tag:blogger.com,1999:blog-77896838131493581512024-02-20T09:50:02.036-08:00Business InformationAll about business and finance Informationcoepz-smarthttp://www.blogger.com/profile/03171971805018943470noreply@blogger.comBlogger23125tag:blogger.com,1999:blog-7789683813149358151.post-76174986022086879582008-11-23T19:02:00.000-08:002008-11-23T19:04:55.115-08:00Using Stop Loss Orders to Determine When to Enter a Tradeby: Derek Frey<br /><br /><br />Many people enter into trades with little more than a desire for profit. In Forex we normally use between 50 – 400 to 1 leverage. Because of the large amount of leverage we are able to use, simply hoping for a profit is not enough. Traders need a solid plan before the pull they trigger. When planning any battle, successful generals begin at the retreat and work their way backwards. Traders should do the same. The first and most important decision is when to admit defeat and retreat. Survival to fight another day is more important that going down with the ship. This article proposes that traders take a different approach to figuring out when and where to place their next trade. The approach is simple. Just like the generals, start by figuring out when to get out. This may sound strange, but if you apply this idea to whatever other methods you are using to determine your entry signals, your bottom line should improve. The overall idea is simple, rather than first looking for a good entry point, look for a point where you would want to be stopped out. At this point you are probably saying “who ever wants to get stopped out?” <br /><span class="fullpost"><br />The answer is, not the majority. But let’s look at several statistics for a moment to get some perspective. Depending on who you believe, anywhere between 75-95% of all retail Forex traders blow out their account within one year. So it seems that the 5-25% of traders who are winning are doing something different then the majority who are losing. One of those main differences is not being bothered by getting stopped out. Many new traders complain that they hate trading with stops because they have been stopped out of a trade that almost immediately turned around and would have been a huge winner had they not run the stop. They take that to mean that they should not trade with stops. Trading without some kind of risk management is like playing Russian roulette by yourself, it may not be the next pull of the trigger that kills you, but pull it enough times and sooner or later it’s a sure thing. Trading without risk management is much the same. You may get away with it for a while, but the lesson you are learning will sooner or later prove deadly. <br /><br />There are many forms of risk management, from the extremely complex, like cross hedging with options, to the very simple, such as using stops. The use of stop loss orders is one of the simplest and often most effective way to manage the risks of any given trade. The reason many traders have had a bad experience with using stops is not the fault of the stop itself, but rather the placement of the stop. Most traders get into a trade and then decide where to run a stop, if at all. They often have a fixed dollar amount that they are willing to risk per trade and they then place the stop loss order accordingly. All of this on the surface sounds like a good plan, but in practice it often leads to the scenario mentioned before, where the trade gets stopped out and then the market turns on a dime and goes the way the trader had originally anticipated, leaving them to mistakenly blame the stop. The individual points that led to the stop being placed are not bad in and of themselves, but put together this way, they often lead to the frustration mentioned above. <br /><br />So let us look at these issues from another angle. Rather than getting into a trade and then deciding where to get out, let’s determine the exit point and let that dictate where we get in. To do this you will need a chart. Choose the chart’s time-frame based on how long you intend to hold the trade. If you only hold your trades for a few hours then a 15 or 60 minute chart should be fine. If you are more of a swing trader, then daily or even weekly charts would be best. Currencies tend to trend more than most other markets. However, they do not trend all the time. In fact the opposite is true. Most markets only trend about 30% of the time. The remaining 70% of the time they are trading within a range or chopping. Therefore, learning how to trade the chop is paramount if you want to be a trader for years to come. What follows is a simple yet effective way to trade the chop. <br /><br />Trading the Chop <br /><br />First, start by looking at long term support and resistance zones. Markets tend to have certain zones that they “bounce” off of time and time again before penetrating them. These zones are what you want to look for. Start with weekly or even monthly charts, no matter what time-frame you trade in. This will tell you in an instant whether the market is trending or choppy. Once you determine the underlying market condition, look for significant areas of support and resistance. Finally, move to a daily chart and then to a 60 minute chart. After going through these different time-frames you should be able to find a number of these zones. The best are those that coincide through all the time-frames. That will only happen if the market is at or near relative new highs or lows. When it does happen, though, it is time to sit up and pay attention. However, you do not need to wait for perfect conditions to use this method. You only need a support or resistance zone in whatever time-frame you are comfortable trading. Once you have identified these areas on a chart, you need to look closely and determine where that level would be broken and place your stops accordingly. A move through this level would signify that the market is breaking out from the previously established range. Once you find what the highest high is in the case of a resistance level, or lowest low in the case of a support level, you need to go a certain distance beyond that so you are not stopped out by a move of only one or two pips beyond these levels. <br /><br />There are many ways to determine how much extra distance to give each market. One way that I have used is to simply look for the next closest Fibonacci number. This method is not scientific, but one that has served me well over the years. The Fibonacci sequence is one that was discovered by a mathematician all the way back in 13th century. The sequence is as follows: 0, 1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144… For the purposes of using them for stops I normally only use 8, 13, 21, 34, 55, and 89. So if the last two digits of the highest high in a resistance zone had been 25, then you would use either 34 or 55 depending on which particular market it is in. The more volatile, or greater the average true range (ATR), the wider you should go. <br /><br />Once you identify the zone you can then come up with your exact stop point. <br /><br />Look at the daily chart of the USD/JPY and you can see that we have had significant resistance between roughly 121.50 and 122.25. Each time the market has reached this zone it has failed to follow through. There have been three attempts to break out from this zone, each one being lower than the last, forming a descending trend line. This is what you want to look for. Once you identify the zone you can then come up with your exact stop point. Simply find the recent highest high, in this case 121.66, and then find the next closest Fibonacci number (89) and you have your stop (121.89). <br /><br />Determining your entry point <br /><br />Now that you know where you are going to run your stop you can use that to determine your entry point. This is the point where you want determine how much actual money you are willing to risk on the trade. Most money managers will tell you to never invest more than 1% of your account on one trade. That rule really only works for traders using 50k or more. Most traders start with less and therefore are forced to break that rule. Starting with a $5,000 account and only risking 1% would mean that you can only risk $50 per trade, which in some cases is less than the bid/ask spread once you enter the trade, so it is obviously not realistic. But try to keep the amount you risk on any one trade as low as you can. Trading is a long-term endeavor. Do not fall into the trap of thinking that your next trade is “the big one” and you are sure it will work, and therefore put half or even all of your account into it. That is not money management, it is gambling. But let’s say you are comfortable risking $400 on a trade, or 40 pips on a 100k contract. Looking at a Daily chart of the USD/JPY, you can see that the most recent high was 121.66. Using the Fibonacci stop idea you would run your stop at 121.89 because 89 is the next closest Fibonacci number above 66. Now you have your stop well above a significant point of resistance. To calculate your entry point, simply subtract the 40 pips you are willing to risk from your stop point to arrive at 121.59 (121.89 – 40 = 121.59). The next day the market traded up to 121.63 so a limit order at 121.59 should have been filled. Once the order is filled, you can trail your stop with the market or move it to coincide with other support and resistance zones within the range. Your target would be somewhere near the bottom of the range. In this example your target would be a move to 119.50 or below. <br /><br />So let’s review this method. First determine if the current market is trending or chopping. Then look to identify areas of support and or resistance. Next find the highest high in a recent resistance level or the lowest low in a support level. Determine the next closest Fibonacci number and you have your stop point. Then take the amount you are willing to risk per trade and either subtract it from your stop if it is a short trade or add it to your stop if it is a long trade. You now have both your stop and entry points, and you are only risking whatever amount you determined you were comfortable with. Your stop is placed at a level that signifies a change in the recent trend, and therefore is mush less random than most other stops. This method is not to be used exclusively, but it is one that can compliment whatever other indicators or patterns you are using to determine you next trade. This method should help you avoid getting stopped out at insignificant points that have you selling near highs and buying near lows within the established trading range. <br /><br />More from this Author at <a href="http://www.mytradesignals.com">http://www.mytradesignals.com</a><br /><br /><br /><br />About The Author <br />Derek Frey has been trading since 1989 and is currently Head Trader and principle at Odom & Frey Futures & Options LLC. He also emphasizes the importance of educating traders, providing one-on-one advisory services, online learning materials, and mentoring. Derek’s range of strategies makes it possible to accommodate various types of traders. He is frequently a speaker at investment trade shows & seminars and is often quoted by Reuters, the Wall Street Journal Online, Bloomberg, and other financial news services. He is also a regular contributor to <a href="http://www.mytradesignals.com.">http://www.mytradesignals.com.</a><br /><br /></span>coepz-smarthttp://www.blogger.com/profile/03171971805018943470noreply@blogger.com0tag:blogger.com,1999:blog-7789683813149358151.post-7501747449924276882008-11-18T00:10:00.000-08:002008-11-18T00:13:20.401-08:00Is It Possible To Create An Impossible Business?by: Jonathan Haryanto<br /><br /><br />Consultants, coaches, and other service professionals often start a business believing that all they need to do is charge a "reasonable" fee and sell "enough" of their time. Consultants hope to get an edge by claiming to be the fastest, best, or most experienced.<br /><br />Tired superlatives in proposal include: Most, Superior, Best, Maximum, Optimal, Minimum, Fastest, Unsurpassed, Shortest, Unrivaled, Easiest, Highest, Least, Unique, clients routinely ignore such claims as unproven hype.<br /><span class="fullpost"><br />Nothing is intrinsically wrong with any of the preceding words, and we all use them in spoken and written communication (for example, "This is the fastest way to do that.") But in proposals, they are suspect, and you should use them sparingly, if at all. It's easy to think that any business can be successful if you work hard enough, but there are many situations where this just isn't so. But unless you do the math to prove or disprove your assumptions, you may be creating a business that can never succeed. Here's what can happen:<br /><br />*Impossible Business #1 *Nancy was selling her services as an image consultant to individuals who wanted an updated or more professional look. She charged $75 per hour, which she thought was the most anyone would realistically pay to work with her. In most cases, she traveled to a client's home or went shopping with her client.<br /><br />Including travel time and lunch meant that Nancy could only make two appointments in one day. The average appointment was two hours long. So the maximum amount Nancy could earn in one day turned out to be $300. But in order to earn that amount five days per week, Nancy would have to schedule ten different clients, all of whose schedules were able to adapt to whatever times she had available.<br /><br />This was hopelessly unrealistic. Even if Nancy had been able to make the scheduling work, when would she have had the time to do the marketing required to land that many clients? It turned out that the maximum Nancy could really earn using this model was about $750 per week. After paying her taxes, she couldn't even cover her monthly living expenses<br /><br />*Impossible Business #2 *Tom is a student who works as a software consultant for midsize company._ _ . He typically charged $80 per hour, and when he landed a contract, it often consisted of 25-100 billable hours.<br /><br />Because Tom's earning capacity was so high and he disliked marketing, he spent a lot of money on marketing himself indirectly. He purchased display ads in industry journals and directories, mailed expensive brochures to large lists of prospects, paid to exhibit at trade shows, and hired a telemarketer to prospect for him. Tom also worked on contracts that came through agencies, who often took 25-35% of his earnings as their percentage.