Paperclips and Business Tips

While kneeling down to pick up a paperclip off of the floor of my office, I was reminded of a book that I read about 3 years ago. (Unfortunately, the name of the book escapes me right now, but I will check my bookshelves at home so that I can properly credit the author.) At the time, my company was going through what I perceived and believed to have been a difficult time. Little did I know that we would all soon be facing possibly the most challenging economy in nearly all of our lifetimes.

I turned to the book for some direction and solace. And the primary theme of the piece was an emphasis on utilizing simple tools and making common sense decisions in order to succeed as a small business person. One chapter in particular resonated with me. Short and to the point, the chapter extolled the virtues of the business person who took the time to bend over, pick up the omnipresent paperclip on his or her floor, and reuse it. This was, of course, juxtaposed against one who might simply walk past the object or one who might pick it up only to discard it.

This was and remains less of a lesson in “going green” than in a simple truth: small business people must never become lazy when it comes to conserving. The simple act of reaching down and picking up a paperclip for its reuse at a later date is a powerful statement made by the business owner that there is just no room for waste. Acts like these can set the tone for entire corporate cultures.

While I believed this to have been true when I read it, it may never have been more relevant than it is today. Companies in general – and smaller businesses in particular – must use all means necessary to conserve capital. This is because the conservation of capital in a recessionary economy equals survival.

This philosophy, coupled with some of the solutions offered by Bay Harbor Capital, like merchant credit card cash advances, accounts receivable financing, and equipment leasing, will make the difference between those companies that are able to weather the storm of 2008 and thrive in 2009.

Business Uses for a Free Web Tool

The tool is called Google Street Maps, and if you have not already taken a look at it, then you should. It has been around for nearly a year and has some mind-boggling capabilities. Incredibly, it provides 360-degree street level views of roads across the country. Google was able to achieve this by having people physically drive a car with a sophisticated camera attached to the roof up and down various streets. Not all roads have been mapped, but knowing Google, I am sure they will be.

I am certain that after viewing this tool, a variety of business people will come up with ways that I could not even imagine to utilize it for their company. For instance, a real estate agent might use it to revolutionize the manner in which homes are shown. Agents could have the ability to “drive” a prospective buyer through a neighborhood prior to showing her or him the house, should they desire. Or a paving company could use the tool to look at a homeowner’s driveway and provide an estimate without having to go to the home. A roofing or gutter contractor could similarly look at the home online and provide a rough estimate.

In the case of my company, Bay Harbor Capital, I can think of numerous applications that we can employ immediately. For instance, prior to funding a merchant credit card cash advance, a physical inspection is sometimes needed. For instance, we might utilize it to check on the location of a gas station or restaurant to estimate the traffic. We might also be able to use it for our medical working capital product. For this type of financing, we need to verify that the location of the practice is not home-based or mobile which, with Google Street Maps, can be accomplished without leaving the desk.

So if your business requires that you or your staff view streets or properties, this tool might be useful to you, too. Needless to say, it will never replace a physical appearance or inspection. It might, however, be a cost-effective and time-saving method to pre-screen business prospects. It also provides the added value of placing you company at the forefront of the use of technology. And it’s free.

If your business is in need of financing, particularly if you have been turned down by your bank, we ask that you contact us at 800-541-0919 or visit us on our Web site at http://www.bayharborcapitalcorp.com. Among the many financial solutions we offer to businesses are merchant credit card cash advances, medical working capital loans, equipment leasing, and accounts receivable financing / factoring.

NYXPO for Business – November 19, 2008

Bay Harbor Capital is participating in the New York Expo for Business (NYXPO) to be held at the Jacob Javits Center in New York, NY, on November 19, 2008.

The NYXPO for Business is the largest business-to-business event in the Northeast and is free of charge to all attendees. Free admission also includes access to more than 36 educational seminars and a networking show floor.

Our company’s informational booth will be staffed by the principals of the company who will be available to answer any and all questions from business owners regarding financing.  Informational handouts will be available to all.

Bay Harbor will also be holding a drawing for a free iPod Touch.  The NYXPO will take place between 9am and 4pm.

Beginning at 4pm, Bay Harbor Capital will be co-sponsoring a Networking Event hosted by CBS Radio.  The event is scheduled to end at 8pm.

We encourage all area business owners to attend, particularly in this difficult economic time.  There will be a wide assortment of companies with displays, many of which can help you to not only survive but also to thrive in today’s market.  If you can’t make it, as always we remind you to contact us at 1-800-541-0919 or visit us on the Web at http://www.bayharborcapitalcorp.com.

