Larry Matthews AMP DACPresident/Broker QualificationsOne of Nova Scotia’s most experienced real estate professionals . 1. President/broker Hants Realty Limited for 33 years 2. Licensed selling real estate for 35 years 3. Certificate of recognition f...
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Thursday, October 28, 2010
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Each morning we all get up and face a new day.Our attitude when we get up determines a lot of our days ou... http://bit.ly/9fAWYL
Tuesday, October 26, 2010
A RAY OF HOPE
A Ray of HopeHope is a funny thing . You can’t see it or touch it but you see it all around us . Many people have so little that all they have is hope. They hope for a better day. They hope they will get better and recover from illness. They hope th...
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Read more on My Sokwall : http://bit.ly/baaMPn
Saturday, October 23, 2010
New Updates from Sokule.com
I was only seven when my father drowned while at sea.My grandmother took me to her room and comforted me.... http://bit.ly/aVY0eA
Many of our members of the military spend long times away from loved ones.
...
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Read more on My Sokwall : http://bit.ly/8Xe6wW
Friday, October 22, 2010
New Updates from Sokule.com
TGIF Busy week or what Another new listing 349,900 39 acre horse farm 20 minutes from the Halifax Airport... http://bit.ly/daRYnZ
New Updates from Sokule.com
Busy Busy New Listings $289,900 52 MacMillan Dr Elmsdale Beautiful 3 level split,double car heated and fi... http://bit.ly/dvwCf3
Tuesday, October 19, 2010
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Internet marketings greatest obstacle that you have to overcome is interruption. How many times have you ... http://bit.ly/9fAWYL
New Updates from Sokule.com
The only person who can change your life is You. Change only comes from taking action. What action are yo... http://bit.ly/daRYnZ
Sunday, October 17, 2010
Real Estate The Most Important Fact You Need To Know
Real Estate The Most Important Fact You Need To Know.The equity you build in your principle residence is tax free. Most of the wealth created over time is created by owning your own home. The sooner you own a home the quicker you will become financially i...
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Read more on My Sokwall : http://bit.ly/a3QwDZ
Friday, October 15, 2010
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Give your customers the free App.You can brand the app with your business logo.You can become a distribut... http://bit.ly/dvwCf3
New Updates from Sokule.com
Good Friday morning. Here's my real estate tip for today.Remember to check withyour mortgage holder regar... http://bit.ly/daRYnZ
New Updates from Sokule.com
Good Friday Morning. Here's todays real estate tip.When selling or refinancing your home always verify yo... http://bit.ly/9fAWYL
Thursday, October 14, 2010
New Updates from Sokule.com
Good Morning everyone. Here is my real estate tip for the day. Staging does work. I see it work every day... http://bit.ly/dvwCf3
Wednesday, October 13, 2010
New Updates from Sokule.com
Wenesday Oct 13th 2010. What is my home worth ? I get asked that a lot.Here is the simple answer. Your ho... http://bit.ly/dvwCf3
Tuesday, October 12, 2010
New Updates from Sokule.com
Nova Scotia Real Estate For Sale at http://www.larrymatthews.com... http://bit.ly/daRYnZ
SMALL BUSINESS RECESSION SURVIVAL
SMALL BUSINESS RECESSION SURVIVAL
I have operated my own business now for almost 33 years. This is my third recession and although I do not claim to be any kind of business expert I have survived and have learned from my mistakes.(there have been many). I felt I should write this article to perhaps provide some insight to other small business people to help them avoid some of the mistakes I have made and to provide some hope and encouragement at a time when the whole world may seem to be against you. Some important points I want to emphasize.
1. An economic downturn is not your fault . Some of the best business people in the world can not survive in tough economic times. So do not blame yourself. Do not let hindsight torture you . By this I mean by thinking the if only. If only I hadn't expanded, if only I hadn't hired more people , if only I hadn't bought this or that etc . Recessions are very seldom foreseen and nobody has a crystal ball. You are where you are at and it is what you do from here on that will determine your survival .
2. The team you have surrounded yourself with can move very quickly from being helpful and supportive to being a direct cause of your inability to survive . This includes your lawyer , accountant , banker , insurance agent and employees. Why do I say this ? Your lawyer is concerned with doing what is lawful not moral . You are concerned with surviving. Your accountant is more concerned about proper tax returns. In a recession the tax man can wait. Your banker is an employee more concerned about his job than your business survival. Your Insurance agent is more concerned about the company he/she represents and collecting the premium you owe than your business survival . Your employees are concerned about their jobs and pay cheques and you can be sure your competitors have already approached your best and you know you can't depend on your worst.
3. Accept the fact you are on your own. Expect sympathy from no one . Complain to no one. Cut all unnecessary expense and overhead . Analyze your labour and decide at what point you will have to consider reducing your labour costs and who will be laid off first .Then start reducing your dependence on those individuals in an effort to be prepared for the worst case scenario.
