This is a video that really drives home the point that the “bailout” Washington D.C. is doing DOES NOT WORK, and there are others who fill the void. No matter how you look at it, it looks like small business loan sharking, but it is better than no loan at all.
Would you do business with this type of guy?
So if we can’t find money from friends and family we might have to resort to these types of folks. The regular banks have seemed to turn tail on making loans to small businesses. What I am curious about is if small businesses are the engine that pull the economic train why isn’t there some sort of economic program set up by the SBA to get these types of loans in place? In my understanding the SBA does NOT make loans, they help guarantee the loans that the small businesses must get from the banks on their own merit.
While the lobbying efforts for Fortune 500 companies is substantial there really is very little lobbying for small businesses that is effective. If small businesses we just able to do two things:
1) be able to secure affordable loans
2) be able to get group coverage for health insurance at substantial discounts
We just might see the economy rebound significantly. Think about this just two simple things could get the economy jump started. Instead it seem like we have a snake trying to eat a horse with the new healthcare bill and the snake is not digesting it so well! ;-0)
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Small Business Lending and Loan Sharking
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In this day and age I am constantly confronted with decisions. I am also constantly barraged with information of others whose business ethics are simply wrong. They know it when they do it but because they can at the expense of their employees or clients. Take for example WalMart. In this CNN Money article there appears to be a trend where they are dumping brands for their own private labels. This is called the power of market share, WalMart owns the retail space. At the same time, the product company has the opportunity to come back should they spend heavily on advertising to get the users into WalMart’s stores.
Technically there is nothing “wrong” with this business practice, however is WalMart doing the right thing? Are they giving their clients the best products at the lowest prices? Maybe maybe not. What if let’s say that Kimberly Clark is in the toilet paper business. Let’s say they get squeezed out by WalMart because they choose NOT to pay for the additional advertising to be on WalMart’s favored status list. Let’s say Kimberly Clark has a $5 Trillion imaginary contract with the largest pulp manufacturers Big Pulp Mfg. Co. What if WalMart also had a $500 Billion contract with Big Pulp Mfg. Co. Kimbery Clark would rank over WalMart.
Let’s say there is a new beetle that destroys most of the trees in Big Pulp Mfg. Co. and demand goes through the roof. Big Pulp Mfg. Co. decides to reward Kimberly Clark with paper allocation and not WalMart. Now WalMart customers run out of ass wipe. Oh my, Houston we now have a problem of epic proportions. WalMart begs Kimberly Clark to sell them their toilet paper. However, the relationship is destroyed and there is no longer any trust, so Kimberly Clark decides to return the favor by selling to WalMart as such a high price it prices WalMart out of the market. This is what is known as a pissing match and no-one wins especially the consumer.
We are seeing similar business model fluctuations with Google taking over the Yellow Pages, Book Publishing, Newspaper Advertising etc. While market supply and demand don’t involve business ethics necessarily many businesses have become dependent on Google either for SEO or PPC or traffic in general, they literally have the power to make a break companies by deindexing them. And have done so for various reasons. So they say, “do no evil.”
So on a smaller scale for small businesses we are faced with similar situations almost on a daily basis just not as visible. When it it OK to bend the rules a little and get the competitive advantage and when is it not? I guess we have to ask ourselves that and search deep down for the right answer, or ask our colleges and mentors for guidance. If you are “too ethical” I have found to be on the losing side so there is a fine balance. In this era of “gotcha” bad news travels fast and it only takes one bad incident to destroy a life time of creditability, ask Tiger Woods.
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Let me start off by saying I am “out of integrity.” I am out of integrity with myself on too many occasions. For example, I tell myself I will go to the gym today, and guess what? The exercise to the refrigerator is a whole lot more enjoyable. (However today I actually did make it to the gym!) But I can tell you I had a task on my written to do list and I have not done it yet, I chose to write a blog post instead. I’m supposed to call a client on their content and just don’t want to, it will require me to think about their content which I want to do but don’t want to actually have to think about it. Now I know I can wait another day to do this but it just makes the flow of the project and the organization a little messier.
My integrity in the workspace really has more to do with my personal integrity with self. Because no-one knows about this other than me. I do my best to follow through on my word all the time and every time weather it be personal or professional because I treat others differently than myself, I am kinder to them than to I. I follow through with them than to I and I think you will hear that if you talk to friends and colleagues.
But back to integrity in the work place. It is these little types of things that break down communications, they then break down relationships both personal and professional. A glaring example is Tiger Woods saying “I do,” but what he really did was something entirely different. He was out of integtity with himself and his family and who knows who else. How many times in the workplace have you had a boss or a client say I will call you tomorrow with the <fill in the blank> and the call never comes. Guess what? You are left hanging.
