Don’t Make These Mistakes With Your LLC or Corporation

A business entity can provide personal liability protection for its owners. The problem is that many people start business without proper instruction on how to run and manage agreements between parties, agreements with customers, internal paperwork, cash controls, voting rules, state and Federal reporting requirements and a host of other issues. In fact, we have found between 20 to 25 actions, behaviors, or neglected tasks which commonly cause a business structure to be forfeited and can result in personal liability for the owner or owners. Here are 5 of them: 1) USING THE BUSINESS FOR FRAUDULENT ACTIVITIES: YOU CANNOT, SHOULD NOT, AND SHALL NOT USE YOUR BUSINESS TO CHEAT OR DEFRAUD! For example, John Smith gathers money from investors claiming that he will develop a new product for his company. He never had planned to use this money for product development. He is sued by the investors, but John claims that his personal assets are protected since he was acting as the president of his limited liability company. No court will honor the limited liability company since fraud was involved. His personal assets and business assets will be at risk. You may think that since this is an egregious example, it won’t ever happen to you. However consider the fact that many deals struck with the so-called ‘motivated sellers’ could give rise to a lawsuit under your state’s Deceptive Trade Practices Act (DTPA) or similar statute. Sometimes the line is not so clear. One bit of wisdom is to make sure that your agreements are fair: a. You also can’t be wholly unfair or flagrantly one-sided when dealing with customers. A court can always look at a one sided transaction and either decide against you. Even worse a judge could declare that you are using the business to promote unfair dealings. This is bad news for you! b. ASK YOURSELF: Would you want to be the buyer/customer on the other end of your deal? Despite popular conception you can structure ‘win-win’ deals with motivated sellers and make money. Ever hear of karma? Everything you do to or for another person will one day be done to or for you…so be fair! 2) FAILURE TO RESPECT THE BUSINESS AS SEPARATE FROM ITS OWNERS. YOU SHALL NOT MIX FUNDS FROM BUSINESS ACCOUNTS WITH YOUR PERSONAL FUNDS, ACCOUNTS, ETC. DO NOT USE COMPANY MONEY TO BUY PERSONAL ASSETS, GROCERIES, ETC. Simply put, if you do any of these things routinely (or perhaps only once) then your business structure is not likely to hold up in court. If you think this is another easy one…then WATCH OUT, because there are other more complex issues relating to the use of business and personal assets in the business. For more information see some of our top-rated courses. 3) INSUFFICIENT CAPITALIZATION: THE FAILURE TO PROPERLY CAPITALIZE THE BUSINESS. IN OTHER WORDS, A LACK OF RESERVES AND/OR INSURANCE COVERAGE. If your business does not have enough capital and/or insurance to cover operating expenses and potential liabilities then a state court will likely ‘pierce’ the business entity and hold the owners personally liable. Why would a court do this? The reason is to ‘find the money’. Your business must have enough insurance and/or savings to cover expenses, liabilities, and obligations. The amount of capitalization generally refers to the total value of assets (equipment, cash, etc.) in the company and the amount of insurance coverage. This is another COMPLEX area because you may need more or less ‘capitalization’ based on your business type. A general rule is: The more you deal with the public, the generally the greater your required level of capital. 4) FORGETTING TO FILE STATE REPORTS – Your secretary of state’s office will require you to keep up with reports and state taxes (sometimes called franchise taxes and/or business privilege taxes). If you don’t keep up with these reports and/or taxes (even if nominal amounts are owed) your business privileges will likely be revoked. Guess what privilege goes first?: The personal liability protection. 5) OTHER FORMALITIES – These include meetings, paperwork, required records, proper roles and obligations among the parties, and transfers of ownership interests, and more. It is very rare that we see full step-by-step and easy-to-follow details on creating ‘iron-clad’ records in these areas. For state liability protection and the ability to satisfy IRS auditors you need to understand these rules! The list does not stop here, because we have found between 20 to 25 areas which are common traps for the business owner. While we have covered 5, many of the others are very easy to miss but just as important. Please make sure you get proper instruction on how to run your business entity after it is created! The true ‘lost art’ is learning how to maintain the protection of your LLC or corporation. To learn more about the remaining traps, mistakes, and errors, which entity may be best for your business and how to file, create, run, and maintain your own ‘iron clad’ LLC or corporation, please see Mr. Barazandeh’s, Incorporate for Wealth ™ and Wealth Building LLC ™ courses at www.theinformedinvestor.com and www.attorneysecrets.com I want to wish you all the best in your business and email me if you ever need help: taxenterprises@yahoo.com

Liar, Liar, Pants On Fire…"Liar Loans" Lead To A Spike In Mortgage Foreclosures

It starts out all so innocently, the loan application (1003) is filled out while gathering the income and debts verified through credit reports and mortgage payoffs. Then the Debt To Income Ratio (DTI) is calculated dividing the debts including the new housing expense by the income and wham, it happens. The DTI is over 60%. Conventional loan guidelines historically have been around 28% for housing expenses including taxes, insurance, private mortgage insurance and homeowner maintenance fees. The total debt ratios had been around 36% for all monthly debts including the housing expense. With computer modeling and automatic approvals some DTI ratios have been allowed to float up in some cases to 50% to 60% if the borrower has lots of assets and the loan is on a full doc basis. As time passed, more and more hybrids began to show up. Mortgage Brokers were inundated with this new loan product called Stated Income. Simply the borrower would state their income on page two of the 1003 loan application and ratios would fall within lender acceptable limits. The original thinking by lenders were grounded in the premise that many busy well to do borrowers didn’t have time to compile tax returns and a litany of proof of their assets. This especially applied to borrowers who owned a multitude of income producing properties or had filed for extension on filing a personal or corporate return for a self-employed borrower. This was a very popular plan and billions of new mortgage originations were sold using the Stated Income or other derivations of the basis plan. It was great for self-employed borrowers who found it difficult to compile in a timely manner all the documentation for a fully documented loan which would use tax returns and a year to date statement from a CPA. Later on, due to the heavy volume of mortgage business and a desire on part of lenders to expand this popular niche into other areas W-2 wage earners were allowed to state their income as well as those on fixed income such as social security, disability and pensions. For a few years this seemed to be ok. However, as time went on, and the economy in various parts of the country began to slow down, borrowers with stated income loans began to have an inordinate amount of foreclosures. At this time, Stated Income mortgage loans rival the Option ARM for frequency of foreclosures. Fraud reared its ugly head as participating players in the loan process were structuring deals with phony baloney borrowers who didn’t exist. These phony buyers are called “straw buyers” by prosecuting attorneys. Many times the first payments were never made. Most mortgage brokers and lenders have buy back agreements from the secondary markets so when a loan goes bad the originator is on the hook to buy the loan back. If fraud was involved, that shop many times already closed up and had run away with any ill-gotten gains together with the rest of the crew who were working the scam. Those players are prosecuted and serve prison time for their sins. The other borrowers who were just trying to get a loan to pay off debts and a few months down the road after the new mortgage was in place were not able to make their payments. A Notice of Default is sent to the borrower with foreclosure action following when mortgage payments are not made. In a foreclosure process, the lender holding the bag goes back through all the files looking to perform an autopsy on the loan to determine what happened. Every piece of paper is examined, verifications are double-checked with a high powered microscope. All who committed a fraudulent lending practice are sought out and demands are made for redemption and loan buy back. Some enterprising participants had provided false bank statements and other loan documents, which were in fact fraudulently created on a fine computer word processor. The fix had been in. Many of these stated loan products were all the rage then the fraud hit the fan. Borrowers could not afford the payments and did not even come close to having enough to even live on. Major changes are afoot. Many mortgage brokers exercise much self-discipline and will not even consider a Stated Loan with someone on fixed income. Where is the “real” money going to come from? Guidelines are tightening well after the horse has escaped from the barn. There is a web page called www.salary.com that gives the high and low range of income for various occupations. Lenders will immediately check this to see if the Stated Income is within this range. In the past, many times, these loans were done with a wink. This is no longer the case. Recently, Form 4506, which is an IRS form that a borrower signs allowing the lender to check with the IRS and determine income from the borrowers tax returns and W-2s if any. Formally this verification process with the IRS was a time consuming endeavor, but this is not the case anymore. For like $4.00 per file, a lender can access, with the borrower’s written permission, an online web site and access the IRS site to verify income. Many lenders will not close the Stated Income loan without an IRS Form 4506 being signed. Many of these loans are sold into the secondary market that helps keep the mortgage money supply flowing. As more and more foreclosures ensue from the Stated Income Mortgage Products there will be a major shake out with tightening of regulations and a search for any player, including the borrowers, who may have had a hand in this “Liar Loan” product. The fallout is already underway. What is a borrower to do? For one, look for mortgage products that do not require stating a phony income number. A No Doc loan requires stating No Income on the 1003 loan application. A No Ratio does not require income to be listed but verifies employment and term on the job. It has to make sense. The days of loose lending may be over for many. Bottom line, if it doesn’t make sense, it probably is not a good loan. Think long and hard about using a Stated Income loan product. If it conforms with what it originally designed loan program for the busy borrower with lots of cash and assets and no time to pull things together, great. If not, think about passing for some other loan product. It could impact your walk around freedom. A negative loan experience will certainly impact a borrower’s credit and help precipitate a long and painful recovery from this credit blemish resulting from a foreclosure. Find another mortgage product to achieve your financial goals. Dale Rogers http://www.brokencredit.com http://www.sellerhelpsbuyer.com

