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Don't Fear the Banker!

A lot of us are very uncomfortable talking about money, whether that means negotiating your salary, asking for a sale, or asking for a loan. So the thought of going to the bank to get a loan can be very intimidating.

The loan process seems somewhat mysterious. Wouldn’t it by nice to know where bankers are coming from? Then you would be better positioned to get the money you need.

3 things to understand about your banker

#1 – Banks can’t afford to lose money.
A lot of people don’t realize that banks operate on relatively thin profit margins. So, contrary to popular belief, they don’t make that much money on every loan.

The biggest question every banker has when looking at every loan proposal is …

Will we get paid back?

They’re more concerned about the return OF their investment than the return ON their investment. That comes later.

#2 – Banks don’t fund start-ups.

This is perhaps one of the biggest misperceptions in the business world. People think the bank is the best place to go for money they need to start a business.

To which we say, reread our first point! Bankers are relatively risk averse for the reasons stated above and more. So banks don’t tend to lend money to new, unproven firms.

You might be saying, “But I know people who got money to start their business from a bank.” Here’s the distinction – the bank wasn’t loaning money to their BUSINESS; they loaned them money as individuals FOR their business. If you look deeper, you’ll find that, in almost every case, they secured the loan with equity in their house or some other asset.

#3 – Banks need to lend money.
That’s their business. So if you need money, and you can prove that you can pay it back, and you have some assets to secure the loan, go to the bank with confidence!

Your bank is just like your favorite video store.
Video stores rent DVDs for a fee. Banks rent money for a fee. So going to the bank is just like renting a movie. You have to return the movie and pay a fee. And hey, unlike video stores, bankers don’t charge their fees upfront!

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Our bigg quote today is by the great Stephen Covey:

“Seek first to understand, then to be understood.”

Understand your banker’s needs so you stand to get your money needs. 

Next time, we’ll discuss how to offer criticism without being critical. Until then, here’s to your bigg success!

 

Related posts 

How To Become A Millionaire

Good Debt vs. Bad Debt

How To Get Your Customers To Finance Your Business

5 Places to Find Cash for Your Business Today

I Have An Idea For A Business! Now What?

Lessons Learned From A Bankrupt Business Owner

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How To Be A Terrible Boss

There’s an old saying that is supported by much research – people join companies; they leave their managers.With that in mind, we thought we’d share seven ways to drive your employees away.

George and Mary-Lynn are experts at driving people away. Listen to today’s show and you’ll find out why we say that!

#1 – Be indecisive.
Postpone making decisions. Send it to committee. Call in a consultant. Wait until you have ALL the information. Analyze EVERY alternative. There all kinds of ways to do this.

Instead of ready – aim – fire, you should get ready and then – aim – aim – aim …

#2 – Don’t let them know what you expect.
Don’t have a plan that you share with them. Don’t make goals or establish priorities. And don’t ever set a deadline. After all, if your people don’t know what you expect of them, they’ll never know how they’re doing. They’ll have to rely on you to tell them.

#3 – Be inaccessible.
Don’t spend too much time at the office. When you do, keep your door shut. Or, if you do keep it open, always look like you’re too busy to talk to any of your employees. They don’t have anything important to discuss anyway, right?

#4 – Be inflexible.

Always follow the rules, without exception. They’re not in place to provide a framework –they’re the law! Business must always come first – no matter what’s going on in your employees’ lives.

#5 – Be inconsistent.
What’s your mood today? Make decisions based on your emotions, not on the plan, policies, and precedents. Don’t treat all of your people all the same – show favoritism. Don’t worry about performance; take care of the people you like.

#6 – Make them feel unappreciated.
Don’t tell them when they do a good job. And when they don’t, criticize them in front of their peers. Oh, and don’t forget – be sure to openly discuss one employee’s faults with some other employee. That definitely will drive people away.

Quickly dismiss any ideas your employees have. Better yet, don’t even listen to them. And, whatever else you may do, don’t trust them with any major responsibilities.

# 7 – Don’t lead by example.
You should have one set of rules for you and another set of rules for your staff. They should do as you say, not as you do.

We need help – how can we keep from driving employees away?
Let us know by leaving a comment at the end of our blog.

Our Bigg Quote today comes from E.M. Kelly.

“The difference between a boss and a leader: a boss says, ‘Go!’ A leader says, ‘Let’s go!’”

So, if you want to drive your employees away, just keep driving them.

Next time, we’ll talk about how to reach your goals this week. Until then, here’s to your bigg success!

football on field

Fumble Forward

football on field

With the Super Bowl upon us, we thought we’d discuss how to recover your fumbles and keep moving toward the end zone. One of the most famous fumbles ever occurred on September 10, 1978 in a game between the Oakland Raiders and the San Diego Chargers. It has become known as “the holy roller”.

Listen to today’s show for a recreated broadcast of that fantastic play!

The Chargers led 20 to 14. The Raiders had the ball on the Chargers 14-yard line with only ten seconds left in the game.

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person experiencing peace of mind on a dock overlooking water and mountains

Destination Peace of Mind: These 4 Things Insure Success

person experiencing peace of mind on a dock overlooking water and mountains

Yesterday, we discussed our favorite definition of success. It came from the book
They Call Me Coach by the great John Wooden. To paraphrase:

Success is peace of mind which is the result
of giving your all to reach your full potential.

Today we’ll look at the four things you must do daily for your peace of mind.

  1. Always value your values.
    We almost didn’t include this, because it seems so obvious. It should be an unstated assumption, right? Then, we remembered what happens when you assume. Remember that old saying?

If your actions conflict with your core values, you definitely won’t have peace of mind! You have to respect the person you see in the mirror.

  1. Get over today tomorrow.
    If you feel good about today, congratulations! Revel in it … tonight. If you feel lousy about today, lick your wounds … tonight.

But when you wake up in the morning, it’s a new day! So wipe the slate clean and get on getting on to all you know you can become.

  1. All you can do is all you can do, but all you can do is what you must do.
    Let’s dissect this sentence. The first half is your comfort. The second half is your challenge.

Take comfort even if you fell short of your mark. You can’t possibly give more than “all”. You should feel good about your effort. But wait!

The challenge is giving your “all” because success does comes with a price. “All” is a pretty high bar! Only you know if you truly did give everything. The worst person to lie to is yourself. That’s a recipe for perpetual failure.

Did you give your all today? If the answer is yes, congratulations. If no, tomorrow is a new day. You get to try again.

  1. Take it to the limit.
    Most of us have an inherent desire to grow. Otherwise, we get bored. Growth occurs at the point where what you know intersects with what you don’t know. As you push yourself beyond that point, you grow. And with growth comes meaning. You feel fulfilled. You are at peace.

Our quote today is by the legendary baseball player George Moriarty.

“Who can ask more of a man, than giving all within his span?
Giving all, it seems to me, is not so far from victory.”

So give your all today, for your peace of mind.

By the way, if you listen to today’s show, you’ll hear our friend “Ted” reading this quote. We think you’ll find success quotes are much more fun this way. You may even want to get in on the act! Check out our BIGG Quotes page for details.

In our next blog, we’ll take a new approach to finding your dream. It’s a two-part series that will take you back to the past, and then look forward to your future.

Until then, here’s to your bigg success!

Direct link to The Bigg Success Show audio file | podcast:
http://traffic.libsyn.com/biggsuccess/0002-111307.mp3

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