Archive for the ‘ credit ’ Category

When not to take payday loan

Knowing when to get a payday loan

Getting a payday loan is easy but most must understand that it should be considered as a last resort financial option. Why? Simply because these short term loans are expensive and payday loans debt can add up quickly.

A friend of mine took a loan from an online payday loan lender when she needed a quick cash loan to avoid overdraft fees. She didn’t have a credit card to back up her checking account and she didn’t have a car either to take a car title loan so she was left out to take a pay advance loan.

However I have known people who take these loans for non emergency reasons. An old associate of mine was dealing with debt consolidation websites so they had closed their credit cards as part of the deal of reducing his debt. But he wanted to buy a new laptop and he was short about $300. Then he took a small loan from another online lender for that amount, ended up paying back $405 in less than two weeks!

Comparing these two people, I can see two classic example of people not knowing when to take a payday loan and when not to take it. Payday loans are good when they are taken as last resort when all your other lending options are exhausted. They should not be looked at as first options. I think people need to learn better on how payday loans work and that is why I would like to recommend this About Payday Loans Resource website that teaches people all about payday loans.

Create a successful loan situation

24After the contractors and managers agreed on how they would work together in partnership to complete the job without spoiling the customers’ experience, the managers used the same partnershipbuilding process—the Partnership Continuum—with the store employees. Employees were under particular stress because they were often required to move stock from one side of the store to another and then be able to direct customers to the new location. Since the new location changed almost nightly for more than a month, there was a huge amount of pressure on everyone. Nevertheless, after partnering with the contractors, the store managers were able to transfer the knowledge they learned to the employees. This created a successful situation for everyone: owner, managers, customers, employees, and contractors. The remodeling was successful; customers continued to shop, and the job was completed on time.

Now here’s the trap of mental maps: they often include prejudice or bias about something or someone. In an imperfect society, prejudice is part of our programming. You can probably recall a time when you were misunderstood, discounted, or labeled by someone else who had an inaccurate mental map of you.

Some more key credit questions

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  • Do people in your organisation view sales from the customers’ perspective?
  • How well do people in your organisation know each individual customer? Could more data be gathered and assessed?
  • Do people in your organisation share information and insights about customers?
  • Are product benefits (not simply product features) highlighted?
  • Could you sell more to existing customers?
  • Do people in your organisation act decisively and swiftly to reassure and impress customers?
  • Do you take a co-ordinated approach to selling online?
  • Is buying online an easy and worthwhile experience for the customer? How could it be improved?
  • Is the website attractive, practical and relevant, learning from the lessons of the early years of website design?
  • Are you ready for the changes that may result from greater internet sales?

Key credit questions you should ask

Sales, marketing and brand management decisions can be as difficult as they are important. Below are some of the issues that may need to be considered on a regular basis.

  • How elastic are product prices? Could prices be increased without reducing revenue?
  • When is the next price rise planned? Could it happen sooner?
  • Are forces driving down prices in your market? What are they and how can you counter them?
  • Who fixes prices in your organisation? How do they do it and could the process be improved?
  • Are discounts targeted at the right sectors, or are they needlessly eroding profitability?
  • Could pricing be used more aggressively?
  • What are the barriers to entry in your market? How much of a barrier are they? Could you make it even harder for competitors to enter the market?
  • When is the best time to enter or leave the market? Can action be taken to discourage and reduce the effectiveness of competitors entering?
  • If you are planning to enter a new market, what makes your offer distinctive and likely to succeed?
  • Are other firms entering the market? If not, why?

Riding high: Harley-Davidson’s credit programme

From its beginnings in Milwaukee in 1909, Harley-Davidson has enjoyed a long history as America’s foremost motorbike manufacturer. However, by the early 1980s its reputation and business were in serious trouble following a sustained onslaught from affordable, high-quality Japanese machines produced by companies such as Honda and Kawasaki. Following a management buy-out, Harley-Davidson tackled its product-quality problems using the techniques of W. Edwards Deming (ironically, an American whose quality methods transformed Japanese manufacturing). The next challenge was to win back and maintain market share.

This the company achieved, once again becoming America’s leading motorbike manufacturer, with an amazing 90% of Harley-Davidson customers staying loyal to the company.