Top 10 Holiday Tips For Career Success

Every year as the holidays approach, most jobseekers and career changers make the mistake of halting all their efforts. They believe there is no point in pursuing new opportunities during the holidays, and that nobody is making hiring decisions until January, so “why bother?” Many decide to do absolutely nothing from mid-November to the second or third week in January! Making these kinds of assumptions about the holidays is, again, a huge mistake! When it comes to the holidays, I suggest you become a "contrarian" – and do what all the other job seekers are not doing. Since most of them are taking an extended break, this opens up real opportunities for you! The reality is that the holidays are an excellent time to develop and create new contacts for your job search or career transition. Many companies are completing their budget planning for the next fiscal year. This is often the best time to get in front of hiring managers to create a position for you next year. Many managers have to fill openings early in the year or they may lose the budget for that position. Also, once year-end bonuses are paid, a predictable percentage of employees will leave their jobs, creating new vacancies! Here are 10 career-savvy tips for the holidays from Ford R. Myers, President of Career Potential, LLC, an executive career consulting firm based in Radnor, PA: 1. IT’S ALL ABOUT RELATIONSHIPS Business is all about establishing relationships – and relationships are developed in social settings! During the holidays, most people are naturally more convivial and generous in spirit. There is simply no better time to solidify existing relationships and forge new ones! 2. TUNE IN TO THE NETWORK There are many networking events in November and December – in your social life, in your community, and in your professional circles. Think of all the companies having holiday parties. Many charities have their last fundraisers of the tax year in November and December. Book sales, holiday fairs and other celebrations make this the best time of year for productive networking! 3. SMALL TALK REAPS BIG BENEFITS Most professional associations have a holiday party for their December meeting, with a more informal atmosphere than the formal presentations held throughout the rest of the year. Do not bring a resume to these events. Create a simple, tasteful business card with your name, phone number and e-mail address. Be prepared to make interesting small talk to establish new contacts. Ask the people you meet about themselves, their work, and their interests. Remember, everyone’s favorite subject is “themselves!” 4. CONVERSATION STARTERS AND STOPPERS Prior to a social or networking event, prepare at least three neutral questions you can ask, such as: * How do you know the host, the company, etc.? * What made you decide to come to this event? * What other organizations in this industry do you belong to? When you find it’s time to move on and talk with someone new, you’ll need some phrases to help you transition during the event. Here are some good “exit lines:” * I’ll let you go now, so you can continue circulating around the room. * I’ll stop monopolizing your time so you can meet some other folks. * It was great speaking with you. I’ll follow up as we discussed. 5. VOLUNTEER There are more volunteer opportunities around the holidays than at any other time of year. This is a good way to help other people, feel good when you need a boost, have a renewed sense of purpose during your search, and meet other professionals. Volunteering also gives you something interesting to discuss with the new people you meet! 6. CALL PEOPLE Use the day after Thanksgiving to make both follow-up calls and cold calls. You’ll find that whoever is at work that day will not only be available for a conversation, but will be grateful to speak to someone! If there are people who you’ve been having a hard time reaching, be sure to take advantage of this unique opportunity. 7. SEND HOLIDAY CARDS Pick a seasonal, nondenominational theme – usually a depiction of a winter scene is best. This is the time to send cards to everyone on your “career list,” including executive search firms, Human Resource professionals, and hiring managers with whom you have interacted over the past year. Don't write about your job search in the card. Send your cards early enough for people to remember to invite you to their holiday get-togethers, and to send you a card in return! Be sure to include your contact information with the card, so the recipient can also reach you. 8. ‘TIS BETTER TO GIVE THAN TO RECEIVE Remember the old saying popular at this time of year, “Tis better to give than to receive.” This is certainly true when you’re attempting to connect with people during the holidays. The fastest and most effective strategy for getting help is “give to get.” Ask the people in your network if you can be of help to them in any way, or if there is anyone who they might like an introduction to. Become a real “connector,” and in turn, you will become “connected!” 9. PLUG IN AND TURN ON Technology has come a long way. Use the holidays to connect and reconnect with people on business networking web sites, such as http://www.linkedin.com, http://www.ryze.com and http://www.ecademy.com. Connect with local businesspeople in cyberspace and then take your connection “live” with a face-to-face meeting. You can also use these web sites as a great system to follow-up and keep in touch! 10. BECOME AN OPPORTUNITY MAGNET At holiday time, some jobseekers tend to become overly negative or cynical during what they perceive as a “lull” in their career transition. Don’t fall into this trap. Get into positive action precisely when others are “giving up” until early next year. Think and speak positively, and you’ll become a magnet – ready to attract, interview, and “hire” your next employer. If you’re currently in career transition or looking to move-up at your organization, these strategies should give you a new perspective on the holidays! Instead of “taking a vacation” from your career development activities, take full advantage of this overlooked opportunity to make real progress in your quest. Then, you’ll really have something to celebrate! _____________________________________ Permission to Reprint: This article may be reprinted, provided it appears in its entirety with the following attribution: Copyright © 2006, Ford R. Myers and Career Potential, LLC.

1000 New Catastrophe Adjusters Needed Right Now in the USA

Yes, it's true...there currently is a need for 1000 trained catastrophe adjusters in the United States. As a consumer advocate I'm always looking for new career opportunities for the people that have been downsized. So I heard about catastrophe adjusting and went to the top expert in the country, Howard Williams, to learn more. Here is my interview. Recently I had a chance to sit down with Howard and discuss his years as a storm adjuster. Hugh: “Howard, what exactly is a “storm adjuster” and what do you do?” Howard: “When a major storm or other catastrophe hits anywhere in the country and the claims load is larger than the local adjusters can handle, the insurance companies turn to a core group of storm adjusters. These adjusters are available to respond to disasters wherever they are and whenever they are needed. Working as an extension of insurance company's claims department, adjusters assist the company's policyholders in evaluating and preparing their claims for damages.” Hugh: “I think that you have created a slogan that pretty well says it: “Going where needed, when needed.” Howard: “Yes, that is true and it has certainly been true in my case. In the past 35 years I have been to almost every natural disaster and even several man-made ones that have made the headlines in the United States. Most recently I spent six months in the Hurricane Katrina ravaged areas of Mississippi and Alabama.” Hugh: “Six months?” Howard: “Yes, I was there in the area for six months except for coming back home several weekends. That is one of the requirements of this profession. You must be able to go any time and any where they need you. For instance, with Katrina I was on the road heading to Mississippi as soon as the roads were open for rescue trucks to get in there. I arrived there to find no motel rooms available in either Mississippi or Alabama. I finally found a condo that I was able to rent in the panhandle of Florida. Therefore I had to make that long trip daily back and forth. So you have to know how to take care of yourself and I credit a great deal of that ability to my former police training.” Hugh: “Yes, I knew that you had been a police officer in your earlier years. What other training have you found valuable?” Howard: “As you know I'm also a personal coach and that training has been immensely valuable. For instance, in Florida, when I have worked the big hurricanes like Andrew I have found numerous senior citizens who were in a total state of shock. I would arrive at their homes to find them sitting in living rooms that had no roofs with water soaked carpets. Many had no one to turn to since their neighbors were too busy taking care of their own problems. So the first item of business is for me to get them out of that house. I want to get them into a nice clean, dry motel room if possible. Hugh, you have to learn to EMPATHIZE with their situation and not get caught up in the drama going on. That's where my personal coach training has been invaluable. Most storm adjusters either are too business like or they get caught up in the drama happening. You want to help but you still have to focus on the situation – determining the damage done to their dwelling.” Hugh: “So what do you do to determine that damage?” Howard: “This is where you have to use your skills of estimating and also having a background in construction certainly does not hurt. I have to begin to look at the overall situation to determine what has been damaged by water and what has been damaged by wind. As you are aware as a consumer investigative reporter, there have been numerous stories in the media regarding this with Hurricane Katrina victims. No one seems to understand that certain damages are not covered by insurance. Estimating and surveying the damage is where it can get very interesting. You may find yourself climbing up to a roof to explore damage and the next minute find yourself crashing through that roof! It has happen to me. Also usually in areas like Mississippi you are likely to find numerous snakes beginning to take up residence in the houses. Not to mention the heat that usually returns after the storm.” Hugh: “Well with my fear of heights over 10 feet this is certainly not something that I would do well with.” Howard: “That's where a husband/wife team comes in real handy. We find a number of husband/wife teams in storm adjusting. Usually, but not always, the husband will do the climbing and the wife will write down the findings. Both need to know how to estimate and a background in construction is a plus" Hugh: “Well, I'm sure people reading this interview will want to know: 'How much can one make in this business?'” Howard: “This can be a very lucrative career especially if you are doing major events like Katrina. I earned in the neighborhood of $120,000 for the six months work.” Hugh: “WOW, $120,000 for six months work? Howard: “Yes, when you learn the ropes like I will be teaching at my new school in North Carolina, it is possible to eventually be earning that amount for six months work. And both fortunately and unfortunately, this type of work will not have any downsizing in the near future.” Hugh: Yes, as you know I also own an emergency preparedness consulting business. Our reports from Max Mayfield, chief meteorologist for the National Hurricane Center, are that the powerful hurricanes like Katrina will increase in number over the next ten years.” Howard: Yes, and that is just hurricanes. Think of all the earthquakes, tornadoes, wild fires, wind storms, floods, etc. occurring in the United States every year. According to our industry association there will be a need for 1,000 new storm adjusters in 2007 alone.” Hugh: Howard, you mentioned your new school. Tell us more about it and how people reading this interview can learn more.” Howard: “Yes, I have decided to take my 35 years of experience in storm adjusting and offer a two week school for those looking for a new career. Also I will be sharing all the updated information in this field from my recent classes that I have attended. A person taking this course will learn about estimating, construction information that can make their job easier (I want to assure people that you do NOT have to have a background in construction to apply), writing the reports, communicating and working with the insurance companies, etc. For those that would like to learn more they can visit our web site at http://www.stormadjusterschool.com and after reading if interested can contact me at stormboss@earthlink.net.”

