There has been talk that tomorrow may represent the first day the Bank of Canada chooses to raise the lending rate which as a direct impact on variable interest rates. The election is over so no political fallout will result from this decision. We know the government would like to see rates return to historical norms. The question I have is what has changed in our economy that suggest now would be a good time?
I am fortunate to have on my staff Bob Woodley who I consider my interest rate guru. Bob follows the bond market which has a direct impact on fixed mortgage rates. Bob’s predictions on where fixed rates are headed are uncanny. It is cool to know” in advance” what is going to happen to long term rates as it gives our clients the ability to react accordingly. Something as simple as” locking in” when rates are about to increase could save the clients thousands of dollars.
We welcome your comments.
Archive for the ‘Business Financing’ Category
Will The Bank Of Canada Raise Interest Rates May 31, 2011
Monday, May 30th, 2011Email Marketing – Guest or Pest
Tuesday, September 7th, 2010
We all check our email inbox in search of the important emails and those requiring a quick delete. It is key to remember that as much as we think our message is important if the prospect is busy, there is no need for the product or if the timing is not right for a sale, chances are we are viewed more of a pest then guest.
The product I sell is essentially money. It is a product I would think everyone requires at some time in their life. I don’t view myself as a pest. People that do business with me end up in a better financial situation then they were before. I change lives with a stroke of a pen. I am surprised more people don’t have a use for money. I always find things to do with mine.
Surprisingly my email strategy for the most part is not about money. It is about:
The education on my clients and affiliates
Timely updates on changes in the marketplace
How I work for the client
Expert advice on a variety of financial products
Helping others become successful
Access to other industry experts in related fields
I figure if I help others get what they want first, my needs will be looked after. Give more and receive more. As Maxwell Smart used to say “and loving it”
We welcome you comments.
Not For The ‘Perfect” Entrepreneur
Tuesday, September 7th, 2010We have talked about Synergy before. Blogged about the topic back on June 18, 2009, www.casbmanagementgroup.com/blog. I recently was reminded about the example of the two houses pulling the cart. Individually each horse can pull approximately 500 lbs. Logic suggest that by strapping the two horses together, they could pull 1,000 lbs, but in reality two horses working together can pull three times the amount they could on their own–not double.
This same principle is the reason business owners need to consider using affiliates. You see… you can’t be the “perfect” entrepreneur. You can try. And, maybe get close. But, at some point in time everybody needs additional skills, markets, and time they don’t possess.
So, what exactly does having affiliates add to your business? Here are just a few benefits:
- More Referrals
- A Larger Market (yours + your affiliate’s)
- An Outside Promoter of Your Products/Services
- Increased Networking Abilities
- & Ultimately More Sales!
Consider the value of having another “salesman” reaching out to your customers. Now, you don’t have to grow your company on your own. By creating an affiliate program, you can achieve much more than you will EVER be able to achieve alone!
When you develop lasting partnerships, your business is going to grow automatically, just from the leverage you gave it. Strap yourself to affiliates, and see where the synergy can take you!
We welcome your comments.
Marketing 101
Saturday, August 28th, 2010There is one marketing truth you must understand: People buy when they are ready to buy, not when you are ready to sell. So, just because your lead is not ready to buy today, doesn’t mean they aren’t important. After all, today’s leads are tomorrow’s customers, or next month’s or next year’s. Treating your leads like existing customers ensures they will come directly to you once they are ready to buy. Since I am in the business of essentially selling “money” I figure it is a product everyone eventually will need. The trick is in “reminding” people that I am still alive, still in business, and still anxious to help them achieve their goals.
Could You Be A Genius?
Thursday, March 4th, 2010
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Credit Cards – An Effective Way To Fund Your Business?
Wednesday, March 3rd, 2010
How do you finance your business growth?
Many entrepreneurs running small and medium sized businesses have found that corporate and personal credit cards can be a viable financing tool. They provide the purchasing power for a small business as it finances the gap between selling their products or services and getting paid for them.
Corporate credit cards invariably have higher spending limits than personal credit cards. While this seems to be a good thing, corporate credit card users should note that some card issuers report their corporate credit activity together with their personal activity, thus distorting their personal credit picture. Looking at their personal credit picture might lead one to think that as an individual they are grossly over-extended — not good for the individual or their business. There is a misconception that registering a corporation somehow limits this business liability, but in most start up situations and for new businesses, a personal guarantee will be required on a corporate card. If the business is registered as a sole proprietorship, the owner and business are one and the same as a legal entity, so this will be reflected in a joint credit report.
Another potential credit card ‘trap’ is that it becomes too easy to use the card and run up what quickly becomes permanent debt in the company. The cards get maxed out and the company is left with a solid core of debt to be serviced on a monthly basis. If the business is growing rapidly there will usually be little opportunity to pay down that credit card debt as the ongoing growth requires more working capital to fuel that growth.
Growth will always demand more capital — the successful entrepreneur is the one who finds alternatives to expensive credit card debt. We have solutions that may work for you. Check out our website link http://www.casbmanagementgroup.com/business_financing_types.htm.
