Archive for the ‘SmallBiz’ Category:
APR Hikes Ambush Biz Owners
David Port, Entrepreneur.com
Doug Carpenter isn’t a lawyer or a banker, nor does he work for a government agency or a consumer watchdog group. So why is the owner of a part-time, home based computer business in Cleveland, Tenn., so well-versed in the minutiae of an appellate court case in New Jersey, usury laws in Utah and the contents of American Banker magazine?
Such esoteric pursuits are a form of self-defense for Carpenter, who is among a growing number of frustrated small business credit card holders to be victimized by what he terms “rate-jacking”–unexpected, seemingly unwarranted and significant credit card interest rate increases imposed with little or no notice.
The timing could be better for already shell-shocked small-business owners, who nowadays must rely more than ever on plastic to cover their cash flow…
New Obama Plan Aims to Help Small Business
President Obama and Treasury Secretary Geithner announced plans to help support small business owners on Monday at a press conference held at the White House. The administration has taken some criticism for laying out a budget which could increase taxes for some small business owners, and is now rolling out a plan that would help small business.
The President’s plan would help to thaw the tightened credit markets for small business owners by temporarily guaranteeing up to 90% of the loans that are made through the SBA’s 7(a) loan program. The plan would also authorize the Treasury Department to buy up to $15 billion securities backed by Small Business Administration loans.
“As a bank we have not been able to sell the guaranteed portions of the loans in the secondary market,” said Cynthia Blankenship, vice chairman of Bank of the West in Grapevine, Texas, and chairman of the Independent Community…
Recession Cost-Cutting No-Nos
By Jennifer Wang.
In a sluggish economy, running leaner is a must, but not every money-saving measure is a good one. These experts discuss the moves you shouldn’t make during tough times, even if they seem like easy ways to cut costs.
Am I right on this?
I’ll try to make it as simple as I possibly can. My 12 year old son asked me about current financial turmoil and this is what I told him.
Along-with the increase in the house prices, the demand and prices for household goods, furniture, appliances, etc. went up as well; which was aided by the institutional traders on the market who priced oil at almost $150 a barrel!!! Gas was at almost $4 a gallon nationally for most of 2008. It has been almost a year now and housing bubble has collapsed, business and families are out of work, retirement savings, etc. to say the least. The Hedge funds established offshore to avoid tax liabilities sold the equities of now weaker economy and still kept investing in oil. Everything tanked, stock market crashed, people couldn’t borrow since the credit market dried up due to non-payment of mortgage payments by sub prime borrowers forced banks to stop lending. Out of work families could not afford to keep up with the almost out of control inflation till July 2008, which effected the consumer spending, which in turn hurt the bottom line of small to mid sized businesses who employ the backbone of working America. These businesses either folded up or laid even more employees off just to survive. Now we are in November 2008 and the inflation has been replaced by deflation due to the price of Oil, job losses, etc. It is ironic that first it was inflation that inflated and destroyed the economy and now its deflation. The deflation for the month of October 2008 has been intensely sharp causing the prices to go down at a much faster rate, which again hurts the profits for businesses that again lay off even more employees to survive. Get it?
Here is what I would have done: Approach the struggling homeowner, negotiate on what they can afford and not what the banks expect, stretch the 30 year mortgage to 35 years easing the ongoing financial pinch. Where there is a will there is a way.
I asked my son what he learned from all this? He said; “Dad, I’m sleepy, go help them”.
Tough Times Made Easy
During tough times like what we are experiencing currently, it is imperative for Small Business Owners to ‘OWN’ the business rather than being ‘OWNED’ by it. It is easy to be overwhelmed by daily operations compounded by tougher economic times to lose a track of the larger picture when the Business Owners are bogged down by survival tactics. I’ve been helping businesses grow and stay profitable no matter what the economic times or revenues.
If you’re thinking, “Could I do it?” Answer is: YES. Anyone can. However, for that to happen one has to possess two very important virtues i.e. patience and open mind. The ability to look at the business from “outside in” is probably the single most important aspect that any business owner has to “learn” to do. It definitely is not as easy as it seems but it can be developed in to a habit over surprisingly short time period.
Most of my clients have experienced almost 50% in their NET PROFIT within the first fiscal year after the consulting exercise by implementing my recommendations. Please check out the client section and feel free to contact them as I’m sure they will be more than happy to share their experience. If you have any specific questions, please leave me a comment and I shall do the best to my ability to answer all your queries.
Thanks for reading.
How a Vision Statement Can Influence Your Business Success
Summary: Many people tend to negate the value of a vision statement for a business. But a vision statement is important for success of a business as it provides a sense of direction on where you want your business to go. Without a vision, you are like a crewless boat; adrift with no destination in sight. Discover the importance of having a concise vision statement.
Incorporate Your Business – Here’s Why
Starting a business is not easy. There are many decisions to be made and research to be done. Such as whether or not you need partners, what kind of growth will you expect. In this article we will be introducing you to incorporating a business, and all the benefits and limitations that go with it.
Make Antoni Gaudi’s Secret to Success Your Own!
One of my favorite times in my consulting and coaching is when a light bulb goes off and the person I’m working with has an ‘ah ha!’ moment and spots a new opportunity. It often takes some real in depth probing to uncover the high payoff idea that no one else has spotted. 90% of the time those ideas come your own personal passions and interests.
Simple Advice Before Embarking on Starting a Clothing Shop
Today, businesses that involve clothes, big or small, are the most popular trends in business. And there are more than a hundred of clothing stores and wholesale clothing shops that can be found in malls or on the streets.
Work – Life Balance – The Myth
Are you one of those people struggling to create a balance between your work life and home life? Well stop. Stop right now. Entrepreneurs aren’t wired that way.
