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The upside of the downturn
unique opportunities will arise in a recession
By: Andre’ Burnett
BUSINESS LOUNGE
Recessions don’t get good press, and understandably so. After all, they are usually accompanied with job cuts, shrinkage in GDP, contracting markets and, of course, the usual doom and gloom firmly in tow. Against this background, positives are hard to find. But for those with metal detectors tuned to business opportunities, it is indeed possible for one to find the silver lining that comes with an economic cloud of this magnitude. Like it or not, recessions are necessary. It is a nice thought that economies are made to grow indefinitely but this is not the case. Economies could be likened to an ecosystem where unfettered human expansion is detrimental to sustainability. Excesses tend to build up in markets because of rapid growth, and periods of economic slowdown
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Economist Joseph Schumpeter suggested the concept of “Creative Destruction” which, simply put, describes the process by which a new innovation makes older products and companies obsolete. In times such as this, it’s possible to see where droves of newly unemployed skilled workers may become the catalyst for innovation. The need for producing income without a steady nine to five can see the proliferation of “forced entrepreneurship” where individuals forego sending out resumes and opt instead to formulate business plans. The recession offers a unique opportunity to companies to reopen communication lines to their customers. They can offer products that will inspire loyalty in the long term and even offer more value for the same price rather than lowering both price and quality. Fortune magazine made its debut during the great depression in the United States and within seven years it had become a mainstay of the publishing world. At that time of economic hardship, even the common man became interested in what was going on inside the board rooms of companies and, in this manner, Fortune fulfilled this new found market need. Even though the thought of the market right now might send chills down the spines of the most hardened investor, it should be clear that market tribulations open up opportunities for investors with a little cash to go around. In the beat-down equities market, for example, one can purchase stocks with great long-term value for greatly discounted prices. Knowing when and what to buy still takes some knowhow, but just remember that with every crisis, there’s an opportunity.
are a tough love approach to ‘trimming the edges’ and regaining normalcy. As such, you would expect a leaner, more robust economy re-emerging from the beating it has taken the past couple of years.
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One of the most important factors of a recession is that, no matter what, it won’t last forever. Use your ‘metal detectors’ while the market is down and seek out those undervalued opportunities; embrace them; and then reap the benefits of the imminent rebound.
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More than just a logo:
it’s about building your brand Provided by Gail’s Graphic Designs
WHAT IS A BRAND? A brand is a mix of both the visual and the intangible. When you think of the golden arches of McDonald’s, you immediately think fast food. When you think of Nike’s iconic swoosh you instantly think of sneakers. When you think of Google, you think of searching the Internet. Your brand should ultimately be the mental picture that forms when someone thinks of your business. Branding is not just about separating yourself from your competitors; it’s about getting prospective customers to see that your business is the only solution for their problem.
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Brand Reputation Think of your brand as your reputation. It should reflect you and your company. You wouldn’t want to show up to an important meeting in sweat pants, or in need of a shave. Although it sounds obvious, your brand must always look professional and industry appropriate. Your logo should not be used or associated with business without your permission, nor should it be used to endorse any activity you wouldn’t want to associate with your business. Brand Consistency Ensure that you are consistent with the visual aspects of your brand. Make sure your logo has a uniform and consistent layout. Different colors, and fonts and multiple versions of your logo will be confusing to your customers, vendors, and employees. Make sure your logo is uniform across all media and look the same whether on a website, brochure, or business card. Build Better Brand Relationships One goal of your brand is to build a relationship between you and your customer. Your brand should represent a piece of you and your business so that your customer identifies with you and your brand. This personal relationship may be just a superficial attachment, but ultimately it should build long lasting relationships.
HOW DOES MY COMPANY ACHIEVE THIS? Brand Promotion Let the world know about your business professional image. It might be just a logo now, but remember this is the first experience a potential customer will have with your business, so get it noticed. Place your logo on a website, place it on a business card, and place it on a sale sheet. Do any and everything to start building visual recognition for your brand.
