Invoice Factoring

Thomas A. Hauck asked:


Your business is doing well. Your customer base is growing, and during the last quarter you actually turned a profit for the first time since you opened your doors last year. You have a solid business plan and now it’s time to think about moving out of your rented space, buying more equipment, or perhaps hiring more employees.

Perhaps your business is profitable but during your slow season you’re short of cash. Or your delivery truck just broke down and you have decided its time to get a new one. You need to get cash to keep your business moving forward. Where do you start?

The good news is that there are a wide variety of loan programs available that can be applied to almost any business situation. The bad news is that the choices can seem complex and overwhelming. Here are some options that a small business owner can consider:

Business Lines of Credit

If your business is profitable over the course of the fiscal year but there are times when you are short of cash because your income is seasonal or cyclical, you may benefit from a business line of credit. A line of credit provides access to cash for a variety of short-term financing needs and gives you the flexibility to draw on the line at any time as long as you pay down the balance.

Typically, once the line of credit is established funds are available when you need them, but the advantage is that you do not pay interest until you draw on the line. Lines can be secured or unsecured, with multiple repayment options and a variety of interest rates.

Interest rates generally range from nine to fifteen percent based your personal and business credit history and other factors. You would generally not use your business line of credit for expansion or capital investment, because you may not realize income from your expansion for many months. For expansion you should consider a loan.

Business Loans $25,000 and Up

A business loan provides access to cash for many kinds of one-time expenditures and long term financing needs such as fixed asset purchases, or business expansion or acquisition. Unlike a line of credit, a business loan is amortizing and is fully disbursed when you close the loan. You may have the ability to lock in an interest rate.

There are many types of business loans:

• Vehicle Loan — Finance the purchase of a new or used vehicle.

• Equipment Loan — Finance the purchase of new or used equipment.

• Real Estate Loan — Finance the purchase of commercial real estate.

• Secured Loan — Get permanent working capital, improve cash flow, purchase inventory and materials, finance accounts receivable, expand or remodel facilities.

• Agriculture Loan — Finance crop and livestock production expenses, purchase equipment, breed livestock, purchase land for farming or ranching.

• Cash-Secured Loan — Get permanent working capital, improve cash flow, refinance debt, purchase inventory, materials, equipment, or vehicles, finance accounts receivable.

Business loan rates depend on a number of factors, including the amount you borrow, your collateral, financial strength of your business, term of the loan, and your credit rating. Over the past ten years business loan rates have fluctuated between four and eleven percent.

Small Business Association (SBA) Loans

If you have less-than-stellar credit or you are not sure you qualify for a regular bank loan, you may qualify for a loan program backed by the Small Business Administration (SBA). The SBA has created a program of government-guaranteed loans designed to make loans to small businesses that may not otherwise qualify for credit. SBA loans make it possible to qualify businesses more easily and provide them with more flexible terms than conventional loan options. You can get more information at http://www.sba.gov/, or talk to your local commercial banker. The SBA does not make loans to small businesses; it is a guarantor of loans made by private banks and other institutions.

Talk to your local commercial bank when you’re ready to consider a line of credit or a loan, and you’ll see the range of choices available to you.

© 2008 Thomas Hauck Communications Services



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Ravi Verma asked:


What is working Capital ?

The working capital of a business can be define as its current assets less its current liabilities.Current assets comprise cash , stocks of raw materials , work in progress & finished goods , marketable securities such as Treasury bills & amounts receivable from from debtors Current liabilities comprise creditors falling due within one year ,& may include amounts owned to trade creditors ,taxation payable, divident payments due , short term loans , long term debts maturing within one year & so on.

Every business needs adequate liquid resources to maintain day to day cash flow.It needs enough to pay wages & salaries as they fall due & enough to pay creditors if it is to keep its workforce & ensure its supplies.Maintaining adequate working working capital is not just important in the short term.Sufficient liquidity must be maintain in order to ensure the survival of the business in the long term as well.Even a profitable company may fail if it does not have adequate cash flow to meet its liabilities as they fall due.

What is Working Capital Management ?

