As President Barack Obama and his key advisors consider how to spend the rest of the bailout funds, it is reported that President Obama would like to make sure that the banks that have been bailed out do more to assist in this lending crisis. Obama and new Treasury Secretary Timothy Geithner are trying to take every measure possible to bring both consumer and investor confidence back into the economy.
Banks are being blamed for not doing anything substantial with the funds they have received thus far and many in Washington are still angry with the high bonuses and perks being distributed among the top officials and executives of these corporations.
The real estate industry and especially homeowners are hoping that President Obama will make it compulsory for banks to look at their grievances and assist homeowners with their mortgage situations. Bridget Toomey of the Loan Modification Foundation was quoted as saying "If all banks and mortgage lenders were open to working with homeowners on loan modifications, the foreclosure rates would decrease tremendously and the losses would be minimized for everyone."
Of course she also acknowledges that in the past few months, both banks and mortgage lenders have been more than open to home loan modifications for their customers. A lot of families have been able to save their homes by submitting an application and getting their monthly payment reduced and interest rates modified with the help of a qualified consultant.
Market analysts believe if banks are genuinely pushed by President Obama to work with homeowners to modify loans as a bailout condition, it would help millions of families across the United States while also positively impacting the economy in general.
About the Author
Bridget ToomeyThe Loan Modification Foundation450 N. Brand BlvdSuite 600 Glendale, CA 91203 USA.Phone: 800-780-5109www.loanmodificationfoundation.com/
Showing posts with label bailout. Show all posts
Showing posts with label bailout. Show all posts
Sunday, February 15, 2009
Four Ways to Maintain a Strong Business in a Bad Economy by Kathy Hrach
The economic news in America keeps getting gloomier. A lot of bad business words are flying around - such as recession, bailout, depression, downturn, downsizing, etc. Marketing departments are cutting budgets. Sales reps are saving money by making fewer customer visits. Businesses are hunkering down to wait out the storm. Makes sense, right? Wrong.
Why? Because when you hide, you're forgotten. Sure, you may be saving money, but your customers won't remember who you are or what you do. You may think that all of your competitors are hiding too - and most will - but there will always be at least one who forges ahead. One who embraces the tough economy and finds creative ways to stay in front of their customers. One who fights back and refuses to toss their hands up in frustration. One who takes business away from their competitors. Which one would you rather be?
Here are Some Things You Can Do to Keep Your Business Strong:
1. Figure Out Who Your Customers Are Now is when you need to be most efficient with your sales and marketing efforts. It's a waste of your time and money to go after everyone who inquires about your products or services. Figure out who your best customers are and focus on keeping them happy and finding others just like them. They often say 20% of your customers bring in 80% of your business. Find out who that 20% is ASAP.
2. Diversify Your Target Markets A bad economy for one industry may be a boon for another. If you only cater to one specific industry, it might be time to get creative and find ways to branch out and diversify. Sometimes this is the biggest challenge that businesses face, but often it's easier than you think. Keep an open mind and think creatively.
3. Pay Attention to Where You Spend Rather than making drastic budget cuts, first analyze how you are spending your money. A little trimming here and there could go a long way towards saving money each month. Be sure to test your sales and marketing efforts as well. Don't be afraid to try new things, but always analyze your efforts to make sure you're not wasting time or money.
4. Make and Keep a Regular Outreach Plan Whatever you do, don't go into hiding. Make a plan to communicate with current and potential customers. Send them handwritten notes, give them a call, drop them an email, and continue to update your website. Keep in touch and show them that you are still in business and ready to serve.
As they say during any tough times - only the strong survive. Choose to be one of the strong ones. Don't let economic fears affect your success - fight back.
About the Author
Kathy Hrach is Co-founder of Write On Results, a marketing agency that uses real pens and real writers to hand address their clients' envelopes for dramatically improved direct mail response rates. She writes the monthly Pen & Paper Marketing Blog.
Why? Because when you hide, you're forgotten. Sure, you may be saving money, but your customers won't remember who you are or what you do. You may think that all of your competitors are hiding too - and most will - but there will always be at least one who forges ahead. One who embraces the tough economy and finds creative ways to stay in front of their customers. One who fights back and refuses to toss their hands up in frustration. One who takes business away from their competitors. Which one would you rather be?
Here are Some Things You Can Do to Keep Your Business Strong:
1. Figure Out Who Your Customers Are Now is when you need to be most efficient with your sales and marketing efforts. It's a waste of your time and money to go after everyone who inquires about your products or services. Figure out who your best customers are and focus on keeping them happy and finding others just like them. They often say 20% of your customers bring in 80% of your business. Find out who that 20% is ASAP.
2. Diversify Your Target Markets A bad economy for one industry may be a boon for another. If you only cater to one specific industry, it might be time to get creative and find ways to branch out and diversify. Sometimes this is the biggest challenge that businesses face, but often it's easier than you think. Keep an open mind and think creatively.
3. Pay Attention to Where You Spend Rather than making drastic budget cuts, first analyze how you are spending your money. A little trimming here and there could go a long way towards saving money each month. Be sure to test your sales and marketing efforts as well. Don't be afraid to try new things, but always analyze your efforts to make sure you're not wasting time or money.
4. Make and Keep a Regular Outreach Plan Whatever you do, don't go into hiding. Make a plan to communicate with current and potential customers. Send them handwritten notes, give them a call, drop them an email, and continue to update your website. Keep in touch and show them that you are still in business and ready to serve.
As they say during any tough times - only the strong survive. Choose to be one of the strong ones. Don't let economic fears affect your success - fight back.
About the Author
Kathy Hrach is Co-founder of Write On Results, a marketing agency that uses real pens and real writers to hand address their clients' envelopes for dramatically improved direct mail response rates. She writes the monthly Pen & Paper Marketing Blog.
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