How to Turn a Financial Crisis into a Great Opportunity

A large percentage of people do not have adequate money to make ends meet. In fact, they are left with less to invest in their future. When you take this into account plus recent job losses, you will have a recipe for a serious financial crisis. To get an opportunity amidst your financial woes, you will have to think about your situation in a unique way. EMMA can help you get out of debt. The following are keys to help you see the financial crisis from another perspective:

Accept personal responsibility

personal responsibility finance 5r2aNo matter the cause of the crisis, you need to accept the responsibility for it. As they say, you cannot change what you do not accept. Although external situations can cause extra hardships, you can take control of the fact that you have a solution in your hands. A person who is personally responsible does not feel cheated, defeated, or scammed. This is because they take each situation as the learning opportunity. You should become solution oriented and avoid spending time thinking about things which cannot change your circumstances.

Do not rely on others

After deciding that you should not rely on other people to improve your financial well-being, you will not accept less than what you deserve. When you keep on waiting, you forsake the opportunity to earn more.

Know that there is no secret formula

A secret formula is simply lottery mentality. A lot of people keep on waiting for a single opportunity that will make them financially independent. The best moment of growth is when you realize that you can be successful just like others. You do not need to be privileged to get money. Most successful people are those that are willing and ready to do some things which others are not ready to do. You should note that financial independence comes at a cost. You need to pay for everything. Ensure you have the discipline to delay your instant gratification to make sacrifices with your effort and time until you attain the goals.financial formula 6t5

Grow financially

Most people get to their destinations by sleeping on the wheel, not by intention but accident. Your mindset about money influences each financial decision you make. Thus, you should use the crisis as an opportunity to understand how your thinking differs from those who are successful.

It is a good idea to invest in yourself. This is necessary if you want to break the past. It does pay to invest in yourself. For instance, you should start a business. Always start small, and you will achieve success over time.…

Reasons Why You Need to Use a Social Media Management Tool

Social media is a very important in marketing and offering customer services for any business. In fact, several business strategies have had to change in order to accommodate the use of social media as a marketing tool. Sometimes managing your social media page, can be hectic because it is time-consuming.Fortunately, there are tools that can help you to manage your social media page, whether it is personal or it is for your business.

Though you might recognize the need for a social media management tool, do you know what you should be looking for? For example, what’s the point of having one and how can it assist you in creating a competitive advantage? Here are reasons why you need to use a social media management tool for your business. You can also have a look on my thoughts on Viraltag to learn more.

Creating Social Engagement

It is through social media that your customers will reach out to your business. It is through social media that your customers can give you feedback about your services. By having a social media management tool, you will be able to respond to your customer’s questions. This will show them that you care about them. You will thus find yourself with loyal customers.

Managing Multiple Pages

Sometimes for your business to realize its potential, you will have to rely on several social profiles. Managing these profiles manually can be so difficult. By using social media tools, you will be able to aggregate all the messages sent to your different profile into one spot. You won’t have to constantly juggle accounts. You will thus save a lot of time and effort.

Manages Customer Relationships

Every customer usually wants to be treated in a unique way. Social media tools will let you track every conversation that you have with your customers. This will enable you to personalize every experience. Your customers will thus feel special.

Streamlining Team Collaboration

If you have a large social media account with a lot of customers, you will need a team to help you out. However, things can get a bit confusing for your team as messages can slip through the loopholes. Your team can also find themselves answering the same questions. Management tools will allow you to have a shared inbox that you can work with.

Monitors Relevant Keywords

Customers will complain or praise your business through your social media pages. Since you would want to respond to all your customer’s complaints, you need a tool that will monitor relevant keywords in every sentence. Social media management tools will do that for you. This will help you to respond to crucial queries from your customers.…

How you can get a loan with bad credit

We have all experienced financial strains at one point in life. There are instances where you need money but lack the required amount to serve the purpose you want. You may need money to start up your business. One may have a perfect business plan but lack the right capital to implement it. You may also experience emergencies that require money. One may fall ill abruptly or may need cash to pay bills. Getting that cash may not be easy because you may struggle to find someone to lend you. You need not to worry because there are institutions that can lend you money. There are banks and online lenders that give cash under specific terms of agreement.

One is required to pay back with a specific amount of interest failure to which you will be penalized. Qualifying for002 another one can be hard although there are instances you can get bad credit loans. Bad credit refers to your poor loan repayment records. Your borrowing and repayment history is collected by companies referred to as credit bureaus which will give you a score depending on how you pay back loans. They can also blacklist you which will make you ineligible to borrow or get money from some lenders. You should make a follow up on your finances to know your credit ratings. There are alternatives you can consider if you are denied loan because of poor credit history. They include.

 

Borrowing those close to you

Those who are close to you can be your rescue boat in situations where you cannot borrow. Your family and friends can be your best source of money. A family loan can be of benefit to everyone involved.  You need to treat it as a serious loan by sticking to the terms you agree on its repayment.

 

Online personal loans

003You can try several online avenues and see if you will qualify for one. The evolution of technology has seen the emergence of online lending institutions. They do work fast, and most of them do not link up with the credit bureau to check your eligibility. All you need to do is fill their loan applications. The key things they consider is your employment status and level of education.