Ensure that sufficient liquid resources are maintained is a matter of working capital capital management.This involves achieving a balance between the requirement to minimize the risk of insolvency and the requirment to maximize the return on assets .An excessively conservative approach to working capital management resulting in high levels of cash holding will harm profits because the opportunity to make a return on the assets tide up as cash will have been missed.

The volume of Current Assets Required.

The volume of current assets reqired will depend on the nature of the company business.

For example , Amanufacturing company may requir more stocks than company in a service industry.As the volume of output by a company increases ,the volume of current assets required will also increase.

Even assuming efficient stock holdings,debt collection procedures & cash management,there is still a certain degree of choice in the total volume of current assets required to meet output requirement.Policies of low stock-holding levels ,tight credit & minimum cash holding may be contrasted with policies of high stock (To allow for safety or buffer stocks) easier credit & sizeable cash holding (For precautionary reasons).

Over-Capitalization & Working Capital.

If there are excessive stocks debtors & cash & very few creditors there will an over investment by the company in current assets.Working capital will be excessive & the company will be in this respect over-capitalized.The return on the investment will be lower than it shoud be,& long term funds will be unnecessarily tide up when they could be invested elsewhere to earn profits.

Over capitalization with respect to working capital shoud not exist if there is good management but the warning since excessive working capital be poor accounting ratios.The ratio which can assist in judging whether the investment in working capital is reasonable include the following.



sales /working capital. The volume of sales as a multiple of the working capital investment shoud indicate weather,in comparison with previous year or with similler companies,the total volue of working capital is too high.

Liquidity ratios. A current ratio in excess of 2:1 or a quick ratio in in excess of 1:1 may indicate over-investment in working capital.

Turnover periods. Excessive turnover periods for stocks & debtors,or a short period of credit taken from supplies,might indicate that the volume of stocks of debtors is unnecessarily high or the volume of creditors too low.



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Australasian Investment Review asked:


And there were echoes of that US economists’ survey in some of the new forecasts and commentary from the National Australia Bank about the coming year.

In its first report of 2009 the National Australia Bank downgraded Australia’s economic outlook, forecasting a shallow recession, a sharper rise in unemployment, official interest rates cut to 2.5% in the September quarter and a budget deficit hitting $40 billion next year.

The bank said it expects the  economy will contract by a quarter of one per cent on average this year, and there won’t be any growth rebound in 2010 when the economy is expected to edge back into positive territory

The bank’s latest business confidence and conditions survey picked up a small upturn in both areas last month, thanks, it seems, to the government’s spending package.

But it’s not confident that upturn (which was from under the bottom of the barrel to merely the bottom of the barrel), will be long lasting, except perhaps in the housing sector.

The NAB said that despite avoiding the worst of global carnage in late 2008, Australian GDP forecasts have been cut significantly in light of global developments, notwithstanding aggressive policy responses.

The December reading on confidence/conditions was better than the nasty November outcome when the index fell to levels lower than those associated with the 2000 domestic slowdown.

Conditions in November were the weakest since the 1992 recession, but the NAB commented in yesterday’s release that “the level of -20 is little better than the bottom of the 1990 recession”.

“For 2009, we expect GDP to shrink by 0.25%- with a number of negative quarters during the year. As such the forecasts imply (moderate) recession in 2009. With no recovery till late 2009, the 2010 GDP forecasts have been lowered to 1% (0.25% for 2009/10).”

The NAB had previously forecast 2009 growth at 0.50% and 2010 growth at 1.75%.

” For non-farm GDP that equates to a small fall of -0.25% in 2009 and a rise of around 1% in 2010. In financial year terms we expect GDP growth of 0.8% in 2008/09 but only 0.25% in 2009/10.”

The bank said that when an economy shrinks over a 12 month period “that clearly represents a recession”.

“That said, the forecasts imply a relatively mild Australian recession – especially compared to falls in growth of around 2% in the major industrialised economies.”

The Japanese economy is expected to contract by 2% this calendar year, Singapore by up to 5%, the UK by nearly 3% and Germany over 2%.

