Basic Principles of a Loan

By:Peter Kenny

Understanding the basic principles behind a loan can save new borrowers a lot of stress and make the borrowing process easier. This article will explore some of those loan basics.

A consumer loan is simply when a financial institution lends you money with the promise (from you) that you will repay the money. Most loan payments include both principal and interest.

Principle is the amount of money that you borrowed. Interest is the price paid for borrowing money; this is usually expressed as a percentage.

In an interest-only loan, the interest of the loan is paid off before the principal. It is important to understand this because many mortgages are interest-only loans. Using this kind of loan allows the lender to make a faster profit on the loan, and in return it also allows the lender to offer you lower interest rates.

Borrowers should understand that during the first years of an interest-only mortgage the entire monthly payment goes toward interest. Because of this there will be no decrease in the amount of the principle that was borrowed. In some cases, the initial interest-only payments are lower than the principal payments. This allows the borrower, who expects to earn more profit over time, to obtain a larger loan.

Variable Rates versus Fixed-Interest Rates

Aside from interest only loans, you may see offers for loans that are based on either variable rates or fixed rates. Credit cards generally use either the variable or fixed rates systems when calculating the interest.

Variable rate loans are based on the prime lending rate, and then some additional interest percentage is added in order to cover profits for the lender. Whenever the Federal Reserve raises interest rates, your bank will raise your interest as well. If the prime lending rate is low, variable rate loans and credit cards can be especially competitive with fixed rate loans.

Fixed rate loans and credit cards offer you guaranteed interest rates that do not fluctuate. You will know what your payments are each and every month based on the fixed rate percentage of the loan that you took out. This offers consumers more emotional security because they do not have to worry about their monthly bill increasing suddenly.

All borrowers should understand that variable rates are different than teaser rates. Teaser rates are temporary and last only for a limited time, usually three to six months. Once that period of time is over, the rate will go up and so will your monthly bill.

One of the most important principles behind a loan is establishing a good credit history. The fastest way to get a poor credit rating is to not pay your monthly bill or to be habitually late in paying your bill. These activities are usually reported to the three big credit reporting agencies and this information will stay on your credit history record for years to come. If you must take a loan out make sure that you can make the monthly payments on time.

If you have any questions about your loan or the interest that is being charged ask the credit person to explain it to you in detail. They are happy to do this. As a general rule, try to keep your non-mortgage debt payments below 10-15% of your monthly take home pay.

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By:Robert Sher

\”Hello, I\’m Robert Sher with Bentley, and I just wanted to introduce myself and meet you.\” I first heard this form of greeting on a sales training tape some 20 years ago. The notion is that most people find it very hard to reject a person directly. If you offer a reason or purpose for your visit, it is much easier to reject your reason than to reject you as a human being.

This very approach spawned a string of business acquisitions that built the business I ran as CEO into a powerhouse in that industry. I tell that story in a book I wrote called \”The Feel of the Deal; How I Built a Company through Acquisitions\” (http://www.thefeelofthedeal.com).

Still, despite knowing this, it is really hard for most people, myself included, to reach out and make new friends without an immediate need. Double or triple that difficulty if the other party is a competitor. So we procrastinate and hesitate.

Overcoming that hesitancy will set you apart and will create great opportunities, especially if you contemplate ever buying competitors\’ businesses, or selling your own. It\’s really up to you, since most of the competitors\’ CEOs will never overcome this barrier themselves. My argument goes as follows:

Drop your preconceived notions about the mindset of your competitors. Many assume that competitors automatically dislike each other and would do anything to defeat each other. Certainly all competition is fighting for the order, and no one has any remorse when they take that order from you. But among small-to-medium-sized businesses, the competition is all in the same boat and shares the same hopes and dreams as you do. As a result of the shared experience, they take some comfort in knowing that they are not alone, and they like to share, in some small part, the experience with a peer like you. Most are just trying to make a living and grow modestly鈥攏ot to become a monopoly and dominate the world. You are probably not their biggest obstacle or even close.

Meeting competitors is not about becoming best friends. The primary goal is to break the ice that naturally exists between two people who have no relationship. Some idle chatter, followed up by light periodic communication does 90% of the work. Being realistic about what you are shooting for makes it much easier to take those first steps. Sometimes you will be able to move forward to a \”trading information\” stage, where you may tell bits of information of use to them in exchange for information of use to you.

Ease up on your paranoia. Too many CEOs worry that passing out any information will give the competition a huge edge that will come back to bite them. I strongly disagree. While there certainly are a handful of upcoming strategic moves that should be kept completely confidential, most information about your business is not actionable by a competitor. So what if they find out your top line is 8 million instead of 4 million? Is there something different they will suddenly do with that piece of knowledge? Will they try to grow more fervently than before? I doubt it. Will they try to copy you? I\’ll bet they\’ve been doing that already. Turn the tables, and pretend you got some basic information about your competition. Does it change much of what you are doing? Probably not. I\’m not saying to disclose willy-nilly. Give information only when you must, and give it carefully. But don\’t be so apprehensive that you don\’t extend your hand to your competition.