<br /><br />Tom is earning as much as $90,000 per year, but he was losing about $15,000 per year in agency commissions, and spending $25,000 per year on marketing. In return for all his hard work, he was earning considerably less than he had at his last job.<br /><br />*Making the Impossible Possible *New consultants, coaches, and other professionals almost always overestimate how much they can earn and underestimate the amount of time and money required to successfully market themselves. They also forget that they will have to cover not only their living costs and business expenses, but pay self-employment tax, buy their own health insurance, provide for their own retirement, and allow for unpaid vacation and sick time.<br /><br />If Nancy or Tom had taken the time to sit down with a calculator before starting out in business, they would have quickly discovered that they were on the wrong track. But both of these businesses were able to be rescued.<br /><br />Molly began selling her time by the day instead of by the hour. She offered her clients a full-day package that consisted of a wardrobe review and consultation in the morning and a shopping trip in the afternoon. By charging $400 per day and scheduling three clients per week, she could earn more than double than she did previously.<br /><br />She also began offering a monthly one-day image workshop as a way of bringing in more income while giving prospective clients a chance to experience her work. The workshop became her main source of new clients, and marketing the workshop turned out to be easier than marketing her personal services.<br /><br />Tom learned how to market himself less expensively through networking, speaking, and writing articles. Instead of buying booths at trade shows, he was showcased there as a presenter, and spent time networking with the other attendees. The same publications where he used to run ads now ran his articles. Rather than paying a telemarketer, he started picking up the lunch tab for people he thought could refer him some business.<br /><br />As a result, his expenses for marketing and commissions dropped from $35,000 per year to $15,000. At the same time, his income rose to $125,000 per year, because as his visibility and reputation grew, his services were more in demand and he could command higher rates.<br /><br />If earning a decent living as a self-employed professional sometimes seems impossible to you, start asking how it could be possible. What can you change about how you are marketing yourself, how much you are charging, and how you are packaging your services? While it could be that success will come if you just work a little harder, it's more likely that you first need to start working a little differently<br /><br /><br /><br />----------------------------------------------------------------------<br /><br />About The Author<br />Jonathan Haryanto is owner of <a href="http://SpeedyOnlineProfit.com">http://SpeedyOnlineProfit.com</a> and writes on a variety of subjects. To learn more about this topic Jonathan recommends you visit: <a href="http://www.SpeedyOnlineProfit.com ">http://www.SpeedyOnlineProfit.com<br /></a><br /><br /></span>coepz-smarthttp://www.blogger.com/profile/03171971805018943470noreply@blogger.com0tag:blogger.com,1999:blog-7789683813149358151.post-65197464263321781822008-11-09T18:59:00.000-08:002008-11-09T19:03:40.293-08:00Manage Debtors And Creditors To Improve Liquidityby: Terry Cartwright<br /><br /><br />Sales turnover and net profits may follow a rollercoaster pattern familiar to most business but when the cash flow dries up the game is over. Urgent attention to the management of working capital can provide every business with the cash resources to exploit its potential<br /><br />Most businesses will experience periods of lower sales and times when losses may be incurred as expenses exceed sales income. The situation is recoverable by producing higher sales and reducing costs and expenses. A business that runs out of cash resources is dead in the water.<br /><span class="fullpost"><br />Debtors and sales income management<br /><br />The objective is to obtain payment from customers as fast as possible improving cash flow and minimising the risk of bad debts and not being paid at all.<br /><br />Payment terms offered to customers should be clearly stated and fixed as standard accounting figures according to the amount of funding the business is prepared to offer its clients. Because that is exactly what credit terms to customers is, free cash funding in exchange for eventual sales income.<br /><br />Consideration should be given to using a cash discount system to encourage sales invoices to be paid faster. In some businesses it would be appropriate to obtain up front deposits and scheduled payments. Review this practise to obtain a greater proportion of payments faster to improve liquidity.<br /><br />New customers should be subjected to a strict credit check. All new customers where credit check details are not available should be invoiced by the accounting function on a pro forma basis. Any businesses who fail to meet the highest credit score required should remain on a pro forma invoice basis.<br /><br />The credit control function needs consideration from the first step of issuing customers with a sales invoice, producing customer statements of the debt owed and a set procedure of credit control letters and telephone follow ups that actually achieve the end result of getting the cash in. An essential process in the credit control procedure would be to ensure the accountant or bookkeeper always issues sales invoices and customer statements promptly.<br /><br />Incorporate into the terms of trade a set of rules to invoke interest payments for late payment and late payment debt recovery costs. In the UK the Late Payment of Commercial Debts (Interest) Act 1998 sets out the statutory rights of business to claim interest and costs.<br /><br />Consider the possibility of factoring sales invoices due from debtors either by selling the sales invoices to a third party or raising cash on the value of those invoices pending payment. Factoring has the disadvantage of often not being cheap but does have the advantage of generating a regular stream of cash.<br /><br />Bad debts have a double impact on any business and all possible steps should be taken to reduce the risk. A bad debt not only uses valuable resources in chasing the debt with the negative impact on cash flow and liquidity but also is a straight loss to the net profit and a strong indicator that the accounting function is failing the business.<br /><br />Creditors and expenditure management<br /><br />The objective is to extend the time allowed for payment of expenses the business incurs.<br /><br />Consider the frequency of all payments made to suppliers. Small business have alternative payment terms available for the payment of taxes. In the UK value added tax can be paid quarterly or monthly, vat cash accounting can ease the tax liability due in critical periods and paye payments can be paid quarterly rather than monthly for smaller businesses.<br /><br />Every opportunity should be considered to improve liquidity and that would include the frequency which employee salaries and wages are paid. A sensitive area since it involves the most important people to the business success but adopting a payment period to coincide with the receipt of cash from customers may in some circumstances balance liquidity.<br /><br />General creditors are a major area to be addressed in terms of both the amount of credit received from suppliers and the time required to pay those creditor accounts. Larger orders on extended payments terms creates a risk area should the goods not be used but can greatly assist cash flow as the business is effectively borrowing free cash from its suppliers.<br /><br />Stock levels are crucial to financial management of the creditor total. High stock levels use valuable working capital which is offset in part by the level of creditors. Higher levels of stock financed by free credit from creditors lowers the cash flow requirements on the other parts of the business. <br /><br /><br />-------------------------------------------------------------------------------------<br /><br />About The Author<br />Terry Cartwright designs UK Accounting Software at <a href="http://www.diyaccounting.co.uk/">http://www.diyaccounting.co.uk/</a> on excel spreadsheets providing complete Bookkeeping solutions <a href="http://www.diyaccounting.co.uk/smallbusinessaccounting.htm">http://www.diyaccounting.co.uk/smallbusinessaccounting.htm</a> for small to medium sized businesses<br /><br /><br /></span>coepz-smarthttp://www.blogger.com/profile/03171971805018943470noreply@blogger.com0tag:blogger.com,1999:blog-7789683813149358151.post-87678043229008818272008-09-04T20:07:00.000-07:002008-09-04T20:08:59.156-07:00Income Protection Cover Could Provide A Replacement Incomeby: Simon Burgess<br /><br />Those who have loan or credit card debts or a mortgage with repayments to make each month should give some thought as to how they would continue to make these payments if they were to lose their income. While you may turn to savings if an illness or accident prevented you from working for a short period of time, any savings you had would soon dwindle. If you were made redundant then it could take some time to find another job and struggling to meet your monthly commitments would only add pressure to already stressful circumstances. Income protection cover taken out with a specialist provider could give you a replacement income if you lost yours, along with peace of mind.<br /><span class="fullpost"><br />Payment protection insurance can be taken out for fixed monthly premiums, based on how old you are when applying for the cover and how much you need to cover each month. There is a limit to the amount of your income that you are able to cover and the provider will give details of this in the terms and conditions. By going with a specialist for the protection you can be sure that the policy will be a quality product. It will come with very few exclusions and cover is backdated to the first day you came out of work. Of course, the biggest advantage of getting a quote from an independent provider is the money you will save on the cost of cover. Standalone providers that only sell payment protection will not go for the huge profits that the high street lenders do.<br /><br />There are exclusions to be found in income protection policies, as with all insurances, which could mean you would not be eligible to claim and so taking out the cover would be useless. While these exclusions can vary depending on the provider offering a policy, there are some that are standard in all policies. Those individuals who are retired, self-employed, suffer from an ongoing illness or do not work in a full-time position would have to give some very serious thought to the policy’s suitability before taking it out. For example, if you do suffer from a pre-existing illness but it has not bothered you during the past two years, protection cover might be suitable. And if you are self-employed and have to stop trading through no fault of your own then you might benefit from cover.<br /><br />Income protection cover would generally begin to provide you with a tax-free replacement income after being unable to work for a specific amount of time. This is usually within a period of 30 to 90 days of being continually out of work, without having a break in between. Once the cover has started to provide you with security then it would continue to do so for the time stated in the policy’s small print – generally 12 to 24 months. This period usually gives plenty of time for recovery from illness or accident, or enough time to find another job and start earning an income again. <br /></span>coepz-smarthttp://www.blogger.com/profile/03171971805018943470noreply@blogger.com0tag:blogger.com,1999:blog-7789683813149358151.post-55656827463090351272008-09-04T19:59:00.000-07:002008-09-04T20:01:11.562-07:00Unsecured Loans: Makes Your Money Availing Without Pledgingby: Simon Tauffel<br /><br />It could be that you are just spending more than you make. And it is all about the actual facet of any type financial malaise. To fight away from such messing monetary mockery you need to hit upon the financial way available around. Most of the fund functioning is based on some or other sort of pledging placing. For the reason, a quarter of borrowers remain devoid of the financing benefits. Precisely providing fund without collateral pledging, unsecured loans have made availing easy for the people who would unable to manage it. Only you may need to spend a few minutes and write down your expenses.<br /><span class="fullpost"><br />You should usually borrow as little as possible, and draw up a budget plan to determine how much you need. Under such money provisions you might not offer a particularly high amount. So if you are a homeowner and need to borrow more, you could look into secured loans. It might be tempting to borrow more than you need, but do not forget you have to pay it back too. However, you can obtain a sum anywhere from £5,000 to £30,000 for a period of six months. In the meantime, you will have to repay the borrowed amount. And if you feel you need more time, you can send an extension request to your creditor. After looking at your current circumstances, your loan provider can extend it up to 10 years.<br /><br />You will usually be offered an interest rate based on your circumstances and the amount you want to borrow. This means that the 'typical' interest advertised might not be the rate you are offered - your rate will depend on your credit rating.<br /><br />Such loans can be used for almost anything - a relaxing holiday, a new car, a wedding, debt consolidation or home improvements. Whatever you need it for there are a few things to consider before you apply these loans. A disadvantage is that it is harder to get approval for such loans. With no security on offer, the lenders get more cautious. An advantage of taking out these loans is that your application can be processed a lot quicker as there is no collateral to be valued. <br /></span>coepz-smarthttp://www.blogger.com/profile/03171971805018943470noreply@blogger.com1tag:blogger.com,1999:blog-7789683813149358151.post-46561591461536477542008-08-24T21:29:00.000-07:002008-08-24T21:30:59.186-07:00Economic Recession Strategy - How To Keep Your Business Alive During Economic Recessionby: Michael Seriosa<br /><br /><br />You may be in Mail Order, Direct Mail, E-Mail/E-Zine Marketing, or you may be a local merchant with 150 employees; whatever the case-you've got to know how to keep your business alive during economic recessions.