Tuesday, August 9, 2016
HOW TO SELL YOUR PROPERTY FASTER IN A SLOW MARKET
ABIODUN DOHERTY :
A slow market is a market where it takes longer time than usual to sell or rent a property. Most real estate agents or investors have a general idea of the time that it takes to sell or rent a property in their primary area of operation. The real estate market operates with an economic, social and political context and all these factors have a way of determining whether the market is slow or fast. When the economy of a country is experiencing a boom time, the flow of money in the economy impacts positively on the real estate sector. Properties for sale get sold quickly because several individuals and organisations have disposable or investable funds.
The policy of the government could trigger a sectoal boom time within the proper context. During economic boom time, several companies embark on significant expansion drive in order to benefit maximally from the growth. They also employ more workers and increase the wages of their skilled workers or managers. Commercial properties in the market get taken up very quickly and new ones are built by developers to meet the rising need. All the above trends are reversed in a slow market and vacancy ratios increase significantly as companies close branches or cease operation.
A slow market can also occur in the midst of a boom time as a result of several factors. During a boom time, informed investors will still not buy a property with a ridiculous price tag. A ridiculous price tag is one that is significantly higher than the price of comparable or better properties and has no distinct advantage to justify the difference. Investors and real estate agents will often bypass such properties and once there is a negative perception about a property, it could be in the market on offer for several months or years.
Real estate investors and agents have a general idea of when a property market is experiencing a boom or is slow. If the usual experience of those operating in a market is that most properties for sale get sold within three to six months of their debut in the market, any property that is staying far longer in the market is evaluated as a slow market. While there is very little that you can do about the overall political, economic and social climate, there is a few things you can do about the property that you want to sell.
One of the smart things to keep in mind is that you need to know enough to recognise and act on good advice. If you have a knowledgeable and trusted real estate consultant, you should pay careful attention to their counsel. More often than not when the market begins to slow down, those in the industry are among the first to sense the change of direction. Often, these property professionals find it difficult to convince their clients to lower their prices a little in order to get out of the market on time. In a slow market, those who have cash at hand have serious negotiating edge. It is better to get a good value for your property rather than be forced to sell or wait out the slow time.
Even in a slow market, a little but noticeable drop in price could be all that you need to get your property sold faster than your neighbours. It is amusing to find individuals insisting on a certain amount for their property based solely on the fact that their neighbour sold his property for a big sum without regard to the context of the sale. If you are keen to sell your property in a slow time, the starting point is flexibility with your sale price.
In addition, you can increase your chances of selling your property faster by agreeing to flexible payment terms that is in sync with your financial need or plan. The way I see it, if you have an interested buyer who is able to pay in two or three installments and who is prepared to enter into a contract of sale that does not confer title or possession or both until after the payment of the last and final installment, the seller has nothing to lose. The deposit could serve some very good purpose in your hands and in any case the property might be in the market unsold without any income from it for the same period you have given the seller to pay the balance.
The critical issue in a slow market is the availability of cash and whatever arrangement makes it cheaper or easier for people to buy a property is bound to attract greater interest rather than a rigid approach to the market.
Monday, July 26, 2010
HOW TO EXPAND YOUR BUSINESS
Deolu Akinyemi.
This was the topic of my presentation to an exciting group of entrepreneurs earlier today. Think about this topic and the things I shared with them, I realize this information would be useful to a lot of people. Some of those people are reading this directly, and some others need to refer people to this link so that they can come and read as well. In the next few days, I have a few “How to’s” in my mind to share. These are really easy things that if you know and practice can make a lot of difference in your business and in your life.
The first ground rule however, if you truly want to learn, is to first empty your cup. You will not learn anything new, if you assume you already know. Knowledge or the assumption of it, is the greatest hindrance to more knowledge. As teacher students – the most excellent type of student, the one that listens to become a teacher, we must constantly humble ourselves and learn. We must not let knowledge puff us up and make us resistant to new information. The day the seal of knowledge locks our ears, is the day we become useless and irrelevant to new possibilities around us. 20yrs experience as an employee does not equate to years of experience running a business. Sometimes the way up, is down. Never let any level of knowledge rob you of what you don’t know. There is no fool, like an old fool. Once you have laid aside your prejudices, let’s delve into how you can expand your business.
At the heart of every business is the exchange of value for revenue. Every business sells, either a product, a service, an experience or whatever. At the other side of every seller is a buyer. Business growth and expansion invariably is connected with increased profit. With these realizations clear, there is a simple formula that shows clearly how businesses function and how they can be made to grow.
