Business forecasting is essential for any organization, especially in a downturned economy,  as it helps in anticipating future trends and changes in the market, which allows businesses to plan for the future, make informed decisions, and set realistic goals. 

Accurate forecasting helps in identifying potential risks and opportunities, which can help businesses to take timely actions to mitigate risks and capitalize on opportunities. Beyond forecasting, maintaining cash flow on hand can greatly help businesses operate during an economic downturn, as limited capital during a downturn can create significant challenges for businesses.

Businesses struggling to stock inventory and keep cashflow healthy may need to explore  inventory financing. At Kickfurther we recognize the challenges of traditional inventory financing including the cost and complexity. In true entrepreneur fashion, we’ve created the best kept secret for inventory funding. At Kickfurther business owners can connect with our community of backers ready to fund up to 100% of inventory. Plus, take advantage of flexible repayment terms that put you in control. Get the inventory you need now and pay later. Let us help you push through challenging economic times and navigate toward success. 

Here are some tips for managing forecasting in a downturned economy. 

What is forecasting in business?

Forecasting in business is the process of predicting future trends or events based on past and present data, in order to make informed decisions about the future of the business. The main purpose of business forecasting is to help companies plan for the future by identifying potential opportunities, threats, and challenges that may arise.

Business forecasting can be used to predict various aspects of a business, such as sales revenue, customer demand, market trends, economic conditions, and operational costs. Forecasting techniques may involve statistical analysis, mathematical models, and expert opinions. Business forecasting is a crucial tool for businesses of all sizes and industries, as it helps them to allocate resources, make strategic decisions, and adapt to changing market conditions. By providing insights into the future, forecasting allows businesses to stay competitive and achieve long-term success.

Why is forecasting important for my business in an economic downturn?

Forecasting is especially important for businesses during an economic downturn because it can help them navigate the uncertain and challenging times ahead. Here are a few reasons why forecasting is crucial during an economic downturn: 

• Helps identify potential risks: Business forecasting allows you to identify potential risks and challenges before they become major issues. By anticipating future demand, cash flow problems, or supply chain disruptions, you can take proactive steps to mitigate these risks and protect your business.
• Enables cost-cutting measures: In an economic downturn, businesses need to cut costs to survive. Forecasting can help you identify areas where you can reduce costs, such as operational expenses, inventory levels, or staffing.
• Supports resource allocation: With limited resources, it’s essential to allocate them effectively. Forecasting can help you determine where to allocate your resources, such as investing in marketing campaigns that are most likely to drive sales, or focusing on products or services that are in high demand.
• Helps with decision-making: In times of economic uncertainty, making informed decisions is critical. Forecasting provides valuable insights into market conditions, consumer behavior, and industry trends, allowing you to make data-driven decisions that can lead to long-term success.

In short, forecasting helps businesses of all sizes prepare for and adapt to economic downturns, allowing them to survive and thrive in challenging times. Downturns can be even more challenging for small businesses, as they often have limited resources to navigate the challenging times. Inventory financing for small businesses is often the difference between survival and failure. With affordable access to inventory funding, businesses have an increased chance of surviving a downturn economy while keeping cash flow in the green. At Kickfurther, businesses get the opportunity to paint a picture of what they do and who they are through a creative profile. Once your profile is established you can start getting the funds you need to beat a downturned economy. 

How to choose the best forecasting method for your business

Choosing the best forecasting method for your business depends on several factors, including the type of data you have, the level of accuracy you need, and the resources you have available. Here are some steps to help you choose the best forecasting method for your business:

• Define the forecasting problem: Start by defining the problem you want to solve with forecasting. What question are you trying to answer? What type of data do you have available?
• Choose the right data: The accuracy of your forecast depends on the quality and relevance of your data. Choose data that is relevant, accurate, and up-to-date. You may need to clean and preprocess your data before using it for forecasting.
• Identify the type of forecasting method: There are several types of forecasting methods, including time series analysis, regression analysis, and machine learning. Choose a method that is appropriate for your data and the level of accuracy you need.
• Evaluate the performance of the forecasting method: Once you have chosen a forecasting method, evaluate its performance using historical data. This will help you determine whether the method is accurate and reliable.
• Refine and improve the forecasting model: If the forecasting model is not accurate enough, you may need to refine and improve it. This may involve tweaking the parameters of the model or using a different method altogether.
• Monitor and update the forecast: Finally, once you have a reliable forecast, monitor it regularly and update it as needed. This will help you stay on top of changes in the market and make adjustments to your business strategy accordingly.

Choosing the best forecasting method for your business requires careful consideration of your data, the level of accuracy you need, and the resources you have available. It’s important to evaluate the performance of your forecast regularly and refine it as needed to ensure its accuracy and reliability. 

Tips for adjusting your forecasting approach in response to a downturned economy

Adjusting your forecasting approach in response to a downturned economy is essential to ensure your business stays resilient during difficult times. Here are some tips to help you adjust your forecasting approach:

• Review and revise your assumptions: In an economic downturn, assumptions about the future may no longer hold true. Review and revise your assumptions based on current economic conditions and data.
• Adjust your forecasting time frame: Economic downturns may require a shorter forecasting time frame to account for more immediate changes in the market.
• Focus on scenario planning: Scenario planning involves creating multiple scenarios based on different assumptions and outcomes. This approach can help you prepare for different potential outcomes in a downturned economy.
• Incorporate external factors: External factors such as changes in government policies, interest rates, and consumer behavior can significantly impact your business. Incorporate these factors into your forecasting models.
• Be conservative in your forecasting: In an economic downturn, it’s better to be conservative in your forecasting to avoid overestimating revenue and underestimating costs.
• Monitor and adjust your forecasting regularly: Economic conditions can change rapidly, so it’s essential to monitor your forecasting regularly and adjust it as needed to reflect new data and changing market conditions.