Remember: We know that there is a recession.  We are just choosing not to participate.

Refusing to Participate in the Recession, Part 1

“We understand that there is recession. We are just refusing to participate – and so should you.”

The words “recession” and “bad economy” have become a warm blanket for too many small to mid-sized business owners. It is easier to comfortably remain beneath the covers of these words than it is to rise out of bed and face what has always been a cold, stark reality of business: it is extremely difficult.

We business owners have understandably been beaten into submission by the constant media barrage informing us that the economic sky is falling. As a result, too many of us are accepting slower sales, decreased volume, or lower incomes as inevitable consequences. But are these conditions truly unavoidable?

The economy of this great country is, as others have described it, much like a rubber band. It has been stretched too far – not unlike it has in the past. But what is the more likely scenario? Will the economy break in half, never to return to normalcy? Or will the natural and inherent tension that has kept it in check for the majority of this country’s history force it to snap back so that it resembles its former, more natural self?

Before you answer that question, consider the primary reason cited in the media for this bad economy. It is, by all accounts, a failure on the part of large banks with regards to overly aggressive lending practices on real estate mortgage loans, many of which have gone into default.

This is, unfortunately, a reality. While one might be able to argue why it happened, no one can argue that it has happened. Similarly, one cannot dispute the fact that real estate values have fallen precipitously and that there is a general lack of liquidity in that sector. It is no great revelation to state that the large lending institutions and those dependent upon their funds are in peril.

Let us consider also the fact that our country’s economy – and, to a degree, our country itself – has been founded upon an entrepreneurial spirit. The present day carriers of this torch are the small and mid-sized business owners out there. These are the brave souls with the guts to hang a shingle, take out a loan, and work for little or nothing at the start in pursuit of the most American of dreams.

These people and their businesses – not the housing market and not Wall Street – are the backbone of this country’s economy. It is the small and mid-sized business person who, in pursuit of his or her goals, spends the money – on wages, services, equipment and countless other items – that stimulates the economy. It is this same business owner who empowers others like employees and vendors to do the same. Resultantly, the company’s vendors – cleaning services or small IT firms, for example – are able to do the same thing with their employees and suppliers. This is the essence of trickle-down economics. This is what makes our economy go.

The problem for many of the owners described above is that we are now of the mind that there is no liquidity in the commercial or business finance sector. This, quite simply, is untrue. In fact, business owners have just as much access to funds as they have in the past. The only change is that this money will not be coming from their local depository institution. As such, we not only have it within our power to refuse to participate in the recession, but to pull the country out of it far more quickly than any politician or government agency.

To find out how and why, look for part two of this piece, and visit us at http://www.bayharborcapitalcorp.com for all of your business financing needs.

Bay Harbor Capital: Alternative Business Financing Source

Bay Harbor Capital (www.bayharborcapitalcorp.com) is a New York Corporation specializing in Alternative Business Financing, or loans that banks today cannot or will not make. Quite simply, we are able to provide funds to qualified businesses and professionals when no one else can.

The principal owners of Bay Harbor Capital have deep roots and decades of experience in the world of finance. By building one of the most successful residential mortgage loan brokerages in New York – which arranged in excess of half-a-billion dollars in residential loan transactions over the past 5 years – we became experts in lending products, their sources, and the financial industry as a whole.

About two years ago, despite the unfettered growth of our mortgage company, we began to see cracks in the foundation of the residential lending business model utilized by most of our partner lenders. We recognized that the primary flaw was not that funds were being lent to persons who were not entirely creditworthy; risk, quite simply, is an inherent part of the financing process. The real issue, instead, was that these funds were being lent at rates and terms that were not risk-based. The industry simply did not hedge against the inevitable fact that some are simply unable to repay debts.

Over time, our research indicated that this was not only occurring in the residential lending industry, but that it was also limiting the availability of funds in general from traditional lending sources. This gradual drying up of liquidity in the traditional lending markets compelled us to seek out new sources for funds.

We made the decision to enter a market that was unaffected by the problems facing the rest of the lending world. At that time, the owners of Bay Harbor Capital began to strategically shift their assets and time toward what they have come to call the Alternative Business Financing Market.

At this time, our company has access to approximately $320 million in funds to be used for the alternative financing of business, including those of people just like you. We presently operate in all 50 states.

If you believe that you might benefit from our services, kindly contact us at 1-800-541-0919 or visit us online at www.bayharborcapitalcorp.com.