No of Leads X Leads Conversion = Customers
Customers X Number of Transactions X Price Per Sale = Total Revenue
Total Revenue X Margins = Profit.
People get into business for various reasons, but the lifeblood of any business is profit. Profit is what makes a business able to continue and last. It’s like breath, we don’t live to breathe, but if we cannot breathe, we are not living for anything. Profit is the lifeblood of business, it’s the attribute that makes you able to continue to pursue all the other grandiose possibilities. It’s the bottom line. To keep our business growing and sustainable, there are 4 key factors we must pay attention to.
1. Generating Leads
Leads are the raw materials customers are made from. You can’t have more customers than the leads you are generating. Your leads are the people who indicated some level of interest in your business. They are the people who strolled into your shop to ask for your product on display. They are the people who responded to your advert or your promotion. They are interested buyers. If your business ever grows, it’s because you were able to generate in 4 key segments of your business. The first and foundational place is generating leads.
Do you measure your leads? Do you know how many leads you generate daily, weekly, monthly? How many people’s interests or curiosities are you steering towards your product? Do you have any lead generation strategies? Why will anybody be interested in your product? Are you running any promotions? Any adverts? Don’t be giving your smiles in the dark, create awareness for your product and generate leads. There are many ways to generate leads, many really cheap ways. I can offer you personalized support.
2. Sales/Conversion
After you have ensured that the leads keep rolling in, the next real challenge is conversion. This is where the concept of law of averages matters. Every human being starts out in life with a particular average. Your average is the number of people you need to wade through to get a yes. When we start out, it’s small and worrisome, but as we understand the terrain and sharpen our skills, or averages rise. If 100 leads come in monthly and you are able to convert 10, your average is 1/10. Once your leads are coming as you plan, you need to ensure that you develop your average. Invest time in understanding the needs and requirements of a buyer and make use of it.
Sales conversion is a big topic on it’s own. It’s something you need to learn and develop more. It all starts with knowing that this is a crucial factor and measuring progress as you progress. Conversion is where the efforts in lead generation are seen to be worth it.
3. Customer Retention
After I buy from you, if I buy from you :) what in your business will make me come back? How do you ensure I come back? Organizations are perfectly designed for the results they achieve. If there is no advantage to coming back, it means the business owner has designed the business for people not to come back. If you want to expand your business, you need to have customer retention strategies. Offer discounts on repeat purchases, give gift vouchers when people buy certain quantities, create an environment people want to come back to.
Retained Customers are your biggest assets. Let your design show that you value repeat business. Loyalty programs e.t.c.
4. Referrals.
It is interesting how this very wonderful concept which is critical to the success of many greats before now, can be so miss understood. The highest level your business can go is not only if you retain customers, but for your customers to become advocates and champions of your products.
In the account of one of the greatest sales men the world has ever seen that I read, his secret of success was simply giving flowers and recognition to customers when they give him a referrals. The little things count. Find a way of ensuring that people who experience you find it exciting to tell someone else about it. This singular concept is why Network Marketing is becoming a global phenomenum with unthinkable wealthy men and systems patronizing it. Referrals are good, and you’ll be surprised by how much more your business will grow if you empower people to promote our business to others.
If you are keen on expanding your business focus on any or all of these 4 areas. I wish you an expanded business!
This was the topic of my presentation to an exciting group of entrepreneurs earlier today. Think about this topic and the things I shared with them, I realize this information would be useful to a lot of people. Some of those people are reading this directly, and some others need to refer people to this link so that they can come and read as well. In the next few days, I have a few “How to’s” in my mind to share. These are really easy things that if you know and practice can make a lot of difference in your business and in your life.
The first ground rule however, if you truly want to learn, is to first empty your cup. You will not learn anything new, if you assume you already know. Knowledge or the assumption of it, is the greatest hindrance to more knowledge. As teacher students – the most excellent type of student, the one that listens to become a teacher, we must constantly humble ourselves and learn. We must not let knowledge puff us up and make us resistant to new information. The day the seal of knowledge locks our ears, is the day we become useless and irrelevant to new possibilities around us. 20yrs experience as an employee does not equate to years of experience running a business. Sometimes the way up, is down. Never let any level of knowledge rob you of what you don’t know. There is no fool, like an old fool. Once you have laid aside your prejudices, let’s delve into how you can expand your business.
At the heart of every business is the exchange of value for revenue. Every business sells, either a product, a service, an experience or whatever. At the other side of every seller is a buyer. Business growth and expansion invariably is connected with increased profit. With these realizations clear, there is a simple formula that shows clearly how businesses function and how they can be made to grow.
