June 18, 2010

Always Moving – No Standing Still – Which Direction Are YOU Headed???

Sit still, and the world inches past you slowly.  Over an extended period of time you will find yourself further and further behind.  Nothing relates better to this premise than business.  Doing something just to do something isn’t always a bad thing.  It’s tough to do stuff sometimes in this historically difficult economy that has a sudden impact, provides immediate results, or gives your business a big shot in the arm of revenue.  Sometimes it does, but it has gotten harder and harder to find things that make the turnaround move that many are looking for.

With that in mind, it seems like some are content to just “hang on” as the ride gets rougher.  That might work for some.  I myself would prefer to push down on the gas pedal and see if I can get further ahead of those whose pace has decreased.  Don’t get me wrong, it’s tough to keep a positive attitude sometimes.  Times are tight, bad news is in our face all day, and there are many stories inside and outside of our own front door that make this economic tsunamie a very personal reality.  That doesn’t mean it’s time to move to the basement though and wait for things to pass.  Get busy preparing, rebuilding, helping others and preparing for the next time.  The one thing about tsunami’s is that they are in areas that typically have them often.  When the real estate market recovers (it will), and the stock market continues to climb (it will) and unemployment decreases (it will) and other types of “good news” come around, that doesn’t mean your business or job will immediately be saved.

This is the newest of the new economy.  The drastic nature of the things that have happened in business in the last 18 months will burn an image in the brain of every business person on the planet.  Many of the “norms” we knew before are forever gone.  Credit will always be tighter then it once was, Federal oversight will be more invasive then ever, many employers will be slower to hire and expand at the same rates that they once did and overall I think you will find the risk tolerance of many will have permanently decreased.

What does this mean for you?  Well, two things.  You are either going to beat em’, or join em’.  You are either going to push forward during difficult times to try and create more distance from those that have slowed or stopped – or you will keep pace and be in the same boat as most others when things “get better”.  I know this – if you work as hard or harder than ever – if you continue to try to innovate, listen, sell, build, sacrifice and try your very best, you will be more likely (although not guaranteed) to be in a better position then many around you when things do turn around.  And they will turn around – in fact, sooner for some than others.  The ones who will feel recovery the quickest will be the ones who deserve to.  Are you out there pushing it?  Are you adding employees, raising/borrowing capital, innovating and working harder than ever?  If so, you’ll be on the forefront of prosperity as the circle turns.  If you aren’t, well, perhaps it’s because you are waiting too long for something to happen instead of making it happen.




June 14, 2010

No Victims Allowed

leviWhether you’re an aspiring or practicing entrepreneur, if you want to acquire funding for your business, then drop the victim attitude. It’s interesting to see people come in the front door (okay, our website is the “front door”) of our business with their risk profile in disarray, yet never accept accountability for their own predicament.

If your personal credit is unsightly, if your business credit is non-existent, if you’ve never considered whether your expansion plans can be profitable, if you’re still making excuses for not having a website a decade after it became commonplace for business owners, then how is that FundingUniverse’s fault? Why should we fix all your problems and not be compensated?

It’s interesting that people don’t want to pay to fix their own problems (created by their own actions). I can’t imagine going into a personal trainer pathetically fat and wheezing just from walking from my car to the gym entrance, telling him/her that I want to train for a marathon, but that I’m not going to pay up for anything until I win the marathon. What did the personal trainer have to do with my Big Mac, Twinkie, and Hershey’s problem? What about me would give the trainer confidence that I would actually stick with the work of getting my flabby body into rock hard shape? Nothing. Nada. Zilch.

Can you imagine a college student demanding that tuition payment shouldn’t be made until the degree is issued? Is it the college’s problem that the student is uneducated? What if the student sleeps through class, doesn’t take tests, or doesn’t study. Should the student get a refund of their tuition? Please. This is getting painful to even read as I type it.

Take ownership of your situation. If I want to hear whining and complaining I can go out into the consumer economy. Presumptively – in part anyway – people who start businesses do so because they are ready to take ownership of their own financial and emotional well being. So in the B2B economy I shouldn’t hear nearly as much bawling or see as much finger pointing as in the consumer economy.

After reviewing thousands and thousands of credit reports and other risk indicators attached to our customers over the years, I can tell you with conviction that the businesses on the most solid ground also take ownership of their personal and business credit, their financial and corporate hygiene, and their business image. If you want to be one of those successful businesses, the best place to start is by owning up to your marginal credit profile or bad financial habits, and work your tail off to fix them.

Of course you need to do it on your own time and your own dime, but we’d love to help.

Levi King
President
FundingUniverse




March 23, 2010

How Can You Get a Loan for Your Small Business?

originally published on Entrepreneur

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If you want to expand your business, you’re going to need some cash.

Money still isn’t falling off trees for small businesses, and the lending seas can be a challenge to navigate. Although you need funding, you want to make sure your deal is better than the one offered by the neighborhood loan shark.

Money might be available thanks to stimulus spending, but that doesn’t mean it’s easy to get.

“The [banks] have tightened their lending policies, and it is more difficult for an entrepreneur to get financing,” says Velda Eugenias, a certified financial planner with Eugenias Advisory Group in Gadsden, Ala. “It is causing the small-business owner to have to get creative with finding sources of capital.’

The following article suggestions some sources of funding available, including traditional bank loans, government loans, loans from family and friends, your home, credit cards, a partner, etc.  Read the full article HERE