Trading, Gambling & Las Vegas

I was recently taking a little R&R with my parents in Las Vegas. While I am not a big gambler, I thought I would do an experiment. I decided to use the same rules that are essential for profitable trading and apply them to gambling. Rule 1: Choose the right game. In gambling you need focus on a particular game that that is easy to play and understand. The same is true in trading. You should never trade markets that you don\'t understand and are difficult to trade real-time. I think alot of traders trade something just because it is popular. That is very foolish as you can have your head handed to you if you don\'t know what you are doing. Rule 2: Choose a bet size that is within your comfort level. I decided on a bet(unit) size of $1. To some of you that may be small, but I chose this amount simply because it is nothing to me and I know that my emotions would not affect the game over this small amount of money. Many traders’ downfall lies in betting too big! Take forex traders for example, when they trade a regular sized forex contract each point(pip) is worth $10.00. If they lose just 20 pips on a trade, that is $200 and that may be way too big both financially and psychologically for the trader to stomach. As a result they start trading out of fear and anxiety and make a lot of mistakes. If this sounds like you, then by simply switching to the smaller mini forex contract where each point(pip) is worth just $1.00 you may find that all your anxiety is gone and that you trade easily and confidently. If you are a stock trader, you may found that trading 500 shares is way too stressful, but dropping down to 100 shares makes all the difference in the world. Rule 3: Choose your \"windows of opportunity\" wisely. In every casino there are hundreds of slot and poker machines all trying to grab your attention to get you to play. When I look for a machine that can give me a \"window of opportunity\" I have 2 criteria. First, I only look for video poker machines because you can apply certain strategies that can increase your odds. Second, I always look for ones near the casino entrance area as these machines are often programmed to pay out more frequently so that they attract attention and lure gamblers into the casino. Now in contrast, let’s look at how my Father picked a game. He had no rules and was sucked into the first machine that grabbed his attention. In addition, he would choose regular slot machines which didn’t allow for any strategies and would play machines that were in the middle of nowhere. Time after time he would lose all his money on these machines. In trading you must pick your market wisely too. How do you do this? Only trade markets you can afford to trade and also make sure you understand all the rules and nuances of it. Rule 4: Money management - Use a stop loss. In each new game I would start with the same $100.00 buy in which gave me 100 - $1 units. If I lost 30 units I would end the game and take a break. Many traders have no set money management plan before they get into a trade and just wing it. You absolutely must know what your risk is before you enter the trade and use protective stops to protect your capital. Rule 5: Getting a read on the game. I know from experience that when a machine is really hot I will be profitable practically right away and it will pay out often. These characteristics give me important clues to games that want to stay in until I hit my win target. In trading what often happen is that when the trader is quickly profitable they get really excited and at the same time nervous. This is because they are so worried about losing all the time, that they get the overwhelming desire to get out of the trade and lock in some profit. The problem with this is that they never ride the trade up far enough and to succeed at this game you have to fight the urge to bail out of a winning trade. You must learn to stick with a profitable trade so that you can lock in some big trades. It is the only way to succeed as it will make up for all your losses. On the other hand, I would leave if the machine wasn’t paying out quickly. Sometimes I would sit there for 15 minutes and keep winning a few and losing a few. After all this effort I would still not be above my starting buy-in amount. This type of game was a sure sign that things were not going my way and probably wouldn\'t do so either. When I am in this situation I will walk away. When faced with this situation the average gambler will convince himself his luck will change. This is rarely the case as the casino usually gets the last laugh! In my trading courses I teach that if a trade doesn’t go your way within 5 bars it is more than likely going to turn into a loser. The reason is that there is no momentum. When you observe this type of market behavior then it is usually better to exit the trade and wait for a new setup. Rule 6: Money management - Setting a stop win. When you are in Las Vegas everyone has the “Las Vegas Mentality”. They think that when they start winning that their luck will continue and they are going to get rich. This is exactly the stupidity that the casinos count on as they know the longer a gambler stays at the table the less likely the odds will stay in his/her favor. It was interesting to watch my Father play as he has the “Las Vegas Mentality” and on many occasions he would have a nice profit and I would tell him to walk away. He would always say, “Just a bit longer” and I constantly watched him lose not only his profit but his entire buy-in amount as well. When you trade you must have a “Stop Win” strategy. What this is is a pre-determined profit objective for you to exit at. For example it could be when you are up 5% or $200 or 15 points etc. It could be when the market hits a particular price level. For example, say you buy a stock at $10.00; you would tell yourself ahead of time that if it hits $11.00 then you are getting out. Your strategy cousl also be based on using a trailing stop. You absolutely must decide what your “Stop Win” strategy is before you get into the trade! My “Stop Win” strategy for the poker machines was 50 units. Anytime I was above this level I would simply cash out and take a break. For example, I got real lucky in one game and hit for 220 units on one hand and another time I hit for 1240 units. In each instance, I took the money and ran. After 3 days in Las Vegas, it was interesting to see how I had a very profitable experience while my Father had the exact opposite. The only difference between us was that I had rules and he didn’t. Viva Las Vegas!!!

Does Your Sales Training Program Address Your Sales Performance Issues? Part 1

Here’s a Proven Method to Target ‘Sales Skill Training’ to Resolve Sales Performance Issues Sales training programs encompass a variety of necessary components; things like company policies, sales paperwork, CRM/sales force automation orientation, sales processes, company services, sales skill training and product features and benefits. But when I ask Sales executives and Sales trainers how their current sales training program is aligned with their sales performance issues I get the look of “No speak English’. Let’s first categorize ‘Sales performance issues’. There are (4) distinct sales performance silos that will effect the overall outcome of any sales team, year in and year out. They are: % of Sales reps to Quota Average New-hire Ramp-to-Quota in months Sales Employee Turnover rate Time spent versus Result achieved This is a good place to start in determining what sales skill training to implement to achieve a measurable return on investment. But here’s what will set you apart when you walk the request up to the front office. Start out with the NUMBERS. That’s right. Take a diagnostic view of your current sales performance silos, one by one. Let’s look at a real sales performance issue example of ‘Average New-hire Ramp-to-Quota’. I recently conducted a ‘Sales Performance Improvement Blueprint’ web-cast for this sales organization. The company was hiring 155 sales reps per year. The ultimate objective of any new-hire sales training program is to ramp the new sales rep to Quota. Simply, give them everything they need to effectively reach their monthly sales goal. So how was this company doing? They were obtaining this ultimate sales training program objective in 7 months. So how does one determine if that training outcome is a ‘Sales Performance Issue’? Let’s take a look. Step 1: ‘Run the Numbers’ for any realistic ROI opportunity Each new-hire rep had an ultimate quota of $3500 Sales Cycle was 17 days Average customer term agreement of 36 months Average 'Sub-Quota' revenue per month during ramp of $1300 (This number reflects the average monthly revenue a new-hire achieves before they achieve quota attainment) Step 2: ‘Run the Numbers’ hypothetically for a 1 month improvement In this case, I showed the sales management team what return on investment they would get by helping just 1 sales rep achieve full sales quota in 6 months versus 7 months. Based on their numbers my diagnostic system showed them a ROI of $79,200 just by trimming off 30 days. If they did that for all 155 of their annual new-hires, they could realize $12,276,000. And that got their attention. So, is it now a worthy sales performance issue to attach pin-point sales training to? Not quite yet. Step 3: ‘Run the Numbers’ for a Reality Check The most successful businesses — and certainly, sales departments — have identified their Key Performance Indicators (KPI); individual gateways that directly effect the outcome of a particular process. Then they measure the competency ratios in line with them. A good KPI example in the sales process might be how many times you advance the first sales appointment to the next phase, whether that’s a demonstration, a site visit, a survey or a proposal. Another KPI is how many times you gain a new customer once the first gateway is passed. And when you do gain a new customer, what’s the average revenue you achieve? And how long does it take to gain a new customer on average; i.e. sales cycle? How about how long it takes you to gain 1 new sales appointment, defined by sales prospect ‘conversation’? And as a by-product of all this, how many new appointments are needed each week? We ran these numbers in the system to see ‘if and where’ there were some leaks in the ‘KPI ship’. And here’s what we discovered; not a leak, but a big ‘ole fire hose. Two ‘KPI issues’ were apparent. First, why does the ramp-to-quota for a new-hire take 7 months when the average sales cycle is 17 days? Second, they were only setting 3 new appointments per week when they needed to set 6, based on their other KPIs. So their sales appointment ‘activity barometer’ was only running at 50%. And that will dictate a longer ramp-to-quota. Dig a bit deeper in the system and out popped a 6% conversation-to-appointment ratio; they had to conduct 15 prospect conversations to get 1 new appointment. OK, back to the ‘Reality Check’. Is it realistic to focus on reducing the new-hire ramp-to-quota from 7 months to 6 months for a sales training ROI of $12,276,000 or $79,200 per rep? You bet it is. These folks needed to address the front-end of their sales process; setting targeted sales appointments. To do that, they needed (1) establish an activity standard to reach quota by month six and (2) develop a sales prospecting methodology and supporting system to spend less time in achieving it. Then they needed to plug their sales prospecting ‘system’ into their current sales training program and work to a weekly sales appointment activity goal to assure a monthly revenue result by month 6. Step 4: Set the Goal and ‘Train to It’ A sales training ROI goal of $12,276,000 or $79,200 per rep is for sure a worthy one. And the diagnostic system showed us they would meet this goal just by setting 3 additional sales appointment per week per rep; 6 appointments versus 3. Actually, I lied. The system showed an even brighter picture if the sales appointment activity standard of 6 new appointments per week was met. If they could support their new-hires with a sales prospecting system that could help them achieve 6 new sales appointments per week, they would actually cut their new-hire Ramp-to-Quota by 4 months; from the current 7 months down to 3 months. And that sales training ROI would be $316,800 per rep or a whopping $49,104,000. One of the reasons why sales training fails is a failure to define a useful objective. In this case, our diagnostic method has defined a single useful objective for them to train to. And this same diagnostic method can be utilized if you have a ‘Sales Performance Issue’ of an unacceptable percentage of Sales reps reaching Quota each month. In Part 2, we will take a look at (2) other sales performance issues, ‘Sales Employee Turnover rate’ and ‘Time spent versus Result achieved’ with this same sales management team and see what our diagnostic method to sales performance improvement and ROI turns up.