<br /><br />Long before the cash flow in a business, large or small, starts to tighten up, the money management of that business has to be run as a "tight ship." Some of the things you can and should do include protecting yourself from expenditures made on sudden impulse.<br /><span class="fullpost"><br />We've all bought merchandise or services we really didn't need simply because we were in the mood, or perhaps in response to the flam-boyancy of the advertising or the persuasiveness of the salesperson.<br /><br />Then we sort of "wake up" a couple of days later and find that we've committed hundreds of dollars of business funds for something that's not essential to the success of our own business, when really pressing items had been eagerly waiting for those dollars.<br /><br />If you are incorporated, you can eliminate these "impulse purchases" by including in your by-laws a clause that states: "All purchasing decisions over (a certain amount) are contingent upon approval by the board of directors."<br /><br />This will force you to consider any "impulse purchases" of serious cost, and may even be a reminder in the case of smaller purchases.<br /><br />If your business is a partnership, you can state, when faced with a buying decision, that all purchases are contingent upon the approval of a third party. In reality, the third party can be your partner, one of your department heads, or even one of your suppliers.<br /><br />If your business is a sole proprietorship, you don't have much to worry about really, because as an individual you have three days to think about your purchase, and then to nullify that purchase if you think you don't really need it or can't afford it.<br /><br />While you may think you cannot afford it, be sure that you don't "short-change" yourself on professional services. This would apply especially during a time of emergency.<br /><br />Anytime you commit yourself and move ahead without completely investigating all the angles, and preparing yourself for all the contingencies that may arise, you're skating on thin ice.<br /><br />Regardless of the costs involved, it always pays off in the long run to seek out the advice of experienced professionals before embarking on a plan that could ruin you.<br /><br />1244 Stock Category Advantages-<br /><br />As an example, an experienced business consultant can fill you in on the 1244 stock advantages. Getting eligibility for the 1244 stock category is a very simple process, but one with tremendous benefits to your business.<br /><br />The 1244 stock encourages investors to put equity capital into your business because in the event of a loss, amounts up to the entire sum of the investment can be written off in the current year.<br /><br />Without the "1244" classification, any losses would have to be spread over several years, and this, of course, would greatly lessen the attractiveness of your company's stock. Any business owner who has not filed the 1244 corporation has in effect cut himself off from 90 percent of his prospective investors.<br /><br />Getting “Hard-Nosed”-<br /><br />Particularly when sales are down, you must be "hard-nosed" with people trying to sell you luxuries for your business. When business is booming, you undoubtedly will allow sales people to show you new models of equipment or a new line of supplies; but when your business is down, skip the entertaining frills and concentrate on the basics.<br /><br />Great care must be taken however, to maintain courtesy and allow these sellers to consider you a friend and call back at another time.<br /><br />Your company's books should reflect your way of thinking, and whoever maintains them should generate information according to your policies.<br /><br />Thus, you should hire an outside accountant or accounting firm to figure your return on your investment, as well as the turnover on your accounts receivable and inventory. Such an audit or survey should focus in depth on any or every item within the financial statement that merits special attention.<br /><br />In this way, you'll probably uncover any potential financial problems before they become readily apparent, and certainly before they could get out of hand.<br /><br />Further Considerations-<br /><br />Many small companies set up advisory boards of outside professional people. These are sometimes known as Power Circles, and once in place, the business always benefits, especially in times of short operating capital.<br /><br />Such an advisory board or power circle should include an attorney, a certified public accountant, civic club leaders, owners or managers of businesses similar to yours, and retired executives.<br /><br />Setting up such an advisory board of directors is really quite easy, because most people you ask will be honored to serve. Once your board is set up, you should meet once a month and present material for review.<br /><br />Each meeting should be a discussion of your business problems and an input from your advisers relative to possible solutions.<br /><br />These members of your board of advisers should offer you advice as well as alternatives, and provide you with objectivity. No formal decisions need to be made either at your board meeting, or as a result of them, but you should be able to gain a great deal from the suggestions you hear.<br /><br />You will find that most of your customers have the money to pay at least some of what they owe you immediately.<br /><br />To keep them current, and the number of accounts receivable in your files to a minimum, you should call them on the phone and ask for some kind of explanation why they're falling behind.<br /><br />If you develop such a habit as part of your operating procedure, you'll find your invoices will magically be drawn to the front of their piles of bills to pay.<br /><br />While maintaining a congenial and courteous attitude, don't hesitant, or too much of a "nice guy" when it comes to collecting money.<br /><br />Building the Strength of Your Stay Power-<br /><br />Something else that's a very good business practice, but which few business owners do is to methodically build a credit rating with their local banks.<br /><br />Particularly when you have a good cash flow, you should borrow $100 to $1,000 from your banks every 90 days or so. Simply borrow the money, and place it in an interest bearing account, and then pay it all back at least a month or so before it's due.<br /><br />By doing this, you will increase the borrowing power of your signature, and strengthen your ability to obtain needed financing on short notice.<br /><br />This is a kind of business leverage that will be of great value to you if or whenever your cash position becomes less favorable.<br /><br />By all means, join your industry's trade associations. Most of these organizations have a wealth of information available on everything from details on your competitors to average industry sales figures, new products, services, and trends.<br /><br />If you are given a membership certificate or wall plaque, you should display these conspicuously on your office wall. Customers like to see such "seals of approval" and feel additional confidence in your business when they see them.<br /><br />Often Overlooked-<br /><br />If at all possible, you should have your spouse work in the business with you for at least three or four weeks per year.<br /><br />The important thing is that if for any reason you are not available to run the business, your spouse will be familiar with certain people and situations about your business.<br /><br />These people should include your attorney, accountant, any advisors or consultants, creditors and your major suppliers. The long-term advantages of having your spouse work four weeks per year in your business with you will greatly outweigh the short-term inconvenience.<br /><br />Many couples share responsibility and time entirely, which is in most cases even more desirable. Whenever you can, and as often as you need it, take advantage of whatever free business counseling is available.<br /><br />The Small Business Administration published many excellent booklets, checklist and brochures on quite a large variety of businesses.<br /><br />These publications are available through the U.S. Government Printing Office. Most local universities, and many private organizations hold seminars at minimal cost, and often without charge. You should also take advantage of the services offered by your bank and local library.<br /><br />The important thing about running a small business is to know the direction in which you're heading...to know on a day-to-day basis your progress in that very direction [your dynamic Business/Marketing Plan]<br /><br />Be aware of what your competitors are doing and practice good money management at all times. All this will prepare you to recognize potential problems before they arise. In order to survive with a small business, regardless of the economic climate, it is essential to surround yourself with smart people, and practice sound business management at all times.<br /><br />The Misconception About Business In The Summer-<br /><br />Whoever started the nasty rumor that Mail Order business is very slow during the months of July and August is dead wrong. In case you are new to the world of Mail Order you are likely to believe this rumor.<br /><br />The sad part is that a lot of people in the business really believe it! Why do they believe it? Because they have been told by someone else and the rumor was considered "gospel" - so that someone told someone else and so on- sound familiar?!?<br /><br />What people don't realize is that there is no foundation to this rumor. The only reason the mail order business MAY slow down in the summer months is because of the nature of the product being sold. Try selling winter clothes in July!<br /><br />Some people will go so far as to stop advertising during the summer months because they are convinced they won't get any sales. Because of the drop in revenue for publishers, due to this line of thinking-<br /><br />Everybody suffers and they keep the rumor alive and true. Only people believing this lie are making it happen. <br /></span>coepz-smarthttp://www.blogger.com/profile/03171971805018943470noreply@blogger.com0tag:blogger.com,1999:blog-7789683813149358151.post-35920424098516308152008-08-24T21:23:00.001-07:002008-08-24T21:23:57.724-07:00Unsecured Loans – An Option For Short Term Needsby: Simon Tauffel<br /><br /><br />Are you looking to borrow only smaller money for some short term needs? In that case, unsecured loans may be one option as these loans allow you to borrow finance to your immediate needs only for host of purposes, such as home improvements, wedding, enjoying a holiday tour, paying back some old debts or purchasing a car.<br /><br />You will not be placing any property as collateral, implying that these loans carry no risks for the borrowers. Both tenants and homeowners can have access to funds under these loans once they have proved their income and overall repayment ability. Take a repayment plan to the lender for fast approval of the loan amount.<br /><span class="fullpost"><br />Depending on your income, you can borrow anywhere from £1000 to £25000. These are short term loans with the repayment duration ranging from few weeks to 15 years. But do not choose a longer duration as it may be costly in terms of total interest payments. Borrow the money which you can easily repay or you may incur debts.<br /><br />A disadvantage of unsecured loans is that, in order to cover the risks, the lenders have this tendency of charging the interest at higher rate. The higher are the risks, the higher goes up the rate. Therefore, you must first check your credit report to make it error free and know your credit rating as well.<br /><br />Because of higher risks, the loans are a little difficult to avail if you have a bad credit history with problems like late payments, defaults, arrears, CCJs. However, still you can find the lenders if you are able to convince them that the borrowed amount will be repaid on time. Moreover, you can get the loan if you intend to borrow money at enhanced interest rate.<br /><br />The loan business is full of lenders claiming to be having a suitable unsecured loan for you. Do not rush to them. Instead, first apply for their rate quotes and extensively compare them, keeping your circumstances in mind. Usually, you will find online lenders offering these loans at competitive rates and at less additional fees. Pay off the loan installments regularly to avoid incurring any debts.<br /></span>coepz-smarthttp://www.blogger.com/profile/03171971805018943470noreply@blogger.com0tag:blogger.com,1999:blog-7789683813149358151.post-56337977001793593402008-08-24T21:16:00.000-07:002008-08-24T21:26:59.704-07:00Personal Loans: Fulfilling The Entire Personal Needs Of Yoursby: Simon Tauffel<br /><br /><br />You can’t come over your numerous desires. The accomplishment of one desire gives rise to another. Thus, normally your budget fails to accomplish all your needs at a time. Since, some of your needs entails you to finish it at any cost, you start seeking an external help. In that time, you need such an external help that can stand against any of your personal expense. Taking the account of such financial problems with the borrowers, you are now helped with the personal loans.<br /><br />Personal loans are that loans, which can help you, get appropriate financial help for any of your personal expenses. The common expenses for that you usually go for these loans are buying a car, wedding cost, luxury holidays, college fees, outstanding bills, and debt consolidation.<br /><span class="fullpost"><br />The interest rate with these loans is not fixed and may vary according to your personal circumstances and repaying capability. It is your profile which decides the rate; however, ultimately it can be competitive for the tough competition among the lenders.<br /><br />Depending upon your profile personal loan can arrange a range of amount. When you put collateral against the loan, the amount can be up to its total value. The general range of amount here varies from £5000 to £75000 that can be repaid over a longer period of 25 years. However, when you put nothing against the loan, it is your income and repaying capability that decides the amount. The amount available here generally ranges from £1000 to £25000 and is liable to be repaid over a flexible period of 10 years.