Preparing Your Website for an Economic Downturn

An economic downturn can be a frightening experience, particularly for businesses and website owners. But don’t worry—there are ways to prepare your website and make sure it remains competitive during a recession. With a few simple updates and enhancements, you can keep your business running smoothly and even increase its visibility during challenging times. Let’s take a look at some of the ways you can give your website a refresh in preparation for a recession.

Better Loading Speed

In today’s world, no one wants to wait for slow websites to load. To keep up with other websites and attract more visitors, consider investing in faster loading speeds for your site. This means optimizing images and videos to ensure they won’t take too long to download from the server, as well as checking links to make sure none of them is broken or outdated.

Mobile Optimization

Mobile optimization is essential if you want more people to find your website on their phones or tablets. Ensure that the navigation menus on your site are easy-to-use on all kinds of mobile devices, and that content fits the size of any given screen resolution. Additionally, think about making smaller versions of larger images so they don’t take too long to load on mobile devices.

High-Quality Content

Content is king when it comes to engaging potential customers—so make sure that what you offer is high-quality, unique content that will attract readers like magnets! Utilize keywords throughout your content so it will show up in searches more often, update posts regularly, and create new content such as blog posts or podcasts whenever possible.

Better Visuals with Graphics and Videos

People always respond better when there are visual elements involved—and graphics and videos can easily draw attention to certain areas of your website. Consider investing in quality graphic design services if you want top-notch visuals (like logos or banners) that will catch the eye of potential customers. You could also invest in creating instructional videos or other video materials related to your product or service so people have something interesting to watch while they browse through your site!

Stronger Customer Service

Make sure that any customer service inquiries are handled quickly and efficiently by utilizing tools like live chats or automated messaging systems if needed. Provide clear instructions for customers who need help navigating through the website, and make sure any complaints are addressed promptly so people won’t feel frustrated with their experience on the site.

IT Courses to Learn More About Website Enhancements

For anyone looking to stay on top of their online presence, sign up for IT courses that can provide knowledge in web design and development. A plethora of skills can be gained from such courses, from coding to website enhancements.  Ways to optimize a website for success are always changing, so signing up for courses can ensure staying ahead of the competition. For those looking for a CompTIA A+ certification, many providers offer comprehensive lessons and curriculum to successfully pass the exam.

Learn Coding to Fix Broken Links and Pages

In today’s uncertain economic climate, it pays to be prepared. One way to ensure your website stays in tip-top shape is to arm yourself with the skills needed to fix broken links and pages. If you are looking for some solutions, https://codeprofs.com/ offers a wide range of helpful tutorials and courses on coding languages like HTML, CSS, JavaScript and PHP — everything you need to make sure that your website lives up to expectations during an economic downturn. With proper maintenance, you can make sure your website remains fully functional no matter what happens.

As business owners prepare their businesses for an economic downturn, it’s important not to forget about an often overlooked asset – their websites! With these helpful tips on giving their website a refresh – such as faster loading speed; mobile optimization; offering high-quality content; better visuals with graphics and videos; stronger customer service; investing in IT courses; learning coding skills – they can rest assured knowing they’ve done everything they can do make sure their business maintains its competitive edge during difficult times ahead!

Let Leshinsky Finance handle your business’s finances so you can stay focused on growing your business. Schedule a free consultation.

5 Budget Tips for Women Who Are Ready for a Career Change

Making a big career change is not something you should do with a light heart. Most women take this step to find work that is more fulfilling and lucrative. To do it right, you need a proper financial plan. Consider the following budget tips to help you relieve the financial strain of starting over.

Optimize your business’s performance and finances with Leshinsky Finance. Schedule a free consultation!

1. Consider Improving on a Skill You Already Have

If you already have a skill that generates a decent salary, you may consider building upon that skill to make your career move. You could complete a professional development course to advance your talent and provide you with growth opportunities. Talk to your current employer about tuition reimbursement and the possibility of growth through education.

2. Consider Self-Employment

Sometimes, career changes are all about getting away from the job you have and gaining some independence. If you are tired of working for others, think about how you could become self-employed. For example, if you have writing skills, you could freelance as a writer. If you have expertise in any subject, you could start a consulting business from home. Consider your talents and how you can turn them into a business, but be sure to plan ahead to ensure your estate and finances are in order.

