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Archive for August, 2009

Looking For Finance Inside Your Business

Friday, August 7th, 2009

Many businesses are finding it increasingly difficult to secure funding for expansion at the moment due to the credit crunch, but there are still ways to raise the money that you need for expansion.The first thing to remember about borrowing money is that you will need to be able to pay it back, so make sure that any loans that you take out are both affordable and necessary. There is no point in saddling your business with additional debt unless you have specific goals from the loan, and know exactly what you are planning to do.

Simply by switching to a free business current account you may well be able to save a considerable amount of money each month on the cost of depositing cheques and other day to day charges that your bank applies. Depending on the way you use your account, finding one that charges you less each month could have a major impact on the amount that it costs you to run your account.

One area where many businesses can find additional funds is to rationalise the way in which they chase payments. If your customers only pay you once every 3 months, then you are missing out on the interest that you could be earning on the money if it was in a business deposit account. Also, many larger companies will wait until they receive reminders about paying you for the goods or services that you supply, which could really impact on your cash flow situation.

Managing your incoming funds can only go so far to save you money, but you can also go further and make more use of your surplus funds. A special business savings account will typically pay you a much higher rate of interest on balances than a standard account, and by investing money on a regular basis you will soon build up enough cash to give you the ability to fund expansion or cover your expenses during a quiet period.

Whatever you do with your business money, it is always important to regularly review your original business plan to ensure your business is moving in the right direction. Expansion at the right time can give you greater opportunities to increase revenue, but remember that it will also result in higher costs, so make sure that the market is able to support your endeavours.

The World Of Economics

Friday, August 7th, 2009

The subject of economics is one of the most important, but it is also one of the least understood. It has been said that getting a roomful of economists to agree on anything is an exercise in futility, and this has led many people to assume that the world of economics is too difficult for the lay person to understand.

While the world of economics can be intimidating and difficult to understand, simple economics as it applies to real people is quite a bit more straightforward. After all, when you set a family budget for the month, you are engaging in economics. When you shop around for the best price on that plasma TV or laptop computer, you are engaging in economics. When you study the stock market to choose the best mutual fund, you are using economics to guide your decision making.

Fortunately for all of us, it is not necessary to hold a masters degree in economics in order to make sound economic decisions. A careful study of the market around you and a good understanding of the business world you are in can be your guide when it comes to economics. Starting with a business you know can be a good way to make sound economic and investment decisions, and a great way to start building your financial future.

Learning how to save and invest has always been important, but it is perhaps more important today than ever before. There is no doubt that the economic landscape has been changing, Those traditional defined benefit pension plans that protected our parents are fast disappearing, and today every worker needs to have a good understanding of economics and the stock market in order to effectively invest his or her 401(k) to save for retirement. It is important to begin a comprehensive economics savings plan as soon as possible, since time can help savings grow and accumulate for the future.

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