Beware: Loan

Be fair, attentive, and customers
will return.

There are many reasons people
apply for a loan. Beware of the
interest rate circling its waters.

The loan comes with a big interest
tag. Do some research on interest.
Find out how to get a bargain rate,
or a rate that's comfortable for you.

Ask yourself this question, and
think about it carefully.

Is this the right time to apply for
a loan?

If yes, don't allow yourself to be
pushed into borrowing money you
don't want, or will have trouble
paying back.

When it (an offer) appears too
good to be true, depart in the
opposite direction.

Search high and low for the best
quote. Yes, contact many
companies. You decide what
best suits your needs.

"This is the best deal you'll
get." A company representative
said.

Don't believe it. Instead, contact
other companies, and see for
yourself.

Remember, a loan effects your
life, and credit rating. Your credit
rating determines if you'll get some
jobs, apartments, just about
everything. So, it's best to take
your time, and find the perfect fit.

Be slow to expose your need for
the loan. Talk about the interest
rate, other details pertaining to
it.

No, I'm not saying mislead anyone.
Your financial information shouldn't
be the topic of conversation,
initially.

"Why?" You look concerned.

It weakens your position.

Your income is discussed
during the process. Once you
have agreed to the loan, the
topic comes up.

Have a clear understanding of
what the contract says.

Take time to read it.
Ask questions.

It's an exciting time.
Still, read the fine print.

There is no such thing as a
stupid question.

Avoid signing a half filled in
document, or one that is
blank. Make sure the contract
has the terms that were
discussed, and/or agreed on.


In summary, apply for a loan if
you have made the decision to
do so. Don't be pushed into it.
Take your time when looking
for the right institution to
address your needs. Don't
reveal too much before
knowing details of the loan.
Never sign a blank, half-filled in
contract. Make sure the document
has the agreed on terms listed.

Partnerships

Be fair, attentive, and customers
will return.

A business partnership is
when two or more owners
share in the profits and
losses.

This post refers to people,
two or more, owning a
business. They share in
the profits and losses of
that business. I'm referring
to general partnerships.

General partnerships
allow each partner to give
his/her opinion, advice,
and have a hand in its
operation.

General partnerships are
easier to manage. This
form of partnership means
the business is not a
corporation.

It is important for
everyone to agree on
the business' direction,
or its plight.

If, for example, one of
the partners is in the
planning stages of
building a second store,
but another prefers a
bigger pay-check,
what happens? The
confusion destroys working
relationships, and your
business.

Each partner is assigned an
area. Partner A over-sees
hiring, Partner B takes care
of the books, etc.

A plan to open other stores
requires careful thought.
Why open other stores?
When? Five years?

An agreement documents
everything. Is the partnership
fifty-fifty, eighty-twenty, or
fifty-forty, and ten to an
outside person, group?

I advise against any oral
agreements. Time, issues,
will erase memory, and/or
provide selective memory.

Keep a strong business
by putting everything in
writing. Have the partners
sign and date it.

The agreement covers
compensation of the
partners, what happens
when there's a loss, business
type, what each partner
invested, role of each partner,
dispute plan, course of action
due to death or illness, what
happens if the partnership has
to be dissolved, and how long
will the business be in
operation.

Tailor-cut the agreement to
your specific business.
Add anything to the agreement
that's important to you, your
business.

It is important to keep the
line of communication open.
Find time to check in with
the partners. Discuss your
concerns. Inquire about
problems.

Meetings should be
scheduled regularly.
This is the time to bring-up
how to improve sales. Or,
get suggestions from the
sales team. Discuss anything,
everything, pertaining to the
betterment of your business.

What can be done to
improve productivity?
Employees working as
a team? If not, find out
why. Do they have the
proper incentives?

Can you get better
deals on supplies?

Are the partners working
well together? Is the
advertising bringing in
more sales? If not, how
can the advertising be
improved?

In conclusion, general
partnerships tend to be
less complicated. Each
partner shares his/her
opinions, knowledge.

Keep the line of
communication open.
Schedule frequent
meetings.

Every action concerning
the business should be
in writing. It doesn't matter
how small or big the
decision.