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Member You - Your Business's Reputation: An Invisible (yet essential) Asset
This segment will explain the essentials of how a bank evaluates the inventory that is offered as collateral for a business loan or an operating line of credit. As explained in the segment on equity, this is not supposed to be a text book course, but explains briefly what you will encounter in the real world of business finance.These comments are not for the retail business; they apply to wholesalers, importers and manufacturers.The amount of money the financial institution will be prepared to lend you will depend a great deal on the amount and ease of realization of the inventory collateral you can offer to cover the loan, in case there is a default in repayment.It is not just the amount of the collateral, but the quality of the collateral, and whether it would realize enough to repay the loan if there was a liquidation of the business.A typical example might be that your main collateral for a $1 million loan application is your inventory of widgets. The widgets will cost you $1,250,000 and you expect to sell them for a total of $2,000,000 which would gain you a $750,000 profit. You would thi
These business relationships are essential to developing a good reputation. Do you pay your vendors on time? Do y
Most people hate going to meetings. They get tired of wasting time, off-the-topic discussions, and generally not accomplishing much. Each meeting participant bears a certain amount of responsibility in these situations, of course, but the majority of the blame falls squarely on the person charged with running, or facilitating, the meeting.A good chair knows how to make sure the meeting proceeds smoothly, makes the most of the time allowed, and that everyone who participates feels valued and heard.Common mistakes made by most people who run meetings Many people who run meetings have little training. They will make some common mistakes, such as:• Running the meeting in a dictatorial style • Giving his or her opinion first • Viewing themselves as "in charge" or "the boss" of the meeting • Ignoring quiet people or those who don't actively participate • Focus on the results they want, not the results that the group wantsYou have probably found yourself in meetings where these behaviors are evident and you probably also know that those meetings are not very productive. And perhaps you hav
Not knowing the kind of reputation your business has can come back to bite you when you decide to sell. Most people interested in buying a small business (or even a large one) will do some investigating into the reputation of your business. Of course they won’t ask you – they’ll ask your employees, your vendors and suppliers, your customers, your competitors, and local community.
Maintaining your business’s reputation should be a priority for any business owner, and not just because of the impact it can have on a sale. Your business’s image can attract or repel customers, too.
Here are some of the things that can negatively affect your business’s reputation, and some tips to improving a tarnished reputation when it comes time to sell.
Relationships That Matter
Your customer is #1, right? Pleasing customers is a primary objective for
most businesses, whether the customer is a family seeking quality and
budget-friendly meals in your restaurant, or a large contractor who
purchases supplies from your manufacturing facility.
But the customer isn’t the only important relationship in business. The way you interact with your own vendors, your business location’s landlord, the local government, your utility companies, your competition, and the bank is just as significant.
These business relationships are essential to developing a good reputation. Do you pay your vendors on time? Do yo
A Commercial Collections Agency is a third-party service that performs debt collection for business to business transactions. This is especially beneficial for proprietors whose business involves a lot of cost when it comes to collecting receivables.Despite the need of cash flow (which is why commercial collections agencies are operational), businesses should always be cautious with the commercial collections agencies they deal with. There are many technicalities involved in dealing with a Commercial Collections Agency, primarily those of financial and procedural in nature.There are commercial collections agencies that don't exhibit professionalism that is needed in an industry where trust is a very important factor. Roadblocks can come in the way of over-priced fees, fees that will surface in the middle of a contract, faulty reporting and communication methods during the course of debt collection, and many others.This is why two thoughts should first be considered before shopping for the best agency out there:1) Commercial Collections Agencies aren't one in a millionYes. That is correct. There are hu
Maintaining your business’s reputation should be a priority for any business owner, and not just because of the impact it can have on a sale. Your business’s image can attract or repel customers, too.
Here are some of the things that can negatively affect your business’s reputation, and some tips to improving a tarnished reputation when it comes time to sell.
Relationships That Matter
Your customer is #1, right? Pleasing customers is a primary objective for
most businesses, whether the customer is a family seeking quality and
budget-friendly meals in your restaurant, or a large contractor who
purchases supplies from your manufacturing facility.
But the customer isn’t the only important relationship in business. The way you interact with your own vendors, your business location’s landlord, the local government, your utility companies, your competition, and the bank is just as significant.