3. Prepare for Relocation

If your career move involves a change in location, there are a few steps you can take to save time and money during the process. For example, start planning your move far in advance. Research shows that planning to relocate and find a new home should begin eight months before your actual moving day. You need time to research and find the right job and neighborhood. You also need time to pack. Depending on the size of your current home, you may need to start packing between 2-3 months prior to your move. Give yourself plenty of time to alleviate some of the stress from the process. If you need to hire a moving company, research to find those that offer discounts.

4. DIY Where You Can

DIY is a great way to save money. You can DIY home projects, such as painting and refurbishing furniture. You can do the same for your career search. For example, you can create a professional resume using this type of resume builder. Choose from a library of professionally designed templates to suit your career market. Then add your own photos, colors, images, and content to make it work for you.

5. Compare Healthcare Benefits

An important component of any job search is understanding your access to benefits. Before you make any changes, evaluate the healthcare and retirement benefits available to you. If you decide to switch to a new company, talk to the human resources representative about the benefits available to you. This can tell you a great deal about how a company treats its employees as well.

Whether you decide to start from scratch and create a new career or improve upon what you’re already doing, this next phase in your life should be fulfilling. Start by thinking about what you want from your job and how it will benefit you personally. Then create a stellar resume and take each step with purpose.

Are Boutique Financial Consultancy Firms a Better Fit For Startups? 3 Questions to Ask Before Hiring Them

Boutique financial consultancy firms are smaller firms that specialize in handling particular tasks and have the flexibility to act as an extension of their clients.

Every company comprises various departments turning like synchronous cogs in a complex machine to produce the best possible results. Everything from strategizing and executing a road map to keeping the books balanced needs to be handled with the utmost care and comprehension. In startups, these roles are usually taken over by the founders, who are required to wear multiple hats as they grow their business. But there is only so much responsibility that can be borne before an enthusiastic founder starts floundering for external support.

One such support that every company needs is understanding the problems and needs of the business, collecting the data, and figuring out solutions. This is where a Financial Consultancy Firm, or FCF, comes into play. Financial consultants are necessary for every business, especially since most first-time entrepreneurs are not adept at comprehending and managing the business’s financial needs. Consultants bring detailed, in-depth expertise about the overall industry and how a particular business fits into it.

There is a lot of finance- and operations-related tasks that are regularly outsourced to FCFs, like figuring out the market size and target demographic, creating the operational budgets, getting the relevant documents ready for fundraising, bookkeeping and even creating go-to-market strategies. Usually, the larger FCFs have the resources and the manpower to handle a multitude of such tasks for their clients but end up charging an arm and a leg. Simply said, early-stage startups are rarely able to afford top FCFs.

This is where boutique financial consultancy firms come in. These are smaller firms that specialize in handling particular tasks and have the flexibility to act as an extension of their clients. They are also able to provide personalized services depending on the exact needs of the startup they work with. Although their suite of services is limited and they do not have the well-established reputation a large FCF has, they are able to provide valuable insights into the local marketplace at a much lower fee. Think of boutique firms as “fractional CFOs” who can take on the full responsibility of specific tasks that a regular CFO might not have the time or knowledge to execute properly. 

Boutique firms are generally influenced by the experience, network, and the personal brand of the founder. Due to their low operational costs and niche expertise, they can be an attractive service provider for entrepreneurs who are looking for consultancy support in specific markets or need help with outsourcing particular tasks the founder does not have expertise in. In fact, even government entities utilize the services of boutique firms that specialize in a field out of their reach.

Another benefit of hiring boutique firms is that they are more flexible with their pricing, strategies, and operating procedures—hence, they move faster. Larger firms tend to have established protocols that need to be followed throughout the project and, thus, are slow in adapting to new ideas. As the markets around us continue to grow and undergo digital transformation, new and innovative ideas will become the norm that larger firms might not be able to keep up with.

