a simple process to update your information. After you claim your business, monitor your listing frequently to check on reviews and postings from guests.

Streetviews

Google also allows you to invite potential customers inside for a virtual tour of your funeral home giving them a turn-by-turn 360-degree view. Future customers are able to view the areas you choose, including the reception area, arrangement room and chapel. Providing the virtual tour will build trust and ease the decision by allowing families to see your location before they arrive. It’s a simple process of selecting a certified and trained Google photographer in your area, scheduling time for a photo shoot and sharing the photos with the world. Learn more and request a business shoot here.

Since Live Oak Bank is a small business lender, we are advocates for tools that help small businesses grow and succeed. Claiming your business on Google is just one more way to market your funeral home and grow your business.

 


3 Easy Ways to Improve Your FEC Business in 2016

The New Year is here, and it’s time for a fresh start! Ask yourself: “How can I improve my business in 2016?” There are three areas in which you might find room for improvement: revenue growth, efficiency, and marketing.

Revenue Growth

How can you generate more revenue? Are there any new attractions you can add? Is it time to consider extended hours? Do you need to update your pricing structure? Should you consider adding food and beverage services? The new year may be a good time to make these changes.

Efficiency

How efficient is your business? Are you paperless yet? Do you need to upgrade your technology so your staff can work more efficiently? Take the time to do an efficiency audit and adjust accordingly.

Marketing

Finally, evaluate your marketing. Would facility upgrades improve your clients’ experience? Does your staff need training on new attractions or how to better sell your services? Are you doing anything to promote your business in the community? Do you need to increase your use of social media? You can think about marketing as anything that draws new customers and drives more referrals.

Consider these three areas and others you think could use improvement. Now, make a list, and narrow it down to three items you want to get done this year to improve your business and enjoy greater profitability. Make sure you set deadlines for yourself and post your goals somewhere you can see them.

Good luck and enjoy a happy and prosperous 2016!

 


How To Claim Your Vet Practice on Google

As a veterinarian, marketing your practice is critical to the overall financial success of your business. Having your practice’s website properly optimized for search engines such as Google will help you be easily found online. Claiming your practice through Google is one way to enhance your online presence and as such increase business.

What does it mean to “Claim Your Business?”

If someone is using Google as a search engine to locate a veterinary practice within provided search criteria (city, state, zip code), results likely produce lists of local businesses or Google Places pages. Google allows you to include business information like address, contact information and other important operational information, which becomes searchable to your customers. This is often the first place a guest will find you. A “claimed” page looks much better than an unclaimed page that may drive guests away.

How do I Claim My Business?

To get started, you just need to create an online listing and verify your business for free with Google My Business. This will guide you through a simple process to update your information. After you claim your business, monitor your listing frequently to check on reviews and postings from guests.

Streetviews

Google also allows you to invite potential customers inside for a virtual tour of your practice giving them a turn-by-turn 360-degree view. Future customers will get to see the layout, exam rooms and the overall look of your business. It’s a simple process of selecting a certified and trained Google photographer in your area, scheduling time for a photo shoot and sharing the photos with the world. Learn more and request a business shoot here.

Since Live Oak Bank is a small business lender, we are advocates for tools that help small businesses grow and succeed. Claiming your business on Google is just one more way to market your veterinary practice and grow your business.


Exposing the Myths: SBA vs. Conventional Lending

The Small Business Association (SBA) offers lending programs that are often misunderstood as a cumbersome, last resort loan funding option. Much of this misperception is centered on borrower experiences with banks who do not specialize in SBA lending, are not a preferred SBA lender, or do not have specific lending expertise or knowledge of the Hotel industry.

As a lender at Live Oak Bank I frequently get questions from customers to this regard. I’ll attempt to debunk the common myths heard about SBA lending.

  1. Myth: SBA loan products are not borrower friendly.

Actually, SBA loans tend to be borrower friendly, flexible to equity and collateral requirements, have longer terms and do not have loan covenants or balloons. For example, a conventional loan may have a 10 year amortization with a balloon in 3-5 years, while an SBA loan will have an amortization and term of 25 years for most hotel loans.

  1. Myth: The lending process is slow and inefficient.

SBA lending requires numerous documents and can be tedious for borrowers when the lender is not a specialist. When considering an SBA loan, it is helpful to seek out a lender who is part of the SBA’s Preferred Lender Program (PLP). A PLP lender will know how to determine eligibility and properly structure the loan. PLP status allows the bank to approve the loan without waiting for the SBA’s approval; the bank acts on behalf of the SBA.

  1. Myth: The SBA lends money directly to small business owners.

False! In an SBA loan, the bank makes the loan, but the debt is partially guaranteed by the SBA. This allows the bank to provide credit for a borrower who may otherwise have difficulty obtaining a loan with favorable terms. The SBA acts like an insurance company, allowing the bank to extend its conventional credit reach.

  1. Myth: Any small business can receive a small business loan.

There are certain eligibility requirements within the SBA program. A lender will explore the “5 C’s” of the customer which are credit, character, capacity (cash flow), collateral and condition of the business. A lender who knows the hotel industry has the specific knowledge to understand these components as they relate to hotel ownership and evaluate your entire financial picture to structure a loan that meets your needs.

The reality is an SBA loan can be a viable option to many small business owners. Do your research, find a bank that knows your industry and is a designated preferred lender, and you will be on your way to securing your dream.


How To Claim Your Self-Storage Facility On Google

As a self-storage facility owner, marketing your property is critical to the overall financial success of your business. Having your facility listed in local publications is important, but many potential clients will also search for self-storage properties online when making decisions. By having a strong online presence, you can easily be found by search and as such increase business. Claiming your facility through Google is one easy way to be found.

What does it mean to “Claim Your Business?”

If someone is using Google as a search engine to locate a self-storage building within provided search criteria (city, state, zip code), results likely produce lists of local businesses or Google Places pages. Google allows you to include business information like address, contact information and other important operational information which becomes searchable to your customers. This is often the first place a guest will find you. A “claimed” page looks much better than an unclaimed page that may drive potential renters away.

How do I Claim My Business?

To get started, you just need to create an online listing and verify your business for free with Google My Business. This will guide you through a simple process to update your information. After you claim your business, monitor your listing frequently to check on reviews and postings from guests.

Streetviews

Google also allows you to invite potential guests inside your facility for a turn-by-turn 360-degree view. Guests will see the layout, office space and size of your facility. It’s a simple process of selecting a certified and trained Google photographer in your area, scheduling time for a photo shoot and sharing the photos.

Since Live Oak Bank is a small business lender, we are advocates for tools that help small businesses grow and succeed. Claiming your business on Google is just one more way to market your self-storage facility and grow your business.