No of Leads X Leads Conversion = Customers
Customers X Number of Transactions X Price Per Sale = Total Revenue
Total Revenue X Margins = Profit.
People get into business for various reasons, but the lifeblood of any business is profit. Profit is what makes a business able to continue and last. It’s like breath, we don’t live to breathe, but if we cannot breathe, we are not living for anything. Profit is the lifeblood of business, it’s the attribute that makes you able to continue to pursue all the other grandiose possibilities. It’s the bottom line. To keep our business growing and sustainable, there are 4 key factors we must pay attention to.
1. Generating Leads
Leads are the raw materials customers are made from. You can’t have more customers than the leads you are generating. Your leads are the people who indicated some level of interest in your business. They are the people who strolled into your shop to ask for your product on display. They are the people who responded to your advert or your promotion. They are interested buyers. If your business ever grows, it’s because you were able to generate in 4 key segments of your business. The first and foundational place is generating leads.
Do you measure your leads? Do you know how many leads you generate daily, weekly, monthly? How many people’s interests or curiosities are you steering towards your product? Do you have any lead generation strategies? Why will anybody be interested in your product? Are you running any promotions? Any adverts? Don’t be giving your smiles in the dark, create awareness for your product and generate leads. There are many ways to generate leads, many really cheap ways. I can offer you personalized support.
2. Sales/Conversion
After you have ensured that the leads keep rolling in, the next real challenge is conversion. This is where the concept of law of averages matters. Every human being starts out in life with a particular average. Your average is the number of people you need to wade through to get a yes. When we start out, it’s small and worrisome, but as we understand the terrain and sharpen our skills, or averages rise. If 100 leads come in monthly and you are able to convert 10, your average is 1/10. Once your leads are coming as you plan, you need to ensure that you develop your average. Invest time in understanding the needs and requirements of a buyer and make use of it.
Sales conversion is a big topic on it’s own. It’s something you need to learn and develop more. It all starts with knowing that this is a crucial factor and measuring progress as you progress. Conversion is where the efforts in lead generation are seen to be worth it.
3. Customer Retention
After I buy from you, if I buy from you :) what in your business will make me come back? How do you ensure I come back? Organizations are perfectly designed for the results they achieve. If there is no advantage to coming back, it means the business owner has designed the business for people not to come back. If you want to expand your business, you need to have customer retention strategies. Offer discounts on repeat purchases, give gift vouchers when people buy certain quantities, create an environment people want to come back to.
Retained Customers are your biggest assets. Let your design show that you value repeat business. Loyalty programs e.t.c.
4. Referrals.
It is interesting how this very wonderful concept which is critical to the success of many greats before now, can be so miss understood. The highest level your business can go is not only if you retain customers, but for your customers to become advocates and champions of your products.
In the account of one of the greatest sales men the world has ever seen that I read, his secret of success was simply giving flowers and recognition to customers when they give him a referrals. The little things count. Find a way of ensuring that people who experience you find it exciting to tell someone else about it. This singular concept is why Network Marketing is becoming a global phenomenum with unthinkable wealthy men and systems patronizing it. Referrals are good, and you’ll be surprised by how much more your business will grow if you empower people to promote our business to others.
If you are keen on expanding your business focus on any or all of these 4 areas. I wish you an expanded business!
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Tuesday, October 13, 2009
WHAT TO LOOK OUT FOR WHEN SEEKING JOB
Majority of people seeking job in our society have the mindset of few jobs availability with too many graduates without paying cordial attention to what to lookout for in securing job of their dream. Nigeria is a country with many job opportunities if you know what to do and how to do it. what can i do ? you ask.
1. Honest assessment of oneself. You've not been sincere to yourself in seeking job all this while. For example you graduated from the university/polytechnic and your discipline is Geology and then you want to work in the Bank. The banks will first considered graduates with the right disciplines before considering you even if you pass their screening tests and it might not favour you. I advice that you seek job in the area of your study. You can achieved this by being on the look out for pieces of information concerning job vacancies on the internet. Network with other job seekers. Form clubs and name it whatever name you desire where you can discuss ideas and your various job attempts. Have a distinct mindset that you have a lot to offer the company you dream for and do your best at the job if you are eventually being hired.
2. Your Qualifications.The way Nigeria system is designed, you have to go to school and acquired some qualifications to boost your curriculum vitae and resume. Your qualifications should be supported with some skills that will be needed in the job market.I read about a man from success digest, who read Business Administration and could not hold down a job.He was told to try out a job in a company as a clerk but won't be paid as a graduate. And that while on the job he should empower himself with some computer programmes and in just three months, the person in charge of Business Administration in the company was seen to be performing below expectation. This man came as a good replacement.