The US will contract by 3% or more according to most surveys but we will get a better idea on Friday when the first estimate of 4th quarter GDP is released.

The world economy is going to grow by just around 0.5%, according to a report from the IMF later this week.

The NAB emphasised that it sees “no fast recovery in Australian activity” for a while.

“That is, the path of growth is more U than V shaped – with recovery not really getting underway till 2010.

“This shows up most in the financial year forecasts and especially that for 2009/2010 (growth of o.25%).”

The NAB said its forecasts include cash rates falling to 3% from 4.25 % at the moment (The RBA board meets next Tuesday).

“But the deterioration in the labour market will see further rate cuts (2 x 0.25% in the third quarter).

“We also expect further aggressive fiscal policy stimulus in 2009. The difference in the outlook for the private and public sectors is illustrated by noting that the forecasts include:

“Private demand falling by around 1.5% in 2009 and flat in 2010; and public demand increasing by around 6% in 2009 and 5% in 2010

“That implies worse fiscal outcomes (a deficit of around $40 billion in 2009/10) and a sharply deteriorating labour market (unemployment reaching 7%).

“With inflation likely to be negative in Q4 2008 (figures out tomorrow) and wage pressures stalling, we see core inflation back in the RBA target range by the second half of 2009.”

The Producer Price Index for the December quarter and 2008 were released yesterday, showing a rise of 1.3% in the final stage of production, down from 2% in the September quarter.

That was still well above most forecasts, with the market consensus for a rise of 0.3%.

The Australian Bureau of Statistics commented that the sharp fall in the value of the Australian dollar had a big impact with “imported commodities were impacted by exchange rate driven price increases” which offset a 29% fall in the cost of oil and oil products.

With its dramatic downgrades, the slight upturn in December confidence and conditions registered in the NAB’s survey looks interesting, but irrelevant.

“The December Survey provides evidence that the Government’s fiscal spending initiatives improved business conditions and confidence in the month – with the largest bounces in retail, wholesale and the discretionary spending parts of the service sector.

“That said, not all sectors saw improved conditions – with significant deteriorations continuing in mining, manufacturing, transport and to a lesser extent construction.

“Despite the significant bounce reported in the month, the overall level of confidence and business conditions are still very low and in trend terms still declining.

“Clearly the critical question is whether the December reading represents a turning point from overly pessimistic recent readings – especially for business confidence which is still around levels last seen at the bottom of the 1990/91 recession – or a temporary bounce that is unlikely to be sustained.

“Unfortunately there is much in the Survey to point to the latter outcome – or at least that is the way business is positioning themselves re employment and business investment.”

The NAB said its recently introduced measure of credit availability suggests an easing in those respondents reporting tougher credit availability (17% vis-à-vis 27% in November).

“With 39% of respondents reporting no need for credit – up from 30%), the results point to a lack of credit demand being the main problem, rather than credit supply.”

The bank also cut its global growth forecasts for 2009 – to only 0.25% (from 1.7%).

“These forecasts take on board dreadful economic numbers reported globally in late 2008 as financial disruptions spread to the real economy – notwithstanding aggressive rate cuts by central banks.

“In the USA, Japan Europe and the UK falls in GDP of around 1% appear to have been recorded in Q4 2008.

“Given the lags from wealth destruction, rising unemployment, falling commodity prices and falling business and consumer prices, all these economies, are unlikely to bottom before late 2009 – and record falls in GDP of around 2%.

“That coordinated slowing has spread to Latin America (commodity prices) and Asia (trade) – with Chinese growth lowered to 6.25% and non-Japan Asia to -1.25%. The resultant 2009 global GDP outcome of only 0.50% the worst since WW2.

“A moderate recovery is expected to start in late 2009 into 2010 – with annual growth in 2010 at, a still below trend, 2.5%,” the NAB said.

IMPORTANT: AIR reports about financial markets and investment products in the widest sense possible. The AIR website and all its contents is prepared for general information only, and as such, the specific needs, investment objectives or financial situation of any particular user have not been taken into consideration. Individuals should therefore talk with their financial planner or advisor before making any investment decisions.