Since boutique firms keep their operational costs low, they tend to not hire a lot of juniors. This means that the majority of their staff is senior and can provide exceptional expertise to their clients. Such expertise can translate into efficiently completing projects as boutique firms do not have resources to waste on unnecessary experiments. Since there is less manpower to work on projects, such firms need to move fast in order to generate revenue from multiple clients—which makes them experienced in finishing tasks with quality service and under severe time constraints. 

Finally, it’s important for founders to realize that founders of boutique firms are entrepreneurs themselves who probably left larger FCFs to fill a gap in the market. These entrepreneurs realize the amount of time, capital, and, most of all, courage that it takes to build a successful business and will always be respectful of their clients’ hustle. 

Of course, that is not to say that boutique firms are better than larger enterprises at what they do. It depends on what the needs of the business are, what problems a founder wants to solve, and how quickly they need them to be solved. Considering all these factors, it just makes sense that boutique financial consultancy firms are a better fit for startups than larger enterprises. 

3 Questions to Ask Before Hiring an FCF

To better understand how to select the right FCF for your business, here are some questions you can ask them: 

“How much experience does your firm have with businesses operating in my industry?” 

As the client, you need to do your due diligence when selecting the right firm. Larger enterprises have a wide array of departments handling clients across various industries, but if you’re looking at a boutique firm then it’s prudent to ask this question. They usually have specific industries they specialize in and can provide you with the kind of personalized service a larger firm might not be able to. 

“What is the scope of services?”

Nothing is worse than being halfway into the project and finding out that the firm you’ve hired does not have the expertise to complete a particular task, or does not believe it to be a part of their KRAs. It is extremely important to understand just how far the firm is willing to go for you and how much of the legwork they are ready to do. As the client, it is your responsibility to get all of this information before you sign an engagement letter, otherwise, you risk a mismatch in synergies further into the project. 

“What is your fee structure?”

Finally, it is important to understand the fee structure of the firm you are going to be working with. While larger firms will most likely have fixed rates, smaller firms would have more flexible pricing structures and they would also be more open to negotiating during a long-term engagement. The fee structure you select should depend on the length and complexity of your project. For example, if you have a simple, short-term project then an hourly fee structure would be more beneficial. But if your project is long-term and would require multiple meetings to conclude, then a flat rate would work better.

Michael Leshinsky is the founder and CEO of Leshinsky Finance, a boutique finance consulting firm. Michael’s entrepreneurial journey started as a Subway franchise owner while taking night classes for a master’s in Finance. Through his franchise meetings and interactions with small business owners, he understood that most successful engineers or real estate developers do not have the interest or acumen to optimize their finances and accounting structures. And from there, Leshinsky Finance was born.

Financial Consultancy Firms, Government Incentives, and the Tradition of Real Estate

Real estate investment and development is not a cut and dry practice. Luckily, financial consultancy firms can help find the right partners and cut through the red tape to get projects from ideas to execution.

From creating extraordinary software to life-saving medication, there are various methods of building value and wealth being utilized today across the globe. However, the most traditional and commonly known concept continues to be investing in, and developing, real estate. While this particular strategy is well known, it still isn’t viable enough for most people to generate a stable income and long-lasting wealth — otherwise we would all be real estate moguls, right?

Successfully navigating the real estate industry requires two essential elements: a stable avenue of procuring the necessary resources and a solid knowledge of the legal labyrinth created by the government. Even for someone who understands the real estate market, it is generally tough to figure out how to not end up spending millions of dollars on redevelopment projects and hundreds of hours on learning to deal with the pain of bureaucracy.

Let’s look at a simple example to understand this better. You are Jane Doe, and you have identified an old, run-down building in your city, which you want to develop into an apartment complex. The location is popular, the price is sound and the demand is high. Now, all you have to do is find a credible architect and construction company, negotiate with the city council and finance the project. Zoom out and you’ll see just three steps to owning and operating an apartment complex. Zoom in and you’ll see three complex and draining assignments about which you might not have the first idea of what to do. This is where financial consultancy firms come into the picture.