3. Work for free. This may be very difficult to practice by many job seekers in Nigeria. Personally i had applied it and it had work for me. Go try it and see what happens. I remembered the story i read from Robert Kiyosaki's book ''rich dad poor dad '' the two boys had to work for free to learn how to make money. If you can apply this principle when seeking job, the organisation will favour you at the end. Then you can developed your potentials from that offer.
ESSENTIAL TIPS
* Be honest with yourself on the type of job you really want.
* Acquired the right qualifications and the right skills
* Work for free.
Custom Search
1. Honest assessment of oneself. You've not been sincere to yourself in seeking job all this while. For example you graduated from the university/polytechnic and your discipline is Geology and then you want to work in the Bank. The banks will first considered graduates with the right disciplines before considering you even if you pass their screening tests and it might not favour you. I advice that you seek job in the area of your study. You can achieved this by being on the look out for pieces of information concerning job vacancies on the internet. Network with other job seekers. Form clubs and name it whatever name you desire where you can discuss ideas and your various job attempts. Have a distinct mindset that you have a lot to offer the company you dream for and do your best at the job if you are eventually being hired.
2. Your Qualifications.The way Nigeria system is designed, you have to go to school and acquired some qualifications to boost your curriculum vitae and resume. Your qualifications should be supported with some skills that will be needed in the job market.I read about a man from success digest, who read Business Administration and could not hold down a job.He was told to try out a job in a company as a clerk but won't be paid as a graduate. And that while on the job he should empower himself with some computer programmes and in just three months, the person in charge of Business Administration in the company was seen to be performing below expectation. This man came as a good replacement.
3. Work for free. This may be very difficult to practice by many job seekers in Nigeria. Personally i had applied it and it had work for me. Go try it and see what happens. I remembered the story i read from Robert Kiyosaki's book ''rich dad poor dad '' the two boys had to work for free to learn how to make money. If you can apply this principle when seeking job, the organisation will favour you at the end. Then you can developed your potentials from that offer.
ESSENTIAL TIPS
* Be honest with yourself on the type of job you really want.
* Acquired the right qualifications and the right skills
* Work for free.
Custom Search
Friday, August 21, 2009
MOVING FROM EMPLOYEE TO EMPLOYER
The desire to become rich is the focus of this write up. Thinking you will become rich one day, working as an employee is like beating the air. Research has shown that no employee really become rich except he moves from the position to become employer of labour. Let me heat you home with these four steps you need to take to change your level from 8 to 5 kind of life which some experts call 'moron'. Come to think about it, you had been working for the past five years as an employee, how much have you saved? You can't even pay your bills, your children school fee, your house rent, home equipment, sending money to your aged parent, give substantial offering in the church and mosque, donate to the motherless homes, give to the needy, and contribute to the community development of your area and so on. You don't need ten keys to open a door, just the right one. You don't need to know about every body just the right person. Take the steps now.
1. Develop your gift now.
You gift is you greatest asset to become rich. for example, what is the qualification of Tu face idibia, Christian Ronaldo, I go dye etc. these guys had achieved so much because they developed their gift. Everybody has one gift or the other. In fact if you allow your life to be wasted just like that, blame no one but yourself. To develop your self you focus on what you love to do so much. That may not be what people prefers you do, but what you prefer to do. Don’t be afraid to fail and don't quit when you fail. Just learned and move on. No one succeeds without many failures.
2. Read books.
The secret of the rich people is information. Don’t just believe that things will work out for you without adequate information about what you love to do. Read about people who has done or who are doing what are about to do and learn their secrets. If you do what they do, you will get what they get. Life generally is governed by principles. Follow the principle and make it as well.
3. Tell people about what you do.
You need to tell people about what are doing. you must print flyers, advertise on media and any form of awareness. Don't give up if no one has called you for any job. Barrack Obama once organized a conference where no one comes. Let it be known to you that it is determination that will help you to break the barriers and obstacles on your way to becoming rich.
4. Build relationship account.
You cannot succeed alone in this journey of becoming financially free. People we call world changers were mere people like you and I. Same flesh, same downfall, same struggle but who had change the world to what it is today. They were able to do this because they have people who supported their dreams and aspirations. Start to build your own relationship today for you will need them one day to support your dream. Personally I have learnt that the rich spend from their relationship account they have developed for years. Relationship account is better than savings account. Think about it. If really want to become productive and increase your income, take the action now !
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1. Develop your gift now.
