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Securing a business loan is often a critical step for entrepreneurs looking to start or grow their ventures. However, the loan application process can be complex and daunting, requiring meticulous preparation and strategic planning. Though we have simplified our application process as much as possible, even applying with an online lender like Business Loans Murfreesboro will require preparation and organization. In this blog post, we'll explore essential steps to help entrepreneurs effectively prepare for a business loan application and increase their chances of success. Understand Your Financial Needs Before diving into the loan application process, it's crucial to have a clear understanding of your financial needs. Evaluate how much capital you require and how you intend to utilize the funds. Whether you're funding startup costs, expanding operations, or managing cash flow, a precise assessment of your financial needs will guide your loan application strategy. Organize Financial Documents Lenders will scrutinize your financial history to assess your creditworthiness and repayment ability. Gather essential financial documents, including tax returns, bank statements, balance sheets, profit and loss statements, and cash flow projections. Organizing these documents in advance will streamline the application process and demonstrate your financial stability to lenders. Improve Your Credit Profile A strong credit profile is essential for securing favorable loan terms. Review your credit report from major credit bureaus and address any discrepancies or inaccuracies. Take proactive steps to improve your credit score by paying bills on time, reducing outstanding debt, and maintaining a low credit utilization ratio. A higher credit score enhances your credibility and increases your chances of loan approval. Develop a Comprehensive Business Plan A well-crafted business plan serves as a both roadmap for your venture and a vital tool for securing financing. Your business plan should outline your company's mission, market analysis, competitive landscape, revenue projections, and growth strategies. Additionally, include a detailed breakdown of how you intend to utilize the loan proceeds and generate sufficient cash flow to repay the loan. Explore Loan Options Research and compare different loan options to identify the most suitable financing solution for your business. Consider factors such as interest rates, repayment terms, collateral requirements, and eligibility criteria. Explore traditional bank loans, Small Business Administration (SBA) loans, alternative lending options, and specialized loan programs tailored to your industry or demographic. Prepare a Strong Loan Application Package Craft a compelling loan application package that highlights your business's strengths, financial stability, and growth potential. Include your business plan, financial statements, personal and business tax returns, credit history, collateral documentation, and any other relevant information requested by the lender. Presenting a comprehensive and well-prepared loan application package demonstrates professionalism and increases your chances of approval. Be Prepared for Due Diligence Lenders will conduct thorough due diligence to assess the viability of your business and mitigate risk. Be prepared to answer questions about your business operations, financial performance, industry trends, and growth projections. Provide transparent and accurate information to instill trust and confidence in the lender's decision-making process. P reparing for a business loan application requires careful planning, attention to detail, and proactive engagement with lenders. By understanding your financial needs, organizing essential documents, improving your credit profile, developing a comprehensive business plan, and exploring loan options, you can position yourself for success in securing financing for your business. With diligent preparation and strategic execution, you'll be well-equipped to navigate the loan application process and propel your business towards growth and prosperity.
In the dynamic landscape of entrepreneurship, securing adequate funding is often a pivotal step towards realizing your business ambitions. Whether you're launching a startup, expanding operations, or navigating through a rough patch, accessing the right type of business loan can be a game-changer. However, comprehending the diverse array of business loans available can be daunting. In this post, we'll explore various types of business loans to help you make an informed financial decision. Term Loans : Term loans are perhaps the most traditional form of business financing. They involve borrowing a lump sum of money that is repaid over a fixed period with regular payments. Term loans are suitable for long-term investments such as purchasing equipment, expanding facilities, or funding large projects. They come with varying interest rates, repayment terms, and collateral requirements, depending on the current market and your business' financial situation. Lines of Credit : A line of credit provides businesses with flexible access to funds up to a predetermined credit limit. Unlike term loans, where you receive a lump sum upfront, lines of credit allow you to draw funds as needed. They are particularly beneficial for managing cash flow fluctuations, covering short-term expenses, or seizing unforeseen opportunities. Interest is only charged on the amount borrowed, making lines of credit a versatile financing option. SBA Loans : The U.S. Small Business Administration (SBA) offers several loan programs designed to support small businesses. SBA loans are partially guaranteed by the government, making them less risky for lenders and more accessible to businesses with limited collateral or credit history. These loans can be used for various purposes, including working capital, real estate acquisition, or refinancing existing debt. SBA loans typically feature competitive interest rates and longer repayment terms than conventional loans. Equipment Financing : Equipment financing enables businesses to acquire much-needed equipment without significant upfront costs. With this type of loan, the equipment itself serves as collateral, minimizing the lender's risk. Whether you need machinery, vehicles, or technology upgrades, equipment financing allows you to spread the cost over time while preserving working capital for other needs. Plus, the