<br /><br />Bad credit is not a great issue here; as you can avail personal loans even have bad credit. So, you no need to hesitate while applying for this loan, even with your CCJs, arrears, defaults, IVAs, etc.<br /><br />Market is flooded with the options to avail personal loans. You opt for either of the offline lenders or online lenders to avail this loan. The online lenders are considered to be more convenient for their hassle free service. You can contact these lenders any time from any where to save your precious time.<br /><br />Life is full of pleasures that are much concerned with resource you have for your needs. Personal loans help you achieving these pleasures even when your means are found to insufficient on these requirements. These loans help you get the finance regardless of requiring any particular circumstance that wipes the worry of many of you.<br /></span>coepz-smarthttp://www.blogger.com/profile/03171971805018943470noreply@blogger.com0tag:blogger.com,1999:blog-7789683813149358151.post-32566297721064932972008-08-24T21:13:00.000-07:002008-08-24T21:15:44.614-07:00Personal Loans – Tips For A Less Burdensome Dealby: Simon Tauffel<br /><br />People need money for variety of purposes. They can find personal loans as per their requirements and circumstances. However, if availed without first taking all of its aspects into account, the same loan may become a source of financial trouble in the coming days.<br /><br />Through these loans, you can meet expenditures on home improvements, wedding, car purchasing, holiday tour etc. The loan comes for a particular purpose, or you are free to put it for variety of uses.<br /><span class="fullpost"><br />Personal loans are accessible in secured or unsecured options. For the requirement of greater loan of up to £75000, you need to pledge your valued asset like home or a vehicle, as collateral. The advantage of such a secured loan is lower rate of interest. Greater amount of loan comes with larger repayment duration of 5 to 30 years. However, avoid carrying the loan for many more years, as you will end-up making high interest payments.<br /><br />On the other hand, the unsecured loans provides only smaller amount of up to £25000, for a short period of few months to 15 years, depending on the loan amount and your circumstances. These loans depend on the lenders’ faith in you. Hence, people find the loan approval with ease, if they have a good credit history. Both tenants and homeowners are eligible to take out these loans without collateral. However, interest rate will be on higher side.<br /><br />People can take these loans with bad credit history as well. They need to prove their intention of repaying the loan on time. However, interest rate will go higher.<br /><br />It is advisable to apply for rate quotes of personal loans. While comparing the loan offers, you should also be aware of the additional fees on these loans. For a less costly loan, ensure that the rate is lower and the fee charges are fewer.<br /></span>coepz-smarthttp://www.blogger.com/profile/03171971805018943470noreply@blogger.com0tag:blogger.com,1999:blog-7789683813149358151.post-20673965009280374432008-08-24T21:06:00.000-07:002008-08-24T21:10:43.161-07:00Unsecured Loans – Borrow As Per Individual Circumstancesby: Simon Tauffel<br /><br /><br />Although you will borrow only a smaller amount as unsecured loans, the very loan can become a source of burdensome debts, if you do not take out the loan carefully. People often opt for these loans in the hope that they will get the approval with ease. They should first consider some fine points of availing the loan in a suitable manner.<br /><span class="fullpost"><br />Both tenants and homeowners can have access to these loans. There is no clause of collateral associated with the loan, making it fully risk free for the borrowers. The only risk is that your credit rating will go down in the event of not making the timely payments.<br /><br />In the absence of collateral, your repayment ability is the sole basis of the loan approval. You should make an assuring repayment plan, keeping your earnings and month outgoings in mind. Your employment record and bank statements are also essential in taking the loan.<br /><br />Check your credit report for making sure that it has recorded all of your timely payments of the past correctly. The lenders will go through the report for judging the risks you carry. Ensure that you apply for these loans with an improved FICO score, for relaxed terms-condition and comparatively lower rate of interest.<br /><br />You can borrow from £1000 to £25000, as unsecured loans. However, there is a high cost attached, as the lenders tend to charge interest at higher rate for covering the risks. The borrowed amount carries shorter repayment duration of few months to 15 years.<br /><br />In case of a blemished credit history of late payments, payment defaults, arrears or CCJs, ensure that you convince the lender that the loan repayment will be in timely manner. Borrow a smaller amount. Be prepared for paying the interest at enhanced rate.<br /><br />For a suitable deal, make efforts to avail unsecured loans at competitive interest rate. Apply for the rates and compare them. Compare the additional fees as well. To build up a good credit history, ensure that the loan repayment is on regular basis.<br /></span>coepz-smarthttp://www.blogger.com/profile/03171971805018943470noreply@blogger.com0tag:blogger.com,1999:blog-7789683813149358151.post-31845553527526957122008-08-20T21:30:00.000-07:002008-08-20T21:32:05.084-07:00Bad Credit Loans – Keep The Cost In Mindby: Simon Tauffel<br /><br /><br />You must keep some basics in mind if you have a blemished history of making multiple payment faults and want a bad credit loan for a new beginning. You must also strive for borrowing the money at a low possible cost so that the repayment is not a huge burden.<br /><span class="fullpost"><br />First, know that the loan will depend on what your credit report says about you. Hence, ask all the major bureaus for copies of the report. Ensure that all your timely payments have find place in it. You have made several payment mistakes, but you made some timely payments as well. Correct any errors in the report. You must know your FICO score as well.<br /><br />Try to pay off some easier debts. This could be a way of improving your rating to some extent, before you apply for the loan. You may have to wait for few months. An improved score will indicate your good intention of repaying the new loan.<br /><br />Despite having late payments, payment defaults, arrears or CCJs, you can find easier approval of bad credit loans once you pledge your home or any less valued property, as collateral. However, repay the loan on time or the lender will repossess the property. an added advantage is that such a secured loan carries lower rate of interest and greater amount of loan is returnable in 5 to 25 years. However, you will end-up making high interest payments, if you opt for large duration.<br /><br />These loans come in the unsecured options as well for both tenants and homeowners. You can borrow up to 25000, without collateral. The repayment duration is in the range of few months to 10 years. Interest rate will remain on the higher side.<br /><br />You can use the loan for any purpose including home improvements, wedding, car buying, debt consolidation, holiday tour etc. these loans are useful in making improvements in your rating.<br /><br />Another step that you must ensure is to make an extensive comparison of as many bad credit loans offers, which you can get on internet. You should apply for the rate quotes, keeping your circumstances in mind. You must also compare the additional fee charges. Thus, you can find a suitable deal. Do not repeat the mistake of making payment faults again.<br /></span>coepz-smarthttp://www.blogger.com/profile/03171971805018943470noreply@blogger.com0tag:blogger.com,1999:blog-7789683813149358151.post-18793154162975192032008-08-20T21:10:00.000-07:002008-08-20T21:12:05.547-07:00Unsecured Loans: Make Way To Upkeep Your Financesby: Simon Tauffel<br /><br /><br />Break down of your personal finances compel you to go for monetary assistances. People find it hard to arrange fund as most of the funding requires to be secured by some sort of security pledging. The security gives a secured sense of loan repayment to the lenders. And if you are unable to arrange it, still you need not worry since unsecured loans are available as alternatives to the secured loans. These money provisions are best suited to tenants.<br /><span class="fullpost"><br />Indeed, such loans are nothing but personal loans, targeted solely to personal loan seekers. Any class of borrowers can apply for such loans provided that he may fulfill certain criteria. These criteria include stable monthly income, repayment capability and good credit ratings.<br /><br />These Loans are well tailored to suit your any range of requirements. In terms of loan amount, you can able to secure a sum anywhere from £5,000 to £25,000 that you will have to repay within a specific period. This period ranges in between 6 months-10 years. In general, borrowers invest the raised sum for car purchasing, home improvement, children’s higher education, business development etc. You can invest the amount to pay off your pending liabilities. With the help, you can make your life debt free.<br /><br />For all this, borrowers may opt for monthly instalment plans for easy repayment. Interest paid upon such money provisions happens to be higher in cost. Penalty charges can be quite high in case of missed payments. This can adversely affect your financial credibility in the market. However, if you shop around before you sign a deal, you will be able to secure such money provisions on cost-effective rates. Usually, the money is debited directly from the customer’s bank account. In order to save oneself from defaults, having enough balance in the account becomes essential.<br /></span>coepz-smarthttp://www.blogger.com/profile/03171971805018943470noreply@blogger.com0tag:blogger.com,1999:blog-7789683813149358151.post-38647241906737870892008-08-20T21:04:00.000-07:002008-08-20T21:05:48.255-07:00Bad Credit Loans: Get Money And Solve Your Cash Issuesby: Simon Tauffel<br /><br /><br />When the problems are numerous, friends are few. These words are very apt when it comes to the situation of bad credit. Fulfilling your cash needs when having a bad credit history, it may be difficult to get the support you want. Getting external help will still suit you as the money is available without any hassle through bad credit loans.<br /><span class="fullpost"><br />The borrowers who have a credit score which is lower than 580 in the FICO report may be suffering from this problem due to various factors. It can be arrears, defaults, missed repayments or CCJs that have caused this problem. But the borrowers still deserve a chance to avail these loans for their needs.<br /><br />Through these loans, the borrowers can choose whichever option that they like out of the secured and the unsecured form, according to suitability. The loan form also depends upon the ability of the borrower to pledge collateral with the lender for the money. If a bigger amount is required by the borrowers, they can take up the secured form by pledging an asset with the lenders. Amounts can be borrowed within the range of £5000-£75000 for a term of 5-25 years. The home, car or any asset of the borrower can be pledged as collateral.<br /><br />Borrowers who need smaller amount can also take up money and that too without pledging any assets. This is possible through unsecured form of these loans. Money that is obtainable by the borrowers lies in the range of £1000-£25000 and has to be repaid in a term of 6 months to 10 years. Tenants and non-homeowners can also take up these loans for their needs easily.<br /><br />Adverse credit history of borrowers may entail a higher rate of interest. But with the help of online research and comparison, the borrowers can take up low rate deals with the help of comparison of the loan quotes easily.<br /><br />Bad credit loans are a great opportunity for the borrowers to avail money at the most needful times. It is a great respite for borrowers stuck in bad credit.<br /></span>coepz-smarthttp://www.blogger.com/profile/03171971805018943470noreply@blogger.com0tag:blogger.com,1999:blog-7789683813149358151.post-80729298093845865312008-08-20T20:51:00.001-07:002008-08-20T20:54:42.474-07:00The Most Used Methods of Resolving a Foreclosureby: Dave Dinkel<br /><br />The three most frequently used methods to resolve foreclosure are loan reinstatement, forbearance agreement, or loan modification. While there are numerous other specific ways to stop foreclosures, these three are used most frequently.<br /><span class="fullpost"><br />1.) Loan reinstatement is where a lender has started the foreclosure process and the homeowner finds a way to pay back or "reinstate" the entire deficiency owed. The deficiency amount includes back loan principal and interest payments, accelerated interest costs, attorney's fees, assorted processing and collection expenses, and late penalty charges. This technique requires the maximum amount of money all at once. Ironically, lenders recently indicated that pre-payment penalties may be included into final judgments in the near future.<br /><br />When the homeowner's reason for the delinquency is resolved, he usually asks the lender to take partial payments because he can't get the entire deficiency amount together. However, the lender will not accept partial payments and the foreclosure will proceed if the full reinstatement amount isn't paid. The reason for this is simple, the lender knows that the homeowner's chance of getting out of, and staying out of foreclosure is less than 1 in 8. So the lender does not want to drag out the inevitable, the loss of the home to foreclosure.