Posts Tagged ‘and’
Intended Audience
For those of you struggling to save anything from your bi-weekly pay cheques.
Summary Points to Take Away
- Can’t spend what you don’t have; thus, automatic saving routine prevents overspending, remember to pay yourself first.
- Don’t think a higher income later will let you save more; higher income usually leads to higher expenses; thus, no trickle effect down to your savings account.
- Even with a home mortgage to pay off, don’t adjust your automatic savings rate, instead adjust your expenses.
- With automatic contributions into a mutual fund, the saver can take advantage of average cost.
- Can’t take advantage of investment opportunities without savings.
Analysis
Overall theme of this article is to pay yourself first, not your local cell phone or cable company, not the car dealership you bought your car from. Pay yourself first.
Conventional savings method has been to try and control your spending and whatever’s left will be saved. Issue with this is most people can’t accurately forecast their expenses – usually resulting in very little being left over at the end.
Is there a better way? Try paying the most important person in your life first – yourself! Go against conventional methods– identify an amount of your paycheck you wish to save (say 15%) and then have that money come out of your bank account so it can’t be spent. This way – if you budget your expenses incorrectly, you’ll have to limit your spending, not your savings. Most think they’ll save more in the future with an expected higher income, problem is this never turns out to be the case as people adjust their spending habits to match changes in there income (ex. If you received a 10% raise, you would start purchasing more expensive foods, clothes etc – warranting it to yourself through the fact you received a raise); thus, resulting in none of the additional income being earned every finding its way to your savings account. Using an automtical savings approach – this natural human tendency can work for you, with less left to spend – we automatically adjust our spending to weed out those highly discretionary items that weren’t needed in the first place.
This plan works even with those who have car, student or home loan/mortgage, since those loan payments should be considered part of the amount available for expenses – your savings shouldn’t suffer as a result from it. So if you want a home, you’ll have to cut down on your personal expenses – not save less.
Ultimately your biggest enemy is yourself – so keep yourself in check by taking away spare cash before it can be spent, remember you can’t spend what isn’t there (assuming you can stay away from credit cards). This is typically a big separating point between the poor and rich, the rich keep enough away to take advantage of financial opportunities that arise, while the poor don’t have the ability to take advantage of these opportunities.
Additional benefit for automatic savers is if those savings are going to a mutual fund account – you can take advantage of average cost purchasing; thus, don’t have to worry about market timing, etc. If you continuously keep saving the same amount week in and week out – your purchases will automatically balance out market swings with more units being purchased when the market is at a low point and less units when the market is at a high point. This automatically causes you to buy low and sell high so to speak.
Where to go from here?
Go to your local banking institution and set up a “pre-authorized withdrawal”, which will come out of your general bank account into whatever savings agent you prefer (savings account, Mutual funds, etc). Set it up to come out weekly and don’t adjust your savings rate, instead adjust your spending. Pay yourself first.
THANKS,
SIMON GIANNAKIS
There are often situations when small, medium and even large companies find themselves in a tough spot as far as revenues are concerned. They are at a loss of funds or finance to undertake a project that is expected to give good results. In such a scenario the option available for financing is accounts receivable financing.
Accounts receivable financing is a secured loan for which accounts receivables are pledged as collateral with financial organizations. For small businesses it acts as a boon to help improve their cash flow. Generally small businesses find it hard to receive finance from a bank as they have less credit rating to show because they are yet in a developing stage. Unless finance is available, it is not possible for business to grow at a good pace. A timely finance from finance companies or even banks proves to be helpful for their growth. They often have customers who do not pay before 30-60 days. In such cases the accounts receivable are given as security to a financial organization and finance is received.
Any company can opt for accounts receivable finance. It is very popular with transport or trucking companies, construction companies, manufacturing companies, textiles, staffing and engineering and other small businesses. It benefits medium business and any other business that needs finance on a daily basis. These companies would need to have accounts receivable in hand. The companies who can qualify for such finances would need to have accounts receivables from credit worthy customers.
Moreover, aging of accounts happen to very large extent. They may have regular contracts with organizations with good credit history or government organizations. Some financial organizations also consider the period for which the credit is given, which they prefer should be within 30- 60 days. Companies which are experiencing modest speed of growth and find it hard to keep the cash flow constant find the accounts receivable finance very beneficial.