You gift is you greatest asset to become rich. for example, what is the qualification of Tu face idibia, Christian Ronaldo, I go dye etc. these guys had achieved so much because they developed their gift. Everybody has one gift or the other. In fact if you allow your life to be wasted just like that, blame no one but yourself. To develop your self you focus on what you love to do so much. That may not be what people prefers you do, but what you prefer to do. Don’t be afraid to fail and don't quit when you fail. Just learned and move on. No one succeeds without many failures.
2. Read books.
The secret of the rich people is information. Don’t just believe that things will work out for you without adequate information about what you love to do. Read about people who has done or who are doing what are about to do and learn their secrets. If you do what they do, you will get what they get. Life generally is governed by principles. Follow the principle and make it as well.
3. Tell people about what you do.
You need to tell people about what are doing. you must print flyers, advertise on media and any form of awareness. Don't give up if no one has called you for any job. Barrack Obama once organized a conference where no one comes. Let it be known to you that it is determination that will help you to break the barriers and obstacles on your way to becoming rich.
4. Build relationship account.
You cannot succeed alone in this journey of becoming financially free. People we call world changers were mere people like you and I. Same flesh, same downfall, same struggle but who had change the world to what it is today. They were able to do this because they have people who supported their dreams and aspirations. Start to build your own relationship today for you will need them one day to support your dream. Personally I have learnt that the rich spend from their relationship account they have developed for years. Relationship account is better than savings account. Think about it. If really want to become productive and increase your income, take the action now !
Custom Search
Friday, June 19, 2009
WHERE WILL YOU BE AT 65 ?
By Deolu Akinyemi
It’s after midnight as usual, it’s been a really long day. Ever since I made up my mind to be in more circulation and leave my comfort zone, lagos for a while, I have experienced new things. The journey has been long and tedious, but somehow I feel a grace of God upon my life guiding and protecting me. All of a sudden, it started jumping out of the bible to me that even Jesus did not restrict himself to one town, but was all over the place moving from city to city doing good.
Even though Jesus was going about doing good, it would amaze you that his greatest opposition were not demons, but rather pharisees and saducees - the so called scholars and learned men who you would expect to know better. Everytime the wind of change looms around, the people most likely to be left behind are those who have tasted of an old fading glory or the people who have had a not so successful experience. They have done something close before, and their mind sets into a framework that will take too much to unfreeze. They end up missing out big time on what was prepared for them, and stones rise up in their stead. Let me crack a little bit of the code and take it home to you - those who have sown and not reap, are likely not to sow again and certainly not reap, even though the rain were better the next year. Those who failed in business before, are likely to be scared of the opportunity that was meant to bring them success. Those who took part in clubfreedom, are likely to look at Holidays and Cash with the same mindset and hence never benefit. Those go high on the employee ladder are likely to be too smart to ever resign and start business. People are regularly held back by their old glory successes, or by their previous failures.
If you are not ready to hear the truth, I advice that you leave this site now and not read this post. Today, I will bare it to you as it is. I hope you know already though, and have only been comforting yourself. The odds are stacked against our ever becoming someone significant at the ripe old age of 65. The statistics I got from the so called developed world shocks me, and I am afraid for the future of many in my generation. Where will you be at 65? Will you be dead, broke or wealthy? What are you doing to guarantee your confession?
Statistics show the following.
54% of the population will need some sort of Social Security / help from the Government.
24% will be dead.
16% will still need to work.
5% will be financially independent.
Only 1% will be truly wealthy / financially free. (Source NMFS)
What do these numbers mean? They mean that in a random sample of 100 people, anyone you pick is 24 times more likely to be dead than wealthy. It means that 16 out of every 100 people will still need to work to keep themselves. It means that 54 out of 100 people will be financially dependent, either on the government, their spouse or their kids. It means that 5 out of every 100 people will be financially independent, but not free. These financially independent people are termed to have annual incomes of over $35,000/annum. It also means that only 1 out of 100 will become financially free. Take a quick look around you and survey 100 people around you, think about it, at 65 where will they be?
A further research was done to ascertain what the makeup of the financially free was. This research revealed as well, that 74% of the people who make up that 1% are actually entrepreneurs, 10% were CEOs, 9% Professionals and about 7% others. This means that if you are not involved in business, the chances are extremely low that you will be among the top 1%.
With these realizations, what is your game plan? What are you involved in that has the capacity to position you to be wealthy? Let’s stop kidding ourselves, success is not easy, if 1% of the most entrepreneurial nation in the world become financially free at 65, we should expect a lot of work. I’m reading a book that has an apt definition of a moron, he defines a moron as someone who wakes up early in the morning, goes to work, comes back in the evenning, rests and goes back to work again in the morning. This person is probably not finding his job fulfilling, but he engages in the moronic mindset of going and coming either because he thinks there are no options or he/she needs to pay the bills.