Financial consultancy firms, or FCFs, that specialize in real estate are your best bet at finding the right people and the right price for your projects. You bring them the building (you don’t have to own it, just find it) and then they take over from there. They conduct all the necessary research, find and get quotes from the right architect and construction companies, negotiate with city council and/or other government entities as on your behalf, manage all the paperwork and do their best to get you government incentives to help finance your redevelopment and off-set your tax liability.

The government incentives can be in the form of tax credits, tax reliefs, governmental grants, or even all three. Of course, you can search and apply for these incentives yourself, as each state has its own commerce website that lists all the available incentives, but it’s a long and tedious process which is better outsourced. Without outsourcing this task, it can take you years to negotiate a good deal with the government. An experienced FCF can procure the incentives within a third of that time.

On top of the government incentives, since you are redeveloping an old building, you are eligible for historic tax credits along with state-specific rebuilding tax credits, which are approved by the local preservation society followed by National Trust for Historic

Preservation in Washington, D.C. If argued correctly, these rebuilding tax credits can also be granted for new construction. Another form of tax credits commonly availed are new market tax credits for underserved markets. Continuing the previous example, you might decide to redevelop the old building and convert it into a lower-income housing program. In such cases, the government can cover up to 90% of the project costs. The tax credits awarded to your company can also be exchanged for cash, which can be put toward financing your project as well. This is not a common practice and the legal structure is a mess, which is why such tasks should also be outsourced to FCFs.

So, the next time you find a piece of real estate for your project, the right steps are to:

• Conduct your due diligence regarding the history and location of the building.
• Research the local FCFs, boutique or otherwise, and find out whether they employ real estate experts in their teams.
• Be upfront about your project requirements and the redevelopment use cases, so the FCF can figure out creative arguments and get you much-needed tax credits.

Financial Consultancy Firms, Government Incentives and the Tradition of Real Estate

Protect Your Construction Business with These Essential Financial Tips

Protecting your business from financial issues is growing more and more challenging these days, as even the most well-prepared entrepreneurs are finding out. With the cost of just about everything going up and continuing supply chain issues making it more difficult to make accurate projections, those who are in the construction and contracting business are feeling the heat.

The good news is, there are some simple solutions. When it comes to keeping costs down, freeing up cash flow, and preventing expensive mistakes, there are several tools you can use that will help you stay on top of things and keep a possible financial downturn at bay. There are also services that can walk you through financial wellness planning. Take a look around Leshinsky Finance to learn more.

Here are a few ways you can maintain your business’s finances even during hard times:

Make precise calculations

For those working in certain industries, figuring out the cost and delivery time of materials has major implications on several other aspects of a project. It can be tricky to estimate the amount you’ll need to spend these days, but luckily there’s a roofing estimator tool available that will make the process easier. These tools will help you calculate complex roof measurements and will also take into account local taxes, labor costs, and payment terms so you can make a more precise estimate and prevent issues with budgeting. Not only will this help you stay on track with your financial goals, it will ensure that your customers never lose their trust in you.

Rethink your marketing plan

Your customers obviously play a big role in your financial health, so it’s a good idea to make sure your marketing plan is solid in order to grow your audience and your income. You don’t have to spend a lot of money on new marketing tools; think of ways you can spread the word about your business locally by using more traditional methods, such as billboards or flyers. Try this online flyer maker and choose from thousands of professionally designed templates that are fully customizable with the fonts, colors, and images you want to use.

Value your employees

While your customer base is clearly crucial for success, it’s also important not to undervalue your employees. Keeping your best workers and preventing turnover is more cost-effective than hiring in the long run, even if you need to offer more work hours or higher pay to get them to stick with you. Keep an eye on what your competitors are offering and make sure you’re able to keep up with local wages. Just as importantly, make sure you’re listening to your employees’ needs and making them feel appreciated within the company. Reward hard work and ask for their input so that they feel included in the success of your business.

Keep your data safe

While you’re taking precautions for your business’s financial wellbeing, it’s a good idea to make sure your data is well protected. Cyber threats cost small businesses more than a one-time loss of money; they can also destroy important customer relationships and create legal issues that necessitate expensive court battles. Look for quality security software, and take steps to ensure that your business is safe when it comes to email, your payment systems, and your website. Encrypt communications and use password-protected documents, and utilize cloud backup for essential info. Have a plan in place for recovery so that if you do get hit, you can get back up and running as quickly as possible.

