Podcast review: Christophe Choquart from IOU Financial
key takeaways. Town Haul Podcast | Episode 4
Moderator: Amy Koonin (Rubicon) Guest: Christophe Choquart (Vice President of Development at IOU Financial)
Running a small business is difficult-we know it! Rubicon continues to collaborate with other services to help ease the burden on small business owners.
One of the partners is Atlanta’s own IOU Financial, a trusted lender with a lightning-fast approval process. Our host Amy Koonin and IOU's Vice President of Development Christophe Choquart sat down in the studio to discuss the tips and tricks of capital turnover so fast, and what this means for your business!
About how IOU Financial simplifies the loan process:
CHRISTOPHE: “Most owners are often in a hurry and look for funds. Considering the daily work of these merchants, the entire process of finding financing can be overwhelming. Therefore, we allow merchants to use very limited documents to complete loan applications. We also help them understand how and when to use it. Therefore, the process of using IOU really shouldn’t take more than five minutes to apply. Small business owners only need to upload their files and wait for approval. Our process is 100% It is paperless, so it can save a lot of time to prepare all the paper.
What makes our simplified process different is that when merchants need funds, they can deposit it into their bank account the next day after applying. "
Recommendations for planning the annual small business budget:
Christophe: "In general, small businesses tend to be frustrated in seeking growth. This is usually due to lack of funds. Budget planning and timing is something that no one wants to do, but it’s best to do it at the beginning of the year. When IOUs work together, we can look ahead and really understand how companies use cash. I also recommend that you check the seasonality of expenditures so you know when there may be a cash crunch or slower months.
If you want to invest in your business and propose a budget amount, check the average cash balance for the past 12 months, and then ask yourself: What do I have? When did I not have so much cash? When will I have more cash? It's great to be able to make predictions accurately. "
Regarding the pressure of small businesses to reinvent themselves:
Christophe: "Due to the advancement of competitors such as Amazon, the retail industry is definitely under pressure to reinvent itself. Consumers expect new products, innovations, convenient delivery and free returns/They want to buy from the comfort of their homes, so you You can see the trend that only selling products in physical stores is not enough to survive. There needs to be some kind of service. Stores try to reach out to merchants through some online businesses, and they can really promote their products and respond to consumer needs. For coming to the store For consumers, there must be some added value that cannot be obtained elsewhere.
The retail industry is really starting to change this. I think it's very neat, from selling products to adding services or value-added services, because of the service and the warm atmosphere of people (usually the owners), people can come to shop and relax.
I think the retail industry will continue to exist. Going to a physical store is good for all of us because it promotes communication. Owners can truly understand the needs of consumers. "
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