Why Consider ‘Sales Prospecting’ as a Sales Management Training Course

Consider a ‘Prospecting Certification Course’ for your Sales Managers… “What’s in it for you?” The last thing a sales manager wants to do is to go through a certification course in ‘Sales Prospecting’. They’ve been there and they’ve done that, or they’d not have been promoted to a sales manager level. After all, that’s up to the sales rep. That’s why they are hired on. In fact, I recently asked a Vice President of Sales in a competitive industry if he’d be open to looking at a ‘Sales Prospecting System’ for his sales managers his remark was “That’s what we hire sales reps for. If they don’t do it, we fire them and find some that will.” Well, by definition, I guess that’s fair. Because if you take a look at any outside sales representative job description, you’ll see experience criteria listed such as: “Excellent cold calling and lead generation experience,” or “Must be able to identify Target Prospects and maintain an appropriate activity funnel,” or “Must meet or exceed activity standards.” So why should a sales organization consider establishing a prospecting certification course for their Sales Managers? In order to consider this argument, let’s first take a look at standard criteria within a sales manager job description: “Responsible for managing Sales activity for new and existing Account Executives” Now let’s break this job criterion into individual elements and look at it as a professional Investor would look at a ‘Business Case’. Here are some synonyms for the word ‘Responsible’: · Accountable · In charge · To blame · Liable · Guilty · Answerable · Dependable · Conscientious I don’t know about you, but if I understand the King’s language here, I am beginning to feel I have some ‘Skin in the game’ as a sales manager already. Let’s investigate a little further by pulling out the phrase ‘managing sales activity’. There are (2) different ways to manage. You can choose to ‘Supervise’ or you can elect to ‘Organize’. If 100% of your sales team is 100% effective at professional prospecting; meeting or exceeding the necessary activity standard, ‘supervising’ will do the trick. You’re dismissed. But to the extent that they are not is the extent you will need to ‘organize’, put in order a best practice prospecting system to support new sales appointment activity. (Or start over like the sales executive fore-mentioned.) Now let’s peel back the phrase ‘new and existing account reps’. In a sales manager dictionary, ‘new’ means ‘New-hires’ and ‘New-hires’ reflects ‘Ramp-to-quota’. Simply put, the quicker a new-hire ramps to Quota the better for both parties; the new-hire and the sales manager. Both get more credit, earn more recognition and receive more commission. And what is the most important facilitator in getting a new-hire sales rep to Quota in the least amount of time? It’s making sure they secure the necessary amount of new appointments. It’s the fuel in the tank. The quicker they do that, the quicker they will ramp to quota with the proper mentor support of course. And that brings us back to the leadership choice between choosing to ‘Supervise’ versus electing to ‘Organize’. Here’s a (1) rep ‘Hard-number’ example. Average New Hires per Year: 1 Monthly Sales Quota: $7,500 Average Term Agreement: 24 months Current Average Ramp-to-Quota: 5 months Improve Average Ramp-to-Quota: 4 months Average 'Sub-Quota' Revenue per Month during Ramp: $2,800 Annual ROI: $112,800 In this example, reducing the time it takes for (1) new-hire sales rep to achieve Quota by only 1 month returns back to the sales manager $112,800 in additional sales revenue. The other and sometimes forgotten performance silo within the term ‘New-hire’ is sales employee turnover. Most sales employee turnover occurs with the first 8 months of bring a new sales employee onboard. My studies also tell me that 90% or more of that turnover is directly related to low sales activity; not setting enough new appointments to meet the quota ramp criteria. Using the same model as above, let’s look at what’s in it for the Sales manager to promote a Prospecting system to reduce new-hire employee turnover. Number of Sales Reps: 10 12 Month Turnover Rate: 40% Average Salary: $25,000 Recruiting Costs/Rep: $1,000 Training Costs/Rep: $1,800 Monthly Sales Quota: $7,500 Improve Turnover Rate To: 30% Revenue Ramp-up Costs: $60,000 Total Annual Cost: $178,533 Revenue Production Loss: $63,000 Saved Reps: 1 Annual Savings: $44,633 Reducing annual turnover for just (1) new-hire sales rep returns back to the sales manager $44,633 in additional sales revenue and recovered costs. Multiply that out by your own sales employee turnover number. Now back to our sales manager job description criteria of “Responsible for managing sales activity for new and existing Account Executives.” Let’s investigate the term ‘existing account managers’ and what managing sales activities by ‘supervising’ or ‘organizing’ means to our career. First of all, what percentage of your existing sales team is reaching or exceeding quota each month. Of the percentage that is not, what percentage of them are not achieving quota due to sub-par sales activity? When you uncover that sales performance number and understand the ramifications to revenue result, you will move another notch closer to your ultimate answer of ‘supervise’ or ‘organize’. Secondarily, what percentage of your sales reps time is spent on securing new business appointments? JDH Group clients spend on average 50% of their weekly ‘hourly rate’ on prospecting. For a sales rep working 45 hours per week, that’s over 22 hours dedicated to front end activity. If you decided to ‘organize’ a prospecting system, become certified in it and help others with it, would that drive that number down? Will that allow your sales team more time to pursue higher-value, solutions-based selling opportunities? One definition of ‘Best practice’ is the sum of everything everybody in your sales organization knows that gives you a competitive edge in the market place. Putting in place a ‘Prospecting system’ with best practice components and elements, becoming independently certified to it as a manager/leader and mentoring it throughout your sales team will ensure that nobody is left behind. And enabling your sales team to share knowledge and insight stimulates ‘Targeted’ sales activity that will drive new business and help you reach your desired results more often. As a Sales manager, are you a ‘Supervisor’ or an ‘Organizer’? When it comes to achieving revenue results for new and existing sales reps, this article will help you decide which side of the fence you should be on… because there is no middle ground.

Before You File Your Corporation or Limited Liability Company (LLC): 5 Things to Consider! (Part Two)

(Pease see Part One for entire article) TAX AND ASSET PROTECTION CHOICES – POSSIBLE CONTRADICTIONS? POINT # 4: When trying to choose a business entity: BE WARNED! There are a number of opinions out there depending on who you ask. I’ll try to make this really simple so remember the following: You are fighting two battles. The business and tax structure you choose is your weapon/protector. WHAT ARE THESE TWO BATTLES?: 1) a tax battle and 2) a liability or asset protection battle. In other words, when you choose a business structure type (corporation, LLC, limited partnership) the choice for the real estate investor will depend on the tax issues which are associated with the business, and how well the business structure protects personal assets from the activities of the business. Certain structures can protect the assets of the business from personal liabilities (please see my article, ‘Corporations and Limited Liability Companies (LLC’s): Charging Orders and the Differences in Protection’. Most real estate investors will go to their attorney in order to find out which business structure makes the most sense from a legal standpoint. Usually the main question is, “Mr. Lawyer or Ms. Lawyer which business structure will protect my personal assets if my business is sued?”. Later that week, the same investor also travel across town to an accountant’s office and ask, “Mr. Accountant or Ms. Accountant, which business structure will save me the most in taxes?”. Notice a few things: 1) There could be different answers. Most attorneys will have a dynamite understanding of the legal issues (in this instance personal liability protection issues), however they may not be as informed on the complex tax issues associated with real estate or other industries. So their answer may be help you from a liability standpoint, but hurt you from a tax standpoint. 2) The same is true regarding the accountant. They may have great choice for you when it comes to taxes, but a bad choice when it comes to personal liability protection. Usually, the biggest trap comes in the form of a good liability protection choice, but a horrible tax choice. This is especially true in real estate. If you ever receive conflicting advice be sure to understand exactly why it is conflicting. For example, are there really contradictions or perhaps is the professional giving you legal advice, but not considering the tax issues. The same is true regarding tax advice. I like to say that you need to educate yourself on all the options available and some of the most common issues and structures that investors like yourself use – day in and day out. POINT # 5: All professionals are not created equally. In order choose a capable attorney or accountant you need to be able to evaluate them. How do you do this? An excellent way is to ask them questions which relate specifically to your business/industry. While some investors have a pretty good understanding of the tax and liability issues…many do not. Because of this many business owners choose an inadequate attorney or accountant for their business. After all how can you evaluate the accountant or the attorney for you if you don’t understand all your options? How can you really ask pertinent questions? How can you evaluate their skill level? How can you really be sure what they are telling you is up-to-date? You really need to have some knowledge before you walk into the plush law or accounting office. It will not only help you make the right choices, but it can also SAVE YOU MONEY! If the attorney does not have to create an entire set of forms for you…then you will save several hundred dollars or more. If you have run your entity properly and understood accounting rules and IRS requirements, then there is less work for the accountant to do. With the right information you can choose the best professional and usually save a good deal in professional fees. You make your life and their job easier! Get educated first! To learn which mistakes to avoid, how to create, run, and maintain an ‘iron clad’ LLC or corporation please see Mr. Barazandeh’s, Wealth Building LLC ™ and Incorporate for Wealth™ courses at http://www.theinformedinvestor.com and http://www.attorneysecrets.com. (We even cover evaluating professionals and sample structures for different businesses and anticipated revenue projections!) I want to wish you all the best in your business and email me if you ever need help: taxenterprises@yahoo.com