Keeping your business financially sound during these challenging times can be stressful, so sit down and write out a plan in order to give yourself peace of mind. Using the right resources will allow you to stay in control even when the world seems uncertain.

Photo via Pexels

Smart Startup: Avoiding Common Small Business Financial Mistakes

Recent studies show that only 30% of new businesses are still in operation by their tenth year. Put simply, surviving long-term within the startup economy is no easy feat – if you want to give your company the best chances of success, it’s important to familiarize yourself with the most common financial pitfalls. Here are a few to consider.

Budget Adherence

Setting a budget is one thing, sticking to it is another. If you want to ensure that you don’t drift from your financial commitments, you’ll need to carry out regular financial reviews (checking on your balance sheet and factoring in any upcoming costs), shop around for new services/suppliers, and show decisiveness when it comes to cutting down or cutting off needless expenses.

Debt

It’s common for a small business to fall into debt, especially if you have not received external investment. Once you’ve taken out a loan, this happens as a result of late invoicing, poor accounting, inaccurate forecasting, or failure to execute your strategy. Ultimately, if you’ve mismanaged finances, debt will be soon to follow and is sure to debilitate your business. The key to avoiding this scenario is to carry out plenty of research – with enough prior analysis, you can get a measure of the market and allocate your resources in a more smart, efficient manner.

Bad Hires

At the early stage of the business process, hiring the wrong individuals can have a significant detrimental impact. When your success is reliant on the hard work and dedication of just a few team members, even one weak link represents poor investment and can end up costing you more time and money than you have to spare. If you want to avoid bringing in the wrong people, try to prioritize experience and carry out a thorough screening of all applicants.

Tech

Tech or, rather, the failure to incorporate tech efficiently can easily contribute to the downfall of a business. It may be tempting to bank on a popular software or lean too heavily on developers to carry your business but if these decisions come at high recurring costs and don’t pay off, they can quickly impact your bottom line.

Avoid this by ensuring that every program is justified on your balance sheet – regular invoicing or quick payment options, for example, are likely to have a positive impact on cash flow and company revenue. You may want to consider adding a balance API to your app or website. This will automatically verify in real-time whether clients/customers have the requisite funds in their accounts to pay. An API will also securely verify customer data without risking their personal information.

Financial Analysis

When you’re trying to run a successful small business, you won’t always have the time (or expertise) to assess risk, monitor finances, or conduct regular analyses but doing so could prove pivotal to the company’s survival. That’s why it’s sometimes worth bringing in consultants like Leshinsky Finance to lend an expert opinion – the right advice can help you to refine your business process and identify any pain points that would otherwise lead you to ruin.

When it comes to running a business, fiscal conservatism will often play to your advantage. If you can tread cautiously, allocating resources and spending capital with a keen eye on your budget sheet, you’ll be more likely to lead your team and your company to long-term success.

Leshinsky Finance understands the importance of wise strategic and financial planning during all the phases of the business cycle, contemplation to maturation and possible sale of the business. Learn more about our services, at leshinskyfinance.com

Public-private partnerships : benefits and challenges

http://www.greensheet.com/emagazine.php?article_id=6940

A public-private partnership, or PPP, is an alliance between a government agency and a private sector company to facilitate development of public service projects like parks, public transportation, hospitals, etc. Typically, these are projects neither party can afford to undertake alone—due to a lack of expertise and/or resources—and are long-term collaborations.

PPPs have become increasingly popular in developing and developed countries, as public and private entities realize the benefits of sharing finances, infrastructure, technology and risk. For payments enterprises interested in exploring this type of opportunity, there are several benefits and challenges to consider.

