By now, you're probably familiar with certain groundbreaking AI-powered tools such as ChatGPT and Bing AI's Image Creator. But these features actually provide only a glimpse into what the future of AI and its capabilities might look like. According to IBM, 44% of companies are in the process of making serious investments in AI. If you haven't begun considering the impacts AI could have on your business efforts—whether those impacts are positive or negative—it's time to start. For the staffing industry in particular, artificial intelligence has already alleviated many formerly time-consuming tasks, such as chatbots and virtual assistants aiding in scheduling candidate interviews. But there's a lot more to come, and it will ultimately be up to you in terms of how much AI influences and streamlines your day-to-day tasks. Read more about AI's impact in the staffing industry here: https://lnkd.in/e34wgt5S #staffing #artificialintelligence #ai
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AI's impact in the workplace will be—and already has been—far-reaching. According to Exploding Topics, 77% of companies are either using or exploring the use of AI in their businesses. While AI's introduction has been heavily debated regarding its use and ethics, it can undoubtedly help reduce the likelihood of one particular challenge in the finance industry: fraud. According to altLINE CEO Gates Little, "The detection of fraud through pattern recognition and the ability to conduct risk assessments with a broader wealth of data is just the tip of the iceberg for how AI will make our processes more smooth and secure for us and our clients. Ultimately, there will be fewer administrative headaches, less human error, and fewer opportunities for fraudulent activity overall." With a wealth of opinions and studies constantly being brought to the forefront, what are your thoughts? Do you lean toward AI being a net-positive or net-negative in the workplace?
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The Federal Deposit Insurance Corporation (FDIC) released its 2024 Small Business Lending Report earlier this week, based on findings from surveying 1,300 banks nationwide. Some of the findings include: • 𝗙𝗮𝘀𝘁 𝘀𝗺𝗮𝗹𝗹 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗹𝗼𝗮𝗻 𝗮𝗽𝗽𝗿𝗼𝘃𝗮𝗹 𝘁𝗶𝗺𝗲𝘀: 30% of banks can approve a small and simple loan within one business day, 75% of banks can approve a small loan within five business days, and 90% of banks can approve a small loan within ten business days. • 𝗦𝗺𝗮𝗹𝗹 𝗯𝗮𝗻𝗸𝘀 𝗺𝗼𝗿𝗲 𝗹𝗶𝗸𝗲𝗹𝘆 𝘁𝗼 𝗼𝗳𝗳𝗲𝗿 𝗯𝗲𝘁𝘁𝗲𝗿 𝗰𝘂𝘀𝘁𝗼𝗺𝗲𝗿 𝘀𝗲𝗿𝘃𝗶𝗰𝗲, 𝗳𝗮𝘀𝘁𝗲𝗿 𝗳𝘂𝗻𝗱𝗶𝗻𝗴, 𝗮𝗻𝗱 𝗶𝗻𝗰𝗿𝗲𝗮𝘀𝗲𝗱 𝗳𝗹𝗲𝘅𝗶𝗯𝗶𝗹𝗶𝘁𝘆 𝘁𝗵𝗮𝗻 𝗹𝗮𝗿𝗴𝗲 𝗯𝗮𝗻𝗸𝘀: Small banks report a significantly higher competitive advantage than large banks when it comes to customer service, speed of funding, and lending flexibility. This is particularly important as, per the survey, these are the three most important qualities small business borrowers look for in a lending institution. • 𝗦𝘁𝗮𝗿𝘁𝘂𝗽𝘀 𝗺𝗼𝗿𝗲 𝗹𝗶𝗸𝗲𝗹𝘆 𝘁𝗼 𝗿𝗲𝗰𝗲𝗶𝘃𝗲 𝗹𝗲𝗻𝗱𝗶𝗻𝗴 𝗳𝗿𝗼𝗺 𝘀𝗺𝗮𝗹𝗹 𝗯𝗮𝗻𝗸𝘀: If you run a startup, you're probably better off starting your search for #startupfunding with smaller institutions, as 66% of small banks typically lend to startups vs. 54% of large banks. This is likely due to large banks more often relying on information from credit bureaus when evaluating loan applications, which can disqualify startup owners who have a lack of credit history. For #SMBs searching for funding, it can be helpful to stay up to date with the small business lending landscape to give yourself an idea of what to expect before seeking funding. To do so, you can check out our article here: https://lnkd.in/gxUDw7pQ The full findings from the FDIC survey can be accessed via their website below ⬇️ https://lnkd.in/eEQ-PZrw
2024 Report on the Small Business Lending Survey
fdic.gov
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According to Yahoo Finance, the average small business has $195,000 of debt at any given time. And while traditional loans can help alleviate working capital challenges in the interim, they're a common contributor to this figure being so high. Invoice factoring is one of the few financing solutions that doesn't incur debt. Because of this, it's a common solution for business owners who need additional funds to help achieve their growth goals without having to add to their list of liabilities. If you believe you might be a good fit for factoring, reach out to us at (205)-576-7428. Our representatives will happily walk you through how the process works in an effort to determine if it's the right form of financing for you and your business. You can also read more about how factoring works in our full guide below: https://lnkd.in/gDiBMHVT #invoicefactoring #alternativefinancing #smallbusiness
Invoice Factoring
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If you're in the staffing industry and are looking for valuable news on industry topics such as market trends, financing solutions, and business growth tips, follow our new staffing-specific page below!