What to do if my forecasting indicates my business may not be profitable in a downtrending economy

If your forecasting indicates that your business may not be profitable in a downtrending economy, there are several steps you can take to mitigate the risk and ensure the long-term success of your business. Here’s a summary of what to do:

• Cut costs: Identify areas where you can reduce costs, such as operational expenses, inventory levels, or staffing. You may need to make difficult decisions such as layoffs or salary reductions to reduce your costs.
• Explore new revenue streams: Look for opportunities to diversify your revenue streams, such as expanding your product or service offerings or entering new markets. This can help you generate additional income to offset any losses.
• Increase efficiency: Improve your operational efficiency by streamlining processes, optimizing supply chain management, and leveraging technology. This can help you reduce costs and increase productivity.
• Negotiate with suppliers and vendors: Talk to your suppliers and vendors to negotiate better payment terms or pricing. This can help you reduce your costs and improve your cash flow.
• Seek financial assistance: Consider seeking financial assistance from government programs, investors, or lenders to help you weather the economic downturn.
• Communicate with your stakeholders: Keep your employees, customers, and stakeholders informed about your financial situation and your plans to address it. This can help you build trust and support for your business during challenging times.

Most importantly, don’t panic. Dive in and get creative. Should you choose to leverage inventory financing when red flags are present, you should have a backup plan for repayment. 

How to continue to adapt in an economic downturn

Adapting to an economic downturn is essential for businesses to survive and thrive in difficult times. Here are some steps you can take to continue to adapt: 

• Stay informed: Stay up-to-date on the latest economic and market trends, government policies, and consumer behavior. This can help you make informed decisions and adjust your business strategy accordingly.
• Review and adjust your business strategy: Review your business strategy regularly and adjust it as needed to reflect changes in the market. This may involve revising your target market, redefining your value proposition, or shifting your focus to new products or services.
• Embrace innovation: Look for opportunities to innovate and differentiate your business from competitors. This may involve investing in new technology, exploring new business models, or collaborating with other businesses.
• Engage with customers: Engage with your customers regularly to understand their needs and preferences. This can help you adjust your product or service offerings to meet their changing demands.
• Build resilience: Build resilience into your business by diversifying your revenue streams, developing contingency plans, and maintaining a strong balance sheet.
• Monitor and manage cash flow: Cash flow is critical during an economic downturn. Monitor your cash flow regularly and take steps to manage it effectively, such as reducing expenses, accelerating receivables, or negotiating better payment terms with suppliers.

Maintaining cash flow is key to a businesses success, no matter the status of the economy, but especially during economic downturns. By taking advantage of inventory funding through the Kickfurther platform, you can stress less on fulfilling orders and focus more on doing what you love – maintaining and growing your business! The economy fluctuates and as a business owner you must know how to navigate good and bad times. Stay close to your money and understand sales. A lack of data can be a recipe for failure. In a downturned economy, it’s even more critical to analyze data and make informed business decisions. 

Closing thoughts

During an economic downturn, forecasting becomes even more crucial as businesses face increased uncertainty and financial pressure. It’s essential for businesses to adjust their forecasting models to reflect changes in the market and take timely actions to mitigate risks and capitalize on opportunities. Businesses that prioritize accurate forecasting and adapt their strategies to the changing economic environment are more likely to weather the storm and emerge stronger from an economic downturn. Beyond forecasting, maintaining capital and cash flow can help businesses maintain operations. By offering inventory on consignment, Kickfurther can help you fund inventory to meet demand without exhausting your cash on hand. 

How Kickfurther can help

Maintaining capital on hand during an economic downturn can be crucial to your businesses success and survival. Kickfurther’s platform helps entrepreneurs secure funding for their largest expense – inventory! Offering inventory on consignment, Kickfurther provides inventory funding that can free up the working capital necessary to maintain operations during challenging economic times. 

Interested in getting funded at Kickfurther? Here are 3 easy steps to get started:

#1. Create a free business account

#2. Complete the online application 

#3. Review a potential deal with one of our account reps & get funded in minutes

Starting a new business comes with various challenges and a business credit card can provide you access to the funding necessary to maintain operations. Getting a business credit card for your startup can be a great way to manage business expenses, earn rewards, and establish business credit. Educating yourself on the requirements and associated fees before applying can help you determine if a business credit card is the right source of funding for your startup. Credit cards are not designed as a long-term financing solution for major expenses such as inventory. Startups may need to consider  startup inventory financing and other options in combination with a credit card. 

Inventory is often a businesses largest expense and can present a major cash flow dilemma. Kickfurther funds up to 100% of your inventory costs on flexible payment terms that you customize and control. With Kickfurther, you can fund your entire order(s) each time you need more inventory and put your existing capital to work growing your business without adding debt or giving up equity. With ideal funding solutions such as Kickfurther available, before concluding that a business credit card is the answer – do your research. 

Looking to apply for a business credit card for your startup? Here’s what you should know. 

