Do You Tend to Others’ Businesses and Neglect Your Own?
There is an old adage about the cobbler whose children were always without shoes, because he focused all his time on making shoes for other people and their children. In business we often do the same. In other words, we work on other people's businesses, problems and...
Business, or “Busyness”?
Each day we are confronted with many, many things we have to do, from the common and simple (get out of bed, go to the office/work) to the more complex (develop a riveting presentation to a prospective customer that will get the sale). Then there are the tasks that...
Profitability and Sustainability: Keys to Competitiveness
Suppose I make you a job offer, or an offer to do business. It goes something like this: I want you to do some work for me and my organization. I want your best efforts — time, resources, energy, and materials. I want you to invest your energy in making things happen...
Commercial Lending: Risk and Relationships (Part 2 of 2)
Part Two on Commercial Lending with John Wroton, Assistant Vice President of Harrington Bank, Chapel Hills, North Carolina
Last time our focus was on the impact of risk and the “personal” aspects of getting the loan. Now we shift our focus to the “business” factors – from the loan application to collateral to funding options.
Commercial Lending: Risk and Relationships (Part 1 of 2)
In the first of a 20 topic question and answer series, John Wroton, Assistant Vice President of Harrington Bank, Chapel Hill, North Carolina, answers key questions which provide insight and a better understanding of the lending process – how risk and your relationship with your banker make a difference. This is the first of two articles on commercial lending.
Recently a panel of bank executives indicated that getting a business loan is about risk and relationships. The degree of risk is assessed on a business based upon a number of factors that are “plugged” into formula. According to the panel if you have a pre-established relationship with your banker, the chances improve in getting your loan. The caveat is that you need to be prepared before you ask – with a robust business plan and concept, cash flow available to make the loan payments, collateral (in most cases) from the business, and a willingness to provide a personal guarantee for the loan.
Think You Are Too Old to Start a Business?
[This article appeared in the July 19, 2010 FOX Business] Think You Are Too Old to Start a Business? The economy, job loss and increased competition for promotions and new jobs have all contributed to the trend of older people (55+) making the decision to start a...
Business Management Systems – Critical to Long-term Success
Business management systems (BMS) are all the policies, procedures, internal controls, and tools - manual and computerized - used in conducting business and measuring the results. BMS encompasses all functional activities -- from accounting to sales and marketing to...
Bringing Together the Parts
One of the most significant challenges early stage businesses face is finding the right people with the right skills for the roles which need to be filled in the business. This challenge is often heightened by limited financial resources. An early stage company...
The “Girls’ Club” Revisited
As women business owners, managers, executives, or community leaders, it is important that we provide support to each other and serve as positive role models for current and future generations of women. That does not equate, however, to exclusionary practices or...
Business Analysis – Identifying the Issues and Opportunities
Where do you start to improve business performance or change how you do business? The first step is to understand the full scope of what is taking place in your business. For many businesses things just “happen”; agreements are entered into, documents are signed, and...