Refuse to Participate in the "Recession"
As owners of a company that is literally quadrupling its business this year, we know that it is not only possible to grow your business in a "down" economy, but PROBABLE. If you look at this economy as an opportunity rather than a threat, you will realize that this is the BEST time to invest heavily in your business. When all your competitors are sitting around, waiting for some outside forces to change their situation, you can be building your prospect database, sending out newsletters, investing in your own financial and business education, hiring sales people, bettering your business processes,and being creative about new revenue opportunities available to you. By the time the news starts talking about how the economy has "picked up", half your competition is gone and you are now primed and ready to dominate your market. Wealth and success always come to those who can take ANY situation and make it work for them. Your thoughts and beliefs about what is possible for you and your business are what determine your reality. So, our advice is...refuse to participate in the "recession".... because it only exists if you believe it does.
-- Contributed by Roland Pozo
Tuesday, September 16, 2008
Monday, September 15, 2008
Double Your Sales… In One Afternoon
Want to sell twice as much next quarter? I’m skeptical of quick-fix sales efforts, but the following list (based upon a conversation with Bill Stinnett, author of Selling Results!) makes perfect sense to me. Here are nine steps that you can take — in about four hours — that can easily double your sales:
STEP #1: Reorganize your opportunity portfolio. Estimate the revenue of each opportunity as well as the date you expect the opportunity to come to closure. Look for deals that are likely to close quickly and for big money.
STEP #2: Re-qualify each opportunity. Starting with the best from step #1, determine what you know and don’t know about each account. Consider the account’s current state, desired future state, and vision of the ideal solution.
STEP #3: Size or resize each opportunity. Based upon the contacts that you’ve had up until this point, determine the account’s appetite for investment from the people who are responsible for earning a return on whatever capital they decide to invest.
STEP #4: Frame each opportunity in time. Determine when they need to arrive at their desired future state and what will happen if they don’t arrive there by that date. Then estimate when this customer will buy based on that urgency.
STEP #5: Revise your revenue projection. You have now looked at your “hot” opportunities from both your perspective (as a seller) and their perspective (as a buyer). With this new clarity, revise your sales forecast to reflect what you really believe can happen.
STEP #6: Re-Evaluate what it will take to achieve your sales goals. Plan what you need to do in terms of monthly and weekly business development activity that will ensure you successfully close on the opportunities identified above.
STEP #7: Redefine your relationship footprint. Review whom you currently know within each account. Decide whom else you need to meet as you help your contacts in the account work through their buying process.
STEP #8: Develop a plan to move each opportunity forward. Create a project plan with dates for each event that must take place for the deal to close. Identify the people who need to be involved from your company and from your account.
STEP #9: Plan your meetings and phone calls to maximize results. Use all of the above as a touchstone for your daily activities over the next four weeks. Ensure that every interaction with your customer moves the sales opportunity forward.
The above process will cause you to double your sales because it forces you to focus your time and energy on the right prospects at the right time.
Foreclosure Filings Still Rising
New foreclosure filings rose 4% in April and were nearly 65% higher than the level recorded a year earlier, according to RealtyTrac.
The company’s U.S. Foreclosure Market Report indicates that foreclosure filings, default notices, auction sale notices, and bank repossessions were reported on 243,353 properties in April.
"The total number of U.S. properties with foreclosure activity in April was the highest monthly total we’ve seen since we began issuing the report in January 2005," said James J. Saccacio, RealtyTrac’s chief executive officer. "Although only about 2% of households nationwide are in foreclosure, these properties contribute to already-bloated inventories of homes for sale and put downward pressure on home values."
The company noted California, Florida, and Ohio recorded the highest foreclosure rates in April.
The company’s U.S. Foreclosure Market Report indicates that foreclosure filings, default notices, auction sale notices, and bank repossessions were reported on 243,353 properties in April.
"The total number of U.S. properties with foreclosure activity in April was the highest monthly total we’ve seen since we began issuing the report in January 2005," said James J. Saccacio, RealtyTrac’s chief executive officer. "Although only about 2% of households nationwide are in foreclosure, these properties contribute to already-bloated inventories of homes for sale and put downward pressure on home values."
The company noted California, Florida, and Ohio recorded the highest foreclosure rates in April.
Banks roll out $70 billion loan program
NEW YORK — A group of global banks and securities firms announced late Sunday a $70 billion loan program that financial companies can tap to help ease a credit shortage that threatens global financial markets.
The ten banks, which include JPMorgan Chase and Goldman Sachs, said they were committing $7 billion each for the pool. The pool would act as a signal to the marketplace that banks, brokerages, and other financial companies can lean on the fund to take care of borrowing needs.
The banks said the program will be available to participating banks which can get a cash infusion up to a maximum of one-third of the total size of the pool. The size of the loan program might increase as "other banks are permitted to join."