Are you stuck on your 9-5pm? Or are you one of those intelligent consultants with sufficient reason to throw down a good workable idea? Are you hoping that one day your ship will dock? Are you taking a swing at your golf balls with your golf club and hoping the ball will land in the right place? Are you hoping that your life will change? Are you hoping that things will just happen to set you up for the greatness you desired? Wake up and smell the coffee, the odds are stacked against you and against us all. Nothing just happens, what happens are the things we make happen. If your future will be bright, you need to start building it today. Stop listening to naysayers whose most reliable source of data is an unknown missinformed friends. Stop living your life at par with someone that doesn’t have a plan? The best time to prepare is not when it’s urgent, it’s now, long before the world knows that the odds are not in their favour.
So at 65 where will you be? Can you show me how?
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It’s after midnight as usual, it’s been a really long day. Ever since I made up my mind to be in more circulation and leave my comfort zone, lagos for a while, I have experienced new things. The journey has been long and tedious, but somehow I feel a grace of God upon my life guiding and protecting me. All of a sudden, it started jumping out of the bible to me that even Jesus did not restrict himself to one town, but was all over the place moving from city to city doing good.
Even though Jesus was going about doing good, it would amaze you that his greatest opposition were not demons, but rather pharisees and saducees - the so called scholars and learned men who you would expect to know better. Everytime the wind of change looms around, the people most likely to be left behind are those who have tasted of an old fading glory or the people who have had a not so successful experience. They have done something close before, and their mind sets into a framework that will take too much to unfreeze. They end up missing out big time on what was prepared for them, and stones rise up in their stead. Let me crack a little bit of the code and take it home to you - those who have sown and not reap, are likely not to sow again and certainly not reap, even though the rain were better the next year. Those who failed in business before, are likely to be scared of the opportunity that was meant to bring them success. Those who took part in clubfreedom, are likely to look at Holidays and Cash with the same mindset and hence never benefit. Those go high on the employee ladder are likely to be too smart to ever resign and start business. People are regularly held back by their old glory successes, or by their previous failures.
If you are not ready to hear the truth, I advice that you leave this site now and not read this post. Today, I will bare it to you as it is. I hope you know already though, and have only been comforting yourself. The odds are stacked against our ever becoming someone significant at the ripe old age of 65. The statistics I got from the so called developed world shocks me, and I am afraid for the future of many in my generation. Where will you be at 65? Will you be dead, broke or wealthy? What are you doing to guarantee your confession?
Statistics show the following.
54% of the population will need some sort of Social Security / help from the Government.
24% will be dead.
16% will still need to work.
5% will be financially independent.
Only 1% will be truly wealthy / financially free. (Source NMFS)
What do these numbers mean? They mean that in a random sample of 100 people, anyone you pick is 24 times more likely to be dead than wealthy. It means that 16 out of every 100 people will still need to work to keep themselves. It means that 54 out of 100 people will be financially dependent, either on the government, their spouse or their kids. It means that 5 out of every 100 people will be financially independent, but not free. These financially independent people are termed to have annual incomes of over $35,000/annum. It also means that only 1 out of 100 will become financially free. Take a quick look around you and survey 100 people around you, think about it, at 65 where will they be?
A further research was done to ascertain what the makeup of the financially free was. This research revealed as well, that 74% of the people who make up that 1% are actually entrepreneurs, 10% were CEOs, 9% Professionals and about 7% others. This means that if you are not involved in business, the chances are extremely low that you will be among the top 1%.
With these realizations, what is your game plan? What are you involved in that has the capacity to position you to be wealthy? Let’s stop kidding ourselves, success is not easy, if 1% of the most entrepreneurial nation in the world become financially free at 65, we should expect a lot of work. I’m reading a book that has an apt definition of a moron, he defines a moron as someone who wakes up early in the morning, goes to work, comes back in the evenning, rests and goes back to work again in the morning. This person is probably not finding his job fulfilling, but he engages in the moronic mindset of going and coming either because he thinks there are no options or he/she needs to pay the bills.