We look forward to serving you and welcome your comments
7 Secrets To Small Business Success
Wednesday, January 27th, 2010Each year, Profit Magazine publishes its list of Canada’s Top 50 Fastest Growing Companies. Last year, Ian Portsmouth, Editor of Profit, took it upon himself to find out what these fast growing companies had in common in order to determine how to build a successful small business in Canada. The following is a list of Ian’s findings:
Secret #1 – Steal the Best Ideas: Find great tactics and strategies outside your own industry and incorporate them into your business. Think of companies that you love doing business with in both your business and personal life. What are they doing to get and keep your business? How can you incorporate that into your business?
Secret #2 – Be Like Advil: Relieve someone’s pain better than anybody else does. The fastest growing companies are agile – they can make decisions and respond to customers’ needs quickly. Capitalize on your size to compress decision making.
Secret #3 – Seek Trusted Advisors: 50% of the fastest growing companies have advisory boards comprising of entrepreneurs and executives from many fields. Join peer-advisory groups such as Entrepreneurs’ organizations, Women Presidents’ organizations, etc.
Secret #4 – Find and Keep the Best: 86% of the fastest growing companies offer staff individual performance bonuses and 48% engage in profit sharing
Secret #5 – Export Like Crazy: Fast growing companies are always on the look out for new markets and opportunities.
Secret #6 – Beg, Borrow, but Don’t Steal: Be creative in finding the capital you need to grow. The fastest growing companies use a wide variety of capital including personal finances, banks, leasing companies, factors, suppliers, employees and bartering. Remember, Cash is King. Rapid growth can spell disaster if undercapitalized.
Secret #7 – Get Lucky: Exponential growth requires a few lucky breaks but Canada’s top entrepreneurs create their own luck. When surveyed about their success, they attribute 96% of their success to persistency and a positive attitude
Obtaining financing in difficult times
Monday, December 7th, 2009Lenders and entrepreneurs have different perspectives and different interests. These differences are ingrained, but good times can create a comfort level that obscures them. Now in times of tighter credit and a slower economy, these different interests are thrown into sharp relief.
Entrepreneurs in particular find themselves at a disadvantage. They need capital to operate and grow their businesses, and they must approach lenders to obtain it. At the same time, the financial sector is more prudent than it’s been in the past as their financial performance depends on limiting loan losses. The result is “by-the-book” policies that are frustrating entrepreneurs.
It’s important for entrepreneurs to understand the lenders current mindset. What are lenders looking for? What do they need to see from a client especially when their business is under pressure in difficult economic conditions?
In the eyes of lenders
- Lenders look to see if the business model is broken. Have market shifts made a company’s advantage obsolete? Can innovation save it?
- Lenders look to see if management has a plan. The absence of a plan speaks volumes, but the nature of the plan sends a message as well. Is it merely a survival strategy, or is it a longer-term vision that positions the company for the eventual economic recovery? This often distinguishes well-managed companies from poorly managed companies in the eyes of lenderss
- Lenders look to see how committed management seems to be. When ownership and management are not the same, how are they working together? Is ownership ready to man the battle stations or jump ship? Lenders are completely dependent on the managers of their client companies. In this economic climate, they are spending more time making sure they understand what kind of manager you are and what potential you have given your business. This may appear to indicate a lack of trust on their part, or even inefficiency or procrastination. But for them, the level of comfort they feel about a business relationship is essential.
Help your lender to help you
Knowing what your lender is thinking is only useful if it gets you what you need – access to capital. That’s why it’s important to put the shoe on the other foot, and look at the things you should do before and during your approach to a lender right now. Here’s how you can help your lender to help you.
- Plan well in advance if you need financing. Lenders are more cautious these days, and less inclined to take shortcuts on their due diligence checks. Turnaround times are slow, so plan for this and set your expectations accordingly
- Prepare to be more forthcoming than you have ever been. Lenders want more information than before. You may not understand why, but there are always reasons
- Firm up your business plan. The more time a lender has to spend straightening out a client’s business plan, the less confidence he or she will have in that client’s ability as a manager. It’s not a good time to make a bad impression
- Retain a financing specialist to assist you in the process. They know how to package information to a lender in order to approve the odds of success. Like writing a test in school, you score much better when you have the answers in advance.
We welcome your comments.
Don’t Pay a Cent For Your Next Home Improvement
Wednesday, April 15th, 2009Attention to all you Londoners visiting the April 17-19, 2009 Spring Home & Garden Show. Pay us a visit at Booth #683 and we might show you a way to make this years home improvement FREE or make a major related purchase FREE.
We did for Steve & Kathy
Steve and Kathy live in a middle class London neighbourhood with their three children ages 9 to 14. The family crisis occurred with the news that they were expecting their fourth child. Needing to add another room to their house for the new baby, they determined that part of the garage could be converted into a fourth bedroom. They required $20,000 for renovations but they did’t have any savings. It was hard enough keeping up with the existing monthly bills. What could they do?
I reviewed their finances and ended up securing Steve and Kathy the $20,000 they needed.I was also able to reduce their mortgage amortization by five years and free up over $850 per month to invest in a retirement savings plan.
I you would like to see how the numbers worked on this deal drop me an email at bsmith@casbmanagementgroup.com and I will send you the breakdown.
When you visit our Booth #683 make sure you speak to one of our team and enter a draw for two complimentary round-trip airline tickets. Also ask us about the following:
- $1,350 in rebates under the Home Renovation Tax Credit Program
- $10,000 in rebates from the ecoEnergy Retrofit Program
- Unique business financing programs for expanding businesses
We look forward to seeing you over the weekend and we welcome your comments.