equipment being financed often serves as its own security, which can make approval easier. Invoice Financing : For businesses with outstanding invoices, invoice financing offers a way to access funds tied up in accounts receivable. Instead of waiting for customers to pay invoices, businesses can sell them to a lender at a discount in exchange for immediate cash. Invoice financing improves cash flow and provides liquidity to cover operating expenses or pursue growth opportunities. It's particularly beneficial for businesses experiencing seasonal fluctuations or dealing with long payment cycles. Merchant Cash Advances : Merchant cash advances provide businesses with a lump sum of cash in exchange for a percentage of future credit card sales. Repayments are automatically deducted as a percentage of daily credit card transactions until the advance, plus fees, is paid off. While merchant cash advances offer quick access to capital without requiring collateral or excellent credit, they often come with high fees and may result in significant costs over time. Understanding the different types of business loans empowers entrepreneurs to make strategic financial decisions that align with their needs and goals. Before applying for a loan, be sure to assess your business's financial health, cash flow projections, and specific funding requirements. Once you have an idea of your specific loan needs, contact us to discuss your options and begin the application process!
Starting a business is a great endeavor. It involves a great amount of risk-taking and proper planning. Growing a business is equally challenging as it requires strong planning, attention t0o detail, and having a detailed point of view. The business owner has all the responsibilities and sometimes, it is easy to take wrong decisions due to work pressure or because of lack of expertise. This is why having an expert to guide you and go help you with difficult business management decisions will benefit you and will help you to avoid any pitfalls. In this article, we will discuss the top 5 business consultants in the area of Murfreesboro. These consultants can also help you choose the best business loans for your business.
There is a lot of information on business loans online. Interest rates seem to be among the most popular topics. According to statistics, the average business loan interest rate for all loans in general ranges from 2.58% to 7.16% at banks. These rates depend on many factors, and can even hit triple digits sometimes. To understand the general small business loan costs, you must first understand the common types of business loans and other information along with it. What affects the interest rate on a business loan? By definition, an interest rate on a business loan is the percentage amount that the lender charges you for funding your business. There are many factors that affect these interest rates, and the key ones include: The type of loan - There are plenty of different small business loan types, and the rates for them vary by product. You can often find a good deal from online lenders, but the types of loan with the best interest rate are often SBA loans, where the rates range from 5.50% to 8%. Your lender - Lenders advertise small business loans as the types of loans with the lowest rates. However, qualifying for a loan like this is more difficult. Online lenders are often the most popular type here because of their flexible eligibility requirements. Interest rates for small business loans range from 9% to 99%. Your financial situation - Your personal and business credit scores are among the most important factors in your financial situation. Other factors include your business income, previous loan history, as well as time in business. Risky borrowers are often declined when they don’t meet more of these requirements. Your collateral - Lenders offer better rates for businesses that secure their loans with collateral such as inventory/property/equipment. Since the lender can seize the assets for nonpayment, this reduces their risk. Fixed or variable interest rates – what is the standard for small business loans? Small business loans have either fixed or variable interest rates. With a loan that has a fixed rate, the interest rate and monthly payment don’t change over time, which makes it easier to plan for and repay that loan. For instance, lump sum term loans often have fixed rates, which is why businesses choose them for funding a major expansion, buying real estate, or refinancing their debt. On the other hand, variable interest rates are often lower initially (even lower than ones in fixed-rate loans), but this can change over the course of the repayment. In fact, the interest rate is tied to an invisible index that fluctuates with the market, and your repayments are fixed to that. A good example for this sort of interest rate are business lines of credit . They come with a variable interest rate, and you can borrow money and pay it back continuously, just like with a credit card. How much are loan fees? Business loan fees are typically unavoidable and make borrowing even more expensive. There are varying amounts offered by lenders which again are based on the type of loan, repayment period, your credit score, and other factors. It is important for lenders to be transparent about these fees and explain everything that the borrower doesn’t understand. Some of the common fees that are included with small business loans in Murfreesboro include: Origination fee - This is an initial fee charged when a new loan is processed. Underwriting fees - These fees are collected by the people who review and verify the documents that you have provided. Closing costs - These fees are linked to servicing the loan. One of the most common is the loan-packaging fee, but there are also the real estate appraisal and business valuation as some of the key costs at this stage. To best compare business loan rates, you can base your decision around the annual percentage rate, which includes not only the interest rate, but also the associated loan fees that we mentioned. What can you use a business loan for? There are many ways to use a business loan if you are a small business. You can use it to purchase stock, invest in new equipment, take on new staff, relocate or expand your operations, pay off debt, etc. There are many ways a loan could boost your business. With the right type of borrowing, you could pursue many business opportunities that would otherwise pass you by.