Are you stuck on your 9-5pm? Or are you one of those intelligent consultants with sufficient reason to throw down a good workable idea? Are you hoping that one day your ship will dock? Are you taking a swing at your golf balls with your golf club and hoping the ball will land in the right place? Are you hoping that your life will change? Are you hoping that things will just happen to set you up for the greatness you desired? Wake up and smell the coffee, the odds are stacked against you and against us all. Nothing just happens, what happens are the things we make happen. If your future will be bright, you need to start building it today. Stop listening to naysayers whose most reliable source of data is an unknown missinformed friends. Stop living your life at par with someone that doesn’t have a plan? The best time to prepare is not when it’s urgent, it’s now, long before the world knows that the odds are not in their favour.
So at 65 where will you be? Can you show me how?
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Wednesday, February 11, 2009
SURVIVING A FINANCIAL CRISIS
Jay and Mary had been married five years. When they had their first child, Mary quit her job to be a stay-at-home mom. They felt confident that Jay's job as a sales representative would bring in enough money to provide for their family. They were living their dream—until Jay's company took a financial dive and began to downsize. Mary knew something was wrong when Jay arrived home early one day. He told her the news: He'd been laid off his job with only a two-month severance package.
The couple was devastated. They had no other income and little savings. They didn't have enough money to survive. Mary panicked, which caused Jay to reactive negatively. They became tense and argumentative. Jay felt as if he was letting down his family for not being able to provide financially for them.
After one especially tense discussion, Mary went into their bedroom to pray and felt God tell her she needed to encourage Jay, to let him know she had complete confidence in him. Then she recalled the Bible verse: "For God hath not given us the spirit of fear; but of power, and of love, and of a sound mind" (2 Timothy 1:7, KJV). She realized her panic wasn't helping the situation; it was making it worse.
So Mary approached Jay and apologized for her reaction to their financial situation. The tension dissipated and together they were able to form a game plan.
The first thing they decided to do was quit spending money. They realized it would be easy for them to go into a denial mode and continue spending, assuming Jay would find another job before the severance package ran out. Instead, they opted to spend only on their immediate needs such as diapers and food, and cut back on unnecessary expenditures such as going out to eat. They also agreed not to use their credit cards, knowing how easy it would be to run up the balance and deceive themselves into thinking they'd pay it off once Jay found another job.
Next, Jay and Mary made a list of what bills needed to be paid first and stuck to the list. They prioritized their bills into essential and nonessential categories. They paid the essential, or survival, bills first—their mortgage payments, utilities, and food. Then they made their car payments and paid the auto and medical insurance. With the remaining money, they concentrated on the nonessential bills—those that have no immediate consequences if paid late: credit cards, medical bills, newspaper and magazine subscriptions, life insurance, health club, and clothing.
They discovered by paying their survival bills first, they were able to stretch their money further.
The next step Jay and Mary took was to contact their creditors, including their mortgage and auto lenders, to update them on the situation. By communicating with their creditors, they discovered most were willing to work with them. They were able to establish a repayment plan they could afford, which allowed them to make partial payments and not be considered delinquent.
To ensure their creditors were on the same page as they were, Jay and Mary took notes of each conversation, listing the date and person with whom they spoke. Then they asked for their agreement terms to be sent to them in writing before they sent any money.
Finally, they joined their church's special financial planning program, as well as a debt management company, which helped them reduce their payments and lower their interest rates.
In the meantime, Jay continued aggressively seeking new employment. He was able to receive unemployment, and by the ninth month of being without work, Jay found a new job. Jay and Mary knew it was going to take time to catch up on their past due bills, but they were able to avoid bankruptcy.
How to survive it.
• Have a constant savings.
• Pray to God to help you cope with it.
• Don’t overspend your income.
• Communicate with your creditors on repayment plan.
• Join a special financial planning program and dept management company.
Custom Search
The couple was devastated. They had no other income and little savings. They didn't have enough money to survive. Mary panicked, which caused Jay to reactive negatively. They became tense and argumentative. Jay felt as if he was letting down his family for not being able to provide financially for them.
After one especially tense discussion, Mary went into their bedroom to pray and felt God tell her she needed to encourage Jay, to let him know she had complete confidence in him. Then she recalled the Bible verse: "For God hath not given us the spirit of fear; but of power, and of love, and of a sound mind" (2 Timothy 1:7, KJV). She realized her panic wasn't helping the situation; it was making it worse.
So Mary approached Jay and apologized for her reaction to their financial situation. The tension dissipated and together they were able to form a game plan.
The first thing they decided to do was quit spending money. They realized it would be easy for them to go into a denial mode and continue spending, assuming Jay would find another job before the severance package ran out. Instead, they opted to spend only on their immediate needs such as diapers and food, and cut back on unnecessary expenditures such as going out to eat. They also agreed not to use their credit cards, knowing how easy it would be to run up the balance and deceive themselves into thinking they'd pay it off once Jay found another job.
