AC Interpreting

An emergency fund is a fundamental part of any sound financial plan. Its primary role would be to act as a buffer in times of financial despair or crisis. Examples of such crises include structural unemployment and unforeseen critical expenses. For some people, emergency funds are used to partially or fully self-insure. This is usually not by conscious decision, but arises through their unwillingness or inability to finance other protection products.

i) How large should it be?

The recommendation for emergency funds is 3 to 6 times your monthly salary. Six times your monthly salary is highly recommended. More is not necessarily better with this reserve fund. There are exceptions however. For those who do not have access to health insurance for medical reasons, self-insurance is compulsory. In that case, the E.F. should be at least two times your annual salary. Other than extenuating circumstances, this reserve should not be used to cover insurable risks.

ii) Where the E.F.should be kept

An emergency fund must be in a fund or account that is highly solvent. This means that the fund could be accessed on demand and liquidated easily. A 24-hour access savings account with a commercial bank is a suitable place for this fund. A savings account would be the most solvent of all savings plans. Fixed deposits and CDs are far from ideal emergency fund vehicles. Money market funds generally have high solvency and offer better rates of return.

Even though money market funds (MMF) do not offer 24-hour access, they are a good trade-off between solvency and accumulation. It is important that your fund keeps pace with your salary and the fair returns from a MMF would assist with that. Depending on your salary increase, it may be necessary to make occasional contributions to your emergency fund to maintain it.

iii) How to develop your emergency funds

It is not expected that you would have six months salary readily available to deposit into a MMF or savings account. You may have to gradually develop your fund by making regular deposits until the threshold is reached. The value of your E.F. should be your target and you could use a financial calculator to determine what payments you need to make to develop your fund. The time period in which you develop it should not exceed two years.

Not having an E.F. can cripple your plan. Without it, you may be forced to surrender annuities or other long-term investments. Having too large an emergency fund is also financially debilitating. There was an instance where someone kept a fund worth $300,000.00 to guard against risks and emergencies. This was kept in a money market fund at 5.5%. The better course would have been to acquire health insurance for the family and invest the majority of the fund in a high-yield CD or mutual fund. Maintaining an E.F. is only effective in the context of other protection products and holistic financial planning.

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Have you had some trouble obtaining financing for an excavator for your construction or excavation business? If so, you are simply not alone. In a response to America’s housing related crisis, there has been a major credit contraction that has trickled down to every type of financing available-including financing an excavator.

There is however, good news. There are ways to get financing for your new or used excavator if you have bad credit.

First, if you have a Trans Union credit score of 600, there is a strong likelihood that you’ll be able to purchase AND FINANCE an excavator from bank owned or off-lease inventory. Often times financing concessions are made by the bank or lender to enable them to quickly get the equipment off their books.

Some of the concessions they’ll make includes the following:

o Lowering credit score requirements (600 at this point).

o No Bankruptcy requirements (except that it be discharged).

o No Time In Business requirements-This is huge right now! Many banks and leasing companies have either stopped lending to start-up companies or they make it very hard to qualify AND they put relatively low caps on the amount they’ll lend ($25,000 is a common cap for new companies at this point).

o Reduced paperwork. Just a simple application is required AND NO financials.

o No down payment. You can typically get in with just one payment up front.
Second, there are still excavator finance options for even the lowest of credit scores (in the 500′s and 400′s). Now we’re talking about severely damaged credit. There is not a bank in the world that will help you now, BUT IF you have secondary collateral you may be in luck.

When working with this type of severely damaged credit you’ll need collateral in a 2:1 ration. For example, if your new excavator is priced at $35,000.00, you’ll need additional collateral in the amount of $35,000.00. Other equipment that you may own outright (auction value is used to determine value), real estate, land, and autos valued at $10k or more are examples of commonly accepted secondary collateral.

Be realistic in your expectations. If your credit is very damaged and you’re a start-up company, don’t expect super low bank type rates and payments. Remember, the bank won’t approve you for those low rates and payments because you simply don’t qualify right now. That’s OK. You will eventually.

The thing to keep in mind is that you MAY be able get the equipment to expand, grow, or start your new business. How much will you net or gross by acquiring the new equipment? Does it exceed or greatly exceed the monthly payments for the excavator? What kind of revenue will you pass up without the equipment? Think revenue over trying to get the lowest rates. It’s not realistic without the whole package (2-3 year business history, good personal credit of all owners, good corporate credit, good bank statements for the business, good tax returns, etc.).

If you look around the internet marketing websites and businesses there are a lot of me-too or same-as ones. For example, there are lots of membership sites selling internet marketing tools and materials for a monthly fee. Whether you’re just starting or have some sort of business set up, think of innovative ways to take it which will make you unique or original.