If you are wondering how long business loans last on average, there is no straight answer that applies to all loan types. The easy answer would be one to five years on most of the long-term small business loans, and around 1-2 years on most short-term business loans. More specifically, the repayment periods and requirements are determined according to the: Lender’s terms and guidelines The type of institution that is funding you The loan program you have selected Your intended use of funds Your company’s overall financial profile For standard business bank loans, the repayment period is from 5 to 7 years on average. SBA loans are known for longer repayment periods which can last up to 25 years, while business term loans are repaid between 1 and 5 years on average. What is the usual repayment structure for most business loans? The lender is who determines the repayment structure, along with the repayment period. In most cases, you can repay a long-term business loan on a monthly or a bi-monthly basis. This means that the payments could start in as little as a few weeks after you’ve taken the loan. At the same time, these are some of the characteristics that make loans more desirable. With a short-term loan, there could be a weekly or a daily repayment schedule over a period of less than a year, and a total repayment period as short as three months. So, the short answer to the question above is that repayment terms vary according to several factors. These include the lender you work with, the type of loan that you receive, the intended use of funds, and what the business qualifies for. How do lenders determine the repayment period for business loans? The exact repayment periods vary from borrower to borrower, and loan to loan. The lender determines the length after they assess the risk as a borrower. Generally, they need to feel confident that you are able to repay the debt on time, in order to approve it. From the perspective of the lender, the longer the repayment period is, the greater the risk is to the lender. Now, that is the risk that needs to be calculated. In other words, the length of the repayment period depends on the type of financial credentials that you will bring to the table as a business owner, along with the kind of business financial history that you can show. The typical rule by hand is that less risk means a less expensive loan. The evaluation process for small business loans determines the repayment period for the long-term loan, including information that may include your credit score, outstanding debt, revenue, and tax returns. What precisely are long-term business loans and how does the repayment work? Long-term business loans are loans that have a longer repayment period, that lasts anywhere from a year up to 5, 10, or even 25 years in some cases. They are the most common type of small business loans and a primary choice for corporate financing for many small business owners. Also known as term loans, they are characterized by the lump sum that is deposited to your bank account once the loan is approved. The repayment period in them is usually set in monthly or bi-monthly installments and with fixed interest rates, although that is not always the case. What term lengths can you get with a long-term loan? Every long-term loan has lengths that vary based on a number of factors. These include the loan amount, the purpose for the loan, the lender’s policy, etc. However, in most of the cases, long-term business loans have terms anywhere between 3 and 10 years. When it comes to interest rates, long-term loans do not come with previously set rates, and they often vary by lender, the borrower and their creditworthiness, as well as the amount of the loan itself. Are the repayment periods different for business bank loans, term loans, and SBA loans? Business bank loans, term loans, and SBA loans are among the most common types of long-term business loans that offer various options for your small business to pursue. For business bank loans, the usual repayment period is about 5 to 7 years. These are after all long-term loans and repayment periods tend to be longer than usual, while the payments are based on monthly or bi-monthly installments. Term loans are good for small business owners who can’t go the traditional route and score a long-term business loan from a bank. Alternative lenders can be more flexible with the qualifications compared to banks, and the funds can be sent out pretty quickly. In that manner, the usual repayment period for a term loan is 1 to 5 years. Lastly, SBA loans are known as the gold standard in the industry, and are often issued by banks that participate in the SBA loan program. All of this means that the SBA loan application is usually sent directly to eligible banks. SBA loans offer the longest repayment periods available, which can go up to 25 years depending on the loan. What are the repayment periods and options when taking out a business line of credit? A business line of credit is unlike many traditional business loans. When you open a line of credit , the lender gives you a specific amount of funds that you can draw against, and access at any time you need it. Here, you are not required to use all of the funds – you can draw partially and only pay interest on the amount you’ve drawn. Similar to credit cards for businesses, a business line of credit has lower interest and repayment periods that can be as short as six months. However, in some cases, the repayment periods may also extend to a couple of years. One of the things businesses find interesting with business lines of credit are the monthly or bimonthly repayment schedules, which work just like a long-term business loan, even though the term here is more similar to a short-term loan.