Staffing Industry Analysts (SIA) recently revealed their list of the 145 fastest-growing staffing companies in the US over the past five years. Three sectors in particular dominated the list of rapidly growing agencies: • Healthcare (45%) • IT (31%) • Industrial (16%) The agencies listed overcame what many consider has been a difficult period in the industry overall, with the market size expected to shrink 10% YoY by the end of 2024, per SIA. It can be highly beneficial for current and prospective staffing agency owners striving for this kind of success to look into the trends that drive growth. Last year, one Bullhorn study showed that data digitization, use of automation, and frequent redeployment were three common denominators among growing staffing companies, with respondents deeming these factors directly led to > 10% revenue growth. For more information on the fastest-growing staffing companies in 2024, current challenges in the industry, and growth tips, check out our article: https://lnkd.in/eXFZnwdS #staffingnews #staffingindustry #smallbusinessgrowth
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Earlier this week, the Fed announced rates will be cut by a half point to 4.75-5.00%, marking the first time since March 2020 rates have decreased. Federal Reserve Chair Jerome Powell notified citizens that the overall economic outlook is improving, but cuts shouldn’t be expected to be quite as substantial moving forward. Gates Little, President of The Southern Bank Company, acknowledged that the shift in rates could have a significant impact on small businesses. "The latest move by the Federal Reserve to lower rates should help small businesses by spurring growth in the economy. It may also lower the cost of debt," Little said. "On the other hand, a growing economy often increases job demand, giving us higher wages, and then higher prices. If I had to guess, small business owners know all of this firsthand and should be pleased with the move.” For more information on how interest rates affect small businesses, check out our blog: https://lnkd.in/gnQU3jmk #smb #smallbusinessnews #fedrates
How Do Interest Rates Impact Small Businesses? | altLINE
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According to recent U.S. Chamber of Commerce data, there are 32.5 million small businesses in operation nationwide. Despite how different each of these businesses may be, they are likely to experience the same sort of challenges as one another. Often, the difference between those that successfully weave around these roadblocks and those that do not lies in preparation—knowing what these obstacles might be beforehand and putting a plan in place to address them, if they arise. To help small business owners be best set up for success, we've put together 11 of the most common business challenges, along with some ideas for potential solutions. #smb #businessplanning #smallbusinesschallenges https://lnkd.in/eRrtsFUE
11 Common Small Business Challenges | altLINE
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A recent survey completed by PNC revealed small business owners have a significantly more optimistic outlook on both the national economy and their own business prospects compared to one year ago. Among 500 surveyed small business owners: • 76% are highly optimistic about the future of their business, compared to a 39% historical average. • 56% are optimistic about the national economy, up from 34% one year ago. • 62% are optimistic about their local economy. • 64% expect an increase in demand over the next six months. #smallbusinesstrends #smallbusinessnews
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We are proud to have been named one of the Top 7 Factoring Companies of 2024 by Grit Daily News! Our team works hard to ensure customers partnering with altLINE have a painless financing experience, from providing funds promptly to offering easy access to our support team in times of need. https://lnkd.in/efWctSTP #smb #factoring #alternativefinancing
7 Best Factoring Companies in 2024
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With the announcement that the Fed is holding rates steady but hoping to lower them later in the year, small business owners may be wondering how the federal funds rate impacts them. In this article, we overview how high and low interest rates impact small business owners and what they can do to improve cash flow and reduce financial risk during periods of high interest rates. #InterestRate #Economy #FOMC #FederalReserve #Inflation #B2BFinancing Read the article -> https://lnkd.in/gnQU3jmk
How Do Interest Rates Impact Small Businesses? | altLINE
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