PPP benefits

Following are several benefits private sector companies can reap through PPPs:

• Working on large-scale government projects provides a major brand-building opportunity for any private company. Any service provided by a government is usually utilized by the majority of the affected population. A job well done can build a private company’s credibility to new heights and open avenues for subsequent projects.
• Governments move slowly, and they recognize that. A private company can increase a project’s operational efficiency, leading to quicker development and delivery of services. In such cases, a private company can highlight its innovative technology and expertise to potential clients, which can help generate business.
• It’s easier for a PPP to apply for federal grants than for a wholly private project. In PPPs, the grant applicant is the government agency, which makes grant allocation slightly easier. This becomes an added funding avenue for projects, which further reduces costs and helps private companies finish projects within budget.
• Government agencies can provide incentives to private companies that can be exchanged for cash or equity in projects. Moreover, governments might also give responsibility for operating services to private entities after completion. Thus, private companies can end up making larger profits during the course of their partnerships.
• Generally, PPP contracts include extra incentives and bonuses, which are paid out on a performance basis to private companies. These could be triggered by early completion of projects or by finishing below budget.
• If a project requires specific expertise, like constructing a large-scale dam, there might be few companies providing the service. This reduces the pool of competitors and provides leverage to participating private entities to set their asking price.

PPP challenges

PPPs also come with challenges. They involve complex relationships without much freedom to make autonomous decisions, and it’s necessary for companies to recognize where their expertise and resources would be most effective. Some challenges faced during PPPs are:

• While a PPP is symbiotic, most risk tends to be on the private enterprise, as its remuneration depends on execution and performance. The private entity must be upfront about how much risk it is willing to handle and set the price accordingly, otherwise, it risks underperforming.
• The process of creating partnership bylaws is cumbersome. With the involvement of the government, private entities, and industry stakeholders, there is significant space for disagreements, which can affect a project’s timeline.
• Every organization has its own culture, objectives, and morals by which it operates. These tend to be quite different between private and public sectors and can result in poor cooperation between the two. It’s important to recognize and align the goals of both parties as much as possible to reduce friction.
• Political instability can create barriers to launching PPPs. In such situations, stakeholders tend to bide their time and look out for their agencies’ best interests, which can lead to the postponement of partnerships. One such barrier is a poor legal framework, which can discourage PPPs in specific countries or industries.
• Inadequate management of key performance indicators is one of the biggest reasons PPPs fail. Creating distinct guidelines for a partnership is of no use if there isn’t proper enforcement of said guidelines. KPIs need to be defined clearly and in a manner that is relatively easy to monitor, and regular transparent performance audits must be conducted to ensure the project stays on track.

Michael Leshinsky is the president of Leshinsky Finance, a boutique consulting firm focused on the importance of wise strategic and financial planning during all phases of the business cycle contemplation to maturation and possibly sale of the business. Contact him by email at info@leshinskyfinance.com or by phone at 715-529-5661.

How to Handle Late Payments While Maintaining Client Relationships

Every entrepreneur dreams that payments are made on time and cash flow is sufficient and accurate. However, the unfortunate reality is that this dream is pretty rare in today’s market world. A majority of business owners struggle with following up on unpaid invoices from clients.

Collecting overdue payments can become very frustrating, which is why you need to be careful with your approach methods. A wrong move might hurt the relationship you have with your clients, making you lose them and hurt your business in the long run.

The ultimate goal is getting paid and still securing future business deals. For this, you need to adopt a strategy that’ll get you paid and still maintain valuable clients for your business. Leshinsky Finance explains how.

Set terms early in the relationship

To avoid any misunderstandings, it’s important that you communicate your payment policies to the buyer early on in the business relationship. You can create a clear, professional-looking invoice using a free invoice template that details the business policies regarding payments. For instance, stating that 50% of the money should be paid upfront and the rest within 2 weeks after product delivery.

Additional Information like a delayed payment fee is also a good idea. 5% fines are common but you can put a fine that you are comfortable with.

Use a payment processing software

It’s inevitable that you forget to send out invoices on time, it also requires a lot of work when you send them manually and may cause a lot of errors.

With payment processing software, you can also schedule the time at which you’d like your invoices sent. Invoices sent immediately after a job is completed are very effective. You are more likely to be paid on time if invoices are released on time.

Using payment processing software is a great way to avoid any unforeseeable inconveniences. It will become easier for your business to get paid and is also a great way of accepting diverse payment options. Providing convenience to your clients will see that all payments are made on time.