What is a business credit card and how is it different from a personal credit card?

A business credit card is a type of credit card specifically designed for the use of small business owners and entrepreneurs. It offers features and benefits that cater to the needs of businesses, such as rewards for business-related expenses, employee cards, and detailed spending reports. A business credit card is different from a personal credit card in several key ways:

• Business Ownership: A business credit card is issued in the name of the business, rather than an individual, which means the business is responsible for paying the debt.
• Credit Limit: Business credit cards typically have higher credit limits than personal credit cards, which can be helpful for managing expenses associated with running a business.
• Rewards: Business credit cards offer rewards and cash-back programs that are tailored to the needs of businesses, such as rewards for office supplies, travel expenses, and fuel purchases.
• Spending Reports: Many business credit cards offer detailed spending reports that can help business owners track expenses and monitor employee spending.
• Tax Deductibility: Business expenses charged to a business credit card may be tax-deductible, which can provide a significant benefit for businesses.

What are the benefits of using a business credit card for startups?

Using a business credit card for your startup provides numerous benefits, including: 

1. Building credit: A business credit card can help establish a credit history for your startup, which can be helpful in securing other financing in the future.
2. Separating personal and business finances: By using a business credit card, you can keep your personal and business finances separate, making it easier to track expenses and monitor the financial health of your business.
3. Rewards and cash back: Many business credit cards offer rewards and cash-back programs that can help you save money on business-related expenses, such as travel, office supplies, and fuel purchases.
4. Improved budgeting and expense tracking: Tack expenses in real-time and see where your money is going, making it easier to manage your budget and keep your business financially healthy.
5. Inventory purchases: Business credit cards can provide the additional buying power needed to fund larger inventory purchases and can streamline the purchasing process. 

Struggling to make the large inventory purchases your startup needs to continue growing?  Learn more about inventory financing.  Credit cards can help improve cash flow, but be careful swiping if you don’t have the cash to cover the balance. 

How can a business credit card help with cash flow management?

As a startup, cash flow management is essential to maintaining operations and meeting your businesses financial obligations. Business credit cards can help manage cash flow by offering purchasing power and reducing the amount of money on hand that is needed to cover day-to-day expenses, rather than paying for everything upfront. If you use your business credit card responsibly, you may be able to increase your  credit line, providing your business with more funds in the future and greater purchasing power. 

What are the eligibility requirements for obtaining a business credit card?

The eligibility requirements for obtaining a business credit card can vary from card to card and from lender to lender, but typically, the following requirements are necessary:

• Business structure: You must have a legitimate business structure, such as a sole proprietorship, partnership, LLC, or corporation.
• Business information: You’ll likely need to provide information about your business, including the type of business, the length of time it has been in operation, and the business’s annual revenue.
• Personal information: You’ll also likely need to provide personal information, including your Social Security number, date of birth, and income.
• Credit score: Lenders can check your personal and business credit scores to determine your eligibility for a business credit card. A good credit score, typically 680 or higher, is usually required to be approved for a business credit card.
• Business financials: Some lenders may require financial information about your business, such as balance sheets, income statements, and tax returns.

It’s important to note that requirements can vary depending on the lender and the type of business credit card you are applying for, so it’s a good idea to check with the card issuer to see what specific requirements they have. In general, having a strong credit history, established business, and a solid financial record can help increase your chances of being approved for a business credit card.

Do business credit cards help build business credit history?

Yes, using a business credit card can help build business credit history. Business credit history is a record of a company’s borrowing and payment history and can be used to assess the creditworthiness of a business. By using a business credit card and paying bills on time, you can demonstrate to lenders and credit bureaus that your business is financially responsible and capable of paying its debts. Having a strong business credit history can be beneficial in several ways, including improved access to future funding, lower interest rates, higher credit limits and better negotiating power when negotiating terms with suppliers and vendors. 

What are the rewards and perks offered by business credit cards?

Business credit cards often offer a range of rewards and perks to incentivize business owners to use them.. Some of the most common rewards and perks offered by business credit cards include:

• Cash back: Earn a percentage of your spending back in the form of a cash rebate.
• Travel rewards: Frequent flyer miles, hotel points, or travel credits, for purchases made with the card.
• Points programs: Earn points for purchases and redeem them for a variety of rewards, such as merchandise, gift cards, or statement credits.
• Employee cards: Add employee cards, which can be a useful tool for managing expenses and keeping track of spending.
• Sign-up bonuses: Certain number of points or cash back, for meeting a minimum spending requirement within a certain period of time.
• Perks: Such as extended warranty protection, concierge service, or travel insurance.

It’s important to keep in mind that rewards and perks can vary greatly from card to card, so it’s a good idea to compare different business credit card offers and choose the one that best meets your business’s needs and spending habits. Additionally, be sure to read the terms and conditions carefully to understand how rewards and perks are earned and redeemed, and what the restrictions may be.

What startups should look for when choosing a business credit card

When choosing a business credit card for your startup, you should consider several key factors to determine the best card that fits your business’s  needs. This includes analyzing rewards offered, interest rates associated with the card, annual fees, potential sign–up bonuses, and repayment options. 