Being your own boss is great. If you have a small business and choose to pursue ownership and seek growth, you will find that it takes a bit of money upfront to get everything up and running. A business loan can provide you with the cash your business needs to succeed. Business loans work as a type of financing that is provided to companies for different purposes and by different lenders. There are many types of business loans including lines of credit, accounts receivable financing, working capital loans, small business term loans, SBA loans, etc. What Is A Small Business Loan? A small business loan in Murfreesboro lets you get financing in different ways. You can get a line of credit which works similarly to a credit card (you can borrow up to a certain limit and pay interest on that amount), get a working capital loan to pay for assets or investments, or apply for a term loan to get a lump sum of capital that you will pay back at fixed interest rates with regular repayment terms. Where Can You Get Business Loans? There are many places where you can go if you want a business loan. The most popular ones as of lately include direct online lenders, which offer loans in a simple way through an application form. These entities use technology and algorithms to approve loans more quickly compared to traditional financial institutions. Besides online lenders, large commercial banks, community banks, peer-to-peer lending sites and bank lenders backed by the SBA are all authorized to give business loans to prospective clients. What Are The Requirements For Business Loans? You need to know the requirements before you apply for a business loan. The minimum requirements for business loans in Murfreesboro are a must if you want to get approved for a small business loan. While some lenders are more flexible, others look for a minimum credit score, decent annual revenue and at least two years in operation. Out of all, loans from banks and ones backed by the SBA are most difficult to qualify for, while loans from online lenders are the easiest to process and the requirements there are less stringent. In addition to meeting the credit score requirements, you will need certain legal and financial documents to complete the application. These details include things like bank statements, profit/loss statements, tax returns, a driver’s license, etc. What Is A Business Plan And Do You Need It For Business Loans? A business plan is a document that describes your company’s core business activities, as well as its objectives and its plan to meet its goals. Some lenders require a business plan in order to approve a business loan, where the loan shows how you believe that it will help you become more profitable. When creating your business plan, make sure to include your business description, product/service description, market analysis, sales implementation, marketing strategy, management team, as well as your financial plan and projections. Do Business Loans Require Collateral? Some lenders require collateral or at least assets like real estate, equipment or inventory in order to approve a small business loan. With collateral, it is easy because the borrower gives something to seize and sell if the business struggles and they are unable to make the payments. For certain types of loans such as the long-term business term loan , or an SBA-backed loan, collateral is a must along with a personal guarantee (from each owner, if more than one) of at least 20% of the business. How does repayment for business loans work? Repaying the debt is a must with every business loan, but the methods vary. There are three main types of business loan repayment and they include the following: Revolving: Business credit cards, along with lines of credit are the two main examples of revolving business loans. When opening an account, you will get a line of credit which you can access whenever you need. As long as this account is open, you can continue to borrow, repay, and re-borrow up to the credit limit. Installment: Most of the business loans are installment loans, where instead of getting a revolving line, you will receive the loan amount in full and pay it back in equal installments. These installments require weekly, bi-weekly monthly, or bi-monthly payments. Cash flow: Some business loans are based on cash flow, and function similarly to an installment loan where you receive the full amount of the loan upfront. The repayment, however, is based on the cash flow rather than a standard repayment term. What are the types of business loans? There are many types of business loans in Murfreesboro, including term loans, SBA loans, business lines of credit, business credit cards, trade credit, invoice financing, merchant cash advances, equipment financing, commercial loans for real estate transactions, etc. To choose the right one for your needs, you will need to consult with a professional advisor and compare the different options based on your credit profile and unique needs. Once you decide which type of loan is right for you, you should compare different lenders that offer the loan and find an offer that works for you. How does the business loan application process work? Most loan types come with minimum requirements that borrowers need to meet to be able to apply and get approved fast. Also, most lenders have unique requirements as to what is needed from the borrower in order to apply. Here is a general list of the documentation requirements for the business loan application process: Driver’s license Bank statements Balance sheet Profit/loss statements Credit score Personal and business tax returns The bottom line is that there is no universal list that works for every lender, borrower, or loan type.
