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Four Pointed Sucess

July 11, 2011 by Leave a Comment
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The current economic climate has created a difficult environment for many business owners. With so many obstacles, business development seems all but impossible, especially for the smaller businesses in the United States. There are ways you can restructure your company in order to continue to grow, or at least maintain, your business, even during this difficult time.

Start by leveling with your customers. Remember that just as you and your colleges are concerned about how the economy will impact your business, so too are your clients. Set yourself the task of answering some of the anxiety created by the current economic crisis. Follow four steps to help develop a plan that will allow you to remain anxiety free while still addressing the needs of your customers.

  1. Evaluate: Take a good hard look at what your competition is doing to answer the problems created by the economy. Identify their strengths and their weaknesses and use the information to develop a strategy of your own.
  2. Renegotiate: During flush times you are unlikely to look at the fine print regarding vendors and financing. Take a close look at pricing structures with all of your vendors. If you work with banks, be sure to work closely with them as well, especially if you are at risk of missing payment.
  3. Market: You must change they way you market your business. Work towards developing a functional plan that will provide you with greater control and predictable results.
  4. Choices: As you work through the process, you will be presented with a number of choices – don’t be afraid of them. Business direction, pricing structures, and even product shifts may become necessary.
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Coogi’s Fashion Designer

April 20, 2011 by Leave a Comment

Coogi is an Australian brand known for its colorful knitwear. It was founded and first launched with the name Cuggi in Melbourne, Australia and the label was later renamed in 1987 to sound more like an Australian brand. The business had continued to grow to its success because of its fashion forward styles, which are also comfortable to wear. Many people acknowledged their products.

However in early 2000, Coogi struggles financially and had only been able to redeem itself when it was acquired by Coogi Partners LLC in 2002 with the help of Jimmy Khezri, he took Coogi into the direction of hip-hop and urban lifestyle. In Coogi’s rebirth, the brand took the risk into bringing casual and urban style into their products and as of today Coogi’s now catering wide range of t-shirts, jeans, and jackets aside from their traditional trademark knitwear. The brand has a unique sense of style with its bold colors and unique and vivacious patterns and lavish designs they made it very easy for the buyers to know who they are. Coogi has been running for three decades now, the products are sold at a very low cost, considering the very good quality it gives, anyone who buys it will definitely love it.

The popularity of the brand expanded in Europe before they made it in the New York fashion scene. Coogi Clothing are now quickly becoming collector’s items because of the highly distinctive expression which still reflects the modern lifestyle and fashion and because of the designer’s unique expertise in playing with the textures and colors and fabrics.

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Men, Women Differ on Financial Concern, But Not Much

February 23, 2011 by Leave a Comment
The Wealth Management Unit of PNC Financial Services Group conducted a survey that found men and women differ some on the way they view the impact of the recession on their finances. They didn’t mention how many people were surveyed, and that could have a great deal to do with how to view the results. However, here are the figures they provided.
  • 42% of women and 37% of men say they are using a lot more caution when planning financial affairs.
  • 57% of men and 45% of women said there were no changes for them financially.
  • As far as the degree of financial distress felt by each, women prevailed with 71% and men 61%.
  • Worry about inflation has 53% of women and 51% of men.
  • Worry about money to support their life as they live it has 41% of women and 41% of men.
  • Not being able to continue lifestyle in retirement concerns 35% of women and 36% of men.
  • Declining real estate values bother 49% of women and 52% of men.
Financial agreement should be a priority between couples, and decisions shared make for less stress. Spouses must agree on financial savings and spending because it can be a rude awakening if they don’t agree and then cross financial paths. Open communication is the answer.
The survey also tracked other findings:
  • 72% of women and 34% of men say they share money responsibility equally.
  • 63% of men and 20% of women say they are solely responsible for household finances.
  • 36% of women and 63% of men expressed satisfaction from wealth accrual.
  • 69% of mothers and 61% of fathers agree the recession will change the way finances are taken care of in their children’s lives.
  • In Florida just over 50% of parents have talked with their children about money.
  • 69% of mothers and 69% of fathers think their kids lives will be much harder financially.
Filed Under: Economic Development, Finance Tagged With: , , , ,

Bahrain is Where the Money Is; Big Thanks to NAC

February 10, 2011 by Leave a Comment
The National Action Charter (NAC) has kicked off the Bahrain economy in a big way. Their gross domestic product was $8.6 billion in 2000 and it’s jumped way up to $29.8 billion last year, according to Dr. Yousef Mashal, chairman of Bahrain Export Development Society. Net growth has risen in the last decade to 6.3%, compared to 4% the year before, but it was predicted to be as high as 7.5%, but the world economy slowed it down.
Also a result of actions taken by the NAC, industrial production had risen from 3.4% in 2000 to 6.9% in 2010. All of this is a good sign that Bahrain’s economy is gaining in strength every day.
Bahrain’s exports went from $3.3 billion in 2000 to $15.5 billion last year, and imports have just as impressive a story. Imports went from $3.5 billion in 2000 to $14.25 billion last year. This country is not having any problems in the financial area.
Bahrain: A Growing, Thriving Business Hub