These finances ensure growth and stability of a company. The process is very quick and you can get the finance in a very short period of time. As finances are available on a timely basis, the companies may be able to get some advantage of reduction of overheads. The processing time of this type of financing is very less. Some of the companies also have online submission, and invoice submission systems which are then verified and checked and finance is provide in less than 2 days also which is a very timely help for these companies which need finance to undertake their daily activities. One more benefit that you get from such a finance function is that the accounts of the companies are managed better as proper records and collection on the due date is very important. For the small companies it is an additional benefit that the business in itself is well organized to make the entire process cost effective.
Accounts receivable financing is available to all those organizations that are in urgent need of finance or cash and are caught up in tricky situations wherein customers make payments very late. Companies find this financing highly beneficial to keep the growth of their organization on track.
What is a Bridging Loan?
A Bridging Loan is short term funding to provide temporary financing until more permanent finance can be found. Bridging Loans are available for a whole range of financial requirements and can be on the basis of a 1st, 2nd or even 3rd charge equity release, usually provided for any legal purpose.
Examples:
- Commercial & Residential Purchase
- Commercial & Residential Refinance
- Auction Purchases
- Capital Raising *
- Chain Breaking
- Refurbishment
- Speculative Deals
- Business Cash Injection
- Defective Property
* Capital raising funds can be used for many reasons including holidays, overseas property investment and tax bills etc.
Security
- Residential Property
- Commercial Property
- Land (with or without planning permission in place)
- Real Property (such as Plant machinery)
Bridging Loans carry a higher interest rate than standard mortgage lending and at the offer of loan stage there will be an agreed term of repayment, normally between one day and two years.
Bridging Loans are most commonly used when the financing requirement is urgent and beyond the timescales that a standard mortgage lender or bank could provide. In some cases Bridging Lenders can provide funds within 24 hours. Another common use of bridging finance would be to fund the purchase a new home prior to the existing property being sold.
Characteristics
Bridge loans will almost certainly carry higher fees which can include:
- Administration Fees
- Arrangement Fees
- Legal Fees
- Completion Fees
- Valuation Fees
- Exit Fees **
- Broker Fees (normally non-disclosed)
** A fee charged to redeem the loan, typically equivalent to one month’s interest payment.
As most bridging Loans are not regulated by the Financial Services Authority the above fees can vary substantially as they fall within no boundaries or guidelines, only competitive pricing.
Application
Bridging Lenders will consider loans to discharged bankrupts and clients with adverse credit such as CCJs and IVAs. They will lend to individuals as well as Businesses, Ltd Companies and tax efficient vehicles such as SPVs.
Variations
Bridging Loans are split into two main categories:
Closed Bridging Finance
At the time the funds are drawn down there is a firm exit in place to repay the loan normally within a short period of time. The most common use of Closed Bridging Finance would be the pending sale of an existing property on which contracts have been signed and exchanged/missives concluded
Open Bridging Finance
At the time the funds are drawn down there is no fixed exit or repayment method for the lenders comfort, only an agreed maximum term that the loan can run for. Seen as higher risk than closed Bridging Finance it is therefore more expensive.
Other forms of short term finance:
Mezzanine Finance
Often a combination of debt and equity stake which is typically used to finance the expansion of existing companies. To secure mezzanine finance the business would normally have to demonstrate a track record in the industry with an established reputation and product, a history of profitability and a viable expansion plan for the business (e.g. expansions, acquisitions, IPO).
Lenders
There are over 20 Primary Bridging Lenders in the UK that are able to lend their own funds and therefore set their own criteria of risk.
Private Financers
Should Bridging Lenders decline to lend, Private debt and equity financers can be sort to provide funding for the examples above. This type of finance is normally very expensive.
Specific Uses
Bridging Loans can be used as a Below Market Value (BMV) purchase instrument where the initial purchase takes place at the lower purchase price allowing a subsequent refinance application to be placed with a mainstream lender for borrowing based on the Open Market Value of the property with the purpose of releasing the difference in equity between the purchase price of the property and the higher resulting remortgage loan.
Costs
Bridging Loans typically cost between 1-2% per month. Variable rates with margins over Libor can sometimes be applied as an alternative or an addition.
Find an Independent Bridging Finance Broker to give you all the available options.
The Trials and Tribulations of Finding Writing Work in the
Freelance Work Marketplace
There are many ways to find freelance writing work on the net.