• Fees associated with business credit cards: It’s important to understand all the fees associated with a business credit card before you sign up, so you can determine whether it’s a good fit for your business’s needs. Typical fees that may be associated with business credit cards, include:

• • Annual Fees: Some business credit cards charge an annual fee to use the card, which can range from $0 to several hundred dollars.
  • Late Payment Fees: If you miss a payment deadline, you may be charged a late payment fee.
  • Over-Limit Fees: If you exceed your credit limit, you may be charged an over-limit fee.
  • Balance Transfer Fees: If you transfer a balance from another credit card to your business credit card, you may be charged a balance transfer fee, typically a percentage of the amount transferred.
  • Cash Advance Fees: If you take out a cash advance with your business credit card, you may be charged a cash advance fee, typically a percentage of the amount advanced.
  • Foreign Transaction Fees: If you use your business credit card to make purchases outside of the country, you may be charged a foreign transaction fee, typically a percentage of the purchase amount.

How Kickfurther can help

While business credit cards offer access to funding day-to-day purchases, they can come with high interest rates, rigid repayment schedules, and limited funding. Therefore they are less than ideal when it comes to funding large inventory purchases. If you’re looking for an affordable inventory funding solution – Kickfurther is the golden ticket. Kickfurther’s platform helps entrepreneurs secure funding for their largest expense – inventory! It’s our mission to hustle alongside you and your dream to open new doors.

Kickfurther funds up to 100% of your inventory costs on flexible payment terms that you control. Kickfurther’s unique funding platform can fund your entire order(s) each time you need more inventory, so you can put your capital on hand to work growing your business without adding debt or giving up equity.

Why Kickfurther? 

1. No immediate repayments: You don’t pay back until your product sells and you control your repayment schedule. 
2. Non-dilutive: Kickfurther doesn’t take your equity.
3. Not a debt: Kickfurther is not a loan, so it does not put debt on your books, which can sometimes further constrain your access to additional capital providers and diminish your valuation if you approach venture capital firms.
4. Quick access: You need capital when your supplier payments are due. Kickfurther can fund your entire order(s) each time you need more inventory.

Closing thoughts

By obtaining a business credit card, you can gain access to capital that can assist with maintaining day-to-day operations. Educating yourself on the requirements and associated fees before applying will help you determine if a business credit card is the right source of funding for your startup. It is also encouraged to explore alternative funding options, such as inventory funding from Kickfurther, that can help you fund inventory to meet demand without exhausting your cash on hand. 

Interested in getting funded at Kickfurther? Here are 3 easy steps to get started:

#1. Create a free business account

#2. Complete the online application 

#3. Review a potential deal with one of our account reps & get funded in minutes

The million dollar question: How to scale a product based business? Part of the answer is ensuring you have the right amount of inventory and that it’s properly managed – although there’s much more to it than that. To keep cash flow healthy while maintaining adequate inventory levels you may need to utilize inventory financing.

Scaling a product is a crucial step in growing your business. It involves increasing production, expanding your customer base, and maximizing revenue. If done successfully, product scaling can help businesses achieve significant growth and establish themselves as leaders in their industry. To effectively scale a product, businesses must carefully manage inventory, optimize production processes, and develop effective marketing and sales strategies to reach a wider audience. However, scaling a product can be expensive and risky, requiring significant investment in inventory, marketing, and distribution. This is where Kickfurther can help.

Kickfurther can help you get the funds you need (at an affordable price) for inventory. With no immediate repayments, no debt, and upfront capital, you can use Kickfurther’s platform to fund up to 100% of your inventory. Get back in the driver seat as you scale your business to its fullest potential. 

Here are 10 ways to prepare your business to scale and grow. 

10 ways to get your business ready to scale and grow

Scaling a business can be an exciting, but daunting prospect. As you look to expand and grow, it’s important to have a plan in place and make sure you’re ready to handle the demands that come with increased sales, customers, and operations. In this guide, we’ll explore 10 key ways to help get your business ready to scale and grow. From developing a scalable business model to building a great team and leveraging technology, these strategies will help you prepare for growth and position your business for success. 

#1. Have a clear business plan: A clear business plan outlines your goals, strategies, and tactics for achieving growth. It should include financial projections, market analysis, and a timeline for milestones and benchmarks, helping you stay focused on your objectives and improve your ability to make informed decisions. 

#2. Identify unique value proposition: To stand out in a crowded market, identify what makes your product or service unique and valuable to your target customers. Focus on your strengths and communicate your value proposition clearly in all your marketing and messaging. By clearly articulating what sets you apart from competitors, you can attract and retain customers, improve pricing power, and inform product development decisions. 

#3. Build a strong brand identity: Your brand identity should reflect your values, mission, and personality. Invest in branding elements such as your logo, colors, typography, and tone of voice to create a cohesive and memorable brand that resonates with your target audience. A strong brand identity can help your business stand out, increase customer loyalty, improve pricing power, make marketing efforts more effective, and create sustainable competitive advantage. 

#4. Develop a robust supply chain: A strong supply chain ensures that you can meet demand while maintaining quality and efficiency. Build relationships with reliable suppliers, monitor inventory levels, and optimize logistics and shipping processes. Developing a robust supply chain can improve efficiency, inventory management, quality control, risk management, and supplier relationships, all of which can contribute to increased profitability and long-term success.

#5. Invest in product development: Continuously improving and expanding your product offerings can help you attract and retain customers. Conduct market research, gather customer feedback, and invest in research and development to stay ahead of the curve. Investing in product development can help your business stay competitive, increase revenue and profitability, improve customer satisfaction, establish a strong brand identity, and protect valuable intellectual property. 