You can also add a payment portal to your website, which is another optimal convenience. When including this feature, set up secure channels so your customers have assurance that their personal information remains secure.

Send a polite reminder

Sending reminders is effective to notify your clients about overdue payments. It’s normal that they may have forgotten about making the transaction. Send a friendly email immediately after the due date, remind them about your company’s payment policies, what amount is due, payment methods, and any fines or fees as a result of the delay.

Ask for a reason

This is mostly applicable to regular clients, late payments might have other reasons, so ask. If the case is legitimate, working out payment solutions with your client is a creative move to maintain the business relationship. At the end of the day, late payment is better than none.

Keep a record of all communication

Ensure that you keep a record of all communication in case of anything. In the case where legal enforcement becomes necessary to obtain payments, email, phone calls, and contract records will be necessary. Any or all attempts to request payments must also be recorded.

Pause or stop any business

The bottom line is, a company cannot run without funds and payments from clients. When a client makes it a habit to delay any payments, and ignore all payment requests from the company, then stopping any businesses from the client is advised. 

It’s difficult to give up on a customer, but sometimes it’s necessary for the benefit of the business.

Don’t shy away from contacting them

Requesting late payments can become a daunting task, especially when you don’t want to seem rude. Unfortunately, it’s necessary to ensure that there’s cash flow for your business. Regular reminders to the client are effective, however, make sure that these reminders are polite.

Conclusion

Prompt payments are vital for any business, ensure that you have everything in order in case of delayed payments from your clients. In many situations, communication is key, communicate with your client by sending reminders and invoices. Make sure you are always polite and that you provide convenient payment methods for your clients.

Leshinsky Finance understands the importance of wise strategic and financial planning during all the phases of the business cycle contemplation to maturation and possible sale of the business. Reach out today to set up a free consultation.

Reducing COVID-Related Financial Stress: A How-to Guide

Over the last few years, many people’s finances have been stretched thin. It’s been a very stressful time for a large number of Americans. Our financial security has been shaken, and sometimes, things still feel uncertain. If you’re still reeling from COVID-related financial stress, you’re not alone. In this article, we’re going to cover a few different strategies for reducing COVID-related financial stress, and COVID-related stress in general. Leshinsky Finance invites you to keep reading to find out more!

Strategy 1: Budget, Budget, Budget

It can’t be stressed enough that budgeting is a great way to alleviate financial stress. Budgeting is an exercise in understanding your finances at a deeper level. If you weren’t budgeting before the COVID-19 pandemic, you certainly should be now.

The first step to relieving stress is creating a budget. To do so, you need to have all of your financial information available. When you can see how much money is coming in, and how much is going out, you can start to understand the bigger financial picture.

Creating a budget isn’t the only thing to be done, though. You also have to review and update your budget regularly. Staying on top of your budget means understanding your current finances in comparison to the past, too. By doing so, you can see financial success. If you’re having trouble with budgeting, Leshinsky Finance can help with your financial literacy.

Strategy 2: Practice Self-Care

Sometimes, self-care is the only way that you can alleviate your financial stress. Self-care can be any number of things. For some people, it’s heading out for a pampered spa day. For others, it’s spending time at home and cooking a nice meal for the family. No matter how you practice self-care, doing so can help you reduce stress. When your stress is reduced, you can look at the bigger picture, including your finances, a little more clearly.

Strategy 3: Set Goals and Make Plans

One of the best things you can do to take hold of your financial stress is set goals. When you set goals, you’re making an active decision to work towards something. A well thought out goal allows you to make plans.

A big part of financial literacy, both in personal terms and business terms, is financial planning. When you can forecast your finances and set goals surrounding them, you’re more likely to attain the things that you want to. This is made even easier when you have a substantial budget made.

Strategy 4: Change Careers

Now, this is a pretty drastic measure, but it is effective nonetheless. Changing careers is the best way to get ahead right now. With the high need for labor, many companies are offering great incentives to their new employees. By changing careers, you may be able to increase your income significantly.

