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...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, while other emails came from current franchise owners asking me to help them sell their operations to...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 order! However, before popping open that bottle of champagne and proposing a toast, remember a few key rules before signing on the dotted line and picking up your check.- Thoroughly review all loan documents, and understand what they mean before you sign and accept the loan when your business loan is approved.If you don't understand something on the loan documents when your business loan is approved, ask the lender to explain. If you feel that the explanation was not clear, ask for further explanation, or ask that you receive a copy of the paperwork to take with you so that you can review, read, and research. Consult your attorney or accountant if you have questions.- Return all required documents to the lender on time when your business loan is approved.When your business loan is approved, there will be a number of documents and required...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...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 personal loans are always at your reach. Like the traditional loan policies, bad debt secured personal...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 the way to go. Well, the relationship theory is WRONG.Maybe, like your sales staff, you don't believe us. Okay. Think for a moment about the number of insurance agents you know. Do you do business with ALL of them? How about attorneys and real estate agents?Of course you don't. And why don't you? After all, they are your friends. You have relationships with them.Maybe you believe that only one friend can service you the best. Perhaps you think you don't have that much business to spread around. Or, like many of our global consulting clients, you don't want your friends knowing your personal business.But if you took a closer look, you'd realize that your buying decisions boil down to the same reason that everyone else's does—you buy from those individuals who's companies fill your needs best…period.Your sales staff probably won't be very happy to hear this news. If you spent your time kissing up, running ragged, and shaking hands,...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
Last week we looked at a few of the things you should consider before leasing that first office or storefront for your business. To recap, you should not only consider the old standard "location, location, location," but also consider things like...more
Not too many people know this, but there are over 900 different Chase credit cards for consumers to choose from! Yes, the number you read is correct. With most of these cards being "affinity" cards, meaning having direct tie-ins with a store, or with...more