Hank Rhon: Strategy and Business Planning

An important factor for any business is to come up with a strategy for business, that is an overall plan of action of how the business will work within the given industry and how it will reach the people it needs to reach, explains Carlos Hank Rhon. Strategy is basically the direction and the scope an organization will take over a long term period. From time to time you may also need to rework your business strategy. The basics of a strategy for business is thus:

•     Direction – where the business is trying to get to in the long term
•     Scope – which markets should the business compete in and what are the activities within this market
•     Advantage – how the business can perform better than the competition
•     Resources – what skills, assets, relationships, technical abilities, etc are required for the business to compete such as effective business leadership
•     Environment – what is the external environment that could affect the business’ ability to compete
•     Stakeholders – what are the expectations of the people in power and business leaders in and around the business

These types of strategies can take place at different levels of the business’ life cycle, from the overall business itself to that of the people working in and around the business, explains Hank Rhon. Within these overall strategies are smaller strategies that go along with helping the business to achieve its goals; strategic analysis for example is all about analyzing the business’ strengths in terms of position and how factors can affect this position. Implementing a global business strategy is also important if you plan on going global with your products and services. Visit the Business Planning Website for more information.

The most difficult part of a strategy for business is the implementation, especially when dealing with an established business. Often times, people are unwilling and afraid of the changes that can come from the overall analysis.

Carlos Hank Rhon: Improve Fiscal Management with Online Banking

Carlos Hank Rhon, explains how online banking can assist in improved fiscal management.

Banking services, money, and access to money has become one of the most important necessities for both businesses and individuals in today's society, explains Carlos Hank Rhon. This is mainly because of its significance of being the primary tool for market acquisition used by each individual to purchase products and services for their needs.

Being the primary mode and basis for economic value, it is important for everyone to have a reliable measure for managing their financial issues and concern with the additional option of increasing interest for their business investment. Banking Institutions understand the importance of convenience for their customers and offering online banking services is now standard practice.

In this aspect, the most significant and preferred method of money management for consumers is the banking approach. Because of the trend of increasing demand and preference towards the banking measure, more and more institutions in the financial sector are now offering services that benefit consumers interest in simplicity and convenience.

In addition, their respective services are also developing with greater advantages and benefit for their clients such as higher interest rates, effective assistance services, reliable communication measures, and others. With the introduction of modern computing technology and the internet, online was developed and this technology option has become increasingly popular. Online banking allows businesses and individuals an easy way to track all of their finances. To learn more about online banking benefits, read the article by Carlos Hank Rhon titled, Your Money, Your Business and the Internet.

Economy Improving, Businesses Refinance Commerical Loans

In the rough days of the Great Recession business owners hung onto whatever they could regarding their commercial loans, happy being able to make payments in dark economic times. As things are now starting to get better, explains Carlos Hank Rhon, these same entrepreneurs are looking to possibly refinance the same loans, hoping to get better interest rates. It is possible to refinance commercial loan but to get a good deal requires that some criteria be met.

Lending institutions don't just hand out favors and they will not do much for someone who has a poor payment record. Prior to even approaching a lender for refinancing, recommends Carlos Hank Rhon the business owner needs to be sure that all payments were on time prior to the meeting. Business owners should also make sure that all financial statements are prepared properly and are on-hand to present to the lending institution. 

A strong relationship with the bank helps but assurances such as a good cash flow ought to be on the balance sheets. Any penalty points have to be factored into the final deal and a business owner has to be able to show collateral if it is requested. A major concern ought to be with the final deal looks like in writing. If it means having an attorney look at it first prior to signature, that's not a bad idea.

Other lending institutions can be investigated for possible refinancing but their terms may include moving all business to them that may include personal checking accounts as well. A small business owner should not hesitate to review all options in order to get a refinancing. However, it has to be remembered that this is a business transaction and unlike the mortgage refinancing it is not as cut and dried a process.

Carlos Hank Rhon, Economists and Funding for Small Business

Economists rarely agree, but most will admit that small business is a driving force of the American economy and will be for many years to come. explains Carlos Hank Rhon. These entrepreneurial firms are built on the dreams and enthusiasm of people willing to take risks and in turn, providing stimulus to the economy. They do need funding to go from one level to the next and these may not necessarily be traditional banks or lending institutions. There are other options that can be considered, and a smart small business owner should consider as many as practicable.

Venture capital is one possibility. In these situations money is raised by granting cash in exchange for partial ownership of the company, which usually comes in the form of shares of stock. A word of caution, though, is a venture capitalist will play an active rather than passive role in the management company. That is not always a bad situation as many venture capitalists bring with them a wealth of experience and advice far more valuable than their investment in your business.

Government is also a source for financing and the Small Business Administration (SBA) is an excellent source, notes Carlos Hank Rhon. The Administration has a number of loan programs for which a business owner might qualify. There is an application process and funding is not necessarily a given, but it is usually easier to secure a loan from the SBA than a bank. State and local departments of economic development might also have resources available for funding.

A small business owner should of course have strong financial records and balance sheets to suggest continued success. Yet at the same time this person shouldn't feel he or she is restricted to local banks alone. Possibilities are all over for securing funding and with a little homework the small business owner may find exactly what is needed to expand an already successful operation.