What To Do If Your Business Loan is Not ApprovedWords that all business owners dislike hearing from a lender are, "Sorry, we just can't approve your loan." It's frustrating when your business loan is not approved, and it may feel like your business ideas are now a hopeless venture. Rather than letting those feelings of despair overcome you because your business loan was not approved, though, step back and examine things carefully.- Don't take it...more
Summary: The author draws a lesson from a classic radio skit to show leaders how they might raise their activities to new levels of awareness and commitment. A classic radio skit by comedian Jack Benny involved Benny being held up on the street by a man with a gun. "Your money or your life," the gunman said to Benny, who portrayed himself in character as an inveterate tightwad. There was a long pause. The gunman repeated, "Your money or your...more
In an ideal world, a CEO selects and preps a successor. He shows up at his retirement party, collects the gold watch, and heads for a life of bliss on teeing grounds and putting greens. His replacement hops onto the throne, transitions smoothly, and everyone lives happily ever after. Unfortunately, there's a big gap between the ideal and the real, because outgoing business leaders unknowingly take the wrong approach to succession planning.Most executives work on the premise that their successor must be worked through the ranks. This is a common mistake that rarely yields the results you want. Say you run a multi-million dollar a year firm, and you know that in the next ten years, you're going to step down. Your current strategy revolves around two main vice presidents and a cluster of managers. All of them are presently doing a great job, but none know how to fill your shoes at this time. The current plan is to take one or two managers and get them up to speed over the next few years so they can take VP-level positions: one for operations and one for finance. Then after a few more years, you'll start training them to do your job. So what's wrong with this approach?First, the...more
Last week's question from Anthony R. on how to choose the franchise that would best fulfill his life-long dream of owning his own business sparked a number of emails from other readers wanting to offer their two cents on the subject.Some folks offered helpful insights and suggestions on how to pick a franchise and a few things to watch out for,...more
What To Do If Your Business Loan is ApprovedYour business loan is approved. Congratulations! It's one of the most exciting phone calls you can receive as a business owner. It means that your business has received the financing that you've desired for opening your new business or expanding your existing business. Obviously, a celebration is in...more
Q: A friend told me that as a woman of Native American descent I might be eligible for a special SBA program that will help me start a small business. He said I could compete for government contracts through this program. Can you tell me what SBA program he's referring to? -- Clara P.A: Your friend is probably referring to the Small Business Administration's (SBA) 8(a) Business Development (BD) Program. The 8(a) Program (named after the section of the Small Business Act from which it comes) is an SBA program created to help small disadvantaged businesses better compete in the U.S. marketplace and within the arena of government procurement. The SBA provides business development, technical assistance and other services to the small businesses that are accepted into the 8(a) program.The 8(a) program is reserved for what the SBA calls "socially disadvantaged individuals." Socially disadvantaged individuals are defined as those who have been subjected to racial or ethnic prejudice or cultural bias because of their membership in a disadvantaged group. The SBA has designated the following groups as socially disadvantaged:· Black Americans · Hispanic Americans · Native Americans (Native...more
Do not feel pity on yourself if you have numerous debts and limited finance in your hands to repay. If you are a property owner and trying to spot a reliable loan plan which can easily deduct the debts in a single amount then bad debt secured...more
Unless you've been living under a rock, you've probably heard that "relationships are the most important part of business." In other words, people buy from people they know. If you want to make sales and build loyal buyers, building relationships is...more
When doing business, do not let your anxieties get the best of you in the business world. It is important to know how to handle your anxieties and stresses. As a result, here is a list of techniques and suggestions on what to do in managing your...more
Bad credit does not discriminate persons and victimize even tenants with any tags like CCJs, defaults, arrears, and so on. To tackle such circumstance one might not have the adequate funds with him and seeking an external finance becomes the only way...more
Cash back credit cards are great for those who pay off their balances every month and don't require a super-low interest rate. For the reward seeker who wants cold hard cash in exchange for his or her credit card loyalty, cash back credit cards pay...more
Thinking of starting a home based business can be a scary affair. After the thrill of getting that brilliant idea, it's usually in that first battle with the mind that people lose and give up. Our minds are terribly good at looking at the down side...more