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Most Importantly-Do What You Do Everyday all the advertising, marketing, and professional design in the world won’t matter unless you consistently serve your customers day in and day out. Are you there for them? Do you answer their phone ca lls right away? Do you go above and beyond and provide an excellent product or service? Do you exceed their expectations? The true heart of your brand is not just a professional design, but also your customers’ expectations of you and your business. Providing top-notch service or an outstanding product will ultimately be the true mark of a professional brand.
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Based in New York, Gail’s Graphic Designs offers a broad spectrum of creative design and communication solutions to assist in the marketing of your small business. Contact Gail Lewis at glewis@gailsdtp.com or visit Gail’s Graphic Designs at www. gailsdtp.com. | Daniel Natale is a guest writer for Gail’s Graphic Designs.
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Mind Your Business
Now that you have a professional logo design for your business, it is time to build on it, and develop a comprehensive brand.
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10 Smart Steps to:
Decide between buying and renting a home Provided by: Financially S.M.A.R.T. Services
Question: I’m comfortable with my rented
house and don’t want to spend a lot of money buying a property. Am I making a financial mistake by continuing to rent instead of buying?
Raise Your Financial IQ! -
Some people are opting out of home ownership even though they may be able to afford to buy. You need to weigh the pros and cons of renting versus buying. Here are ten considerations to help you decide what’s best for you.
8. Missed mortgage payments can mean losing
your home. If you run into difficulties, your property
1.
Real estate can be a profitable investment. In the long term, buying a property can provide higher returns than other investments. If you continue to rent, you may lose an opportunity to create financial security and future income.
2. Buying a home requires a substantial financial outlay. Some people deplete all their savings and emergency funds for the down payment. Renting doesn’t require much initial expenditure, and your money can be invested to bring faster returns.
3. Mortgage payments are usually fixed. Unless
there are significant changes in interest rates, your monthly payments are constant. The real value of your mortgage payments will decrease over the years, due to inflation. When you rent, your monthly payments can increase annually.
4. Owning a home can bring higher costs. Often,
the monthly mortgage is more than the rental cost for the same property. Homeownership also brings additional expenses such as property tax, maintenance, security and insurance.
5.
Money spent on your own home builds equity. Mortgage payments and home improvement costs benefit the homeowner. If you continue to rent, your money helps someone else own the property, and you’ll never build up any equity of your own.
6. It can take long to sell your property. It could
take several months or even years to get back your cash. With renting, you can move at any time. If the value of the location has declined, you also don’t have to face the possibility of loss of value of your investment.
7. Your own home brings a sense of security. When
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could be foreclosed after a few months. Tenants can make appeals to get more time to pay outstanding amounts or move from the property.
9.
Home ownership gives you freedom. Buying your own place gives you flexibility to do whatever you desire with your property, without restrictions from a landlord. Renting can prevent you from making desired upgrades to your home.
10.
Renting has less responsibilities. It’s the landlord’s duty to deal with upkeep costs like repairs and maintenance. Although some landlords may ask you to fix problems, you can deduct the costs from your rent.
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Financially S.M.A.R.T. Services is Jamaica’s number one source for practical, down-to-earth and independent answers for all questions relating to personal finance. Get more money smart advice at www.financiallysmartonline.com. Email advice@financiallysmartonline.com with comments or questions.
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MONEY $MART...
Answer:
you rent, there is always the possibility of the landlord asking you to leave.
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Credits Publisher eZines Limited Managing Director Tyrone Wilson Your Money Reporters Andre’ Burnett Ryan Blake Kenartur Mitchell Jr. Latoya Hutchinson Columnist Gail’s Graphics Design Financially S.M.A.R.T Services Design and Layout Omar Phinn Subscription subscription@yourmoneyezine.com Editorial editor@yourmoneyezine.com Your Money eZine is a product of eZines Limited, and is distributed via e-mail and other online sources such as Facebook. To subscribe FREE, log onto www.yourmoneyezine.com today or email to subscription@yourmoneyezine.com Advertising advertising@yourmoneyezine.com
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