All participating banks intend to use this facility beginning this week, the statement said.
The banks also include Bank of America, Barclays, Citigroup, Credit Suisse, Deutsche Bank, Merrill Lynch, Morgan Stanley and UBS.
The ten banks, which include JPMorgan Chase and Goldman Sachs, said they were committing $7 billion each for the pool. The pool would act as a signal to the marketplace that banks, brokerages, and other financial companies can lean on the fund to take care of borrowing needs.
The banks said the program will be available to participating banks which can get a cash infusion up to a maximum of one-third of the total size of the pool. The size of the loan program might increase as "other banks are permitted to join."
All participating banks intend to use this facility beginning this week, the statement said.
The banks also include Bank of America, Barclays, Citigroup, Credit Suisse, Deutsche Bank, Merrill Lynch, Morgan Stanley and UBS.
Today's Economy
Our economy is in big trouble and millions of American families are hurting. Job loss and unemployment is at an all-time high. Unfortunately, neither President Bush nor Congress has done anything to respond to the employment crisis. In fact, since the Bush inauguration, America has lost 1.5 million jobs. Compounding the employment crisis, more Americans are losing health care coverage and states are struggling to fill record budget gaps. We need to jump start our economy to help working families who are bearing the brunt of the economic crisis. Now is the time for President Bush and Congress to do the right thing and put workers and their families first.
Huge company Hewlett-Packard cutting 24,600 jobs
Hewlett-Packard to cut 24,600 jobs
SAN FRANCISCO (AP) — Hewlett-Packard (HPQ) said Monday it plans to cut 24,600 jobs over the next three years, about 7.5% of its workforce, as it combines operations with Electronic Data Systems Corp., the technology-services company it recently acquired.
Most of the cuts will come from within EDS's ranks, and nearly half will hit jobs in the U.S., HP said Monday after the markets closed.
The announcement marks the first time HP had put a number on how many employees of the combined company would lose their jobs. Before the acquisition, HP had 178,000 workers and EDS had 142,000, a total of 320,000.
SAN FRANCISCO (AP) — Hewlett-Packard (HPQ) said Monday it plans to cut 24,600 jobs over the next three years, about 7.5% of its workforce, as it combines operations with Electronic Data Systems Corp., the technology-services company it recently acquired.
Most of the cuts will come from within EDS's ranks, and nearly half will hit jobs in the U.S., HP said Monday after the markets closed.
The announcement marks the first time HP had put a number on how many employees of the combined company would lose their jobs. Before the acquisition, HP had 178,000 workers and EDS had 142,000, a total of 320,000.
Lehman Brothers Crisis
(CNN) -- The venerable Lehman Brothers investment bank said early Monday that it will file for bankruptcy, while Bank of America unveiled plans to buy Merrill Lynch -- two pieces of news that profoundly alter the American financial landscape.
The value of Lehman Brothers shares declined 94 percent in the past year.
The fast-paced changes capped a roller-coaster Wall Street weekend and threatened to stir up U.S. financial markets already reeling from woes at other major financial firms and mortgage financing titans Fannie Mae and Freddie Mac.
"This crisis is clearly deeper than anybody had imagined only a short time ago," Peter Stein, an associate editor at The Wall Street Journal in Asia, told CNN.
Lehman Brothers said in a statement early Monday that it plans to file for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code. The 158-year-old investment bank had been undermined by bad bets on real estate -- the value of its shares declined 94 percent this year.
The fall of Lehman followed a wild, three-day scramble by top Wall Street executives and federal regulators, who worked around the clock to come up with a solution to a still-unfolding financial crisis. Watch how subprime crisis is changing Wall Street »
By the end of the weekend, the Federal Reserve had stepped in to try to calm the markets by announcing plans to loosen its lending restrictions on the banking industry. iReport.com: Are you feeling the pinch?
A consortium of 10 leading domestic and foreign banks agreed to create a $70 billion fund for loans to troubled financial firms.
Sunday, September 14, 2008
Housing Doom or Housing Boom
Well, how do I start, Miami is a booming town, yes OK. What about the real estate and mortgage industries? What about all industries? What about Miami tourism? You cannot walk down the street on Lincoln Road in Miami Beach, on Ocean Drive, or any restaurants in South Beach without realizing that 80% of the patrons are TOURISTS, yes, mostly European. I want to write about the real estate market and the mortgage market - down payment assistance was going away and all of a sudden, they're not. FHA will be allowing 100% financing. Reverse mortgage limits will be going up, real estate values in downtown Miami are going up or not budging down!!! So what does that mean for you? For us? Yes, there are still bargains out there, but not everywhere and not in the desirable areas; and the bargains that are left are going away fast. Who is buying and how are they buying? The banks are not funding loans, the private lenders are not biting on anything. Are people buying cash? Are the Europeans buying the good deals? I know they are looking for bargains. The financial problems of the U.S. are broadcast all over the world. The Euro is strong, the Dollar is losing.
