My Business Blog

There are many obstacles that every aspiring entrepreneur faces as they strive to do all the right things in order to make their dream business a reality.

It can be an overwhelming experience — especially if you have limited support, funding and tools at your disposal. Whether you have a product or service to bring to the marketplace, careful planning and execution can greatly improve the success of your new venture.

To help you in your preparation I have assembled my top 25 rules for building business credit which can greatly improve your ability in obtaining the credit your company needs.

Read more…

The idea was to prove their commitment to avoiding foreclosure by paying what they could to keep money flowing to the lender.

But after paying for months, local attorneys say, homeowners have been told that, despite having a signed contract, the lender would foreclose anyway.

Now legal aid groups across the country and in Sarasota are fighting back, filing class action lawsuits contending that lenders are unfairly breaking contracts.

Gwendoline Desrochers of Sarasota thought she and her husband had found a way to keep their home through a trial modified mortgage payment plan that she worked out with BAC Home Loan Servicing.

Desrochers said she tried to send in her fourth check this year when she received news: Don’t bother.

“I said, ‘I’m in a modification.’ She said, ‘Oh no, you’re not,’” recalled Desrochers, a 45-year-old owner of a stone and tile company that has suffered in the economic downturn.

Desrochers never got an answer why.

Read more…

When planned and executed properly, promotional products are indeed superb in promoting your business or your brand. You will be able to reward existing customers and at the same time promote your brand, product, or service to new potential customers. Although it is highly effective as a promotion tool, promotional products can also be a waste if not used properly. In this part, we are going to take a look at how you can give the best promotional products and achieve all your marketing goals effectively.

The first thing you need to do before you even begin planning the right promotional products to give away is to actually look into your existing customers and see what they really need. Read more…

THE number of jobs in jeopardy at Chester-based credit card operator MBNA Europe Bank has risen to 160.

The Bank of America owned company announced last week it was in talks with 80 staff about possible redundancies in its credit and customer assistance departments.

But it has now included its marketing department in the review, which has added a further 80 jobs to those at risk.

However, a spokesman said a restructuring of its marketing function will create 46 new jobs which those affected by the changes would be welcome to apply for.

The spokesman said: “We are no different to any other major employer in that we regularly review our business structures to make sure they are right for our customers and our business priorities.

“Following a detailed review of our operations, we have recently announced that we may see a reduction of around 160 full-time equivalent positions largely in three areas of our business in Chester – credit, customer assistance and marketing, and we are currently consulting with associates in these three areas.”

“We will be creating 46 new jobs as part of a restructured marketing division and will welcome applications from those associates who may be impacted by these changes.

“We remain committed to Chester and the North West.”

The company is one of the biggest employers in the region, with around 4,000 staff based at Chester.

It said it is also recruiting new staff in other areas of its business.

In uncertain times, it gets harder and harder to predict financial results. Some business owners throw up their hands in disgust and wing it instead. Bad idea! Instead, when budgeting gets harder, do it more often. And for a shorter time frame.

• Shorten the horizon. I am not suggesting you ignore a 12-month budget. But put more effort into a three-month budget.
• Budget cash flow as well as profits. Both are critical now.
• If money is very tight, use a rolling, 13 week cash flow. Update it weekly.
• Meet with your staff about it. If you are in a crunch, make sure everyone is aware and onboard.
• If you get a windfall, celebrate.

Read more…

Carmaker Vauxhall’s US parent General Motors (GM) has revealed a robust second half performance, with losses narrowing for a second consecutive quarter in its European division.

The Detroit-based group announced £21.14bn of sales during the second quarter of 2010 and earnings, before interest and tax, of £1.27bn.Its main North American market delivered £1.02bn of earnings before interest and tax during the period, which was up from £764m in the first quarter.

The group, which filed for bankruptcy protection and was bailed out by the US and Canadian Governments last year, incurred losses before interest and tax at GM Europe of £127m – £191m better than the previous quarter.

A spokeswoman said this was “predominantly driven by increased industry volume and favourable foreign exchange, mainly due to a stronger British pound.”

GM ended the second quarter with £20.7bn of cash and securities.

Vice chairman and chief financial officer Vince Liddell said: “I am pleased with our progress on achieving our business objectives.

“We have delivered strong product, maintained cost discipline, progressed strategic initiatives such as restructuring Europe . . . and delivered t

Read more…