Business Loan Options Blog

During the years of financial crisis that we recently experienced, the government loaned money to the banks to help them stay afloat after devastating losses.  Some of those banks returned the money very quickly in order to get around the pay and incentive restrictions imposed by the government to those who had borrowed. Although not necessarily back on track, they felt that they needed to lift these restrictions as soon as possible to get back to business.

Although cautioned against it by the FDIC and the Federal Reserve Board, Citigroup, PNC, Wells Fargo and Bank of America all lobbied to be let out of the program in early 2009. It was in their best interest to solidify their assets first, but they knew if they took too long, they would lose money in pay, bonuses and incentives. They took the greedy road and forced the government to bow to their pressure. Read the rest of this entry »

Small business owners need to know how to effectively multi-task. Not only are they in charge of the major aspects of their business, they often have to take care of even the smallest of details. This can be very difficult and there are aspects that may get ignored. This neglect can be preventing you from getting the sales you really need for survival.

One aspect of the business that is often neglected is the marketing plan. Most business owners spend long periods of time getting it ready and launching it, but do not often make adjustments when necessary. This neglect can be deadly as the world changes all the time and your marketing efforts need to be adjusted often. Read the rest of this entry »

Postal workers are in fear of losing their jobs. There is a serious deficit in the Postal Service that needs to be addressed, but lawmakers and employees have differing views on how to take care of the problem. Although the deficit stands at about $20 billion, there are easier ways than the ones that are being proposed to fix that according to postal workers.

They are asking the government to take a look at the pension funding that is occurring now. They claim that the money that is being diverted to pension funds can be used to take care of this deficit. They believe the problem lies within the business organization of the Postal Service rather than the overall revenue, which is sufficient. Read the rest of this entry »

Any business can benefit from using social media, not just for simple communication, but for engaging customers and getting new business. Telling your story can sway customers to buy your goods or services. A good story is endearing and may help them relate to you and what you are trying to accomplish as a business owner.

Every business has a story and whether you consider it interesting or not is irrelevant, someone may be drawn to it and end up a lifelong customer. There are ways to utilize social media in this way and gain more customers through little effort. Read the rest of this entry »

State budgets are stretched very tight. Many states are having trouble paying their debts and end up with huge deficits. California has been in the news over the years, but now the state of Washington is having very similar difficulties running in the black. They will need to make changes to keep up.

The main function of government is law enforcement and to keep services available for those that need them. The poor and elderly should be taken care of in their communities, so the fact that they have to cut such programs is a shame. Some of the problems they are experiencing now are a result of past measures that simply don’t work now. Read the rest of this entry »

The untimely departure of Sallie Krawcheck and the firing of Carol Bartz shed a light on a bigger problem that exists in the business world. Too few women leaders show us a lopsided view of the business world. Through the years, men dominated that arena, and things were starting to look up recently, but there is an absence of women in high-profile leadership roles.

Women only account for about 14 percent of the executives and that number is stagnant. More women are receiving college degrees than ever before, but they are poorly represented in the top tiers of businesses. This issue is often ignored as some people like it the way it is and are resistant to change, regardless of the benefit. Read the rest of this entry »

Most business owners target their marketing efforts toward gaining new customers. While that is always a good thing, they must remember that their current customers have the choice to shop elsewhere. This is a phenomenon that is seen in many sectors and needs to be addressed by businesses when considering the implementation of a new marketing approach.

Your current customers mean a lot to your business and they must not be ignored. For instance, cell phone companies have traditionally offered new customers great incentives for signing up, but have sometimes ignored their current customers. Many flock to other companies as they can get that new customer discount. This is just one example of what happens to businesses that decide to shift their focus in this manner. Read the rest of this entry »

Small business owners are not happy with Obama. They feel that the jobs proposal that he has created doesn’t do enough to help them for the long haul. Sixty-seven percent of small business owners that were polled are dissatisfied overall and feel that the government is just not doing enough to jumpstart the economy and create jobs.

The owners of small businesses are most concerned about job creation. They want to be able to add jobs, but with the economy is such poor shape, they will find it hard to financially support any more jobs. In the first part of the year, they were more concerned about the ramifications of the new healthcare plan instituted by Obama, but now they are concentrating on the economy. Once the economy is “fixed” they can start adding jobs. Read the rest of this entry »

The misclassification of workers has always been a problem. The Labor Department is working with some states to make sure that all workers are classified correctly. Whether you are exempt or non-exempt plays an important role in how you are paid. If a worker is misclassified, that could lead to problems down the road for employers.

The Labor Department is working in conjunction with the Internal Revenue Service and will share information with them and nine states to crack down on these mistakes. The tax losses can be extraordinary if workers are misclassified, so the crackdown may correct the issues and clear up any discrepancies that may exist. The nine states cooperating in this action are Maryland, Connecticut, Missouri, Minnesota, Montana, Utah, Hawaii and Washington. New York has made plans to cooperate in the very near future.

Here are some tips to make sure you are in compliance as a business owner:

1. Conduct an Internal Audit

Audit your company to see who may be misclassified. If you beat the Labor Department to the punch, you may be able to correct any issues before they come in and take a look. The Labor Department classifies employees by the job description, so don’t assume anything. And make sure you’re hiring the right people for the right jobs in the first place.

2. Cut Overtime

Let non-exempt employees know they may not work overtime. Pay them for any overtime they have performed, but take action if they continue to do so after being told not to. Communication is important, so talk to them and make your requests clear so that no misunderstandings happen in the future.

3. Start a Complaint Investigation

Promptly investigate any complaints that come across your desk while contacting a lawyer on the matter. Taking care of the problem swiftly can help the situation immensely. Look at job descriptions and review the Labor Department guidelines thoroughly. Notify your employees of the final results to help them understand their status as well.

Do you have any horror (or hero) stories to share? Let us know in the comments!

Greece’s default fears have led to a world stocks drop as well as a weakening of the euro. Investors have feared this default, but had not reacted until now as they had hoped it would be avoided with some help.

Athens must implement austerity methods in order to save the country from default and to appease its international lenders who are demanding that action be taken now. In order to get the 8 billion euro it needs, Greece must improve its tax collection measures and cut its public sector down to eliminate waste. Read the rest of this entry »