Ten Commandments For Business

Ten CommandmentsBelow are the Ten Commandments for Business and, as I see it, a basis for how people should conduct themselves in business. So, to offer a translation of sorts, I have also listed what they should mean in day-to-day business terms.

It is most important, especially in today’s world, that we conduct business in the most moral and ethical way possible. It is a rare thing these days and I am hopeful that this meager contribution will somehow enlighten those who read it.

I. “I am the Lord your God…you shall have no other gods before me.” I. Show proper respect for authority.
II. “You shall not make for yourself an idol.” II. Have a singleness of purpose.
III. “You shall not misuse the name of the Lord your God.” III. Use effective communication in work and deed.
IV. “Remember the Sabbath Day by keeping it holy.” IV. Provide proper rest, recreation, and reflection.
V. “Honor your gather and mother, so that you may live long…” V. Show respect for elders.
VI. “You shall not murder.” VI. Show respect for human life, dignity, and rights.
VII. “You shall not commit adultery.” VII. Maintain a stability of the sexes and the family.
VIII. “You shall not steal.” VIII. Demonstrate the proper allocation of resources.
IX. “You shall not give false testimony.” IX. Demonstrate honesty and integrity.
X. “You shall not covet…” X. Maintain the right of ownership.

Bootstrapping a Business via Factoring

bootstrappingMany start-up companies that are looking for financing are finding conventional loans hard to come by. As commercial lending is still weak and small business lending remains flat, securing a lending source is as difficult as it has ever been.

In the wake of an ongoing financial crisis, banks have continued to tighten their lending practices in order to lower risk levels and comply with tougher regulations. This leaves millions of entrepreneurs without a source of financing for starting up new companies.

Many small business start-ups have resorted to what is called Bootstrapping. This is term that refers to starting and running a company with no or little capital. This approach, however, requires a large amount of creativity, ideas and a significant amount of luck to quickly generate cash flow and operate at a low cost. In the traditional sense, a bootstrap is a strap on to top of a boot for leverage to pull the boot on. In the business world it is creating leverage to start up a business with very little or nothing.

Invoice Factoring can be a valuable tool for bootstrapping companies. For example: A service company has an opportunity start up with a new client that requires adding resources (like new employees). Normally, this could be an extremely difficult situation for a start up. However, the business can receive immediate funds from a Factoring Company upon issuing the invoice and, in turn, use the funds support the resources needed (like payroll) for the new customer. There are many other examples, but the theme is the same: Cash from factoring is used to pay for labor, materials, or inventory in conjunction with completing delivery and issuing an invoice to the customer.

What’s more, the business can continue to utilize Invoice Factoring to manage cash flow and continue to grow the business – all without a cash outlay or conventional loan. It is all about control and cash flow management. More savvy business owners will work the factoring fees into the product or service provided. Others use the extra cash to take quick-pay discounts from suppliers by paying early. With the right financial strategy, factoring can also provide long term cash flow management, not just a quick fix.

As more and more start up companies discover the benefits of factoring, entrepreneurs are warming-up to the idea that there is a readily available source of cash hidden within their accounts receivable.

Dear Mom

momI’ve never really been a great conversationalist, especially when it comes to matters of the heart. However, I find it easier to write, as it helps me to organize my thoughts and feelings in a way that I could never achieve vocally. If I were to try to say all of this within a conversation, I feel the meaning and message would be lost.

As a boy growing up, you never really understand why your parents do or say the things that they do, especially your mom. That is, until you become a parent yourself and catch yourself saying things to your children that you heard from your mom decades ago. And say to yourself, “I can’t believe I just said that!” You soon realize the full impact of your parents’ influence on you an how you interact with your own children. As I continue my journey through parenthood, I regularly find new appreciation for the lessons you tried to teach me and the example you set for me. I can also fathom the frustration you must have felt while watching your oldest son make mistake after mistake during his procession through life.

I remember you often told me that I could be anything I wanted to be, as long as I put my mind to it. I also watched you live by what you said. I watched you put yourself through college while dealing with three rambunctious children (sorry about that), and continue to go after your goals. Goals you hardly imagined for yourself when you were growing up. You taught me the value of hard work and perseverance. I have endless admiration for what you have achieved during my lifetime and how it has influenced those around you.

You also used to say that nothing I could ever do would surprise you. I never knew if was a good thing or a bad thing. I still don’t. I sit in amazement of you because, at times, you believed in me more than I believe in myself. I hope I can continue to surprise you, and I’ll do my best to make sure it’s always good.

Thank you for loving me, for believing in me, and for helping to shape who I am today. Thank you for all you have done for your children. You have always been there for each of us. I know how hard you have worked, and thank you for always putting us first. We are truly blessed to have you in our lives.

I love you Mom.

Surveys Says: Job Seekers Care More About Paycheck Than Health Care

Need a JobAlthough the recent government shutdown was a minor inconvenienced to some Americans, how did it impact those looking for work? The health care debate seemed to be the main catalysts for the shutdown, with both parties claiming to be the voice of the public, but has the voice of the job seeker been drowned out as a result?

A new nation wide poll asked those very questions to find out what was more important to job seekers: a paycheck or health insurance. The result? A majority of the unemployed Americans (77%) would apparently take the job, even if it meant no health insurance.

Online career network Beyond.com surveyed over 5,000 job seekers from across the country to find out how the government shutdown and the technical frustrations with the health care roll-out impacted their employment search. The survey comprised a dozen questions to determine if healthcare was really the main concern for those seeking employment, and most respondents were just interested in a salary to support their family.

  • 61% of those who participated in the survey said that their top priority when it comes to a job is salary, not health care.
  • That’s despite approximately 32% of respondents saying they currently don’t have health insurance, with nearly 50% of those people citing they haven’t had health insurance for more than a year.
  • 89% of respondents said they’d do just about anything to find a job, including working long hours and/or weekends.

Survey respondents included job seekers from the Millennial, Gen X and Baby Boomer generations. Interestingly, a majority of the respondents from each generation reported that they’d consider job offers even if they did not include health insurance at all — despite numerous reports citing the increased need for health care across the board, especially with Baby Boomers.

If our elected leaders will listen, the people are telling you what’s most important. Jobs are a top priority, not healthcare or health insurance.

Memories of My Dad

dadFather’s Day for me is a time for reflection on how to be a better father. In today’s world, that task seems harder than ever with fewer role models to choose from. In my case, I do not have to look any further than my own father.

I could give you a hundred different stories about my dad to illustrate how this man had such a profound affect on my role as a father, but one really stands out in my mind this Father’s Day.

It was the summer that Mom and Dad decided to build an addition to the back of our house. My dad, being the multitalented person that he is, designed the new room in detail. It was an ambitious project, but well within our capabilities.

At the time, my brother and I shared a room. So, as an incentive for my brother or I to help with the project, Dad offered the new room to the one that helped with the project. I immediately jumped on the opportunity (the room we shared was getting way to small for two teenage boys).

My dad and I spent nearly the entire summer working on that room together. It was hard and hot work, but the rewards are still being realized to this very day. Not only did I learn a thing or two about construction, I came away with a sense of pride and accomplishment that I have only felt a few times in my life.

Although my dad may not realize it, it was that summer that I really bonded with him. I began to see my dad in a new light. Not just as my father, but as a man working hard to do what’s best for his family. In many ways, it was that summer that shaped my own role as a father.

So, thanks Dad for being the best example of a father that anyone could ask for.

Happy Father’s Day!