Monday, September 8, 2008
Hurricane Ike missed Miami - devastated Haiti, Cuba, Bahamas, Turks & Caicos
Ike Moves To Cuba, May Miss Keys
Ike's Winds Slow To Category 3
UPDATED: 10:12 pm EDT September 7, 2008
GONAIVES, Haiti -- Hurricane Ike is now moving in on Cuba on a course that could skirt the Florida Keys by Tuesday on its way to the Gulf of Mexico.
Images Track Ike
In Cuba, the government has evacuated vulnerable communities ahead of Ike's strike Sunday night and Monday before it heads toward the U.S. Gulf Coast.
In Key West, evacuation orders became mandatory Sunday for both tourists and the city's 25,000 residents. Traffic along the lone highway off the island has been steady but not jammed, with some people planning to tough it out unless the storm turns.
Ike is expected to make landfall late in the week somewhere between the Florida panhandle and the Texas coast.
Louisiana Gov. Bobby Jindal has declared a state of emergency ahead of Hurricane Ike.
The emergency declaration will extend from Sept. 6 to Oct. 5 unless Jindal ends it sooner.
The governor said Sunday that Ike is expected to make landfall on the Louisiana coast close to Sept. 13.
Louisiana is still recovering from Hurricane Gustav and many evacuees have just begun returning to their homes.
In addition to his declaration, Jindal wrote a letter to the president asking that he declare a federal state of emergency. Jindal wrote that he believes Ike will overwhelm the capability of his state’s emergency management teams to deal with the situation.
"I anticipate that the effects of the storm will overwhelm the capability of state resources and it is necessary that critical pre-positioning and other readiness requirements be provided through federal assistance. I request that federal resources be activated to assist with the evaluation of the incident and evacuation and sheltering operations," Jindal wrote. "I have determined that this incident is of such severity and magnitude that effective response is beyond the capabilities of the state and affected local governments, and that supplementary federal assistance is necessary to save lives and to protect property, public health and safety, or to lessen or avert the threat of a disaster."
If the president enacted a declaration, it would open up the delivery of even more money and supplies to the area.
Jindal said he hopes "hurricane fatigue" won't prevent people from leaving their homes for what would be the second time in 10 days.
David Myers, of New Orleans, said it would take a Category 4 storm to get him to leave again so soon. Ike is currently a Category 3 hurricane, with winds of 120 mph. It's expected to weaken further over Cuba, but then power up again over the Gulf.
There's a lot of damage in the Turks and Caicos Islands from Hurricane Ike, which roared through on Sunday with 135-mph winds. Officials report most of the homes on two of the islands were damaged or destroyed. Ike's most powerful winds are still blowing on other islands, and it's too early to know the number of deaths or injuries.
In a church that sheltered about 50 people in the southern Bahamas, the screaming winds threatened to peel the plywood from the windows. The shelter manager says the pastor there led everyone in prayer.
Ike Kills 48 In Haiti
For the second time in a week, people in Haiti have been forced to their rooftops to escape floodwaters.
Haiti is a still a long way from recovery after Hurricane Hanna -- but now, the rain from Hurricane Ike is adding to the misery. Homes have been inundated again. A bridge on the last open land route to the desperate city of Gonaives has collapsed.
In a coastal town, officials said 48 drowned overnight. That brings to more than 298 the country's overall death toll from four storms in recent weeks.
U.N. peacekeepers set out again Sunday in trucks to deliver more aid to Gonaives. Scores of young men splashed alongside, begging for help. U.N. security was beefed up to keep order, as thousands waited in line around a warehouse that became a U.N. shelter.
Ike was making its way past the Bahamas Sunday afternoon on a heading toward Cuba. At last report, its top winds were near 135 mph, making it a Category 4 storm at that time. It has since been downgraded.
Ike's Winds Slow To Category 3
UPDATED: 10:12 pm EDT September 7, 2008
GONAIVES, Haiti -- Hurricane Ike is now moving in on Cuba on a course that could skirt the Florida Keys by Tuesday on its way to the Gulf of Mexico.
Images Track Ike
In Cuba, the government has evacuated vulnerable communities ahead of Ike's strike Sunday night and Monday before it heads toward the U.S. Gulf Coast.
In Key West, evacuation orders became mandatory Sunday for both tourists and the city's 25,000 residents. Traffic along the lone highway off the island has been steady but not jammed, with some people planning to tough it out unless the storm turns.
Ike is expected to make landfall late in the week somewhere between the Florida panhandle and the Texas coast.
Louisiana Gov. Bobby Jindal has declared a state of emergency ahead of Hurricane Ike.