#6. Create a customer-centric culture: A customer-centric culture means putting your customers first in all aspects of your business. This includes providing excellent customer service, gathering feedback, and using data to improve the customer experience. Creating a customer-centric culture can improve customer satisfaction, build a positive reputation, improve understanding of customer needs, increase revenue, and provide a competitive advantage. 

#7. Optimize your pricing strategy: Pricing can impact your sales, profitability, and market position. Conduct market research, analyze your costs, and experiment with different pricing models to find the optimal price point. By optimizing your pricing strategy, you can increase revenue and profitability, improve competitiveness, provide insights into customer behavior, improve customer satisfaction and loyalty, and enhance brand image and reputation.

#8. Leverage technology: Technology can help automate processes, improve communication, and enhance the customer experience. Invest in software and tools that can streamline operations and support growth. Leveraging technology to scale your business can increase efficiency, improve accuracy, enable faster response times, provide better data analysis, and overall enhance the customer experience. 

#9. Build a great team: A great team is essential for scaling a business. Find ways to attract and hire  talented individuals that share your values and vision. Provide ongoing training and development opportunities to keep your team motivated and engaged. Building a great team can increase productivity, foster innovation, improve customer service, increase employee satisfaction, and enhance company culture. 

#10. Inventory to meet seasonal demand: Anticipating seasonal demand and having enough inventory to meet it can help you maximize sales and revenue. Plan ahead for peak periods, monitor trends, and adjust production and inventory levels accordingly. By regularly tracking seasonal demand and ensuring you have enough inventory to meet seasonal demand, you can increase sales, improve customer satisfaction, reduce the risk of stockouts, and improve forecasting accuracy. 

By focusing on these strategies, you can position your business for long-term growth and success. While scaling a business can be challenging, the rewards of increased revenue, market share, and profitability are well worth the effort. Regularly assess your progress and adjust your strategy as needed to stay on track. 

Closing thoughts

Scaling your business requires careful planning and execution. While scaling can be a crucial part of growing your business, it can bring about numerous challenges that can make it difficult to achieve growth, especially for small businesses.

Growing demand for products can put a strain on cash flow, as your business may need to invest in new equipment, hire more staff, or expand your marketing efforts. Meeting demand (seasonal or not) is also an essential part of scaling a business. If you’ve already looked into inventory financing for small business but been detoured by the high costs associated and difficulty of qualifying, a better solution does exist. At Kickfurther we understand the challenges you face as an entrepreneur, and have once been in your shoes. Here’s how we can help you scale your business.

How Kickfurther can help

Scaling a business can present a unique set of challenges for business owners. As demand for your products grows, maintaining working capital can be difficult while trying to fulfill a growing number of orders. Kickfurther funds up to 100% of your inventory costs on flexible payment terms that you customize and control. With Kickfurther, you can fund your entire order(s) each time you need more inventory and put your existing capital to work growing your business without adding debt or giving up equity.

Interested in getting funded at Kickfurther? Here are 3 easy steps to get started:

#1. Create a free business account

#2. Complete the online application 

#3. Review a potential deal with one of our account reps & get funded in minutes

Wondering how to respond to negative reviews? Negative reviews happen, but rather than ignoring them you should acknowledge them in the public and private eye to leave a lasting impression. 

Responding to negative reviews is crucial for businesses because it shows that they care about their customers and are committed to providing excellent customer service. Furthermore, responding to negative reviews demonstrates that the business is responsive and takes customer feedback seriously. This can help build trust with customers and improve the overall perception of the business, but can take time away from doing what you love most – growing your business. 

How do negative reviews impact a business?

Negative reviews can have a significant impact on a business, especially in the age of online shopping, where consumers rely heavily on reviews and ratings to make purchasing decisions. Here are some ways in which negative reviews can impact a business:

• Decrease in sales: Negative reviews can deter potential customers from buying a product or using a service, leading to a decrease in sales and revenue.
• Damage to brand reputation: Negative reviews can damage a business’s reputation, as they are visible to a wide audience and can harm a business’s credibility and trustworthiness.
• Impact on search rankings: Negative reviews can also impact a business’s search engine rankings, as search engines take into account the number and quality of reviews when determining search results.
• Difficulty in attracting new customers: Negative reviews can make it challenging to attract new customers, as they can be a turnoff for potential buyers.
• Legal and compliance issues: In some cases, negative reviews can lead to legal and compliance issues, especially if they contain false or defamatory statements.

Therefore, it’s essential for businesses to address negative reviews quickly and effectively by responding to them and addressing any concerns or issues raised by customers. By doing so, businesses can mitigate the impact of negative reviews and maintain their reputation and credibility.

Should I respond to negative online reviews, and if so, how should I approach my response?

Yes, it’s generally a good idea to respond to negative online reviews. Doing so can show that your business values its customers and is committed to addressing any issues or concerns they may have. Here are some tips on how to approach your response:

• Respond promptly: Respond to negative reviews as soon as possible, ideally within 24 hours. This shows that you’re actively monitoring your online reputation and care about your customers’ experiences.
• Apologize and empathize: Start your response by acknowledging the customer’s negative experience and expressing empathy for their frustration or disappointment. Apologize for any inconvenience caused and assure them that you’re committed to resolving the issue.
• Offer a solution: Provide a clear and specific solution to the issue raised in the review. This could include offering a refund, replacement, or a discount on a future purchase.
• Keep it professional: Keep your response professional and avoid getting defensive or confrontational. Remember that your response will be visible to a wide audience, so it’s important to maintain a positive image of your business.
• Follow up: After providing a solution, follow up with the customer to ensure that the issue has been resolved to their satisfaction.
• Learn from feedback: Use negative reviews as an opportunity to learn and improve your business. Take the feedback into consideration and use it to make changes that can prevent similar issues from happening in the future.
• Keep it real: Be professional, but be real with customers. It’s okay to admit fault, but do what you can to make it right. 