Why So Many People Fail In Affiliate Marketing

More and more people are lured into affiliate marketing and you might be one of them. Indeed, affiliate marketing is one of the most effective means of generating a full-time income through the Internet. It’s a fair deal between the merchandiser and his affiliates as both benefit from each sale materialized. Like in other kinds of business, a great deal of the profits in affiliate marketing depends on the affiliate’s advertising, promoting and selling strategies. Everyday, as affiliate marketing industry expands, competition heightens as well so an affiliate marketer must be creative enough to employ unique and effective ways to convince potential buyers to purchase or avail of the products and services offered. Compared to traditional advertising practices, affiliate programs are more effective, risk-free and cost-efficient. But why do many people still fail in affiliate marketing? There are a lot of reasons and a lot of areas in the program to look into. The most critical aspect in the affiliate program is advertising. Many affiliate marketers fail in this aspect because they lack hard work, which is the most important thing in affiliate marketing and in all other kinds of business as well. Although it pays to be lucky, you cannot merely rely on it. Affiliate marketing isn’t as simple as directing customers to the business site. If you want to earn big, of course, you have to invest time and great amount of hard work in promoting the products. As earlier mentioned, the competition is very high and customers nowadays are very wise, too. After all, who doesn’t want to get the best purchase—that is, to pay less and get more in terms of quantity and quality. Lack of preparation is also a reason why one fails in affiliate marketing, whether he is a merchandiser or an affiliate. Part of the preparation is researching. On the part of the merchant, he has to be highly selective in choosing the right affiliate websites for his affiliate program. In order to be sure he has the best choices, he must have exhausted his means in looking for highly interested affiliates whose sites are sure fit to his products and services. The affiliate site’s visitors must match his targeted customers. On the other hand, the affiliate marketer must likewise research on the good-paying merchandisers before he signs up for an affiliate program. He must ensure that the merchants’ products and services match his interests so he can give his full attention and dedication to the program. He can get valuable information by joining affiliate forums, comparing different affiliate programs and reading articles on affiliate marketing where he can get tips from experienced affiliate marketers on how to choose the best merchants and products with high conversion rate. The website is a very important tool in the whole affiliate program. As an affiliate marketer, you should plan how your site is going to be, from domain name to the design, the lay-out, the content, and ads. Some users are particular about what they see at first glance and thus when they find your site ugly, they won’t read through the content even if your site has many things to say and offer. On the other hand, there those who want information more than anything else. Affiliate marketers with “rich-content” web sites are usually the ones who prosper in this business because the content improves traffic to the site. Websites with high quality contents—with relevant keywords and more importantly, right information about the product and not empty hyped-up advertisements—allow you to earn big in affiliate marketing even when you’re asleep. If you won’t be able to sustain the interest of your site visitor, you won’t be able to lead him to the merchants’ site. No click-through means no sale and thus, no income on your part. Selecting a top-level domain name is also crucial to the success of the affiliate program. Lots of affiliate sites don’t appear in the search engine results because they are deemed by affiliate managers as personal sites. Major search engines and directories would think of your site as transient ones and thus, they won’t list it in the directory. Before you decide on the domain name, know first what you are going to promote. Many fail because their sites are not appropriately named, so even when they feature the exact products the customer is looking for, the customer might think the site is not relevant and thus, won’t enter the site. Above all, an affiliate marketer must be willing to learn more. Certainly, there are still a lot of things to learn and so an affiliate marketer must continue to educate himself so he can improve his marketing strategies. Many fail because they don’t grow in the business and they are merely concerned about earning big quickly. If you want long-term and highly satisfactory results, take time to learn the ins and outs of the business. Continue to improve your knowledge especially with the basics in affiliate marketing ranging from advertising to programming, web page development, and search engine optimization techniques. Likewise, study the needs and wants of your site users and how different merchandisers compete with each other. Keep on trying

Seven Lessons to Learn from Great Salespeople

Chances are this article’s title gives you a strong opinion about whether or not to continue reading. You are either in sales and want to understand your work better and therefore very interested, or you are being kind and giving me until the end of this paragraph to convince you to continue, because you aren’t in sales, you don’t want to be in sales, and you don’t see a connection between your work and sales. If you are in the second group, please give me just one more paragraph before you decide, ok? If you think of the stereotypical high pressure used car salesperson when you think about sales, rest assured that isn’t what I’m referring to. Think about this. Do you ever need to persuade others to see your position or take a particular action? Do you ever need people to follow your recommendations? Do you ever benefit in a tangible way when you are able to be more successful in persuading others? If your answer is yes to any of these questions (and I’m sure it is for everyone), then you are in sales – regardless of your job title or how you feel about “salespeople.” So regardless of your experience in or feelings about sales, there are likely things you can learn from the best in the sales field – because we are all in sales. The Model in your Mind With all due respect to the many truly outstanding used car salespeople, the “high-pressure, used-car-salesperson” stereotype is one held by many people. And while we may have experience with this type of salesperson, most of us also have experience with someone who was extremely helpful. Someone who helped us select the best possible product or service for our situation and really cared about the results we would receive from the products we were buying. In other words, when we stop to think about it we all have some very positive experiences with salespeople. It is those positive experiences that I want you to reflect on as you read the seven lessons below. Chances are some – or all – will be consistent with your experiences, and by reflecting on your experiences as you read you will make these lessons even more valuable for you. The Seven Lessons Listen more talk less. How can a salesperson know what you need unless they listen? If they don’t listen they are making assumptions as to your needs, wants and desires. The same is true for us. We will get much further much faster when trying to persuade or influence others when we talk less and listen more. Ask more and better questions. One of the ways to talk less is by asking more questions. Great salespeople are masters at asking questions. They collect and use questions intelligently to learn more about our needs. They use questions to understand us better and to strengthen their relationship with us. Questions are one of our greatest learning tools and one of the best ways to further relationships. Whatever your work, being more skilled at asking questions will make you more successful. Focus on the longer-term, big picture. The best salespeople aren’t trying to sell one car today. They are trying to sell you your next 5 (or 10) cars. They know Rome wasn’t built in a day and that they won’t reach their goals – or best serve you – by pressuring you to buy now. So it is for you in your interactions. When we think about the longer term we will make better decisions and behave more appropriately. Build relationships. Business success is about relationships, and great salespeople know that. One of the fastest ways to become more successful is by building more and stronger relationships. One of the fastest ways to lose your job is by neglecting relationships. Take it from the best salespeople – business is based on relationships. Follow-up and follow through. One of the ways to build relationships is to follow-up and follow through. Ever had a service provider call you and check on your satisfaction? How did you feel about that provider and his/her organization after that? How do you feel about people who send you handwritten thank you notes? How do feel when people go above and beyond to stay in touch with you and make sure you are satisfied? You feel good about them and their services, right? Apply those approaches to your work. Send a note. Remember a birthday. Mention the article you read that they would be interested in. Do what you said you were going to do. Follow-up and follow through. Lose the techniques – focus on the other person. There are many helpful techniques that we can learn from training, from watching others and reading. We look for a magical formula or approach. While it is important to learn the techniques, they will only help us if we integrate them into who we are and what we stand for. For example, there is a difference between practicing active listening techniques and actively listening. When the focus is on the result, we relax and use the techniques in support of the end goal. Great salespeople learn the skills, but focus on their Customer. In an almost paradoxical way, by focusing on the Customer (remember your colleagues and your boss are your Customers too) and being sincere and genuine, you will gain the advantage of the techniques you were trying to use to begin with. Help them buy. People don’t want to be sold, but they do want to buy. Just like a master salesperson, help people be persuaded to your position. Help them see the value. Help them own the decision. Help them remove the roadblocks – real or perceived. Some Final Thoughts There are likely many areas of your life where you can apply the lessons above. Consider your work, but also your role as a neighbor, in a community group and as a parent as places where you can benefit from these lessons. You may have never sold magazine subscriptions door to door for a school project. You may have never had a job selling furniture or other products. You may never want to be in “sales.” Even if this is true, I urge you to think about what you can learn from the true masters of sales – because they are lessons that can make you better at whatever you do. Because it is really true – we are all in sales.