<br /><br />2.) A forbearance agreement between the lender and the homeowner stipulates that the homeowner must make additional monthly payments for a specific period to make up the reinstatement amount that he couldn't pay in full. As simple as it sounds, it may be unaffordable for the homeowner who could barely afford the original loan payment. The lender will usually ask that the homeowner pay the reinstatement amount over a three or six month period. If the monthly loan payment was $2,000 per month and he was 3 months in arrears, the new monthly payment for a three month period would be at least $2,000 + $6,000/3 = $4,000 per month. For a six month repayment schedule the new monthly payment would be $2,000 + $6,000/6 = $3,000 per month. In some instances the lender may ask for an additional cash payment before they will start the increased monthly payments. After the 3 or 6 months, the loan payments revert to the original amount or $2,000 in the above example. The foreclosure does not stop with the signing of the forbearance agreement but simply is put on hold until the homeowner completes making all the increased payments.<br /><br />When you speak to your lender try for 12 months and don't accept less than 9 months unless you can truly afford it! Ask them to review your financial statement, which they should readily send you and remember that the lender has already pulled your credit report and knows where you work, possibly how much you make, how many other monthly payments you have, and other information in the public records. They have also done a price analysis on your home and probably had a Broker's Price Opinion (BPO) completed. Essentially they know what answers you should be giving them, so be forewarned. This method of reinstatement takes as much money as the loan reinstatement except it is spread over 3 - 6 months or, hopefully, more.<br /><br />3.) A loan modification program was the most common method of foreclosure resolution for decades. It involved the lender issuing a new loan agreement where the deficiency amount was added to the loan balance and paid in identical monthly payments but for many more months, at the end of the loan. The monthly payments remained the same and if the home was sold, the balance of the reinstatement amount was paid from the proceeds of the sale. This method of resolution requires no up-front cash and the same monthly payment as before the foreclosure.<br /><br />Another type of loan modification was to very slightly increase the monthly payments over the remaining term of the loan. So the homeowner has a choice of either extended but identical payments (as above), or slightly higher payments for the original term of the loan. Either option repaid the lender his money back plus interest. It was an affordable win-win for the lender and the homeowner, but is seldom offered anymore unless the lender knows the property is not worth taking back by foreclosure and he hasn't sold the loan into a mortgage pool.<br /><br />Loan modification programs are usually not available unless there is a hardship involved such as a job loss, death or illness. But it is worth asking your lender about it if you are in foreclosure because the market conditions and massive loan defaults puts pressure on the lenders to be more cooperative with homeowners. Your best option is to talk to your lender and as early as possible so you have time to resolve your problem.<br /></span>coepz-smarthttp://www.blogger.com/profile/03171971805018943470noreply@blogger.com0tag:blogger.com,1999:blog-7789683813149358151.post-19212020349887139542008-08-20T20:45:00.000-07:002008-08-20T20:48:10.386-07:00How I Generated More Revenues Without Having a Sale!by: Jonathan Marino<br /><br /><br /><br />You want more revenue and you want it fast. The marketing experts tell you to “create a compelling offer.” You immediately think “Sale.”<br /><br />You wonder how big the sale should be. How much can I afford to give away before the sale starts costing me money? How will I word the sale materials so customers don’t take advantage of me? The worries start and you realize you have a huge task to pull off this sale and generate real revenue.<br /><span class="fullpost"><br />Unfortunately, in our crowded market place, a compelling offer has become synonymous with a “sale.” There are other, better alternatives to motivate customers to buy from you.<br /><br />This article will show you six options that will accomplish your goal of getting more revenues. These options will build a stronger relationship with your customers that the sale will not accomplish.<br /><br />The Limitations of the “Sale”<br /><br />The fundamental problem with most sales is that they are good for the business but not necessarily good for the customer.<br /><br />A sale usually starts with a business problem you want your customers to solve for you. You need more cash. You have excess inventory. You need to meet sales quotas. You want to get ready for new merchandise. Your sale is asking the customer to solve your business problem.<br /><br />There will always be customers who don’t mind being used. Their agenda coincides with your agenda. Quid pro quo.<br /><br />When you create your offering around something they really value, however, they look on your offering differently. It becomes more than just a customer transaction. It is the start or the continuation of a relationship that will result in sales now and in the future. The customer’s primary concern is always how the product or service benefits them and makes their life better.<br /><br />Six Alternative Offerings<br /><br />Convenience<br /><br />Structure your offering around customer convenience and you have a motivation that does not require sales or discounts. At my daughter’s school recently, the uniform company came to the school to sell uniforms. The parent’s alternative was to drive 30 miles into the city to purchase the uniforms at the company’s store. Parents were lined up forty deep to purchase the uniforms at regular prices. This store made convenience a motivator for the parents to shop.<br /><br />Enhance Your Expertise<br /><br />If your customers are buying your expertise, by enhancing that know-how you give them additional motivation to buy your product or service. Suppose you were in the copywriting business. You announce to your customers that you had just completed a copywriting campaign that generated thousands of dollars for a particular business. Customers now see doing business with you as even more desirable. No discounts; no sales!<br /><br />Self-Esteem and Praise from Others<br /><br />Those who market golf equipment say the main motivation for customer purchases is praise from others. “Great shot, Bob. You’re really driving the ball well!” If your product or service involves these types of motivations, repackage your offering to foster self-esteem and praise from others. It has more power than a sale!<br /><br />Tapping into Social Issues (Idealism)<br /><br />I recently worked with an acupuncture clinic. This form of Chinese medicine can heal many ailments and injuries. We chose to focus their acupuncture marketing on the treatments on athletic injuries because of the current scandals involving the use of harmful drugs and steroids. We presented their offering as a safe and natural alternative to more harmful drugs. By presenting an ideal alternative to a current social issue, no sale or discount was required. You can appeal to your customer’s idealism.<br /><br />Popularity<br /><br />People want to be part of the “in-group.” They want acceptance. By repackaging your offering to emphasize the popularity of your product or service, you give people another motive for wanting to buy from your business.<br /><br />Scarcity<br /><br />Scarcity is another motive that drives customers. It can be expressed in limited product or service quantities; limited editions; selective lines of products; preferred customer programs; limited time; or taking advantage of opportunities. There is some greed in all of us. If we feel we are going to lose out, we get very motivated.<br /><br />Conclusion<br /><br />This article has shown you six alternatives to generate more revenue that don’t involve a sale. When you need a compelling offer, start with the motivations that drive your customers to buy from you and then emphasize these motivations. You will find these motives are just as effective as a sale. They will also help you build a better relationship with your customers because you’re doing it for them!<br /><br /><a href="http://www.cbmall.com/?storefront=kaboom1131">http://www.cbmall.com/?storefront=kaboom1131</a><br /><a href="http://www.cblinkus.com/index.php">http://www.cblinkus.com/index.php</a><br /><a href="http://cbglobe.com/x.cgi?id=downloadc1">http://cbglobe.com/x.cgi?id=downloadc1<br /><br /></a><br /><br /></span>coepz-smarthttp://www.blogger.com/profile/03171971805018943470noreply@blogger.com0tag:blogger.com,1999:blog-7789683813149358151.post-83799083862280888682008-08-20T20:39:00.000-07:002008-08-20T20:40:34.382-07:00Invest In Yourself – Your Career, Future Income Stream, Education And Trainingby: Maxwell Z. Rubin<br /><br /><br />The advice often given to young couples starting off in life is “Not to buy what you cannot afford”. The same basic advice should be heeded by many. If you cannot afford it- then do not buy the item. But what of investing in your own future in terms of an investment in your personal education or training as well as investments in your own personal career. Is this not getting ahead in life? Is this not money well spent? Even if you have to borrow and go into debt is this not money well spent?<br /><span class="fullpost"><br />If at the end of the day , year or decade you will be much further ahead in position , salary as well as benefits in addition to “job” and “personal” satisfaction is this not money, time and effort well spent and allocated. ? Indeed it is and can well be.<br /><br />In the case of your education a dollar borrowed now will result in better jobs- that you will most likely find more challenging and enjoyable , and have a lot more financial reward than a job on the status scale – say as a bus driver or a technician doing oil jobs at your local Wal-Mart. In the case of a vehicle or car loan it may be a godsend. If your vehicle is not reliable – then how can you show up on time, keep your job without an image and reputation of reliability? Not only do you want to keep your employment and income associated with the job but also the job references from your employment superiors for use with other employers for better positions and pay, or for promotion within your present organization. You may even run into a case of promotion within your present firm to another branch office or plant. Not having reliable transport may limit your promotion offerings and flexibility. In addition, if you take out a loan to purchase that vehicle, you may well have upscaled and upgraded your car or SUV, from the models that you most likely would have purchased. By doing so, and driving a higher grade auto model, you may well appear as a more established, senior, more experienced and established employee as well as individual. Fortunately or unfortunately in life most comes down to appearances and perceptions.<br /><br />There may be a much better and / or better paying job but its way across town, or in an area not served by the bus transit system. Or it may be the case that there is bus service - but if devours a good two to three hours a day of travel time. Good bye to your personal social life. You may have all the money in the world – the wealth of Bill Gates Himself and yet no time or energy to enjoy it. So much for all that pay of that new wonderful job.<br /><br />A real step foreword as they say. It is always a case of reward versus cost or cost versus benefit. It is a case by case analysis.<br /><br />In addition you should think of additional or add on costs. Do not stretch yourself too thin – financially. A course at university may not be offered in your calendar year – you will have to complete your schooling fully at a later date than expected. A course may be full – ditto for time delay. Or you may even have to repeat a course or change plans along the way necessitating longer time duration of studies. Leave a buffer of funding both for yourself and as well with the agency that provided the loan – be at bank, savings and loan, credit union or even parents or relatives. Don’t break the bank so to speak at the first step. The same analysis of benefit versus costs prevails in the car / transport / job scenario situation. Many people will drive across town for a bargain to save a dollar and spend $ 10 on gas costs in the process. Incorporate the price of gas into your final net salary not as an aside.<br /><br />Lastly and most importantly – always pay your bills. Never take on more than you can chew, or in this case afford. Before making that commitment for a loan or undertaking always evaluate carefully before signing on the bottom line. It’s not only a matter of convenience. Your credibility itself is on the line, in addition to your personal honor and integrity and reputation. Pay your bills on time – even earlier than required. This applies to all loans – whether they are for rent, mortgage, utility bills, bank loans, charge card payments or student loans. If you cannot pay in full, then at least pay a bit above the minimum payment. If you are really stuck then contact the lender. Explain the situation honestly. Make a commitment and follow through. Remember the whole point of the exercise was your self improvement – an investment in yourself. To not take the exercise seriously is to shortchange yourself and your future opportunities as well as income stream in the future. To borrow for yourself and personal gain make prudent sense.<br /></span>coepz-smarthttp://www.blogger.com/profile/03171971805018943470noreply@blogger.com0tag:blogger.com,1999:blog-7789683813149358151.post-64474094258694481812008-08-20T20:33:00.000-07:002008-08-20T20:41:48.078-07:00Creangelism - Spreading The Word Of Creativityby: Gregg Fraley<br /><br /><br />This article is a plea for something I call Creangelism, or creative evangelism. Let me explain.<br /><br />I speak at the coolest creativity conferences in the world.* It's incredible fun speaking and being with people who believe in the power of creativity and creative problem solving. Walking around the meetings I am empowered by the lack of judgment, the acceptance of ideas, the acceptance of me, and frankly, the love that I feel coming from everyone. When I return from these conferences re-entry into the real world is sometimes quite a shock.<br /><span class="fullpost"><br />The real world is full of judgment, non-acceptance, ignorance, and downright cruelty. Creativity is a remote thought for the vast majority of people. Everyone is creative, but not everyone uses their creativity, in fact, it's an unopened treasure chest of the most useful resource we all have.