By following these tips, you can effectively respond to negative online reviews and show your customers that you value their feedback and are committed to providing a positive experience.

How quickly should I respond to negative online reviews?

It’s important to respond to negative reviews as quickly as possible, ideally within 24 hours. This shows that your business is attentive to customer feedback and takes their concerns seriously. If you can’t respond within 24 hours, be sure to respond within a reasonable time frame. Delayed responses can be perceived as indifference or a lack of concern, which can further damage your business’s reputation. If you need time to provide a thorough response, consider acknowledging the review and that you are doing the necessary research to provide a solution or resolve the issue. 

How to handle negative reviews that contain inaccurate or misleading statements

Negative reviews that contain inaccurate or misleading statements can be frustrating for businesses to deal with, as they can damage a business’s reputation unfairly. Here are some tips on how to handle such reviews:

• Investigate the claim: Before responding to the review, investigate the claim made by the reviewer to determine its validity. If the claim is false, provide evidence to support your response.
• Respond professionally: Respond to the review in a professional and respectful manner, even if the review is unfair or inaccurate. Keep in mind that your response will be visible to a wide audience, so it’s important to maintain a positive image of your business.
• Provide evidence: If the review contains inaccurate or misleading statements, provide evidence to support your response. This could include receipts, order numbers, or other documentation that proves the reviewer’s claim to be false.
• Offer a resolution: Even if the reviewer’s claim is false, it’s still important to offer a resolution. This could include an apology for any inconvenience caused or a discount on a future purchase.
• Flag the review: If the review violates the platform’s guidelines, such as containing defamatory or false statements, flag the review for removal.

By responding in a respectful and constructive manner, you can mitigate the impact of negative reviews and maintain your reputation and credibility.

Best practices for responding to negative reviews

A negative review can be an opportunity to show your customers that you value their feedback and are willing to go the extra mile to make things right. Here are some best practices for responding to negative reviews: 

• Remain calm: It’s natural to feel defensive when reading a negative review, but it’s important to remain calm and professional in your response. Avoid using language that is confrontational or aggressive.
• Acknowledge the complaint: Start your response by acknowledging the complaint and expressing empathy for the customer’s experience. This shows that you take their concerns seriously and are committed to addressing them.
• Offer a solution: Provide a clear and specific solution to the issue raised in the review. This could include offering a refund, replacement, or a discount on a future purchase. Make sure your solution is actionable and realistic.
• Take the conversation offline: If the issue is complex or sensitive, it’s best to take the conversation offline. Provide contact information or a direct message option for the customer to continue the conversation privately.
• Keep it short and sweet: While it’s important to provide a thoughtful response, it’s also important to keep it concise. Avoid rambling or including irrelevant information, and focus on addressing the issue at hand.
• Follow up: After providing a solution, follow up with the customer to ensure that the issue has been resolved to their satisfaction. This shows that you care about their experience and are committed to providing excellent customer service.

Can negative reviews be removed?

In general, it’s not possible for a business to remove negative reviews on Amazon or most other platforms unless the review violates the platform’s terms of service. However, there are a few situations where a negative review may be removed:

• Violation of platform’s policies: If the review contains inappropriate or offensive language, violates the platform’s review guidelines or terms of service, it can be reported to the platform for removal.
• Fake reviews: If a review is suspected to be fake, it can be reported to the platform for investigation. If it is determined to be a fake review, the platform may remove it.
• Error in review: If the review contains factual errors or incorrect information, it may be possible to contact the platform and request a correction.

In general, it’s not advisable for businesses to try to remove negative reviews simply because they are negative. Negative reviews can provide valuable feedback and can even help build trust with potential customers when the business responds in a professional and helpful manner. Instead, businesses should focus on addressing the customer’s concerns and providing excellent customer service to ensure that future reviews are more positive.

Tips to using online reviews to improve customer experience

By using online reviews to inform business decisions and improve customer experience, businesses can build trust and loyalty with their customers, leading to increased sales and positive brand reputation. Here are some tips for using online reviews to improve customer experience:

• Read and analyze reviews: Regularly read and analyze online reviews to identify common themes or issues that customers are experiencing. Use this feedback to improve products, services, and customer service processes.
• Respond to reviews: Respond to both positive and negative reviews in a timely and professional manner. Thank customers for positive feedback and address any concerns or issues raised in negative reviews. This shows that you value customer feedback and are committed to providing excellent customer service. Responding to reviews can also help boost your online presence through Google and keyword searches.
• Use reviews to inform marketing and sales strategies: Use positive reviews in marketing materials and on the business’s website to build trust with potential customers. Use negative reviews to identify areas for improvement and adjust sales strategies accordingly.
• Encourage customer reviews: Encourage customers to leave reviews by sending follow-up emails or offering incentives for leaving feedback. This can help increase the volume of reviews and provide a more accurate representation of the customer experience.
• Take action on feedback: Use customer feedback to make meaningful improvements to products, services, and customer service processes. This demonstrates to customers that their feedback is valued and that the business is committed to continuous improvement. 