Holiday Marketing Magic for New Year Success

Can you believe it’s November already? The holidays are here and then the start of a new year will be upon us. Now is a perfect time to reflect on your business and see if it is all that it can be. Is it running at full speed and do you have all the clients that you need? If not, it’s time to get those engines moving and start into action before the New Year begins. I know, it’s the holidays and there’s a lot’s going on. But also it’s the perfect opportunity to connect with your clients and get a head start on potential work for next year. You will find that communication is so much easier when you can utilize holiday greetings, holiday goodies, and holiday presents. Holiday gifts and candy will ease the way to a “Hi, how have you been? Send me more business!” Or for those new potential clients, “Hi, how are you—You need ME.” First, reconnect with ALL your clients and let them know how you appreciate them and perhaps how you can help them with other needs they may not even know you offer. Send a personalized holiday card or greeting. For local clients stop by their office and drop off presents, popcorn tins for the staff and/or their favorite coffee for their afternoon pick-me-up. For potential new clients, drop off a Holiday cup full of wrapped candy with your business card or perhaps get your business name printed on the candy bar. Also, consider sending a specialty cake, such as a coffee lover’s cake from Make a Diaper Cake Biz, http://www.makeadiapercake.biz. You can make your own or have Barb Ireland create one for you. For all you Virtual Assistants or word processors out there, don’t forget to stop by any small post offices or UPS shops and offer to put your business cards there. Many of these places will add your business card holders directly to the counter. Think how much traffic is going through these places shipping out those presents and what great exposure that can be. And the best news is that they usually do allow business cards with a business card holder. Just think about it, people waiting impatiently in line, pick up your card and BINGO—New Client. Other tips include:  Read and research new things. So many great promotions are going on now with the holidays and New Year coming. Look to them and see what’s out there and how you can apply it to your business. Take advantage of the teleclasses and seminars that are offered by the pros. Yes, they are going to try and sell you something, but by golly the information you receive will be worth it and you don’t have to buy.  Join Associations: Join the association that you’ve heard about by so many but haven’t made the commitment yet. Start the New Year with a firm commitment to attend at least one engagement a month or more. See what a difference it can make in your business by talking with pros in your industry or networking with businesses, who might utilize your services or products.  Get moving online. Go to the message boards and chats and network. Meet people and introduce you and your business. Offer tips and suggestions and actively be a part of the forum. I’ve been in business since 1985 so this year I will be celebrating 21 years in business. I owe a lot of my success to being active on the boards and letting people get to know me and trust me. My message board is up and running and eager for more virtual assistants to stop by and learn how to become a virtual assistant. It’s at http://www.Publicity-VA.com.  Your Website. Now it can all go to waste if they these potential clients get to your website and see a unprofessional, poorly built, error-ridden, mess of a site. Take a look at your website and see if it is the best that it can be. I constantly update mine at http://www.virtualwordpublishing.com to try and provide tips and suggestions for those starting a virtual assisting and also tips on publishing and, of course, our new books in our online bookstore. I know the importance of changing it frequently, so people will come back to see what’s new. Look to the overall appearance, the professionalism of your wording, the explanations explaining the benefits you provide, etc. In fact, everything in your site needs to convince a client to work with you. Now ask yourself, does it do that? Is this something I can be proud of? Too often we throw together a website, just to have it done. Remember this can often be a client’s first impression of you. Is it selling you well? So this year as others are shopping and preparing for the holidays, you can instead be preparing your business for the New Year. What a gift that would be for YOU—to start your business off with a bang and lots of new clients you secured in your holiday marketing efforts. November is a great time to reflect back on the year and plan for the next. Why not plan to make next year, your best one ever! Good Luck and Happy Marketing.

Holiday Marketing Magic for New Year Success

Can you believe it’s November already? The holidays are here and then the start of a new year will be upon us. Now is a perfect time to reflect on your business and see if it is all that it can be. Is it running at full speed and do you have all the clients that you need? If not, it’s time to get those engines moving and start into action before the New Year begins. I know, it’s the holidays and there’s a lot’s going on. But also it’s the perfect opportunity to connect with your clients and get a head start on potential work for next year. You will find that communication is so much easier when you can utilize holiday greetings, holiday goodies, and holiday presents. Holiday gifts and candy will ease the way to a “Hi, how have you been? Send me more business!” Or for those new potential clients, “Hi, how are you—You need ME.” First, reconnect with ALL your clients and let them know how you appreciate them and perhaps how you can help them with other needs they may not even know you offer. Send a personalized holiday card or greeting. For local clients stop by their office and drop off presents, popcorn tins for the staff and/or their favorite coffee for their afternoon pick-me-up. For potential new clients, drop off a Holiday cup full of wrapped candy with your business card or perhaps get your business name printed on the candy bar. Also, consider sending a specialty cake, such as a coffee lover’s cake from Make a Diaper Cake Biz, http://www.makeadiapercake.biz. You can make your own or have Barb Ireland create one for you. For all you Virtual Assistants or word processors out there, don’t forget to stop by any small post offices or UPS shops and offer to put your business cards there. Many of these places will add your business card holders directly to the counter. Think how much traffic is going through these places shipping out those presents and what great exposure that can be. And the best news is that they usually do allow business cards with a business card holder. Just think about it, people waiting impatiently in line, pick up your card and BINGO—New Client. Other tips include:  Read and research new things. So many great promotions are going on now with the holidays and New Year coming. Look to them and see what’s out there and how you can apply it to your business. Take advantage of the teleclasses and seminars that are offered by the pros. Yes, they are going to try and sell you something, but by golly the information you receive will be worth it and you don’t have to buy.  Join Associations: Join the association that you’ve heard about by so many but haven’t made the commitment yet. Start the New Year with a firm commitment to attend at least one engagement a month or more. See what a difference it can make in your business by talking with pros in your industry or networking with businesses, who might utilize your services or products.  Get moving online. Go to the message boards and chats and network. Meet people and introduce you and your business. Offer tips and suggestions and actively be a part of the forum. I’ve been in business since 1985 so this year I will be celebrating 21 years in business. I owe a lot of my success to being active on the boards and letting people get to know me and trust me. My message board is up and running and eager for more virtual assistants to stop by and learn how to become a virtual assistant. It’s at http://www.Publicity-VA.com.  Your Website. Now it can all go to waste if they these potential clients get to your website and see a unprofessional, poorly built, error-ridden, mess of a site. Take a look at your website and see if it is the best that it can be. I constantly update mine at http://www.virtualwordpublishing.com to try and provide tips and suggestions for those starting a virtual assisting and also tips on publishing and, of course, our new books in our online bookstore. I know the importance of changing it frequently, so people will come back to see what’s new. Look to the overall appearance, the professionalism of your wording, the explanations explaining the benefits you provide, etc. In fact, everything in your site needs to convince a client to work with you. Now ask yourself, does it do that? Is this something I can be proud of? Too often we throw together a website, just to have it done. Remember this can often be a client’s first impression of you. Is it selling you well? So this year as others are shopping and preparing for the holidays, you can instead be preparing your business for the New Year. What a gift that would be for YOU—to start your business off with a bang and lots of new clients you secured in your holiday marketing efforts. November is a great time to reflect back on the year and plan for the next. Why not plan to make next year, your best one ever! Good Luck and Happy Marketing.

Finding the Right Bad Credit Lenders

There are times when people will find themselves in a difficult financial situation. It may be because their business has not worked out and is on the verge of becoming bankrupt or it could be for personal reasons (namely their divorce settlement is not what it should have been). But at any time the need for financial support is important, but when faced with situations such as shown previously a loan to help them recover is hard to find. There are many reasons why getting a loan could be difficult, it may be they have a poor credit rating or they have no equity to act as security on a loan that lenders will normally provide. However, now there are money lenders around called bad credit lenders who can assist these people when their state of financial affairs is so dire. Often you will find that bad credit lenders are institutions or organizations which are able to provide loans to people who are in desperate need of financial assistance. One such option that these kinds of lenders provide is a private loan (also known as a hard money or bad credit loan). Because they do not require the borrower to have any equity and thus able to provide such loans but an increased rate of interest. There are many different sorts of bad credit lenders around, and banks are one of these. Should you need to arrange a bad credit loan you could firstly consult a bank, but many banks do need some sort of equity against the loan that you are looking for and it is advisable that you seek assistance from a bank where you have been a customer from some time. Not only does this provide the bank with guarantee of not only knowing who you are but will have full details of your banking records. However, if this does not work out there are a number of companies around which also act as bad credit lenders. Such companies will provide you with a loan proposal, but be aware that they will often charge much higher rates of interest than usual. Many financial experts say that when looking for the right sort of bad credit lender it is wise to carry out as much research as possible. Obtain as much information as you can on each lender and ensure that you are aware of what sort of loan programs these lenders have and what the interest rates that they offer on their loans. After getting this information it is wise to compare each one and see which suits you and the one on which you will have not difficulty in making repayments to them on.

Are Leaders Born Or Made?