Dr. Mashal said because of the NAC and the reforms Bahrain is once again looking good to the business world. In 2000 their imports were more than their exports, but as time went on they grew and now they have a trade surplus. Bahrain has grown to the 75th place country in the world of trade. The NAC turned it into a country with a sturdy financial environment
Dr. Mashal adds that Bahrain now has a more liberal economy. He claims it’s value-oriented, the people have 100% ownership in businesses and real estate, it’s competitive and has an easily convertible currency. Bahrain is now the most reputable business hub in the Gulf. He also claims that his country has the most mature administrative infrastructure, which added to the peace of mind and security business people can find there.
Investors can see that Bahrain is a transparent country that’s growing into one that has economic growth potential. He continues that investors can see a country that has a courageous and determined leader who is forward-thinking and has a vision for the next generations.
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Alabama to Realign Funds for State’s Employment Agencies

February 1, 2011 by Leave a Comment
The lead job-hunting agencies in Alabama announced a new plan to restructure the state’s economic development so by spring of this year they’ll be ready with a statewide business incubation program recommended by Gov. Robert Bentley. It’s believed to be the only way the state’s going to get through this recession without hurting too much.
Bill Taylor, CEO of Economic Development Partnership of Alabama, made an announcement about the rearrangement at the winter conference of the Economic Development Association of Alabama.  He said progress is moving right along to align Alabama’s public and private resources so all can operate more efficiently, considering current financial restraints.
People expect the move will kick-start a new chamber of commerce and a joint venture between Alabama Development Office (a state agency) and EDPA, which is a private organization. Taylor said the plan will alter all economic development resources and the state will come out with clearer roles and less waste and duplication.
Realignment Plan Will Create Jobs for Alabama

The plan includes better use of current resources and making them into more useful systems so the state can meet the needs of the businesses and decrease the impact of budge cuts. They’ll be more prudent in using the money for economic development and motivation.
The incentives money is down drastically but that’s not a pool from the state’s budget and has no danger of being cut. But, every agency in Alabama may well find themselves trying to operate on a budget that’s been cut to less than half of what it was 2 years ago. It would behoove them to begin the effort now to change their practices so they’re beneficial across the board.
Seth Hammett, director of the Alabama Development Office, said that alignment will offset the new cuts as they come, and that the city needs to look at consolidation and partnerships and innovative thinking that’s good for the city.
Filed Under: Economic Development, Finance Tagged With: , , , ,

Qualifying For The Loan

January 30, 2011 by Leave a Comment

If you have been in business a long time, you have probably made it a priority to keep your credit good.  All businesses have those times when things are not going so well and you are spending money you do not have.  If you have been diligent in your business practices, you have had a tight hand on the purse strings.  Managing your money and keeping your good credit have never been so important as during a recession.

When there is a lot of money to go around and job security is high, it is a lot easier for a bank or loan company to loosen the purse strings and let a small blip in the credit report go.  This is not so easy to do during a recession, when every dollar needs to be accounted for and there is not a lot of cash flow to help everyone out.  More and more banks are requiring higher credit scores and more perfect credit histories in order to secure a loan.  If your credit score is not where it should be, start doing things to increase it.  Get in touch with anyone who you owe money to and work out payment plans, and stick to them.  It may take some time, but keeping your credit score respectable will be very important in the event you need to take a loan.

There are now websites that track your credit scores.  They will notify you when something negative comes up on your credit report, for a small fee of course.  If this happens and it is your fault, try to fix it in the most timely manner.  If it is not your fault, call the credit companies and find out what is going on.  It may be something as simple as a computer error or as complicated as identity theft.  Protect your good name.

Filed Under: Economic Development, Finance Tagged With: , , ,

Economic Challenges

January 22, 2011 by Leave a Comment

The business that survives the economic challenge of the recession is a rarity.  Many, many businesses go under during difficult financial times.  The challenges are too severe, and they buckle under the pressure of having to keep their customers satisfied at times when they have no money or cash flow to keep them afloat.  Keeping a level head and weathering the recession is difficult at best, challenging to say the least.  Trying to balance keeping the employees happy in times when you may have had to cut benefits, take away overtime and suspend time off, as well as convince the staff to continue to produce the same quality service or product is difficult.  Keeping your staff and employees informed of what is going on and what you are doing to address each issue as it occurs will keep anyone from feeling as though they are being pushed out or taken advantage of.