Strategy 5: Explore Financial Relief

Financial relief isn’t just aid from organizations or the government. It’s also taking a look at all of your financial options. One such way to obtain relief is to refi your mortgage. If you’re in dire need of financial relief, look into refinancing your mortgage to help reduce your monthly expenses. This can help you get ahead financially in your time of need.

Take Hold of Your Financial Future

By using any of the strategies above, or a combination of them, you can take hold of your financial future. COVID-related financial stress isn’t uncommon these days. You’re not alone in your situation. By putting forth a little effort, though, you’ll certainly be able to reduce your stress and turn things around.

Construction set to begin at Nexus Lofts this summer

https://www.valleybreeze.com/2021-06-29/pawtucket/construction-set-begin-nexus-lofts-summer#.YONJmehKiUkDevelopers of the former Feldman Furniture building in downtown Pawtucket have received a $400,000 brownfields loan to aid in the redevelopment of the building into 27 market-rate apartments with ground floor office and/or retail space.

$400,000 brownfields loan will aid in redevelopment of historic buildingBy MELANIE THIBEAULT, Valley Breeze Staff Writer

PAWTUCKET – A new brownfields loan is set to aid in the development of 27 residential units at the former Feldman Furniture building in downtown Pawtucket.

The Rhode Island Infrastructure Bank announced earlier this month the approval of a $400,000 loan from the Brownfields Revolving Loan Fund to finance environmental remediation work as part of the Nexus Lofts redevelopment project, located at 49 North Union St., according to a press release.

As part of the project, developer Michael Leshinsky and representatives from Nexus Property Development are seeking to create 27 residential units in the former Feldman Furniture building, which was built in 1898 and has sat mostly vacant for decades. Originally built as horse stables, it later became a car garage, then the warehouse for Major Electric Company, and then a furniture store.

“This brownfields loan is a critical part of our overall project financing and site redevelopment plan,” Leshinsky said. “We want to thank the team at the Infrastructure Bank for working with us to finance the site remediation we need to complete in order to unlock the full potential of our Nexus Lofts project.”

It took a year to find a lender who was willing to help, he said, adding that the brownfields loan is making it that much more possible to complete the redevelopment. “We’re thankful we are going to be able to do this,” he said. “I don’t think we could have done it without (the loan).”

The state of Rhode Island has a long history of industrial properties that have environmental issues, Jeffrey Diehl, CEO of Rhode Island Infrastructure Bank, told The Breeze. Through these brownfields loans, “we’ve been working with developers and others around the state to assist in developing some of these properties” that are blighted.

With this particular project, the loan will assist in bringing the building up to standard and with removing and transporting asbestos from the property, he said, with the goal to spur future development in the surrounding buildings.

Officials at the Infrastructure Bank think the Nexus Lofts project will help to provide affordable housing in the city and continue to revitalize a neighborhood that “is really undergoing a lot of change,” Diehl said. “We think (the project) is consistent with our mission overall in terms of trying to drive economic development through infrastructure. … We are pleased to help finance a portion of this key project for the continued revitalization of downtown Pawtucket.”

In November of 2019, the Pawtucket City Council approved a 10-year tax agreement with Nexus Holdings for the project, The Breeze previously reported, with developers saying the deal was necessary to raise the capital needed for the project. At the time, Commerce Director Jeanne Boyle said that the $7.5 million project represents the “largest investment in recent memory” for the city’s downtown.

The redevelopment will include 27 affordable market-rate units for rent as well as indoor parking and office and event space on the ground floor, Leshinsky said. Before the pandemic, comedy shows and other events, such as awards ceremonies, were held in the space, he said.

After delays caused by the pandemic, construction is expected to start this August or September and last approximately one year, Leshinsky said. Because it’s a historic rehabilitation, crews will be restoring the building to its original appearance, keeping any interesting or unique features in place, he said. The goal is to have the one- and two-bedroom units available to rent starting next August, he said. Market rents are expected to be between $1,100 and $1,500.

“That’s what I enjoy most: taking these old beautiful buildings and preserving them,” he told The Breeze.

A big fan of both Pawtucket and historic rehabs, he said he hopes once complete, the redevelopment will stir more activity in the area. “We’re excited,” he said. “I’m a big Pawtucket advocate.”