Guide to Finance

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Going Out Of Business

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Since late 2006, 288 banks closed their doors, while other major banks are in the process of bankruptcy. Indy mac, countrywide, washington mutual, chase wholesale and lately on the verge of a merge wells fargo and wachovia, just to mention some. People are terrified to loose all their savings, so they're saving money in their homes instead. That is a scary situation for america and the whole world. Which leads me to this question: What is happening to the world?



Remember 5 years ago?

We used to spend money on real estate investments, luxury cars, vacations and we still had some money left, money wasn't an issue. Back then some people looked at all these spending as a temporary ride, while others thought this dream will last forever. The problem was that 90% of us thought this dream will last forever, unfortunately the banks were part of this category and that's where the economy crisis started.

We can blame each other or we can blame ourselves, but looking for faults will not fix anything. Many people are completely innocents, they just wanted to have a more comfortable lifestyle, but others (banks, mortgage brokers, loan officers, real estate professionals, etc) wanted to get rich from these innocent people. Why innocent people need to pay the price? Unfortunately that is how the system works in america; rich people's money always will play a roll over the ones that don't have as much.

We've trusted banks with our money, our investments and our homes. If you think about it for a second you don't trust anybody in this world like that, so why do we trust banks? No one can understand really why, but many will blame the false advertisement and promises that banks kept on delivering to us through television, radio, newspapers, internet and other sources of advertisements. Banks are a multi billion dollar organizations that run the world, but today it's a little different.

It's hard for us to accept changes in life, but this change topped every other small change that we were afraid from. No body ever expects something like this to happen in the year 2008, but we have to learn how to live with this change. Many people have predicted this change to last for about 5 years or more, some say it will last for 2 or 3 years, but no body really knows.

Some of the questions that you're probably asking your self today are:

Who will tell us what to do with our money?

Who will tell us what is the right investment for our money?

Who will tell us how much money we have?

Who will loan us money when we need it?

Who will help us sleep well at night?

Who will help us finance our homes?

Who will help us build businesses?

We have so many questions and no ones to talk to, because now these banks are fighting for existence. There are some organizations that operate by the government and they can help you with your money, but don't ever forget that you are the master of your own mind and use it to your benefit. More important you need to learn how to live with this change and make the best of it.
Going Out Of Business
1. Why should there be anyone would do business with you?

This could be the very first question that you must ask yourself before anything else. You got to demand yourself to an answer to this. Why the heck on earth would anybody pay for this “Junk” you're selling? Yup, “Junk”, as I phrased it. It doesn't matter how good your product is to be, to the eye of others, it's just another piece of product in a sea pool of other similar products.

So, still be very proud of your product or service? Truly you're 100% proud of it? You truthfully and deeply believe people would be dumb by NOT buying from you?

Well…you passed the first barrier! You're ready to start go to next stage.

2. The basic business needs 3 things: Lawyer, CPA, and Creative or crazy fellow, which could very well be you.

Almost every business gets themselves for the first two. It's understandably so. Good creative person are really hard to find, hard to manage, and you'll never sure of what you're paying for.

Every established and sizeable business knows the creative side plays a heavier weight than the lawyer and CPA. CPA's and lawyers can help you when you are up there. But at the early stage when your business is still an infant, your business live or die depending on it's business branding activities in areas like business identities, logos, marketing campaign, advertising copy and business slogans.

Now, are you NUTS enough? Have people been calling you NUTS? If so, you are ready for the next stage! Do give yourself a “Cheers”!

3. Singing for Your Own? You Got To Promote Yourself In Every Possible Way.

Do all of them. Yes, Do whatever possible to get your business name to be up there! Get your Business Brand being noticed by others. There more the merrier!

Business can just comes and go so fast before anybody could hears of them. People are busy, what do they care? They don't care about you and your business. Why should they care? Get serious. Do everything you can possibly and reasonably afford to do. But beware; you must not mislead others because it'll backfire quickly enough to wipe your business off.

Do you “Sing for your own self”? Then you've passed! Move on to next stage…

4. Big Decision: Could You Win The Competition.

It's very likely that you're entering a crowded business market when you first started. Take a hard and closer look at what other fellows are doing; what your competitors are doing right now could affect your business greatly.

At this stage, you got to decide: Are you going for “Head to Head” fight? Competing on better quality? Crazier pricing strategy? Extra Mile Service Level? Better Marketing Campaign? or what else? Or you would avoid all that, and create you own niche, where you are the leader?

If you decided to be offering the same or very much similar product at the same price, but your marketing materials doesn't look half as good as your competitors…hey, you're in deep trouble! If you're charging half compare to others, then it's still alright to “Look” cheap, simply because you are the “Cheaper” alternative where people are looking for.

5. Marketing is basically just a matter Perception.

”Perception” is just another fancy word for thoughts. The thought by the public has in mind all about you and your “Good” or “Bad” business. Good salesmen control the perception more on personal level like putting on neat suit, very nice smile and sincere voice, firm handshake…etc.

And your business marketing campaign need to strive to achieve equivalent level of effects. And it needs to be at a more abstract level by means of having an attractive Business Name, Eye Catching Business Graphics, Professionally dressed-up staff. Any things that just might seduce and persuade a potential visitor to become a paying customer.

6. Your Business Identity; Your Business Equity.

The Business Name, the Logo, the projected Business Look, the public's perception, recognition, or even affection if there is; these are critical to business success. Big businesses routinely pay big buck like million dollars for these aspects for the business.

Your Business Identity must be well organized to target at desired market. It's what termed as the “Face” side, the side which public always sees first. Work on refining it so it works wonders. Improve it to get better and even better, and then protect it, and treasured like your beloved!

Yup, there are so many people who just bought a ready business. But every time they run a new marketing campaign, they tend to fall into trap of projecting a different business image and look. Really, don't ever make such mistake like an amateur.

Consistently stick on to the business branding strategy that your have chosen on the very early stage. This is your Business Equity. By keep changing the business look, you'll get the public confused, and worse still if they see that you don't even have the basic respect for your business identity.

Don't destroy the business equity; you need to be utmost concerned with your business image to the public. It has its own personality. It has to stand out from the rest. It has to send clear signal to the targeted market: “Here We are, Come To Us”, “Get Us Today”.

Do Love Your Business, just like you love yourself.
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About Author
Both Yanni Raz & James Little are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.

Yanni Raz has sinced written about articles on various topics from Finances, Mortgage and Entertainment Guide. Yanni Raz. Yanni Raz's top article generates over 165000 views. to your Favourites.

James Little has sinced written about articles on various topics from Business Loans, Finances and Marketing. . James Little's top article generates over 165000 views. to your Favourites.
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