 

Use a Co-signer

At times you may find people who are not willing to give you money including those close to you. One can get a person with proper credit to co-sign a loan with them. Get someone who understands your situation. Failing to repay your loan, means a specific institution will go for whoever co-signed with you.…

Factors to consider when choosing a source of finance

Deciding on where you will get funding for your business can be an arduous task that takes a lot of time. This is because there aren’t so many sources of finance available. Each source has different criteria and implication on your business. It is imperative first to take a look at the benefits as well as the costs to help you decide which source of funding is suitable for you and your business. Below are the factors to consider when choosing a source of finance.

The risk

I put this as the first point because I feel it is the most important factor that you should consider whenever you choose a source of funding. Try and imagine what would happen if you are unable to pay back this money. If you take a loan from a bank, look at the implications that they have should you become incapable of paying the loan or if the business fails. If you are thinking of borrowing from family or friends, take a look at what will happen to your relationship if it gets to a point where you can’t pay back.

The costs

The cost of finance is a huge factor to consider when determining the source of finance. This is because you want to minimize your costs as you maximize on wealth. Will your cost of equity increase if you increase your borrowing? If shareholders see the borrowing as something that is steering you towards bankruptcy, then they may want something more to compensate the risk. Understand also that there are so many costs involved in borrowing such as the fee for the broker or interest rates. Consider all this before you arrive at a decision.

Amount needed

An important factor to consider is the amount required by the business. Some sources are not good for a large amount of money. Bank overdrafts, for example, have set limits to the amount of money that you can withdraw. Some sources also are not suitable if the amount of money you are raising is small.

The purpose

What kind of project is this money going into? This is one of the most important things to consider. A capital expenditure will require a long-term source of finding. A revenue expenditure, on the other hand, will require short-term sources. An example of a capital expenditure is building a factory. Payment people on the supply chain is a revenue expenditure.

 …

Factors to consider when pricing your products

Various pricing strategies are incorporated in determining the price of a product. Choosing a suitable pricing strategy can be quite tasking because there is a lot that is involved in ensuring that that is the perfect price. There are four important considerations you should look at to help you rice your products.

The costs

In any good business, the costs should be covered by the revenue that will be generated. You want to make sure that this revenue is enough. You need to ask yourself how much costs you have incurred in manufacturing your product all the way to when it is consumed. Find out the exact costs. Factor in all aspects. Look at the labor, the cost of the raw material, how much was used in assembling the product? When you can tell the costs involved in a single product, then you are at a place where you know the kind of revenue that you will have to generate if you want to cover these costs comfortably.

The customers

You need to understand your customer’s financial abilities as well as their traits and their preferences. The kind of lifestyle that your customers live is an excellent pointer. It should help you decide the kind of pricing technique that you will use in pricing your products. If you have a product that does not have any close substitutes and is an absolute necessity, then a higher price will not make much of a difference because your products will still be bought.

Competition

This is one of the biggest pointers in determining the strategy that you will use to price your products. Find out if you have competitors who are offering close substitutes. Take a look at the quality of their products and their prices as well. You might set your prices high or low. Whichever the case, you still want to make sure the price says something about the quality of your products.

Economics of units

An important factor to consider is that the price that you set has to enable the business to make some profit. If you are not making profits, then it doesn’t matter how happy every department is. You might decide on a lower price which generally will increase your sales. The demand for your products will significantly rise but even in all this, if the set price is not putting your business in a position to make a profit then its all in vain.…

Hartford Courant Alumni Association and Refugee Camp | Where The Latest On Former Hartford Courant Employees Can Be Found

Even Non-Profits Are Not Profiting

0 | February 7th, 2009 | Posted in News
Gary Duchane, former Courant.com editor, reports that the St. Petersburg Times, his current employer, has stopped contributing to employees’ 401k plans. It’s a cost-saving measure.

The outfit is also trying to sell Congressional Quarterly to raise money and reduce debt, Gary says.

I sure hope Fox News doesn’t buy it.

The Courant As Metaphor

0 | February 6th, 2009 | Posted in News
The Hartford Courant becomes the metaphor for all struggling papers in single-paper cities in this NPR piece. Cliff ducks the press. Dick Blumenthal sticks up for the paper. Paz waxes sentimental. (Check out the audio.)

Part 1. Part 2. (about non-profit journalism)

Katie And The Credit Default Swap

0 | February 6th, 2009 | Posted in Members
Katie Melone has landed a new, if temporary job in the Big Apple.

Here’s what she has to report:

 

I’ve landed, but not permanently. It’s a contract position. I’m working on a new show at WNET (PBS in NYC) called “It’s the Economy, NY!” — a 7-part weekly series on how the financial crisis is affecting the New York area. So I have a job only as long as the show exists, and it’s slated to stop production at the end of February. But, there’s word it will get extended, which would be nice. (The show was recently mentioned in a story on WNET in the NY Times, so I was psyched!)

It’s been interesting so far, and I’ve learned a lot about the financial services world — I now know what a credit default swap is and I never would’ve probably wanted to try to wrap my mind around something like that in my past life.

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