They might be interesting people. Meeting and getting to know interesting people can be fun. Why not enjoy yourself while doing business? This is the best mindset that you can have, as people will sense your curiosity and interest in them, and most people love this. Believe me, some people live the most interesting lives, often quite different from our own. When reaching out to business owners, CEOs and executives, chances are slim that they will be \”boring\” if you stick around long enough to let them show their true colors. Showing interest in their personal lives (as opposed to their business) is encouraged. I do admit that some will be boring to you, and if they are just spend less time with them. You don\’t have time for hundreds of friends anyway, nor are you likely to buy that many businesses!

Key Takeaways

• Take the initiative to extend your hand, just for the sake of \”getting to know one another.\” Keep in contact occasionally.
• Don\’t assume most competitors won\’t want to talk with you. Most of your competitors don\’t hate you.
• Don\’t be afraid to trade non-strategic business information. Having a small give-and-take in a relationship builds trust and comfort. Of course, don\’t tell them everything, and make what you learn from them count!
• Getting to know other business leaders in your industry can be personally rewarding and enjoyable. If they like you, you are much more likely to be selected as the preferred buyer of their business when they are ready.

About the author:
Robert Sher is the principal of CEO to CEO (http://www.ceotoceo.biz) and collaborates with business leaders as they make difficult decisions and tackle key projects. He is the author of a book, The Feel of the Deal; How I Built a Company through Acquisitions. (http://www.thefeelofthedeal.com) Mr. Sher has been a CEO for 23 years and running, is the author of several columns stemming from his work as a consulting CEO.

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By:Damian Burke

For any business looking to trade worldwide, properly integrated logistical systems can mean the difference between roaring success and dismal failure.

A successful business needs to understand the needs and wants of its target market, and crucially, it needs to be able to meet those demands quickly and effectively. It is here that logistics play a crucial role. The link between the operating activity of a business and its market, an efficient logistics process requires a combination of strategic planning, inter-departmental, and indeed inter-business cooperation, and a healthy dose of common sense. It is about ensuring that the business has a steady inflow of the goods (and services) it needs to be productive and further, it is about ensuring that this product gets to the right place at the right time.

Consumers want what they want when they want it. Whether these consumers are end-users or other businesses along the supply chain, providing the right goods at the right place at the right time is as important as the quality and cost of those goods.

The evolution of supply and distribution systems

When one compares the operations of a modern-day business involved in the supply and distribution of goods to the operations of its forebears, it\’s clear that there\’s been a trend towards a more demand-centric approach.

Years ago, the world of distribution favoured an inventory-heavy model, where supply was provided according to production potential. With limited information available around the specifics and chronology of demand, inventories provided for a way to smooth the gaps.

More and more we find businesses moving away from this model, towards a more demand-focussed model. With major advances having been made in the fields of information flow systems and supply chain management solutions providing a better way to synchronise demand and supply, there\’s been a priority shift in the logistical systems.

Supply-chain management solutions

Efficient supply chain management systems need to be reliable and dependable, yet retain enough flexibility to meet the evolving needs of business. With a decreasing reliance on inventories, the timeous provision of information becomes critical. When the nature of a company\’s business involves a measure of global reach, collaboration with global partners is essential to ensure there are no \”weak links\” in the chain. The globalisation of business activities has narrowed the gaps between links in the supply chain and simultaneously extended its reach.

Transportation logistics

With an increased reliance on circulating inventories, transportation infrastructure becomes a dominant factor, Consistent predictability is a prerequisite for reliable planning. With a more complex supply chain, transport logistics have had to continually evolve to keep pace.

Electronic information systems

Information provision needs to be timeous and accurate. Effective technology use helps to make the dissemination of information seamless, promoting ease of access.

Inventory management

While the role of inventories seems to be in decline in comparison to to transport and information infrastructure, smaller inventories both necessitate and encourage a more effiecient system. Crucially, inventory has become less of a static component, making its management function far more challenging.

Of course, it is not only in the realm of business that logistics are vital. For centuries armies have known all about the importance of logistics. Ask the Romans, ask the Greeks, ask the US soldiers in Iraq today. Even the animal kingdom is well-aware of the importance of logistics. Ants, as a species, would never be as successful as they are were it not for their ability to co-operate as effectively as they do. If we are to take any lessons from their example, it should be clear that collaboration is vital to getting the various links in the chain to work together. This co-operation furthermore allows for continous refinement to the system as a whole and its various intricacies.

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