Next, Jay and Mary made a list of what bills needed to be paid first and stuck to the list. They prioritized their bills into essential and nonessential categories. They paid the essential, or survival, bills first—their mortgage payments, utilities, and food. Then they made their car payments and paid the auto and medical insurance. With the remaining money, they concentrated on the nonessential bills—those that have no immediate consequences if paid late: credit cards, medical bills, newspaper and magazine subscriptions, life insurance, health club, and clothing.
They discovered by paying their survival bills first, they were able to stretch their money further.
The next step Jay and Mary took was to contact their creditors, including their mortgage and auto lenders, to update them on the situation. By communicating with their creditors, they discovered most were willing to work with them. They were able to establish a repayment plan they could afford, which allowed them to make partial payments and not be considered delinquent.
To ensure their creditors were on the same page as they were, Jay and Mary took notes of each conversation, listing the date and person with whom they spoke. Then they asked for their agreement terms to be sent to them in writing before they sent any money.
Finally, they joined their church's special financial planning program, as well as a debt management company, which helped them reduce their payments and lower their interest rates.
In the meantime, Jay continued aggressively seeking new employment. He was able to receive unemployment, and by the ninth month of being without work, Jay found a new job. Jay and Mary knew it was going to take time to catch up on their past due bills, but they were able to avoid bankruptcy.
How to survive it.
• Have a constant savings.
• Pray to God to help you cope with it.
• Don’t overspend your income.
• Communicate with your creditors on repayment plan.
• Join a special financial planning program and dept management company.
Custom Search
Thursday, November 27, 2008
How to successfully manage your employees
Hire wisely
Most businesses hire bodies for particular jobs rather than people to help build a future. Your business is only as good as each individual employee’s contribution to its functioning. Therefore, look for the three I’s when you hire: intelligence, initiative and integrity.
For every position, from receptionist to packing clerk, hire only the best you can find. Conversely, if you have current employees who are not performing well, consider whether they are a wise investment of your money.
Build a team, not your ego
Many employers let their egos dominate their interactions with their employees. Stop the pattern. Instead, trust your employees to do their jobs. Make each employees feel that they are an invaluable member of the company team.
Let each employee know they are an integral parts of the company’s end product. Set the example for positive interaction at all times between members of the team even when ideas or performance must be corrected.
Reward well
When you get good employees, reward them financially and emotionally. Be sure their pay is at least market rate. Take time often to acknowledge each employee’s contribution. The two biggest loyalty builders are two simple words- thank you.
Be hands on
Know each employee’s job and how to do it. This not only gives you an automatic reserve employee and trainer (yourself), but has an added bonus. If you show an employee that you are willing to learn his job, you are communicating that you believe their work is worthwhile and valuable.
Make your employees versatile
In a small company, every employee should know how to do at least two jobs, particularly on the technical and service sides. For critical tasks, at least three employees should know how to do each job. Thus, you always have an on-the –premises reserve who can step in when needed.
Give away tasks but not ultimate leadership
What is it you do best? Are you the ideal man, the best salesman in your company, the organizer? Find your best talent and then delegate all other tasks to your employees. Train them appropriately to do their job, let them know you have confidence in their ability to perform well, and then let them do their jobs.
Adding responsibility with confidence will increase your employee’s willingness to work and their pride in the company’s end result .At the same time, you must maintain ultimate leadership. In any well run ship, the captain makes final decisions and you are still the captain, albeit a benign one.
Communicate
You must talk with your employees, solicit their suggestions and positively correct their mistakes. Conversely, you must create an atmosphere where employees are willing and able to talk with you. The two best sources of information on how your business is doing and how to improve it are employees and your customers. Pay attention to both.
Give your best and encourage the same in your employees
Pride in the company and its product or service always begins at the top. If you give a half effort or let a sloppily produced product to go out the door to a client, you are sending a message to your employees that you do not respect your clients or your work.
Your employees will adopt that view as well. If you set the example of giving the extra effort, pitching in when needed, caring about your fellow team members, working as a unit to be the best in your particular business, and taking care of the bottom line, your employees worth having and keeping will follow suit.
Encourage innovation and creation
Give your employees a stake in the future. Once a month, have a meeting where the employees make suggestions on how to improve your product, service, efficiency, or bottom line. Give positive encouragement for the process.
Have a second in command
No general goes into battle without a major who can take over if he is felled by a bullet. You are your business’ general and must act accordingly. Find someone you trust within your company who has the same goals ideals and a similar business style. Train him/her appropriately. Let others know he/she has your confidence and authority when you are gone.
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