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BettyConfidential asked:


Early to bed and early to rise may make you healthy, wealthy and wise, but getting a good night’s sleep isn’t exactly child’s play.

While the hours of slumber Americans attain per night continues to plummet as the workdays grow longer, the lack of zzz’s can make any day at the office infinitely longer, and worse yet, more irritating. Mattresses and pillow companies have capitalized on Americans’ issues with sleep for decades, but the prime reason for not getting a good night’s sleep comes down to one factor: you!

Counting sheep may work for some people, but your daytime and pre-bed routines ultimately determine whether you will snooze or lose. While having the premier mattress and pillow set may ensure a comfy bed, it’s what takes place out of that bed that really matters.

A bedroom is a bedroom, is a bedroom …l eave it as that. The more activity that takes place in a bedroom, aside from sleep and sex, the less the body associates the bedroom as a place for rest and relaxation, according to Women’s Health. The best way to make the bedroom a tranquil haven involves the removal of one main thing – technology. You may like to sleep with your Blackberry, but let it crash on the sofa from now on. Inviting technology and work into the bedroom only uninvites sleep.

Sleeping as snug as a bug in a rug may have worked when you were 5, but it’s time to move on. Though being nice and toasty may seem to lull you to sleep, the body is actually better able to slip into the sleep cycle at a cooler temperature. WebMD recommends setting the thermostat between 65 and 72 degrees when it’s time to hit the sack.

What is it about a full stomach that practically pulls your eyelids shut? While eating right before bed may appear to be conducive to some solid sleep, late eaters often find themselves tossing and turning. According to MSN, the body isn’t designed to deal with heavy eating right before sleep. If you find yourself hungry right before bed, try to stick to protein and carbohydrates; milk and a banana are a perfect example of a fine pre-bedtime snack.

Running before bed will only leave your body running overtime while you’re trying to sleep. When working out, the body’s temperature raises, and it takes about three hours for the body’s temperature to decline enough for sleep, according to Discovery Health. While exercising on a daily basis will aid you in a better night’s rest, try to limit exercise to the late afternoon or early evening.

When the yawns start to come every few minutes, get to bed. We all do it, push through the tired patch to get that last part of work done, read a few more pages in a book and finish the last portion of a movie. While we may see it as getting what we want done before bed, the body becomes increasingly more awake as you push your body from fatigue, according to Medical News Today. When you do decide to crawl into bed when the task is done, the body is often so alert that sleep is the last thing the body is ready for, which can make tossing and turning inevitable.

So the next time you hit the sack and wait for slumber to find you, remember it’s up to you whether you will snooze or lose.

http://www.bettyconfidential.com/ar/ld/a/sandbagging_sleep.html





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Australasian Investment Review asked:


Oh how it all turns around, and how quickly.

World markets have soared overnight; the Australian dollar has surged against the yen and the US dollar and our market is forecast to jump sharply this morning.

The Standard & Poor’s 500 Index jumped 91.56 points, or 10.79%, to 940.48 after sliding to the lowest level since March 2003 yesterday.

The Dow surged 889.35 points, or 10.88%, to 9,065.12 and the Nasdaq finished up 9.53%, or more than 140 points. Hong Kong’s benchmark index added 14%, its best advance in 11 years, while Germany’s climbed 11% and struggling Brazil’s jumped 13%.

London was up less than 2%: the surge in Germany was due to a sharp rise in the shares of Volkswagen as Porsche surprised the market by revealing it had assembled a controlling 7%% by market buying and playing the derivatives markets.

Hedge funds lost heavily as they had been shorting VW shares and got trapped as the value of the shares soared to the point where the car maker was the most highly valued company in the world a

The overnight futures market was signalling a 6% rise in the ASX 200, or more than 240 points..

That was after one of the most explosive last couple of hours trading ever seen on Wall Street. Therre was a gain of 500-600 points in the last hour.

The Dow posted its second-best point gain ever as the cheapest valuations in 23 years lured investors and increased commercial paper sales signaled credit markets are thawing.

In addition, there’s now a belief the Fed will announce a 0.50% rate cut after its current meeting ends tomorrow morning, our time.

