Alternative Finance: included on whose terms?

Alternative Finance: included on whose terms?

The workshop we attended looked at questions like whether financial inclusion ought to be encouraged when there are still problems which need to be repaired in the financial sector or if both activities could work together?
One of the first subjects discussed was the current and likely future condition of financial and financial products in the UK. We heard in Sarah Lyall that currently, the average household debt was #9,000 and that consumer debt is to take more mortgage debt in the following calendar year. More specifically we discovered about the hardship of students since changes in university fees. It may be safe to say that adopting or accepting this type of behavior at this early period in adult life may be damaging and only encourage individuals to take on additional debt later on.

Another place touched on was how changes in coverage would impact future reliance and need for credit products. With the introduction of Universal Credit, many households will see their incomes decrease but may nevertheless have the same outgoing bills to pay and consequently may have a higher reliance on credit products to make ends meet. Further to this, something that has already been obvious is that those with fluctuating income will find it hard to plan financially and this may also lead to reliance on credit products. Overall it was suggested that a declining wellbeing budget would lead to people having to source welfare from elsewhere and this could create a dependence on credit.
Taking a look at the present and future landscape of people’s financial needs it looks likely that reliance on credit is to increase. So how can this requirement be met while still ensuring individuals are fairly treated and get an excellent service from the financial sector? It brings us back to the question; if we promote financial inclusion when changes still need to be made from the commercial industry? Among those things we discussed was promoting existing more decent options and how they might become more mainstream and available to customers. Even with increased regulation in the way payday lenders can advertise their goods you can still not escape their adverts whether it is on the TV or even a bus shelter whereas credit unions use more conventional means such as word of mouth which may not reach the identical number of people. However, there are many advantages of word of mouth as we discussed in our group. In Hackney, churches are involved in encouraging credit unions and had boards outside to market them. Messages coming from a reliable community source similar to this could be crucial to promoting credit unions as an ethical alternative and work have been done with this in the Southwark (with London Mutual) and Liverpool with all the ‘Credit Champions’ job. Another trusted community link which could be and was utilized to promote credit unions is schools. We spoke about the way credit unions have seen schools to construct awareness in communities and also to educate children about saving. Not only are credit union visits to colleges beneficial through providing financial education but introducing good behavior for example saving at a young age will hopefully positively influence future attitudes towards money. Further fiscal incentives also have been used by credit unions like giving those that open a savings account #10. Additionally, some credit unions have partnered together with mainstream banks for them to make referrals for those who have been declined and partnerships like this are something we are also working on at Fair Finance.
So apart from promoting ethical choices what could be achieved contemplating how people’s needs and reliance on financial products is very likely to change later on?
My ideas are first to consider the groups of people which are currently facing dependence on charge; students and self-employed. The research discovered that pupils were reliant on credit products as they did not find their student loans enough to stay off. Further research could look at whether this is actually because the amount of investment given is not enough to reside off and this needs to be revised or if the problem is because of things such as poor budgeting and money management skills. When it’s the last fiscal education for students just before they go to college might be useful and work such as it is currently being done by the ‘Money Mentors’ project.
For self-employed and people with uncertain incomes, a thought has to be taken to create financial products work for their circumstances. Seeing individuals on 0hr contracts or low wages which may also be reliant on charge further campaigning and action should take place to prevent dangerous employment practices, some of which is being done by the Living Wage Foundation.
Finally to reduce the likeliness of consumers accessing exploitative financial providers or considering the use of payday lenders as usual more can be done around advertising. It was reported that children had asked the parent to take out payday loans to pay for things that demonstrates the way the notion of utilizing them has dangerously become typical for young people. Further campaigning to stop payday advertisements in specific spaces particularly on TV when children are likely to be viewers is required. Citizens UK have already campaigned around this issue and been successful in receiving some councils to prohibit payday lending within their borough.
Entire work towards creating the financial products function for people’s conditions is needed pairing with action to eradicate other societal issues which are leading to be reliant on charge.

The Top Five challenges facing a family business

The Top Five challenges facing a family business

The Top Five challenges facing a family business
The Top Five challenges facing a family business

But, just as today’s families are becoming more and more complex and extended, also, there is a whole host of challenges facing family businesses in 2017.
To help you get to grips with successfully operating a family business – and keeping everybody happy – we have put together a record of our Top Five challenges that confront today’s family business and how to cope with them.

The Top Five challenges facing a family business

Best match for the job

In a family business, there’s the urge to give everybody a specific function so that everyone is treated equally. The problem is that in business, not everyone is equally capable: some are better at certain things than others.

To achieve best company results, family businesses need to make sure that the best individuals are set up for each job – whether or not these people are in the household.The Top Five challenges facing a family  business.

While there can be benefits to several family members using an overall comprehension of various facets of running the company, it is also vital to make sure that each family member is a perfect match for the particular job that they are supposed to do. Merely creating positions for family members or committing tasks which don’t fit their abilities frequently backfires.The Top Five challenges facing a family  business.