Joining your local chamber of commerce can be a very smart move if you want to grow your business. For those of you who don’t know, such chambers are basically business networks full of individuals who invest their time and money into the organization, mainly with the goal of advancing the economic well-being of their community. Typically, a chamber of commerce is made up of local business owners and entrepreneurs that are operating in a designated geographical area. The idea of a chamber of commerce has been present for hundreds of years. But what about the benefits of joining one? Business Loans Murfreesboro explores them below and showing you all the ways such membership can help you grow your business. Networking Opportunities First in the list of benefits of working with a local chamber are the numerous networking opportunities that you will discover. Attending one of the chamber’s events, meetings, or networking luncheons is a great way to engage with the audience, educate members about your unique business, and get a feel for what these events are like. The opportunity to network among local business owners, operators, and industry movers, is one of the perks of joining a chamber. You can collaborate, share ideas, and even partner with some of the local business owners. You don’t have to be fully ready to sell on anyone at these events. The focus of these networking sessions is to network, and not close deals. Still, you should prepare yourself about the things worth highlighting about your business, equip yourself with some business cards and form an elevator pitch explaining your business in a professional manner. Resources & Marketing Opportunities In times when many business owners and entrepreneurs wear a lot of hats, being a member of a chamber gives you access to resources such as directories, discounts, facilities, as well as streamlined access to business loans. Taking steps to get more involved with your local chamber can help you get your interests in order, and find opportunities that match your skill sets. Joining these lets you support the chamber and advance your business community. For instance, chambers often make special member-to-member discounts, where you might get discounts for restaurants, tuition, insurance, bulk shipping, office supplies, software, and industry literature. There is also better pricing for smaller or medium-sized companies that need to use facilities to hold events. The Value Of Committees And Subgroups Getting involved in a local chamber can help you discover many benefits. From regulatory compliance to training, your HR team can get a lot of upgrades thanks to the chamber of commerce. If you need to safeguard your business against both physical and cyber threats, being a member of a local chamber will give you access to information and contacts regarding the safekeeping of individuals and your important data. Same goes with accounting – some chambers even offer outright payroll services to help both small and large companies track their finances. Committees and subgroups often hold events such as lunch and learns, business seminars, workshops, and focus sessions. All of these impact businesses at the local, state, and national level, and are essential for giving your voice and helping your local business community. Find Qualified Employees When filling a position in your company, you need to know the profile of a person and balance their aptitude and practical skill set along with the cultural fit at your company. Finding the “perfect” candidate is often difficult, but if you focus on soft skills and a growth mindset, you will likely find a good hire who can do their job well. As a member of a local commerce, you will gain access to a lot of training and free advice on how to find good employees. If you believe there is a skills gap in your workforce, you can also work with the chamber’s members to identify the employee profile you need and how to better find such employees. Improve Your Local Brand Did you know that customers respond 63% more favorably to businesses that are members of a local chamber? One study confirmed this, showing that advertising your business as a member of a chamber of commerce can help you grow your sales. As to where you can display this information, anything works – whether it’s your website, storefront, or business cards. If you want to get involved in your community, you can also partner with local organizations and bring awareness to a need. This is another great chance to work with your people, and help create a favorable impression of your business, products, or services. Lastly, improving your local brand can also come through sponsorships. Some chambers offer them, especially for events or fundraisers in which individual business or the chapter itself garners more interest. Following Up Is Easy We mentioned networking is a vital part of being in a chamber. However, it is also a process where growth does not happen overnight. If you want to grow your leads and get closer to more business opportunities, you will eventually need to reconnect with the people you meet and remind them of your ideas. That is why collecting business cards or contact information is important, and how chamber events can help you establish (and later) follow up with your newfound connections. Following up after you meet someone is easy – you can always thank them for the engaging conversation that you had or offer them your help with a problem that they have. A solid follow-up with someone you met can bring a variety of partnership opportunities, especially when it comes to the ones within the chamber’s umbrella. Ambassador programs are a typical example, where chapter employees work to help new members actively use the chapter’s services. In turn, the members advance their marketing skills and learn more sales. Final Thoughts As you join and get involved with your local chamber of commerce, you will realize that there are plenty of things you can do to grow your business. You will also likely find that you need to devote some time each week to advance the business environment of your local area. However, this can also be burdensome to people, which is why you need to set some boundaries and see how much time you can commit each month. In the end, your business always needs you and it’s good to balance things and avoid a potential burnout.