How Kickfurther can help

As you grow, negative reviews are inevitable. Understanding how to handle them can help keep your brand respectable and real. Afterall, we are all just humans and mistakes do happen. As your business grows, small business inventory funding can help improve cash flow and inventory supply. You may hesitate to utilize funding or financing because it can take away from profits and sometimes ownership too, but rest assured that Kickfurther allows you to maintain full control. Plus, our platform offers funding that’s up to 30% lower cost than comparable options. 

Closing thoughts

Negative online reviews can have a significant impact on a business, as they can influence a customer’s decision to purchase a product or service. It is important for businesses to monitor their online reputation, respond promptly and effectively to negative reviews, and take steps to address any underlying issues that may be contributing to negative feedback.

Perhaps negative reviews are the result of a lack of inventory or delayed shipments. This may be a red flag that you need to utilize inventory funding to ensure you can fulfill orders in a timely manner. Kickfurther funds up to 100% of your inventory costs on flexible payment terms that you control. Our unique funding platform can fund your entire order(s) each time you need more inventory, so you can put your capital on hand to work growing your business without adding debt or giving up equity.

Interested in getting funded at Kickfurther? Here are 3 easy steps to get started:

#1. Create a free business account

#2. Complete the online application 

#3. Review a potential deal with one of our account reps & get funded in minutes

Over the years we’ve seen movements that empower women, embrace diversity, and educate on inequalities. A truly beautiful thing – but the challenges that some are facing, such as women entrepreneurs, is heartbreaking. Thankfully, women are resilient and have all that it takes and more to succeed. And for that, there’s great potential for women business owners. If you’re a female entrepreneur you may be wondering. . . How do I register as a woman owned small business? How to find grants for women-owned businesses? What qualifies as a woman owned business? 

By definition a woman-owned business is owned and controlled by 51% or more female citizen(s). To register you’ll need to check local regulations. In recent years, there has been a growing recognition of the importance of supporting women-owned businesses, not just as a matter of fairness and equality, but also as a matter of economic growth and job creation. Governments, organizations, and corporations have launched initiatives to support and promote women-owned businesses, recognizing that empowering women entrepreneurs can have a positive impact on society and the economy as a whole, with Kickfurther being one of them. 

Searching for inventory financing for women entrepreneurs? You’re in the right place. Keep reading to unlock valuable intel and support systems for women owned businesses. 

Benefits of being a woman based business

Beyond breaking away from the stereotypes that still haunt the business world, being a woman based business comes with a variety of benefits, including: 

• Access to funding: Many governments, organizations, and corporations have initiatives to support women entrepreneurs and provide funding opportunities specifically for women-owned businesses. 
• Access to networks and mentors: There are many women-focused networking groups and mentoring programs that can provide women entrepreneurs with valuable connections and advice. 
• Improved visibility: Many customers and investors are specifically looking for businesses that are owned and run by women, and being certified as a women-owned business can provide a competitive advantage.
• Enhanced credibility: Certification as a women-owned business can also enhance a company’s credibility and reputation, demonstrating a commitment to diversity and inclusion. This can help attract and retain employees, customers, and business partners who value diversity.
• Unique perspective: Women entrepreneurs may have a unique perspective on business and may be more attuned to the needs of women customers. This can lead to the development of innovative products and services that meet the needs of an underserved market.

What qualifies as a woman owned business?

In general, a woman-owned business is a business that is at least 51% owned, operated, and controlled by one or more women. To be certified as a woman-owned business, the business must go through a rigorous review process that examines the company’s ownership structure, financials, and other relevant information.

To be eligible for certification, the business must meet the following criteria:

• At least 51% of the business must be owned and controlled by one or more women who are U.S. citizens or permanent residents.
• The women who own and control the business must be the ones who manage it on a day-to-day basis.
• The business must be independent and not part of a larger company or franchise.
• The women who own and control the business must be able to prove their ownership and control, typically through documentation such as a stock ledger or operating agreement.

Once a business is certified as woman-owned, it can take advantage of various programs and initiatives that are designed to support and promote women-owned businesses. This can include access to funding opportunities, mentoring and networking programs, and certification as a woman-owned business, which can enhance credibility and reputation.

Getting certified & registering as a women based business owner

There are several organizations that provide certification for woman-owned businesses, such as the Women’s Business Enterprise National Council (WBENC) and the National Women Business Owners Corporation (NWBOC). Getting certified as a woman-owned business can provide a range of benefits and to get certified, you will need to follow these steps: 

• Determine eligibility
• Choose a certifying organization
• Gather documentation
• Complete the application
• Wait for review
• Receive certification

The process for registering can vary depending on the agency or program, so you should research the requirements and procedures for each one. 

What are the challenges faced by women in starting their own business?

One of the biggest challenges women face when starting their own business is access to capital. Due to bias and gender stereotypes, women often have a harder time obtaining funding in comparison to their male counterparts. Women also face additional challenges, such as lack of role models, work-life balance, networking, and gaining access to markets. These challenges can make it harder for women to start and grow successful businesses, but with the right support and resources, women can overcome these obstacles and achieve their entrepreneurial goals.

What resources are available for female entrepreneurs?