The emergency declaration will extend from Sept. 6 to Oct. 5 unless Jindal ends it sooner.
The governor said Sunday that Ike is expected to make landfall on the Louisiana coast close to Sept. 13.
Louisiana is still recovering from Hurricane Gustav and many evacuees have just begun returning to their homes.
In addition to his declaration, Jindal wrote a letter to the president asking that he declare a federal state of emergency. Jindal wrote that he believes Ike will overwhelm the capability of his state’s emergency management teams to deal with the situation.
"I anticipate that the effects of the storm will overwhelm the capability of state resources and it is necessary that critical pre-positioning and other readiness requirements be provided through federal assistance. I request that federal resources be activated to assist with the evaluation of the incident and evacuation and sheltering operations," Jindal wrote. "I have determined that this incident is of such severity and magnitude that effective response is beyond the capabilities of the state and affected local governments, and that supplementary federal assistance is necessary to save lives and to protect property, public health and safety, or to lessen or avert the threat of a disaster."
If the president enacted a declaration, it would open up the delivery of even more money and supplies to the area.
Jindal said he hopes "hurricane fatigue" won't prevent people from leaving their homes for what would be the second time in 10 days.
David Myers, of New Orleans, said it would take a Category 4 storm to get him to leave again so soon. Ike is currently a Category 3 hurricane, with winds of 120 mph. It's expected to weaken further over Cuba, but then power up again over the Gulf.
There's a lot of damage in the Turks and Caicos Islands from Hurricane Ike, which roared through on Sunday with 135-mph winds. Officials report most of the homes on two of the islands were damaged or destroyed. Ike's most powerful winds are still blowing on other islands, and it's too early to know the number of deaths or injuries.
In a church that sheltered about 50 people in the southern Bahamas, the screaming winds threatened to peel the plywood from the windows. The shelter manager says the pastor there led everyone in prayer.
Ike Kills 48 In Haiti
For the second time in a week, people in Haiti have been forced to their rooftops to escape floodwaters.
Haiti is a still a long way from recovery after Hurricane Hanna -- but now, the rain from Hurricane Ike is adding to the misery. Homes have been inundated again. A bridge on the last open land route to the desperate city of Gonaives has collapsed.
In a coastal town, officials said 48 drowned overnight. That brings to more than 298 the country's overall death toll from four storms in recent weeks.
U.N. peacekeepers set out again Sunday in trucks to deliver more aid to Gonaives. Scores of young men splashed alongside, begging for help. U.N. security was beefed up to keep order, as thousands waited in line around a warehouse that became a U.N. shelter.
Ike was making its way past the Bahamas Sunday afternoon on a heading toward Cuba. At last report, its top winds were near 135 mph, making it a Category 4 storm at that time. It has since been downgraded.
Fannie Mae and Freddie Mac bailout
Fannie and Freddie: The Bush administration said Sunday that it was taking control of the mortgage backers in an attempt to help stabilize the battered housing market and bring down mortgage rates.
Treasury Secretary Henry Paulson said the companies were being put under a government conservatorship and both chief executives were being replaced. The Treasury Department will put up to $100 billion in each company over time to keep them afloat, in exchange for senior preferred stock.
Both the common and preferred shares of the companies plummeted.
The two government-sponsored firms own or back about half the mortgage debt in the country and have lost billions in the housing market collapse. The plan should lower mortgage rates by lowering Fannie and Freddie's borrowing costs.
But analysts are split as to how much the plan will be able to help the battered housing market and sluggish economy. (Full story)
While the announcement has a psychological impact, it is not the ultimate solution to what ails the housing and credit markets, said William Rutherford, president at Rutherford Investment Management.
"If banks are going to continue to be tight in their lending policies and if we don't get a stabilization in housing prices, I don't think we can turn the economy and the housing market around," he said.
Additionally, he said, investors are still contending with cash-strapped local and regional banks, not to mention the global economic slowdown.
Treasury Secretary Henry Paulson said the companies were being put under a government conservatorship and both chief executives were being replaced. The Treasury Department will put up to $100 billion in each company over time to keep them afloat, in exchange for senior preferred stock.
Both the common and preferred shares of the companies plummeted.
The two government-sponsored firms own or back about half the mortgage debt in the country and have lost billions in the housing market collapse. The plan should lower mortgage rates by lowering Fannie and Freddie's borrowing costs.
But analysts are split as to how much the plan will be able to help the battered housing market and sluggish economy. (Full story)
While the announcement has a psychological impact, it is not the ultimate solution to what ails the housing and credit markets, said William Rutherford, president at Rutherford Investment Management.
"If banks are going to continue to be tight in their lending policies and if we don't get a stabilization in housing prices, I don't think we can turn the economy and the housing market around," he said.
Additionally, he said, investors are still contending with cash-strapped local and regional banks, not to mention the global economic slowdown.
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