<br /><br />The re-entries from creativity conferences to the "real" world got me thinking about who's interested in creativity and who's not. It got me thinking of who needs more creativity and who already has an ample amount. It got me thinking about who reads creativity and innovation books, who reads books about imagination, and who reads books about problem solving. It got me thinking about those people whose most adventurous reading is a romance novel, a comic book, or nothing at all.<br /><br />It occurs to me that the world is divided into two. On one side we have educated people who read books about imagination, creativity, marketing, innovation, etc. They get on well with each other mostly. They have problems, but they have resources, they cope, they conquer, they thrive. Ask them if they are creative and they'll say, oh yeah, sure, that's me.<br /><br />On the other side we have people struggling with everyday things. Things like making enough money to pay the rent and put food on the table. They are either barely coping, or in fact, are failing, and sliding down the ladder into a sea of hopelessness and helplessness. They don't read books about creativity - furthest thing from their mind. Do they need creativity and creative thinking? In the worst possible way! Do they think they are creative? Generally, no.<br /><br />Books about creativity, generally speaking, preach to the choir of those already believing, already empowered. They seek improvement and good on them, but they are polishing silver as opposed to making a fork. They are refining their creative thinking tools and techniques.<br /><br />The people who need to learn creative thinking the most are the ones who are least likely to stumble across it, least likely to hear the word.<br /><br />Creative thinking is the ultimate self-empowerment tool. The sad news is that most creative people keep it to themselves. They don't teach others, don't take the tool to the people who need it most. I call for creative people to be Creangelists, that is, spread the word of how to think more creatively, to the world. Yes, creative thinking can be taught. Ask those who have gotten the training how it has impacted their lives. Like religious evangelists sometimes the message will not be received well, so, we must not preach. We must show people how to think more creatively by helping them solve the challenges of their lives. Not by solving them, but by revealing how to think up their own solutions.<br /><br />It's like a micro loan of ideas.<br /><br />I tried Creangelism with newly released prisoners in Chicago. I mentored several guys and one in particular was open enough to give creative thinking a try. He was about 40 at the time, and had been in prison for 20 years. Life on the outside was scary and new. We met for coffee and we worked through his early serious challenges, finding work, finding decent housing, dealing with relationships, etc. using creative thinking techniques. I believe he learned how to solve his own problems in large part due to these working creative problem solving sessions. Six years later he's a qualified electrician with his own business. He has a specialty of installing big screen televisions and he can't handle all the work he's getting. Right now he's hiring. Of course, it doesn't always work out this way. But by teaching this man how to fish I gave him a tool to feed himself for the rest of his life.<br /><br />So, if you are creative, share your knowledge of creative process with those who need it. Be a Creangelist.<br /><br />* Like the Creative Problem Solving Institute (CPSI), the European Creativity Association (CREA), and the American Creativity Association (ACA)<br /></span>coepz-smarthttp://www.blogger.com/profile/03171971805018943470noreply@blogger.com0tag:blogger.com,1999:blog-7789683813149358151.post-56511864772342381912008-08-20T20:27:00.000-07:002008-08-20T20:37:38.573-07:00Income Protection Could Give You Financial Securityby: Simon Burgess<br /><br /><br />If you were to suddenly find yourself without an income, due to losing your job or being unable to work for health reasons, your lifestyle could change drastically. If you have monthly mortgage repayments to make you would still have to continue meet the costs or risk losing your home to repossession. Loan or credit card repayments would also have to be made too, and you could struggle when it comes to finding the money needed. Income protection could give you the financial security needed each month for a small monthly premium.<br /><span class="fullpost"><br />A protection policy would replace your lost income up to a certain amount each month. The exact sum you would receive is decided when you take out the cover. A specialist provider will offer the cheapest premiums, which will be based on how much of your income you wish to protect and how old you are when applying for the cover. Along with a quote for the protection, with an independent provider you will also be able to take advantage of the many tips and advice offered by way of articles and FAQs relating to payment protection products. Understanding what you are buying is key to making sure your cover delivers exactly what you need for your circumstances.<br /><br />Not explaining to the consumer that there are terms and conditions attached to these insurance policies is the main failure that providers have been guilty of in the past, and this is deemed mis-selling. There are some exclusions that are general to all policies and it is essential to check them against your circumstances to be absolutely sure that the policy you are considering would benefit you. Individuals who are self-employed, suffer from an ongoing illness, only work a few hours each week or who are retired might not benefit from taking out cover. However, those who do suffer from an illness should still give some thought to cover if the illness has not been present within the past two years. In addition, a self-employed individual could benefit if they have to cease trading through no fault of their own.<br /><br />Just as the premiums for income cover varies from provider to provider then so do the exclusions, so it is absolutely imperative that you compare the exclusions along with comparing the cost. Providers can add in their own exclusions too and these can vary considerably. The best independent providers add in very few exclusions and this is what you should check for.<br /><br />An income protection insurance policy could kick in anywhere between day 30 to 90 of being continually unable to work. Cover is then backdated to the first day of being unable to work, whether that’s due to redundancy or suffering an illness or accident. The majority of policies will last for up to 12 months. There are providers that do extend the payout for up to 24 months, but you can expect to pay a higher premium for this. The terms and conditions will be set out in the key facts of the cover and will include the details of the payout. You should also give some thought to the fact that after the period of protection ends you could still be unfit for work or might not have found another position. <br /></span>coepz-smarthttp://www.blogger.com/profile/03171971805018943470noreply@blogger.com0tag:blogger.com,1999:blog-7789683813149358151.post-62248748837395276462008-08-14T02:11:00.000-07:002008-08-20T20:37:38.573-07:00Tips for Prescribing a Future for Your Businessby: Adele Sommers<br /><br /><br />Are you wondering what the future holds for your business? Whether you want to predict your future or prescribe an outcome of your choosing, you'll have plenty of company!<br /><br />Throughout history, we humans have tried many ways to predict the future, from reading palms to stargazing. Today, we refer to these as descriptive methods when we attempt to describe objectively what the future will be or could be.<br /><span class="fullpost"><br />On the other hand, prescriptive methods focus on determining what the future should be. These techniques can help us clarify our preferences and values so we can create a vision of what we would like to see in our lives, businesses, or communities.<br /><br />Once we understand what we would like the future to represent, we're better able to take the actions required to implement it. Ideally, that future will align with our passions, gifts, and what we (or our companies) can really be the best at doing. This article suggests a two-stage process for achieving that goal.<br /><br />First, Identify Your "Hedgehog Concept"<br /><br />So, what can you be the best in the world (or at least in your community) at doing? This thought-provoking reflection is one of many from Jim Collins' "Good to Great: Why Some Companies Make the Leap...and Others Don't."<br /><br />Collins' team examined 1,435 companies to see which ones made substantial gains in profitability and sustained those improvements over 15 years or more. Since the 1970s, only 11 companies had risen from mediocrity to greatness and stayed there -- topping many other prosperous firms that lacked the same staying power.<br /><br />Of eight characteristics these companies shared, all held an unshakable adherence to becoming the best in the world at whatever they did. Each company committed to doing only those things and nothing else. That sometimes meant dropping their core businesses to pursue other things at which they could become the best in the world.<br /><br />Collins and his team coined the term "hedgehog concept" to reflect a single-minded determination and focus that, similar to that of the hedgehog animal, attempts to do only one thing really well, such as curl up and roll. A hedgehog concept actually represents the intersection of three areas:<br /><br />1) What you're most passionate about<br />2) An understanding of what you could be the best at doing, and<br />3) A metric that drives your economic engine and helps you measure results.<br /><br />Keep in mind that according to Collins, this concept is not a goal, strategy, or plan, but an understanding of what you can and can't be the best at doing. Until you develop your hedgehog concept, you won't know your true vision, mission, or purpose.<br /><br />Next, Define Your "Business Success Criteria"<br /><br />Do you have a crystal clear idea of the types of business undertakings that align with your gifts, talents, passions, and strengths? In that same context, have you thought about whether your business can be the very best in the world at doing those things?<br /><br />If the answers are "yes," you are in an excellent position to choose the ventures that can give you the greatest satisfaction and results.<br /><br />If you're not yet totally clear about the answers to these questions, developing a set of "business success criteria" can enable you to select worthwhile endeavors with much deeper insight, and thus set the conditions for successfully pursuing them. A hedgehog concept thereby represents part of the formula you can devise to identify and choose among your very best options.<br /><br />Why is this so important? It's not uncommon for people to wander into businesses, projects, and professions opportunistically, which means that they often select the next available and convenient thing that comes along. At times, this may be necessary for financial reasons. But unless we understand our underlying success criteria, we might not recognize the options that truly fuel and inspire us -- those that are best suited to our passions and strengths.<br /><br />Some of your criteria could be practical considerations, and others more lofty ideals. But all of your criteria will be essential to achieving balance, fulfillment, prosperity, and higher contribution in your life.<br /><br />In conclusion, a set of carefully crafted success criteria fueled by a potent hedgehog concept provides an unbeatable strategic advantage, and an excellent direction-finder for prescribing your future!<br /></span>coepz-smarthttp://www.blogger.com/profile/03171971805018943470noreply@blogger.com0tag:blogger.com,1999:blog-7789683813149358151.post-20829673419448428882008-08-14T01:57:00.001-07:002008-08-20T20:37:38.573-07:00Do You See Failure or Success?by: Heather Dominick<br /><br />I remember attending a meditation workshop with Mark Epstein, a well-known 'Buddhist psychologist.' He told a story about a meeting he had with Ram Dass, spiritual teacher and author, where Ram Dass had asked Mark Epstein about his work with his patients. As Mark talked about his work, Ram Dass interrupted him and asked, "Do you see them as already healed?"<br /><span class="fullpost"><br />I was so struck by this story. As a coach and healer of businesses, I saw the clarity in this question. So often as solo-service professionals it is easy to focus on our success by looking at ourselves (what we are doing, creating, visualizing, etc.), but the results are incredible when we turn the focus on those that we serve.<br /><br />What do you see when you look at your clients or customers? Do you see failure or success?<br /><br />When I worked as a high school teacher--in moments when my students were working on their own--I would say to myself, "The light in me sees the light in you." I really felt that. I could see my students succeeding long before they could see it or could even venture to believe it. However, I knew as their teacher it was my duty to hold that vision and energy for them and then guide them through the action steps of getting there. It always worked. I have countless high school teaching success stories.<br /><br />I see that same (if not more--I've learned a lot in the past few years) success for the private and Boot Camp clients I work with now. I literally see them as a successful magazine owner, professional organizer, coach, meditation expert, Feng Shui practitioner...and the list goes on. It continues to work.<br /><br />I ask you to begin to apply this to your own business. Here are 3 steps to begin SEEING success in those that you serve.<br /><br />1)Change the way you look at things and the things you look at change.<br /><br />In Dr. Wayne Dyer's book, The Power of Intention, he sites that, "It turns out that at the tiniest subatomic level, the actual act of observing a particle changes the particle." This is a clear example of energy affecting energy. If I look at you and see your success, then you begin to create more of and be success! How great is that?