Transforming Your Business

transforming your businessThese are uncertain times for businesses. While the UK might have voted to leave the European Union, it’s yet to be seen exactly what Brexit will mean. It seems likely that exporting goods to Europe, and sharing expertise with our neighbours is going to become more difficult and expensive, and there is a risk that citizens of other European nations who have come to live and work in the UK under the Freedom of Movement principles underpinning the EU will be forced to leave. Neither the UK Government nor the European Parliament is able to give any firm guidance about the conditions businesses will be working with within only 18 months.

As such, it seems likely that many businesses are going to have to make short term changes over the next two years at least to find other markets to trade with, other sources of skilled workers and to reduce costs to weather this period of uncertainty. Making such serious changes to a business is a skill in itself, which unfortunately few get to practice outside a period of crisis.

Use Skilled Help

Fortunately, people do specialise in change management, and more helpfully for you, recruitment firms specialise in finding them. Companies like Savannah Interim are focused on building networks of skilled Interim workers who have long histories of guiding businesses through periods of change, and helping them realign.

This is also a better solution than taking on new long term staff to handle a change as, as long as the business changes are successful and timely, the new staff will find themselves obsolete within a matter of months. As Andrew Watts puts it “The flexibility of an Interim solution should mean less risk for the client”. Part of the attraction of hiring Interim specialists is that, as well as their expertise, it’s part of the deal that you only need to retain their services as long as they are needed.

While you might pay a high price for their specialised skills, hiring specialist staff to help guide your business through a difficult period is an investment which will pay dividends if you make it through this troubled time and emerge stronger than your competitors. Ignoring this cost is a false economy that could cost far more than the quote for the services of Interim staff, to the level that your business may not survive.

Photo: Web to Success

5 Realistic Ways Seniors Can Pay Down Large Debts

seniors pay debtsIt’s never too early to budget for the future, but many Americans don’t set aside enough money for retirement. A recent survey from GoBankingRates found that one third of adult Americans have no retirement savings at all. Even more troubling is the Employee Benefit Research Institute’s finding that in 2013 the average household headed by some 55 or older had over $73,000 in debt.

There are many reasons why people fail to save for the future. Many people today are living paycheck to paycheck and have no additional money for savings. All it takes is one illness or job loss to wreak havoc on a person’s finances for years.

If you’ve found yourself sitting on a very small nest egg and a big pile of debt in your golden years it’s time to take action to turn your financial situation around. Use the realistic approaches below to pay down large debts and relax a little easier in retirement.

Use a Reverse Mortgage

If you own your home you have a major asset that can be tapped into to pay off your monthly bills and outstanding debt. A reverse mortgage allows older homeowners to cash in on the equity of their home. Instead of making a monthly mortgage payment, the financier will give you distributions every month. However, the homeowner is still responsible for paying the home insurance and annual property taxes.

Seniors have to be very careful when they’re shopping around for a reverse mortgage service provider. Homeowners have to protect themselves against scams, which happen more often than many people realize. If you’d like to know more, this reverse mortgage guide can help explain the process in more detail.

Move in With Family . . . or Have Them Move in With You

Another option is to move in with a friend or family member. It’s the most drastic lifestyle change a person can make to pay off debt, but it’s also a huge money saver. Whether you rent or own, housing is one of the biggest expenses seniors have to cover. If a loved one is willing to let you stay at their place for a while it can free up a lot of funds for debt repayment.

You can also do the reverse. If you don’t want to move out of your home you can try to find a friend or family member who can live with you and cover a share of the expenses.

Prioritize Debts

Today, people over 50 have larger credit card bills compared to younger individuals. Paying down a big debt can be extremely difficult on a fixed income. One of the best budgeting tricks is to prioritize your debts. Carefully analyze your monthly expenses and create a list noting the minimum payment, outstanding amount and interest rate for each debt.

Now it’s time to prioritize. Put the debt with the highest interest rate at the top of the priority list. The higher the interest rate is the more you will pay the longer it takes to get the debt paid off. Pay the minimum for all the other debts and allocate more money to the top debt. Once it’s paid off, move on to the next expense on the list.

Put Bills on Autopay

Many seniors aren’t internet savvy and don’t realize they can take advantage of autopay systems. Not only does it make bill management easier it can also save seniors money that can be used for debt repayment. If a payment is missed or late it can come with steep fees, increase your interest rate and hurt your credit score.

Ask each of your creditors and service providers if they offer an autopay plan. All you will have to provide is your bank account information and each month a designated amount will be paid on time.

Make Sure You’re Getting Full Benefits

Many seniors mistakenly don’t tap into all of the benefits they’re eligible for simply because they don’t realize they don’t realize the benefits exist. The National Council on Aging allows seniors to check their eligibility across all government programs that assist older people on fixed incomes. If you are eligible for benefits, the extra resources can be used for medications, healthcare costs and living expenses so more of your monthly income can go towards paying off debt.

Photo: Alan Cleaver

Learn Why A Direct Lender May Be For You

If you asked everyone you know, you’d be hard pressed to find someone who hasn’t taken out a loan at least once in their life. Whether it’s a student loan they still haven’t paid back, several credit cards in their wallet, or a personal loan taken out to cover an emergency, everyone has relied on financial assistance at some point in their lives. It’s one of the only ways people can go to school, buy a house, or cover surprise expenses. Borrowing money is inevitable.

direct lender
But just because everyone borrows money doesn’t mean it’s without its shortcomings. There’s a wrong and right way to borrow, and the wrong way can threaten the overall health of your finances. To make sure you only go about borrowing cash the right way, speak with a state licensed direct lender. Direct lenders of small dollar cash advances or payday loans offer a quick, convenient, and simple way to get the money you need without compromising your financial health.

But why a direct lender? These companies offer 2 major benefits:

  • Convenience: As a one-stop shop, they facilitate everything from your initial application to the final repayment of your loan and everything in between. You don’t have to speak with multiple reps from different companies, and you don’t have to make payments to an organization you didn’t apply with initially. All you need is their homepage URL, and you’ll be able to navigate through each step of your borrowing experience.
  • Speed: Because they aren’t communicating with multiple companies, a direct lender can process your application and the release of your advance faster than traditional lenders. These products don’t waste any time, which can be helpful in the face of an emergency — whether it’s bills, repairs, or a necessary household purchase.

Before you secure a short term loan, make sure to ask friends and family for any recommendations. If they’ve recently applied for an advance themselves they can let you know which companies to contact and which companies you should avoid. If they haven’t, you can always turn to a reliable review website like Trust Pilot. This third-party organization hosts customer reviews on a variety of retailers and services, including direct lenders like MoneyKey, so you can get an insider’s view of the way they do business. It’s an incredibly easy site to navigate, and with only a few clicks of your mouse you can compare MoneyKey reviews with reviews left on other lenders’ pages to see which one has the best overall rating.

You should also confirm the lender you choose has the appropriate license to provide loans within your state. And if you secure your small dollar loan online, you’d do well to ensure the lender follows appropriate security protocol to protect the personal information your provide on their applications.

So your future may be peppered with moments when borrowing is a necessity. That’s okay! As long as you contact a state licensed lender that offers fast, convenient, and simple loans that fit your needs then borrowing money can be one of the smartest financial decisions you make. Take the time to research and find an advance with rates, terms, and conditions you can handle.