The most popular method is by signing up to one or more of the
many freelance work sites available. There are a ton of them to
choose from. Take Elance.com for instance, it is the site that I
am known as a “service provider” and it’s where I get most of my
writing projects. While I do also have offline clients, mostly
corporations, Elance is a good supplement to my writing
business.
However, there are some things that you should be aware of
before you go rushing off to sign up to one of these sites. Take
a look! (I will use Elance as an example because it is the one I
am most familiar with).
Costs: Many of these sites don’t charge a signup fee, however,
many charge either a monthly fee (can be quite steep like
Elance, writing category, $75 per month for select provider
status), or they charge a transaction fee for each project you
accept. Many charge both (again Elance does this, 8.5% of total
project amount).
Categories: Many of these sites break out their projects into
levels such as basic level, where basic providers can bid on
basic projects and select providers, where select providers can
bid on any job, basic, or select. They also have a category in
writing called professional for $40 per month where you can bid
only on basic projects as well. Of course, as you may have
guessed, you pay a higher price for select as you are looked at
as an expert in the field, whether you are or not. Elance
doesn’t check, so if you are willing to shell out the $75 per
month, you too can be a select provider.
Bidding: Now this is where it really gets competitive, the real
dog-eat-dog stuff. The reason is that, say for instance that you
are paying $75 per month to bid on projects plus an 8.5%
transaction fee for each project you bid on, then along comes a
provider that underbids you and gets the project, regardless of
your skill level, portfolio or client references. It is
disheartening and frustrating. You’ve just been passed over for
what is known as a “low-baller.”
Low-balling is a frequent practice on these sites, especially
from foreign providers whose cost of living is a lot lest than
the US. Also, you will find “newbies who have no experience,
portfolio or references stoop to this to get the project to
build these things.
You may be thinking that this may be understandable in some
cases because everyone has to start somewhere, right? Wrong!
Actions like this devalues our skills as a writer and says to
prospective clients I work cheap, use me like slave labor!
Additionally, you will always find providers who will underbid
you simply because they outsource the work and get a percentage.
So they can make money without ever doing the work themselves.
They can afford to bid less because a piece of the pie, which is
better than none at all.
This also undermines the skills of writers trying to make a
living off writing. They are basically deceiving the client by
not disclosing that they have a “team” or writers that the work
will be outsourced to. Again, this prevents you from getting
work. My personal belief is that if you have a team of writers
and you are a legitimate business, then you owe it to the client
to disclose it. It will also help the other providers bidding
against you to swallow it better. It becomes more of a way of
doing business and less of a sneaky tactic.
To top it all off, a lot has to do with the way the contracted
work site markets itself. Elance, one of the largest freelance
work marketplaces on the net, markets themselves as basically a
place where customers can get “cheap labor.” This prevents
providers from being able to place a bid based on what they are
worth in terms of skills, experience and expertise. They
basically have to bid what the Elance marketplace will bear,
which in most cases is peanuts in comparison to what writers in
the real world make. Providers on Elance are literally at the
mercy of customers because they flock to Elance to get a
500-word article written for $5 or a 100 page ebook for $300.
Both absurd prices by the way and a fraction of what writers in
the real world get. This type of marketing makes it so hard for
more seasoned writers to bid higher, because so many providers
on Elance are willing to offer these ridiculous prices.
There are times when you will come across a potential client
that is willing to meet your price, but it doesn’t happen as
often as you think. It would be great if this continued and
clients would wake up to the fact that they “get what they pay
for.” Many have found the cheap labor source to be unreliable in
terms of content and delivery. I have been contacted many times
by Elance customers who paid one provider their low fee to write
something, only to ask me to rewrite it at a higher price (I
won’t bend on my prices, work or no work) because the provider
either: Took a down payment for the work, did half of it and
disappeared, or Plagiarized entire work, word for word, or Just
did shoddy work.
It appears on these sites that customers have to learn the hard
way sometimes. So when they contact me for a rewrite, I charge
my going fee, and you know what? They pay it without blinking an
eye and you can bet they learned a valuable lesson the hard way.
Unfortunately these kinds of actions on the part of the
providers give good quality writers a “black eye.” It causes
customers to be skeptical and leery of what we say we can
provide them in terms of our skills and expertise. So it makes
the bidding and negotiation process that much more difficult.
Unfortunately I am only familiar with Elance, however, I do
believe that the actions that I have described here, do exist on
other sites as well. You can visit any one of them and see how
low the bids are for various writing jobs. It appears to be the
norm out there.