These business relationships are essential to developing a good reputation. Do you pay your vendors on time? Do y
That is a pretty powerful statement I made in that headline. Everyone in the service industry should have something tangible to sell to go with it. That something tangible could be a process or formula that they claim as their own.You may be a copywriter and thinking Kelly has gone totally nuts; or a physician thinking Kelly has no clue about what I do or why.Let me give you some examples of what I'm talking about with this. Let's start with a copywriter or graphic designer that is providing a service.I've talked before about how you, as providers of a service, can't make any money if you're not working. If you become sick or take a vacation there is no money coming in. Long term I don't think that's a place any of us want to be.Having something to sell besides yourself also allows you to create more of a "business" that you can sell down the road.So as a copywriter, designer, coach or other service provider, what types of products could you sell?1) You could create a process for what you do and teach others how to do it (similar to how I teach other people how to market their business or build
Here are some of the things that can negatively affect your business’s reputation, and some tips to improving a tarnished reputation when it comes time to sell.
Relationships That Matter
Your customer is #1, right? Pleasing customers is a primary objective for
most businesses, whether the customer is a family seeking quality and
budget-friendly meals in your restaurant, or a large contractor who
purchases supplies from your manufacturing facility.
But the customer isn’t the only important relationship in business. The way you interact with your own vendors, your business location’s landlord, the local government, your utility companies, your competition, and the bank is just as significant.
These business relationships are essential to developing a good reputation. Do you pay your vendors on time? Do y
Negotiating with your boss can be a little tricky because you are not on equal footing. Since there is always the chance there could be repercussions for speaking out, an employee usually won’t tell his boss what he is really thinking. Anyway, let’s assume that you want to get a raise or a promotion. Here are some of the rules you can use to negotiate with your boss.1. Focus On The Goal; Don’t be Distracted By Emotions.It is especially important not to let your emotions interfere with a request to your boss. If you are angry because you were passed over for a promotion or did not get the raise you think you deserved, it is not a good idea to immediately go to your boss’s office and demand a meeting. You will appear to be out of control, which you probably are, and the boss will probably be glad he made the decision he did.2. Know What You Want and Know What You’re Worth.It is very important that you know what you want when you speak with your boss about a wage increase or any other benefit. If the boss asks you, “How much do you want?” you need to have an answer rehearsed. This is not a time to hesitate unle
Relationships That Matter
Your customer is #1, right? Pleasing customers is a primary objective for
most businesses, whether the customer is a family seeking quality and
budget-friendly meals in your restaurant, or a large contractor who
purchases supplies from your manufacturing facility.
But the customer isn’t the only important relationship in business. The way you interact with your own vendors, your business location’s landlord, the local government, your utility companies, your competition, and the bank is just as significant.
These business relationships are essential to developing a good reputation. Do you pay your vendors on time? Do y
First Bank applies to raise N99.3bn from capital marketFirst Bank of Nigeria Plc on Tuesday began the process of raising fresh funds from the market with an application to the Nigerian Stock Exchange. The bank applied to offer 1.6billion ordinary shares of 50 kobo each to be sold at N33 per share for public subscription and 1.5billion ordinary shares of 50 kobo each at N31 per share as Rights Issue to existing shareholders.As a result of the application, the NSE has placed the share price of First Bank on technical suspension at N40.40 per share. This implies that throughout the period of the offer, trading in the shares on the floor of the exchange would be done at N40.40.Besides, prospective subscribers to the public offer at N33 would be enjoying a discount of N7.40, while investors that would be exercising their rights at N31 per share would be doing so at a discount of N9.40 since the current market price is N40.40.The bank is expected to realise gross proceeds of N99.3bn from the hybrid offer, the highest in the history of the Nigerian capital market.The managing director of the bank, Mr. Jacobs
These business relationships are essential to developing a good reputation. Do you pay your vendors on time? Do you pay your rent and utilities on time? Are you in frequent rifts with local government or other local businesses? How do you treat your competitors? Do you talk badly about them?
Don’t Try to Sweep Things under the Rug
Just because it didn’t make the front pages of the local paper doesn’t
mean an informed buyer can’t find out about any lawsuits or customer
complaints levied against your business. For a small fee, the public can
find out a great deal about a business through a business background
check. Though a person won’t be able to find out everything, he or she
can easily discover enough to change their mind about purchasing.
If scandal or damage to your business’s reputation has prompted you to sell, it will likely be reflected in your asking price, but that doesn’t mean you shouldn’t be up front with an informed buyer who asks for this information.
A truly motivated buyer may not be fazed by a few nicks and cuts to your business’s reputation, and in some cases, hearing your side of the story can help to improve it. But when it comes to more serious issues, such as a lawsuit or scandal that has noticeably affected your customer base, it will show in your financials, so it’s best to just come clean.
In some cases, it may be in your best interests to hire a publicist or public relations firm to help manage th
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