Today, we’re presenting an interview with Mr. Ali Mayar, the CEO of Platinum Rapid Funding Group, a company that funds small businesses and helps them achieve their goals. In other words, small companies that are cash-strapped or require working capital stand to benefit from their services. Having set up shop in 2012, Platinum Rapid Funding harnesses its technology, manpower, proprietary data and resources, and unique business model to deliver what it currently does.
In this interview, we’ll put forward a few important questions to Mr. Mayar about his success in building a great team. We talk a bit about the current state of his business and what he expects to see going forward.
What do you wish you knew before you started your business?
To be honest, I started business with a clean slate. I knew what I wanted to do and how would I like to see my business grow, but I wasn’t completely sure about what skills and qualities would I need to realize my vision. Perhaps, the only thing I should have been more prepared for or known about is the time and effort that would take for us to reach where we are now.
Close to 90 percent of startup businesses fall flat on their face because they don’t have a vision or long-term strategy. We had a goal and that goal was to lend a helping hand to businesses that were struggling to take things forward due to their financial restrictions.
What’s your best hiring strategy?
We hire people who understand the business and who see value in our services. We want someone who truly believes that our business is fulfilling a void that most other companies are not looking into. Our company, for sure, doesn’t want an employee who is here only for the salary and other perks, and cares just about his/her growth. Therefore, we look for people who consider our business as their own, and do not isolate the company’s growth and issues from their individual accomplishments.
What was the best piece of advice you’ve ever received? And the worst?
When you’re on the receiving end of an advice, it never feels great. It’s difficult to take instructions from other people and incorporate them into your routine – be it professional or personal. However, with maturity and growth, I have realized it’s crucial to learn from other people’s mistakes and ensure you do not repeat them. Ultimately, you cannot learn everything through personal experience. You just don’t have so much time. Quite often, it is other people’s experiences that serve as the best teachers.
It’s hard to narrow down on or consider a particular piece of advice as the best, as I have had been exposed to some wonderful people and have imbibed values and life lessons from all. But if I really had to zero in on one piece of advice, then it must be to not accept defeat without trying. Most people fail to accomplish certain goals in their life because they don’t believe in themselves or do not give their goal a fair shot. There is no shame in failing! It’s the effort that always counts. I don’t believe the one who comes first in a race is the only winner. Every individual who puts in his heart and soul into achieving something is a champion too.
I usually put anything negative out of my mind. So, I cannot truly remember any worst piece of advice offered to me. But I can say one thing, and that is if you want to be a successful businessman, don’t worry about the money. Offer a solution to an existing problem and the rest will fall in place automatically.
Where do you see Platinum Rapid Funding Group going in 2017? And Beyond?
By the end of 2017, we foresee associating with a lot more industries and businesses. We’ve just started – 2012 was just five years ago. From here, we can only grow, and we have the right set of people on-board who would help us do just that. Currently, we are partnering with startups and helping fledgling firms blossom to their widest potential. In the future, you may see us associate a bit more with the bigger brands or more established names. We aren’t sure in what capacity would those alliances be, but we certainly are looking forward to spreading our wings and make Platinum Rapid Funding Group a global brand. This is something that’s not possible by 2017, but we are determined to start working on it 2017 onwards.
As far as how things would be for Platinum Rapid Funding 15 or 20 years down the line, we aren’t completely sure about it. But as things unfold and we get more clarity, we would certainly keep our stakeholders and the community in general updated.
If you could sit down and have coffee with anyone throughout history, who would it be?
There are quite a lot of people who I would like to have a meaningful conversation with. Generally, I would be keen on interacting with any entrepreneur who has made it big from scratch – “scratch” does not necessarily mean just in terms of economic status but also in terms of the lack of business knowledge. A great example would be Magic Johnson, who during his heydays only played basketball and did modeling for brands. But the business avatar he took post his retirement from the sport is something more fascinating than his game, in my opinion, and I would love to know more about that.
Any other insights into why Platinum Rapid Funding is so successful?
We don’t take a blanket approach to financing. The company realizes different businesses have different cash requirements, which is why it works with firms individually to come up with a customized funding arrangement. The funding requests are usually approved within 24 hours, with the funds disbursed almost instantly thereafter.
Just for some details, there are different funding options – for instance, credit card splits or ACH funding. The funding sum could be anywhere between $5,000 and $5,000,000. The loan duration is also broad – falling in the 21 to 250-day range. The period length would depend on the amount of loan and several other factors. Some of the industries they serve are construction, small shops and retail businesses, bars and clubs, restaurants, car repair shops and dealerships, etc.
Thanks for the great interview.