Signing up? Take a look for yourself, visit these sites and
learn all you can about them before making a decision to fork
over your hard-earned money on a subscription. It may be quite
awhile before you will even see a small return on your
investment!
Elance.com Guru.com Getafreelancer.com Freelanceyourproject.com
Contractedwork.com Rentacoder.com
Now, luckily I have been with Elance since 2001 and have built
up a portfolio, a long list of client references and even made
some decent money. But it hasn’t been easy and I would hate to
see anyone else jump in thinking that their troubles are over
and the money will start rolling in. I have branched out and
obtained corporate clients that have become long-term clients.
You may not be so lucky or it may take you just as long if not
longer to get to that stage. So keep in mind before you shell
out high monthly fees coupled with a percentage of the project
amount that trying to eke out a living as a freelance writer on
these contracted work sites is rocky going at best. It may take
months before you are awarded your first project from a client.
Don’t quit your day job just yet! Good luck in your writing
endeavors!
Copyright 2005 Lorraine Cote
This article may be freely reprinted as long as the author’s
information and copyright notice remain intact.
Student Loan consolidation can be the best friend of any student who has just completed their course and graduated from their college or university. Most students who just come out of their college and universities find it very hard to maintain their monthly expenses as they have a bigger burden to repay their student loans taken out during their academic years and for those students who had relied on these loans heavily, consolidation can be an even better option.
Private loans normally have huge interest rates compared to that of federal loans and given the fact that a private loan repayment is hanging over your head when you are about to complete your graduation can be much more worrisome. Though a student can consolidate their private loan through a federal loan but that is somewhat impossible to get for the majority of students. However reducing the amount of monthly loan repayments can be a huge relief if the student acts accordingly to get the loan amount reduced or repayments period gets increased significantly by the lender company.
Apply for Student Debt Consolidation Loan
A cosigner is required with a private loan, though a student might not require a cosigner to consolidate their private student debt consolidation but having a cosigner can reduce the interest rate significantly to a lower rate and might even end up having a zero interest rate if the credit rating of the cosigner is above average. A lot of companies provide services of cosigner release benefits which mean that if a student is able to make the payments on time as estimated in the contract then the cosigner will be completely released from the debt.
With increase in consolidation methods, many companies are providing automatic private loan consolidation offers with their private student loans. For an example some companies are providing borrowers with interest only payments which mean that the amount of money paid as interest can get lowered and the actual loan can be consolidated. This allows the borrowers to save huge amounts of money over a longer period of time. Moreover many companies simply increase the repayment period by ten years or so which significantly lowers the amount of money to be repaid each month. However in most cases a borrower of a student loan is not penalized in case he or she is not able to repay the loan in time if it has been processed through a student debt consolidation plan.
Private student debt consolidation loans can be really worrisome for students who are about to graduate from their college and university. Moreover with the transitional phase of changing their career it can be more troublesome to any new graduates as they don’t get enough guidance on how to choose a new career. With tuition fees rising each year and more and more debt incurred during their college, private loans can be a huge burden on any new graduate student. A student loan consolidation plan can provide great relief for such student as it reduces the time of their repayment and allows the student to think more on their career goal.
With the new mortgage bailout plan, many homeowners are questioning whether or not they should continue to pay their mortgages. If you do make your mortgage payments on time, can you still receive help from the proposed mortgage bailout plan?
The answer to this question is a definitive “maybe.” With the economic stimulus bill that passed into law by President Obama, $75 billion will be allocated towards preventing four million homeowners from losing their home. However, neither paying nor stopping your mortgage is an automatic qualifier for help through this program.
How Will the Bailout Plan Work?
In 2008, over 1.3 million homes foreclosed as owners were unable to meet their monthly mortgage obligation. Most of these foreclosures were a result of either job loss or an adjustable rate mortgage (ARM) payment ballooning beyond affordability. Millions of more homes are expected to enter into foreclosure over the next few years.
Mortgage companies are not in the business of repossessing homes and selling them. However, they can be hesitant to restructure a mortgage with a homeowner without the proper financial means to repay the principal and interest each month. With the new bailout, however, the $75 million will be going toward guaranteeing mortgage companies a portion of the mortgage if they agree to restructure with a qualified homeowner.
Who Qualifies for Bailout Assistance?