<br /><br />So when speaking to a prospect, customer, or client, instead of questioning your abilities (wondering if you'll get the sale or joining them in their woes), the most powerful action you can take is to change the way you are looking at the situation. See them as happy, joyful, peaceful, well, successful...and more. You will be effecting a change that will result in more success and abundance for the both of you. (It feels so much better than worry and doubt!)<br /><br />2)Be constantly giving.<br /><br />The energy of success is constantly giving and the supply is limitless. When you can come from this place in your own business, you begin to attract more into your life.<br /><br />I know when I first heard this, it was hard for me to grasp. Mostly, because I used to come from a place of giving, but have one eye immediately on making sure that I was compensated and at the same time convinced that I wouldn't be. Guess what? I wasn't and I felt a whole lot of resentment at the same time.<br /><br />When I shifted my attention to giving for the sake of the success of those that I was serving and simultaneously confidently took care of what I needed for myself and my business (instead of waiting for someone else to do just do it), there was more success ALL around.<br /><br />3)Detach from the outcome.<br /><br />When you are able to SEE success, you don't need to be attached to the outcome because you KNOW that it's going to be successful. Whenever you are caught up in accumulating (I have to get this client; I have to sell to this customer), then you lose sight of what your main goal is--to see the success of those that you serve.<br /><br />Find out exactly what's going on for the person that you're speaking to. Ask them and ask yourself, what do they need? The answer to this question is usually multi-layered. (For example, prospects that come to me may need more income from their businesses, but they also need to move through the blocks they've unconsciously set up for themselves that's keeping them from getting more money). So, you then SEE them as getting their needs fully met and begin the process of working with that person, so you can help make it happen.<br /><br />Call To Action:<br /><br />1) Ask yourself, how do I see my prospects, clients, or customers? Be honest. Just let the answer come. No judgment. It will give you a lot of information.<br /><br />2) With whatever answer you get now, ask yourself, "How can I improve?" How can I see this situation differently?<br /><br />3) For one day focus only on those you serve and their success. Write down the difference in how you feel, the results that your clients get, and anything else that pops up.<br /><br /></span>coepz-smarthttp://www.blogger.com/profile/03171971805018943470noreply@blogger.com0tag:blogger.com,1999:blog-7789683813149358151.post-55505215015656212442008-08-14T01:33:00.000-07:002008-08-20T20:37:38.574-07:00How To Write A Successful Business Planby: Jason Kay<br /><br /><br />Whether you are planning to start a brand-new business, expand an existing company, or get financing for a business venture, you will need to write a business plan. A business plan not only lends your business a sense of credibility, but also helps you to cover all your bases, increasing your chances of success.<br /><br />Although writing a business plan can be a lengthy, intimidating project, it is not necessarily difficult. Here is an overview of how to write a successful business plan.<br /><span class="fullpost"><br />What to Include in Your Business Plan<br /><br />Your business plan needs to demonstrate that you have thoroughly considered all aspects of running your business. To that end, the standard business plan has nine major sections, covering everything from your business’s mission statement to a detailed financial analysis.<br /><br />Executive Summary<br /><br />The first – and most important – section of your business plan is the executive summary. This section is so important that it should literally be the first thing the reader sees – even before the table of contents! However, it should also be written last, as you’ll have a better understanding of the overall message of your business plan after you’ve researched and written the other sections.<br /><br />One of the most important parts of the executive summary is the mission statement. The mission statement is only three or four sentences long, but it should pack the most punch out of everything else in your business plan: Those four sentences are responsible for not only defining your business, but also capturing the interest of your reader.<br /><br />The rest of your executive summary should fill in the important details that the mission statement glosses over. For instance, your executive summary should include a short history of the business, including founder profiles and start date; a current snapshot, listing locations, numbers of employees, and products or services offered; and a summary of future plans and goals.<br /><br />This section is a candidate for a bulleted format, which allows you to list main points in a manner that is easy to scan. Avoid using too much detail – remember, this section is a summary. A page or two is usually sufficient for an executive summary.<br /><br />Market Analysis<br /><br />The next section of your business plan focuses on market analysis. In order to show that your business has a reasonable chance for success, you will need to thoroughly research the industry and the market you intend to sell to. No bank or investor is going to back a doomed venture, so this section is sure to fall under especially close scrutiny if you are looking for financing.<br /><br />Your market analysis should describe your industry, including the size, growth rate, and trends that could affect the industry. This section should also describe your target market – that is, the type or group of customers that your company intends to serve. The description of your target market should include detail such as:<br /><br />• Distinguishing characteristics<br />• The needs your company or product line will meet<br />• What media and/or marketing methods you’ll use to reach them<br />• What percentage of your target market you expect to be able to wrest away from your competitors<br /><br />In addition, your market analysis should include the results of any market tests you have done, and an analysis of the strengths and weaknesses of your competitors.<br /><br />Company Description<br /><br />After your market analysis, your business plan will need to include a description of your company. This section should describe:<br /><br />• The nature of your business<br />• The needs of the market<br />• How your business will meet these needs<br />• Your target market, including specific individuals and/or organizations<br />• The factors that set you apart from your competition and make you likely to succeed<br /><br />Although some of these things overlap with the previous section, they are still necessary parts of your company description. Each section of your business plan should have the ability to stand on its own if need be. In other words, the company description should thoroughly describe your company, even if certain aspects are covered in other sections.<br /><br />Organization and Management<br /><br />Once you have described the nature and purpose of your company, you will need to explain your staff setup. This section should include:<br /><br />• The division of labor – how company processes are divided among the staff<br />• The management hierarchy<br />• Profiles of the company’s owner(s), management personnel, and the Board of Directors<br />• Employee incentives, such as salary, benefits packages, and bonuses<br /><br />This goal of this section is to demonstrate not only good organization within the company, but also the ability to create loyalty in your employees. Long-term employees minimize human resource costs and increase a business’s chances for success, so banks and investors will want to see that you have an effective system in place for maintaining your staff.<br /><br />Marketing and Sales Management<br /><br />The purpose of the marketing and sales section of your business plan is to outline your strategies for marketing your products or services. This section also plans for company growth by describing how the growth could take place.<br /><br />The section should describe your company’s:<br /><br />• Marketing methods<br />• Distributions methods<br />• Type of sales force<br />• Sales activities<br />• Growth strategies<br /><br />Product or Services<br /><br />Following the marketing section of your business plan, you will need a section focusing on the product or services your business offers. This is more than a simple description of your product or services, though. You will also need to include:<br /><br />• The specific benefits your product or service offers customers<br />• The specific needs of the market, and how your product will meet them<br />• The advantages your product has over your competitors<br />• Any copyright, trade secret, or patent information pertaining to your product<br />• Where any new products or services are in the research and development process<br />• Current industry research that you could use in the development of products and services<br /><br />Funding Request<br /><br />Only once you have described your business from head to toe are you ready to detail your funding needs. This section should include everything a bank or investor needs in order to understand what type of funding you want:<br /><br />• How much money you need now<br />• How much money you think you will need over the next five years<br />• How the money you borrow will be used<br />• How long you will need funding<br />• What type of funding you want (i.e. loans, investors, etc.)<br />• Any other terms you want the funding arrangement to include<br /><br />Financials<br /><br />The financials section in your business plan supports your request for outside funding. This section provides an analysis of your company’s prospective financial success. The section also details your company’s financial track record for the past three to five years, unless you are seeking financing for a startup business.<br /><br />The financials section should include:<br /><br />• Company income statements for prior years<br />• Balance sheets for prior years<br />• Cash flow statements for prior years<br />• Forecasted company income statements<br />• Forecasted balance sheets<br />• Forecasted cash flow statements<br />• Projections for the next five years – every month or quarter for the first year, with longer intervals for the remaining years<br />• Collateral you can use to secure a loan<br /><br />The financials section is a great place to include visuals such as graphs, particularly if you predict a positive trend in your projected financials. A graph allows the reader to quickly take in this information, and may do a better job of encouraging a bank or investor to finance your business. However, be sure that the amount of financing you are requesting is in keeping with your projected financials – no matter how impressive your projections are, if you are asking for more money than is warranted, no bank or investor will give it to you.<br /><br />Appendices<br /><br />The appendix is the final section in your business plan. Essentially, this is where you put all of the information that doesn’t fit in the other eight sections, but that someone – particularly a bank or investor – might need to see.<br /><br />For instance, the market analysis section of your business plan may list the results of market studies you have done as part of your market research. Rather than listing the details of the studies in that section, where they will appear cumbersome and detract from the flow of your business plan, you can provide this information in an appendix.<br /><br />Other information that should be relegated to an appendix includes:<br /><br />• Credit histories for both you and your business<br />• Letters of reference<br />• References that have bearing on your company and your product or service, such as magazines or books on the topic<br />• Company licenses and patents<br />• Copies of contracts, leases, and other legal documents<br />• Resumes of your top managers<br />• Names of business consultants, such as your accountant and attorney<br /><br />Writing a Successful Business Plan<br /><br />Despite the quantity of information contained in your business plan, it should be laid out in a format that is easy to read. Just like with any piece of business writing, it is important to craft your business plan with your intended audience in mind – and the bankers, investors, and other busy professionals who will read your business plan almost certainly won’t have time to read a tedious document with long-winded paragraphs and large blocks of text.<br /><br />by: Jason Kay<br /><br />Business plans for startup companies and company expansions are typically between twenty to forty pages long, but formatting actually accounts for a lot of this length. A strong business plan uses bullet points throughout to break up long sections and highlight its main points. Visuals such as tables and charts are also used to quickly relay specific information, such as trends in sales and other financial information. These techniques ensure that the reader can skim the business plan quickly and efficiently.<br /><br />Think of your audience as only having fifteen minutes to spend on each business plan that comes across their desks. In that fifteen minutes, you not only have to relay your most important points, but also convince the reader that your business venture merits a financial investment. Your best bet is a well-researched business plan, with an organized, easy-to-read format and clear, confident prose.<br /></span>coepz-smarthttp://www.blogger.com/profile/03171971805018943470noreply@blogger.com0tag:blogger.com,1999:blog-7789683813149358151.post-32074031036357996442008-08-14T01:09:00.000-07:002008-08-20T20:37:38.574-07:00How to Successfully Navigate Your Business through an Economic Downturnby: Terry H Hill<br /><br />An economic downturn is a phase of the business cycle in which the economy as a whole is in decline.This phase basically marks the end of the period of growth in the business cycle. Economic downturns are characterized by decreased levels of consumer purchases (especially of durable goods) and, subsequently, reduced levels of production by businesses.