There was probably some justification for not making the call but that person is out of integrity in the workplace as well as personally out of integrity. S/he made a promise to call and did not follow through. I can guarantee you that this happens ALL the time. We tend to be blaze about it, and say “oh they are just that way.” But at the end of the day weather it be a promise to your kid or a promise to your boss we get much better results in life by doing what we say and saying what we do.
So I will make that call to the client regarding the content. 
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Integrity in the Workplace
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know most of us are working nowadays. Most of us start with the E-Employee Quadrant and the main source of our income are our jobs. Robert Kiyosaki suggested that if you are working, you need to be experienced in three essential skills to become financially free. These three skills are LEADERSHIP, MANAGEMENT and SALES AND MARKETING.
Let’s discuss it one by one:
Leadership: Leadership is one of the most critical skill that you need to learn in your job. Most businesses fail because of lack of good leadership. Leaders are instrumental to the success of a business. Every company is in search for the best CEO who will lead the business to success.
One of the things that I learned is that the highest form of leadership is servanthood. We can distinguish a good leader vs. a bad leader:
A good leader is the one who serves his people while a bad leader wants to be serve.
A good leader is the one who empowers his people while a bad leader wants to have that power.
A good leader wants his people to grow and become greater than him while a bad leader becomes insecure when someone grows because he always want to be the greatest one.
Management: To become financially free, you also need to learn the skill of management. Management involves two things; management of cash flow and management of business systems.
To manage a company’s cash flow properly, you have to know how to read financial statements. You need to take a deep thought on income statement. You have to analyze sales and accounts receivable and expenses and accounts payable. If you can learn to run a business on the basis of the numbers revealed on its financial statements, you’ll be positioning yourself for success.
To manage business systems properly, you have to understand that a company is a complex network of interdependent systems, everything from product or service development to computer systems to human resources. For the business to grow, all systems have to operate with maximum efficiency—a leak in any single one can cause the entire ship to sink.
Sales and Marketing: Sales and marketing is the last thing that you should need to learn in your job if you want to become financially free. To be good in sales and marketing, you have to learn how to communicate effectively. If you can’t speak or write well, you won’t convince people that your product or service is worth buying.
Remember that you need to work to learn something and not just to earn. If you want to become financially free, these are the skills that you should learn from your job.
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Skills You Need To Learn In Your Job
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Jack M. Guttentag
As the unemployment rate rises, more mortgage borrowers must choose between default and making the payment out of savings. That can be an agonizing decision. See the letter below:
“I was laid off recently but am reasonably hopeful of finding another position soon… We have stayed current by drawing down our IRAs, but there is only about $4,000 left, enough to cover us for one more month…Our family is counseling us to keep the $4K left in our IRAs and not make the next monthly mortgage payments. Do you agree?”
Not making the payment will hurt your credit, but if the choice is between missing the payment this month and missing it next month, I would miss it this month and keep the cash. I would only use the rest of your cash to make the payment if you manage to get a job before 30 days after the payment due date. In that event, you have a reasonable hope of being able to work your way out of the jam you are in, so using your remaining money to save your credit makes sense.
This question is heavily value-laden, which is why I answered it in terms of what I would do, which is not necessarily what someone else with different values might elect to do. Some, especially investors, could take the position that a borrower is morally obliged to make the payment if there is any possible way to do it. This is a defensible argument, but it assumes that the borrower’s only duty is to the investor. The borrower in question has a family to consider as well.
The issue of a borrower’s obligation to continue making payments out of savings after their income-generating capacity has been impaired arises in connection with the government’s Home Affordability Modification Program. See another letter from a reader:
“I have applied to have my loan modified, and am in process of filling out the financial questionnaire that my servicer sent me. It asks for the amounts in my bank accounts. Although my income has dropped, I have enough money in the bank to cover the mortgage payment for three years. Should I take it out, and where should I put it?”
To be eligible to have your payment reduced under this program, you must document not only that your income is insufficient to meet the payment but also that you do not have “sufficient liquid assets” to make the payment. I have scrutinized the specs for this program issued by Treasury, and could not find a definition of either “sufficient” or “liquid assets.” It is a thorny issue that Treasury elected not to deal with. In effect, this leaves it up to the servicers to decide, raising the prospect of widely divergent approaches.
Don’t expect me to advise you on how to avoid the intent of this regulation, but I am willing to advise Treasury on how it might have created greater certainty in the rule by defining terms. I would define “liquid assets” as deposits without a specific term plus money market funds, and “sufficient” as an amount exceeding six months of payments.
My guess is that few if any borrowers are going to get caught by the “sufficient liquid assets” rule, that Treasury knows this and put the rule in to cover its backside. It does not want to read press reports about a borrower with millions in the bank successfully obtaining a rate reduction. If it happens, it can be blamed on the servicer. From this standpoint, leaving the rule undefined makes perfect sense.
More:
How Deep Must You Dig to Pay the Mortgage?