How do homeowners in jeopardy of losing their homes qualify for a restructured mortgage? The main aspect that your lender and the government program will review is whether you have a financial hardship. They will look at whether you have lost income due to unemployment, layoffs, cutbacks at work, etc. A serious financial setback that puts you at risk of foreclosure will at least get you a review with the program.
However, you must be able to make a new mortgage payment. If you have suffered unemployment and have no future prospects for immediate employment, the mortgage company will assume that you do not have the means to repay the mortgage – and therefore, does not have any motivation to work with you. When you approach your lender to restructure, be sure that you can prove your means of making a monthly payment.
The other main issue that the bailout program will evaluate when determining your eligibility to restructure is if your current mortgage payment is greater than 31% of your gross monthly income. If so, you may qualify for a mortgage restructure to lower your payment to 31% or below.
Who Does Not Qualify for Assistance?
If you are not currently delinquent and can still make your mortgage payment, don’t expect to get help with the bailout program. Continue to make your mortgage payments on time and protect your credit history. Ultimately, you need to keep in contact with your lender and keep them informed of any changes in your financial situation. A borrower who is upfront with their lender is more likely to receive consideration from the lender in working out mortgage issues.
This article is intended for general information. Always seek sound financial and legal advice before making any financial decision.
ClickBank is known as the Internet’s largest digital marketplace with over 10,000 products available. It’s the place to go to find something online to promote or buy. It’s also perfect for people looking to sell their own products as well. If you’re searching for ways to make money online, then ClickBank is a good place to start your search.
ClickBank is a great website to visit if your an affiliate marketer looking for the right product to sell for commissions. Opening an affiliate account is free. Once you search their massive database you will find detailed information on products including how much commission you get from every sale. Rates can vary but it can go as high as 75%.
When you find something that catches your eye, just click “Create Hoplink”, and a link containing your affiliate information is automatically generated for you. Potential customers that visit this link are sent to the product’s main sales page. Your hoplink is created to ensure that all sales are credited to your account.
All the payment processing tasks are handled for you. All you do is promote and collect your commission checks. ClickBank has a very reputable history of accurate and on time payments. You can also view and track your sales online.
If you got a digital product to sell, whether it’s an Ebook, an online service or something similar, using ClickBank is a smart choice. There are thousands of affiliates searching through this marketplace looking for products they can promote.
To become a seller, you need to pay a sign up fee of about $50. Every time you make a sale, you are charged a small percentage. You also need to decide how much commission you’re willing to pay when affiliates promote your products. Once you get your account set up, your product is now exposed to thousands of affiliates in the largest digital marketplace on the Internet.
One disadvantage of the CB marketplace that affiliates find is the hassle of promoting more than one product. You need to create a different link for every item you want to promote in the marketplace. However, with the emergence of ClickBank Storefronts, you now can sell everything with your affiliate link automatically embedded in all the products. These stores are like online shopping malls that sell mostly goods from the ClickBank site. It’s a more attractive and easier to use alternative for both you and your customers.
You can usually purchase these CB shopping malls for less than $100. This investment is all about convenience. Instead of searching the entire marketplace for something to sell, you now can send your visitors to your CB storefront and let them search to find the products that they want.
ClickBank is a place where everyone interested in selling, buying or promoting products online can go. It’s a place where sellers can give their goods great exposure and where affiliates can find the widest range of products to choose from. For people looking for more convenience and options, CB storefronts are now available and are great gateways to promote CB products. With over 10,000 items listed, ClickBank is an excellent resource Internet marketers.
It is not the end…yet. Dark clouds of recession are certainly hovering around the financial horizon. The economic indicators point towards a downtrend in business, which means problems for real estate investors, job seekers and what have you. Gas prices have hit an all time high. It is certainly time to prepare for a rainy day.
Banks are reeling under subprime losses. Real estate seems so unreal. The U.S. Government is finally seeing red in their economic predictions. What options do individuals, investors and regular employees have in this economy? What should small businesses do to prepare for the recession? Certainly none of us can afford to take things lightly.
Survival tips for employees
Recession means the axe will fall on the employees first. What we are going to witness is an exodus of sorts. Keeping our job intact will itself be a full time job. The best advice during recession is to find ways to make yourself indispensable. You should take on some more work load which ultimately would mean savings for the company. Your job would pay for itself and would make sound financial sense. It is another matter that someone else’s job would become redundant. But that’s least of your problems. Your company’s financial situation would dictate whether you keep your job or not. It is possible to keep your job safe from recession.
