In Part One of this article series, I described the current situation with how customers are feeling vulnerable: Now more than ever, your customers are being bombarded by competitive offers and even some of your most loyal customers are actually listening to your competitors.Your customers are vulnerable. What can you do about it?First, you have to understand, "Who are your best customers and those that you can't afford to lose?"Most every...more
Businesses arise when entrepreneurs identify wants or needs and create products or services to fill them. This means doing ongoing market research. Here are some of the free research tools that are easily accessible on the internet, and which are certain to make your market research easy, fast and fruitful.Search Engines: Search engines index billions of web pages, enabling users to find information through keyword searches. My favourites are...more
As a lender, I wish we could approve every loan application that hit our table; unfortunately it's not possible. We deal with mostly very small businesses seeking small loans, usually less than $250,000. Lending to inexperienced, new business owners is one of the riskiest arenas for a lending agency. Still, we manage to keep our losses to a minimum. The amazing thing about these business plan killers is that they rarely travel alone; they almost always appear in clusters. Here are the top ten business plan killers and what you can do to avoid or fix them:1. Dreadful Personal Financial ProfileWhat is the likelihood that one who demonstrates abysmal financial management in his or her personal affairs will miraculously become an effective manager of finances for a business? It's highly unlikely. It's a lot more likely that poor practices in one's personal situation are simply carried into the business. The main difference is that in business a much broader range of people and organizations usually get burned as a result of mismanaged business finances. Red flags pop up in business plans in the form of high credit card financing, garages full of toys (trucks, Seadoos, Skidoos, bikes,...more
A leveraged buyout (LBO) occurs when a financial sponsor gains a controlling interest in a firm's equity and where a major % (percentage) of the buying value is financed through borrowing. The possessions of the obtained firm are often used as collateral for the borrowed money, sometimes with assets of the acquiring company. The bonds issued for...more
With each day's headlines announcing new corporate layoffs, rising unemployment rates, and an increasingly volatile stock market, it may seem counterintuitive for businesses to place much, if any, importance on hiring new employees. However, for companies with the foresight and optimism to think beyond the recession, there are a number of great...more
Early in my career, I was fortunate enough to cross paths with a company that understood the value of smart, effective women. While their counterparts in the natural gas industry were still relegating us to waitress positions at Hooters, this outfit was actively recruiting us.My company was a good corporate citizen, but this was not about doing good. By being an "early adopter," they attracted the creme de la creme. Having capable women in responsible positions made them far more competitive than their contemporaries who were still making do with half the talent--the male stuff.We are to that same kind of place in 2009. But this time, the competitive advantage is in seeing the potential of older workers.Why?Because they bring a lot more to the dance. Here's how:YOU GET MUCH MORE THAN YOU PAY FOR. It's like getting a Ferrari for the price of a Miata. Forget the foolish business about "overqualified." Many older workers are ready to throttle back but not ready to stop working. They will step into a non-management job after years of running the whole show and be content with that. A former neighbor, a retired Army colonel and high-end management consultant, is happy as a clam driving...more
Superannuation is a method of financially preparing yourself for your retirement. Both yourself and your employer can contribute to it over time and this money is then invested into a variety of appropriate investments such as shares, property,...more
There are a variety of low cost international long distance calling products on the market today but each has been designed to fit the needs of a specific group of consumers. Marketers and product developers have tried to broaden the appeal of their...more
The first year after my wife and I were married was a financial disaster. We were living paycheck to paycheck and not seeing a solution in sight. A friend and mentor suggested we try living on a cash budget. He could tell by the confused look on my...more
Maryland investment property is definitely something to consider, especially in light of the recent state of foreclosures. While foreclosures are bad news for the seller, they can be really good news for people looking to make a new and lucrative...more
Real estate has always been a business full of powerful personalities. But can one person ¬create - or recreate - an entire luxury property market? Looking at the cases of Marbella, Belgravia, Bel Air and Monaco, it would seem so.Marbella and Prince...more
Studies have shown that attractive trophies and corporate awards are a powerful method of increasing a company's revenue and overall employee performance. No one knows exactly how much trophies and corporate awards influence a company's bottom line...more