The yen fell the most against the dollar since 1974 and posted its biggest decline versus the euro ever as global stocks rallied and speculation increased that the Bank of Japan will cut interest rates.

There were reports in Tokyo overnight of a plans to cut the key rate 0.25%, which would halve the Bank of Japan’s key rate. The central bank meets Friday in Tokyo.

That saw the yen crash, suffering its biggest loss against the greenback since 1974. It dropped 5% against the US currency in New York. It dropped 11% to 62.70 yen against the Aussie and 10.% to 55.19 against the New Zealand dollar.

The Aussie surged 7% to 64.28 US cents after touching 60.09 cents yesterday, the weakest level since April 2003.

The Reserve Bank of Australia bought dollars for a third day yesterday to stem losses and is now sitting on some nice profits as some of the first day’s intervention Friday night was around 55 Yen..

Sales of longer-term commercial paper soared 10-fold after the fed revealed that two days of backing the slumping US corporate commercial paper market, had revitalised it.

The Fed began buying the corporate paper and on Monday alone the market saw companies yesterday sold 1,511 issues totaling a record $US67.1 billion of the debt due in more than 80 days.

That compared with a daily average of 340 issues valued at $US6.7 billion last week. Dealers said the Fed accounted for $US60 billion of the total.

The Dow’s only larger point gain in a day was on October 13, when the 30-stock gauge jumped 936 points on the government’s plan to buy stakes in banks. We know it plunged several times after that, so this could be a one day wonder.

Now for the Fed’s rate cut, but as that is priced in, will markets fall again?

………….

Business confidence continues to fall, according to the latest survey from the National Australia Bank of monthly business conditions.

While that’s gloomy news, there were a couple of other worrying portents from the NAB survey and from other announcements yesterday.

Residential property prices are looking stretched and the NAB and Merrill Lynch see falls of 5% to 10% coming over the next couple of years, and not much joy after that.

That will be bad news for the likes of Boral, Wattyl, Brickworks, the banks, especially Suncorp and the CBA, and for retailers like Harvey Norman.

Retailing is definitely hurting more than it seems from the outside: even the likes of Billabong, a big name locally and internationally for high margin, very successful sportswear, is seeing fewer items sold, although the slumping Australian dollar is helping offset the slowdown.

Mining companies are reviewing operations because of sliding metal prices, and importers like McPhersons Ltd, are doing the same because of the sliding currency, which bounced around 60 USc after a third successive day of Reserve Bank intervention. (It got up to just under 63 US cents overnight).

Furniture retailer, Nick Scali cut its earnings forecast yesterday because of slumping demand.

According to the NAB, the slump in activity next year will see a surge in unemployment and a blow-out in the federal budget by a massive $30 billion “over the next couple of years”, and force residential house prices to fall by 5% to 10% over the next two years, according to the forecast from the bank, and from analysts at Merrill Lynch (See story below).

And while interest rates will fall further and inflation will follow next year, the slide in house prices will see them stagnating for three to five years: up to 2013 or longer, according to one of those forecasts.

The NAB reckons the Australian economy has slowed to 2001 levels (when we almost tipped into recession after the GST boost and the US slump). It sees the Reserve Bank cutting interest rates to 4.5% next year, but has forecast a $10 billion budget deficit for the 2010 financial year.

“While the Government’s Mid-Year Economic and Financial Outlook is due in a couple of weeks, fiscal expansion together with the negative impacts of slower economic growth may well see the Federal Budget turn to small deficit of say around $10bn during the next couple of years.”

It was around $21.7 billion in the year to June 2008, so the turnaround would be of the order of $30 billion.

The NAB also forecast the unemployment rate to rise to 6% during 2009/10) compared with the current rate 4.3%) and “core inflation will return to the RBA’s 2%-3% range’ despite another “near term surprise”, and then fall further in 2010.

The NAB’s forecasts, contained in its latest survey of monthly business conditions, comes as analysts at Merrill Lynch in Sydney have forecast a 10% fall in house prices over the next two years, followed by three to five years of flat or no growth.