<br /><span class="fullpost"><br />While economic downturns are admittedly difficult, and are formidable obstacles to small businesses that are trying to survive and grow, an economic downturn can open up opportunities. A well-managed company can realize the opportunity to gain market share by taking customers away from their competitors. Resourceful entrepreneurs capture the available opportunities, from an economic downturn, by developing alternate methods of doing business that were never implemented during a prior growth period.<br /><br />The challenge of successfully navigating your business through an economic downturn lies in the realignment of your business with current economic realities. Specifically, you, as the business owner, need to renew a focus on your core clients/customers, reduce your operating expenses, conserve cash, and manage more proactively, rather than reactively, is paramount.<br /><br />Here are best practices that will help you to successfully navigate your business through an economic downturn:<br /><br />Goals:<br /><br />The primary goal of any business owner is to survive the current economic downturn and to develop a leaner, more cost-effective and more efficient operation. The secondary goal is to grow the business even during this current economic downturn.<br /><br />Objectives:<br /><br />• Conserve cash.<br /><br />• Protect assets.<br /><br />• Reduce costs.<br /><br />• Improve efficiencies.<br /><br />• Grow customer base.<br /><br />Required Action:<br /><br />• Do not panic… History shows that economic downturns do not last forever. Remain calm and act in a rational manner as you refocus your attention on resizing your company to the current economic conditions.<br /><br />• Focus on what YOU can control… Don’t let the media's rhetoric concerning recessions and economic slowdown deter you from achieving business success. It´s a trap! Why? Because the condition of the economy is beyond your control. Surviving economic downturns requires a focus on what you can control, i.e. your relevant business activities.<br /><br />• Communicate, communicate, and communicate! Beware of the pitfall of trying to do too much on your own. It is a difficult task indeed to survive and to grow your business solely with your own efforts. Solicit ideas and seek the help of other people (your employees, suppliers, lenders, customers, and advisors). Communicate honestly and consistently. Effective two-way communication is the key.<br /><br />• Negotiate, negotiate, and negotiate! The value of a strong negotiation skill set cannot be overstated. Negotiating better deals and contracts is an absolute must for realigning and resizing your company to the current economic conditions. The key to success is not only knowing how to develop a win-win approach in negotiations with all parties, but also keeping in mind the fact that you want a favorable outcome for yourself too.<br /><br />Recommended Best Practice Activities:<br /><br />The Nuts and Bolts… The following list of recommended best practice activities is critical for your business' survival and for its growth during an economic downturn. The actual financial health of your particular business, at the outset of the economic downturn, will dictate the priority and urgency of the implementation of the following best practice activities.<br /><br />1. Diligently monitor your cash flow: Forecast your cash flow monthly to ensure that expenses and planned expenditures are in line with accounts receivable. Include cash flow statements into your monthly financial reporting. Project cash requirements three-to- six months in advance. The key is to know how to monitor, protect, control, and put cash to work.<br /><br />2. Carefully convert your inventories: Convert excess, obsolete, and slow-moving inventory items into cash. Consider returning excess and slow-moving items back to the suppliers. Close-out or inventory reduction sales work well to resize your inventory. Also, consider narrowing your product offerings. Well-timed order placement helps to reduce excess inventory levels and occasional material shortages. The key is to reduce the amount of your inventory without losing sales.<br /><br />3. Timely collection of your accounts receivable: This asset should be converted to cash as quickly as possible. Offer prompt payment discounts to encourage timely payments. Make changes in the terms of sale for slow paying customers (i.e. changing net 30 day terms to COD). Invoicing is an important part of your cash flow management. The first rule of invoicing is to do it as soon as possible after products are shipped and/or after services are delivered. Place an emphasis on reducing billing errors. Most customers delay payments because an invoice had errors, and therefore, will not pay until they receive a corrected copy. Email or fax your invoices to save on mailing time. Post the payments that you have received and make deposits more frequently. The key is to develop an efficient collection system that generates timely payments and one that gives you advance warning of problems.<br /><br />4. Re-focus your attention on your existing clients/customers: Make customer satisfaction your priority. A regular review of your customers' buying history and frequency of purchases can reveal some interesting facts about your customers' buying habits. Consider signing long-term contracts with your core clients/customers which will add to your security. Offer a discount for upfront cash payments. The key is to do what it takes to keep your current customers loyal.<br /><br />5. Re-negotiate with your suppliers, lenders, and landlord:<br /><br />i) Suppliers: Always keep your negotiations on the level of need, saying that your company has reviewed its cost structure and has determined that it needs to lower supplier costs. . Tell the supplier that you value the relationship you have developed, but that you need to receive a cost reduction immediately. Ask your supplier for a lower material price, a longer payment cycle, and the elimination of finance charges. Also, see if you can buy material from them on a consignment basis. In return for their price concessions, be willing to agree to a long-term contract. Explore the idea of bartering as a form of payment.<br /><br />ii) Lenders: Everything in business finance is negotiable and your relationship with a bank is no exception. The first step to successful renegotiations is to convince your lenders that you can ultimately pay off the renegotiated loan. You must point out to your lenders why it would be in their best interest to agree to a new arrangement. Showing them your business plan and your action plan that includes your cost-savings initiatives, along with "the how" and "the when" of the implementation of your plan is the best way to achieve this goal. Explain to them that you will need their cooperation to insure that you can survive, as well as, grow your business during the economic downturn. Negotiated items include: the rate of interest, the required security to cover the loan, and the beginning date for repayment. A beginning date for repayment could be immediate, within several months or as long as a year. The key is to realize that your lender will work with you, but that frequent and continual communications with them is critical.<br /><br />iii) Landlord: Meet with your landlord. Explain your need to have them extend the term of your lease at a reduced cost. Make sure you have a clause in the lease agreement that entitles you to have the right to sublet any or all of the leased space.<br /><br />6. Re-evaluate your staffing requirements: This is a very critical area. Salaries/wages are a major expense of doing business. Therefore, any reduction in the hours worked through work schedule changes, short-term layoffs or permanent layoffs has an immediate cost saving benefit. Most companies ramped up hiring new employees in the good times, only to find that they are currently overstaffed due to slow sales during the economic downturn. In terms of down-sizing your staff, be very careful not to reduce your staff to a level that forces you to skimp on customer service and quality. Consider the use of part-timers or the current trend of outsourcing certain functions to independent contractors.<br /><br />7. Shop for better insurances rates: Get quotations from other insurance agents for comparable coverage to determine whether or not your present insurance carrier is competitive. Also, consider revising your coverage to reduce premium costs. The key is to have the right balance-to be adequately insured, but not under or over insured.<br /><br />8. Re-evaluate your advertising: Contrary to the other cost-cutting initiatives, evaluate the possibility of increasing your advertising expenditures. This tactic realizes the advantage of the reduced "noise" and congestion (fewer advertisers) in the marketplace. The downturn period a great opportunity to increase brand awareness and create additional demand for your product/service offerings.<br /><br />9. Seek the help of outside advisors: The use of an advisory board comprised of your CPA, attorney, and business consultant offers you objectivity and provides you with professional advice and guidance. Their collective experience in working with similar situations in past economic downturns is invaluable.<br /><br />10. Review your other expenses: Target an across-the-board cost-cutting initiative of 10-15%. Attempt to eliminate unnecessary expenses. Tightening your belt in order to weather the downturn makes practical, financial sense.<br /><br />Proactively managing your business through an economic downturn is an enormous challenge and is critical for your survival. However, through well-planned initiatives, an economic downturn can create tremendous opportunity for your company to gain greater market share. In order to take advantage of this growth opportunity, you must act quickly to implement the above best business practices to continue realigning and resizing your company to the current economic conditions.<br /><br />Copyright © 2008 Terry H. Hill <br /><br />Terry H. Hill is the founder and managing partner of Legacy Associates, Inc, a business consulting and advisory services firm. A veteran chief executive, Terry works directly with business owners of privately held companies on the issues and challenges that they face in each stage of their business life cycle. To find out how he can help you take your business to the next level, visit his site at <a href="http://www.legacyai.com ">http://www.legacyai.com<br /></a><br /></span>coepz-smarthttp://www.blogger.com/profile/03171971805018943470noreply@blogger.com0tag:blogger.com,1999:blog-7789683813149358151.post-21388835537992509722008-08-13T18:51:00.000-07:002008-08-20T20:37:38.574-07:00Time and Productivity Managementby Sandra Martini<br /><br />There are hundreds, if not thousands, of books on time and productivity management and most of them appear to have been written by dedicated individuals who work in a vacuum -- they certainly aren't entrepreneurs building businesses from home offices with all the distractions that environment can bring.<br /><span class="fullpost"><br />When I first started my business, I quickly realized that it was much easier for me to manage my time while in the corporate world than in the "spare bedroom" world.<br /><br />In corporate, I would close my door or block access to my cubicle with a chair and a note requesting I not be disturbed when needed; in "home office world", neither the dogs nor cats pay any attention to the note and closing the door is an invitation for them to ALWAYS wanting to be on the other side of it. . .repeatedly.<br /><br />It didn't take long for me to realize I had to set up a productivity schedule which I could stick to. That meant training not just me, but everyone around me: my team, my husband, my family and friends, my "four- legged children", everyone.<br /><br />And then it hit me. . .there could be no "training" of me. This had to be a schedule which worked with my natural productivity rhythms -- after all, why own my own business if I can't set my own schedule!<br /><br />Here's an overview of my weekly schedule:<br /><br /># Mondays -- Write and do project work<br /><br /># Tuesdays and Thursdays -- One-on-One coaching and mentoring calls with clients<br /><br /># Wednesdays -- Group coaching program management and implementation, writing and project work<br /><br /># Fridays -- Completely depends on my mood: either out and about or in the office reviewing client websites and marketing materials and generally catching up<br /><br />The day-to-day of when I do what is pretty consistent, I simply swap out one-on-one coaching and mentoring for project work, writing, etc. Here's a quick overview of a typical day:<br /><br /># 5:30am -- Up and out walking Sasha<br /><br /># 6:00 - 7:30am -- At the gym<br /><br /># 7:30 - 8:00am -- Have breakfast with my hubby<br /><br /># 8:00 - 9:00am -- Write<br /><br /># 9:00 - 10:00am -- Email management<br /><br /># 10:00 - Noon -- Project implementation<br /><br /># Noon - 2:00pm -- Lunch, run errands, check emails<br /><br /># 2:00 - 5:00pm -- Write<br /><br /># 5:00 - 5:30pm -- Prep for next day<br /><br />My energy tends to slow down a little around noon -- so it's a perfect time to do something which involves action (running errands or walking Sasha again if I have no errands). Some days I even nap during that time (now you know why I only work with clients on Tuesdays and Thursdays).<br /><br />The above is made possible by an incredibly supportive team, clients I love working with and my Polder timer (I couldn't do business without any of them!).<br /><br />Your Next Step<br /><br />What would it take for you to DESIGN the business of your dreams? What's holding you back?<br /><br />Now after those "hold backs" have generously moved aside so you can get going, WHAT is REALLY holding you back?<br /><br />I'd like you to take a few moments, close your eyes (after reading this) and think of all the reasons WHY you created your own business. What are they? Why'd you do it? What was your goal(s)? Now, holding those responses in your mind, go up a paragraph and ask/answer the question again. Doesn't seem quite so important now, does it?<br /><br />Observe when you're naturally most creative and productive and protect those times for working ON, not "in", your business. Once you have those times mapped out, create a daily and weekly schedule which supports rather than detracts from your business success.<br /></span>coepz-smarthttp://www.blogger.com/profile/03171971805018943470noreply@blogger.com0