For centuries people have debated whether leaders are born or made. Several decades ago researchers started trying to answer the question. The debate goes on, even though we know the answer. It turns out to be a little of both. Leaders are sort of born and they're always made. Knowing the details will help you develop effective leaders for your company. Leaders are Sort of Born It seems like there's only one thing that a person needs to actually be born with in order to be a leader later in life. That's intelligence. A leader needs to be smart enough. Effective leaders aren't necessarily the smartest people in the room or the company or even on the team. But they have to be smart enough to do the job they're assigned. What's more important is what kind of person the potential leader is when he or she becomes an adult. The person who emerges from adolescence into young adulthood has the psychological and character traits they'll demonstrate for the rest of their life. Some of those matter for leadership. By the time a person becomes an adult we can tell if they can help other people achieve results. That, after all, is what we expect leaders to do. We expect them to achieve success through a group. We expect them to help their subordinates grow and develop. By the time a person becomes an adult, we can tell if they want to achieve objectives or if they just want to go along and take it easy. We expect leaders to be responsible for achieving results. You can have a marvelous life without a results focus, but if you're going to lead successfully you have to have the drive and willingness to be measured by the results of your leadership. By the time a person becomes an adult, we can tell if they are willing to make decisions or not. Lots of people wake up every day and let the world happen to them. But leaders must be able and willing to make decisions that affect themselves and others. By the time a person becomes an adult we can tell if they have the basic qualities that we expect leaders to have. We can determine if they're smart enough to do the job. We can tell if they are willing to help others to achieve results as a group. And we can tell if they will make decisions. Those things are essential. People who have them can learn the multiple skills it takes for them to become effective leaders. No matter how they measure up on the key essentials, no one emerges from the womb or from adolescence with all the skills in place to be an effective leader. Everybody has to learn the job. That's why leaders are always made. Leaders are Always Made Leadership can be learned by anyone with the basics. But an awful lot of leadership cannot be taught. That's because leadership is an apprentice trade. Leaders learn about 80 percent of their craft on the job. They learn from watching other leaders and emulating their behavior. They choose role models and seek out mentors. They ask other leaders about how to handle situations. Leaders improve by getting feedback and using it. The best leaders seek feedback from their boss, their peers and their subordinates. Then they modify their behavior so that they get better results. Leaders learn by trying things out and then critiquing their performance. The only failure they recognize is the failure to learn from experience. In their book, Geeks and Geezers, Warren Bennis and Robert Thomas identify the special power of what they call "crucibles." These are trials which teach hard lessons that leaders use as the basis of their strength in later crises. Many of these events can be called "failures," but leaders turn the bad situation to good by learning from it. Effective leaders take control of their own development. They seek out training opportunities that will make a difference that will make a difference in their performance. Effective leaders look for training programs that will help them develop specific skills that they can use on the job. Then, they when they return to work, they devote specific, deliberate effort to mastering in real life what they learned in the classroom. Marshall Goldsmith and Howard Morgan studied the progress of 88,000 managers who had been to leadership development training. The people who returned from the training, talked about it, and did deliberate work to apply their learning were judged as becoming more effective leaders. The ones who didn't showed no improvement. If you're responsible for leadership development for your company, you should structure your support for your leaders to recognize that most leadership learning happens on the job. Help people develop leadership development plans. Help them select specific skills training and then work on transferring skills from the training to the job. Help them find role models, mentors and peers to discuss leadership issues. Help your leaders get feedback from their boss, peers and subordinates. Work to create the culture of candor that will make that feedback helpful and effective. Don't stop there. Make sure that you evaluate your leaders on their leadership work. Reward them and hold them accountable for accomplishing the mission through the group. And hold them accountable for caring for their people and helping them grow and develop. A Leader's Growth is Never Done Leadership learning is a lifetime activity. You're never done because there's always more to learn. There are always skills you need to improve. Effective leaders seek out development opportunities that will help them learn new skills. Those might be project assignments or job changes. What they have in common is that the leader develops knowledge and skills that can be used elsewhere. Effective leaders also seek out opportunities that will increase their visibility. The fact is that great performance alone will not propel you to the top in your career. You also have to be visible to people who make decisions about promotions and assignments. If you're responsible for developing leaders in your company, set up programs to give your leaders both kinds of development opportunities over the course of their careers. There's no magic formula for developing quality leaders in your company. But if you select potential leaders with the essential traits, then support them with training, feedback, on-the-job learning and development experiences and hold them accountable for results, you'll have the leaders you need to shape your company's future.

Career Information about Photography; Is It Worth Persuing?

Before we say anything too hastily, we should first understand what I actually mean by this statement. Often people simply pick up a camera and take a snap, see the result and think – hey that was easy and fun. I think I’d like to do this for a living. It might sound a little bazaar, but that often happens. Most come to a rude awakening fairly quickly, however, some of these people succeed as well. Let’s look a little closer at career information about photography. Career information about photography is important to access and focus on initially because it is a competitive market where the work is often attractive to many people. The photographer must have “a good eye”, imagination, and some creativity to do well in this field. That's not all. Photographers love going into their own business. Accordingly, they must be able to maintain a business and to take advantage of opportunities provided by rapidly changing technologies. While seeking career information about photography you should first speak to one of your local photographers for information. You can ask questions about the job market in your area and how much training was involved before he/she considered themselves ready. You’ll find your local photographer will offer you insight that will be helpful in most cases. What as a photographer do you plan on achieving? Most would agree, the photographer is an artist, historian, and news event person. Perhaps you had already planned on your career and how you wish to achieve it. Career information about photography will prepare you for specific jobs but you should be aware of other elements related to the work. A photographer produces and preserves images that paint a picture, tell a story, or record an event. The successful photographer is required to have the ability to present a subject to achieve a particular effect while also selecting the appropriate equipment. A good photographer may enhance the subject’s appearance with natural or artificial light, shoot the subject from an interesting angle, draw attention to a particular aspect of the subject by blurring the background, or perhaps using different lenses to produce desired levels of detail at various distances. This is just an example of some of the requirements that a good photographer should possess. Career information about photography will vary according to what type of photography interests you. Underwater photography is becoming an exciting field of unexplored areas. Other photographers specialize in areas such as portrait, commercial and industrial, scientific, news, or fine arts photography. Portrait Photographers: The one’s we see most often who usually come with those special family events. They normally take individual pictures, group pictures and often work in their own studios. A lot of photographers specialize in taking wedding pictures, religious ceremonies, or school pictures. Commercial and Industrial: Career information about photography includes professionals who specialize in commercial and industrial photography. These photographers take pictures of various subjects, such as buildings, models, merchandise, artifacts, and landscapes. Why would a photographer go around taking these pictures? This is a specialized field wherein a lot of money can be made. The pictures are used in a variety of media, including books, reports, advertisements, and catalogs. The industrial photographer is usually hired in advance and knows what his assignment will be. He does not take pictures and try to find a buyer. The industrial photographer takes pictures of machinery, products, workers, and company officials. The pictures taken are usually for a specific purpose. In the future these pictures help engineer’s analysis projects, publicity, or records of equipment development or deployment, such as placement of an offshore oil rig. Field of Science: Career information about photography is common in the field of science. The recording of scientific data and procedures is often done by a photographer. The field of unusual phenomena or sometimes called ghost hunting uses special type of equipment and is necessary to help prove the existence of perhaps a haunting. Many things evolve when you work in the scientific field that is why a photographer must have knowledge in one or more areas of engineering, medicine, biology, or chemistry. Photojournalism: Photojournalists are people who take pictures of newsworthy people, places, and sporting events. They are news photographers who often cover political and community events for newspapers, journals, magazines, or television. Career information about photography would not be complete unless I reminded you of working conditions. The working conditions vary considerably from one type of a job to another. For instance, photographers who work for the government and advertising studios usually work a 5-day, 40 hour week. News photographers often work long, irregular hours and must be available on short notice. Some photographers work part time or on variable schedules. One last thing - Career information about photography should include the fact that a lot of photographers spend a small amount of time actually taking pictures because they spend a lot of time editing photographs on a computer and trying to find new business especially when they are self-employed.

Credit Card Fee Increases

This month on our two credit card statements are notices informing us that as of Oct. 1st we may be charged "more than two" late fees or over the limit fees" per month. What's going on? Gwen It's estimated that Americans charged $1.8 trillion in 2005 on the 690 million credit cards outstanding. According to a Government Accountability Office study released in September, 2006, 13% of credit card users were assessed over-limit fees and 35% were assessed late fees in 2005. So Gwen has a lot of company. Let's try to do three things. First, understand what these fees are. Next, see how fees are changing. And, finally, what Gwen can do to keep from being hurt. Credit cards have always had fees. Some, like for a late payment, are understandable. Others came along as credit cards took on new capabilities. Think cash advance and balance transfer fees. Still others, like over-limit fees, seem like they shouldn't be possible. You would think that they wouldn't allow you to borrow more than your limit. There are also 'penalty interest rates'. If you're late with a payment or go over your credit limit you could see your rate bumped to 30% or more. The 2006 GAO study looked at fees and penalties. It said that not only were fees increasing, but the credit card companies were doing a lousy job of informing consumers about those fees. The credit card companies are obligated to tell you about any fees or penalties and how they're triggered. Some fees, like paying your credit card bill by phone, are sometimes not clearly disclosed. What Gwen received with her statement was a notice of a change in how fees would be charged. And, as long as she's notified they can get by with almost anything. Late fees have nearly tripled in the last 11 years. And many cards have adopted a 'universal default clause' that says a late payment on any card will trigger the penalty interest rate. Credit card companies say that the higher interest rates and fees are appropriate based on risk factors. If it weren't for the higher fees, they claim that they wouldn't be able to offer credit to riskier consumers. In fairness, the GAO's survey found that (at least among 6 of the largest card issuers) 80% of accounts paid interest rates of less than 20%. So the vast majority of card users are not paying penalty rates. But the study also found that the disclosures were written well above the eighth grade reading level and (surprise!) featured small print. They recommended that the Federal Reserve Board revise rules on credit card disclosures. Now that we understand what's going on we can try to help Gwen avoid problems. The first thing is to recognize that the card issuers get to make most of the rules. And, whether those rules are fair or not isn't relevant. The best she can do is to avoid getting hurt by those rules. Get familiar with each account. The only way to know exactly what's allowed is to read and understand the "Card Member Agreement." Tough duty. But necessary. Watch out for unexpected fees. Like for balance transfers or increasing your credit limit. Know what could trigger fees or penalty rates. Know exactly when your payment is due. Keep a list of due dates for your credit card accounts. If you don't get the bill, it's your responsibility to contact the company and still make a timely payment. If possible, the best thing to do is to join nearly half of the cardholders who paid little or no interest. That's because they do not carry a balance. Obviously, for many people that's not immediately possible. Then it's important to send in your payment as soon as possible. Being seven days early is better than being one day late. If you find it difficult to get your payment in on time, you might want to authorize the credit card company to automatically debit your checking account for the minimum payment each month. You'll probably pay for the service, but that way the payment can't be late. Talk to your card issuer. If your due date falls at a bad time of the month, they'll move it. If Gwen is near or over the limit on any card, she should try to shift part of the debt to a different card. Some fees are even being assessed when an account is merely getting too close to the limit. Your best bet is to keep balances to less than half the available credit. Although the higher late fees are infuriating, they do minimal damage. The real problem is in the universal default clause. Most credit card accounts now have a universal default clause. Suppose your rate went from 15% to 30% on every open credit account. For every $1,000 you owe, an extra $150 interest would be charged each year. So if you're the type of person carrying a $10,000 balance, that one late payment could cost you $1,500 per year. For as long as you have the balance! Gwen is right to pay close attention to her credit card accounts. With newer fees and penalty rates in place, it becomes more important to manage your credit. In fact, it's critical to your financial wellbeing. _______________ Gary Foreman is a former financial planner who currently edits The Dollar Stretcher website . If you'd like to stretch your day or your dollar visit today! You'll find hundreds of articles to help you "live better...for less".