This can become even more complex because once somebody is used to do a project, it can be very tricky to move them from it – both regarding the legal side of things and the household emotions involved. Much better to set strict recruitment criteria beforehand for each job in the company and be sure that only the best applicants – whether family or not – are believed.The Top Five challenges facing a family  business.

Honest and consistent policies

In a family business, it’s also imperative to be clear about the plans of the company the that employees will need to stick to. It is essential to develop thorough employment policies which everybody understands and accepts as part of the terms and conditions of employment. These systems must cover every aspect of work, for example, behavior and performance standards against which workers will be evaluated once employed.The Top Five challenges facing a family  business.

Having clear policies will help to eliminate misunderstanding or assumptions about family involvement in the business and clarify the qualifications that family members need to be considered for job or leadership functions within the company. Such policies also bring consistency and make sure that everything is reasonable for all family members and even for non-family members.

Compartmentalisation of household and Company

Closely linked to fairness, compartmentalization is your ability to separate out the business issues from the household issues, and not be swayed by personal feelings – both positive or negative – between relatives.The Top Five challenges facing a family  business.

In any company, there must ideally be compassion – and some level of leeway – for people that are going through an awkward moment. However, a family business must beware of allowing feelings and worries overwhelm the company need. Business is business, no matter who is involved.The Top Five challenges facing a family  business.

At precisely the same vein, it is worth having the family rule that business is only discussed during business hours, or you will find that it becomes all-encompassing and intrudes on other occasions like holidays and family celebrations.

It can be beautiful when a family business includes and involves people from a couple of different generations, but it may also be a minefield! The older generations will feel passionate about the company that either they founded or consider their own, while younger members of their household will have their thoughts about how to make things work – and particularly maybe about how to adopt new technology and working procedures. When the younger members are faithful to participate in their company, they then require a real chance to contribute ideas and expertise – perhaps for example on an allocated everyday basis. They also need to understand and respect that the wisdom and experience of the old generation is a valuable advantage not to be overlooked. The Top Five challenges facing a family  business.

If desired then some arranged interactive training sessions or joint training in particular skills and abilities might help to engender mutual respect and knowledge sharing.

The younger members of the business may also feel a strain to keep in the industry and see it almost as a sort of prison that keeps them bound into the family business and prevents them from fulfilling their dreams. The Top Five challenges facing a family  business.

This should be discussed up front so that the older generations are free to form alternative succession plans along with the younger generations to pursue other avenues when that is what they want to do.

If your family business is confronting this challenge, you are not alone. According to the US Conway Center for Family Business, 30% of household businesses transition into the second generation, 12 percent to the next generation, and just 3 percent to the fourth production. With only about a third of household businesses continuing to another age, it is essential to have adequate succession planning in place for any hope to the survival of a family enterprise.

Fair Business Loans provides business loans for UK household companies. If your household business needs additional small business funding, then get in contact with us in Fair Business Loans, and we will see what we can do to help your family business grow.

WALKABOUT SCOTLAND

WALKABOUT SCOTLAND

WALKABOUT SCOTLAND
WALKABOUT SCOTLAND

 

In September, Fair Business Loans expanded to provide funding to businesses nationwide. We are now pleased to announce funding for the first time to a business in Scotland.

WS Adventures is a travel company based out of Edinburgh, which trades as Walkabout Scotland, operating bespoke walking tours which allow visitors to experience the natural beauty of Scotland.

Fair business loans took time to really understand the seasonality of the business, enable us to support WS Adventures through their low season.

Walkabout Scotland has many different trips to choose from, and you’ll be sure to find one that suits you based on their convenient difficulty grade. Tours are personalized through small group experiences of between 4 to 8 people and there are choices of longer holiday tours that range between seven and 15 days or just quick weekend getaways. Each tour includes catering, lodging and transport.

Just one of the many tours, Highland Railways and Hills offers easy to moderate trails and the trip transports you across spectacular scenery on rail, ferry and of course, foot. On the other hand, if you’ve always wanted to climb Ben Nevis, the highest mountain in the UK, Walkabout Scotland has got you covered. Ben Nevis Weekend will have you up the mountain even if you don’t have hiking experience and is suitable for anyone with a good fitness level!

What Every Blogger Needs to Know About Business Credit

What Every Blogger Needs to Know About Business Credit

What Every Blogger Needs to Know About Business Credit
What Every Blogger Needs to Know About Business Credit

IF Hven’t taken the next step — setting up credit lines for their businesses. These can come in handy especially if they plan to scale past being a one-man (or girl) band. So, let us look at exactly what each blogger needs to understand about company credit. icici bank customer care . standard chartered credit card payment . axis long term equity fund . cibil login . vijaya bank online . axis bank customer care number . hdfc moneyback credit card . axis bank credit card apply . financial institutions in india .

What Every Blogger Needs to Know About Business Credit

Banks Can Assess Your Business Credit score

Business credit is a lot like personal credit, in that you want to use it sensibly or lose it. As you probably know that banks will check your private credit score, did you know they will also check your business credit score?icici bank customer care . standard chartered credit card payment . axis long term equity fund . cibil login . vijaya bank online . axis bank customer care number . hdfc moneyback credit card . axis bank credit card apply . financial institutions in india .