Every employee should start behaving like owner of the company. Your job depends on it. Where can you cut costs? What innovations can be implemented? How to sell? All these questions need to be addressed by you. This will not only mean survival of your company but yours as well.
There are hundreds of job aspirants out there. Among these many have spent a small fortune educating them to be MBA’s, engineers and what not. A bleak economy is something they have to prepare for. Forget about huge pay packets. Look at the ground reality and grab whichever job you can get. Financial security should be your first aim. Climb the job bandwagon first, secure a job. During recession, you can’t wait for manna to fall from heaven.
Survival tips for investors in the stock market and real estate
Investors in the stock market have to be extra careful during times of recession. The economic indicators will bring down the market and the investors along with it. That’s for sure. An investor should therefore have a serious look at his portfolio. Get rid of the junk stocks quickly, if you have already not done so. These penny stocks appreciate smartly during the good times. They also fall flat like a fat puppy during an economic downturn. Many millionaires have become paupers overnight due to holding on to these stocks. Stop loss if you have already lost. The economy is in bad shape; don’t let it drag you along. Go for the blue chips. Even in recession they are likely to hold on to their price. Over a period they would give reasonable returns. You may not become a millionaire but then you never know.
Another piece of advice for investors is not to purchase stocks with borrowed money. We are all optimists at heart and a hardcore investor is the biggest optimist of all. This sometimes forces them to borrow, in the hope that they will make a killing. A hot tip here, a slight upward movement in a certain stock or a credible rumor. All are sure signs of big bucks for a compulsive investor. This is a recipe for disaster. Reign in your financial horses and wait for better days. Economy will rebound sooner than later.
Subprime losses are the engine which drove the economy into recession. Gross avarice and greed on the part of Bankers and a knowing wink from policy makers has lead to this situation. It is therefore unlikely that real estate investments would pick up in the near future- if ever. It is best to cut losses and move away from the real estate market. Sale of property at prevailing rates is the only option even if it means loss.
Many of us have purchased real estate as an investment. Some use them as weekend gateways. Letting out your second home is a good option you must consider. This will bring you a steady monthly income while you wait for the real estate to appreciate. Idle real estate is no longer viable. If you have a farm house you should explore the possibility of growing fruits and vegetables. This can fetch you a tidy income.
Survival tips for the common man
Many highly popular books have started giving the impression that one can become rich only by investing passively. This mindset has taken root in many US citizens. Work is only passé. Taking financial risks means rewards. It is only now that millions have realized the fallacy of it all. For some it is too late. We have to get out of this apathy and disregard for hard work. In good economic times even the craziest ideas seem to work. But during recession one has to tighten ones belt.
It is an age old saying that money saved is money earned. Save a part of your income. Even ten percent is enough. You must not touch any of it for a whimsical expenditure like a holiday or on a luxury. Your credit card is your biggest enemy. You must bring your credit card liability to zero and then keep it away altogether. You must live within your means even if it hurts and pinches your lifestyle. Look at the recession on its face. Bad economy does not mean becoming poor. It is simply a warning to get your act together.
It is a great idea to start planning for early retirement. This will force you to think about your economic future. Investment in pension and retirement funds will secure your future. If you get laid off, at least you can retire to your little financial nest. Retirement is not a bad word any longer. It may even turn out to be the best part of your life.
Survival tips for businesses
The small businesses would be the hardest hit due to the worsening economy. It may sound depressing, but the truth is that many would be closed down. But one need not take it lying down. The smart guys have already started preparing for the days ahead by doing secretarial work on their own.
Modern technology is a boon for small businesses. Rather than renting out an expensive office, one can innovate and work from home. Finance and investment consultants, CPA’s, real estate agents and a host of other business can operate from home.
It is time to look at your accounts receivable. Businessmen should closely monitor their outstanding and reduce it as much as possible. If you hold stock, inventory should be minimized. Shift the cost of carrying inventory to your principal by using ‘Just in Time’ policy, which will save you from investing in dead inventory.
Have another look at your fees. Can you become more competitive? Instead of charging $100 can you get by with $75? Customers are looking for a bargain and reducing your professional fees will make them happy. Consider this to be one of your effective marketing tools during times of recession.
Recession is a big economic bully. It can make you do things which you would not otherwise consider. At the same time it is not necessary to surrender and succumb to it. Taking measured, well thought out steps to counter the threat is the only prudent way out. It is all a question of managing your finances.
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