Business Loans

The phenomenal emergence of home-based business ownership has been astounding. The Small Business Administration (SBA) projects that by 2007, there will be over 2 million small business firms.

Trends indicate that entrepreneurship is quickly becoming a fabric in American culture. Yet, while there are many opportunities for securing personal wealth through business ownership, access to capital continues to be a hurdle for most start-up companies.

Thanks to a new small business initiative, the hurdle has become a little less painful. Through the SBA CommunityExpress loan program, start-ups and existing businesses alike can apply for a “Small Office/Home Office” (So-Ho) homebased business loan without a business plan.

Business loan amounts are available from $5,000 to $15,000 and no business plan is required. This may not seem like much to some business owners, but the most successful companies have started out by getting micro-loans. In fact, the SBA cited that most homebased businesses required $10,000 or less to get started. Examples of companies that started with less that $25,000 include Ben & Jerry’s, Fedex and Tom’s of Maine toothpaste.

Reducing any form of paperwork for getting a small business loan or homebased business loan is a definite plus when seeking capital for your business. When lenders eliminate the requirement of having a business plan, it is a positive step in getting business loans to small business owners quickly and easily.

It doesn’t matter if you want to start a daycare center, desktop publishing firm, or barbershop. These mega success stories of Fedex and others are a constant reminder that small beginnings can indeed lead to greater rewards when searching for small business loans or homebased business loans.

So, if you are in the market for a small business loan, homebased business loan, micro-financing, startup financing, or a Small Business Administration (SBA) guaranteed loan, a good place to start is the SOHO small business loan program.

Author: Karen Hardy
Article Source: EzineArticles.com
Provided by: Beading Necklace

Most of us have at some point in our lives considered being masters of our own destiny as far as our earning capacity is concerned. Owning your own business can be a very rewarding experience, however the majority of us never actually take the plunge mainly because of lack of finance. In most businesses, finance of sorts is required, simply because you have to produce your products or services first before someone is prepared to pay you for them.

In producing those products or services you have to spend money which may not be readily available in your business and that is why you have banks, investors, moneylenders etc. Even as you expand, further finance may be necessary to support any activity that may increase before you make the sales and get paid. Your business can go bust if it does not have the appropriate finance arrangements in place to deal with expenses that need to be paid before your customers pay you, even if your business is profitable. You need to try to match the appropriate source of finance for what you are trying to achieve.

In general – long term finance for long-term investment and short-term finance for short-term working capital requirements. It is really important that you apply for the correct finance type for your business. Get The Right Business Loan Approved For Your BusinessBanks are the major source of finance for small business owners throughout the world. When applying for finance from your bank it helps if you follow these procedures:

Always produce a complete business plan. If your business plan is compiled for you by your accountant or a third party, make sure that you can explain the business plan without the person who prepared it is present. Remember, the bank want to lend you the money, NOT the person who prepared your business plan and cash flow projections.

Always prepare a clear, succinct 2-page summary of the business plan. This allows your potential lender a quick insight into your business and quickly give you an indication whether he/she is interested in going further with you.

In your business plan always ask for a 25% longer repayment period than you need and between 30-40% more money than you need. It gives you room for tweaking your business should your business not go according to plan and believe me, this happens to many businesses no matter how superb their initial plans are.

Send your business plan to banks with an invitation for them to visit your premises. Make sure that you prepare your staff before the bank manager comes to your premises.

Think of the questions that are likely to concern him and have your answers prepared. Always negotiate the interest rate and terms after the offer has been made, not before. Try, by all means, to avoid personal guarantees but if you have to give them ensure they are limited to the amount of the loan. Do not agree to too much security only agree to the banks maximum exposure to loss.

Author: James Chiweshe
Article Source: EzineArticles.com
Provided by: Pressure cooker

Every day we take risks. If we cross the street we risk being run over. If we go down the stairs, we risk missing a step and tumbling down. Taking risks is such a common occurrence, that we tend to ignore it. Indeed, life would be unbearable if we constantly worried whether we should or should not carry out a certain task or take an action, because the risk is, or is not, acceptable.

With projects, however, this luxury of ignoring the risks cannot be permitted. By their very nature, because projects are inherently unique and often incorporate new techniques and procedures, they are risk prone and risk has to be considered right from the start. It then has to be subjected to a disciplined regular review and investigative procedure known as risk management.

Before applying risk management procedures, many organizations produce a Risk Management Plan. This is a document produced at the start of the project which sets out the strategic requirements for risk assessment and the whole risk management procedure. In certain situations the risk management plan should be produced at the estimating or contract tender stage to ensure that adequate provisions are made in the cost build-up of the tender document.

The Project Management Plan (PMP) should include a resume of the Risk Management Plan, which will first of all define the scope and areas to which risk management applies, particularly the risk types to be investigated. It will also specify which techniques will be used for risk identification and assessment, whether SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis is required and which risks (if any) require a more rigorous quantitative analysis such as Monte Carlo methods.

The Risk Management Plan will set out the type, content and frequency of reports, the roles of risk owners and the definition of the impact and probability criteria in qualitative and/or quantitative terms covering cost, time and quality/performance.