The money and cash flow is a different story.  You will find you are more creative than you thought.  You will come up with ways to keep the product coming.  Challenge your employees at this time.  Make them aware that new ways need to be found to keep the product moving and the money flowing.  Ask for their help and let them know that this is for their own good too.  If the business can stay profitable you will not have to resort to more cut backs or even lay offs.  Most employees are more than willing to pitch in when needed.  It is to their benefit as well.  You will find that it is just as important to them as it is to you, to have your business making money.

When you and your employees come together for the cause of keeping your business open and running smoothly, you will be surprised how resourceful you all can be.

Filed Under: Economic Development Tagged With: ,

What The Recession Leaves Behind

January 9, 2011 by Leave a Comment

In times of recession, almost everyone is affected, from the poorest to the richest, from the most successful business, to the mom and pop corner store.  The wealthy are not making money hand over fist like they had been and the poor can barely make ends meet.  The successful business will see a lull in profit margins and the mom and pop corner store may be strained to the point of needing to close its doors.  Everyone feels the crunch of a recession.  Sometimes during a recession it is difficult to see the end of the tunnel.  Businesses are so busy just trying to find creative ways to stay open, that in itself becomes the full time job.

While this sounds bleak, the good news is that recessions do eventually turn around and the country and the business world begin to prosper again.  The fat days are ahead.  What comes out of a recession can be both good and bad.  There will be many businesses who will not survive.  There may be businesses that survive, yet are literally back to just starting out again.  There are those businesses who were able to weather the recession and are finding that the profit margins are just beginning to creep up.

The good to come out of recession is that every business and every consumer learns something.  Many amazing new ideas have come out of the recession.  When you have to find a new way to do things, the new way may actually be better than anything you were doing before, hence during the recession, you have found a better way to do business.  The consumer will then profit from this, as a better way usually means a more efficient product at a better price.  Learning a better or more efficient way to do something is never a bad thing, even if it comes out of the most difficult of times.

Filed Under: Economic Development, Recession Tagged With: , , , ,

Working Through Recession

January 6, 2011 by Leave a Comment

Times are tough and money is tight these days.  Not for a long time has our country been in such a predicament.  Ask anyone who lived through the Great Depression.  It was not easy, and it was not fun, but we survived.  Many woman found amazing different ways to cook the same bag of potatoes, as it was the economical thing to do at the time.  We can learn something from those who survived such times.  There are ways to make it through.

Obviously the reckless spending has to stop.  Every dollar counts, and we need to tighten our belts until we are out of breath.  We have cut the corners until the shape is more round than square.  The best thing to do is to figure out how you can cut back without sacrificing quality of your product or service, and without having to make the people who work for you suffer too badly.  If you have run your business successfully up until now, you probably have made provisions for times like these.  Hopefully you have put that nest egg away for a rainy day, you might just need it.

The best way to ensure your solidarity during these times is to have planned well before hand.  If you do not have enough surplus, either in money, goods and services, you may need to take a loan to get you through.  Keeping your credit as close to A+ as possible will be important during these times.  Forging relationships with people and businesses who can help you during these times is a very important part of keeping your business afloat during rough times.  This way if you have to take a loan to pay those salaries or buy more goods, or for upkeep of your services, you will be able to do that.  Hopefully, your business will be flourishing very soon and you can get ready for the next rainy day.

Filed Under: Economic Development, Recession Tagged With: , , , , ,

Obtaining Start Up Capital is Impossible

December 28, 2010 by Leave a Comment

Obtaining Start Up Capital is Impossible

If you are looking for financing for a new business you may have been told that it isn’t possible in the current economy. While it is true that lenders are being especially careful about how they lend money and who they lend it to, it is not completely impossible to get a business start up loan. Some of the keys to your success are the basics such as good credit scores and evidence of being able to handle finances in a mature way. However, even those individuals with good credit will be faced with a challenge when looking for start up capital. You will need to be prepared to explain your business ideas to potential lenders. This means you need to understand your business inside and out and explain this to the lenders. You must show that you have a firm grasp on how your business fits into the market as it stands now and that you know your target market and their needs and spending habits.

A business plan is the best way for you to gain the confidence of potential lenders. This is where you can outline your business and help them to see your vision the way you do. It will also show how your business will profit and what lengths you will be going to do accomplish creating a business that fits into the current economy and fits a need for consumers. If you are able to show lenders that you can take care of finances, have a strong business model that works with the current economy and fills a need you are more likely to walk away with the capital that you need to get started in your business venture. You will also have the backup that you need to help your business last through the rough times and its start up.

Filed Under: Business, Economic Development Tagged With: , , ,
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