The NAB supported the Merrill Lynch contention that residential property prices will fall, but not by quiet as much as 10%.

“Our macro forecasts suggest that as the unemployment rate rises sharply through late 2009, the residential property market may deteriorate further into 2010 – notwithstanding improved affordability associated with significantly lower interest rates. Our forecasts are broadly based on unchanged housing prices in 2009 with a moderate further fall of around 5 per cent into 2010.”

And leading retailer, Harvey Norman, revealed for a third week in a row that it is experiencing ‘negative’ same store sales growth: in the seven days to Sunday October 26, same store sales across Harvey Norman’s Australian stores fell 3.6%, after falls of 5.7% and 4.8% in the preceding three weeks.

Harvey Norman’s experience was supported by an update from a smaller Melbourne-based competitor, Clive Peeters, which told the market last Friday that same store sales were off 10% to 14% in the three months of the September quarter and things are not improving. The company will provide a fuller update at its AGM later in the week.

And Nick Scali’s annual meeting in Sydney heard yesterday that the company first half sales and profit for 2009 will be affected by the slowing economy and weakening Australian dollar.

CEO, Anthony Scali said while there been encouraging signs over the past three months in “sales order intake”, sales for the first half were expected to be about $2 million below the corresponding period last year.

“The recent weakening of the Australian dollar in a very short period will cause a substantial one-off decline in our gross profit for the first half of 2008/09 and is expected to reduce earnings by $0.9 million to $1.4 million,” Mr Scali told the AGM.

“Our net profit after tax for the first half of the current financial year is now likely to be between $2.3 million to $2.8 million, against the $4.62 million earned in the December half of 2007.”

Harvey Norman has already revealed an 18% drop in earnings for the first two months of this financial year because of a slump in Ireland. But it hasn’t upgraded that forecast because of the slump over the past month to six weeks in Australia.

The NAB said it expects Australian economic growth to slow to 1.25% next year as the ” full effects of falls in share and key commodity prices fall and slow global growth weigh on prospects, notwithstanding expectations of stimulatory policy responses from both Governments and RBA.’

It said its local forecasts remain “unchanged on the bearish side of “consensus” view. Downside risks remain – at home & abroad – with much dependent on success of global financial rescue underway”.

The NAB said it expects the RBA cash rate cut from 6% to 4.5% by mid 2009 as well as aggressive cuts by central banks elsewhere;

It said the “Federal Budget is likely to go from surplus to deficit of around $10 billion”, which would be a $31 billion turnaround!

“Global GDP growth (on a broader definition) forecast lowered to only 2.5% in 2009 – including recessions in US, UK, Japan and Europe, together with slower growth in emerging economies;

“Business conditions to weaken significantly to mid 2001 levels – consistent with subdued current activity & annual growth in non-farm GDP slowing to 2% in Q3 2008; • Business confidence steadies for now – well above levels of 1990 recession.”

The NAB said its index of business conditions dropped 11 points to -4 index points in the three months to September, one of the biggest quarterly falls in the past two decades,

“The proportion of firms reporting the availability of labour as a constraint on current output has fallen from a recent record of 72% in early 2008 to 66% in the September quarter,” said NAB group chief economist Alan Oster in a statement.

“While the proportion of employers nominating labour shortages as the main constraint on their 12 month profit outlook has fallen from a recent record of 33% to 13% in the latest survey.”

Slumping consumer demand and slower lending activity pushed down all of the components of the gauge to levels seen in 2001, when business conditions stood at -11 index points.

Trading conditions contracted 11 points to -4 points, profits have also lost 10 index points to rank -8point, and employment – which was flat in the June quarter – edged down 3 points to -3 points.

Business confidence, a forward looking indicator, increased 1 index point to -7 index points for the December quarter, below their mid-2000 levels.

“Businesses expect conditions to slow significantly further in the December quarter of 2008,” Mr Oster said.

The bank said major economies would slow further “due to lags associated with negative wealth effects from lower equity and house prices”.

“Recessions are forecast for the US, Europe, Japan and UK, while growth moderates in developing economies,” the bank said in the statement.



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