I talk about this often but it’s always good to repeat valuable pieces of information – especially if it saves someone from wasting their time. One of the biggest misconceptions people have is that their bank has their interests in mind. I am not saying that banks do not care about their clients but I do think it is important for people to know that banks are businesses not charities. As such they have a business plan, target customer types, sales goals, profit margins, etc. which all attribute to their ability to help someone looking to borrow money. Many people think that just because they know their banker they can ask for whatever they want and if the bank says no that they have no other options. Here is how it really works.
There seems to be a spectrum that exists for people who need money. On one end of the spectrum are those that think they can tell a bank or lender what their looking for and demand the terms they want. On the other end of the spectrum are people who don’t say anything and assume they are destined to be declined if they step out and ask a bank or lender for money. In either case talking about needing money can be very hard. Why is this? Continue reading “Why is it so hard to talk about needing money?”
I had meeting this past week with an accountant and we were discussing the Business Development Bank of Canada. He did not have good things to say about them based on a past experience and as we talked through the experience a few things became evident that I thought were important to share. Here are three (3) things to know if you are looking to borrow money (forgive me if they seem obvious): Continue reading “Banks want to lend you money (really they do)”
Disclaimer: I am not a lawyer. This is one of those topics that causes heart burn for individuals and businesses that may be unfamiliar with how banks and lenders operate. This topic is almost as bad as discussing bank fees – but not quite. What is a guarantee? A guarantee is an agreement that either you or your company is liable for a debt or obligation. There are 2 basic kinds of guarantees: personal and corporate. A personal guarantee means you are liable for a debt or obligation and a corporate guarantee means your company is liable for a debt or obligation. So what’s the big deal? Continue reading “Who owns a piece of you? (Understanding guarantees)”
As I write this, the market price for a single bitcoin is $1,259 on the Mt. Gox exchange. It was around $152 on November 1. If you don’t understand the sentence I just wrote – don’t worry. Bitcoin is a virtual currency that is still being sorted out by individuals, markets, banks and government. In watching all of the buzz around Bitcoin I find myself thinking about small businesses and the ups and downs they experience in much the same fashion as the bitcoin phenomenon.
It’s not every day that a company will share the complaints it receives from its customers but I thought it would be a great opportunity to address some of the things we deal with that people may not know or care to know. Over the past 12 years I can assure you that not every client we have done some work for has been our biggest fan. Sometimes we have made mistakes, other times we have addressed situations that in hindsight should have been handled differently. We are people who are subject to shortcomings and failings like anyone else but we always look to make the best decisions we can to help our clients do more. Continue reading “2 clients that hated our service”
When they reach a certain measure of success, many Calgary individuals and businesses become generous to the less-fortunate, something for which this city is noted. However, Dylan Gallagher made his commitment at the launch of his company and has been donating ever since it made a profit.