Staffing for the Online Era

by Crestmark 23. January 2014 06:55

Staffing a business used to be a fairly straight forward process: a manager would receive a résumé, conduct an interview, and decide whether or not the candidate fit with the company. But as technology has advanced, the internet has begun to play a larger and larger role. 

From places like Elance to SITE, online staffing sites have hundreds of thousands of job postings with hundreds of millions in revenue, covering all industries, skillsets, and experience levels. So, what does this mean for the industry as a whole?  

It means that things are changing for the better, and there are benefits for both job seekers and employers.

Benefits for Job Seekers:

Job seekers can find a multitude of opportunities: from a project that may involve one or two assignments for supplemental income, to ongoing and long-term contract opportunities. And with the ability to search based on keywords related to their qualifications, job seekers can drastically cut down the time it takes to find relevant positions to apply to.

This changes the game dramatically. Rather than relying on a recruiter, job seekers have the power to take their search into their own hands.

Benefits for Employers:

For the employer, utilizing online tools allows them to automate many of the processes that previously needed to be completed manually. In other words, employers can use new tools to save money .

While taking the industry online doesn’t eliminate the need for recruiters, it does reduce both the effort needed to recruit and the money spent on recruiting. According to Forbes, recent data found that businesses around the world spend more than 3,300 per hire on recruiting alone, which is actually up six percent from previous years. This equates to the U.S. spending 72 billion on recruiting services per year, with the international numbers nearly three times that.

As the staffing industry continues to shift online, the need for companies to invest in technology will continue to rise. That’s where Crestmark can help. If you have a staffing company and are in need of capital to grow your business, give us a call today!   

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Industry Financing

Manufacturing in the US – Where it’s Headed, and How to Finance It

by Crestmark 3. July 2013 10:52

For years, American businesses set up their manufacturing plants in foreign countries to take advantage of inexpensive labor. Recent changes to the United States economy are turning this trend around, however, and the U.S. is becoming an increasingly attractive option for manufacturing. It's not just American companies that are returning to the U.S. for these purposes: foreign businesses are offshoring their operations to the United States, too. 

One major reason for the sudden upsurge in U.S. manufacturing is the boom in shale gas production, which is helping to drop energy costs across the country. This affordable fuel helps to make the U.S. an attractive option for commercial manufacturing. Many companies that chose to run their manufacturing operations in other countries are finding that it can actually be cheaper to keep those operations in the U.S. Moreover, European companies are taking advantage of cheap gas prices and an available labor pool since natural gas in the U.S. costs roughly a quarter of the European price. 

manufacturer financing 

Although many companies point to labor costs as a good reason to outsource manufacturing jobs, the truth is that domestic operations are often the most cost-effective choice. Labor costs are rising in countries like China, where wages have grown a staggering 500 percent in the past 13 years, and are forecasted to continue to grow by 18 percent each year. Compare this to American wages, which have remained steady in certain areas over the same time period.

When looking at the total cost of ownership for any operation, many businesses are discovering that the expenses of energy consumption, delivery, freight, packaging, and other production costs are actually higher when the manufacturing is completed overseas. When GE moved its production from China to Kentucky, it experienced a 20 percent decrease in expenses, and other companies are seeing similar results. 

This "manufacturing renaissance" is good news for businesses who can reduce their expenses and streamline their operations by keeping them on domestic soil. It's also good news for American workers, who can begin to fill these positions, which will stimulate the economy and help increase demand for other goods and services to support the new manufacturing operations. 

Crestmark works as a lender to a variety of manufacturing related businesses. For details on how we may be able to provide financing for your business based on your accounts receivable, inventory and machinery/equipment, contact one of our lending experts today!  


 

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Industry Financing

Financing the US Oil Boom

by Crestmark 22. May 2013 10:59

Although scientists have known about the presence of crude oil in North Dakota for decades, it wasn't until 2008 that technology made it possible to extract oil from the rocks of Bakken shale. Now, with fracking, North Dakota is home 200 active oil rigs, and it produces around 20 million barrels of oil each month.

oil financing

This oil boom is a tremendous boost to the economy. While other parts of the nation have suffered through a recession, North Dakota has enjoyed the lowest unemployment rate in the country. The population of some small towns has doubled in recent years due to the influx of workers for the oil fields. The benefits of the Bakken shale oil fields have spread to other areas of the United States and Canada as well.

While the huge increase in oil production is great for the economy, it would not be possible without access to working capital to support the growth. Crestmark is proud to partner with companies in the oil & gas industry to provide financing solutions to support their businesses. Capital is often needed for pipeline expansion, refineries, staffing, trucking, machinery, temporary housing and many other things. Through a variety of lending options, Crestmark is able to offer flexible financing to help continue the growth in North Dakota and throughout the United States.

As the oil industry grows, it provides a trickle-down effect that strengthens the local economy as well. More workers moving to the area creates a new demand for restaurants and supermarkets, car dealerships, and many other services.

All of these new businesses also require access to working capital to get up and running. Not only is Crestmark equipped to handle to financing needs of large oil & gas companies, but we are also a strong partner to small businesses, offering SBA loans alongside our asset-based lending, accounts receivable financing, and factoring programs.

To speak with a lending expert, give us a call at 888.999.8050 or fill out our online contact form.

 

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Industry Financing

The Need for Flexibility in Fast Fashion

by Crestmark 25. April 2013 02:57

"Fast fashion" is a term used to describe the newest trend in high-fashion apparel. In order to compete with second-hand stores and bargain brands, some formerly high-price designers have begun offering large quantities of affordable, attractive clothing engineered to capture a buyer's attention and inspire an impulse buy. In order to keep profits high, designers must release a constant stream of affordable and desirable clothing.               

             textiles financing


The key to success in the fast fashion industry is creating a product that provides an irresistible temptation—it should be something customers want now. Creating this environment requires the designer to be flexible and courageous, and designers must be able to change their tactics quickly to keep up with market demand. Fashion today is an industry with a short shelf-life, and this creates a unique set of requirements for financing any fashion business.

When looking for a lending institution to finance your fast fashion business, you'll need to choose  a lender with a quick turnaround and competitive rates. Your profit margin will be slim, especially in the beginning, while you focus on building a loyal customer base and establishing sourcing relationships, so keeping your costs as low as possible will enable you to maximize profitability. Moreover, a fast-paced industry, such as fashion, requires a  financial partner that can respond to  your needs quickly, not one that labors over decisions or credit applications.

Other attractive features in a lending relationship include options for import or export financing. As your business grows, you may want to expand beyond our borders and begin marketing the product overseas, and export financing is an important tool in that process. Similarly, importing product can help keep prices down and make it easier to keep up with a competitive industry but only if you have a financial partner that both understands your trade cycle and offers competitive import financing options.

Finally, finding a lender who is flexible and who can add value to your business is crucial. Any time you ship product to customers, you run the risk of not being paid. By choosing a non-recourse factor, you can reduce the credit risk to you posed by these circumstances. For any fast-moving business with uncertain profits, this is extremely important.

Launching any business comes with risk, but choosing the right lending institution will help mitigate these risks and increase your chances of success.. Careful research, coupled with  an understanding of your needs, will help you find the right financial fit. In choosing the right financial institution, to finance your fast paced, fashion business, you will be placing your business in the best place to succeed. 

 

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Industry Financing


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