The novel coronavirus created a big shift in the workplace, forcing many employees to work from home and adapt to the new environment. However, as the economy starts recovering and many of the employees return to their workplace, managers need to acknowledge the fact that many of us went through difficult times. From deaths to potential layoffs, isolation from family and friends, more duties at home, there are many reasons why people find it challenging to return to the office. In today’s blog, Business Loans Murfreesboro outlines all the ways you can support your employees during this post-pandemic recovery. Communicate With Them The first step every manager needs to take is to talk to their employees one-on-one. This may take time, but is definitely one of the best ways to understand what each person needs. Some of the common questions you might ask your employees include the following: “What are your current professional and personal concerns?” “How did the pandemic impact your work and life?” “Are you in a caretaker role for your children, parents, elderly relatives or family members?” “Do you have any workplace safety concerns?” “Are there any other concerns for you about returning to the workplace?” “What do you need from the company and your colleagues in order to feel supported?” Support Their Mental Health By Encouraging Self-Care Promoting self-care is another important thing every employee needs when returning to the workplace. It can substantially improve their mental health, and is best implemented through some of the following practices: Vacation time: Make sure to encourage time off without any hidden punishments or more work assigned to employees who are always available for it. Document expectations: Tasks like responding to emails after hours can increase the burnout in employees from being constantly available, which is why you should always document their expectations. Promote wellness programs: Again, self-care is best implemented through wellness programs or other forms of retreat. Yoga classes, networking or online meditation tools can all help you establish corporate self-care culture. Consider Professional Mental Health Support As we said in the beginning, plenty of mental health issues have increased due to the COVID-19 outbreak. Employees and their families could be in challenging situations because of the direct impact that the pandemic has brought to them. There also might be some employees who have substance abuse issues, depression, anxiety, or other forms of OCD behaviors that have been triggered by the time spent in isolation or other pandemic-related events. If there is some form of mental health coverage that your company offers, take advantage of it. Make employees aware about the available plans, what each of them covers, and emphasize their free choice to utilize mental health programs. Put an accent on the fact that these services are fully confidential and a good way to cope with everything in these challenging times. Acknowledge Every Employee & Team Following months of isolation, it is good to communicate through every possible channel and encourage your employees to communicate back. From phone to email, Slack, and other communication platforms, you should make sure you are connected with each employee and use these channels to inform them about potential successes, modified work policies, and other important milestones. Celebrate Their Wins After a year of losses, it’s time to celebrate everything that went right. For example, if your employees helped discover a new target audience or a potential market opportunity, it’s time to acknowledge their success. Whether you discovered some unexpected strengths in your team members, found a new way to organize them or recognized leaders, you should celebrate all of these as wins and make sure your employees are aware of the fact that you value their work. Identify Their Career Paths Unemployment has been a major issue over the past year or so, especially because of the pandemic. While plenty of people lost their jobs, there were also some that shifted to new roles and adapted to some rapid workplace changes using new technologies for their daily tasks and responsibilities. In times when remote work is promoted by companies from all around the world, you need to identify new career paths, alter your performance review process and implement new processes and tools that help each employee shift to the new normal. To do this, consider what the new career paths within your company look like, what should employees focus on to help the company’s mission, which technologies can help everyone, and what soft skills are essential during this shift. Inform Them About Changes Important workplace changes need to be highlighted and properly communicated. Things like modifications to meet new guidelines, hybrid work models and remote opportunities, coworking spaces and meetings, there might be a completely new routine within your business that everyone needs to be aware of. If you are working with a remote team, you should not let your employees fall victim to the “out of sight, out of mind” mentality. Instead, consider the best ways to keep communication open in the months to come. Final Words The past few years have been an emotional rollercoaster for many. However, now is the right time to evaluate the change and acknowledge everyone and their will to adapt, be resilient, and put a focus on teamwork while away from the workplace. Moving forward, all teams need to take steps to support each other as everyone moves past this pandemic and enters a year full of new business opportunities and potential success