A recent poll run by entrepreneur and Dragons' Den star Rachel Elnaugh has revealed that over 75 per cent of small businesses are currently spending most of their time and energy on driving immediate sales.
The poll reveals that short-term sales are way ahead of operational and new product development initiatives and even managing finances and cashflow. Moreover, the same businesses also said that their budgets for marketing and advertising were now minimal.
The findings reveal that many small firms are focusing on survival. But they also raise concern about the long-term prospects of businesses that are focusing purely on short-term goals.
?Understandably, many firms are doing what they can to keep their businesses alive. If you're cash-strapped, you need to get out there and roll up your sleeves,? says Grant LeBoff, principal of the Intelligent Sales Club and expert contributor to Marketing Donut, the one-stop marketing advice website for SMEs.
However, this short-term tactical approach needs to be part of a longer-term strategy, says LeBoff. ?I wouldn't say don't do anything short-term, but you also have to put long-term plans in place. Most SME sales are like a rollercoaster. People panic when it's quiet and they are complacent when it's busy. In an ideal world, you need to iron out the peaks and troughs.?
Even in a recession, it's vital to analyse buying cycles and do sales forecasting, says LeBoff. ?There's a lot of evidence to show that buying cycles are getting longer, partly because of the recession, partly because more decisions are made by committee and because people are more risk-averse. So if you know you've got a six-month buying cycle, you need to start selling now to ensure you've got work in six months? time.?
These loans give access to smaller finance for paying off your unsecured loans, credit card and departmental store card outstanding amount. Then, you make monthly payment to single lender. Often, monthly outgoings towards the new loan installments are down substantially, as the loan comes at lower rate of interest. Another reason for picking up the consolidation loan could be that you do not want to carry the debts for longer period. An early repayment can save you lots of money on interest.
Unsecured debt consolidation loans are of smaller amounts, ranging from ?5000 to ?25000. in determining the loan amount, your balance payments towards old loans and your personal circumstances like credit history play a role.
These are short-term loans. The borrowed amount carries for repayment duration of few months to 15 years, depending on your circumstances.
You must note that these loans carry a little higher rate of interest. This clearly means that you must make a good search for a suitable deal, which has a lower rate as compared to the rate on your existing debts.
An excellent or good credit history is helpful in borrowing the money at lower rate of interest. In the case of bad credit history of making late payments, payment defaults and arrears or CCJs, the loan will come at higher interest rate. Your aim should be to pay off the loans immediately.
It is advisable to compare as many lenders as possible for finding out suitable unsecured debt consolidation loans. You should apply for the rate quotes in order to make the comparison fruitful. Ensure that you repay the loan installments for escaping any new debt and for improving your credit rating.
Both Tom Whitney & Pamella 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.
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