What Every Blogger Needs to Know About Business Credit . icici bank customer care . standard chartered credit card payment . axis long term equity fund . cibil login . vijaya bank online . axis bank customer care number . hdfc moneyback credit card . axis bank credit card apply . financial institutions in india .

Among these checks involves pulling your business’ FICO score. This is different from your FICO score as it focuses on the credit risk profile of your business rather than your credit score. Given that companies use credit more significantly than people, the algorithms tied to a company FICO score will take this into consideration.What Every Blogger Needs to Know About Business Credit
Regardless, the key to business credit is using it sensibly and this means making sure that you manage your open accounts and you make payments on time. If not, then you could encounter trouble. Establishing Business Credit. What Every Blogger Needs to Know About Business Credit .icici bank customer care . standard chartered credit card payment . axis long term equity fund . cibil login . vijaya bank online . axis bank customer care number . hdfc moneyback credit card . axis bank credit card apply . financial institutions in india .

Granted being a blogger isn’t a capital-intensive business, but there are instances when you might have to cover payment interruptions or to ramp up a team to take care of a significant assignment. Business credit may come in handy in those cases as it allows you an extra flexibility without leaning in your confidence.
Apart from FICO, the other commonly used business credit score is Dun & Bradstreet’s PAYDEX. Some of the simple methods to make sure your PAYDEX score is correct is to set store card accounts with your office and equipment providers, and then make sure that you pay the accounts on time.What Every Blogger Needs to Know About Business Credit . icici bank customer care . standard chartered credit card payment . axis long term equity fund . cibil login . vijaya bank online . axis bank customer care number . hdfc moneyback credit card . axis bank credit card apply . financial institutions in india .

Today Dun & Bradstreet will not automatically assign a PAYDEX score for your industry. First, you will have to be sure you to make sure to have opened a business credit file available. Following that, you will have to have at least four different credit references, and that these credit references are reporting your details to Dun & Bradstreet. If not, then your business will fall through the cracks. Thus, consider opening accounts with your office supplies, your gear supply, maybe a coffee or water delivery service, and a couple of gas stations. This will give you the foundation needed to establish business credit.What Every Blogger Needs to Know About Business Credit . icici bank customer care . standard chartered credit card payment . axis long term equity fund . cibil login . vijaya bank online . axis bank customer care number . hdfc moneyback credit card . axis bank credit card apply . financial institutions in india .

The Way Business Credit Can Help You

Everyone can assess a business’ credit rating with no consent. It follows that your suppliers, landlords, lenders do not have to get your approval to confirm your business credit. Nevertheless, this shouldn’t be something to dread. You want your company to have an excellent credit rating, this way you don’t need to lean on your finances to grow your business.What Every Blogger Needs to Know About Business Credit . icici bank customer care . standard chartered credit card payment . axis long term equity fund . cibil login . vijaya bank online . axis bank customer care number . hdfc moneyback credit card . axis bank credit card apply . financial institutions in india .
Imagine you want to outfit your office. Would you instead set the cost on your credit account or your own company’ credit report? Or what about net connections or lease? Again, it is much better to separate these expenses from your credit. But you need to have a solid business credit rating first.What Every Blogger Needs to Know About Business Credit .icici bank customer care . standard chartered credit card payment . axis long term equity fund . cibil login . vijaya bank online . axis bank customer care number .redit card apply . financial institutions in india .

Whi hdfc moneyback credit card . axis bank cle this isn’t complex, you also need to understand one common problem with company credit — companies with similar names often get confused. icici bank customer care . standard chartered credit card payment . axis long term equity fund . cibil login . vijaya bank online . axis bank customer care number . hdfc moneyback credit card . axis bank credit card apply . financial institutions in india . Therefore, you need to know the particulars of your company credit rating and be sure that any probable suppliers, lenders, or landlords have the right advice always.What Every Blogger Needs to Know About Business Credit . icici bank customer care . standard chartered credit card payment . axis long term equity fund . cibil login . vijaya bank online . axis bank customer care number . hdfc moneyback credit card . axis bank credit card apply . financial institutions in india .

One final point to understand is the bank lenders, and credit card companies frequently share information about delinquent business loans. But most alternative lenders don’t access this info. If you don’t have a delinquent loan, then you haven’t anything to be worried about. icici bank customer care . standard chartered credit card payment . axis long term equity fund . cibil login . vijaya bank online . axis bank customer care number . hdfc moneyback credit card . axis bank credit card apply . financial institutions in india .

However, if you had any financial problems in the past, then you are going to want to keep this in mind.
Building your business’ credit rating is just part of building a solid company — even if you’re a blogger. So, keep the principles in mind, and You’ll be able to get the additional cash you need to Make Sure your blogging business can flourish for years ahead .What Every Blogger Needs to Know About Business Credit . icici bank customer care . standard chartered credit card payment . axis long term equity fund . cibil login . vijaya bank online . axis bank customer care number . hdfc moneyback credit card . axis bank credit card apply . financial institutions in india .