Scrooge's Christmas List

"Cratchit, take your Christmas grab bag and be gone. Out, I tell you, or you'll be seeking new employment!" That scene wasn't included in Charles Dickens' "A Christmas Carol" but I can easily picture crotchety old Scrooge taking Bob Cratchit to task for attempting to include him in an office holiday gift exchange. Scrooge certainly is the symbol of someone who doesn't like Christmas. But, if you think about it, many of us harbor Scrooge-like feelings today. We really don't want to participate in yet one more gift exchange. We're out of both time and money. The sad fact is that for many of us, Christmas shopping has become largely an obligation. We buy presents because it's expected. Take a look at your list. How many gifts are you buying because you really want to bless the person receiving it? And how many fall into the "I gotta" category? Part of the problem for all of us is that most of the people that we buy for already enjoy material wealth. They truly "don't need anything". In fact, your present creates a problem for them. Yes, I know that some think only a real Scrooge would take people off of their gift list. But, I'd disagree. Many of the gifts that you will give this season will actually hurt the person you give them to. Here's how. They really don't need whatever you bought. It's just one more item to take up closet, cabinet or attic space. You've put them one step closer to needing a bigger house (with a bigger mortgage payment). You'll consume their time and money without adding any enjoyment to their lives. And, you'll diminish your own life, too. Whether you consider this time of year to be an important part of your faith or just a time of goodwill, rushing from store to store will take your mind from the real meaning of the season. You will be focused on things. Not on the relationships that are important to your life. So I'd argue that it's really in the spirit of the season to reduce the number of people on your gift list. In fact, you'd be doing friends a favor by not exchanging gifts. You'd both save the time spent buying and wrapping the gift. If you truly value that person, it's much better to get together for lunch or dinner and catch up on what's happening in your lives. OK, in some cases it's not practical to drop people from your list. So how can you make the best of gift shopping? Before you go shopping, consider why you're buying each present. Decide which people on your list are really important. You have a limited amount of time and money. Spend them on the people who are truly important in your life. Everyone else should be handled without a big fuss. It's not that we don't like the people in our office gift exchange. It's just that six months from now they won't remember what you bought them. An office party is a great place for a gag gift. Thrift stores can provide an assortment of items that can be used for funny gifts. Stuffed animals, clothing, coffee mugs and toys are fertile ground for the imagination. Is the recipient a stickler for time? An old alarm clock could be good. One where the hands have been removed is even better. Many of us have far away relatives and friends. Unless you're particularly close, you might as well admit that you really don't know what they already have or what they need. So no matter what you get there's a good chance that it will need to be returned. Rather than combing the malls hoping that the perfect item will jump into your arms, why not consider a gift certificate from a national chain of stores. Or, better still, agree to a dollar amount that you will each spend on your own family. Do your buying after Christmas and send the 'giver' a photo of the gift that 'they bought'. For local friends and relatives, think about where your lives intersect. That's the place to begin looking for a present. If you find that your lives have drifted apart, it's better to spend time catching up instead of shopping. Then there's those very special people on your list. Your spouse, children and others who you truly want to make happy with a gift. Remember that it's not how much you spend. While it's nice to find a thoughtful gift for that special someone, what they really want is you. The people that are most important in your life want your time and attention. They want your happiness. Don't disappoint them by picking something that's expensive but impersonal. Finally, please understand that this isn't meant to imply that you shouldn't give to those who need help. Not everyone in our world is blessed with the abundance that so many of us have. And the less fortunate would can use your gift. If you can afford to, please participate in Angel Tree, the Salvation Army kettles or other programs to help those who struggle. If you're really in the holiday spirit you'll feel much better giving that new sweater to a poor child rather than your Aunt Edna. Nor is this meant to imply that you should ignore the holidays. This is a wonderful time of year. My hope is that you'd make the most of your resources and bring happiness to the people who matter in your life. Here's to a wonderful holiday for everyone. Hopefully your holiday will be filled with joy and wonder.

Are Your Strengths Under Control?

I first learned of this particular concept of strengths and excesses in the context of annual performance appraisals. Periodic performance feedback, coupled with an annual performance appraisal, is an integral part of a well-run business. Honest appraisals which inform the employee of his or her development needs are critical to helping the employee improve. They also help the business improve because its employees are improving their performance. It’s a “win-win” proposition. Unfortunately, not all appraisals are honest. The one for the outstanding employee is easy to conduct and is a pleasure. The one for the marginal employee can be difficult because the discussion can become argumentative and contentious. I have seen too many managers avoid the tough performance appraisal by simply deeming an employee’s performance to be satisfactory and avoiding any discussion of development needs. This is unacceptable because it is unfair to the marginal employee. Sooner or later the true assessment will come to light and it will be a shock to the employee. Perhaps it will come in the form of a layoff notice. Perhaps it will come with a new manager who believes in giving honest performance assessments. Whatever the form, the day will come and it won’t be pretty. I never understood why many managers don’t give honest appraisals. Again, the employee deserves honest feedback. If a manager can’t conduct an honest discussion, he should not accept a position as a manager. In one particular staff discussion this subject was being discussed. The general manager stated that he expected his managers to conduct honest performance appraisals with their people. He further stated that there is no need for the discussions with marginal employees to be contentious if the discussion is in terms of strengths and excesses. The theory he was discussing is that no one inherently has any weaknesses. We develop weaknesses when we carry strengths to an excess. Self-confidence is a trait we admire, we strive to have, and we count as a strength. If we carry the strength of self-confidence to an excess, it becomes arrogance, and a weakness. Consider one’s ability to trust others. This is a strength and one which you need to develop as you need to delegate more to others. If you carry trust to an excess it becomes gullibility. Being strong and forceful are strengths. Carry them to an excess and you become a bully. Being cautious is a strength. Carry it an excess and you become indecisive. Being cooperative is a strength. Carry it to an excess and you become a pushover. Taking risks is a strength and a necessary ingredient to being an entrepreneur. If you carry risk-taking to an excess you can become reckless. Having ambition is a strength. In this case I’m thinking of the person with the desire and ambition to get ahead. You’ve recognized that in some people and you admire their drive. However, I have seen some people carry their ambition to an excess. They become obsessed with getting ahead and start doing some pretty dumb things which have hurt their chances. They carried their strength right into a weakness. Again, this was presented in the context of having performance discussions with marginal people in a positive manner. Like many of the lessons I’ve learned I have thought about them long after and have extrapolated them beyond their original context. In this case I have tried to self-assess my weaknesses to see if they are indeed strengths carried to an excess. Not surprisingly, the theory fits the case. I feel one of my strengths is the capacity to speak out when I don’t agree with something being said. In other words, I am not a “yes-person.” I think of this as a strength which adds value to the organization. In my later years I came to the realization that this strength was of value to me if I utilized it in moderation. If I carry my outspokenness to an excess I become argumentative. I have learned to speak out more sparingly and with more caution. I will speak out when I think something is wrong or if I think something can be done in a better way. However, I don’t play devil’s advocate as much as I used to and I’ve learned to pick my fights. I think it is a very healthy exercise for everyone to periodically make a list of his or her strengths. You should know yourself pretty well and should be able to easily list your strengths. Which of your characteristics make you proud? What do you do well and which characteristics contribute to your doing that well? Once you have your list spend some time thinking about what those characteristics would become if they were carried to an excess. Then ask yourself, “is there any characteristic on the list that I might be carrying to an excess? Are any of these strengths becoming weaknesses?” If there are, you need to consider what you are going to do about them. From time to time you must ask yourself, “are my strengths under control?” From the book “IT AIN’T OKAY TO FAIL” By Brian Strachan Visit http://www.brianstrachan.com for more information about “IT AIN’T OKAY TO FAIL”