1 Tell and show them how to do it. The usual procedure for a buyer of a product is to be left with it to get on as best they can. This is particularly so if they’ve bought resell rights to a product and accompanying website and so on. Develop this further by providing a course on setting it all up. An upsell could be taking them further with another course on developing their business beyond the basics.

2 Give access. Allow people access to you after they buy a product to talk about its use and on-going business development with it. This could be in addition to a written, audio and video course. This, of course, all adds to the price. But would you rather have people on your list who are keen and willing to pay for serious advice or those just looking for resell rights on cheaper products over and over again?

3 Be first. If you can develop a product or method of doing something before anyone else has, then you have the obvious advantage. You could look at something as simple as information. Ask what information you could give which is different. How you could give it. Where you could. Who to? When you would provide it. Or any combination of these. You might come up with a text product, software, a method of creating information and so on. It hasn’t got to be world shattering, just different from other products enough to stand out.

One of the most pivotal aspects of starting a new business is preparing a business plan, yet the importance of it is very often mistakenly overlooked, especially by a home business newbie. A business plan format comprises of seven main sections, which is used to spot loopholes in the planning process and to showcase a company’s money-making potential in order to lure investors to it.

The first of the seven essential steps in preparing a business plan starts with an executive summary, which is basically about what you, as a home business owner, want and desire. This is the statement of purpose for your business so keep it short and do not beat around the bush. The best way is to keep it within half a page to one page long. Next is the business description of your small home based business opportunity. A home business owner should start by briefly describing the industry, including any new developments which will benefit or negatively affect your business.

In this section, you should describe your home business venture and explain how you will profit from it. This should include information on the legal form and structure of your business, as well as setting a marketing plan including advertising and promotions. The third portion of the seven steps to write a business plan is to assess the market environment for your business. This includes defining your market, projecting market share, positioning your business, determining pricing, creating a promotion plan and also making a financial projection. All the data which you garner from research will help you to determine if the profit projection for your business will be a positive one.

The fourth step in this process is to perform a competitive analysis which is used to determine your competitors’ strengths and weaknesses. When you analyze your competitors in the same market, then you will be able to exploit their weaknesses within your product development cycle and also utilize marketing plan examples which will give you a unique advantage. You will also need to create a design and development plan for your home business venture which will give investors information on the product’s design, and also monitor the product’s development within the production, marketing and organizational context.

Another crucial step is to prepare an operations and management plan in order to detail how the business operates on a daily basis. The organizational structure of your business is important as it forms the platform from which operating costs can be estimated. For instance, you will need to determine labor costs, overhead expenses, costs of goods sold and also determine the amount of money you require to continue your operations. The last step in this process is relating to financial statements, consisting of income statement, cash flow statement and of course the balance sheet. You should always include these information at the back of the business plan.

Hopefully these steps will guide home business owners on how to create a business plan. You should remember not to be too optimistic when stating your sales and profit projections. Most importantly, when you are preparing a business plan, you should be flexible and able to accommodate changes in the industry.

Microsoft’s newest program, WebsiteSpark, was made to give web developers access to extremely helpful resources and tools. Web masters and developers can purchase access to WebsiteSpark and its resources through various hosting partners or choose to host their own WebsiteSpark program.

What comes with a WebsiteSpark account?

Microsoft has designed this program for web designers and developers that have small to medium sized businesses. Users have access to Microsoft’s development tools, products for servers and other platform tools.

Specifically, users will receive the following with a WebsiteSpark account: (1) Visual Studio (Professional Edition), (2) Expression Web and Studio, (3) Windows Web Server 2008 and (4) SQL Server 2008 Web Edition. These are just a few of the main benefits of WebsiteSpark.

Who is eligible for the WebsiteSpark program?

Microsoft has formed eligibility requirements for the WebsiteSpark program. To qualify for the program you must show proof that you have a professional web development business. Your business can have no more than ten employees, including owners. These are the most important requirements for the program. Microsoft also requires users to reach various milestones within their first six months of the program.

What kind of support comes with the WebsiteSpark program?

Microsoft has made it obvious that they care about their WebsiteSpark users with the support structure they offer. Web development experts, trained in all WebsiteSpark resources, are available to users 24 hours per day and seven days per week. Microsoft has a team of engineers that provide training and support for the program through a variety of mediums, including seminars, web conferences and telephone support. Training videos and tutorials are offered by MSDN technical support group.

Is there a certain length of time you are required to participate in the program?

A company is only allowed to subscribe to the program for three years. At the end of each year the user must verify that they still have their web development business and the number of people employed by the business.