Business

The Market

What is happening to your Business? With 63% of Businesses starting to experience minor impact and 27% major or severe impact from the Global crisis, what have you put into place? Do you have strategies to increase profit and reduce your loans? What about simple ways of saving money like being able to fix your own computer.

If sales decline and/or profit declines then its best to face your potential problems head on and make a plan. It may be worth selling and paying out the loans and cutting your losses and getting a job. Or you may have to make radical changes to survive financially. How can your Business stand out in the crowd? Their are many organisations that can help. Try your local Chamber of Commerce.

Loans

How are your Business loans going? It is interesting times as some businesses do better then ever and some are only just holding on. Banks have stopped lending to each other and cash flow has greatly reduced. Right now small to medium sized businesses are actually more able to secure loans then the corporate companies. In small Business you have the ability to adapt and change the way things are done far more quickly.

It is not the strongest of the species that survive nor the most intelligent,

it is the one that is most adaptable to change 

- Charles Darwin

Have you been paying off your loans? Have the cost of wages and inflation and other pressures driven down your profit so that you pay yourself less or the same amount each year? Are your loans increasing? Have you resoted to Credit Cards. What is the value of your Business? If you sold right now could you pay out the loans? Is yours an Investment or a liability.

Things to consider when looking at Loans.

1. Interest Rates, early repayment fees, monthly/yearly Loans charges
2. Maximum amount they will loan and type of loans with various Lenders
3. Is there a bank that allows you to have separate Business Loans that can be at the same interest rates as your home and investment loans?

Have you made a plan to determine the best way forward for your Retirement Plan?