There are many resources available for female entrepreneurs that can help them start and grow their businesses. Some resources we’ve chosen to highlight are as follows:

• Funding Sources: Women-owned businesses can access a variety of funding sources, including grants, loans, and venture capital. Some organizations, such as the National Association of Women Business Owners (NAWBO), provide access to funding opportunities.
• Networking Groups: Joining a networking group can help women entrepreneurs build connections, find customers, and access resources. There are many women-focused networking groups, such as Women’s Business Centers, that offer support and resources.
• Mentorship Programs: Finding a mentor can be invaluable for women entrepreneurs, as mentors can provide guidance, support, and connections. 
• Educational Programs: Educational programs can help women entrepreneurs build the skills and knowledge they need to succeed. There are many programs available, including online courses, workshops, and degree programs.
• Professional Associations: Joining a professional association can provide access to resources, support, and networking opportunities. Some associations, such as the Association of Women’s Business Centers, focus specifically on supporting women-owned businesses.
• Government Programs: Government agencies, such as the Small Business Administration (SBA), provide resources and support for small businesses, including women-owned businesses. These programs can include access to funding, training, and business development resources.

Female entrepreneurs that need working capital to fund inventory can join forces with women-alike or women activists at Kickfurther. Kickfurther is a unique platform that allows entrepreneurs to connect with a community of buyers to access affordable funding for inventory. With flexible repayment plans and fast funding times, Kickfurther solves a huge void for the inability to access fast and affordable funds.

What is the percentage of women-owned businesses?

According to the National Association of Women Business Owners (NAWBO), as of 2021, women-owned businesses represent approximately 42% of all businesses in the United States. This translates to nearly 13 million businesses, generating over $1.9 trillion in revenue and employing over 9.4 million people. Women-owned businesses have been growing at a faster rate than businesses overall in recent years, and this trend is expected to continue. Despite this growth, however, women-owned businesses still face significant challenges in accessing funding, networking, and other resources, and there is still work to be done to support and empower women entrepreneurs. 

What industries are most suitable for women to start a business in?

Women entrepreneurs can be successful in a wide range of industries, and the most suitable industry for you to start a business in, depends on your skills, interests, and experience. It’s important to remember that women can start a business in any industry that they are passionate about and have the skills to succeed in. 

Grants for women

There are many grants available specifically for women entrepreneurs, including: 

• The Amber Grant: The Amber Grant is a $10,000 grant awarded monthly to a woman-owned business. The grant is intended to help women entrepreneurs overcome some of the challenges of starting a business.
• The Eileen Fisher Women-Owned Business Grant: The Eileen Fisher Women-Owned Business Grant awards up to $100,000 in grant money to women-owned businesses that are working to create positive social and environmental change.
• Cartier Women’s Initiative: The Cartier Women’s Initiative is an international business plan competition that awards $100,000 in grant money to female entrepreneurs who are creating innovative and sustainable businesses.
• Women’s Business Centers (WBCs): WBCs are government-funded centers that provide resources and support for women entrepreneurs, including access to funding opportunities.
• Small Business Innovation Research (SBIR) Program: The SBIR program is a government-funded program that provides grants to small businesses, including women-owned businesses, that are working on innovative research and development projects.
• InnovateHER Challenge: The InnovateHER Challenge is a business plan competition that awards grant money to women entrepreneurs who are developing innovative products or services that have a positive impact on women and families.

Are there tax benefits to being a woman-owned business?

In the United States, there are no specific tax benefits for being a woman-owned business. However, there are some government programs and incentives that may be available to women-owned businesses that can help reduce their tax burden or provide other financial benefits. Women entrepreneurs are encouraged to research the programs and incentives that are available in their area and take advantage of the opportunities that can help them succeed.

Additional resources for women entrepreneurs

As a woman-owned business, there is plenty of support and help you can get to achieve your business goals. Fellow women-owned businesses tend to be very collaborative, so don’t be scared to ask what led to their success. There are also many organizations that focus on helping women entrepreneurs, such as National Association of Women Business Owners (NAWBO), Women’s Business Centers (WBCs), SCORE, and Women’s Business Enterprise Council (WBENC). These are just a few resources available, so check out your options and find the resources that best fit your needs and can help you succeed in your business. If you feel as if you’ve been discriminated against due to gender, speak up. Your voice matters for change. 

How Kickfurther can help

As a women-owned business, finding access to funding can be a real challenge and Kickfurther is here to help. By utilizing inventory funding offered at Kickfurther, Kickfurther can help manage your largest expense (inventory) and put you in control of your business, freeing up existing capital that you can utilize to grow your business. With quick access to funding and no immediate repayments, you don’t pay back until your new inventory orders begin to sell. Take a deep breath – financial flexibility is here. With a 99% funding success rate, there is no need to question that Kickfurther can provide the solution your business needs to meet its true potential.

Closing thoughts

While there are many benefits for women-based businesses, there are many challenges that come with being a women entrepreneur. As demand for your products grows, maintaining working capital can be difficult while trying to fulfill a growing number of orders. For an affordable solution that allows you to access working capital quickly, without costing so much it destroys your business, visit Kickfurther. Women deserve equal opportunity. We see your hard work and we’re here to support you every step of the way. Our team at Kickfurther is made of real humans that devote our actions and work to supporting entrepreneurs.

Interested in getting funded at Kickfurther? Here are 3 easy steps to get started:

#1. Create a free business account

#2. Complete the online application 

#3. Review a potential deal with one of our account reps & get funded in minutes