The main contents of a Risk Management Plan are as follows:

• General introduction explaining the need for the risk management process;
• Project description. Only required if it is a stand-alone document and not part of the PMP;
• Types of risks. Political, technical, financial, environmental, security, safety, programme etc.;
• Risk processes. Qualitative and/or quantitative methods, max. nos of risks to be listed;
• Tools and techniques. Risk identification methods, size of P-I matrix, computer analysis etc.;
• Risk reports. Updating periods of Risk Register, exception reports, change reports etc.;
• Attachments. Important project requirements, dangers, exceptional problems etc.

The Risk Management Plan of an organization should follow a standard pattern in order to increase its familiarity (rather like standard conditions of contract) but each project will require a bespoke version to cover its specific requirements and anticipated risks.

Risk management consists of stages, which, if followed religiously, will enable one to obtain a better understanding of those project risks which could jeopardize the cost, time, quality and safety criteria of the project. The first three stages are often referred to as qualitative analysis and are by far the most important stages of the process.

Stage 1 Risk awareness: This is the stage at which the project team begins to appreciate that there are risks to be considered. The risks may be pointed out by an outsider, or the team may be able to draw on their own collective experience. The important point is that once this attitude of mind has been achieved, i.e. that the project, or certain facets of it, are at risk, it leads very quickly to . . .

Stage 2 Risk identification: This is essentially a team effort at which the scope of the project, as set out in the specification, contract and WBS is examined and each aspect investigated for a possible risk.

Stage 3 Risk assessment: This is the qualitative stage at which the two main attributes of a risk, probability and impact, are examined.

Stage 4 Risk evaluation

Stage 5 Risk management: Having listed and evaluated the risks and established a table of priorities, the next stage is to decide how to manage the risks.

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Article Source:http://www.articlesbase.com/project-management-articles/general-introduction-to-risk-management-1351562.html

In my opinion, thinking strategically about CPE is the key.  Like any small business owner, you are in charge of your career and need to come up with a strategy.  And strategy starts with answering some basic questions, doing some research, thinking, and putting together a plan.  This is all the work of a busy professional – like a CPA!

Here are some important questions to answer:

What are my personal objectives, both in terms of career and personal development?

Where do I want to be in 5 years?  10 years?  20 years?

What are my personal strengths?  

In what areas could I envision the most dramatic potential for improvement with some focused effort?  

What potential improvements would have the most impact on my life and career?

What challenges and opportunities am I facing over the next 3-6 months?  6-12 months?  1-2 years?

What types of clients am I serving?  What are their needs, and in what ways can I meet their needs better than today?

What are my relationships with colleagues?  Are there opportunities for improvement here?

Do I have an effective network?  What value do I hold for my network?  Do I want to change that?

What are some key developments in the accounting field?

What are the major current developments in the overall business environment, or in the  communities I serve?  What is my program for keeping up to date and ahead of the trends?

These questions may seem very simple and basic.  Frankly, they are not particularly scientific, but they are definitely a starting point for a strategic plan that includes personal development.  We always need to remember that personal development is the key to moving forward, and that working on ourselves – increasing our capabilities and skill levels – always produces the best results in the long run.

So, what jumps out or emerges when you answer these questions?  Think about your CPA CPE.  Are there some things that you can do to satisfy some of the urges resulting from answering the questions that can be satisfied by continuing professional education?  Here are a few ideas:

1. Identify the hard skills.  These are the core accounting, finance, and law knowledge that you need to obtain in the coming period.

2. Identify the soft skills that you will need to achieve your near and medium term goals.  These are the key people skills that will open some doors for you.

3. Identify the environments in which you want to operate.  You may need some specific industry exposure.  You may need to seek out some specific situations where you can network with other professionals with particular areas of expertise that you want to gain.

4. Identify your learning preferences.  In many cases, due to constraints of both time and money, you will want to devise a blend of in person, on your own, and online work that optimizes your use of time.  The training options are also an input to this decision.

5. Identify your networking needs.  You may be able to kill 2 birds with one stone by attending education meetings for CPE credit where you also get the right mix of networking to expand your contacts.
6. Many professionals find that they want to supplement their current credentials – like a CPA – with another credential that will help them to differentiate themselves to their clients and in the marketplace, or sometimes even move them in a different direction altogether.  CPAs and other professionals often satisfy CPE requirements while at the same earning a certification in IT, project management, Six Sigma, Business Analysis, or a related field.

These are but a few ideas for gradually developing a strategic plan for earning CPE credit to maintain your CPA license.  Hopefully, looking at the CPE requirement from a fresh viewpoint, and incorporating  your CPE activities into your own personal vision and strategic plan helps to satisfy the CPE requirement as much as it does to move you forward as a professional in your desired strategic direction.

John Reiling, PMP, PE, MBA is an experienced professional, with most recent focus in Project Management and IT. John’s web site, CPE Training Online (http://www.cpetrainingonline.com) provides online Continuing Professional Eduction training for CPAs.

Article Source:http://www.articlesbase.com/project-management-articles/cpa-cpe-how-to-survive-continuing-professional-education-1309975.html