4. If you are working with a line of credit (short term credit) replace it with long term credit that can't be called and access additional credit to have available if needed. If long term financing is not an option do not depend on one lender. Open up a second operating account and when possible deposit some money to build up some cash should your existing lender shut you off . (take away your line of credit) If your lender calls your loan never continue to deposit money in that bank . Any money deposited will be applied to your operating loan and cheques will be sent back NSF. Managing your cash flow will be crucial and switching banks will mean all automatic withdrawals (payments) will not be honoured . That is okay. Contact them and advise you have switched banks and will send them a cheque. It is important to protect your credit score and there are some things you should know here about managing your cash flow and protecting your credit. As small business people most of our credit is personal or consumer credit. As of this article (in Canada) Business loans and mortgages do not show on a credit check. Just personal credit (credit cards, car loans, utilities etc.) In a recession managing your cash flow means no automatic withdrawals and you pay those bills first that protects your credit score. A wise business person once said to me." The number one rule in business is never let anyone else spend your money. If you have a book keeper implement a policy where by all checks have to be cleared by you and all purchases have to be accompanied by a purchase order.
This is just the tip of the iceberg in recession proofing your business and covers the basic minimum requirements to survival based on my years in business. Last but not least are receivables. Move immediately towards a no credit policy a recession is not a time to be carrying receivables.
There is much more I could write about protecting your assets and renegotiating your loans but that is another article. I apologise if I've offended any of the professionals mentioned but tough times call for tough statements based on my own experience. That does not mean I do not respect and appreciate many of the professionals who have helped me over the years.
Larry D Matthews
October 2010
I have operated my own business now for almost 33 years. This is my third recession and although I do not claim to be any kind of business expert I have survived and have learned from my mistakes.(there have been many). I felt I should write this article to perhaps provide some insight to other small business people to help them avoid some of the mistakes I have made and to provide some hope and encouragement at a time when the whole world may seem to be against you. Some important points I want to emphasize.
1. An economic downturn is not your fault . Some of the best business people in the world can not survive in tough economic times. So do not blame yourself. Do not let hindsight torture you . By this I mean by thinking the if only. If only I hadn't expanded, if only I hadn't hired more people , if only I hadn't bought this or that etc . Recessions are very seldom foreseen and nobody has a crystal ball. You are where you are at and it is what you do from here on that will determine your survival .
2. The team you have surrounded yourself with can move very quickly from being helpful and supportive to being a direct cause of your inability to survive . This includes your lawyer , accountant , banker , insurance agent and employees. Why do I say this ? Your lawyer is concerned with doing what is lawful not moral . You are concerned with surviving. Your accountant is more concerned about proper tax returns. In a recession the tax man can wait. Your banker is an employee more concerned about his job than your business survival. Your Insurance agent is more concerned about the company he/she represents and collecting the premium you owe than your business survival . Your employees are concerned about their jobs and pay cheques and you can be sure your competitors have already approached your best and you know you can't depend on your worst.
3. Accept the fact you are on your own. Expect sympathy from no one . Complain to no one. Cut all unnecessary expense and overhead . Analyze your labour and decide at what point you will have to consider reducing your labour costs and who will be laid off first .Then start reducing your dependence on those individuals in an effort to be prepared for the worst case scenario.
4. If you are working with a line of credit (short term credit) replace it with long term credit that can't be called and access additional credit to have available if needed. If long term financing is not an option do not depend on one lender. Open up a second operating account and when possible deposit some money to build up some cash should your existing lender shut you off . (take away your line of credit) If your lender calls your loan never continue to deposit money in that bank . Any money deposited will be applied to your operating loan and cheques will be sent back NSF. Managing your cash flow will be crucial and switching banks will mean all automatic withdrawals (payments) will not be honoured . That is okay. Contact them and advise you have switched banks and will send them a cheque. It is important to protect your credit score and there are some things you should know here about managing your cash flow and protecting your credit. As small business people most of our credit is personal or consumer credit. As of this article (in Canada) Business loans and mortgages do not show on a credit check. Just personal credit (credit cards, car loans, utilities etc.) In a recession managing your cash flow means no automatic withdrawals and you pay those bills first that protects your credit score. A wise business person once said to me." The number one rule in business is never let anyone else spend your money. If you have a book keeper implement a policy where by all checks have to be cleared by you and all purchases have to be accompanied by a purchase order.
This is just the tip of the iceberg in recession proofing your business and covers the basic minimum requirements to survival based on my years in business. Last but not least are receivables. Move immediately towards a no credit policy a recession is not a time to be carrying receivables.
There is much more I could write about protecting your assets and renegotiating your loans but that is another article. I apologise if I've offended any of the professionals mentioned but tough times call for tough statements based on my own experience. That does not mean I do not respect and appreciate many of the professionals who have helped me over the years.
Larry D Matthews
October 2010
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Tuesday, back to work did three appraisals today.Lovely fall day here in Nova Scotia.... http://bit.ly/aVY0eA
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